Baker Hughes Co (BKR) Business

ITEM 1. BUSINESS

Baker Hughes Company ("Baker Hughes," "the Company," "we," "us," or "our") is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward.

OUR VISION & STRATEGY

With our diverse portfolio, leading technology and clear purpose to make energy safer, cleaner and more efficient, Baker Hughes is well positioned to deliver solutions across industrial and energy markets. By integrating health, safety & environment ("HSE") into everything we do, we protect our people, our customers, and the environment.

The global energy landscape is undergoing a period of structural transformation, with sustained demand growth driven by population expansion, rising living standards, industrialization, electrification, and the rapid proliferation of digital infrastructure. Meeting this increasing demand will require a diversified and integrated energy system that draws on the full spectrum of energy sources. Within this context, Baker Hughes plays a critical role by deploying technology across industrial energy, oil and gas, liquefied natural gas ("LNG"), power generation, renewable energy and emerging solutions – integrating multiple energy sources, enhancing efficiency, reducing emissions, and supporting the continued advancement of global energy infrastructure.

While renewable energy will continue to expand rapidly, oil and natural gas are expected to remain a significant portion of the global energy mix for decades to come. In particular, natural gas will play a central role in providing the scale, reliability, and flexibility required to support economic growth and complement intermittent renewable generation. This dynamic reinforces Baker Hughes' essential role in enabling energy systems that are affordable, secure, and increasingly lower carbon.

We believe there is an inseparable link between industrial markets and the energy systems that power them. Industrial growth is driving structural increases in energy demand, alongside rising expectations for cleaner and efficient energy solutions. Addressing these dual objectives requires a fundamentally different approach – one that enables customers to develop new partnerships, adopt innovative commercial models, and implement advanced technology solutions to deliver sustainable energy resilience and security.

Our strategy is based on three key pillars:

•Transform the core: We are transforming our current business to improve margins and cash flow, which we are achieving through portfolio management, cost improvement, and new operating models.

•Driving profitable growth: We are accelerating organic and inorganic growth by expanding our offering in high potential markets where we have differentiated solutions and in-demand capabilities for LNG, gas infrastructure, power generation, data centers, industrial manufacturing and oilfield production.

•Delivering results in new energy: We are making strategic investments to drive lower-carbon emissions in the energy and industrial sectors, including hydrogen; carbon capture, utilization and storage ("CCUS"); geothermal; and clean power solutions ("clean power" refers to lower carbon intensity, lower lifecycle emissions, and lower quantity of greenhouse gas ("GHG") emissions resulting directly from fuel combustion, relative to conventional power sources derived from fossil fuels).

We expect to benefit from our strategy in the following ways:

•Scope and scale: We have a global presence and a broad, diversified portfolio that is well positioned to address the needs of a constantly evolving energy ecosystem and customer base. Our products, services, and expertise serve the upstream, midstream/LNG and downstream sectors of the oil and gas industry, new energy markets, power & utilities sector as well as broader chemical and industrial segments across a variety of verticals. We see increasing commercial synergy opportunities across our two operating segments: Oilfield Services & Equipment ("OFSE") and Industrial & Energy Technology ("IET") as discussed

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below under "Products and Services," and each are among the top providers for the majority of the product lines in the markets they serve.

•Technology: Our culture is built on a heritage of innovation and invention through industry expertise, technical know-how, and research and development ("R&D"), with complementary expert skills that enable us to provide services, equipment and advanced solutions to a variety of industries. Technology remains a differentiator for us and is a key enabler in driving the efficiency and productivity gains our customers require, while paving the way for longer-term sustainable energy development. We offer a range of technologies specifically designed to help customers reduce their carbon footprint. We remain committed to investing in our products and services to maintain our leadership position across our offerings, including $600 million R&D spend and being granted more than 1,400 patents worldwide in 2025.

•Sustainable energy expansion solutions: We are positioned to support our customers' commitments to reduce their carbon footprint with a range of products and services for what we refer to as "New Energy." This portfolio includes integrated solutions for flare reduction, CCUS, hydrogen production, transportation, storage and distribution, geothermal and clean power, and emission-abatement solutions. Over the past several years, we have made progress in strategic investments and acquisitions in emerging energy technologies to advance CCUS, hydrogen, clean power and e-fuels, and have established strategic partnerships with companies such as Fervo Energy, Frontier Carbon Solutions, HIF Global, and NET Power. Our Sustainability Advisory enables us to complement our low-to zero-carbon solutions with expert capabilities that help customers quantify and reduce emissions more efficiently, while also continuing to expand our low-to zero-carbon solutions.

•Digital & artificial intelligence ("AI") advancement: We are seeing growing demand for more intelligent operations and the adoption of AI-based solutions as part of our customers' digital transformations. Across industrial and energy markets, digital is both an enabler and a driver, unlocking new levels of efficiency and productivity in operations, while simultaneously generating significantly incremental demand for power to support digital-intensive industries, including data centers. In 2025, we booked $1 billion of orders tied to data center applications. We now expect to book approximately $3 billion of data center-related orders between 2025 and 2027 – underscoring the relevance of our power solutions in this fast-growing market.

PRODUCTS AND SERVICES

Our two operating segments are organized based on the focus of our markets and on customers' buying priorities. We sell to our customers through direct and indirect channels. Our primary sales channel is through our direct sales force, which has a strong regional focus with local teams close to the customer, who are able to draw support from centers of excellence in each of our major product lines. Our products and services are sold in highly competitive markets and the competitive environment varies by product line. See discussion below by segment.

Oilfield Services & Equipment

The OFSE segment designs and manufactures products and provides related services and integrated solutions for onshore and offshore oilfield operations across the life cycle of an asset, ranging from exploration, appraisal, and development to production, rejuvenation, and decommissioning.

Beyond its conventional oilfield focus, OFSE is also expanding its capabilities and technology portfolio to focus on new energy areas, such as geothermal and CCUS; strengthening its digital architecture; and addressing key energy market themes.

