Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Q1 2025 Earnings Presentation
25 slides from Ge Vernova's earnings presentation, Apr 23, 2025
Slide 1: 1Q 2025 Financial Results
1Q 2025 Financial Results April 23, 2025 © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 1
Slide 2: Caution concerning forward-looking statements
Caution concerning forward-looking statements: Certain statements contained in this presentation may constitute “forward-looking statements” that involve risks and uncertainties. These statements by their nature address matters that are uncertain to different degrees. Forward-looking statements prov
Slide 3: Creating a stronger company
Creating a stronger company Accelerating demand for our products and services to electrify and decarbonize the world, as the electricity supercycle begins Today’s global supply chain volatility is an opportunity for GE Vernova to differentiate itself with nimble operations & accelerated actions to o
Slide 4: Strong 1Q'25 results
Strong 1Q’25 results Equipment backlog • Delivered solid orders, revenue & backlog $B growth in both equipment & services • Continued strength at Power & Electrification, Electrification backlog improving execution at Wind grew $2B primarily Electrification with growth in • Expanded margin in each s
Slide 5: Financial Snapshot
Financial Snapshot $ in billions 1Q’24 1Q’25 Robust services & Power equipment growth, partially offset by Orders 9.7 10.2 +8% lower Onshore Wind & a tough comparison in Electrification due to a large HVDC order recorded in 1Q’24 Revenue 7.3 8.0 +15% Strong growth in both equipment & services Adjust
Slide 6: Power
Power -a) 1Q’25 Dynamics 11.5% EBITDA 8.6% Orders remained robust led by 29 heavy duty gas turbines Margin (+13 units year over year) & 18% services growth Revenue increased 16%, driven by higher HA deliveries & 508 services growth EBITDA 345 ($M) EBITDA margin expanded as productivity, price, & vol
Slide 7: Wind
Wind -a) 1Q’25 Dynamics Lower Onshore Wind equipment orders, navigating a dynamic U.S. policy environment (146) EBITDA (173) ($M) Revenue growth of 15% driven by Onshore Wind volume & price, partially offset by lower Offshore Wind (7.9)% EBITDA Margin EBITDA improved due to Onshore Wind growth, desp
Slide 8: Electrification
Electrification -a) 11.4% 1Q’25 Dynamics Orders strong, approximately 1.8 times revenue from growing demand for grid equipment Revenue growth of 18%, primarily driven by Grid Solutions, EBITDA 4.0% 214 with higher volume & price Margin Significant EBITDA margin expansion with strong volume, EBITDA 6
Slide 9: Reaffirming 2025 guidance
Reaffirming 2025 guidance Power • Organic revenue* growth of mid-single-digits REVENUE $36B - $37B • 13% - 14% segment EBITDA margin ADJUSTED Wind HSD • Organic revenue* down mid-single-digits EBITDA MARGIN*-a) • $200M - $400M segment EBITDA losses FREE CASH FLOW* $2.0B - $2.5B Electrification • Org
Slide 10: GE Vernova well-positioned
GE Vernova well-positioned Robust markets in Power and Electrification; Wind a tougher market ... executing better across all three segments Early stages of substantial margin expansion; pleased with the momentum and the adoption of lean Reaffirming our 2025 guidance; actively mitigating increased c
Slide 11: Q&A
Q&A CEO Kaizen Week, where GE Vernova held 120+ events across 13 countries, focused on improving safety, quality, delivery, and cost 11 © 2025 GE Vernova and/or its affiliates. All rights reserved.
