### At a GlanceSLB’s third-quarter results indicate that the recovery momentum is broadening. Management believes the international oilfield services market has entered a long-term sustainable upcycle and provided market growth guidance for 2027.

### Key DataThird-quarter revenue was $9.45 billion, up 5% sequentially; earnings per share were $0.64, up $0.09 sequentially. Middle East revenue rose 13% sequentially to $1.9 billion.

### Business ProgressAll four core segments and geographic regions achieved sequential growth. The Production Systems segment led the gains, with the ChampionX business posting its highest quarterly revenue and margin since the acquisition. The company secured four integrated drilling contracts from Saudi Aramco, covering over 450 wells with an initial term of three years. OneSubsea won a contract for the deepwater Rovuma energy development project in Mozambique. Revenue from Venezuela operations is expected to more than double this year and could grow several-fold by 2027. The data center solutions business continued its strong growth and has expanded into the Asian market.

### Guidance & OutlookFourth-quarter revenue is expected to be approximately $10 billion, up 5%-7% sequentially, with adjusted EBITA margins expected to expand by 100-150 basis points. Global oilfield services market activity is expected to grow by mid-single digits in 2027, and the company’s core segments are expected to significantly outperform the market. Digital business is expected to achieve double-digit year-over-year growth for the full year, with an adjusted EBITA margin exceeding 35%.

### Risk/Highlight SignalsManagement emphasized that geopolitical uncertainty in the Middle East remains a key variable for short-term performance. However, if the conflict is resolved, it would release deferred activity and serve as a catalyst for accelerated growth in 2027.