Business Wire India

 

Key takeaways

• The deployment starts with tens of millions of Graviton cores, with the potential to expand.
• Meta is now one of the largest Graviton customers in the world.
• The deal builds on Meta’s long-standing AWS relationship and use of Amazon Bedrock at scale to support its next generation of AI.

 

Meta has signed an agreement to deploy AWS Graviton processors at scale. The deal marks a significant expansion of a long-standing partnership between the two companies as Meta builds its next generation of AI.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260424641117/en/

 

 

 

The deployment starts with tens of millions of Graviton cores, with the flexibility to expand as Meta’s AI capabilities grow. The deal reflects a shift in how AI infrastructure gets built: while GPUs remain essential for training large models, the rise of agentic AI is creating massive demand for CPU-intensive workloads—real-time reasoning, code generation, search, and orchestrating multi-step tasks. Graviton5 is purpose-built for these workloads, giving Meta the processing power to run them efficiently at scale.

 

The chips will power various workloads at Meta, including supporting the company’s AI efforts. That work requires infrastructure that can handle billions of interactions while coordinating complex, multi-step agent workflows—exactly the kind of CPU-intensive work Graviton is designed for.

 

 

To get the full story, visit About Amazon.

 

 

About Amazon Web Services

 

 

Amazon Web Services (AWS) is guided by customer obsession, pace of innovation, commitment to operational excellence, and long-term thinking. By democratizing technology for nearly two decades and making cloud computing and generative AI accessible to organizations of every size and industry, AWS has built one of the fastest-growing enterprise technology businesses in history. Millions of customers trust AWS to accelerate innovation, transform their businesses, and shape the future. With the most comprehensive AI capabilities and global infrastructure footprint, AWS empowers builders to turn big ideas into reality. Learn more at aws.amazon.com and follow @AWSNewsroom.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260424641117/en/

 

Business Wire India

During the India-Korea Business Forum, held in New Delhi alongside South Korean President Lee Jae-myung’s state visit, Unicorn Incubator signed a strategic Memorandum of Understanding (MoU) with Blockchain For Impact (BFI). The agreement, formalized in the presence of India’s Minister of Commerce and Industry Shri Piyush Goyal and South Korea’s Minister of Trade, Industry and Energy Shri JeongKwan Kim, establishes a secure digital and operational pipeline for bringing advanced South Korean innovations into the Indian market. Unicorn Incubator’s Founder and Managing Partner, Mahima Jinah Kim, championed the partnership as a critical step in bridging the technological gap between the two nations.

Contributing to India’s Healthcare Technology

A primary focus of this MoU is the rapid introduction of cutting-edge South Korean medical technology into India. BFI, established during the COVID-19 pandemic, operates as a massive 80 billion impact fund dedicated to fortifying India’s medical facilities and technological infrastructure.

By aligning Unicorn Incubator’s access to Seoul’s advanced R&D with BFI’s vast resources, the partnership will directly import and commercialize new healthcare solutions. This includes AI-driven diagnostics, robotic medical hardware, and advanced biomedical tech. The collaboration ensures that South Korean healthcare innovations do not just enter the market, but are effectively scaled to solve critical public health challenges across India’s 1.4 billion population.

A Trusted Pillar in the Indian Startup Ecosystem

The MoU further cements Unicorn Incubator’s reputation as the most reliable cross-border accelerator connecting South Korea and India. Having successfully graduated over 65 startup companies through its structured Korea & India Launchpads, the accelerator has a proven operational framework for high-growth sectors like Mobility, Agritech, and MedTech.

Unlike foreign entities that operate from a distance, Unicorn Incubator has built deep, institutional trust on the ground. The accelerator ensures successful localization by collaborating directly with India’s premier academic and incubation hubs, including FITT IIT Delhi, SIIC IIT Kanpur, and IIM Lucknow EIC. These institutions serve as more than just research centers; they are the primary breeding grounds for Indian unicorns. Furthermore, following a 2025 MoU with StartupTN, The Unicorn Incubator is actively expanding its trusted framework into Chennai to support the fast-growing South Indian tech corridor. This regional expansion is already yielding results, facilitating collaborations for South Korean AI companies like Delta X, which is preparing to establish a battery manufacturing facility in Chennai later this year.

Executing the Vision: Tech Sangam and Tech Marwari

To seamlessly integrate these new medical and deep-tech innovations, Unicorn Incubator relies on its proven operational frameworks:

• The Korea-India Tech Sangam Center: A dedicated platform that facilitates secure cross-border tech validation and manages complex technology transfers between Korean health-tech firms and Indian medical institutions.
• The ‘TECH MARWARI’ Initiative: A flagship program that matches incoming South Korean technology firms with top-tier Indian talent. This strategy perfectly leverages the demographic synergy between the two nations, pairing South Korea’s seasoned technical experts with India’s vibrant, young engineering talent pool. By providing these foreign startups with trusted “boots on the ground,” the program ensures that advanced healthcare technologies are successfully marketed and commercialized locally.

“As the only specialized entity dedicated exclusively to the Indo-Korea corridor, Unicorn Incubator continues to prove itself as an indispensable architect of bilateral economic growth, bringing reliable, high-end technological precision to Indian soil to secure a healthier, more innovative future for both nations,” said Mahima Jinah Kim, Founder & Managing Partner of Unicorn Incubator.

Business Wire India

• A five-year partnership gives NIPER Hajipur researchers access to high-quality opnMe^® molecules.
• Building capabilities in eastern India’s pharma research to advance Viksit Bharat and Biopharma SHAKTI objectives.

Boehringer Ingelheim India Private Limited and the National Institute of Pharmaceutical Education and Research (NIPER), Hajipur, today signed a Memorandum of Understanding (MoU) to advance pharmaceutical research, education, and innovation. The five-year collaboration will create new pathways for researchers and students in Bihar and the wider region to engage with global-standard open science platforms, joint research initiatives and capability-building programmes, thus strengthening the talent pipeline for India’s next phase of pharmaceutical innovation.

The MoU was signed at the Department of Pharmaceuticals in the presence of Shri Mano Joshi (IAS), Secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilisers. Also present at the MoU signing ceremony was Dr. Kinny Singh (IAS), Deputy Secretary, Department of Pharmaceuticals and Prof. K. Ruckmani, Director, NIPER Hajipur. The MoU establishes a framework to strengthen academic and research collaboration in areas such as pharmaceutical technologies, novel drug delivery systems, joint research initiatives, academic exchange, and capability-building programmes.

As part of the MoU, Boehringer Ingelheim will enable NIPER Hajipur researchers and faculty to access opnMe® (www.opnme.com), its global open science portal. Through opnMe®, scientists can access well-characterised pre-clinical tool compounds free of charge for their research. Boehringer Ingelheim has already shared more than 150 molecules with Indian institutions through opnMe®, and the collaboration with NIPER Hajipur extends this access to eastern India for the first time at this scale.

The partnership is aligned with the Government of India’s vision for Viksit Bharat and the Biopharma SHAKTI (Strategy for Healthcare Advancement through Knowledge, Technology and Innovation) initiative, a INR 10,000-crore national mission announced in the Union Budget 2026-27. Biopharma SHAKTI specifically envisions an expanded role for NIPERs as centres of excellence in translational research and pharmaceutical talent development and encourages industry-academia collaboration to accelerate India’s transition from volume-driven generics leadership to innovation-led biopharmaceutical excellence.

By strengthening the bridge between academic research and industry expertise, this partnership aims to contribute to the development of future-ready scientific talent and research pathways that can support more effective, accessible, and contribute, over time, to therapies that address the health needs of Indian patients and communities.

Speaking at the signing, Shri Manoj Joshi highlighted the pivotal role of academia-industry collaboration in bridging the gap between research and commercialisation, fostering innovation, and improving access to affordable, high-quality healthcare. He noted that India’s pharmaceutical sector is steadily transitioning from a volume-driven model to a value-driven, innovation-led ecosystem, supported by targeted policy interventions, infrastructure development, and stronger industry-academia linkages, in alignment with the national vision of Viksit Bharat 2047.

Prof. K. Ruckmani, Director, NIPER Hajipur, said, “NIPER Hajipur sits at the heart of one of India’s most populous regions, and our mandate is to build pharmaceutical research and talent capability that serves Bihar, eastern India and the country at large. Our partnership with Boehringer Ingelheim India and particularly the access it brings to the opnMe^® open science platform, gives our researchers and students direct exposure to globally validated pre-clinical tools and world-class R&D collaboration. This is a meaningful step in realising the Government of India’s vision of building self-reliant, geographically distributed pharmaceutical innovation capability across the country.”

Meenal Gauri, Managing Director, Boehringer Ingelheim India, said, “NIPERs have been identified by the government as centres of excellence for Biopharma SHAKTI, and our view is simple: the greater the number of talented Indian researchers engaged in this mission, the stronger the outcomes for the country. That is why, after our partnership with NIPER Raebareli, we are proud to extend opnMe® access to the researchers at NIPER Hajipur, giving them the same well-characterised molecules, free of charge, that scientists across the world use for discovery. We see this as the deepening of a long-term commitment to India’s pharmaceutical education network, and our contribution to the Viksit Bharat and Biopharma SHAKTI vision.”

The collaboration is structured on a non-profit, non-commercial basis, reflecting both Boehringer Ingelheim and NIPER’s commitment to ethical research, pharmaceutical education and the public good.

Kolkata, Apr 24: As energy demand patterns continue to evolve across the country, Hindustan Petroleum Corporation Limited (HPCL) is ensuring uninterrupted supply through a finely tuned system built on three critical pillars—speed, scale, and synchronisation.