The OFSE segment is organized into four product lines.

•Well Construction focuses on drilling and includes drilling services (directional drilling, logging-while-drilling, surface logging, and remote operations), drill bits (polycrystalline, roller cone, hybrid, and in-bit sensing), and drilling & completion fluids (emulsion-based, water-based, specialty, drill-in, and completion fluids; and waste management).

•Completions, Intervention, and Measurements encompasses completions (wellbore construction, upper and lower completions, unconventional multistage completions, intelligent production systems, workover systems, and fishing and through-tubing services), pressure pumping (cementing, production enhancement,

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coiled tubing, and tubular running services), and wireline services (openhole logging services, cased-hole logging services, and perforating and drill stem-testing services).

•Production Solutions spans artificial lift systems (electrical submersible pumping systems, surface pumping systems, rigless deployment systems, and sensors and gauges) and oilfield & industrial chemicals (upstream, downstream, and AquanessTM wholesale chemicals).

•Subsea & Surface Pressure Systems includes subsea projects and services (subsea trees, controls, manifolds, wellheads, premium casing connectors, installation and commissioning, repairs and maintenance, well intervention, life-of-field solutions, and plug and abandonment), flexible pipe systems (subsea risers, subsea flowlines and jumpers, onshore reinforced thermoplastic pipe, and rehabilitation), and surface pressure control systems (surface trees and wellheads). In June 2025, the Company announced the creation of a joint venture with a subsidiary of Cactus, Inc. ("Cactus"), to which Baker Hughes will contribute its surface pressure control business. The formation of the joint venture was completed on January 1, 2026.

These product lines are supported by the OFSE digital group, which combines OFSE's domain expertise with a deep understanding of digital technology to improve operational safety, performance, and sustainability. Reservoir analysis proficiencies are rooted in a combination of evaluation technologies, a team of reservoir experts, and software. Together, these capabilities drive enhanced economics by providing a greater understanding of the subsurface and by enabling smoother, faster drilling and precise wellbore placement. OFSE also provides integrated well services and solutions for planning and executing projects that range from well construction and production through well abandonment, in addition to integrated services and solutions for the subsea environment.

OFSE customers include large integrated major and super-major oil and natural gas companies; U.S. and international independent oil and natural gas companies; national or state-owned oil and natural gas companies; engineering, procurement, and construction contractors; geothermal and other renewable companies; and other oilfield services companies. OFSE believes that its principal competitive differentiators in the industries and markets it serves are the technology, quality, efficiency, reliability, and availability of its products and services. A continued commitment to service delivery, HSE standards, technical proficiency, and competitive pricing are also key factors in its success.

OFSE products and services are sold in highly competitive markets. While OFSE may have contracts that include multiple well projects and that may extend over a multi-year period, its services and products are generally provided on a well-by-well basis. Most contracts cover pricing of the products and services, along with various limitations on liability, but do not necessarily establish an obligation to use OFSE products and services. OFSE competitors include SLB, Halliburton, NOV, Weatherford, and TechnipFMC.

Industrial & Energy Technology

The IET segment combines a broad array of domain expertise, technologies, software, and services for energy and industrial customers across a broad array of applications including on- and offshore, LNG, pipeline and gas storage, distributed gas, refining, petrochemical, hydrogen, geothermal, CCUS, and power inclusive of integration with renewable energy sources. It also provides cutting edge technology for consumers of energy and organizations who are reliant on infrastructure integrity across a broad variety of verticals including pulp & paper, food & beverage, industrial heating, automotive, marine and aerospace.

The IET segment consists of five product lines.

•    Gas Technology Equipment delivers highly efficient mechanical and electric-drive compression and power generation technology for projects across the natural gas value chain. The product line's portfolio includes:

•Drivers, which include aero-derivative gas turbines, heavy-duty gas turbines, small- to medium-sized industrial gas turbines, steam turbines, hot gas and turboexpanders, and electric motors.

•Driven equipment, which includes synchronous condensers, generators, reciprocating, centrifugal, and integrated compressors, and centrifugal pumps.

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•Turnkey solutions, which include power generation and gas compression modules, waste heat/energy/pressure recovery, energy storage, modularized small and large liquefaction plants, CO2 compression, and storage/use solutions.

•Gas Technology Services provides advanced aftermarket support and uptime availability in critical environments and through every stage of our customers' equipment and plant life cycle. The product line portfolio includes:

•Designing, manufacturing, maintaining, and upgrading rotating equipment and combining sophisticated hardware technologies with enterprise-class software products.

•Analytics to connect customers' assets, providing them with the data, safety and security needed to improve operations reliably and efficiently.

•Genuine spare parts, system upgrades, conversion solutions, digital advanced services, and turnkey solutions to refurbish and improve the output from a single machine up to an entire plant.

•Industrial Products includes a broad portfolio of component products and service offerings that enable industrial safety and productivity across diverse industry verticals. The product line's portfolio includes:

•Non-Destructive Testing: delivers a comprehensive range of non-invasive inspection technologies, software, and services under the Waygate Technologies product brand. This includes industrial radiography, ultrasonic sensors, testing machines, gauges, non-destructive testing film, and remote visual inspection services.

•Process & Pipeline Services: provides pre-commissioning and maintenance services to improve throughput and asset integrity for process facilities and pipelines, as well as inline inspection solutions to support pipeline integrity.

•Flow Control & Safety Solutions: delivers mission-critical flow assurance and safety solutions through valves, regulators and control systems for process industries, ensuring pressure control, flow regulation, and emergency protection. Through the recent acquisition of Continental Disc Corporation, the product line now also includes rupture discs, actuators, and positioners.

•Power Transmission: provides high-reliability mechanical and electromechanical gear transmission systems for oil & gas, energy and industrial applications.

