Q4 2025 GE Vernova Inc Earnings Call Transcript
Key Points
- GE Vernova Inc (GEV) reported a significant increase in orders, with a 65% year-over-year growth in the fourth quarter, leading to a backlog expansion to $150 billion.
- The company achieved a 34% year-over-year increase in total orders, reaching $59 billion, and a 9% increase in revenue to $38 billion.
- GE Vernova Inc (GEV) successfully increased its adjusted EBITDA margin by 210 basis points year-over-year, demonstrating improved profitability.
- The Electrification segment experienced a 26% revenue growth in 2025, with strong demand and pricing driving a 560 basis point expansion in EBITDA margins.
- The acquisition of Prolec GE was rapidly approved, allowing GE Vernova Inc (GEV) to integrate it into their operations, contributing to increased revenue and growth projections for 2026.
- The US government's halt on offshore wind activity negatively impacted GE Vernova Inc (GEV), leading to additional costs and delays in the Vineyard Wind project.
- Wind segment revenue decreased by 25% in the fourth quarter due to lower onshore equipment deliveries and challenges in the offshore wind market.
- GE Vernova Inc (GEV) faced higher-than-expected EBITDA losses in the Wind segment, totaling approximately $600 million for 2025, partly due to the US government's stop work order.
- The company anticipates continued EBITDA losses in the Wind segment in the first half of 2026, with a projected loss between $300 million and $400 million.
- Despite strong growth in other segments, the Wind segment's challenges and the impact of tariffs remain a concern for GE Vernova Inc (GEV)'s overall profitability.
Good day, ladies and gentlemen, and welcome to GE Vernova's fourth quarter And full year 2025 earnings conference call. (Operator Instructions) My name is Liz, and I will be your conference coordinator today. (Operator Instructions) As a reminder, this conference is being recorded.
I'd now like to turn the program over to your host for today's conference, Michael Lapides, Vice President of Investor Relations. Please proceed.
Welcome to GE Vernova's fourth quarter 2025 earnings call. I'm joined today by our CEO, Scott Strazik; and CFO, Ken Parks.
Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today's press release and presentation slides, both of which are available on our website.
Please note that our year-over-year commentary or variances on orders, revenue, adjusted and segment EBITDA and margin discussed during our prepared remarks are on an organic basis,
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