Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Investor Day (December 2025)
44 slides from Ge Vernova's investor day presentation, Dec 9, 2025
Slide 1: 2025 Investor Update
2025 Investor Update December 9, 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: Overview & Strategy
Overview & Strategy Scott Strazik GE Vernova CEO © 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 3
Slide 4: Electric power … a key to unlocking economic growth
Electric power … a key to unlocking economic growth Accelerating growth of electricity demand is being driven by many factors … AI, industrialization, and the electrification of buildings and transportation Infrastructure buildouts of this scale create long cycles ... permitting, construction, fuel
Slide 5: Entering a supercycle of significant growth
Entering a supercycle of significant growth Electricity consumption increasing ~2X by 2050 Energy = Prosperity Total energy consumption in exajoules-a) ~540 Electricity more than 50% of total global energy investment in ‘25 ~455 ~170 ~95 (~30%) Electricity Higher electricity demand from hyperscalers
Slide 6: Strong 4Q'25 progress
Strong 4Q’25 progress Significant activity at Gas Power Other developments Signed 18 GW of new contracts … now expect ~80 GW Signed MoU with U.S. Government to pursue under contract by YE’25 deployment of our SMR technology in the U.S. On track to increase annual gas turbine capacity to Significant
Slide 7: Stronger financial trajectory ahead
Stronger financial trajectory ahead By 2028 Financial Outlook Assumptions (excluding acquisition of the remaining 50% stake of Prolec GE) • Expect LDD revenue CAGR from ‘25 to ‘28 for GEV GE Vernova Prior Current Change • Revenue up high teens at Power & Electrification, down $45B $52B +$7B LDD at W
Slide 8: Opportunities to our outlook
Opportunities to our outlook Pricing on gas turbines above current orders pricing levels Accelerating output primarily from lean Delivering backlog with variable cost productivity vs. known cost today Recovery in Onshore Wind orders, driving better revenue growth & margin expansion Completing the Pr
Slide 9: Executing our capital allocation strategic principles
Executing our capital allocation strategic principles Incremental organic investments Return at least 1/3rd of cash 1 to drive profitable growth 2 generation to shareholders 3 Targeted M&A Driving disciplined capex & innovation Creating capital while streamlining Returning capital to shareholders in
Slide 10: Key themes
Key themes Market opportunity accelerating … will be a larger market, for longer Very pleased with 4Q’25 to date both commercially and operationally Setting a new financial outlook, but running the businesses to higher expectations Good start to capital allocation ... more to come, with focus on ret
Slide 11: Financials & Outlook
Financials & Outlook Ken Parks GE Vernova CFO © 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: Financial Strategy
Disciplined top line growth OUR Driving adj. EBITDA* growth and margin expansion FINANCIAL STRATEGY Delivering strong FCF* conversion Investment grade balance sheet, continued innovation and strategic capital allocation *Non-GAAP Financial Measure 12 © 2025 GE Vernova and/or its affiliates. All righ
Slide 13: Building further momentum into 2026
Building further momentum into 2026 Revenue Adjusted EBITDA margin* -a) Free cash flow* -a) $41 – 42B 11 – 13% $4.5 – 5.0B $36 – 37B (trending towards the higher end) 8 – 9% $3.5 – 4.0B (increased from $34.9B $3.0 - 3.5B) $33.2B 5.8% $1.7B 2.4% $0.4B 2023 2024 2025E 2026E 2023 2024 2025E 2026E 2023
Slide 14: Continued margin expansion in 2026
Continued margin expansion in 2026 Adj. EBITDA margin* 11 – 13% Increased R&D Opex to support capacity expansions 8 – 9% 2025E Price/(Inflation) Volume Productivity & Cost Investments 2026E Reduction Key levers remain in our control to drive higher margins *Non-GAAP financial measure Excludes ac
Slide 15: Segment financial performance
Segment financial performance Revenue-a) EBITDA Margin 16 – 18% 16 – 18% 14 – 15% 12.5% POWER $18.1B 6 – 7% 2024 2025E 2026E 2024 2025E 2026E 17 – 19% Trending ~20% 14 – 15% towards 25% 9.0% ELECTRIFICATION $7.6B 2024 2025E 2026E 2024 2025E 2026E $9.7B Down HSD Down LDD 2024 2025E 2026E WIND 2024 20
Slide 16: Further expanding our robust equipment backlog
Further expanding our robust equipment backlog Equipment backlog nearly doubled Growing backlog with disciplined underwriting $54B • Positive price ... customer value & strong demand $43B • Growing need for HDGTs to provide reliable baseload $37B generation, particularly in North America & the Middl