 

Together, these elements are enabling HPCL to manage one of its most intensive supply cycles, delivering over 290 lakh LPG cylinders nationwide between 1st and 23rd April 2026, while maintaining stability across its distribution network.

 

HPCL’s strength lies in its ability to operate at scale. With a vast network spanning bottling plants, distributors, and delivery teams, the Company has ensured seamless delivery across geographies.

 

This is further reflected in changing consumption patterns, with over 6.18 lakh Free Trade LPG cylinders of 5 Kg and over 25,000 cylinders of 2 Kg supplied during this period—expanding access to flexible, affordable energy solutions.

 

 

To meet rising demand, HPCL has accelerated its operational cycles—reducing turnaround times, increasing dispatch frequency, and strengthening last-mile delivery efficiency.

 

With over 1,77,693 tankers dispatched, the Company continues to ensure uninterrupted replenishment across its network. This is further enabled by a digital-first ecosystem, with 99.2% of LPG bookings now being made online, allowing for real-time processing and faster delivery execution.

 

 

What differentiates HPCL is the seamless coordination across its ecosystem—where booking platforms, bottling plants, distributors, and delivery personnel operate in complete alignment.

 

This synchronisation ensures that cylinders move efficiently from source to doorstep, even during periods of heightened demand.

 

 

HPCL is also extending its energy footprint beyond LPG, accelerating the adoption of cleaner fuels through its PNG network.

At DLF New Town Heights (Action Area–III, New Town), over 800 households are now seamlessly connected to PNG, marking a significant step towards modern, sustainable urban infrastructure.

 

This transition reflects HPCL’s commitment to enhancing convenience, safety, and efficiency for residents while reducing environmental impact.

 

Building on this momentum, HPCL is set to expand PNG access to nearly 12,000 additional households across nearby communities—further accelerating Kolkata’s journey towards a cleaner, more energy-efficient future.

 

 

Between 14th March and 23rd April 2026, HPCL conducted 5,847 inspections, taking action against 161 distributors, including 33 suspensions, while carrying out 663 raids, registering 43 FIRs, and seizing 4,100 LPG cylinders.

 

This ensures that scale and speed are matched with strict operational discipline.

 

HPCL emphasises that energy supply across its network remains stable and adequately available, with any temporary pressure being effectively managed through this integrated approach.

 

By combining speed, scale, and synchronisation—while expanding clean energy access—HPCL continues to power India’s transition towards a more reliable and sustainable energy future.

Business Wire India

• Revenue of $8.72 billion increased 3% year on year
• GAAP EPS of $0.50 decreased 14% year on year
• EPS, excluding charges and credits, of $0.52 decreased 28% year on year
• Net income attributable to SLB of $752 million decreased 6% year on year
• Adjusted EBITDA of $1.77 billion decreased 12% year on year
• Cash flow from operations was $487 million
• Board approved quarterly cash dividend of $0.295 per share

 

SLB (NYSE: SLB) today announced results for the first-quarter 2026.

 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260422463846/en/

 

 

 

First-Quarter Results

 

	(Stated in millions, except per share amounts)
	Three Months Ended						Change
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
Revenue	$8,721		$9,745		$8,490		-11%		3%
Income before taxes – GAAP basis	$956		$943		$1,063		1%		-10%
Income before taxes margin – GAAP basis	11.0%		9.7%		12.5%		129 bps		-156 bps
Net income attributable to SLB – GAAP basis	$752		$824		$797		-9%		-6%
Diluted EPS – GAAP basis	$0.50		$0.55		$0.58		-9%		-14%
Adjusted EBITDA*	$1,773		$2,331		$2,020		-24%		-12%
Adjusted EBITDA margin*	20.3%		23.9%		23.8%		-358 bps		-346 bps
Pretax segment operating income*	$1,321		$1,807		$1,556		-27%		-15%
Pretax segment operating margin*	15.2%		18.5%		18.3%		-340 bps		-318 bps
Net income attributable to SLB, excluding charges & credits*	$783		$1,179		$988		-34%		-21%
Diluted EPS, excluding charges & credits*	$0.52		$0.78		$0.72		-33%		-28%
Revenue by Geography
International	$6,471		$7,453		$6,727		-13%		-4%
North America	2,167		2,212		1,719		-2%		26%
Other	83		80		44		n/m		n/m
	$8,721		$9,745		$8,490		-11%		3%

 

SLB acquired ChampionX during the third quarter of 2025. First-quarter 2026 results reflect the acquired ChampionX businesses, which contributed $838 million of revenue, $199 million of adjusted EBITDA and $149 million of pretax segment operating income.

Excluding the impact of this acquisition, SLB’s first-quarter 2026 global revenue decreased 7% year on year; international first-quarter 2026 revenue decreased 7% year on year; and North America first-quarter 2026 revenue decreased 8% year on year.

*These are non-GAAP financial measures. See sections titled “Charges & Credits”, “Divisions” and “Supplementary Information” for details.

n/m = not meaningful

(Stated in millions)
	Three Months Ended						Change
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
Revenue by Division
Digital	$640		$825		$587		-22%		9%
Reservoir Performance	1,594		1,748		1,700		-9%		-6%
Well Construction	2,797		2,949		2,977		-5%		-6%
Production Systems	3,508		4,078		2,841		-14%		23%
All Other	443		445		562		-1%		-21%
Eliminations	(261)		(300)		(177)		n/m		n/m
	$8,721		$9,745		$8,490		-11%		3%
Pretax segment operating income
Digital	$134		$280		$125		-52%		8%
Reservoir Performance	257		342		282		-25%		-9%
Well Construction	424		550		589		-23%		-28%
Production Systems	497		664		471		-25%		6%
All Other	113		85		162		33%		-30%
Eliminations	(104)		(114)		(73)		n/m		n/m
	$1,321		$1,807		$1,556		-27%		-15%
Pretax segment operating margin
Digital	20.9%		34.0%		21.2%		-1,303 bps		-28 bps
Reservoir Performance	16.1%		19.6%		16.6%		-348 bps		-47 bps
Well Construction	15.2%		18.7%		19.8%		-350 bps		-463 bps
Production Systems	14.2%		16.3%		16.6%		-212 bps		-240 bps
All Other	25.5%		19.0%		28.8%		647 bps		-331 bps
Eliminations	n/m		n/m		n/m		n/m		n/m
	15.2%		18.5%		18.3%		-340 bps		-318 bps
Adjusted EBITDA
Digital	$167		$346		$181		-52%		-8%
Reservoir Performance	369		456		385		-19%		-4%
Well Construction	584		719		753		-19%		-22%
Production Systems	648		815		561		-20%		16%
All Other	197		170		276		16%		-29%
Eliminations	(37)		(40)		(2)		n/m		n/m
	$1,928		$2,466		$2,154		-22%		-10%
Corporate & other	(155)		(135)		(134)		n/m		n/m
	$1,773		$2,331		$2,020		-24%		-12%
Adjusted EBITDA margin
Digital	26.1%		42.0%		30.8%		-1,588 bps		-473 bps
Reservoir Performance	23.1%		26.1%		22.7%		-297 bps		47 bps
Well Construction	20.9%		24.4%		25.3%		-351 bps		-440 bps
Production Systems	18.5%		20.0%		19.7%		-150 bps		-126 bps
All Other	44.4%		38.2%		49.1%		619 bps		-467 bps
Eliminations	n/m		n/m		n/m		n/m		n/m
	22.1%		25.3%		25.4%		-319 bps		-326 bps
Corporate & other	n/m		n/m		n/m		n/m		n/m
	20.3%		23.9%		23.8%		-358 bps		-346 bps
Digital and Production Systems first-quarter 2026 results reflect activity from ChampionX, which contributed $32 million of Digital revenue and $833 million of Production Systems revenue. Excluding the impact of this acquisition, Digital first-quarter 2026 revenue increased 4% year on year, while Production Systems revenue decreased 6% year on year.       n/m = not meaningful

 

First Quarter Shaped by Geopolitical Developments

 

“It was a challenging start to the year as widespread disruptions in the Middle East impacted our business,” said SLB Chief Executive Officer Olivier Le Peuch.

 

 

“The impact was most pronounced in Well Construction and Reservoir Performance, as SLB demobilized operations in a number of countries in response to customer actions to safeguard personnel and facilities.

 

 

“Beyond the Middle East, revenue increased year on year in all other markets driven mainly by the impact of our strategic moves regarding ChampionX, Digital, and Data Center Solutions,” Le Peuch said.

 

 

ChampionX Delivers Accretive Growth on Strong Production and Recovery Activity

 

 

“Overall, first-quarter year-on-year revenue increased 3%. This was primarily driven by the addition of ChampionX, which continues to deliver revenue growth and progressive margin expansion. Notably, Production Systems revenue increased 23% year on year, led by production chemicals and artificial lift.

 

 

“Production and recovery represent the most immediate path to incremental barrels, and as customers continue to prioritize energy security and national resource development, investment in this space is set to grow. The addition of ChampionX has strengthened our position in this market, particularly in North America, where we will support the next chapter in U.S. unconventional through the use of tailored reservoir chemistry to enhance recovery,” Le Peuch said.

 

 

Digital and Data Center Solutions Enhance Growth Mix

 

 

“Digital revenue increased 9% year on year, supported by continued momentum in Digital Operations. Digital annualized recurring revenue (ARR) once again exceeded $1 billion at the end of the first quarter and represented a 15% increase year on year. Our customers are seeing the impact of AI and digital in terms of performance and efficiency, and this will result in further adoption of these solutions. Meanwhile, Data Center Solutions experienced a remarkable 45% uplift, highlighting the effectiveness of SLB’s modular and scalable off-site manufacturing capabilities.