•Industrial Solutions offers a unique suite of hardware, software, edge devices and services that enable asset health, performance and process optimization. Industrial Solutions combines several product lines to leverage our critical equipment hardware capability to migrate to full-plant offerings through CordantTM, a modular AI-enabled enterprise solution. The product line's portfolio includes:

•CordantTM software solutions: designed to optimize assets, processes and energy use at scale; and the Bently Nevada® sensing and protection hardware, providing rack-based vibrating monitoring equipment and sensors for both power generation and oil and gas operations, as well as industrial applications.

•Precision Sensors & Instrumentation ("PSI") device technology, including the Panametrics®, Druck®, and Reuter-Stokes® product brands: provides instrumentation and sensor-based technologies to better detect and analyze pressure, flow, gas, moisture, radiation, and related conditions. In June 2025, the Company announced the sale of its PSI business to Crane Company, a diversified manufacturer of engineered industrial products. The transaction closed on January 1, 2026.

•Climate Technology Solutions ("CTS") includes CCUS, hydrogen, clean power, geothermal and emissions abatement capabilities to enable energy operators, as well as users of energy in the broader industry, to achieve their emission reduction goals. This product line is the primary driver of the Company's new energy orders and is designed to accelerate the decarbonization of both energy and broader industrial verticals such as hard-to-abate industries, like steel, cement and maritime shipping, as well as energy intense sectors requiring reliable and sustainable solutions such as data centers and utilities.

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IET solutions unlock the ability to transform, transfer, and transport energy efficiently, while capturing and reducing emissions, with customers that are industrial, upstream, midstream, and downstream, onshore and offshore, and small-to-large scale operators. Midstream and downstream customers include LNG plants, pipelines, storage facilities, and a wide range of engineering, procurement, and construction companies, as well as industrial sector customers such as data centers, utilities, marine, cement, steel and refinery and petrochemical producers. Products and services for the remaining IET product lines are primarily sold in a diversified arena to a broad range of customers and across multiple verticals, including aerospace, automotive, pharmaceutical, nuclear, oil and gas, mining, cement, metals, refinery and petrochemical, food and beverage, pulp & paper, and textile.

IET differentiates itself from competitors with its diverse portfolio, expertise in technology, industry processes and project management, as well as strategic local presence and partnerships, enabling it to provide fully integrated solutions for a broad array of industry segments.

IET competes across a wide range of industries, including oil and gas, power generation, aerospace, and light and heavy industrials. IET main competitors include Siemens Energy, Solar (a Caterpillar company), Mitsubishi Heavy Industry, Sulzer, Flowserve, and Emerson.

Chart Industries Transaction

On July 29, 2025, Baker Hughes announced a definitive agreement to acquire all outstanding shares of common stock of Chart Industries, Inc. ("Chart"). Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets. Under the terms of the agreement, Chart shareholders will receive $210 per share of common stock in cash. Chart reported revenue of approximately $3.18 billion for the nine months ending September 30, 2025. The transaction, which is subject to regulatory approvals and other customary closing conditions, received the approval of Chart shareholders at a special meeting held on October 6, 2025. With regulatory reviews still underway in certain jurisdictions, we presently expect closing in the second quarter of 2026, understanding that the timing may evolve as those processes progress.

CONTRACTS

We conduct our business under various types of contracts across the energy and industrial value chain, including the upstream, midstream (including LNG), and downstream sectors, and in New Energy markets such as geothermal, CCUS, hydrogen, emissions abatement, and other decarbonization solutions. Our agreements span fixed-fee or turnkey contracts, transactional agreements for products and services, frame and master service agreements, integrated project and alliance models, equipment supply with aftermarket service agreements, and subscription or license agreements for digital software, data, and analytics solutions.

We benefit from stable relationships with many customers based on long-term project contracts and master service agreements. Several of those contracts require us to commit to fixed or firm pricing against customer technical specifications, often with limited relief for changes in circumstances. In certain cases, failure to deliver products or perform services within contractual commitments may lead to liquidated damages or service‑level credits. We seek to mitigate these exposures through disciplined project management, collaboration with our customers, and risk reviews during the bid and execution phases.

We strive to negotiate terms consistent with industry best practices. In connection with oil and gas operations, our customer contracts often adopt a knock‑for‑knock indemnity framework. Under this approach, our customers typically indemnify us for claims arising from: (i) injury or death of their employees and often their contractors; (ii) loss of or damage to their property and equipment, and often that of their contractors; (iii) pollution originating from their property and equipment; and (iv) liabilities related to the well and subsurface operations, including loss or damage to the well or reservoir, loss of well control, fire, explosion, or any uncontrolled flow of oil or gas. Conversely, where a knock‑for‑knock indemnity applies, we typically indemnify our customers for claims arising from: (i) injury or death of our employees and often our subcontractors; (ii) loss of or damage to our property and equipment; and (iii) surface pollution originating from our equipment while under our control. For industrial and digital offerings, where knock‑for‑knock is not standard, our contracts typically provide fault‑based indemnities (for example, for third‑party claims to the extent caused by our negligence) subject to negotiated caps and an overall limitation of liability. We also generally seek to negotiate exclusions for consequential losses, including lost profits

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and revenue. For software and data solutions, we may provide limited intellectual property infringement indemnities and set out data usage, privacy, cybersecurity, and service‑level terms that are customary for such offerings.

Our indemnity structure may not protect us in every case. Some U.S. jurisdictions have oil and natural gas-specific anti-indemnity statutes that can void or limit agreed allocations of liability, particularly where indemnities purport to cover a party's own negligence without the required insurance support. Applicable law or negotiated contract terms may also limit indemnity obligations in the event of gross negligence or willful misconduct, breaches of applicable law, or breaches of confidentiality or intellectual property rights. Where we contract through intermediaries that are not the end user, we seek indemnity protection against end-user claims, but this is not always achievable. Likewise, government agencies and third parties may make claims for which indemnity does not apply and liability is assessed proportionate to fault. To address the multitude of contractual frameworks and the different liability postures of our customers globally, we maintain an established process to review and approve deviations from our standard contracting practices.

