Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Q3 2025 Earnings Presentation
39 slides from Ge Vernova's earnings presentation, Oct 22, 2025
Slide 1: 3Q'25 Webcast
3Q’25 Webcast October 22, 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: Prolec GE Acquisition
Prolec GE Acquisition © 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 3
Slide 4: Acquiring the remaining 50% stake of Prolec GE
Acquiring the remaining 50% stake of Prolec GE Highly attractive acquisition… …Aligned with our strategic and financial objectives A leading grid equipment supplier, producing transformers to Strengthening our ability to serve customers in rapidly serve North American utilities, industrials & data c
Slide 5: Prolec GE
Prolec GE Overview Key product offerings Manufacturing footprint • Expected to generate ~$3B in revenue this year, with ~25% adjusted EBITDA margin* • Leading grid equipment supplier, producing transformers Power Transformers across most ratings and voltages (Medium to high voltage) Waukesha, WI • ~
Slide 6: Why customers win with this transaction
Why customers win with this transaction Short-term benefits Medium-term benefits Streamlined customer experience … commercial Improved lead times by executing on capacity activities and product development were less integrated additions and leveraging our global footprint relative to rest of GEV
Slide 7: Further accelerating our Electrification segment's growth trajectory
Further accelerating our Electrification segment’s growth trajectory Significant electrification investment in North America Drivers Serviceable addressable market-a), $B INCREASING • Expanded electrification needs • Data center growth ~10% CAGR ~80 ELECTRICITY DEMAND • Digitization GRID STABILITY A
Slide 8: Financial profile
Financial profile Stand-alone Prolec GE financials-a) Anticipated funding structure $B, unless otherwise stated 2025E 2026E 2028E $B Revenue 3.0 3.4 4.2 Cash ~2.64 Adjusted EBITDA* 0.8 0.9 1.1 Debt ~2.64 Incremental impact to GE Vernova-b) 0.5 0.6 0.8 Total 5.275 Adjusted EBITDA Margin* ~25% ~26% ~2
Slide 9: Acquisition synergies
Acquisition synergies Expected cost synergies Upside potential from revenue synergies Apply practices that have expanded GEV margins Investments for Commercial synergies future growth • Implement common design practices • Leverage global factory • Sell Prolec GE footprint to sell into transformers o
Slide 10: Acquisition Summary
Acquisition Summary Acquisition helps us gain scale and strategic flexibility in North America … our largest market … good for customer base Near-term focus on streamlining the customer experience and applying our lean playbook to drive cost synergies Excited to grow our low to medium voltage techno
Slide 11: 3Q 2025 Financial Results & Outlook
3Q 2025 Financial Results & Outlook © 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 11
Slide 12: Market demand and stronger operations driving a unique value creation opportunity
Market demand and stronger operations driving a unique value creation opportunity Market growth accelerating Operational execution to support growth on track Gaining proof points on investments for the long-term Leading from a position of financial strength Substantial opportunity today and for the
Slide 13: Strong 3Q'25 results
Strong 3Q’25 results Equipment backlog $B • Delivered robust orders with backlog growing $4B in equipment and $2B in services sequentially Electrification backlog • Continued strength at Power and Electrification; grew $3B primarily with growth in Middle executing our Wind strategy East & North Amer
Slide 14: Financial Snapshot
Financial Snapshot $ in billions 3Q’24 3Q’25 ‘24 YTD ‘25 YTD 3Q’25 Dynamics-b) Orders 9.4 14.6 30.9 37.1 +55% Robust Power & Electrification equipment growth; higher services Backlog-a) 117.7 135.3 +17.5 Significant growth driven by Power & Electrification equipment & services Increased equipment re