 

 

“There is a growing opportunity for SLB at the intersection of Digital and Data Center Solutions as we build on our existing relationships with hyperscalers and digital partners. Our progress was underscored by the recently announced expansion of our technology collaboration with NVIDIA to design and deploy critical AI infrastructure as well as develop an ‘AI Factory for Energy’ — a reference environment powered by domain-specific generative AI models and industrial-scale agentic AI — for large-scale deployments in the energy industry,” Le Peuch said.

 

 

Evolving Market Dynamics

 

 

“We entered 2026 anticipating that global liquid supply and demand would gradually rebalance throughout the year and into 2027. However, the conflict in the Middle East has accelerated this rebalancing while exposing critical vulnerabilities in the global energy supply chain.

 

 

“We expect postconflict liquid commodity prices to remain above preconflict levels. This reflects the near-term supply disruptions caused by infrastructure impairments, production impacts, and geopolitical risk premium.

 

 

“In response, many countries are likely to prioritize supply diversification, invest in exploration and domestic resource development, and replenish strategic reserves once the conflict subsides. Alongside our work supporting customers as they restore production capacity in the Middle East, we anticipate these trends to drive increased investment in short-cycle projects in North America and Latin America as well as long-cycle developments, particularly in deepwater offshore markets.

 

 

“Absent a prolonged conflict leading to an economic slowdown and demand destruction, these supply responses reinforce our conviction of a broad-based recovery in upstream markets in 2027 and 2028.

 

 

“Although near-term uncertainties remain, we are committed to returning more than $4 billion to shareholders in 2026,” Le Peuch concluded.

 

 

Other Events

 

 

During the quarter, SLB repurchased 9.2 million shares of its common stock for a total purchase price of $451 million.

 

 

On March 12, 2026, SLB OneSubsea™ joint venture entered into an agreement to acquire the subsea business of Envirex Group AS. The transaction is expected to accelerate the deployment of new technology solutions, in particular umbilical-less subsea intervention, while expanding the range of innovative services available to customers worldwide at a time when demand for efficient, next-generation subsea solutions continues to grow. The transaction is expected to close in the first half of 2026, subject to regulatory approvals and other customary closing conditions.

 

 

On April 23, 2026, SLB entered into a definitive agreement to acquire the geoscience and petroleum engineeringsoftware business portfolio of S&P Global Energy, a leading provider of subsurface software widely used by U.S. onshore and unconventional operators. The proposed acquisition represents a targeted expansion of SLB’s digital subsurface and planning portfolio, extending its presence in workflow-centric customer segments that are strategically important to long-term digital growth, while remaining aligned with SLB’s disciplined approach to portfolio development. Following the transaction, SLB intends to progressively integrate S&P Global Energy’s technology stack with its digital platforms, taking a deliberate approach that preserves existing customer workflows while complementing them with agentic AI capabilities. This approach is designed to enhance scalability, performance, and interoperability, while maintaining the practical, workflow‑centric solutions that underpin S&P Global Energy’s strong customer adoption. The transaction is anticipated to close in the second half of 2026 or early 2027, subject to regulatory approvals and other customary closing conditions.

 

 

In parallel, the parties entered an agreement to collaborate on building new AI models in which SLB will use its Lumi™ platform and Tela™ agentic AI framework to unlock value from S&P Global Energy’s upstream data. The combination of S&P’s upstream data and SLB’s domain expertise will help develop advanced domain foundation models, bringing significant value for the industry.

 

 

On April 23, 2026, SLB’s Board of Directors approved a quarterly cash dividend of $0.295 per share of outstanding common stock, payable on July 9, 2026, to stockholders of record on June 3, 2026.

 

 

First-Quarter Revenue by Geographical Area

 

 

First-quarter revenue of $8.72 billion increased 3% year on year with growth across North America both on land and offshore, Latin America, Europe & Africa, and Asia, while the Middle East declined due to disruptions related to the conflict. These results reflect activity from the acquired ChampionX businesses, which contributed $838 million of revenue, consisting of $579 million in North America and $231 million in the international markets.

 

 

Excluding the impact of this acquisition, first-quarter 2026 revenue decreased 7% year on year. International first-quarter 2026 revenue decreased 7% and North America first-quarter 2026 revenue decreased 8% year on year.

 

 

(Stated in millions)
As reported	Three Months Ended						Change
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
North America	$2,167		$2,212		$1,719		-2%		26%
Latin America	1,528		1,684		1,495		-9%		2%
Europe & Africa*	2,256		2,534		2,235		-11%		1%
Middle East & Asia	2,687		3,234		2,997		-17%		-10%
Eliminations & other	83		81		44		n/m		n/m
	$8,721		$9,745		$8,490		-11%		3%
International	$6,471		$7,453		$6,727		-13%		-4%
North America	$2,167		$2,212		$1,719		-2%		26%
*Includes Russia and the Caspian region
n/m = not meaningful

 

The following table and commentary are presented on a pro forma basis assuming that ChampionX was acquired on January 1, 2025.

 

(Stated in millions)
Pro forma	Three Months Ended						Change
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
North America	$2,167		$2,212		$2,258		-2%		-4%
Latin America	1,528		1,684		1,561		-9%		-2%
Europe & Africa*	2,256		2,534		2,315		-11%		-3%
Middle East & Asia	2,687		3,234		3,093		-17%		-13%
Eliminations & other	83		81		76		n/m		n/m
	$8,721		$9,745		$9,303		-11%		-6%
International	$6,471		$7,453		$6,969		-13%		-7%
North America	$2,167		$2,212		$2,258		-2%		-4%
*Includes Russia and the Caspian region
n/m = not meaningful

 

 

International

 

Latin America

 

 

Revenue in Latin America of $1.53 billion declined 2% year on year due to decreased drilling activity in Argentina, lower Asset Production Solutions (APS) revenue in Ecuador, and lower production systems sales in Brazil. These declines were partially offset by increased offshore activity in Mexico and Guyana.

 

 

Sequentially, revenue decreased 9% due to seasonally lower revenue in Brazil and Guyana following strong year-end production systems sales last quarter. This decline was partially offset by increased revenue in Mexico due to higher offshore drilling.

 

 

Europe & Africa

 

 

Revenue in Europe & Africa of $2.26 billion decreased 3% year on year due to revenue declines in Scandinavia and Angola, partially offset by increased activity in Nigeria, Azerbaijan and Kazakhstan.

 

 

Sequentially, revenue declined 11% due to seasonally lower activity following strong year-end product and digital sales in the fourth quarter of 2025.

 

 

Middle East & Asia

 

 

Revenue in the Middle East & Asia of $2.69 billion decreased 13% year on year, driven by lower revenue across the Middle East reflecting the combined effect of lower activity and disruptions related to the conflict. These disruptions occurred in Qatar due to the declaration of force majeure and in Iraq and offshore operations across the region due to production shut-in constraints and security conditions.

 

 

Sequentially, revenue declined 17% due to seasonally lower activity following strong year-end product and digital sales as well as disruptions from the conflict.

 

 

North America

 

 

Revenue in North America of $2.17 billion decreased 4% year on year, driven primarily by the absence of $118 million of APS revenue in Canada following the Palliser project divestiture in the second quarter of 2025, partially offset by robust revenue growth in Data Center Solutions. Offshore revenue in the Gulf of America was steady as higher drilling activity was offset by lower digital exploration sales.

 

 

Sequentially, revenue declined 2% due to lower drilling activity on land and lower digital exploration sales following strong year-end digital sales in the fourth quarter of 2025. These declines were partially offset by higher revenue from Data Center Solutions.

 

 

First-Quarter Results by Division

 

 

Digital

 

 

(Stated in millions)
	Three Months Ended						Change
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
Revenue
International	$443		$593		$416		-25%		7%
North America	197		229		171		-14%		15%
Other	–		3		–		n/m		n/m
	$640		$825		$587		-22%		9%
Pretax operating income	$134		$280		$125		-52%		8%
Pretax operating margin	20.9%		34.0%		21.2%		-1,303 bps		-28 bps
Adjusted EBITDA*	167		346		181		-52%		-8%
Adjusted EBITDA margin*	26.1%		42.0%		30.8%		-1,588 bps		-473 bps
*These are non-GAAP financial measures. See reconciliation in the section “Supplementary Information” for details.
n/m = not meaningful

 

(Stated in millions)
	Three Months Ended						Change
Revenue	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
Platforms & Applications	$241		$291		$236		-17%		2%
Digital Operations	143		162		77		-12%		87%
Digital Exploration	101		184		110		-45%		-8%
Professional Services	155		188		164		-17%		-6%
	$640		$825		$587		-22%		9%
Digital first-quarter 2026 results include activity from ChampionX, which contributed $32 million of revenue.

 

Digital revenue of $640 million increased 9% year on year, driven by 87% growth in Digital Operations and a 2% increase in Platforms & Applications, partially offset by declines in Digital Exploration and Professional Services.

 

Sequentially, Digital revenue declined 22% due to seasonally lower activity following strong year-end digital sales in the fourth quarter of 2025.

 

 

ARR for the Digital Division as of March 31, 2026, was $1.02 billion, a 15% increase year on year compared to $890 million as of March 31, 2025.

 

 

Digital pretax operating margin slightly declined 28 basis points (bps) year on year.

 

 

Sequentially, first-quarter pretax operating margin contracted 13 percentage points reflecting seasonally lower digital sales.

 

 

Please refer to “Supplementary Information” (Question 10) for a description of the revenue categories comprising the Digital Division. For the definition of ARR, please refer to Question 11.

