Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Q4 2024 Earnings Presentation
31 slides from Ge Vernova's earnings presentation, Jan 22, 2025
Slide 1: 4Q & Full Year 2024 Financial Results
4Q & Full Year 2024 Financial Results January 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: An exciting time
An exciting time Accelerating demand for power generation Energy security & reliability requiring increased grid infrastructure Increasing investment in decarbonization technologies Driving stronger financial results and shareholder value © 2024 2025 GE Vernova and/or its affiliates. All rights rese
Slide 4: Executing our strategy
Executing our strategy Delivering on growing demand and creating Embedding lean culture across GE Vernova value for stakeholders to drive operational improvement & SQDC • Market demand for Gas generation driving • Safety remains our top priority significant orders growth at Power • Continuing qualit
Slide 5: Built a strong foundation in 2024
Built a strong foundation in 2024 • Delivered strong orders, disciplined top line growth, & margin expansion across all segments • Significantly improved free cash flow* & executed value accretive portfolio actions • Raised our multi-year financial outlook & framed capital allocation strategy in Dec
Slide 6: Margin in equipment backlog increased >$6B since 2022
Margin in equipment backlog increased >$6B since 2022 Equipment backlog-a) 2025 Outlook 43 $B Power and Electrification: growing backlog at better margins +5pts 43 margin expansion-b) • Incremental pricing in late 2024 on slot reservation 37 agreements followed by further pricing increases +7pts • C
Slide 7: Financial snapshot
Financial snapshot $ in billions 4Q’23-a) 4Q’24 FY’23-a) FY’24 4Q’24 Dynamics-b) Orders 11.0 13.2 41.6 44.1 • Orders +22%: robust equipment demand growth at Power & Electrification; lower Onshore Wind Revenue 10.0 10.6 33.2 34.9 • Revenue +9%: solid growth in both equipment & services Adjusted EBITD
Slide 8: Power
Power 14.3% 14.9% 4Q’24 Dynamics-a) 12.5% EBITDA Margin • Significant equipment orders with 24 heavy duty gas 9.9% turbines (including +4 HAs year over year) 2,268 EBITDA ($M) • Revenue slightly higher driven by Gas Power services 1,722 and higher HA deliveries 799 810 • EBITDA margins expanded with
Slide 9: Wind
Wind 19 4Q’24 Dynamics-a) (289) (588) EBITDA • Lower Onshore Wind equipment orders, primarily due to 0.6% ($M) the large 2.4GW SunZia order in 4Q’23 (1,033) • Significant revenue growth driven by higher Onshore (6.1)% EBITDA Wind deliveries, partially offset by lower Offshore Wind Margin (11.2)% (10
Slide 10: Electrification
Electrification 4Q’24 Dynamics-a) 13.0% • Orders more than doubled, outpacing revenue from 9.0% EBITDA 8.6% Margin growing demand for grid equipment 679 3.7% EBITDA • Revenue growth continued driven by Grid Solutions, ($M) with higher volume and price 283 234 168 • Significant EBITDA margin expansio
Slide 11: Reaffirming 2025 guidance
Reaffirming 2025 guidance Power • Organic revenue* growth of mid-single-digits REVENUE $36B - $37B • 13% - 14% segment EBITDA margin Wind ADJUSTED • Organic revenue* down mid-single-digits HSD EBITDA MARGIN*-a) • $200M - $400M segment EBITDA losses FREE CASH FLOW* $2.0B - $2.5B Electrification • Org
Slide 12: Energy transition is a growing, exciting market
Energy transition is a growing, exciting market Power generates significant, growing FCF* Wind expected to experience multiple years of margin expansion Electrification is a high growth segment with improving profitability Lean operating system with sustainability & innovation at our core GE Vernova
Slide 13: Q&A
Q&A The Global Repair Service Center in Singapore, where GE Vernova is investing $20M to boost repair capabilities for HA gas turbine components, leveraging AI and lean. 13 © 2025 GE Vernova and/or its affiliates. All rights reserved.