We maintain a commercial general liability insurance policy program that covers against certain operating hazards, including product liability claims and personal injury claims, as well as certain limited environmental pollution claims for damage to a third party or its property arising out of contact with pollution for which we are liable; however, clean up and well control costs are not covered by such program. All of the insurance policies purchased by us are subject to deductible and/or self-insured retention amounts for which we are responsible for payment, specific terms, conditions, limitations, and exclusions. There can be no assurance that the nature and amount of our insurance will be sufficient to fully indemnify us against liabilities related to our business.

ORDERS AND REMAINING PERFORMANCE OBLIGATIONS

Remaining performance obligations ("RPO"), a defined term under U.S. generally accepted accounting principles ("U.S. GAAP"), are unfilled customer orders for products and product services excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty, even if the likelihood of cancellation is remote based on historical experience. For product services, an amount is included for the expected life of the contract.

We recognized orders of $29.6 billion, $28.2 billion, and $30.5 billion in 2025, 2024, and 2023, respectively. We recognized OFSE orders of $14.7 billion, $15.2 billion, and $16.3 billion, and IET orders of $14.9 billion, $13.0 billion, and $14.2 billion in 2025, 2024, and 2023, respectively. As of December 31, 2025, RPO totaled $35.9 billion. As of December 31, 2025, OFSE RPO totaled $3.5 billion, and IET RPO totaled $32.4 billion.

RESEARCH AND DEVELOPMENT

We engage in R&D activities across the business directed toward the development of new products, services, technology, and other solutions, as well as bringing about a significant improvement to existing products and services, and the design of specialized products to meet specific customer needs. We also continue to invest and develop a range of technologies that support our customers' efforts to reduce their carbon footprint. For the year ended December 31, 2025, we invested $600 million of R&D expense.

In OFSE, we continue to fund a range of formation evaluation, drilling, completions, and production capabilities and products. In parallel, and in strong collaboration with the IET technology organization, we are investing in strategic themes that fuel our future product and service portfolios. These include themes such as digital, automation, electrification, chemistry and materials, electronics, CCUS, and geothermal.

Specifically for OFSE, in our Well Construction product line, we are improving reliability in high-temperature and high shock and vibration environments (harsh-drilling conditions), through a combination of optimized design, automated operations, and integrated solutions that leverage our drilling tools, drill bits, and drilling fluids technologies. In our Completions, Intervention, and Measurements product line, we are investing in intelligent solutions and advanced measurements while creating a leadership position in the well-intervention domain through the integration of our wireline measurement capabilities with the conveyance and intervention capabilities. In our Production Solutions product line, we are leveraging our artificial lift technologies with our chemical solutions to provide an optimized and automated portfolio of production-enhancing solutions. In our Subsea & Surface Pressure Systems product line, we continue to develop subsea production systems that improve performance and reduce emissions through lighter design, automated operations, and electrification. Our offshore flexible pipe systems

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optimized for higher pressure temperature and CO2 content continue to deliver greater sustainability and performance.

In IET, we continue to invest in and develop foundational technologies which will enable our journey for the energy transition. Such technologies include advanced materials, advanced manufacturing technologies, novel process technologies, and digital technologies such as advanced sensing & diagnostics, data sciences, and AI. Within Gas Technology Equipment and Gas Technology Services product lines, we are focusing on our latest generation of gas turbines for energy efficiency and reduced carbon footprint such as our LM9000TM and Nova LTTM products, CCUS, hydrogen and geothermal technologies. Within Industrial Technology, we are investing in advanced digital solutions designed to improve the efficiency, reliability, and safety of oil and gas, aerospace, energy, and broader industrial production and operations. This includes our Orbit 60 Bently Nevada product for critical asset monitoring in turbine systems, including wind, hydro, and gas turbines. The IET segment is also enhancing its process and safety valve business bringing new digital applications including analytics to our customers. Investments in Industrial Technology also include technologies to measure, monitor, and minimize carbon emissions, new inspection technologies for nondestructive evaluation of materials and structures as well as solutions for industrial asset management.

INTELLECTUAL PROPERTY

Baker Hughes' intellectual property, including its technology, brands, and proprietary information, are important to our business, and we seek to protect them through a range of intellectual property rights, such as patents, trademarks, copyrights, trade secrets, and other similar protections ("IP rights"). Baker Hughes maintains a globally distributed intellectual property portfolio, with protection in numerous jurisdictions through thousands of patent applications, issued patents, copyrights, and trade secrets. Baker Hughes also strives to protect its intellectual property in dealings with third parties through specific intellectual property terms in agreements, such as in confidentiality, sales, and co-development agreements.

In addition, Baker Hughes benefits from licenses to additional intellectual property from third parties that support its products and services, such as from GE Aerospace (NYSE: GE), GE Vernova (NYSE: GEV), and GE HealthCare Technologies Inc. ("GE HealthCare") (NASDAQ: GEHC). In particular, Baker Hughes has: i) an intellectual property cross-license agreement with GE Aerospace, GE Vernova, and GE HealthCare that allows all parties to have continued rights to commercially utilize certain intellectual property of the other pursuant to the terms of the agreement, ii) a heavy duty gas turbine distribution and supply agreement that licenses certain intellectual property of GE Vernova to Baker Hughes, and iii) a second amended and restated supply and technology development agreement with GE Vernova, GE Aerospace, and the aeroderivative joint venture ("Aero JV") which governs the supply of certain aeroderivative technology to us and regulates intellectual property licenses amongst the parties where relevant. While the above agreements have been amended from time to time, these agreements remain in place. Baker Hughes does not consider any individual patent to be material to its overall business operations.