 

 

Reservoir Performance

 

 

(Stated in millions)
	Three Months Ended						Change
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
Revenue
International	$1,445		$1,596		$1,557		-9%		-7%
North America	143		146		142		-2%		1%
Other	6		6		1		n/m		n/m
	$1,594		$1,748		$1,700		-9%		-6%
Pretax operating income	$257		$342		$282		-25%		-9%
Pretax operating margin	16.1%		19.6%		16.6%		-348 bps		-47 bps
Adjusted EBITDA*	369		456		385		-19%		-4%
Adjusted EBITDA margin*	23.1%		26.1%		22.7%		-297 bps		47 bps
*These are non-GAAP financial measures. See reconciliation in the section “Supplementary Information” for details.
n/m = not meaningful

 

 

Reservoir Performance revenue of $1.59 billion decreased 6% year on year due to lower stimulation and intervention activity primarily driven by operational disruptions caused by the Middle East conflict. Revenue in North America was steady while revenue in Latin America and Asia slightly increased.

 

Sequentially, revenue declined 9%, reflecting the combined effects of seasonally lower activity in Europe & Africa and Asia, and the disruptions related to the Middle East conflict.

 

 

Reservoir Performance pretax operating margin of 16% contracted 47 bps year on year, reflecting lower profitability in stimulation and intervention, partially offset by higher profitability in evaluation.

 

 

Sequentially, pretax operating margin contracted 348 bps due to seasonally lower activity and disruptions in the Middle East.

 

 

Well Construction

 

 

(Stated in millions)
	Three Months Ended						Change
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
Revenue
International	$2,195		$2,329		$2,381		-6%		-8%
North America	548		556		541		-2%		1%
Other	54		64		55		n/m		n/m
	$2,797		$2,949		$2,977		-5%		-6%
Pretax operating income	$424		$550		$589		-23%		-28%
Pretax operating margin	15.2%		18.7%		19.8%		-350 bps		-463 bps
Adjusted EBITDA*	584		719		753		-19%		-22%
Adjusted EBITDA margin*	20.9%		24.4%		25.3%		-351 bps		-440 bps
*These are non-GAAP financial measures. See reconciliation in the section “Supplementary Information” for details.
n/m = not meaningful

 

 

Well Construction revenue of $2.80 billion decreased 6% year on year primarily from lower activity due to the Middle East conflict, partially offset by higher offshore drilling activity in Europe & Africa, Latin America and North America.

 

Sequentially, revenue declined 5% reflecting the combined effect of seasonally lower activity in Europe & Africa and Asia, and the disruptions related to the Middle East conflict, partially offset by higher offshore drilling activity in Latin America.

 

 

Well Construction pretax operating margin of 15% contracted 463 bps year on year mainly from lower profitability as a result of the Middle East conflict, compounded by pricing headwinds in select markets.

 

 

Sequentially, pretax operating margin contracted 350 bps due to seasonally lower activity and disruptions in the Middle East.

 

 

Production Systems

 

 

(Stated in millions)
As reported	Three Months Ended						Change
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
Revenue
International	$2,272		$2,853		$2,166		-20%		5%
North America	1,206		$1,200		$671		–		80%
Other	30		$25		$4		n/m		n/m
	$3,508		$4,078		$2,841		-14%		23%
Pretax operating income	$497		$664		$471		-25%		6%
Pretax operating margin	14.2%		16.3%		16.6%		-212 bps		-240 bps
Adjusted EBITDA*	648		815		561		-20%		16%
Adjusted EBITDA margin*	18.5%		20.0%		19.7%		-150 bps		-126 bps
*These are non-GAAP financial measures. See reconciliation in the section “Supplementary Information” for details.
n/m = not meaningful

 

 

Production Systems revenue of $3.51 billion increased 23% year on year from the acquired ChampionX production chemicals and artificial lift businesses, which contributed $833 million revenue and $148 million in pretax operating income during the quarter.

 

Excluding the impact of the acquisition, Production Systems first-quarter 2026 revenue decreased 6% year on year due to the disruptions from the Middle East conflict.

 

 

Production Systems pretax operating margin of 14% contracted 240 bps year on year due to lower profitability in surface production systems, SLB OneSubsea and completions. This decline was partially offset by the accretive contribution from ChampionX production chemicals and artificial lift.

 

 

Sequentially, first-quarter pretax operating margin contracted 212 bps reflecting seasonally lower profitability following strong year-end product sales in the fourth quarter of 2025.

 

 

The following table and commentary are presented on a pro forma basis assuming that ChampionX was acquired on January 1, 2025.

 

 

(Stated in millions)
Pro forma	Three Months Ended						Change
	Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
Revenue
International	$2,272		$2,853		$2,408		-20%		-6%
North America	1,206		1,200		1,206		–		–
Other	30		25		36		n/m		n/m
	$3,508		$4,078		$3,650		-14%		-4%

 

 

Production Systems pro forma revenue of $3.51 billion decreased 4% year on year due to lower revenue in SLB OneSubsea and surface production systems, partially offset by higher sales of production chemicals, artificial lift and valves. Disruptions from the Middle East conflict also contributed to the year-on-year decline.

 

Sequentially, revenue declined 14% following strong year-end product sales internationally in the fourth quarter of 2025 as well as disruptions from the Middle East conflict.

 

 

All Other

 

 

All Other is comprised of APS, Data Center Solutions and SLB Capturi™.

 

 

Revenue decreased 21% year on year due to lower APS revenue following the divestiture of the Palliser asset in Canada in the second quarter of 2025 coupled with reduced revenue in SLB Capturi. This decline was partially offset by a 45% increase in Data Center Solutions revenue.

 

 

Sequentially, revenue declined slightly by 1% due to lower revenue from APS projects in Ecuador partially offset by higher revenue in Data Center Solutions.

 

 

Pretax operating income declined year on year due to lower profitability in APS projects following the Palliser divestiture. Sequentially, pretax operating income increased due to an improved performance in SLB Capturi.

 

 

Quarterly Highlights

 

 

Core

 

 

Contract Awards

 

 

SLB continues to win new contract awards that align with SLB’s strengths in the Core. Notable highlights include the following:

 

 

• In Kuwait, Kuwait Oil Company awarded SLB a $1.5 billion, five-year integrated contract for the Mutriba field, including design, development and production management. The work builds on SLB’s subsurface characterization of the Mutriba field to support development planning and execution across deeper, technically demanding reservoir conditions. The contract covers development of high-pressure, high-temperature reservoirs with sour conditions.

 

• In Suriname, SLB signed a strategic collaboration agreement between PETRONAS Suriname E&P B.V., a subsidiary of PETRONAS, and Subsea Integration Alliance, comprising SLB OneSubsea and Subsea7. This partnership aims to unlock resources in Suriname’s emerging frontier basin through innovative and cost-effective subsea solutions. The agreement establishes a long-term framework for collaboration across the project lifecycle. This approach enables early involvement to co-develop and co-create cost-effective solutions, accelerate field development, and enhance project economics.

• In Norway, Equinor awarded SLB OneSubsea an engineering, procurement and construction (EPC) contract to upgrade the subsea compression system for the Gullfaks field in the North Sea. Under the contract, SLB OneSubsea will deliver two next-generation compressor modules to optimize the units originally supplied in 2015 as part of the world’s first multiphase subsea compression system. The upgraded modules will increase differential pressure and flow capacity, enhancing recovery and extending field life. Installation within the existing subsea infrastructure will minimize downtime and reduce overall campaign costs.

• In Oman, Petroleum Development Oman (PDO) awarded SLB two five-year contracts to supply wellheads and artificial lift technologies for operations in Block-6, Oman’s largest oil and gas concession. The contracts include the provision of low-pressure, high-pressure, and thermal wellheads, as well as electric submersible pumps (ESPs) and progressing cavity pumps (PCPs). These solutions are expected to increase recovery rates and extend the productive life of Block-6 assets.

• In China, China National Offshore Oil Corporation awarded SLB OneSubsea a multiwell, integrated EPC contract. The contract encompasses 20 wells and covers the delivery of integrated subsea production systems (SPS) for the deepwater Kaiping 18-1 field development in the South China Sea. Under the contract, SLB OneSubsea will deliver standardized subsea production technology that includes dual ESP, gas lift and gas injection horizontal trees, manifolds, connectors and control systems, along with installation and commissioning support.

• Offshore Malaysia, PTTEP Sabah Oil Limited, a subsidiary company of PTT Exploration and Production Public Company Limited (PTTEP), awarded SLB OneSubsea an EPC contract. The contract expands SLB OneSubsea’s role in delivering integrated SPS for PTTEP’s deepwater portfolio and marks the third major SPS award from PTTEP in the last 12 months.

• Offshore Indonesia, Mubadala Energy, the Abu Dhabi-headquartered international energy company, awarded SLB multiple offshore drilling services contracts for the Tangkulo natural gas deepwater development and associated exploration and appraisal drilling activities in the Andaman Sea. Under the awards, SLB will work with Mubadala Energy to deliver integrated drilling and well services across the full well life cycle. The scope includes directional drilling, drilling fluids, cementing, wireline, slickline, coiled tubing, well testing, mud logging and upper and lower completions. The integrated model is designed to streamline execution while enhancing safety, reliability and operational performance.

 

Technology Highlights

 

Notable technology introductions and deployments in the quarter include the following:

 

 

• SLB introduced the next-generation Cameron frac fluid delivery system, a fully electric solution for hydraulic fracturing operations designed to improve efficiency, reduce operational complexity and support more automated wellsite execution. The system combines a maintenance-free frac valve, electric actuation and ValveCommander™ fluid delivery control to give operators digital control across any actuation type. Key benefits include the elimination of onsite greasing and routine maintenance, more precise valve operation, faster rig-up and rig-down, and removal of hydraulic units. The system also reduces the use of hydraulic fluids and diesel-powered equipment, helping customers streamline workflows, improve uptime and advance cleaner fracturing operations.

