Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Q1 2026 Earnings Presentation
28 slides from Ge Vernova's earnings presentation, Apr 22, 2026
Slide 1: 1Q 2026 Financial Results & Outlook
1Q 2026 Financial Results & Outlook April 22, 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: Solid start to 2026
Solid start to 2026 Growth trajectory and margin expansion potential of company is accelerating Providing diverse and integrated solutions for existing and new customers Running business better today; investing in lean, AI, and robotics for tomorrow Operating from a position of financial strength Si
Slide 4: Strong 1Q'26 results
Strong 1Q’26 results Equipment backlog-a) $76B • Delivered strong orders, revenue & backlog growth in both equipment & services $64B Wind Electrification grew by $8B, from Prolec GE and data center • Generated $4.8B of free cash flow*, more than demand Electrification full year 2025 Gas Power backlo
Slide 5: Electrification well-positioned for growth
Electrification well-positioned for growth Electrification Backlog-a) Up >4x Broad Suite of Offerings 2025 Revenue of $9.5B-b) Grid Automation & Software $42B • Grid monitoring products and enhanced digitization to drive more predictive and autonomous grid management $34B Power Conversion & Storage
Slide 6: Financial Snapshot
Financial Snapshot $ in billions 1Q’25 1Q’26 1Q’26 Dynamics-b) Orders 10.2 18.3 +71% Robust growth in both equipment and services Significant equipment growth at Electrification and Power as well as Backlog-a) 123.4 163.3 +39.8 services, driven by Power Increased equipment revenue at Electrification
Slide 7: Power
Power 16.3% 1Q’26 Dynamics-a) EBITDA Orders robust, increasing 59%, primarily driven by higher gas 11.6% Margin turbine pricing and HA volume, as well as large orders for upgrades at Nuclear Power Revenue increased 10%, led by Gas Power from both heavy duty 811 gas turbines and aeroderivatives units
Slide 8: Electrification
Electrification 1Q’26 Dynamics-a) 17.8% Orders strong, approximately 2.5 times revenue due to growing grid EBITDA Margin 11.1% equipment demand, particularly for substations, HVDC, switchgear, and transformers Revenue increased 29%, from substantial growth in switchgear, 528 transformers, substation
Slide 9: Wind
Wind (146) 1Q’26 Dynamics-a) Wind orders increased driven by improved Onshore Wind equipment orders, primarily in North America (382) (7.9)% EBITDA Revenue decreased (25)% given lower Onshore Wind equipment ($M) deliveries EBITDA losses increased primarily due to lower equipment volume EBITDA and th
Slide 10: Raising 2026 guidance
Raising 2026 guidance GE Vernova January 28th April 22nd Power • Organic revenue* growth of 16% - 18% • 17% - 19% segment EBITDA margin REVENUE $44B - $45B $44.5B - $45.5B (previous: 16% - 18%) Electrification ADJUSTED • $14.0B - $14.5B of revenue, which 11% - 13% 12% - 14% includes ~$3B from Prolec
Slide 11: Wrap-Up
Wrap-Up Executing well in early stages of multi-year growth opportunity Operating businesses better, but additional substantial opportunity to improve Investing prudently for near-, mid-, and long-term returns Building a larger and more profitable business positioned to deliver attractive returns ©
Slide 12: Q&A
Q&A GE Vernova’s Kaizen Week featured ~200 events focused on safety, quality, delivery, and cost, resulting in the elimination of 100,000+ lifting activities, reduction of 480+ days of production time, and 350+ safety improvements. © 2026 GE Vernova and/or its affiliates. All rights reserved. 12
Slide 13: Appendix
Appendix © 2026 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license 13
Slide 14: Our Sustainability Framework
GE Vernova’s Sustainability Framework comprises four pillars – Electrify, Aligning GE Vernova’s business success with sustainability success Decarbonize, Conserve, and Thrive – each with leading goals that progress Our Sustainability Framework our objectives to help decarbonize the planet, conserve
