Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Q4 2025 Earnings Presentation
31 slides from Ge Vernova's earnings presentation, Jan 28, 2026
Slide 1: 4Q & Full Year 2025 Financial Results & Outlook
4Q & Full Year 2025 Financial Results & Outlook January 28, 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 uncertainties. These statements by their nature address matters that are uncertain to different degrees. Forward-looking statements prov
Slide 3: Productive 2025 positioning company for future
Productive 2025 positioning company for future Solid progress since December 9th Investor Update Growth trajectory of company continues to advance Yielding strong returns on investments we are making Entering 2026 from a position of financial strength Substantial opportunity to create value going fo
Slide 4: Delivered strong performance in 2025
Delivered strong performance in 2025 • Robust orders, top line growth, and significant margin expansion • More than doubled free cash flow* and returned $3.6B to shareholders • Raised multi-year financial outlook, increased buyback authorization, and doubled dividend Connecting a transformer to a hi
Slide 5: Margin in equipment backlog increased $8B in 2025
Margin in equipment backlog increased $8B in 2025 Equipment backlog-a) 2026 Outlook +6pts Power & Electrification: growing backlog at healthy margins $64B margin expansion -b) • Further Gas Power equipment backlog growth & margin expansion (2)pts • Continued strong demand for grid equipment +5pts •
Slide 6: Financial Snapshot
Financial Snapshot $ in billions 4Q’24 4Q’25 FY’24 FY’25 4Q’25 Dynamics-b) Orders 13.2 22.2 44.1 59.3 +65% Robust growth in both equipment and services Backlog-a) 119.0 150.2 +31.2 Significant growth from equipment and services at Power & Electrification Revenue 10.6 11.0 34.9 38.1 +2% Increased equ
Slide 7: Power
Power 14.7% 4Q’25 Dynamics-a) 16.9% 12.5% EBITDA 14.9% Orders robust, increasing 77% driven by higher volume and Margin pricing with 41 heavy duty gas turbines (+17 year-over-year) and 18 aeroderivative units secured (+8 year-over-year) 2,902 2,268 Revenue increased 5%, led by Nuclear Power and Gas
Slide 8: Wind
Wind EBITDA 19 4Q’25 Dynamics-a) ($M) Wind orders increased driven by improved Onshore Wind EBITDA (225) equipment orders, primarily outside of North America 0.6% Margin Revenue decreased (25)% given lower Onshore Wind (588) (598) equipment deliveries (9.5)% EBITDA losses increased due to higher Off
Slide 9: Electrification
Electrification EBITDA 17.1% 4Q’25 Dynamics-a) Margin 14.9% Orders strong, approximately 2.5 times revenue due to 13.0% growing grid equipment demand, particularly for synchronous 9.0% condensers, substations, and switchgear 1,433 Revenue increased 32%, from substantial growth in switchgear as well
Slide 10: Increasing 2026 guidance
Increasing 2026 guidance GE Vernova December 9th Including Prolec GE Power • Organic revenue* growth of 16% - 18% • 16% - 18% segment EBITDA margin REVENUE $41B - $42B $44B - $45B Electrification • $13.5B - $14.0B of revenue, which ADJUSTED includes ~$3B from Prolec GE 11% - 13% 11% - 13% EBITDA MAR
Slide 11: Stronger financial trajectory ahead
Stronger financial trajectory ahead By 2028 Financial Outlook Assumptions Including • Expect low-teens revenue CAGR from ‘25 to ‘28 for GEV GE Vernova December 9th Prolec GE • Revenue up high-teens at Power; Electrification up high-teens organically, plus ~$4B from Prolec GE; Wind down LDD Revenue $
Slide 12: 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 Building a larger and more profitable business positioned to deliver attractive returns ©
Slide 13: Q&A
Q&A 9HA.01 gas turbine rotor assembly in Belfort, France where A A synchronous condenser under construction in Rugby, A 6.1-MW Onshore Wind turbine, the same turbine which will GE Vernova is manufacturing two turbines to power Enea UK, where GE Vernova is manufacturing equipment for power Greenbolt
Slide 14: 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 14
Slide 15: Our Sustainability Framework
GE Vernova’s Sustainability Framework comprises four pillars – Electrify, Aligning GE Vernova’s business success with sustainability success Decarbonize, Conserve, and Thrive – each with leading goals that progress Our Sustainability Framework our objectives to help decarbonize the planet, conserve
Slide 16: Financial trending metrics