 

• Offshore Brazil, Trident Energy and SLB addressed productivity impairment in aging subsea gravel-packed wells in the Marimba field. Following rigorous corrosion testing, SLB deployed the OneSTEP EF™ sandstone stimulation solution through a decades-old subsea flowline from an existing P-08 semi-submersible platform — mitigating corrosion risk and eliminating the need for a light well intervention vessel or subsea tree. The treatment exceeded performance objectives, delivering nearly threefold higher oil rates. The application demonstrates that sandstone stimulation can be executed through subsea pipelines, expanding the candidate envelope and improving brownfield economics. The operation reflects strong collaboration between Trident Energy and SLB in executing complex subsea interventions.

• Offshore Suriname, SLB and PETRONAS Suriname E&P B.V. avoided unnecessary rig time by deploying the Ora™ reservoir sampling platform and its advanced digital workflows. The Ora platform captured high-quality reservoir samples under complex conditions, including from a zone where oil mobility was very low and extraction was much more difficult. This deployment of a practical solution accelerated value creation and improved operations.

• On the Norwegian continental shelf (NCS), OKEA ASA and SLB overcame unique geological and operational challenges in an ultralong well by leveraging an integrated suite of SLB directional drilling, real-time downhole measurement and formation evaluation, drilling optimization, advanced bit and fluid technologies, and extended-reach well planning and monitoring capabilities. With a measured depth of 10,895 meters, this well became the longest well ever drilled on the NCS, and more than 3,400 meters were drilled in a single run while also enlarging the borehole. As part of the Talisker project, this well supports extending the life of the Brage field and unlocking additional resources.

• In Azerbaijan, bp awarded SLB a contract to deploy the Optiq™ real-time fiber optic interpretation and analysis solution, with the companies working together to advance an automated, real-time workflow for qualitative and quantitative distributed temperature sensing assessment, multiphase production profiling and injection profiling. The solution — which is currently being configured for bp’s surveillance requirements and will be deployed across more than 50 offshore wells equipped with existing optical fiber on six platforms — aims to overcome key barriers to realizing the full value of fiber optic sensing, including the generation of terabytes of data per day and the traditionally time-intensive interpretation process. By automating real-time analysis at the edge and enabling secure, cloud-based access to production and reservoir surveillance insights, the collaboration is designed to help production and reservoir engineers maximize recovery and prevent or mitigate production disruption.

• In the United Arab Emirates, SLB and ADNOC Offshore unlocked marginal tight carbonate reserves in the Abu Al Bukhoosh (ABK) field using an Intelligent Stimulation workflow. A mixed-completion multilateral well — comprising limited-entry liner and openhole laterals — was treated in a single-vessel trip using OpenPath Flex™ customizable acid stimulation service with VDA™ viscoelastic diverting acid and stimulation designs generated by Kinetix Matrix™ software. The designs were calibrated with the client support lab’s core-flow data, ensuring uniform stimulation. The intervention delivered more than two times the initial production forecast and provided a template for future acid stimulation jobs for the upcoming wells in the same reservoir.

• In Malaysia, PETRONAS Carigali Sdn. Bhd. awarded SLB a five-year contract to provide offshore subsea system managed pressure drilling (MPD) services. SLB will deploy a comprehensive MPD and pressurized mud cap drilling solution, featuring a compact above-tension-ring rotating control device and the @balance Control™ MPD system.

• In Australia, SLB and ConocoPhillips deployed the Ora intelligent wireline formation testing platform for the first time in the country as part of an exploration program in the Otway Basin. The Ora deep transient testing (DTT) replaced the originally planned conventional drillstem testing for the Otway Exploration Drilling Program. The testing focused on the Waarre A reservoir, where limited reservoir and production data exist across the Otway Basin compared with the better-characterized Waarre C reservoir. Ora DTT results verified the reservoir quality and deliverability in the tests, providing key input data for the ongoing assessment of the reservoir’s commerciality.

 

Digital

 

SLB is deploying digital technology at scale, partnering with customers to migrate their technology and workflows into the cloud, to embrace new AI-enabled capabilities, and to leverage insights to elevate their performance. Notable highlights include the following:

 

 

• SLB and NVIDIA expanded their technology collaboration to develop an “AI Factory for Energy,” a reference environment powered by domain-specific generative AI models and industrial-scale agentic AI. This will run on SLB’s digital platforms to help energy companies scale AI for their data and operations. The companies will also work together to optimize the processing of large datasets and AI models across SLB digital platforms using the latest NVIDIA AI infrastructure, aiming to establish new benchmarks for performance and efficiency in energy applications.

 

• In Angola, Azule Energy awarded SLB a three-year agreement to continue and expand the use of its enterprise digital platform across its operations. The platform will help Azule drive more consistent execution, accelerate decision making and support reliable energy delivery across its portfolio. Azule Energy — a joint venture of bp and Eni and the largest independent energy producer in Angola — operates some of the region’s most complex assets. The agreement builds on two years of Delfi™ digital platform use within Azule’s reservoir organization, where the platform supports reservoir studies, modeling, simulation, and well planning workflows, and supports enterprise-scale digital integration by connecting reservoir workflows with broader operational data environments over time.

• In Tanzania and Uganda, SLB was awarded a four-year contract to deliver a production data management system (PDMS) for the East Africa Crude Oil Pipeline, the world’s longest electrically heated crude oil pipeline. SLB will deploy the Avocet™ production operations software platform to collect, analyze and securely store production data, including a mobile interface to enable real-time volumetric tracking and production optimization across the Tilenga and Kingfisher fields. The PDMS solution will support operational excellence, flow assurance and pipeline integrity. This marks SLB’s strategic entry into two key countries in the East African market and demonstrates its capability to deliver digital solutions at scale for complex, multi-operator infrastructure projects supporting energy transformation.

• In Qatar, SLB secured a strategic contract with a major operator, signaling a significant acceleration in the region’s move toward autonomous drilling technologies. Building on the strong performance of DrillOps™ advisory since its deployment in June 2025, the technology is now operating across three land rigs and is set to be introduced on the operator’s first offshore rig. More than 10 wells and 26 sections have already been drilled using DrillOps advisory, delivering an impressive 21% average increase in rate of penetration. The deployment has also demonstrated the solution’s rapid scalability and agnostic compatibility across diverse rig environments.

• In Oman, PDO awarded SLB a four-year contract to implement its DrillOps intelligent well delivery and insights solutions, aimed at enhancing the wells operations center through advanced AI-driven capabilities. The scope covers DrillOps advisory services and predictive analytics across PDO’s fleet of 50 rigs, enabling automated alerts that detect risks such as stuck pipe and washouts at an early stage. This supports timely preventive actions and promotes more consistent and efficient drilling performance. As part of the contract, SLB will also deploy DrillOps automation — a rig-based application designed to streamline and coordinate drilling workflows — alongside Neuro™ autonomous directional drilling technology on compatible rigs. This award follows a successful field trial conducted in 2025 on 13 wells, which resulted in an 18% improvement in rate of penetration and a 13% reduction in invisible lost time, ultimately saving 25 rig days.

• In India, Oil and Natural Gas Corporation (ONGC) awarded SLB a major digital contract, representing an important milestone in ONGC’s digital transformation program. Under the agreement, SLB’s Lumi data and AI platform will be deployed as an enterprise solution across all ONGC assets, establishing a unified and scalable data foundation to support advanced analytics and AI‑enabled workflows. In parallel, OptiFlow™ and OptiSite™ solutions will be deployed to support and enhance production operations through actionable insights and improved efficiency. The deployment supports ONGC’s objective of becoming a leading digital- and AI-enabled energy company, with SLB as their trusted partner.

 

New Horizons of Growth

 

SLB is participating at scale in high-growth markets, including Data Center Solutions and New Energy, through strategic innovative technology and partnerships, including the following:

 

 

• SLB and NVIDIA expanded their technology collaboration to design and deploy critical AI infrastructure. SLB will serve as the modular design partner for NVIDIA DSX AI factories. This modular approach, where components are manufactured offsite, will drive increased quality and reliability while also reducing costs, labor constraints and lead times. It also enables rapid and flexible scaling, which allows customers to expand data center capacity quickly as demand grows.

 

• In Turkey, Maren Maras Electric Production Industry and Trade Co. Inc. awarded SLB a four-year agreement to deploy a customized artificial lift solution supporting its geothermal portfolio. The system is engineered for high-temperature geothermal environments and delivered through an integrated commercial and operational model that reduces upfront capital requirements and provides life cycle support. Under the agreement, SLB will supply artificial lift equipment, field services and performance optimization expertise. The solution improves well productivity and system reliability under geothermal conditions and supports scalable geothermal development.

 

FINANCIAL TABLES

 

Condensed Consolidated Statement of Income

 

 

(Stated in millions, except per share amounts)
			First Quarter
			2026		2025
Revenue			$8,721		$8,490
Interest & other income			43		78
Expenses
	Cost of revenue (1)		7,390		6,884
	Research and engineering		164		172
	General & administrative		97		96
	Merger & integration (1)		41		48
	Restructuring (1)		–		158
	Interest		116		147
Income before taxes (1)			$956		$1,063
Tax expense (1)			195		234
Net income (1)			$761		$829
Net income attributable to noncontrolling interests (1)			9		32
Net income attributable to SLB (1)			$752		$797
Diluted earnings per share of SLB (1)			$0.50		$0.58
Average shares outstanding			1,499		1,366
Average shares outstanding assuming dilution			1,515		1,380
Depreciation & amortization included in expenses (2)			$685		$640

 

(1)		See section entitled “Charges & Credits” for details.
(2)		Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and APS investments.

