Ge Vernova Inc. · NYSE:GEV
Ge Vernova — Q3 2026 Earnings Presentation
43 slides from Ge Vernova's earnings presentation, Oct 28, 2026
Slide 1: 3Q 2026 Webcast
3Q 2026 Webcast October 28, 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: Opportunity to create value is accelerating
Opportunity to create value is accelerating Growth continues to accelerate across our existing and new offerings Margin expansion to date is encouraging … expect substantially more ahead Significant cash generation and a strong balance sheet ... investing for growth, profitable returns, and long-ter
Slide 4: Trench Group Acquisition
Trench Group Acquisition © 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 4
Slide 5: Acquiring Trench Group, a strategic addition
Acquiring Trench Group, a strategic addition Brings differentiated technology & scale for high-voltage solutions Strengthens ability to serve customers in high-voltage market reaching ~$130B by ’30-a) Vertically integrates an existing supplier; increases capacity for key grid equipment Strong manage
Slide 6: Increasing scale with differentiated technology
Increasing scale with differentiated technology 2026E Revenue by Product Key products that strengthen our portfolio Bushings Bushings for high voltage direct current (HVDC) $0.6B $0.1B and alternating current (AC) transformers … Connection reaching voltages up to 1,200kV to enable more efficient, la
Slide 7: Accelerating development of high-voltage solutions
Accelerating development of high-voltage solutions Trench’s products are key components in the growing high-voltage equipment market Why customers benefit Market increasing for these products and solutions • Enables the design and development of ~8%–a) annually to ~$130B in 2030 more optimized, inte
Slide 8: Enhances Electrification's two largest businesses
Enhances Electrification’s two largest businesses Broad Suite of Offerings 3Q’26 Backlog of $46B-a) Trench Group expands and increases our Grid Systems Integration (GSI) capabilities in GSI & PT • HVDC systems and substations, including key data • Greater incorporation of technologically center solu
Slide 9: Financial Profile
Financial Profile $B Standalone Trench Group financials Transaction highlights 2026E 2027E 2028E • $9.0B purchase price • Currently expect to fund with ~50% cash and ~50% debt Revenue 1.4 1.6 1.9 • Anticipate annual interest cost of ~$0.2B Adjusted EBITDA* 0.5 0.6 0.7 • Committed to maintain investm
Slide 10: Potential acquisition synergies
Potential acquisition synergies Cost synergies Upside from revenue synergies • Implement combined manufacturing expertise • Broaden relationships across complementary customers, especially in North America • Expand lean to increase productivity • Grow Trench’s revenues using GEV commercial capabilit
Slide 11: Executing our capital allocation strategy
Executing our capital allocation strategy Trench Group, an attractive acquisition • Provides scale and capabilities in Electrification • High visibility into long-term, profitable growth; immediately accretive to margins and cash flow Electrification team delivering solid results • Further building
Slide 12: 3Q 2026 Financial Results & Outlook
3Q 2026 Financial Results & Outlook © 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 12
Slide 13: Strong year-to-date performance
Strong year-to-date performance Continued backlog growth, reaching nearly $200B at improved margins Solid execution across all three segments Developing and commercializing innovative new products Raising 2026 guidance and further strengthening our financial position Substantial opportunity today an
Slide 14: Financial Snapshot
Financial Snapshot $ in billions 3Q'25 3Q'26 ‘25 YTD ‘26 YTD 3Q’26 Dynamics-b) Orders 14.6 29.3 37.1 71.8 +96% Robust growth in both equipment and services Significant equipment growth at Power and Electrification, as well as Backlog-a) 135.3 196.7 +61.5 services, driven by Power Increased equipment
Slide 15: Power
Power 21.4% 3Q’26 Dynamics-a) EBITDA 19.0% Orders robust, increasing 178%, led by strength in Gas Power Margin equipment and services, driven by higher volume and price 13.4% 13.9% Revenue increased 25%, led by Gas Power from higher equipment volume and favorable pricing 3,139 EBITDA margin expanded
Slide 16: Electrification
Electrification 19.1% 3Q’26 Dynamics-a) 18.5% EBITDA Orders strong, approximately 1.4 times revenue due to Margin 15.1% growing grid equipment demand 13.8% Revenue increased 16%, from growth in substations, HVDC equipment, and switchgear 1,939 Significant EBITDA margin expansion with strong volume,
Slide 17: Wind
Wind 2.6% EBITDA ($M) 72 3Q’26 Dynamics-a) (61) Wind orders increased 16% with growth in Onshore Wind (2.3)% equipment and services, primarily in North America (373) Revenue increased 3% due to higher Onshore Wind services and (585) Offshore Wind equipment, partially offset by lower Onshore Wind EBI
Slide 18: Raising 2026 guidance
Raising 2026 guidance Power GE Vernova July 22nd October 28th • Organic revenue* growth of 19% - 21% (previous 18%-20%) • 19% - 21% segment EBITDA margin REVENUE $45.5B - $46.5B $46.5B - $47.5B (previous 17%-19%) Electrification • $14.5B - $15.0B of revenue, including ADJUSTED ~$3.1B from Prolec 12%
Slide 19: Wrap-Up
Wrap-Up Executing well in early stages of multi-year growth opportunity Investing for near-, mid-, and long-term returns Working with humility, confidence and conviction to deliver for all stakeholders Our potential continues to grow 19 © 2026 GE Vernova and/or its affiliates. All rights reserved.
