GE Vernova : 1st Quarter 2026 Earnings Presentation

Published: 2026-04-22 06:46:26 ET GEV

Published on 04/22/2026 at 06:46 am EDT

6pril 22, 2026

GE and the GE Monogram are trademarks of General Electric Company used under trademark license

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, 6I, and robotics for tomorrow

Operating from a position of financial strength

Significant opportunity to create value going forward

Wind

Electrification

Power

Equipment bacfilog-a)

$76B

$64B

Electrification grew by

$8B, from Prolec GE and data center demand

Gas Power backlog increased to 44 GW & slot reservations increased to 56 GW

Delivered strong orders, revenue G backlog growth in both equipment G services

Generated $4.8B of free cash flow*, more than full year 2025

Raising 2026 financial guidance across all key metrics

4ʘ'25 1ʘ'26

Solid execution continues

* Non-GAAP Financial Measure

(a - Backlog defined on a remaining performance obligation (RPO) basis

Electrification Backlog-a) Up >4x

$42B

Broad Suite of Offerings

Grid 6utomation G Software

2025 Revenue of S9.5B-b)

$34B

$23B

$16B

$9B

Grid monitoring products and enhanced digitization to drive more predictive and autonomous grid management

2022 2023 2024 2025 1ʘ'26

Power Conversion G Storage

Equipment, like synchronous condensers and battery storage, to improve grid resiliency by addressing intermittency and growing electro-intensive demand

Power Transmission

Switchgear, transformers, and capacitors to expand and modernize the grid

Prolec GE expands transformer offerings, scale, G flexibility; adds ~$5B of backlog

Grid Systems Integration

HVDC systems and substations, including key data center solutions

Significant visibility to growing revenue for years to come

6ccelerating demand

(a - Backlog defined on a remaining performance obligation (RPO) basis

(b - Prolec GE was added to Power Transmission in 1Q'26 following the closure of the acquisition

$ in billions

1ʘ'25 1ʘ'26

Orders 10.2 18.3

+71%

1ʘ'26 Dynamics-b)

Robust growth in both equipment and services

Bacfilog-a) 123.4 163.3

+39.8

Significant equipment growth at Electrification and Power as well as services, driven by Power

Revenue 8.0 9.3

6djusted EBITD6* 0.5 0.9

+7%

+0.4

Increased equipment revenue at Electrification and Power, along with higher services revenue, more than offset lower Wind equipment revenue

Year-over-year growth and expansion driven by price, more profitable

6djusted EBITD6 Margin*

Free cash flow (FCF)*

5.7% 9.6%

1.0 4.8

390bps

+3.8

volume, and productivity

Higher positive benefits from working capital and stronger adj. EBITDA* partially offset by increased taxes and capex

Significant growth, margin expansion, and FCF* with increasing bacfilog-a)

* Non-GAAP Financial Measure

(a - defined as remaining performance obligation (RPO)

(b - year-over-year variances and commentary for orders, revenue G adj. EBITDA margin are presented on an organic basis; organic revenue G adj. organic EBITDA margin are non-GAAP financial measures 6

EBITD6

Margin

1ʘ'25

1ʘ'26

Orders ($B)

6.3

10.0

Revenue ($B)

4.4

5.0

Bacfilog-b) ($B)

76.5

99.7

EBITD6 ($M)

11.6%

517

16.3%

811

1Q'26 Dynamics-a)

Orders robust, increasing 59%, primarily driven by higher gas 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 gas turbines and aeroderivatives units and favorable pricing

EBITDA margin expanded as higher price and volume more than offset inflation as well as additional expenses to support capacity and RGD investments

2Q'26 Outlook-a)

Expect 15% - 17% organic revenue growth driven by both higher equipment and services; 17% - 18% EBITDA margin

Robust demand growth, increased revenue G EBITD6 margin

(a - year-over-year variance commentary for orders, revenue, and EBITDA margin are presented on an organic basis; organic revenue and organic EBITDA margin are non-GAAP financial measures (b - defined as remaining performance obligation (RPO)

17.8%

1Q'26 Dynamics-a)

528

Orders strong, approximately 2.5 times revenue due to growing grid

EBITD6

Margin

EBITD6 ($M)

11.1%

205

equipment demand, particularly for substations, HVDC, switchgear, and transformers

Revenue increased 29%, from substantial growth in switchgear, transformers, substations, and HVDC equipment

Significant EBITDA margin expansion with strong volume, productivity, and favorable pricing

Orders ($B)

1ʘ'25

3.4

1ʘ'26

7.1

Revenue ($B)

1.8

3.0

Bacfilog-b) ($B)

25.0

42.4

2Q'26 Outlook-a)

Expect revenues of $3.3B - $3.5B with modest sequential EBITDA margin expansion

Significant growth G EBITD6 margin expansion while increasing bacfilog-b)