 

Condensed Consolidated Balance Sheet

 

(Stated in millions)
				Mar. 31,		Dec. 31,
Assets				2026		2025
Current Assets
	Cash and short-term investments			$3,387		$4,212
	Receivables			9,037		8,689
	Inventories			5,274		5,032
	Other current assets			1,637		1,580
				19,335		19,513
Investment in affiliated companies				1,784		1,783
Fixed assets				7,747		7,894
Goodwill				16,852		16,794
Intangible assets				4,901		4,988
Other assets				3,907		3,896
				$54,526		$54,868
Liabilities and Equity
Current Liabilities
	Accounts payable and accrued liabilities			$11,140		$11,490
	Estimated liability for taxes on income			878		894
	Short-term borrowings and current portion
	of long-term debt			1,938		1,894
	Dividends payable			457		443
				14,413		14,721
Long-term debt				9,670		9,742
Other liabilities				3,090		3,114
				27,173		27,577
Equity				27,353		27,291
				$54,526		$54,868

 

Liquidity

 

(Stated in millions)
Components of Liquidity			Mar. 31, 2026		Mar. 31, 2025		Dec. 31, 2025
Cash and short-term investments			$3,387		$3,897		$4,212
Short-term borrowings and current portion of long-term debt			(1,938)		(3,475)		(1,894)
Long-term debt			(9,670)		(10,527)		(9,742)
Net Debt (1)			$(8,221)		$(10,105)		$(7,424)
Details of changes in liquidity follow:
					First		First
					Quarter		Quarter
					2026		2025
Net income					$761		$829
Depreciation and amortization (2)					685		640
Stock-based compensation expense					101		91
Change in working capital					(1,102)		(937)
Other					42		37
Cash flow from operations					$487		$660
Capital expenditures					(343)		(398)
APS investments					(103)		(108)
Exploration data capitalized					(64)		(51)
Free cash flow (3)					(23)		103
Stock repurchase program					(451)		(2,300)
Dividends paid					(426)		(386)
Proceeds from employee stock plans					178		113
Business acquisitions and investments, net of cash acquired plus debt assumed					(70)		(37)
Taxes paid on net settled stock-based compensation awards					(59)		(53)
Other					(30)		(32)
Decrease in Net Debt before impact of changes in foreign exchange rates					(881)		(2,592)
Impact of changes in foreign exchange rates on net debt					84		(108)
Increase in Net Debt					(797)		(2,700)
Net Debt, beginning of period					(7,424)		(7,405)
Net Debt, end of period					$(8,221)		$(10,105)

 

(1)		“Net Debt” represents gross debt less cash and short-term investments. Management believes that Net Debt provides useful information to investors and management regarding the level of SLB’s indebtedness by reflecting cash and investments that could be used to repay debt. Net Debt is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, total debt.
(2)		Includes depreciation of fixed assets and amortization of intangible assets, exploration data costs, and APS investments.
(3)		“Free cash flow” represents cash flow from operations less capital expenditures, APS investments, and exploration data costs capitalized. Management believes that free cash flow is an important liquidity measure for the company and that it is useful to investors and management as a measure of SLB’s ability to generate cash. Once business needs and obligations are met, this cash can be used to reinvest in the company for future growth or to return to shareholders through dividend payments or share repurchases. Free cash flow does not represent the residual cash flow available for discretionary expenditures. Free cash flow is a non-GAAP financial measure that should be considered in addition to, not as a substitute for or superior to, cash flow from operations.

 

Charges & Credits

 

In addition to financial results determined in accordance with US generally accepted accounting principles (GAAP), this first-quarter 2026 earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). In addition to the non-GAAP financial measures discussed under “Liquidity”, SLB net income, excluding charges & credits, as well as measures derived from it (including diluted EPS, excluding charges & credits; effective tax rate, excluding charges & credits; adjusted EBITDA and adjusted EBITDA margin) are non-GAAP financial measures. Management believes that the exclusion of charges & credits from these financial measures provides useful perspective on SLB’s underlying business results and operating trends, and a means to evaluate SLB’s operations period over period. These measures are also used by management as performance measures in determining certain incentive compensation. 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. The following is a reconciliation of certain of these non-GAAP measures to the comparable GAAP measures. For a reconciliation of adjusted EBITDA to the comparable GAAP measure, please refer to the section titled “Supplementary Information” (Question 8).

 

 

(Stated in millions, except per share amounts)
		First Quarter 2026
		Pretax	Tax	Noncont. Interests	Net		Diluted EPS
Net income attributable to SLB (GAAP basis)		$956	$195	$9	$752		$0.50
	Merger and integration (1)	41	8	2	31		0.02
Net income attributable to SLB, excluding charges & credits		$997	$203	$11	$783		$0.52
		First Quarter 2025
		Pretax	Tax	Noncont. Interests	Net		Diluted EPS
Net income attributable to SLB (GAAP basis)		$1,063	$234	$32	$797		$0.58
	Workforce reductions (2)	158	10	–	148		0.11
	Merger and integration (1)	48	1	4	43		0.03
Net income attributable to SLB, excluding charges & credits		$1,269	$245	$36	$988		$0.72
		Fourth Quarter 2025
		Pretax	Tax	Noncont. Interests	Net		Diluted EPS
Net income attributable to SLB (GAAP basis)		$943	$143	$(24)	$824		$0.55
	Goodwill impairment (3)	210	–	41	169		0.11
	Workforce reductions (2)	126	14	3	109		0.07
	Amortization of inventory purchase accounting fair value adjustment (4)	100	23	–	77		0.05
	Merger and integration (1)	125	21	12	92		0.06
	Reversal of valuation allowance relating to deferred tax assets	–	92	–	(92)		(0.06)
Net income attributable to SLB, excluding charges & credits		$1,504	$293	$32	$1,179		$0.78

 

(1)		Classified in Merger & integration in the Condensed Consolidated Statement of Income.
(2)		Classified in Restructuring in the Condensed Consolidated Statement of Income.
(3)		Classified in Impairments in the Condensed Consolidated Statement of Income.
(4)		Classified in Cost of revenue in the Condensed Consolidated Statement of Income.

 

Divisions

 

	(Stated in millions)
	First Quarter 2026				Fourth Quarter 2025				First Quarter 2025
	Revenue		Income Before Taxes		Revenue		Income Before Taxes		Revenue		Income Before Taxes
Digital	$640		$134		$825		$280		$587		$125
Reservoir Performance	1,594		257		1,748		342		1,700		282
Well Construction	2,797		424		2,949		550		2,977		589
Production	3,508		497		4,078		664		2,841		471
All other	443		113		445		85		562		162
Eliminations & other	(261)		(104)		(300)		(114)		(177)		(73)
Pretax segment operating income			1,321				1,807				1,556
Corporate & other			(228)				(208)				(179)
Interest income(1)			20				31				36
Interest expense(1)			(116)				(126)				(144)
Charges & credits(2)			(41)				(561)				(206)
	$8,721		$956		$9,745		$943		$8,490		$1,063

 

(Stated in millions)
	First Quarter 2026
	Revenue		Income Before Taxes		Depreciation and Amortization (3)		Net Interest Expense (Income) (4)		Adjusted EBITDA (5)
Digital	$640		$134		$33		$-		$167
Reservoir Performance	1,594		257		113		(1)		369
Well Construction	2,797		424		161		(1)		584
Production Systems	3,508		497		152		(1)		648
All Other	443		113		84		–		197
Eliminations & other	(261)		(104)		69		(2)		(37)
Pretax segment operating income			1,321
Corporate & other			(228)		73				(155)
Interest income (1)			20
Interest expense (1)			(116)
Charges & credits (2)			(41)
	$8,721		$956		$685		$(5)		$1,773

	(Stated in millions)
	Fourth Quarter 2025
	Revenue		Income Before Taxes		Depreciation and Amortization (3)		Net Interest Expense (Income) (4)		Adjusted EBITDA (5)
Digital	$825		$280		$66		$-		$346
Reservoir Performance	1,748		342		114		–		456
Well Construction	2,949		550		169		–		719
Production Systems	4,078		664		151		–		815
All Other	445		85		85		–		170
Eliminations & other	(300)		(114)		74		–		(40)
Pretax segment operating income			1,807
Corporate & other			(208)		73				(135)
Interest income (1)			31
Interest expense (1)			(126)
Charges & credits (2)			(561)
	$9,745		$943		$732		$-		$2,331

(Stated in millions)
	First Quarter 2025
	Revenue		Income Before Taxes		Depreciation and Amortization (3)		Net Interest Expense (Income) (4)		Adjusted EBITDA (5)
Digital	$587		$125		$56		$-		$181
Reservoir Performance	1,700		282		104		(1)		385
Well Construction	2,977		589		164		–		753
Production Systems	2,841		471		90		–		561
All Other	562		162		111		3		276
Eliminations & other	(177)		(73)		70		1		(2)
Pretax segment operating income			1,556
Corporate & other			(179)		45				(134)
Interest income (1)			36
Interest expense (1)			(144)
Charges & credits (2)			(206)
	$8,490		$1,063		$640		$3		$2,020

(1)		Excludes amounts which are included in the segments’ results.
(2)		See section entitled “Charges & Credits” for details.
(3)		Includes depreciation of fixed assets and amortization of intangible assets, APS and exploration data costs.
(4)		Excludes interest income and interest expense recorded at the corporate level.
(5)		Adjusted EBITDA represents income before taxes excluding depreciation and amortization, interest income, interest expense and charges & credits.

