1) Strategic Growth and Leadership - SLB reported a solid Q2 2026, driven by broad international growth and a rebound in North America, particularly in offshore activities in Latin America and Asia. - The company is focusing on production recovery and digital solutions, aligning with customer priorities to enhance production and extend asset life. - SLB's strategy emphasizes digital transformation and data center solutions, with ambitions to become a key partner in the AI economy.

2) Financial and Segment Results - Q2 2026 revenue reached $9 billion, a 3% sequential increase despite disruptions in the Middle East, where revenue fell 13% to $1.66 billion. - Adjusted EBITDA margins improved, with Production Systems margins above 20% and Digital margins around 35%. - Digital revenue increased by 9% sequentially, driven by higher exploration data licenses, while Data Center Solutions revenue surged 80% YoY.

3) Challenges and Headwinds - The Middle East remains a significant challenge due to ongoing conflict, impacting operations and revenue recovery. Full activity restoration is expected to be gradual, varying by country. - SLB has developed downside scenarios for potential geopolitical escalations that could further disrupt operations, estimating a potential revenue decrease of $150 million in Q3 under adverse conditions.

4) Operational and Product Plans - SLB anticipates Q3 revenue growth of 3% to 4%, with adjusted EBITDA margin expansion of approximately 75 basis points. - The company is focused on expanding its Data Center Solutions, targeting an annualized revenue run rate exceeding $2 billion by 2027, supported by new customer contracts and enhanced service offerings. - SLB is also enhancing its offshore capabilities through the OneSubsea joint venture, aiming for significant growth in deepwater projects.

5) Guidance and Outlook - For Q4 2026, SLB expects Middle East revenue to reach between $2.1 billion and $2.2 billion, approximately 95% of the previous year's Q4 revenue, contributing to an overall revenue target of over $10 billion. - The company is optimistic about 2027, driven by increased exploration spending and a favorable investment environment, although specific guidance for that year remains cautious.

Bottom line: SLB is well-positioned for growth despite current geopolitical challenges, with strong performance in digital and data center solutions, and a strategic focus on production recovery and offshore capabilities that should drive robust financial performance in the coming years.