Slide 17: Meeting demand with disciplined capacity increases
Meeting demand with disciplined capacity increases Expanding lean manufacturing lines & further optimizing factory layout A heavy-duty gas turbine leaving Lean manufacturing line in Greenville, SC Greenville, SC Hiring and developing highly skilled labor while increasing number of factory shifts Exe
Slide 18: Significant productivity opportunities
Significant productivity opportunities Transforming our G&A Opportunities to drive Reducing sourcing costs by leveraging scale cost structure variable cost productivity Accelerating our $600M cost Focused on driving productivity within our ~$1B • Negotiated as one GEV, $1B out of ~$20B of direct
Slide 19: Offshore Wind execution
Offshore Wind execution Year-end equipment backlog Backlog Updates ~$4B • Driving productivity after incorporating learnings from our first peak installation period ~$3B • Expect to be largely complete with Vineyard Wind and ~$2B Dogger Bank A in ‘25 • Progressing to achieve synergies with Onshore W
Slide 20: Strong and growing annual FCF
Strong and growing annual FCF* Consistently delivering positive quarterly FCF* Raising ’25 to ’28 FCF* outlook from $14B to $22B $1.7B (key drivers) • $8B of incremental adj. EBITDA*, net of +$6B $1.0B $1.0B mid-20’s tax rate $0.8B $0.7B $0.6B $0.2B • Progress collections continue as a source $0.1B
Slide 21: Executing disciplined capital allocation strategy
Executing disciplined capital allocation strategy $30B+ INVESTMENT GRADE RATING +$8B incremental Return at least 1/3 of cash generation to Fitch BBB/S&P BBB- expected FCF* generation shareholders through dividends & share repurchases $16B+ $1.7B net pension and benefit deficit-a) Increased cash avai
Slide 22: Updated financial outlook by 2028
Updated financial outlook by 2028 December 2024 Investor Update December 2025 Investor Update Updates • Incremental equipment growth from strong HSD LDD demand and increased capacity Organic revenue growth*-a) Organic revenue growth*-a) • Further services strength 14% 20% • Increased price and volum
Slide 23: Beyond 2028 & Wrap-up
Beyond 2028 & Wrap-up Scott Strazik GE Vernova CEO © 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 23
Slide 24: Accelerating value creation beyond 2028
Accelerating value creation beyond 2028 By 2028 Long-term (2030+) • Revenue CAGR of LDD from ‘25 to ‘28 • Exit ‘28 with ~$200B backlog vs. $135B in 3Q’25, providing revenue & margin visibility • Expand adjusted EBITDA margins* from ~8.5% in ‘25 to at least 20% by ‘28 • Electrification backlog will d
Slide 25: Our total backlog will fuel profitable growth beyond 2028
Our total backlog will fuel profitable growth beyond 2028 Backlog Dynamics ~$200B • Electrification backlog is expected to double by ‘28 driving revenue growth into the ‘30s $135B • Gas Power equipment backlog will also double by ’28, with an even larger increase in services backlog by the ’30s Serv
Slide 26: Electrification backlog projected to double
Electrification backlog projected to double Electrification Backlog Growing Electrification backlog ~$60B • Grid systems integration: largest portion of backlog today, driven by HVDC systems and substations to expand the grid; includes key data Grid automation & software Power conversion & storage c
Slide 27: Prolec GE update … incremental to financial outlook
Prolec GE update … incremental to financial outlook Stand-alone Prolec GE financials-a) Key observations $B, unless otherwise stated 2025E 2026E 2028E • Actionable cross-sell plays to customers of both Prolec GE and GEV available Revenue 3.0 3.4 4.2 Adjusted EBITDA* 0.8 0.9 1.1 • Credible potential
Slide 28: A valuable asset … the Power services annuity stream
A valuable asset … the Power services annuity stream Total Gas Power & Steam Power services revenue Doubling our gas installed base that runs ~$22B baseload from ~200 GW to ~400 GW +$10B ~$12B HA services annual revenue (~$1B in 2025) expected to reach ~$4B by ‘35 Strong escalation on existing contr
Slide 29: Making progress on building an SMR business
Making progress on building an SMR business Constructing the 1st SMR in North America U.S. Government announced MoU with GE Vernova to [XXX] develop SMRs in the U.S. Advancing the first SMR filed by a utility with the U.S. [XXX] Nuclear Regulatory Commission U.S. Department of Energy awarded $0.4B g