We follow a policy of seeking patent and trademark protection in numerous countries and regions throughout the world for products and methods that we believe have commercial significance. We believe that maintenance, protection and enforcement of our IP rights is central to the conduct of our business, and pursue infringement, misappropriation, or other violations of our IP rights worldwide as may be necessary to protect our business. Additionally, we consider the quality and timely delivery of our products, the service we provide to our customers, and the technical knowledge and skills of our personnel to be other important components of the portfolio of capabilities and assets supporting our ability to compete. If we are not able to protect our IP rights or if those IP rights are invalidated or circumvented, our business may be adversely affected. We may be subject to litigation and infringement claims, which could cause us to incur significant expenses or prevent us from selling our products or services.

SEASONALITY

Our operations can be affected by seasonal events, which can temporarily impact the delivery and performance of our products and services, and our customers' budgetary cycles. Examples of seasonal events that can impact our business are set forth below:

•In OFSE, adverse weather conditions may impact our operations or our customers' operations, cause supply disruptions and result in a loss of revenue and/or damage to our equipment and facilities, which may

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or may not be insured. For more information on seasonal and weather conditions, see the "Operational Risks" section of Part 1 of Item 1A herein.

•Many of our international OFSE customers may increase activity for certain products and services in the fourth quarter as they seek to fully utilize their annual budgets.

•Our broader IET businesses typically experience higher customer activity in the second half of the year as a result of spending patterns.

RAW MATERIALS

We purchase various raw materials and component parts for use in manufacturing our products and delivering our services. The principal raw materials we use include steel alloys, chromium, nickel, titanium, barite, beryllium, copper, lead, tungsten carbide, synthetic and natural diamonds, gels, sand and other proppants, printed circuit boards and other electronic components, and hydrocarbon-based chemical feed stocks. Raw materials that are essential to our business are normally readily available from multiple sources but may be subject to price volatility. We have seen prices stabilize for ferrous and non-ferrous metals and other raw materials, but availability of nickel based super alloys, tungsten carbide, and rare earth components are constrained. Tariffs caused some global supply chain unease in early 2025 and we expect continued management of these impacts to continue in 2026. Our procurement teams utilize advanced planning and may enter into strategic agreements with our global suppliers to minimize price impacts and other availability challenges. We anticipate some pricing increase and fulfillment volatility for certain raw materials and components to continue through 2026.

In addition to raw materials and component parts, we also use the products and services of metal fabricators, machine shops, foundries, forge shops, assembly operations, contract manufacturers, logistics providers, packagers, indirect material providers, and others in order to produce and deliver products to customers. These materials and services are generally available from multiple sources.

SUSTAINABILITY

Sustainability, rooted in the framework of People, Planet, and Principles, is integral to our business strategy and operations. For us, sustainability means advancing energy technologies that reduce emissions, enhance efficiency, and deliver long‑term value to stakeholders.

Our planet‑centered strategy focuses on operational improvements and innovative technologies to lower our environmental impact while expanding low‑carbon solutions for customers. We recognize climate change as both a challenge and an opportunity, and our commitments are centered on emissions reduction. We have set clear targets to cut Scope 1 and 2 carbon dioxide equivalent emissions by 50% by 2030 and to achieve net‑zero emissions by 2050, in alignment with the Paris Agreement and the recommendations of the United Nations Intergovernmental Panel on Climate Change. Our continued alignment strengthens our efforts to mitigate climate risk, accelerates our role in the energy transition, and unlocks growth across industrial and energy markets.

Progress toward these goals is demonstrated in our 2024 Corporate Sustainability Report ("CSR"), where we reported a 29.3% reduction in Scope 1 and 2 emissions compared to our 2019 base year, alongside a 39.5% intensity reduction. Key initiatives supporting these results include facility consolidation, increased use of renewable electricity, infrastructure upgrades, and electrification of our vehicle fleet.

Our sustainability approach extends across the value chain, engaging suppliers through assessments and partnerships to strengthen resilience and performance. We strive to minimize our environmental footprint, uphold the highest standards of integrity, and foster an inclusive company for all our stakeholders. We also emphasize the importance of our people by focusing on talent development, employee well‑being, inclusion, and community engagement, recognizing that our success is intrinsically linked to the strength of our workforce.

Strong governance underpins our sustainability strategy. We maintain audited and assured reporting processes to ensure transparency and accountability for stakeholders and investors. Our commitments include participation in the UN Global Compact and alignment with its Ten Principles and Sustainable Development Goals, reaffirmed annually since 2019. Our latest CSR is available on the Company section of our website at www.bakerhughes.com. Information contained on or connected to our website is not incorporated by reference into this annual report on

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Form 10-K for the year ended December 31, 2025 ("Annual Report") and should not be considered part of this Annual Report or any other filing we make with the Securities and Exchange Commission ("SEC").

Social & Human Capital

At Baker Hughes, people are at the heart of what we do, and their adaptability is essential to fostering creativity and developing solutions that keep the Company at the forefront of the industry. As of December 31, 2025, we had approximately 56,000 employees. More than 45,000 of our employees work outside the U.S. in over 85 different countries with more than 150 nationalities represented. This global composition underscores our ability to respond effectively to customer needs across markets.

In 2025, we advanced our unified talent strategy, a comprehensive approach to human capital management designed to attract, develop, and retain talent. This strategy provides broad opportunity for leadership development opportunities and strengthens governance around performance development, succession planning, talent assessment, individual development plans, and mobility. It supports the recruitment and retention of high-caliber candidates through career pathways, upskilling initiatives, and a positive work culture.

We believe that a diverse and inclusive workforce is essential to organizational success, innovation, and resilience. By integrating talent management processes, we enhance the employee experience through development opportunities and a supportive environment that fosters growth and creativity. Agility remains critical in the energy sector, and our approach ensures a flexible, skilled workforce capable of adapting to market conditions. We continue to prioritize internal mobility, which reinforces long‑term career opportunities. Leadership remains accountable for embedding our culture across the enterprise, with measurable outcomes, transparent goals, and clear accountability supporting a stronger, more innovative future.

