GE Vernova reported strong financial results for Q1 2025, highlighting solid execution across its businesses. The company saw an 8 percent organic increase in orders, reaching $10.2 billion, driven by growth in services and power equipment. Revenue rose 11 percent to $8.0 billion (15 percent organically), with improvements across all segments.
GE Vernova CEO Scott Strazik credited the company’s lean culture for enabling margin expansion and effective response to global electricity demand. Profitability improved due to higher volumes, favorable pricing, and productivity gains, which offset inflation and investment costs.
GE Vernova’s Power segment reported strong performance in Q1 2025, with orders reaching $6.2 billion, up 28 percent organically, driven by robust demand for Gas Power equipment and an 18 percent increase in services.
Revenue rose to $4.4 billion, up 10 percent overall and 16 percent organically, primarily led by Gas Power. The segment also achieved significant EBITDA margin expansion of 290 basis points (70 bps organically), reflecting improved profitability.
Key highlights include signing 7 gigawatts of gas turbine orders, increasing the Gas Power equipment backlog to 29 GW, and securing an additional 7 GW in slot reservations, bringing total reserved capacity (not yet in backlog) to 21 GW.
In Q1 2025, GE Vernova’s Wind segment reported orders of $0.6 billion, reflecting a 43 percent organic decline, primarily due to lower demand for Onshore Wind equipment.
Despite the drop in orders, revenue increased to $1.8 billion, up 13 percent overall and 15 percent organically, driven by higher Onshore Wind deliveries. The segment also saw improved profitability, with EBITDA margin expanding by 270 basis points (190 bps organically).
Key developments included over $100 million in investments to enhance the performance of the ~57,000 wind turbines in the installed base. The company also terminated its last Offshore Wind supply agreement, except for two projects currently underway.
In Q1 2025, GE Vernova’s Electrification segment reported orders of $3.4 billion, down 3 percent organically, primarily due to a large HVDC order in Q1 2024. However, the segment continued to see strong demand for grid equipment.
Revenue increased to $1.9 billion, up 14 percent overall and 18 percent organically, driven by strong growth in Grid Solutions. The segment also achieved significant EBITDA margin expansion of 740 basis points (680 bps organically).
Key highlights include strong year-over-year equipment orders growth in North America (+44 percent) and Asia (+92 percent), and a $2 billion increase in sequential equipment backlog.
Baburajan Kizhakedath