Slide 30: Investing for long-term value
Investing for long-term value Capabilities being deployed Key innovative products under development Artificial intelligence Automated gas turbines inspections Solid Oxide “X” Contract reviews and RFP analysis in Wind Carbon Capture Fuel Cells Ensuring on-time delivery with outage planning (SOX
Slide 31: A company we're proud to lead
A company we’re proud to lead Engineering leaders at our GE Vernova Family Day in New Era of Energy Event in Greenville, South Carolina, Saudi Arabia, February 2025 November 2025 Future energy professionals Transforming Rockefeller at the GE Vernova & MIT Center into Innovators Toy Climate Alliance
Slide 32: Wrap-up
Wrap-up Our financial trajectory from ’25 to ’28 is a strong foundation, but just the beginning Confident in our ability to scale to an even larger, more profitable company beyond ‘28, with significant cash generation, strong balance sheet, and a focus on returns Delivering our platform of integrate
Slide 33: Energy Expansion & Transition GE Vernova Opportunity
QA & Energy Expansion & Transition GE Vernova Opportunity THE TRILEMMA ATTRACTIVE RETURNS Electricity Increasing LDD organic More than Disciplined demand growing security & Decarbonization revenue growth*-a) doubling margins capital ~2X by 2050 reliability needs allocation An investment supercycle a
Slide 34: Appendix
Appendix Supplements 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 34
Slide 35: Industry leading gas turbine technology
Industry leading gas turbine technology Aeroderivatives B/E class F class HA class ~35-115MW ~45-150MW ~90-290MW ~290-570MW Lower cost economics over the project lifetime Generally better efficiency, fuel costs and emissions intensity levels Wide range of offerings to provide “bridging” and baseload
Slide 36: Select gas turbine offerings
Select gas turbine offerings 7E 7F 1x1 combined 7HA.03 2x1 Smallest Aero LM2500 simple cycle cycle combined cycle Largest Size (Output in MW) ~35 ~90 ~380 ~1,282 Heat Rate (Btu/kWh) ~8,700 ~10,000 ~5,700 ~5,300 Fuel Cost-a) ($/MWh) ~29 ~34 ~19 ~18 Emissions (Kg CO2/ MWh) 550 650 370 340 Months to Co
Slide 37: Guidance supplement
Guidance supplement This Supplement provides additional information, including assumptions and calculations, related to the guidance and outlook covered by this presentation. Acquisition of the remaining 50% stake of Prolec GE is excluded from the multi-year financial Prolec GE acquisition outlook u
Slide 38: Definition supplement
Definition supplement Free cash flow* Abbreviated as FCF* Heavy duty gas turbine Abbreviated as HDGT Small modular reactor Abbreviated as SMR Backlog Defined on a remaining performance obligation (RPO) basis Estimated and ongoing costs that Management expected to be incurred during the applicable St
Slide 39: Non-GAAP reconciliations
Non-GAAP reconciliations 2025 and 2026 Guidance and Outlook by 2028: Adjusted EBITDA margin* We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measures for adjusted EBITDA margin* in the 2025 and 2026 guida
Slide 40: Adjusted equipment backlog*
Adjusted equipment backlog* ADJUSTED EQUIPMENT BACKLOG As of, ($ in millions) December 31 September 30 2022 2023 2024 2025 Equipment Remaining Performance Obligations (RPO) (GAAP) $ 31,902 $ 40,478 $ 43,047 $ 54,092 Less: Equipment RPO related to the portion of Steam Power nuclear activities sold to
Slide 41: Adjusted EBITDA* and Adjusted EBITDA margin*
Adjusted EBITDA* and Adjusted EBITDA margin* Adjusted EBITDA* and Adjusted EBITDA margin* For the years ended December 31, ($ in millions) 2022 2023 2024 Net income (loss) (GAAP) $(2,722) $ (474) $ 1,559 Add: Restructuring and other charges 288 433 426 Add: (Gains) losses on purchases and sales of b
Slide 42: Adjusted general and administrative expenses*
Adjusted general and administrative expenses* ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Twelve months ended Nine months ended September 30, September 30, ($ in millions) 2023 2024 V% 2024 2025 V% Selling, general, and administrative expenses (GAAP) $ 4,845 $ 4,632 (4)% $ 3,366 $ 3,594 7% Le
Slide 43: Free cash flow*
Free cash flow* For the years ended in December 31, ($ in millions) 2023 2024 Cash from (used for) operating activities (GAAP) $ 1,188 $ 2,583 Add: gross additions to property, plant and equipment and internal-use software (744) (883) Free cash flow* (Non-GAAP) $ 442 $ 1,701 March 31, June 30, Septe
Slide 44: GE VERNOVA
GE VERNOVA