EBITD6

Margin

(26.7)%

1ʘ'25

1ʘ'26

Orders ($B)

0.6

1.2

Revenue ($B)

1.8

1.4

Bacfilog-b) ($B)

22.2

21.3

EBITD6 ($M)

(146)

(382)

(7.9)%

1Q'26 Dynamics-a)

Wind orders increased driven by improved Onshore Wind equipment orders, primarily in North America

Revenue decreased (25)% given lower Onshore Wind equipment deliveries

EBITDA losses increased primarily due to lower equipment volume and the impact of tariffs at Onshore Wind and higher Offshore Wind contract losses, partially offset by improved Onshore Wind services

2Q'26 Outlook-a)

Expect revenue down mid-teens; EBITDA losses of $200M -

$300M, from lower Onshore Wind equipment volume

EBITD6 losses in line with our expectations

(a - year-over-year variance commentary for orders, revenue, and EBITDA are presented on an organic basis; organic revenue and organic EBITDA are non-GAAP financial measures (b - defined as remaining performance obligation (RPO)

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

6DJUSTED

EBITD6 M6RGIN*-a)

11% - 13% 12% - 14%

$14.0B - $14.5B of revenue, which includes ~$3B from Prolec GE

(previous: $13.5B - $14.0B)

18% - 20% segment EBITDA margin

(previous: 17% - 19%)

FREE C6SH FLOW* $5.0B - $5.5B $6.5B - $7.5B

(a - includes $(450)M - $(500)M of Corporate and other costs

Wind

Organic revenue* down low-double digits

~$400M of segment EBITDA losses

Expecting continued adjusted EBITD6 margin* expansion and FCF* growth in 2026

* Non-GAAP Financial Measure

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

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.

GE and the GE Monogram are trademarks of General Electric Company used under trademark license

Aligning GE Vernova's business success with sustainability success

Our Sustainability Framework

Catalyze access to more secure, sustainable, reliable, and affordable electricity, and help drive global economic development

GE Vernova's Sustainability Framework comprises four pillars - Electrify, Decarbonize, Conserve, and Thrive - each with leading goals that progress our objectives to help decarbonize the planet, conserve natural resources, and support communities where everyone can thrive. These leading goals are core to our sustainability programs and the framework helps align our business performance with non-financial impacts.

Invent, deploy, and service the technology to help decarbonize and electrify the world

LE6DING GO6LS

GO6L 1

Be a leading provider of new power generating capacity and grid capacity for the world

GO6L 2

Address electrification in regions underserved by reliable, affordable, and sustainable electricity

GO6L 3

Support workforce development, with a focus on underserved populations globally

GO6L 1

Improve the trajectory of carbon intensity for near-term impact

GO6L 2

Innovate toward our 2050 Scope 3 net zero ambition for use of sold products

Innovate more while using less, safeguarding natural resources

LE6DING GO6LS

GO6L 1 GO6L 2

Advance safe, responsible, and fair working conditions in our operations and across our value chain

LE6DING GO6LS

GO6L 1 GO6L 2 GO6L 3 GO6L 4

Carbon neutrality for Scope 1 and 2 GHG emissions by 2030

90% of our top products covered by our 4R circularity framework by 2030

Fatality-free operations

Demonstrate progress on inclusive culture and equal employment opportunity for all employees

Embed and implement ethical decision-making principles into business decisions

Partner with suppliers to advance human rights in our value chain

Orders ($M)

1ʘ'25

2ʘ'25

3ʘ'25

4ʘ'25

1ʘ'26

1ʘ'26 y/y % (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 %

Revenues ($M)

1ʘ'25

2ʘ'25

3ʘ'25

4ʘ'25

1ʘ'26

1ʘ'26 y/y % (organic)*

Total Revenues

8,032

9,111

9,969

10,956

9,339

Equipment

4,197

4,894

5,880

5,963

5,254

10%

Services

3,835

4,217

4,089

4,993

4,084

RPO ($M)

1ʘ'25

2ʘ'25

3ʘ'25

4ʘ'25

1ʘ'26

1ʘ'26 y/y %

Total RPO

123,438

128,650

135,269

150,238

163,276

32%

Equipment

45,478

49,712

54,092

64,245

75,924

67%

Services

77,959

78,938

81,177

85,993

87,352

12%

* Non-GAAP Financial Measure

Power ($M)

1ʘ'25

2ʘ'25

3ʘ'25

4ʘ'25

1ʘ'26

1ʘ'26 y/y % (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

Segment EBITDA

517

785

651

982

811

Segment EBITDA margin

11.6%

16.4%

13.4%

17.0%

16.3%

500bps

Electrification ($M)

