GE Vernova (GEV) Citi's Global Industrial Tech and Mobility Conference 2025 summary

2024 performance and strategic foundation

• Built a strong balance sheet with over $8 billion in cash and launched a capital allocation program, including a dividend and $6 billion stock buyback.

• Achieved $6 billion margin growth in equipment backlog over two years, setting a solid foundation for future growth.

• Transitioned from foundational work in 2024 to more advanced growth plans for 2025 and beyond.

Gas power and services outlook

• Expecting at least 20 GW of new gas capacity additions and orders per year, with 5 GW in Q1 2025.

• Services business scope per outage up 60% since 2021, and doubled in North America and the Middle East.

• Supply chain investments include moving over 300 large machines and adding 500+ by summer 2026 to meet demand.

• No plans to expand capacity beyond 20 GW/year, focusing on supply chain resilience and vertical integration.

Wind and electrification segments

• Wind market remains soft for new capacity, but repowering and international opportunities are offsetting weakness.

• Doubled crews and cranes in wind, improving availability and aiming for services profitability by 2026.

• Offshore wind business restructured, with a smaller footprint and focus on completing existing backlog.

• Electrification backlog expected to grow in 2025 at rates similar to 2023 and 2024; major factory revenue projected to rise from $400M in 2024 to $1B in 2026.