Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Merger or Acquisition (October 2025)
17 slides from Ge Vernova's merger presentation, Oct 21, 2025
Slide 1: Prolec GE Acquisition
Prolec GE Acquisition October 21, 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: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 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: 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 11
Slide 12: Prolec GE Transaction Overview
Prolec GE Transaction Overview • $5.275B purchase price Valuation -a) • 13.9x 2025E adjusted EBITDA* and 9.4x 2028E adjusted EBITDA*, before synergies-b) • Well aligned with precedent transaction multiples Financing & • Transaction not subject to any financing conditions Balance Sheet • Funding purc
Slide 13: Electrification Systems Current Footprint and Resources
Electrification Systems Current Footprint and Resources 40+ Manufacturing sites And a presence in 60+countries Manufacturing sites Electrification Systems Prolec GE Site mapping does not include non-consolidated JV locations other than Prolec GE © 2025 GE Vernova and/or its affiliates. All rights re
Slide 14: Non-GAAP reconciliations
Non-GAAP reconciliations © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 14
Slide 15: Non-GAAP reconciliations
Non-GAAP reconciliations Prolec GE Adjusted EBITDA* and Adjusted EBITDA margin* Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* are non-GAAP financial measures and are forecasts of the joint venture as a standalone business prepared by GE Vernova based on data provided by the joint venture
Slide 16: Prolec GE adjusted EBITDA*
Prolec GE adjusted EBITDA* ($ 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 17: GE VERNOVA
GE VERNOVA