Slide 15: Power
Power 13.8% 3Q’25 Dynamics-a) 13.3% EBITDA 11.9% Orders robust, increasing 50% driven by higher volume and Margin 11.5% pricing with 20 heavy duty gas turbines secured (+6 units year-over-year), including 13 HA units (+4 year-over-year) Revenue increased 14%, driven by higher heavy-duty gas turbine
Slide 16: Wind
Wind 3Q’25 Dynamics-a) EBITDA Wind orders increased as higher Onshore Wind services more ($M) (2.3)% than offset lower Onshore Wind equipment Revenue decreased (9)% driven by the absence of the 3Q’24 (5.5)% offshore project cancelation settlement EBITDA Margin EBITDA losses improved from higher Onsh
Slide 17: Electrification
Electrification 15.1% EBITDA 13.9% 3Q’25 Dynamics-a) Margin Orders strong, approximately 2 times revenue from growing 10.4% demand for grid equipment, including synchronous condensers 7.4% Revenue increased 32%, primarily driven by Grid Solutions, with strength in HVDC, switchgear as well as growth
Slide 18: 2025 guidance
2025 guidance Reaffirming 2025 GE Vernova guidance Power • Organic revenue* growth of 6% - 7% • 14% - 15% segment EBITDA margin REVENUE $36B - $37B trending towards the higher end Wind Wind • Organic revenue* down high-single digits ADJUSTED 8% - 9% • Organic revenue* (previous: down down mid-single
Slide 19: Executing our disciplined capital allocation strategy
Executing our disciplined capital allocation strategy Incremental organic investments Return at least 1/3rd of cash Strategic Principles 1 to drive profitable growth 2 generation to shareholders 3 Targeted M&A December 10, 2024 Investor Update Execution To Date $22B+ Systemically streamlining our bu
Slide 20: GE Vernova well-positioned
GE Vernova well-positioned Our potential has grown faster than our post-spin performance Great companies are appreciative of yesterday, focused on getting better today, and chasing their full potential tomorrow We are just starting on our journey to reach our potential, but with the right combinatio
Slide 21: Q & A
Q&A GE Vernova to fully acquire Prolec GE, our GE Vernova to host its Investor Update on December unconsolidated joint venture with Xignux that 9th in NYC to provide 2026 financial guidance and produces transformers update our outlook by 2028 © 2025 GE Vernova and/or its affiliates. All rights reser
Slide 22: 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 22
Slide 23: Prolec GE Transaction Overview
Prolec GE Transaction Overview • $5.275B purchase price Valuation -a) • 13.9x 2025E adjusted EBITDA* and 9.4x 2028E adjusted EBITDA*, before synergies-b) • Well aligned with precedent transaction multiples Financing & • Transaction not subject to any financing conditions Balance Sheet • Funding purc
Slide 24: Electrification Systems Current Footprint and Resources
Electrification Systems Current Footprint and Resources 40+ Manufacturing sites And a presence in 60+countries Manufacturing sites Electrification Systems Prolec GE Site mapping does not include non-consolidated JV locations other than Prolec GE © 2025 GE Vernova and/or its affiliates. All rights re
Slide 25: Our Sustainability Framework
Aligning GE Vernova’s business success with sustainability success GE Vernova’s Sustainability Framework comprises four pillars – Electrify, Decarbonize, Conserve, and Thrive – each with leading goals that progress Our Sustainability Framework our objectives to help decarbonize the planet, conserve
Slide 26: Financial trending metrics
Financial trending metrics 3Q'25 y/y % Orders ($M) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 (organic) Total Orders 11,844 9,378 13,207 10,152 12,364 14,608 55% Equipment 7,428 5,042 8,336 5,760 7,808 10,039 98% Services 4,416 4,336 4,871 4,392 4,555 4,569 5% 3Q'25 y/y % Revenues ($M) 2Q'24 3Q'24 4Q'24 1Q