 

Supplementary Information

 

Frequently Asked Questions

 

 

1)		What is the capital investment guidance for the full-year 2026?
		Capital investment (consisting of capex, exploration data costs and APS investments) for the full-year 2026 is still expected to be approximately $2.5 billion. Capital investment for the full-year 2025 was $2.4 billion.
2)		What were the cash flow from operations and free cash flow for the first quarter of 2026?
		Cash flow from operations for the first quarter of 2026 was $487 million and free cash flow was negative $23 million.
3)		What was included in “Interest & other income” for the first quarter of 2026?
		“Interest & other income” for the first quarter of 2026 was $43 million. This consisted of interest income of $25 million and earnings of equity method investments of $18 million.
4)		How did interest income and interest expense change during the first quarter of 2026?
		Interest income of $25 million for the first quarter of 2026 decreased $6 million sequentially. Interest expense of $116 million decreased $10 million sequentially.
5)		What was the effective tax rate (ETR) for the first quarter of 2026?
		The ETR for the first quarter of 2026, calculated in accordance with GAAP, was 20.3% as compared to 15.2% for the fourth quarter of 2025. Excluding charges and credits, the ETR for the first quarter of 2026 was 20.3% as compared to 19.5% for the fourth quarter of 2025.
6)		How many shares of common stock were outstanding as of March 31, 2026, and how did this change from the end of the previous quarter?
		There were 1.495 billion shares of common stock outstanding as of both March 31, 2026, and December 31, 2025.

 

		(Stated in millions)
	Shares outstanding at December 31, 2025		1,495
	Shares issued under employee stock purchase plan		4
	Shares issued to optionees, less shares exchanged		2
	Vesting of restricted stock		3
	Stock repurchase program		(9)
	Shares outstanding at March 31, 2026		1,495

7)		What was the weighted average number of shares outstanding during the first quarter of 2026 and fourth quarter of 2025? How does this reconcile to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share?
		The weighted average number of shares outstanding was 1.499 billion during the first quarter of 2026 and 1.495 billion during the fourth quarter of 2025. The following is a reconciliation of the weighted average shares outstanding to the average number of shares outstanding, assuming dilution, used in the calculation of diluted earnings per share.

			(Stated in millions)
			First Quarter 2026		Fourth Quarter 2025
	Weighted average shares outstanding		1,499		1,495
	Unvested restricted stock		15		16
	Assumed exercise of stock options		1		–
	Average shares outstanding, assuming dilution		1,515		1,511

8)		What was SLB’s adjusted EBITDA in the first quarter of 2026, the fourth quarter of 2025, and the first quarter of 2025? What was SLB’s adjusted EBITDA margin for those periods?
		SLB’s adjusted EBITDA was $1.773 billion in the first quarter of 2026, $2.331 billion in the fourth quarter of 2025, and $2.020 billion in the first quarter of 2025.
		SLB’s adjusted EBITDA margin was 20.3% in the first quarter of 2026, 23.9% in the fourth quarter of 2025, and 23.8% in the first quarter of 2025, and was calculated as follows:

			(Stated in millions)
			First Quarter 2026		Fourth Quarter 2025		First Quarter 2025
	Net income attributable to SLB		$752		$824		$797
	Net income (loss) attributable to noncontrolling interests		9		(24)		32
	Tax expense		195		143		234
	Income before taxes		$956		$943		$1,063
	Charges & credits		41		561		206
	Depreciation and amortization		685		732		640
	Interest expense		116		126		147
	Interest income		(25)		(31)		(36)
	Adjusted EBITDA		$1,773		$2,331		$2,020
	Revenue		$8,721		$9,745		$8,490
	Adjusted EBITDA margin		20.3%		23.9%		23.8%

9)		What were the components of depreciation and amortization expenses for the first quarter of 2026, the fourth quarter of 2025, and the first quarter of 2025?
		The components of depreciation and amortization expenses for the first quarter of 2026, the fourth quarter of 2025, and the first quarter of 2025 were as follows:

			(Stated in millions)
			First Quarter 2026		Fourth Quarter 2025		First Quarter 2025
	Depreciation of fixed assets		$464		$475		$397
	Amortization of intangible assets		110		111		82
	Amortization of APS investments		82		84		110
	Amortization of exploration data costs capitalized		29		62		51
			$685		$732		$640

10)		What are the revenue categories in the Digital Division that offer solutions to SLB’s customers?
		Within Digital, revenue is generated from four key solutions — Platforms & Applications, Digital Operations, Digital Exploration and Professional Services.
		Platforms & Applications includes SLB’s cloud technologies such as the Delfi and Lumi platforms, along with a suite of specialized, domain-focused applications such as Petrel™ and Techlog™ offered as SaaS subscription or perpetual licenses. These platforms and applications automate complex models to simulate the impact of reservoir development plans and aid in the planning of key operations such as drilling, completion and production designs. Additionally, they unlock data and utilize AI and machine learning to reduce cycle time and improve efficiency of workflows to allow customers to make better, faster decisions to improve their project economics and reservoir performance.
		Revenue is recurring (with exception of one-off license sales) underpinned by a substantial base of ARR from a globally installed base, complemented by customer adoption of new cloud-based capabilities and IoT-enabled solutions.
		This category has best-in-class retention rates and limited churn.
		Digital Operations combines the unique strengths of SLB’s oilfield services with advanced digital technologies to deliver more reliable, efficient and autonomous field operations. By integrating connected solutions with Performance Live™ digital service delivery centers, customers gain real-time monitoring, remote decision making and automated execution across their workflows from autonomous drilling to automated well intervention, all while reducing costs and improving project economics.
		Revenue is generated from the same customer base as the Core divisions and is, therefore, repeatable. Additionally, a portion of the revenue is recurring in nature.
		To incentivize the Core divisions — Well Construction, Reservoir Performance and Production Systems — and Digital to develop and promote this category, the resulting revenue is recognized in both the respective Core division as well as in the Digital Division. This effect is eliminated in consolidation.
		Digital Exploration represents SLB’s exploration data business. The exploration data library is a differentiated asset library of seismic surveys and other subsurface data that customers rely on for better exploration and development decisions. These licensed datasets also support carbon storage design and monitoring. The library covers key exploration and producing basins worldwide and datasets are refreshed and reprocessed to benefit from the latest imaging algorithms and AI technologies, enabled by high performance cloud computing.
		Revenue is generated from one-time, non-transferable license sales and is therefore non-recurring in nature.
		Professional Services includes consulting and other services required to support customers’ digital transformations. These services include transition support from on-prem to cloud-based digital solutions, data clean-up and migration, workflow automation — including deployment of workflow solutions built within SLB’s global network of Innovation Factori workspaces — and training to further enable customers’ digital transformations.
		Revenue in this category is largely project-based, and repetitive engagements with the same customers are common. These services generate pull-through opportunities across other digital revenue streams.
11)		In Digital, what is the definition of ARR and what was the ARR as of March 31, 2026, December 31, 2025, and March 31, 2025?
		ARR represents the annual value of recurring subscription and maintenance revenues from Platforms & Applications, along with the recurring portion of Digital Operations, providing a measure of predictable revenue over the next 12 months. This is calculated based on the trailing twelve months revenue and excludes one-time license sales and variable usage fees.
		ARR as of March 31, 2026, was $1.02 billion, compared to $1.00 billion as of December 31, 2025, and $890 million as of March 31, 2025, resulting in a 15% increase year over year and 2% increase sequentially.
12)		What is the Data Center Solutions business and where is it reported?
		The Data Center Solutions business designs and manufactures critical infrastructure components — such as modular data center enclosures, cooling systems and other hardware — for hyperscalers and enterprises. By leveraging scalable, standardized production with rapid lead times, and rigorous quality assurance, SLB provides configurable solutions that balance cost efficiency, reliability and customization to meet accelerating data center demand.
		AI-driven data demand is fueling rapid growth, and this business is going to be a material and meaningful contributor to SLB’s portfolio in the future. This business is reported in the All Other category.
13)		How much revenue was generated from the Data Center Solutions business for the first quarter of 2026, the fourth quarter of 2025, and the first quarter of 2025?
		Data Center Solutions revenue was $141 million in the first quarter of 2026, $128 million in the fourth quarter of 2025, and $97 million in the first quarter of 2025, resulting in a 45% increase year on year and 10% increase sequentially.
14)		What Divisions comprise SLB’s Core business and what were their revenue and pretax operating income for the first quarter of 2026, the fourth quarter of 2025, and the first quarter of 2025?
		SLB’s Core business comprises the Reservoir Performance, Well Construction, and Production Systems Divisions. SLB’s Core business revenue and pretax operating income for the first quarter of 2026, the fourth quarter of 2025, and the first quarter of 2025 are calculated as follows:

	(Stated in millions)
		Three Months Ended						Change
		Mar. 31, 2026		Dec. 31, 2025		Mar. 31, 2025		Sequential		Year-on-year
	Revenue
	Reservoir Performance	$1,594		$1,748		$1,700
	Well Construction	2,797		2,949		2,977
	Production Systems	3,508		4,078		2,841
		$7,899		$8,775		$7,518		-10%		5%
	Pretax Operating Income
	Reservoir Performance	$257		$342		$282
	Well Construction	424		550		589
	Production Systems	497		664		471
		$1,178		$1,556		$1,342		-24%		-12%
	Pretax Operating Margin
	Reservoir Performance	16.1%		19.6%		16.6%
	Well Construction	15.2%		18.7%		19.8%
	Production Systems	14.2%		16.3%		16.6%
		14.9%		17.7%		17.8%		-283 bps		-294 bps

First-quarter 2026 results reflect activity from ChampionX, which contributed $833 million of revenue to Production Systems. Excluding the impact of this acquisition, Core revenue decreased 6% year on year.

