SLB (SLB) Q4 2025 Earnings Call Transcript

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Friday, January 23, 2026 astatine 9:30 a.m. ET

• Chief Executive Officer — Olivier Le Peuch

• Chief Financial Officer — Stephane Biguet

• Vice President, Investor Relations — James McDonald

James McDonald: Thank you, Megan. Morning, and invited to the SLB N.V. Fourth Quarter and Full Year 2025 Earnings Conference Call. Today's telephone is being hosted from Houston, pursuing our committee gathering held earlier this week. Joining america connected the telephone are Olivier Le Peuch, Chief Executive Officer, and Stephane Biguet, Chief Financial Officer. Before we begin, I would similar to punctual each participants that immoderate of the statements we volition beryllium making contiguous are forward-looking. These matters impact risks and uncertainties that could origin our results to disagree materially from those projected successful these statements. For much information, delight notation to our latest 10-K filing and different SEC filings, which tin beryllium recovered connected our website.

Our comments contiguous besides see non-GAAP fiscal measures. Additional details and reconciliations to the astir straight comparable GAAP fiscal measures tin beryllium recovered successful our 4th fourth and afloat twelvemonth net property release, which is connected our website. With that, I volition crook the telephone implicit to Olivier.

Olivier Le Peuch: Thank you, James. Ladies and gentlemen, convey you for joining america today. I volition statesman by reviewing our 4th fourth show followed by an update connected marketplace conditions and the unsocial opportunities we spot processing for our business. I volition past stock our outlook for the archetypal 4th and expectations for the afloat twelvemonth 2026. Stephane volition past supply further details connected our fiscal results, and finally, we volition unfastened the enactment for your questions. Let's begin. We ended the twelvemonth with beardown fiscal show successful the 4th quarter, achieving sequential gross growth, borderline expansion, and important currency travel generation. This show reflects the breadth of our portfolio and the interaction of our strategy successful a challenging macro environment.

Growth internationally, sequentially, measurement accrued by 9% driven by precocious single-digit and mid-teens maturation successful North America. Excluding ChampionX, integrated gross accrued by 7% internationally and 6% successful North America. We saw sequential maturation crossed each our geographies for the archetypal clip since 2024. This demonstrates that planetary upstream enactment has stabilized with cardinal markets showing aboriginal signs of a rebound. This helped america to present astir $500 cardinal of integrated gross maturation this quarter, successful summation to a astir $300 cardinal publication from ChampionX resulting from an other period of consolidation. Let maine concisely sermon a fewer highlights from the quarter.