Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Q2 2025 Earnings Presentation
26 slides from Ge Vernova's earnings presentation, Jul 23, 2025
Slide 1: 2Q 2025 Financial Results
2Q 2025 Financial Results July 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: Growing market with improving business fundamentals
Growing market with improving business fundamentals Market growth accelerating … strengthening our position to serve this demand Operational improvements also driving margin expansion … seeing substantial opportunity ahead to deliver even better performance Leading the industry forward from a positi
Slide 4: Strong 2Q'25 results
Strong 2Q’25 results Equipment backlog $B • Delivered solid orders, revenue & backlog growth in both equipment & services Electrification • Continued strength at Power & Electrification; backlog grew $2B driven by executing our Wind strategy Electrification switchgear & transformers • Expanded adj.
Slide 5: Financial Snapshot
Financial Snapshot $ in billions 2Q’24 2Q’25 ‘24 YTD ‘25 YTD 2Q’25 Dynamics-b) Robust Power equipment growth & higher services; Electrification Orders 11.8 12.4 21.5 22.5 +4% demand strength continued, but orders decreased given the value of large equipment orders last year Backlog-a) 115.5 128.7 +1
Slide 6: Power
Power 16.4% 2Q’25 Dynamics-a) EBITDA 13.8% 14.0% Margin Orders robust with 20 heavy duty gas turbines (+6 units year 11.3% -over-year) & 27 aeroderivative units (+26 year-over-year) Revenue increased 9%, driven by higher HA deliveries & continued services strength EBITDA EBITDA margin expanded as in
Slide 7: Wind
Wind 2Q’25 Dynamics-a) EBITDA ($M) Lower Onshore Wind equipment orders year-over-year, yet increased sequentially EBITDA (5.7)% Revenue growth of 9% driven by Onshore Wind volume, Margin partially offset by lower Offshore Wind (7.3)% (7.6)% (7.8)% EBITDA losses increased given higher Onshore Wind se
Slide 8: Electrification
Electrification 14.6% 13.1% 2Q’25 Dynamics-a) Orders strong, approximately 1.5 times revenue from growing demand for grid equipment; lower year-over-year given the value of large equipment orders last year EBITDA 7.2% Margin 5.7% Revenue increased 20%, primarily driven by Grid Solutions, with streng
Slide 9: Raising 2025 guidance
Raising 2025 guidance Power • Organic revenue* growth of 6% - 7% REVENUE $36B - $37B (previous: mid-single digits) trending towards the higher end • 14% - 15% segment EBITDA margin (previous: 13% - 14%) ADJUSTED 8% - 9% Wind EBITDA MARGIN*-a) (previous: high-single digits) • Organic revenue* down mi
Slide 10: GE Vernova well-positioned
GE Vernova well-positioned Robust markets in Power and Electrification; Wind a tougher market, but potential near-term improvement possible… executing better across all three segments Early stages of substantial margin expansion; pleased with the momentum and the adoption of lean Raising our 2025 fi
Slide 11: Q&A
Q&A Ontario Power Generation’s Darlington site following GE Vernova’s 2024 Sustainability Report highlights 31 GW of new GE Vernova and Elsewedy Electric sign agreement to approval by the Province of Ontario to construct the first GE capacity delivered at ~20% lower carbon intensity – real progress
Slide 12: Appendix
Appendix © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 12
Slide 13: Our Sustainability Framework
Aligning GE Vernova’s business success with sustainability success GE Vernova’s Sustainability Framework comprises four pillars – Electrify, Decarbonize, Conserve, and Thrive – each with leading goals that progress Our Sustainability Framework our objectives to help decarbonize the planet, conserve
