Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Q2 2026 Earnings Presentation
27 slides from Ge Vernova's earnings presentation, Jul 22, 2026
Slide 1: 2Q 2026 Financial Results & Outlook
2Q 2026 Financial Results & Outlook July 22, 2026 © 2026 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 uncertainti es. These statements by their nature address matters that are uncertain to different degrees. Forward - looking statemen
Slide 3: Positioned to create substantial value
Positioned to create substantial value Backlog - a) Accelerating demand, well served with GEV solutions fueling robust growth at higher margins… up $13B in 2Q and on track to achieve $200B in ‘27 Adjusted EBITDA margin* Margin expansion continues, even as equipment revenue grows faster than services
Slide 4: Multiple catalysts for long-term growth
Multiple catalysts for -term longgrowth Expanding production capacity in a capital - efficient manner to support strong demand • Completed actions to deliver 20 GW of annual gas turbine production and on track for 24 GW in ‘28; utilizing lean and incremental machinery in existing factory footprint t
Slide 5: Financial Snapshot
Financial Snapshot $ in billions 2Q’26 Dynamics - b) 2Q'25 2Q'26 ‘25 YTD ‘26 YTD Orders 12.4 24.2 22.5 42.5 +88% Robust growth in both equipment and services Backlog - a) 128.7 176.3 +47.6 Significant equipment growth at Power and Electrification as well as services, driven by Power Revenue 9.1 11.1
Slide 6: Power
Power 18.8% -a) 2Q’26 Dynamics 17.6% 16.4% EBITDA Orders robust, increasing 134%, led by strength in Gas Power Margin 14.1% equipment and services, driven by higher volume and price Revenue increased 14%, led by Gas Power from higher aeroderivative volume, services, and favorable pricing EBITDA marg
Slide 7: Electrification
Electrification 18.4% 18.2% -a) 2Q’26 Dynamics EBITDA Margin 14.5% Orders strong, approximately 1.7 times revenue, due to 13.0% growing grid equipment demand, particularly for substations, switchgear, and transformers Revenue increased 29%, from substantial growth in switchgear, substations, transfo
Slide 8: Wind
Wind -a) 2Q’26 Dynamics Wind orders declined driven by lower Onshore Wind equipment EBITDA ($M) orders, primarily in North America Revenue decreased (11)% given lower Onshore Wind equipment deliveries, partially offset by higher Onshore Wind services and EBITDA Offshore Wind Margin (7.3)% (7.6)% EBI
Slide 9: Raising 2026 guidance
Raising 2026 guidance GE Vernova nd April 22 nd July 22 Power • Organic revenue* growth of 18% - 20% (previous: 16% - 18%) REVENUE $44.5B - $45.5B $45.5B - $46.5B • 17% - 19% segment EBITDA margin Electrification ADJUSTED • $14.5B - $15.0B of revenue, which - a) 12% - 14% 12% - 14% EBITDA MARGIN* in
Slide 10: Wrap-Up
Wrap -Up Executing well in early stages of multi - year growth opportunity Operating businesses better, but additional substantial opportunity to improve Investing prudently for near - , mid - , and long - term returns Our potential continues to grow © 2026 GE Vernova and/or its affiliates. All righ
Slide 11: Q&A
Q&A GE Vernova’s HA gas turbine fleet surpassed four million GE Vernova’s Electrification segment In July, GE Vernova closed its acquisition of commercial operating hours, with 130 units commissioned in increased its equipment backlog to $41 billion, Robotech Automation, accelerating its robotics an
Slide 12: Appendix
Appendix © 2026 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 12
Slide 13: Financial trending metrics
Financial trending metrics 2Q'26 y/y % Orders ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 (organic) Total Orders 10,152 12,364 14,608 22,192 18,279 24,216 88 % Equipment 5,760 7,808 10,039 16,175 12,753 18,941 130 % Services 4,392 4,555 4,569 6,017 5,526 5,275 15 % 2Q'26 y/y % Revenues ($M) 1Q'25 2Q'25
Slide 14: Financial trending metrics by segment