Compensation and Benefits

We follow a pay‑for‑performance philosophy and are committed to providing fair and equitable compensation across the organization. We regularly benchmark our total compensation and benefits against industry peers and local markets to ensure competitiveness and equity. Core offerings include healthcare coverage, life insurance, retirement savings plans, disability coverage, and leave options to support family care and quality‑of‑life needs.

We also provide comprehensive wellness programs designed to promote physical, mental, and emotional wellbeing. These include preventive health initiatives, fitness and wellness resources, counseling services, and employee assistance programs. Flexible work arrangements—such as hybrid schedules, compressed work weeks, and remote work options—are available to support engagement and retention. In addition, recognition programs, career development support, and community engagement initiatives strengthen employee connections and reinforce our culture.

Together, these compensation, benefits, and wellness programs reflect our commitment to fair treatment, employee wellbeing, and long‑term organizational success.

Learning and Development

Learning and Development at Baker Hughes empowers employees to grow through continual attainment of knowledge, skills, and expertise that drive both professional and personal success. In 2025, we launched the Unified Learning Framework, guided by our Talent Empowerment Strategy, to provide a structured yet flexible approach to development. It addresses the needs of individual contributors, leaders, identified talent, and executives while aligning learning with performance, succession planning, and Individual Development Plans.

This holistic framework ensures learning is embedded in career progression, strengthens leadership pipelines, accelerates readiness for complex roles, and builds a future-ready workforce. Learning and Development is a personal journey at Baker Hughes.

Diversity, Inclusion and Belonging

At Baker Hughes, we believe that diverse perspectives drive innovation and strengthen our long‑term success. We value people from all walks of life, embracing diversity in all its forms. We are committed to maintaining an

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inclusive and safe workplace, supported by learning and development programs, competitive compensation and benefits, health and wellness initiatives, and opportunities that connect employees with their communities. These elements are critical to our business success and our mission of advancing energy solutions for our customers and the industry. Our Diversity, Inclusion, and Belonging framework builds teams that reflect the stakeholders and communities we serve globally, while fostering respect and uniting around our shared purpose. In 2025, we advanced these priorities through initiatives such as the People First program, which expanded to eighteen languages to make our culture accessible across geographies. We also partner with Employee Resource Groups ("ERGs") and Communities of Interest ("COIs"), which are open to all our employees and community members, to foster our inclusive culture and embed inclusion into daily work practices, including nominating charitable organizations for grants from the Baker Hughes Foundation (the "Foundation").

We recognize that inclusion is not only a matter of respect but a strategic advantage that fosters innovation and enhances performance. Our enterprise-wide strategy ensures that we remain focused on building a stronger, more inclusive organization for all employees.

Health, Safety, Environment, and Wellness

HSE is at the core of our culture as we are committed to doing the right thing to protect our employees, customers, the communities where we live and work, and the environment. We take a risk-based approach with proactive and preventive programs to deliver safe, secure, and sustainable operations. We have established a stringent set of standards which meet or exceed global HSE regulatory requirements.

Our commitment to HSE starts at the highest levels of our Company and is embedded throughout all layers of the organization. We encourage and empower all employees to take an active role in "owning" HSE by stopping work when conditions and/or behaviors are unsafe and reporting through open reporting channels. Our ambition is to ensure each day we operate without serious injuries, accidents, or harm to the environment. Employees are required to complete recurring HSE training to bring awareness to potential hazards, regulatory obligations, and performing activities safely. We offer over 260 HSE courses, including foundational training required for all employees, workplace and job-specific training, and human-performance leadership training for managers.

Our commitment to HSE goes beyond safety alone. Occupational health and wellness is a key competency jointly managed within our HSE and Human Resources ("HR") teams. The importance of physical health, ergonomics, preventative health care, and mental wellness cannot be overstated in promoting a healthy, engaged, and productive workplace. We work with our health benefit providers and internal teams to offer employees health and wellness programs, telemedicine access, health screenings, immunizations, fitness reimbursements, and virtual wellness tools. Focus areas in 2025 included ergonomic injury prevention, heart health, and wellbeing.

While ergonomic injuries are not prevalent globally in our operations, we recognize the importance of prevention to alleviate potential for lasting impacts to employees related to recovery and medical intervention. In 2025, we assessed several years of data to evaluate our ergonomic risk factors across operational sites and collaborated with our global teams to share learnings and best practices to reduce risk through pre-job evaluations, stretching programs for employees, and task-oriented assessments to further reduce risk through elimination or modification of tasks, replacement of tools, and workstation modifications.

Heart health of our employees was a focus in 2025, with our Your Heart Matters campaign offering education and resources to empower employees to make heart health a priority. Several employee engagement sessions were offered, featuring medical experts and employees who provided their personal journeys related to heart events. Additionally, monthly messaging was shared with employees on key topics including risk factors, diagnostic resources, stress management, nutrition, and exercise. We also focused on the importance of preparedness across our sites regarding lifesaving equipment, training, and drills to help our employees recognize and act in the event of an emergency. We are pleased to hear feedback from employees who were inspired by the campaign and took steps that led to diagnosis and preventative medical support.

In 2025, the mental health and emotional wellbeing of our employees remained a critical priority. Following a wellbeing survey issued to employees, we held numerous discussions with teams to discuss results and committed to drive company-wide initiatives to better support mental wellbeing. Baker Hughes held a wellbeing week featuring broadcasts and in person events with significant employee participation. We also offered a new training program for managers designed to enhance and support mental wellbeing in the workplace. Our Employee Assistance Program

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provided employees and their family members direct access to professional coaches for in-the-moment counseling or referrals to community experts and extended care providers to navigate daily life and cope with major life events.

Community Involvement

We seek to make a positive impact in the communities where we operate worldwide. Consistent with our purpose and values, we focus on advancing environmental quality, educational opportunities, health, and wellness. We contribute through financial support, in‑kind donations of goods and services, and employee volunteer projects that strengthen local communities.