Slide 14: Financial trending metrics
Financial trending metrics 2Q'25 y/y % Orders ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 (organic) Total Orders 9,659 11,844 9,378 13,207 10,152 12,364 4 % Equipment 5,773 7,428 5,042 8,336 5,760 7,808 5 % Services 3,887 4,416 4,336 4,871 4,392 4,555 3 % 2Q'25 y/y % Revenues ($M) 1Q'24 2Q'24 3Q'24 4Q'
Slide 15: Financial trending metrics by segment
Financial trending metrics by segment 2Q'25 y/y % Power ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 (organic)* Segment Revenue 4,035 4,455 4,206 5,431 4,423 4,758 9% Equipment 1,201 1,285 1,426 1,796 1,491 1,504 23% Services 2,833 3,170 2,781 3,635 2,931 3,253 4% Segment EBITDA 345 613 499 810 508 778
Slide 16: Power: key performance metrics
Power: key performance metrics Orders ($M) 2Q'24 2Q'25 y/y % (organic) 2Q'24 YTD 2Q'25 YTD y/y % (organic) Equipment 1,514 3,519 135% 3,571 6,361 82 % Services 3,461 3,569 4% 6,434 6,973 10 % Total Orders 4,975 7,088 44 % 10,005 13,335 36 % RPO ($M) 2Q'24 2Q'25 y/y % Equipment 10,978 16,133 47 % Ser
Slide 17: Wind: key performance metrics
Wind: key performance metrics Orders ($M) 2Q'24 2Q'25 y/y % (organic) 2Q'24 YTD 2Q'25 YTD y/y % (organic) Equipment 1,774 1,614 (9) % 2,518 1,816 (28) % Services 387 448 16% 792 886 13 % Total Orders 2,160 2,063 (5)% 3,310 2,702 (18)% RPO ($M) 2Q'24 2Q'25 y/y % Equipment 13,147 9,731 (26)% Services
Slide 18: Electrification: key performance metrics
Electrification: key performance metrics Orders ($M) 2Q'24 2Q'25 y/y % (organic) 2Q'24 YTD 2Q'25 YTD y/y % (organic) Equipment 4,184 2,746 (35)% 7,196 5,555 (22) % Services 639 592 (9) % 1,198 1,176 (2) % Total Orders 4,823 3,338 (31)% 8,394 6,731 (19)% RPO ($M) 2Q'24 2Q'25 y/y % Equipment 17,540 23
Slide 19: Free cash flow* performance
Free cash flow* performance FCF* ($M) 2Q'24 2Q'25 y/y 2Q'24 YTD 2Q'25 YTD y/y Net income (loss) (GAAP) 1,280 492 (788) 1,174 756 (418) Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 191 145 (46)
Slide 20: Unit metrics: orders and sales
Unit metrics: orders and sales Orders 2Q'24 2Q'25 2Q'24 YTD 2Q'25 YTD Gas Turbines 15 47 49 85 • Heavy-Duty Gas Turbines-a) 14 20 30 49 ◦ HA-Turbines-b) 4 7 12 15 • Aeroderivatives-a) 1 27 19 36 Gas Turbines (GW)-d) 4.1 5.1 9.0 12.2 Wind Turbines-c) 431 381 621 404 Repower units 205 205 246 205 Wind
Slide 21: Non-GAAP reconciliations
Non-GAAP reconciliations © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 21
Slide 22: Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & margin*
Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* Revenue Equipment revenue Services revenue Segment EBITDA Segment EBITDA margin % Three months ended June 30, ($ in millions) 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% Power (G
Slide 23: Organic revenue*, Segment organic revenue*, 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 % Six months ended June 30, ($ in millions) 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% Power (GAA
Slide 24: Organic revenue* Adjusted EBITDA margin*
Organic revenue* 2025 Guidance: Power and Electrification 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 and Electrification organic revenue* in the 2025 guidance withou
Slide 25: Adjusted general and administrative expenses* Free Cash Flow*
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 2024 V% 2025 2024 V% Selling, general, and administrative expenses (GAAP) $ 1,185 $ 938 26 % $ 2,373 $ 2,140 11 % Less: Restructur
Slide 26: GE VERNOVA
GE VERNOVA