Slides
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SLB to Acquire Kelvion, Expanding its Role Across Data Center Infrastructure
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Disclaimer 2 This presentation, as well as other statements we make, contain “forward - looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “outlook,” “expectations,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “scheduled,” “think,” “should,” “could,” “would,” “will,” “see,” “likely,” "following," and other similar words. Forward - looking statements address matters that are, to varying degrees, uncertain, including statements regarding the benefits of the proposed transaction between SLB and Kelvion; the anticipated timing of such transaction; information regarding the businesses of SLB and Kelvion, including expectations regarding outlook and all underlying assumptions; SLB’s and Kelvion’s objectives, plans and strategies; information relating to operating trends in markets where SLB and Kelvion operate; projections of results of operations or of financial condition for SLB and Kelvion; and all other statements other than statements of historical fact that address activities, events or developments that SLB or Kelvion intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. These forward - looking statements involve known and unknown risks and uncertainties, which may cause SLB’s or Kelvion’s actual results and performance to be materially different from those expressed or implied in the forward - looking statements. Factors and risks that may impact future results and performance include, but are not limited to: the terms and timing of the proposed transaction between SLB and Kelvion; the ability to operate the SLB and Kelvion respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction; the ability of SLB and Kelvion to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; changing global economic and geopolitical conditions; the results of operations and financial condition of customers and suppliers; general economic, geopolitical, and business conditions in key regions of the world; foreign currency risk; inflation; changes in monetary policy by governments; tariffs; pricing pressure; weather and seasonal factors; unfavorable effects of health pandemics; availability and cost of raw materials; challenges in the supply chain; changes in government regulations and regulatory requirements; and other risks and uncertainties detailed in our most recent Forms 10 - K, 10 - Q, and 8 - K filed with or furnished to the Securities and Exchange Commission. Statements in this presentation are made as of August 31, 2026, and SLB disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events, or otherwise. This presentation contains non - GAAP financial information, including adjusted EBITDA. Adjusted EBITDA represents income before taxes excluding depreciation and amortization, interest income, interest expense and charges & credits. Management believes that the exclusion of charges & credits from adjusted EBITDA provides useful perspective on SLB’s underlying business results and operating trends, and a means to evaluate SLB’s operations period over period. The foregoing non - GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. SLB is not able to provide reconciliations of forward - looking presentations of non - GAAP financial measures to GAAP measures because these measures are not determinable without unreasonable efforts due to the inherent difficulty and unpredictability in forecasting and quantifying certain amounts that would be necessary for such reconciliations, which amounts could be significant.
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Strategic milestone Acquires Kelvion, a global provider of thermal - management and heat - exchange technologies Portfolio synergies Adds scalable, energy - efficient, and reliable thermal - management capabilities to SLB's Data Center Solutions business, addressing critical heat - dissipation challenges in next - gen infrastructure Value creation Deepens our technology portfolio, expands our total addressable market (TAM), and strengthens SLB's position across the physical infrastructure required to scale AI Becoming an industrial technology partner to the data center industry 3
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AI is driving a new infrastructure investment cycle Creating unprecedented demand for computing capacity and data centers AI is concentrating more compute and heat into each rack Managing heat is a key component of unlocking AI infrastructure capacity Cooling is becoming essential for AI infrastructure B ring ing new capacity online increasingly depends on cooling technologies Thermal management is critical to scaling AI infrastructure 4
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5 SLB Data Center Solutions business SLB’s modular approach can reduce onsite construction complexity and accelerate time to operation by up to 40% Where we started Component and fabrication Delivered manufacturing services, off - site fabrication, and modular infrastructure to hyperscale customers Where we are going Industrial technology partner Adding thermal management and integrating other adjacent technologies, increasing content per megawatt and unlocking higher - margin data center growth globally Where we are today Integrated systems and design Expanded into design, engineering, and system integration; broadened customer base and geographic reach
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6 Kelvion broadens SLB’s portfolio, creates efficiencies and integration capabilities, and expands our total addressable market Provides cooling technologies that are critical to data center infrastructure Diversified industrials serves key new energy and other end markets, representing ~45% of revenue Established positions in Europe and the United States, with opportunities to expand > $700B 2030 d ata centers TAM excl. IT and semiconductors Pre - fabrication infrastructure ( Current SLB scope) Thermal management (Kelvion scope) Behind - the - meter power generation* G eothermal and decarbonized gas - to - power* Asset management and software* Source: McKinsey * SLB Data Center Solutions adjacencies Data centers are Kelvion’s fastest - growing end market, representing ~55% of revenue
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Combination enhances portfolio to accelerate Data Center Solutions growth Expands SLB’s technology portfolio across the data center infrastructure value chain Adds thermal management into SLB’s modular infrastructure offering Establishes a larger and more durable growth platform Extends SLB’s energy and industrial technology portfolio >2X Increases Data Center Solutions revenue opportunity per gigawatt of capacity delivered 7
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SLB will pay approximately $3.4B in cash and assume approximately $0.7B of existing debt Transaction expected to close in first half of 2027, subject to customary closing conditions and regulatory approvals Key transaction terms 8
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Kelvion financial profile 9 ~$ 2.3 - 2.4B Estimated total 2026 revenue ~$1.2 - 1.3B Estimated 2026 data center revenue $ 350 - 400M Estimated total 2026 adjusted EBITDA >50% Estimated YOY data center revenue growth
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Combined SLB Data Center Solutions financial ambition 10 2026 Pro forma ~$2B Combined pro forma 2026 data center revenue ~$300M Combined pro forma 2026 data center adjusted EBITDA 2028 Ambition $4.5B - $5.0B Combined 2028 Data Center Solutions revenue ~$ 700 M - $800M Combined 2028 Data Center Solutions adjusted EBITDA $120M Annual EBITDA synergies by year three
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Combines two capital - light business models to capture surging data center demand Accretive to earnings per share (EPS) and free cash flow (FCF) per share in the first 12 months following closing Maintains balance sheet strength with net debt - to - EBITDA ratio to remain <1.5x post - closing Reaffirms >$4B total returns to shareholders in 2026 , while establishing a $4B floor for 2027 8.5X Transaction multiple after synergies Creating value for shareholders 11
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12 Q and A Press star followed by the number one to join the queue
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Key takeaways 13 Strengthens footprint across high - growth AI infrastructure market Enhances modular data center delivery by integrating cooling Drives profitable growth by scaling across new markets and customers