The Foundation plays a central role in our community engagement by making strategic philanthropic contributions, matching employee charitable donations, and awarding volunteer recognition grants for outstanding service. In 2025, the Foundation supported initiatives aligned with our sustainability priorities, including environmental stewardship; Science, Technology, Engineering, and Mathematics, or STEM, education; and health and wellness programs. The Foundation also partners with local organizations to deliver community projects that address specific regional needs.

Employee involvement is a cornerstone of our approach. Through volunteerism, participation in ERGs, and community engagement programs, our workforce helps extend the Company's impact beyond business operations. These efforts reinforce our culture of responsibility and demonstrate our commitment to building stronger, more resilient communities across the globe.

Governance

The Board of Directors (the "Board") believes the purpose of corporate governance is to maximize shareholder value in a manner consistent with legal requirements and the highest standards of integrity. The Board has adopted and adheres to corporate governance practices, which the Board and management believe promote this purpose, are sound, and represent best practices. The Board periodically reviews these governance practices, Delaware law (the state in which the Company is incorporated), the rules and listing standards of the Nasdaq Stock Market LLC and SEC regulations, as well as best practices suggested by recognized governance authorities.

The Board monitors and provides oversight over our sustainability policies, programs, and practices regarding corporate responsibility and plays an active role in overseeing our human capital management efforts. The Board's Human Capital and Compensation Committee provides oversight of our social strategy, policies, programs, and initiatives focusing on pay equity, culture, talent development, succession planning, and executive compensation and benefits. The Board's Governance and Corporate Responsibility Committee provides oversight of our environmental matters, including monitoring its sustainability strategy and initiatives, the management of employee health, safety, and wellness matters, and oversight of our positions on corporate social responsibilities and public issues of significance, including those related to privacy, digital safety and responsible AI, which affect investors and other key stakeholders. The Board's Audit Committee provides oversight over our risk assessment and risk management policies and processes, including data privacy, AI, and compliance reporting. The Board's Finance Committee provides oversight of our financial and investment policies and of our principal finance, banking, and treasury matters, including our capital structure (both equity and debt) and the principal terms of related financing transactions and requirements.

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COMPLIANCE

In the conduct of all of our activities, we are committed to maintaining our core values, as well as high safety, ethical, and quality standards as also reported in our Quality Management System. We believe such a commitment is integral to running a sound, successful, and sustainable business. We devote significant resources to maintain a comprehensive global ethics and compliance program ("Compliance Program") which is designed to prevent, detect, and appropriately respond to any potential violations of the law, the Code of Conduct, and other Company policies and procedures.

Highlights of our Compliance Program include the following:

•Comprehensive internal policies over such areas as anti-bribery; travel, entertainment, gifts, sponsorships and charitable donations to government officials and other parties; third-party risk, including payments and discounts to authorized intermediaries such as resellers and sales representatives; and conflicts of interest. In addition, there are policies and procedures to address customs requirements, visa processing risks, export and re-export controls, economic sanctions, anti-money laundering, antitrust and anti-boycott laws.

•Global and independent structure of Chief Compliance Officer and other compliance professionals providing compliance advice, customized training and governance, as well as investigating allegations across all regions and countries where we do business.

•Comprehensive employee compliance training program that combines instructor-led and web-based training modules tailored to the key risks that employees face on an ongoing basis.

•Onboarding, due diligence and monitoring procedures for third parties who conduct business on our behalf, including channel partners (sales representatives, distributors, resellers), and administrative service providers.

•Due diligence procedures for acquisition activities.

•Specifically tailored compliance risk assessments and audits focused on country and third-party risk.

•Compliance Review Board comprised of senior officers of the Company that meets quarterly to monitor effectiveness of the Compliance Program, as well as segment compliance review boards that meet quarterly.

•Technology to monitor and report on compliance matters, including an internal investigations management system, a conflict of interest reporting and management system, a data privacy incident reporting and management system, a web-based anti-boycott reporting tool, global trade management systems and comprehensive watch list and negative news screening.

•Data privacy compliance policies and procedures to ensure compliance with applicable data privacy requirements.

•A compliance program designed to create an "Open Reporting Environment" where employees are encouraged to report any ethics or compliance matter without fear of retaliation, including a global network of trained employee ombudspersons, and a worldwide, 24-hour business helpline operated by a third party and available in approximately 200 languages.

•Anti-corruption audits of high-risk countries, as well as risk-based compliance audits of third parties.

•Region-specific processes and procedures for management of HR related issues, including pre-hire screening of employees; a process to screen existing employees prior to promotion into select roles where they may be exposed to finance and/or corruption-related risks; and implementation of a global new hire training module which includes compliance training for all employees.

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GOVERNMENTAL REGULATIONS

Environmental Matters

We are committed to the health and safety of people, protection of the environment and compliance with environmental laws, regulations and our policies. Our past and present operations include activities that are subject to extensive domestic (including U.S. federal, state and local) and international regulations concerning, among other things, air and water quality, waste management, occupational health and safety, and wildlife and land protection. Environmental regulations continue to evolve, and changes in standards of enforcement of existing regulations, as well as the enactment of new legislation or the issuance of judicial or agency opinions or orders, may require us and our customers to modify, supplement or replace equipment or facilities, obtain new or updated permits to conduct regulated activities, initiate investigatory and/or remedial measures, apply specific HSE criteria addressing employee protection and/or to change or discontinue present methods of operation. Our environmental compliance expenditures and our capital costs for environmental control equipment may change accordingly.

Ongoing environmental compliance costs, such as obtaining environmental permits, installation and maintenance of pollution control equipment and waste disposal, are expensed as incurred. Based upon current information, we believe that our overall environmental regulatory compliance obligations, including investigatory and/or remediation obligations, environmental compliance costs and capital expenditures for environmental control equipment, will not have a material adverse effect on our capital expenditures, earnings or competitive position because we have either established adequate reserves or our compliance cost, based on available information, is not expected to be material to our consolidated financial statements.