Financial trending metrics by segment 2Q'26 y/y % Power ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 (organic)* Segment Revenue 4,449 4,785 4,863 5,776 4,971 5,477 14 % Equipment 1,491 1,504 1,744 1,946 1,885 1,965 30 % Services 2,958 3,280 3,119 3,830 3,086 3,512 7% Segment EBITDA 517 785 651 982 811 1
Slide 15: Power: key performance metrics
Power: key performance metrics Orders ($M) 2Q'25 2Q'26 y/y % (organic) 2Q'25 YTD 2Q'26 YTD y/y % (organic) Equipment 3,519 12,650 259 % 6,361 18,261 186 % Services 3,590 4,078 12 % 7,010 8,475 20 % Total Orders 7,109 16,729 134 % 13,372 26,736 99 % RPO ($M) 2Q'25 2Q'26 y/y % Equipment 16,133 39,261
Slide 16: Electrification: key performance metrics
Electrification: key performance metri Orders ($M) 2Q'25 2Q'26 y/y % (organic) 2Q'25 YTD 2Q'26 YTD y/y % (organic) Equipment 2,746 5,667 72 % 5,555 12,089 85 % Services 537 680 31 % 1,094 1,371 25 % Total Orders 3,283 6,347 66 % 6,649 13,460 76 % RPO ($M) 2Q'25 2Q'26 y/y % Equipment 23,950 40,589 69
Slide 17: Wind: key performance metrics
Wind: key performance metrics Orders ($M) 2Q'25 2Q'26 y/y % (organic) 2Q'25 YTD 2Q'26 YTD y/y % (organic) Equipment 1,614 721 (55) % 1,816 1,460 (19) % Services 448 528 16 % 886 988 9 % Total Orders 2,063 1,249 (40) % 2,702 2,448 (10) % RPO ($M) 2Q'25 2Q'26 y/y % Equipment 9,731 8,197 (16) % Service
Slide 18: Free cash flow performance
Free cash flow* performance FCF* ($M) 2Q'25 2Q'26 y/y 2Q'25 YTD 2Q'26 YTD y/y Net income (loss) (GAAP) 492 649 157 756 5,398 4,642 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 145 182 38 294 34
Slide 19: Unit metrics: orders and sales
Unit metrics: orders and sales Orders 2Q'25 2Q'26 2Q'25 YTD 2Q'26 YTD Gas Turbines 47 113 85 150 o Heavy - Duty Gas Turbines - a) 20 52 49 80 ◦ HA - Turbines - b) 7 15 15 27 o Aeroderivatives - a) 27 61 36 70 Gas Turbines (GW) - d) 5.1 12.1 12.2 20.1 Wind Turbines - c) 381 147 404 293 Repower units
Slide 20: Non-GAAP reconciliations
Non-GAAP reconciliations © 2026 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 20
Slide 21: Non-GAAP reconciliations
Non -GAAP reconciliations 3Q’26 Outlook: Power organic revenue* We cannot provide a reconciliation of the differences between the non - GAAP financial measures expectations and the corresponding GAAP financial measure of Power organic revenue* for 2Q’26 without unreasonable effort due to the uncerta
Slide 22: Organic revenue, Segment organic revenue, Segment organic EBITDA
Organic revenue*, Segment organic revenue*, Segment organic EBITDA Segment organic EBITDA margin* Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Three months ended June 30, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% Power (G
Slide 23: Organic revenue, Segment organic revenue, Segment organic EBITDA
Organic revenue*, Segment organic revenue*, Segment organic EBITDA Segment organic EBITDA margin* Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Six months ended June 30, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% Power (GAA
Slide 24: Adjusted general and administrative expenses
Adjusted general and administrative expenses* ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended June 30 Six months ended June 30 ($ in millions) 2025 2026 V% 2025 2026 V% Selling, General and Administrative expense (GAAP) $ 1,185 $ 1,372 16 % $ 2,373 $ 2,670 13 % Less: Restructur
Slide 25: Adjusted EBITDA, Adjusted EBITDA margin, Adjusted organic EBITDA
Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA Adjusted organic EBITDA margin* expansion Three months ended June 30 Six months ended June 30 ($ in millions) 2025 2026 V% 2025 2026 V% Net income (loss) (GAAP) $ 492 $ 649 32 % $ 756 $ 5,398 614 % Add: Restructuring and other charge
Slide 26: Free Cash Flow
Free Cash Flow* Free Cash Flow (Non - GAAP) Three months ended June 30 Six months ended June 30 ($ in millions) 2025 2026 V% 2025 2026 V% Cash from (used for) operating activities (GAAP) $ 367 $ 5,492 1,396 % $ 1,528 $ 10,680 599 % Add: gross additions to property, plant and equipment and internal -
Slide 27: GE VERNOVA
GE VERNOVA