GE Vernova (GEV) investor relations material

2025 outlook and financial performance

• Orders expected to reach $50 billion in 2025, with $37 billion in revenue and improving margins as profitability strengthens.

• Gas power segment has 55 GW of new capacity on contract, expected to approach 60 GW by Q3, with strong demand from hyperscalers and major projects in the U.S.

• Electrification segment anticipates at least $1 billion in orders from hyperscalers, with significant growth in Saudi Arabia, Algeria, and Korea.

• Onshore wind remains challenging, with order softness and potential 10%-15% revenue decline in 2026, impacting EBITDA margins.

• Despite wind headwinds, confidence remains in the 2025 financial framework, with plans to update 2028 guidance higher.

Industry cycle and long-term growth

• Energy demand is projected to grow exponentially, with a rising share of electricity in the global energy mix.

• The current cycle is compared to a historic 30-year post-1945 growth period, with a focus on a decade of action for electrification and decarbonization.

• Margin profiles in power and electrification are already trending toward or exceeding 2028 targets, driven by improved execution.

• Backlog growth is robust, with at least $13 billion added this year, supporting growth beyond 2028.

• Analyst Day will provide updated guidance and detail on investments and long-term growth trajectory.

Business evolution and services opportunity

• Gas power will add at least 200 GW of baseload capacity over the next decade, doubling the current baseload fleet and boosting service revenues.

• Electrification is entering a new growth phase, driven by organic investments and customer demand, especially from hyperscalers.

• Wind business is focused on automation and competitiveness to address current volume softness and improve economics.

• Upgrades in the gas install base are expected to double by decade's end, with strong demand for services across gas, steam, nuclear, and wind.

• Grid software and small modular nuclear reactors are strategic investments for long-term value creation.