While we seek to embed and verify sound environmental practices throughout our business, we are, and may in the future be, involved in investigation and/or remediation projects at current and former properties, typically related to historical operations and operations of our predecessor companies. In some cases, our remediation activities are conducted as specified by a government agency-issued consent decree or agreed order. Remediation costs at these properties are accrued using currently available facts, existing environmental permits, technology and presently enacted laws and regulations. For sites where we have primary responsibility for the remediation, our cost estimates are developed based on internal evaluations and are not discounted. We record accruals when it is probable that we will be obligated to pay amounts for environmental site evaluation, investigation and/or remediation or related activities, and such amounts can be reasonably estimated. Accruals are recorded even if significant uncertainties exist over the ultimate cost of the remediation. Our total accrual for environmental remediation was $53 million and $54 million at December 31, 2025 and 2024, respectively.

Other Regulatory Matters

We are subject to regulation by various U.S. federal regulatory agencies and by the applicable regulatory authorities in countries in which our products are manufactured or sold. Such regulations principally relate to the ingredients, classification, labeling, safety, manufacturing, packaging, transportation, advertising, and marketing of our products. Additionally, because we operate through subsidiaries in non-U.S. jurisdictions, we are subject to foreign exchange ("FX") control, transfer pricing and customs laws that regulate the import and export of goods as well as the flow of funds between us and our subsidiaries. In particular, the shipment of goods, services and technology across international borders subjects us to extensive trade laws and regulations. Our import activities are governed by the unique customs laws and regulations in each of the countries where we operate. Pursuant to their laws and regulations, governments may impose economic sanctions against certain countries, persons and entities that may restrict or prohibit transactions involving such countries, persons and entities, which may limit or prevent our conduct of business in certain jurisdictions. We are also required to comply with transfer pricing, securities laws, tariff laws, and other statutes and regulations, such as the U.S. Foreign Corrupt Practices Act and other countries' anti-corruption and anti-bribery regimes.

As a result of the conflict between Russia and Ukraine that began in February of 2022, governments in the U.S., United Kingdom ("U.K."), European Union ("EU"), and other countries enacted sanctions against Russia and certain Russian interests. As previously announced on March 19, 2022, we suspended any new investments in our Russia operations, but continued to comply with applicable laws and regulations as we fulfilled existing contractual obligations. As a result, we completed a number of actions during the course of 2022 and 2023 including the sale of part of our OFSE Russia business and suspended substantially all of our remaining operational activities in Russia. In 2024 and 2025, our focus in Russia has been to continue to close local entities within the scope of western

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sanctions and local regulation. We are continuing to closely monitor the developments in Ukraine and Russia and changes to sanctions, all of which continued to make ongoing operations increasingly complex and significantly more challenging.

We are also subject to laws relating to data privacy and security and consumer credit, protection and fraud. An increasing number of governments worldwide have established laws and regulations, and industry groups also have promoted various standards, regarding data privacy and security, including with respect to the protection and processing of personal data. The legal and regulatory environment related to data privacy and security is increasingly rigorous, with new and constantly changing requirements applicable to our business, and enforcement practices are likely to remain uncertain for the foreseeable future. We are also subject to laws relating to AI. An increasing number of governments worldwide have established laws and regulations regarding AI, including generative AI and agentic AI, with differing definitions, foci, and requirements. As the AI landscape changes and new tools become available, the effect of each of the changing laws and regulations remains uncertain. We are also subject to domestic and international labor and employment laws, including regulations established by the U.S. Department of Labor and other local regulatory agencies, which set laws governing working conditions, paid leave, workplace safety, wage and hour standards, and hiring and employment practices.

While there are no current environmental or regulatory matters that we expect to have a material adverse impact on the results of our operations, financial position or cash flows or our capital expenditures, earnings or competitive position, there can be no assurances that existing or future environmental laws and other laws, regulations and standards, judicial or administrative opinions or orders applicable to our operations or products will not lead to such a material adverse impact.

AVAILABILITY OF INFORMATION FOR STOCKHOLDERS

Our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended ("Exchange Act"), are made available free of charge on our internet website at www.bakerhughes.com as soon as reasonably practicable after these reports have been electronically filed with, or furnished to, the SEC, and can be found at their internet website www.sec.gov. In addition, our Corporate Sustainability reports are available on the Company section of our website at www.bakerhughes.com. Information contained on or connected to our website is not incorporated by reference into this Annual Report on Form 10-K and should not be considered part of this Annual Report or any other filing we make with the SEC.

We have a Code of Conduct to provide guidance to our directors, officers, and employees on matters of business conduct and ethics, including compliance standards and procedures. We also require our principal executive officer, principal financial officer, and principal accounting officer to sign a Code of Ethical Conduct Certification annually.

The Code of Conduct, referred to as Our Way: The Baker Hughes Code of Conduct, and the Code of Ethical Conduct Certifications are available on the Investor section of our website at www.bakerhughes.com. We will disclose on a current report on Form 8-K or on our website information about any amendment or waiver of these codes for our executive officers and directors. Waiver information disclosed on our website will remain on the website for at least 12 months after the initial disclosure of a waiver. Our Governance Principles and the charters of the Audit Committee, Finance Committee, Human Capital and Compensation Committee, and Governance and Corporate Responsibility Committee of the Board are also available on the Investor section of our website at www.bakerhughes.com. In addition, a copy of the Code of Conduct, Code of Ethical Conduct Certifications, Governance Principles, and the charters of the committees referenced above are available in print at no cost to any shareholder who requests them.

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EXECUTIVE OFFICERS OF BAKER HUGHES COMPANY

The following table shows, as of February 5, 2026, the name of each of our executive officers, together with his or her age and office presently or previously held. There are no family relationships among our executive officers.

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