Slide 12: Appendix
Appendix © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 12
Slide 13: Our Sustainability Framework
ALIGNING GE VERNOVA’S BUSINESS SUCCESS WITH SUSTAINABILITY SUCCESS: OUR SUSTAINABILITY FRAMEWORK Catalyze access to more secure, sustainable, reliable, and affordable Invent, deploy, and service the technology to decarbonize electricity, and help drive global economic development and electrify the w
Slide 14: Financial trending metrics
Financial trending metrics 1Q'25 y/y % Orders ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 (organic) Total Orders 9,659 11,844 9,378 13,207 10,152 8% Equipment 5,773 7,428 5,042 8,336 5,760 2% Services 3,887 4,416 4,336 4,871 4,392 16 % 1Q'25 y/y % Revenues ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 (organic)* Total
Slide 15: Financial trending metrics by segment
Financial trending metrics by segment 1Q'25 y/y % Power ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 (organic)* Segment Revenue 4,035 4,455 4,206 5,431 4,423 16% Equipment 1,201 1,285 1,426 1,796 1,491 38% Services 2,833 3,170 2,781 3,635 2,931 7% Segment EBITDA 345 613 499 810 508 Segment EBITDA margin 8.6%
Slide 16: Power: key performance metrics
Power: key performance metrics Orders ($M) 1Q'24 1Q'25 y/y % (organic) Equipment 2,057 2,842 43% Services 2,972 3,405 18% Total Orders 5,029 6,247 28% RPO ($M) 1Q'24 1Q'25 y/y % Equipment 14,394 13,920 (3)% Services 58,389 62,372 7% Total RPO 72,783 76,292 5% Segment Revenues and EBITDA ($M) 1Q'24 1
Slide 17: Wind: key performance metrics
Wind: key performance metrics Orders ($M) 1Q'24 1Q'25 y/y % (organic) Equipment 744 202 (72)% Services 406 438 11% Total Orders 1,150 640 (43)% RPO ($M) 1Q'24 1Q'25 y/y % Equipment 13,119 9,676 (26)% Services 13,045 12,484 (4)% Total RPO 26,164 22,160 (15)% Segment Revenues and EBITDA ($M) 1Q'24 1Q'
Slide 18: Electrification: key performance metrics
Electrification: key performance metrics Orders ($M) 1Q'24 1Q'25 y/y % (organic) Equipment 3,012 2,808 (4)% Services 559 584 6% Total Orders 3,571 3,393 (3)% RPO ($M) 1Q'24 1Q'25 y/y % Equipment 14,849 21,996 48% Services 3,221 3,466 8% Total RPO 18,069 25,462 41% Segment Revenues and EBITDA ($M) 1Q
Slide 19: Free cash flow performance
Free cash flow* performance FCF* ($M) 1Q'24 1Q'25 y/y Net income (loss) (GAAP) (106) 264 370 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 188 149 (38) Amortization of intangible assets 63 56 (7
Slide 20: Unit metrics: orders and sales
Unit metrics: orders and sales Orders 1Q’24 1Q’25 Gas Turbines 34 38 • Heavy-Duty Gas Turbines-a) 16 29 ◦ HA-Turbines-b) 8 8 • Aeroderivatives-a) 18 9 Gas Turbines (GW)-d) 4.9 7.1 Wind Turbines-c) 190 23 Repower units 41 — Wind Turbines and Repower (GW)-c),-d) 0.7 0.1 Sales 1Q’24 1Q’25 Gas Turbines
Slide 21: Non-GAAP reconciliations
Non-GAAP reconciliations © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 21
Slide 22: Adjusted backlog & Adjusted Power backlog
Adjusted backlog* & Adjusted Power backlog* ADJUSTED BACKLOG ($ in millions) March 31, 2024 December 31, 2024 March 31, 2025 Remaining Performance Obligations (RPO) (GAAP) $ 116,293 $ 119,023 $ 123,438 -a) Less: RPO related to the portion of Steam Power nuclear activities sold to Electricité de Fran
Slide 23: Organic revenue and segment organic EBITDA
Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* Revenue Equipment revenue Services revenue Segment EBITDA Segment EBITDA margin % Three months ended March 31, ($ in millions) 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% Power (
Slide 24: Adjusted G&A expenses and Free Cash Flow
Adjusted general and administrative expenses* ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended March 31 ($ in millions) 2025 2024 V% Selling, general, and administrative expenses (GAAP) $ 1,188 $ 1,202 (1)% Less: Restructuring and other charges 15 43 Less: Separation costs (bene
Slide 25: GE Vernova
GE VERNOVA