Slide 15: Financial trending metrics
Financial trending metrics 1Q'26 y/y % Orders ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 (organic) Total Orders 10,152 12,364 14,608 22,192 18,279 71 % Equipment 5,760 7,808 10,039 16,175 12,753 106 % Services 4,392 4,555 4,569 6,017 5,526 25 % 1Q'26 y/y % Revenues ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 (organi
Slide 16: Financial trending metrics by segment
Financial trending metrics by segment 1Q'26 y/y % Power ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 (organic)* Segment Revenue 4,449 4,785 4,863 5,776 4,971 10% Equipment 1,491 1,504 1,744 1,946 1,885 25% Services 2,958 3,280 3,119 3,830 3,086 3% Segment EBITDA 517 785 651 982 811 Segment EBITDA margin 11.6%
Slide 17: Power: key performance metrics
Power: key performance metrics Orders ($M) 1Q'25 1Q'26 y/y % (organic) Equipment 2,842 5,611 95% Services 3,420 4,396 29% Total Orders 6,263 10,008 59% RPO ($M) 1Q'25 1Q'26 y/y % Equipment 13,920 28,530 105% Services 62,533 71,164 14% Total RPO 76,453 99,694 30% Segment Revenues and EBITDA ($M) 1Q'2
Slide 18: Electrification: key performance metrics
Electrification: key performance metrics Orders ($M) 1Q'25 1Q'26 y/y % (organic) Equipment 2,808 6,421 99% Services 557 691 18% Total Orders 3,366 7,112 86% RPO ($M) 1Q'25 1Q'26 y/y % Equipment 21,996 38,598 75% Services 3,038 3,842 26% Total RPO 25,034 42,440 70% Segment Revenues and EBITDA ($M) 1Q
Slide 19: Wind: key performance metrics
Wind: key performance metrics Orders ($M) 1Q'25 1Q'26 y/y % (organic) Equipment 202 739 265% Services 438 460 2% Total Orders 640 1,199 85% RPO ($M) 1Q'25 1Q'26 y/y % Equipment 9,676 8,905 (8)% Services 12,484 12,443 —% Total RPO 22,160 21,348 (4)% Segment Revenues and EBITDA ($M) 1Q'25 1Q'26 y/y %
Slide 20: Free cash flow* performance
Free cash flow* performance FCF* ($M) 1Q'25 1Q'26 y/y Net income (loss) (GAAP) 264 4,750 4,485 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 149 166 17 Amortization of intangible assets 56 176 1
Slide 21: Unit metrics: orders and sales
Unit metrics: orders and sales Orders 1Q'25 1Q'26 Gas Turbines 38 37 o Heavy-Duty Gas Turbines-a) 29 28 ◦ HA-Turbines-b) 8 12 • Aeroderivatives-a) 9 9 Gas Turbines (GW)-d) 7.1 8.1 Wind Turbines-c) 23 146 Repower units — 49 Wind Turbines and Repower (GW)-c),-d) 0.1 0.6 Sales 1Q'25 1Q'26 Gas Turbines
Slide 22: 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 22
Slide 23: Non-GAAP reconciliations
Non-GAAP reconciliations 2Q’26 Outlook: 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 2Q’26 without unreasonable effort due to the uncertaint
Slide 24: Organic revenue, segment organic revenue, EBITDA and 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 March 31, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% Powe
Slide 25: Adjusted general and administrative expenses*
Adjusted general and administrative expenses* ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended March 31 ($ in millions) 2025 2026 V% Selling, General and Administrative expense (GAAP) $ 1,188 $ 1,298 9 % Less: Restructuring and other charges 15 89 Less: Separation costs(a) 44 22
Slide 26: Adjusted EBITDA*, margin and organic margin expansion
Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA margin*& Adjusted organic EBITDA margin* expansion Three months ended March 31 ($ in millions) 2025 2026 V% Net income (loss) (GAAP) $ 264 $ 4,750 1,699% Add: Restructuring and other charges 67 94 Add: (Gains) losses on purchases and
Slide 27: Free Cash Flow*
Free Cash Flow* Free Cash Flow (Non-GAAP) Three months ended March 31 ($ in millions) 2025 2026 V% Cash from (used for) operating activities (GAAP) $ 1,161 $ 5,188 347% Add: gross additions to property, plant and equipment and internal-use software (186) (397) Free cash flow* (Non-GAAP) $ 975 $ 4,79
Slide 28: GE VERNOVA
GE VERNOVA