Slide 27: Financial trending metrics by segment
Financial trending metrics by segment 3Q'25 y/y % Power ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 (organic)* Segment Revenue 4,035 4,455 4,206 5,431 4,423 4,758 4,838 14% Equipment 1,201 1,285 1,426 1,796 1,491 1,504 1,744 22% Services 2,833 3,170 2,781 3,635 2,931 3,253 3,094 10% Segment EBITD
Slide 28: Power: key performance metrics
Power: key performance metrics Orders ($M) 3Q'24 3Q'25 y/y % (organic) 3Q'24 YTD 3Q'25 YTD y/y % (organic) Equipment 1,864 4,448 139% 5,435 10,810 102% Services 3,338 3,359 1% 9,772 10,332 7% Total Orders 5,202 7,807 50 % 15,206 21,142 41% RPO ($M) 3Q'24 3Q'25 y/y % Equipment 11,392 18,977 67 % Serv
Slide 29: Wind: key performance metrics
Wind: key performance metrics Orders ($M) 3Q'24 3Q'25 y/y % (organic) 3Q'24 YTD 3Q'25 YTD y/y % (organic) Equipment 1,349 1,220 (10)% 3,867 3,036 (21)% Services 397 613 53% 1,189 1,499 26% Total Orders 1,747 1,833 4% 5,057 4,535 (10)% RPO ($M) 3Q'24 3Q'25 y/y % Equipment 12,182 8,782 (28)% Services
Slide 30: Electrification: key performance metrics
Electrification: key performance metrics Orders ($M) 3Q'24 3Q'25 y/y % (organic) 3Q'24 YTD 3Q'25 YTD y/y % (organic) Equipment 1,891 4,468 134% 9,087 10,023 10% Services 619 642 3% 1,816 1,818 —% Total Orders 2,510 5,110 102% 10,904 11,841 9% RPO ($M) 3Q'24 3Q'25 y/y % Equipment 18,624 26,455 42 % S
Slide 31: Free cash flow* performance
Free cash flow* performance FCF* ($M) 3Q'24 3Q'25 y/y 3Q'24 YTD 3Q'25 YTD y/y Net income (loss) (GAAP) (99) 453 552 1,075 1,209 134 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 336 152 (184) 71
Slide 32: Unit metrics: orders and sales
Unit metrics: orders and sales Orders 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Gas Turbines 29 29 78 114 • Heavy-Duty Gas Turbines-a) 14 20 44 69 ◦ HA-Turbines-b) 9 13 21 28 • Aeroderivatives-a) 15 9 34 45 Gas Turbines (GW)-d) 5.1 7.4 14.1 19.6 Wind Turbines-c) 249 156 870 560 Repower units 132 139 378 344 W
Slide 33: Non-GAAP reconciliations
Non-GAAP reconciliations © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 33
Slide 34: Non-GAAP reconciliations
Non-GAAP reconciliations Prolec GE Adjusted EBITDA* and Adjusted EBITDA margin* Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* are non-GAAP financial measures and are forecasts of the joint venture as a standalone business prepared by GE Vernova based on data provided by the joint venture
Slide 35: Prolec GE adjusted EBITDA*
Prolec GE adjusted EBITDA* ($ in billions) 2024 Prolec GE Adjusted EBITDA* $ 0.5 Add: Royalties and fees (0.1) Add: Interest, taxes, depreciation and amortization (0.2) Prolec GE Net income $ 0.2 GE Vernova equity income (50%)-a) $ 0.1 * Non-GAAP Financial Measure (a – as found in Note 11 of the GE
Slide 36: Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin*
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 September 30, ($ in millions) 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% Pow
Slide 37: Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin*
Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* Revenue Equipment revenue Services revenue Segment EBITDA Segment EBITDA margin % Nine months ended September 30, ($ in millions) 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% Powe
Slide 38: Adjusted general and administrative expenses*
Adjusted general and administrative expenses* ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended September 30 Nine months ended September 30 ($ in millions) 2025 2024 V% 2025 2024 V% Selling, general, and administrative expenses (GAAP) $ 1,221 $ 1,226 — % $ 3,594 $ 3,366 7 % Less:
Slide 39: GE VERNOVA
GE VERNOVA