SLB N.V. Q1 FY2026 earnings call

• Acknowledged the situation in the Middle East and commended the team. • Discussed first quarter performance with challenges in the Middle East and other factors. • Outlined expectations for market evolution post-Middle East conflict, including oil price outlook and upstream investment. • Highlighted strategic growth levers: production recovery, digital, and data centers. • Shared views on second quarter outlook with uncertainty due to geopolitical disruption

Production Systems year-on-year revenue increased 23% due to the acquisition of ChampionX. On a pro forma basis, ChampionX also grew year on year. Digital revenue increased 9% year on year driven by strong uptake in digital operations, with automated footage reading up 145% year on year and data center solutions growing 45% year on year. Reservoir Performance revenue decreased 6% year on year. Well Construction revenue decreased 6% year on year. Production Systems revenue was $3.5 billion, Digital was $640 million, Reservoir Performance was $1.6 billion, Well Construction was $2.8 billion. Digital revenue contribution: 640/8700 ≈ 7.36%, Production Systems: 3500/8700 ≈ 40.23%, Reservoir Performance: 1600/8700 ≈ 18.39%, Well Construction: 2800/8700 ≈ 32.18%

• Uncertainty in second quarter due to geopolitical disruption. • Scenario where Middle East disruption persists mid-second quarter then eases, with international markets expected to offset Middle East decline, North America revenue flat sequentially. • Digital and Production Systems to grow globally, Reservoir Performance and Well Construction to decline globally. • Target to exit year at $1 billion run rate for data centers with growth accelerating in 2027

• Disruption in the Middle East impacting operations, revenue, and earnings. • Higher procurement and logistics costs due to Middle East conflict. • Uncertainty in geopolitical developments affecting recovery timelines

Q: Looking past near-term disruptions, views on investment cycle change and end markets with upside.

A: Olivier discussed commodity prices, inventory replenishment, energy security driving investment, with deepwater, Africa, Asia, Americas as key areas.

Q: Middle East recovery, what customers want initially.

A: Olivier said working closely with customers, gradual recovery with assessment, intervention phases.

Q: Digital, longer-term vision of S&P acquisition.

A: Olivier said acquisition complements offering, expands market access.

Q: Data center business outlook.

A: Olivier said on track to $1 billion run rate, progress in securing customers.

Q: Production recovery challenges in Middle East.

A: Olivier said close partnership with customers, gradual resumption.

Q: Digital margin recovery.

A: Stephane said first quarter typically lowest, expect fourth quarter highest.

Q: Digital value-add resilience.

A: Olivier said customers accelerating adoption for efficiency.

Q: OneSubsea margin outlook.

A: Stephane said temporary effects, expect normalization.

Q: Data center M&A areas.

A: Olivier said looking at modular infrastructure areas like thermal management.

Q: Second quarter outlook clarification.

A: Stephane said specific scenario with Middle East impact offset by other operations.

Q: OneSubsea $9 billion awards upside.

A: Olivier said FIDs firming up, strong competitive positioning.

Q: Middle East cost pressure line items.

A: Stephane said logistics and transportation, raw materials.

Q: ChampionX integration.

A: Olivier said accretive, integration progress seen