Financial trending metrics 4Q'25 y/y % Orders ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 (organic) Total Orders 9,659 11,844 9,378 13,207 10,152 12,364 14,608 22,192 65 % Equipment 5,773 7,428 5,042 8,336 5,760 7,808 10,039 16,175 91 % Services 3,887 4,416 4,336 4,871 4,392 4,555 4,569 6,0
Slide 17: Financial trending metrics by segment
Financial trending metrics by segment 4Q'25 y/y % Power ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 (organic)* Segment Revenue 4,035 4,455 4,206 5,431 4,423 4,758 4,838 5,749 5% Equipment 1,201 1,285 1,426 1,796 1,491 1,504 1,744 1,946 8% Services 2,833 3,170 2,781 3,635 2,931 3,253 3,094 3
Slide 18: Power: key performance metrics
Power: key performance metrics Orders ($M) 4Q'24 4Q'25 y/y % (organic) FY'24 FY'25 y/y % (organic) Equipment 2,906 7,432 154% 8,340 18,241 120% Services 3,646 4,262 15% 13,418 14,594 9% Total Orders 6,552 11,693 77% 21,758 32,835 52% RPO ($M) 4Q'24 4Q'25 y/y % Equipment 12,461 24,707 98% Services 60
Slide 19: Wind: key performance metrics
Wind: key performance metrics Orders ($M) 4Q'24 4Q'25 y/y % (organic) FY'24 FY'25 y/y % (organic) Equipment 1,580 2,436 53% 5,447 5,472 — % Services 451 709 55% 1,640 2,208 34 % Total Orders 2,031 3,145 53% 7,088 7,681 8 % RPO ($M) 4Q'24 4Q'25 y/y % Equipment 10,720 9,112 (15)% Services 11,962 12,51
Slide 20: Electrification: key performance metrics
Electrification: key performance metrics Orders ($M) 4Q'24 4Q'25 y/y % (organic) FY'24 FY'25 y/y % (organic) Equipment 3,966 6,323 54% 13,054 16,346 24 % Services 819 1,101 32% 2,635 2,919 10 % Total Orders 4,786 7,424 50% 15,689 19,265 21 % RPO ($M) 4Q'24 4Q'25 y/y % Equipment 20,005 30,508 53% Ser
Slide 21: Free cash flow performance
Free cash flow* performance FCF* ($M) 4Q'24 4Q'25 y/y FY'24 FY'25 y/y Net income (loss) (GAAP) 484 3,670 3,186 1,559 4,879 3,320 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 180 169 (11) 895 61
Slide 22: Unit metrics: orders and sales
Unit metrics: orders and sales Orders 4Q'24 4Q'25 FY'24 FY'25 Gas Turbines 34 59 112 173 • Heavy-Duty Gas Turbines-a) 24 41 68 110 ◦ HA-Turbines-b) 4 15 25 43 • Aeroderivatives-a) 10 18 44 63 Gas Turbines (GW)-d) 6.1 10.2 20.2 29.8 Wind Turbines-c) 342 294 1,212 854 Repower units 278 264 656 608 Win
Slide 23: Non-GAAP reconciliations
Non-GAAP reconciliations © 2026 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 23
Slide 24: Non-GAAP reconciliations
Non-GAAP reconciliations GE Vernova 2026 Guidance: Power organic revenue* We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measure of Power organic revenue* for 2026 without unreasonable effort due to the
Slide 25: Adjusted equipment backlog
Adjusted equipment backlog* ADJUSTED EQUIPMENT BACKLOG Twelve months ended at December 31, ($ in millions) 2023 2024 2025 Equipment Remaining Performance Obligations (RPO) (GAAP) $ 40,478 $ 43,047 $ 64,245 Less: Equipment RPO related to the portion of Steam Power nuclear activities sold to Electrici
Slide 26: Organic revenue and EBITDA margin
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 December 31, ($ in millions) 2024 2025 V% 2024 2025 V% 2024 2025 V% 2024 2025 V% 2024 2025 V% P
Slide 27: Organic revenue and EBITDA margin
Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Twelve months ended December 31, ($ in millions) 2024 2025 V% 2024 2025 V% 2024 2025 V% 2024 2025 V% 2024 2025 V%
Slide 28: Adjusted general and administrative expenses
Adjusted general and administrative expenses* ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended December 31 Twelve months ended December 31 ($ in millions) 2024 2025 V% 2023 2024 2025 V% Selling, General and Administrative expense (GAAP) $ 1,266 $ 1,355 7 % $ 4,845 $ 4,632 $ 4,94
Slide 29: Adjusted EBITDA and margin
Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA margin*& Adjusted organic EBITDA margin* expansion Three months ended December 31 Twelve months ended December 31 ($ in millions) 2024 2025 V% 2024 2025 V% Net income (loss) (GAAP) $ 484 $ 3,670 658% $ 1,559 $ 4,879 213% Add: Restruc
Slide 30: Free Cash Flow
Free Cash Flow* Free Cash Flow (Non-GAAP) Three months ended December 31 Twelve months ended December 31 ($ in millions) 2024 2025 V% 2024 2025 V% Cash from (used for) operating activities (GAAP) $ 922 $ 2,480 169% $ 2,583 $ 4,987 93% Add: gross additions to property, plant and equipment and interna
Slide 31: GE VERNOVA
GE VERNOVA