1ʘ'25

2ʘ'25

3ʘ'25

4ʘ'25

1ʘ'26

1ʘ'26 y/y % (organic)*

Segment Revenue

1,840

2,162

2,565

2,921

2,959

29%

Equipment

1,391

1,673

2,035

2,279

2,501

39%

Services

448

488

530

642

459

(5)%

Segment EBITDA

205

314

387

494

528

Segment EBITDA margin

11.1%

14.5%

15.1%

16.9%

17.8%

590bps

Wind ($M)

1ʘ'25

2ʘ'25

3ʘ'25

4ʘ'25

1ʘ'26

1ʘ'26 y/y % (organic)*

Segment Revenue

1,850

2,245

2,647

2,368

1,432

(25)%

Equipment

1,412

1,797

2,203

1,839

889

(39)%

Services

438

448

445

529

543

20%

Segment EBITDA

(146)

(165)

(61)

(225)

(382)

Segment EBITDA margin

(7.9)%

(7.3)%

(2.3)%

(9.5)%

(26.7)%

(1,670)bps

* Non-GAAP Financial Measure

Orders ($M)

1ʘ'25

1ʘ'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)

1ʘ'25

1ʘ'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 EBITD6 ($M)

1ʘ'25

1ʘ'26

y/y % (organic)*

Gas Power

3,605

4,066

Nuclear Power

661

757

Hydro Power

183

148

Total Segment Revenues

4,449

4,971

10%

Equipment

1,491

1,885

25%

Services

2,958

3,086

Total Segment Revenues

4,449

4,971

10%

Segment EBITD6

517

811

Segment EBITD6 margin

11.6%

16.3%

500bps

* Non-GAAP Financial Measure

Orders ($M)

1ʘ'25

1ʘ'26

y/y % (organic)

Equipment

2,808

6,421

99%

Services

557

691

18%

Total Orders

3,366

7,112

86%

RPO ($M)

1ʘ'25

1ʘ'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 EBITD6 ($M)

1ʘ'25

1ʘ'26

y/y % (organic)*

Power Transmission

692

1,380

Grid Systems Integration

390

691

Power Conversion G Storage

381

477

Grid Automation G Software

378

411

Total Segment Revenues

1,840

2,959

29%

Equipment

1,391

2,501

39%

Services

448

459

(5)%

Total Segment Revenues

1,840

2,959

29%

Segment EBITD6

205

528

Segment EBITD6 margin

11.1%

17.8%

590bps

* Non-GAAP Financial Measure

Orders ($M)

1ʘ'25

1ʘ'26

y/y % (organic)

Equipment

202

739

265%

Services

438

460

Total Orders

640

1,199

85%

RPO ($M)

1ʘ'25

1ʘ'26

y/y %

Equipment

9,676

8,905

(8)%

Services

12,484

12,443

Total RPO

22,160

21,348

(4)%

Segment Revenues and EBITD6 ($M)

1ʘ'25

1ʘ'26

y/y % (organic)*

Onshore Wind

1,646

1,186

Offshore Wind

204

246

Total Segment Revenues

1,850

1,432

(25)%

Equipment

1,412

889

(39)%

Services

438

543

20%

Total Segment Revenues

1,850

1,432

(25)%

Segment EBITD6

(146)

(382)

Segment EBITD6 margin

(7.9)%

(26.7)%

(1,670)bps

* Non-GAAP Financial Measure

FCF* ($M)

1ʘ'25

1ʘ'26

y/y

Net income (loss) (G66P)

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

Amortization of intangible assets

176

119

(Gains) losses on purchases and sales of business interests

(21)

(4,405)

(4,384)

Principal pension plans - net

(89)

(90)

(1)

Other postretirement benefit plans - net

(44)

(80)

(36)

Provision (benefit) for income taxes

354

286

Cash recovered (paid) during the year for income taxes

(145)

(534)

(390)

Changes in operating working capital:

Decrease (increase) in current receivables

918

610

(309)

Decrease (increase) in inventories, including deferred inventory costs

(432)

(930)

(498)

Decrease (increase) in current contract assets

(345)

(417)

(72)

Increase (decrease) in accounts payable and equipment project payables

(269)

473

742

Increase (decrease) in contract liabilities and current deferred income

1,124

5,574

4,451

All other operating activities

(74)

(457)

(383)

Cash from (used for) operating activities (G66P)

1,161

5,188

4,027

Add: gross additions to property, plant and equipment and internal-use software

(186)

(397)

(211)

Free cash flow* (Non-G66P)

975

4,791

3,816

Free cash flow conversion*-a)

369%

101%

* Non-GAAP Financial Measure

(a- Defined as free cash flow* divided by net income (loss)

Disclaimer

GE Vernova Inc. published this content on April 21, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 22, 2026 at 10:45 UTC.