Slide 14: Appendix
Appendix © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 14
Slide 15: Our Sustainability Framework
ALIGNING GE VERNOVA’S BUSINESS GE Vernova’s Sustainability Framework comprises four pillars – Electrify, Decarbonize, Conserve, and Thrive – each with leading goals that SUCCESS WITH SUSTAINABILITY SUCCESS: progress our objectives to electrify and decarbonize the planet, conserve natural resources,
Slide 16: Financial trending metrics
Financial trending metrics 4Q'24 y/y % Orders ($M) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 (organic) Total Orders 9,658 12,714 8,245 11,020 9,659 11,844 9,378 13,207 22 % Equipment 6,268 8,786 4,761 5,902 5,773 7,428 5,042 8,336 44 % Services 3,391 3,928 3,484 5,117 3,887 4,416 4,336 4,871 (
Slide 17: Financial trending metrics by segment
Financial trending metrics by segment 4Q'24 y/y % Power ($M) 1Q'23 2Q'23 3Q'23 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 (organic)* Segment Revenue 3,821 4,131 3,893 5,591 4,035 4,455 4,206 5,431 2% Equipment 1,180 1,147 1,291 1,981 1,201 1,285 1,426 1,796 1% Services 2,641 2,984 2,602 3,611 2,833 3,170 2,781 3
Slide 18: Power: key performance metrics
Power: key performance metrics Orders ($M) 4Q'23 4Q'24 y/y % (organic) FY'23 FY'24 y/y % (organic) Equipment 1,471 2,906 102% 5,000 8,340 72% Services 3,981 3,646 (6)% 12,425 13,418 10% Total Orders 5,452 6,552 24% 17,426 21,758 28% RPO ($M) 4Q'23 4Q'24 y/y % Equipment 13,636 12,461 (9)% Services 59
Slide 19: Wind: key performance metrics
Wind: key performance metrics Orders ($M) 4Q'23 4Q'24 y/y % (organic) FY'23 FY'24 y/y % (organic) Equipment 3,008 1,580 (47)% 9,937 5,447 (45) % Services 443 451 1% 1,485 1,640 10 % Total Orders 3,452 2,031 (41)% 11,422 7,088 (38)% RPO ($M) 4Q'23 4Q'24 y/y % Equipment 13,709 10,720 (22)% Services 13
Slide 20: Electrification: key performance metrics
Electrification: key performance metrics Orders ($M) 4Q'23 4Q'24 y/y % (organic) FY'23 FY'24 y/y % (organic) Equipment 1,436 3,966 182% 10,964 13,054 19 % Services 757 819 9% 2,239 2,635 18 % Total Orders 2,193 4,786 122% 13,203 15,689 19 % RPO ($M) 4Q'23 4Q'24 y/y % Equipment 13,233 20,005 51% Serv
Slide 21: Free cash flow* performance
Free cash flow* performance FCF* ($M) 4Q'23 4Q'24 y/y FY’23 FY’24 y/y Net income (loss) (GAAP) 206 484 278 (474) 1,559 2,033 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 194 180 (14) 724 895 17
Slide 22: Unit metrics: orders and sales
Unit metrics: orders and sales Orders 4Q'23 4Q'24 FY’23 FY’24 Gas Turbines 34 34 93 112 • Heavy-Duty Gas Turbines-a) 9 24 41 68 ◦ HA-Turbines-b) — 4 8 25 • Aeroderivatives-a) 25 10 52 44 Gas Turbines (GW)-d) 2.1 6.1 9.5 20.2 Wind Turbines-c) 811 342 2,290 1,212 Repower units 273 278 446 656 Wind Tur
Slide 23: 2023 financial summary
2023 financial summary GE Vernova financial summary ($M) 4Q’23 Reported carve out basis 4Q’23 Pro Forma basis-a) FY’23 Reported carve out basis FY’23 Pro Forma basis-a) Revenue 10,045 10,045 33,239 33,239 Adjusted EBITDA* 584 523 807 570 Adjusted EBITDA margin* 5.8% 5.2% 2.4% 1.7% Free cash flow* 1,
Slide 24: Non-GAAP reconciliations
Non-GAAP reconciliations © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 24
Slide 25: Adjusted backlog*, Adjusted equipment backlog* & Adjusted Power backlog*
Adjusted backlog*, Adjusted equipment backlog* & Adjusted Power backlog* ADJUSTED BACKLOG Twelve months ended at December 31, ($ in millions) 2022 2023 2024 Remaining Performance Obligations (RPO) (GAAP) $ 104,899 $ 115,598 $ 119,023 -a) Less: RPO related to the portion of Steam Power nuclear activi
Slide 26: Organic revenue and segment organic EBITDA (three months)
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 December 31, ($ in millions) 2024 2023 V% 2024 2023 V% 2024 2023 V% 2024 2023 V% 2024 2023 V bps P
Slide 27: Organic revenue and segment organic EBITDA (twelve months)
Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* Revenue Equipment revenue Services revenue Segment EBITDA Segment EBITDA margin % Twelve months ended December 31, ($ in millions) 2024 2023 V% 2024 2023 V% 2024 2023 V% 2024 2023 V% 2024 2023 V bps
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 2023 V% 2024 2023 V% Selling, general, and administrative expenses (GAAP) $ 1,266 $ 1,251 1 % $ 4,632 $ 4,845 (4)% Less
Slide 29: Adjusted EBITDA* and Adjusted EBITDA 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 Reported Proforma-a) Reported Proforma-a) ($ in millions) 2024 2023 V% 2023 2024 2023 V% 2023 Net income (loss) (GAAP)
Slide 30: Free Cash Flow*
Free Cash Flow* Three months ended December 31 Twelve months ended December 31 Reported Proforma-a) Reported Proforma-a) ($ in millions) 2024 2023 V$ 2023 2024 2023 V$ 2023 Cash from (used for) operating activities (GAAP) $ 922 $ 1,931 $ (1,010) $ 1,931 $ 2,583 $ 1,186 $ 1,397 $ 1,186 Add: gross add
Slide 31: GE VERNOVA
GE VERNOVA