 

About SLB

 

SLB (NYSE: SLB) is a global technology company that has driven energy innovation for 100 years. With a global presence in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

 

 

Conference Call Information

 

 

SLB will hold a conference call to discuss the earnings press release and business outlook on Friday, April 24, 2026. The call is scheduled to begin at 11:00 a.m. U.S. Eastern time. To access the call, which is open to the public, please contact the conference call operator at +1 (833) 470-1428 within North America, or +1 (404) 975-4839 outside of North America, approximately 10 minutes prior to the call’s scheduled start time, and provide the access code 742955. At the conclusion of the conference call, an audio replay will be available until May 1, 2026, by dialling +1 (866) 813-9403 within North America, or +1 (929) 458-6194 outside of North America, and providing the access code 360731. The conference call will be webcasted simultaneously at https://events.q4inc.com/attendee/972985185 on a listen-only basis. A replay of the webcast will also be available at the same website until May 1, 2026.

 

 

Forward-Looking Statements

 

 

This first-quarter 2026 earnings press release, 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,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and performance targets and other forecasts or expectations regarding, or dependent on, our business outlook; growth for SLB as a whole and for each of its Divisions (and for specified business lines, geographic areas, or technologies within each Division); the benefits of the ChampionX acquisition, including the ability of SLB to integrate the ChampionX business successfully and to achieve anticipated synergies and value creation from the acquisition; oil and natural gas demand and production growth; oil and natural gas prices; forecasts or expectations regarding energy transition and global climate change; improvements in operating procedures and technology; capital expenditures by SLB and the oil and gas industry; our business strategies, including digital and “fit for basin,” as well as the strategies of our customers; our capital allocation plans, including dividend plans and share repurchase programs; our APS projects, joint ventures, and other alliances; the impact of the ongoing or escalating conflicts on global energy supply; access to raw materials; future global economic and geopolitical conditions; future liquidity, including free cash flow; and future results of operations, such as margin levels. These statements are subject to risks and uncertainties, including, but not limited to, changing global economic and geopolitical conditions; changes in exploration and production spending by our customers, and changes in the level of oil and natural gas exploration and development; the results of operations and financial condition of our customers and suppliers; the inability to achieve our financial and performance targets and other forecasts and expectations; the inability to achieve our net-zero carbon emissions goals or interim emissions reduction goals; 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; operational modifications, delays, or cancellations; challenges in our supply chain; production declines; the extent of future charges; the inability to recognize efficiencies and other intended benefits from our business strategies and initiatives, such as digital or new energy, as well as our cost reduction strategies; changes in government regulations and regulatory requirements, including those related to offshore oil and gas exploration, radioactive sources, explosives, chemicals, and climate-related initiatives; the inability of technology to meet new challenges in exploration; the competitiveness of alternative energy sources or product substitutes; and other risks and uncertainties detailed in this press release and our most recent Forms 10-K, 10-Q, and 8-K filed with or furnished to the Securities and Exchange Commission (the “SEC”).

 

 

If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this press release regarding our environmental, social, and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social, and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Statements in this press release are made as of the date of this release, 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.

 

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260422463846/en/

 

Business Wire India

 

Cohere and Aleph Alpha, two trusted sovereign AI providers for governments and regulated industries, today announce their plan to join forces. This transatlantic alliance would combine Cohere’s global AI scale with Aleph Alpha’s strong research excellence and deep institutional relationships, forging a globally competitive AI champion backed by their Canadian and German ecosystems. The initiative reflects a shared vision: To provide the world with an independent, enterprise-grade sovereign alternative in an era of growing AI concentration and to ensure that organizations do not need to relinquish control over their own AI stack.

 

The planned combined entity¹ will function as a transatlantic AI powerhouse, anchored in Germany and Canada, empowering organizations to choose, deploy and govern AI according to local laws, cultural contexts, and institutional requirements. By pooling top-tier engineering talent and computational resources across two G7 nations, the partnership aims to significantly accelerate the development of next-generation frontier models and systems while providing a secure alternative to dependence on any single vendor or infrastructure stack.

 

 

The market for AI services is projected to surpass $1 trillion annually, with sovereign AI needs representing nearly $600B of that total (McKinsey, March 2026). The partnership uniquely bridges the gap between these segments with its sovereign-first approach, capturing the critical intersection where sovereignty requirements meet broad enterprise AI adoption.

 

 

“Combining the strengths of Cohere and Aleph Alpha accelerates our global expansion and advances our mission to deliver sovereign AI to nations around the world,” said Aidan Gomez, Co-founder and CEO, Cohere. “Organizations globally are demanding uncompromising control over their AI stack. This transatlantic partnership unlocks the massive scale, robust infrastructure, and world-class R&D talent required to meet that demand. Built on the bedrock of shared Canadian and German values—where privacy, security, and responsible innovation are paramount—we are uniquely positioned to be the world’s trusted AI partner. Together, we will give enterprises and governments across Canada, Europe, and the world the technology to move from exploration to rapid, secure implementation, with the absolute certainty that their data remains their own.”

 

 

Through the planned deal, Cohere and Aleph Alpha aim to deliver a secure alternative for customized AI in highly-regulated sectors – including the public sector, finance, defense, energy, manufacturing, telecommunications, and healthcare. Aleph Alpha’s experience in deploying AI in long-standing customer relationships provides an important foundation of this sovereign offering. As part of this partnership, the combined entity will partner with the companies of Schwarz Group, an international leader in the retail industry, to deploy a sovereign offering on its cloud service STACKIT.

 

 

“Aleph Alpha is in a unique position in Europe,” said Ilhan Scheer, Co-CEO of Aleph Alpha. “We develop specialized large language models for Europe without compromising on Sovereignty, Transparency and Regulatory Compliance. By living this responsibility, we serve as a trusted and strategic partner to public sector and enterprise customers in Europe. Together with Cohere, we are building a real counterweight for organizations that refuse to outsource control over their AI to a single provider or jurisdiction, giving European institutions and enterprises access to powerful, yet controllable AI they can truly own.”

 

 

Furthermore, the companies of Schwarz Group intend to back the upcoming Series E funding of Cohere as lead investor with a $600M (€500M) structured financing commitment. The round is already attracting strong interest from the world’s leading investors who recognize the necessity of an independent global AI powerhouse.

 

 

In a joint statement, Rolf Schumann and Christian Müller, Co-CEOs of Schwarz Digits, said: “With this investment, the companies of Schwarz Group position themselves as lead investors for digital sovereignty and infrastructure. Building this infrastructure is a strategic necessity to help shape the AI revolution based on values such as trust, fairness, and responsibility. The establishment of STACKIT, Schwarz Digits’ sovereign cloud infrastructure, as the technical backbone of this transatlantic AI initiative empowers organizations to strengthen their digital independence and maintain control over their data. This is true leadership in digital sovereignty.”

 

 

__________________________

1 Subject to approval by Aleph Alpha shareholders as well as competent authorities

 

About Cohere

 

Cohere, founded 2019, is a security-first enterprise AI leader building foundation models and end-to-end products to solve business problems. We partner with organizations to deliver seamless integration, customization, and user-friendly solutions. Our all-in-one platform provides maximum security, privacy, and deployment flexibility across clouds, private environments, and on-premises. Headquartered globally in Toronto, San Francisco, and Germany, Cohere operates additional offices in London, New York, Montreal, Paris, and Seoul, serving customers worldwide.

 

 

The company has raised ~$1.6BUSD from strategic tech investors (Nvidia, AMD Ventures, Salesforce Ventures, Oracle, Cisco), institutional investors (Radical Ventures, Inovia Capital, PSP Investments, HOOPP, BDC, Nexxus), and AI pioneers including Geoffrey Hinton, Fei-Fei Li, Pieter Abbeel, and Raquel Urtasun. For more information, visit Cohere.

 

 

About Aleph Alpha

 

 

Aleph Alpha was founded in 2019 with the mission to research and build sovereign, human-centric AI for a better world. With an international team of scientists and engineers, the company researches and develops Specialized Large Language Models. Its co-created solutions are the first choice for companies and government institutions that want to maintain sovereignty, secure data, and develop trustworthy applications. With its Headquarters in Heidelberg, Aleph Alpha employs some 200 talent across four locations in Germany.

 

 

About Schwarz Digits

 

 

Schwarz Digits is the IT and digital division of Schwarz Group and offers convincing digital products and services that meet the high German data protection standards. With the aim of achieving the greatest possible digital sovereignty, Schwarz Digits provides the IT infrastructure and solutions for the extensive ecosystem of Schwarz Group’s companies and develops it with a focus on future readiness. Schwarz Digits’ sovereign core services include Cloud, Cyber Security, Data and AI, Communication and Workspace. In addition, Schwarz Digits creates optimal conditions for the development of trend-setting innovations for end customers, companies and public sector organizations.

 

 

Further information can be found at www.schwarz-digits.de.

 

 

About Schwarz Group

 

 

Schwarz Group is an international leader in the retail industry with about 14,200 stores and 595,000 employees. In the 2024 fiscal year, the companies of Schwarz Group generated a total sales volume of 175.4 billion euros. Their unique ecosystem lets them cover the full value cycle: from production and retail to recycling and digitalization. They create solutions to make lives safer, healthier and more sustainable, both right now and in the future – they act ahead. Lidl and Kaufland form the pillars of the food retail market and are an integral part of their customers’ daily lives in 32 countries. Many of the own-brand products and much of the sustainable packaging come directly from Schwarz Produktion. Through its recycling management solutions, the environmental service provider PreZero promotes a functional circular economy and is investing in a clean future. The IT and digital division, Schwarz Digits, provides compelling digital products and services that meet the high German data protection standards, thus ensuring the maximum degree of digital sovereignty. As a partner service provider, Schwarz Corporate Solutions assists the companies of Schwarz Group with all matters related to administration, HR, operational activities and everything in between.

 

 

For further information can be found at www.gruppe.schwarz.

 

 

 

 

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