Slide 20: Q&A
Q&A Construction on the GE Vernova Hitachi BWRX-300 GE Vernova's solid-state transformer prototype at our In October, GE Vernova signed an agreement to acquire continues to progress at Ontario Power Generation’s lab in Malta, New York. Trench Group, strengthening its offerings of high- Darlington si
Slide 21: 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 21
Slide 22: Trench Group transaction overview
Trench Group transaction overview • $9.0B purchase price Va lua t io n • 13x 2028E adjusted EBITDA*, before synergies F ina nc ing & • Transaction not subject to any financing conditions B a la nc e S he e t • Currently expect to fund with ~50% cash and ~50% debt I mp a c t • GE Vernova will remain
Slide 23: Electrification's pro-forma footprint
Electrification’s pro-forma footprint 50+ Manufacturing sites And a presence in 60+countries Manufacturing sites Electrification Prolec Trench Group Site mapping does not include non-consolidated JV locations 23 © 2026 GE Vernova and/or its affiliates. All rights reserved.
Slide 24: High-voltage electrification market to reach ~$130B by '30
High-voltage electrification market to reach ~$130B by ‘30 Global high-voltage equipment market Demand Drivers Serviceable addressable market-a), $B Stability Solutions ~8% • New generation additions require incremental HVDC Systems Substations CAGR grid equipment, including data centers Switchgear
Slide 25: Bushings
Bushings Power HVDC Stability Switchgear Substations Transformers Systems Solutions Components that facilitate safe transfer of Bushings ✔ ✔ ✔ ✔ ✔ high-voltage power into and out of transformers, switchgear, and substations Select Trench Offerings Quality is essential for reliability, as poor Genera
Slide 26: Instrument transformers
Instrument transformers Power HVDC Stability Switchgear Substations Transformers Systems Solutions Instrument transformers act as the grid’s Instrument Transformers ✔ ✔ ✔ ✔ sensory system, monitoring electricity flow for system safety, reliability, and stability Select Trench Offerings Precise, real
Slide 27: Coils
Coils Power HVDC Stability Switchgear Substations Transformers Systems Solutions Equipment that manages the flow of Coils ✔ ✔ ✔ electricity, shielding important grid assets from surges, faults, and voltage instability Select Trench Offerings Coils and reactors improve long-distance Air-core dry type
Slide 28: Financial trending metrics
Financial trending metrics 3Q'26 y/y % Orders ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 (organic) Total Orders 10,152 12,364 14,608 22,192 18,279 24,216 29,318 96 % Equipment 5,760 7,808 10,039 16,175 12,753 18,941 24,296 134 % Services 4,392 4,555 4,569 6,017 5,526 5,275 5,022 10 % 3Q'26 y/y %
Slide 29: Financial trending metrics by segment
Financial trending metrics by segment 3Q'26 y/y % Power ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 (organic)* Segment Revenue 4,449 4,785 4,863 5,776 4,971 5,477 6,067 25% Equipment 1,491 1,504 1,744 1,946 1,885 1,965 2,870 65% Services 2,958 3,280 3,119 3,830 3,086 3,512 3,197 2% Segment EBITDA
Slide 30: Power: key performance metrics
Power: key performance metrics Orders ($M) 3Q'25 3Q'26 y/y % (organic) 3Q'25 YTD 3Q'26 YTD y/y % (organic) Equipment 4,448 17,973 304% 10,810 36,234 235% Services 3,384 3,807 12% 10,394 12,282 18% Total Orders 7,832 21,780 178% 21,204 48,516 128% RPO ($M) 3Q'25 3Q'26 y/y % Equipment 18,977 54,422 18
Slide 31: Electrification: key performance metrics
Electrification: key performance metrics Orders ($M) 3Q'25 3Q'26 y/y % (organic) 3Q'25 YTD 3Q'26 YTD y/y % (organic) Equipment 4,468 4,826 (10)% 10,023 16,915 43 % Services 601 545 (7)% 1,695 1,915 14 % Total Orders 5,069 5,371 (9)% 11,717 18,831 39 % RPO ($M) 3Q'25 3Q'26 y/y % Equipment 26,455 42,2
Slide 32: Wind: key performance metrics
Wind: key performance metrics Orders ($M) 3Q'25 3Q'26 y/y % (organic) 3Q'25 YTD 3Q'26 YTD y/y % (organic) Equipment 1,220 1,460 18% 3,036 2,920 (4) % Services 613 680 11% 1,499 1,668 10 % Total Orders 1,833 2,140 16% 4,535 4,587 — % RPO ($M) 3Q'25 3Q'26 y/y % Equipment 8,782 7,584 (14)% Services 12,
Slide 33: Free cash flow* performance
Free cash flow* performance FCF* ($M) 3Q'25 3Q'26 y/y 3Q'25 YTD 3Q'26 YTD y/y Net income (loss) (GAAP) 453 1,289 835 1,209 6,687 5,478 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 152 200 48 44
Slide 34: Unit metrics: orders and sales
Unit metrics: orders and sales Orders 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Gas Turbines 29 112 114 262 o Heavy-Duty Gas Turbines-a) 20 55 69 135 ◦ HA-Turbines-b) 13 21 28 48 o Aeroderivatives-a) 9 57 45 127 Gas Turbines (GW)-d) 7.4 16.6 19.6 36.7 Wind Turbines-c) 156 145 560 438 Repower units 139 481 344
Slide 35: Share repurchase summary
Share repurchase summary In millions, except $ per share Cumulative Amount Number of Shares Average $ per Amount Number of Shares Average $ per Repurchased ($) Repurchased share Repurchased ($) Repurchased share 4Q’24 3 0.0 337 3 0.0 337 1Q’25 1,204 4.0 303 1,207 4.0 303 2Q’25 379 1.2 317 1,586 5.2
Slide 36: 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 36
Slide 37: Non-GAAP reconciliations
Non-GAAP reconciliations Trench Group Adjusted EBITDA* and Adjusted EBITDA margin* Trench Group’s Adjusted EBITDA* and Adjusted EBITDA margin* are non-GAAP financial measures and are forecasts of Trench Group as a standalone business prepared by GE Vernova based on data provided by Trench Group and
Slide 38: Organic revenue*, Segment organic revenue*, Segment organic EBITDA*
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 September 30, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V%
Slide 39: Organic revenue*, Segment organic revenue*, Segment organic EBITDA*
Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Nine months ended September 30, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% P
Slide 40: Adjusted general and administrative expenses*
Adjusted general and administrative expenses* ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended September 30 Nine months ended September 30 ($ in millions) 2025 2026 V% 2025 2026 V% Selling, General and Administrative expense (GAAP) $ 1,221 $ 1,354 11 % $ 3,594 $ 4,024 12 % Less:
Slide 41: Adjusted EBITDA*, Adjusted EBITDA margin*
Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA margin*& Adjusted organic EBITDA margin* Three months ended September 30 Nine months ended September 30 ($ in millions) 2025 2026 V% 2025 2026 V% Net income (loss) (GAAP) $ 453 $ 1,289 185% $ 1,209 $ 6,687 453% Add: Restructuring and
Slide 42: Free Cash Flow*
Free Cash Flow* Free Cash Flow (Non-GAAP) Three months ended September 30 Nine months ended September 30 ($ in millions) 2025 2026 V% 2025 2026 V% Cash from (used for) operating activities (GAAP) $ 980 $ 6,057 518% $ 2,508 $ 16,737 567% Add: gross additions to property, plant and equipment and inter
Slide 43: GE VERNOVA
GE VERNOVA