GE Vernova Inc "Takeaways from investor meetings" (Buy) Mehrotra

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GE Vernova Inc "Takeaways from investor meetings" (Buy) Mehrotra

ll below demand; this cycle Q1 1.63 2.08

also appears more resilient than prior gas cycles: We estimate the big three Q2E 2.93 3.18

gas turbine manufacturers currently have approximately 60GW of combined Q3E 4.19 4.17

annual capacity, increasing to roughly 67GW by 2028. There is potential for this to Q4E 6.24 5.98

move into the low-70GW range if Mitsubishi delivers on its recent capacity 12/26E 14.99 17.89

expansion announcements. That said, this remains meaningfully below last year’s 12/27E 25.70 24.47

12/28E 36.98 34.49

market demand of approximately 95GW, and we expect demand to remain robust

for many years. Importantly, we believe this gas turbine upcycle is structurally more Amit Mehrotra

resilient than prior cycles. While past gas cycles were not exclusively peaking- Analyst

driven, they were often more heavily tied to reserve-margin needs, replacement amit.mehrotra@ubs.com

capacity, renewables firming, and peaking or intermediate-duty requirements. By +1-201-352 1410

contrast, the current cycle is increasingly underpinned by structural load growth Neal Burk

and the need for firm, dispatchable power to support data centers, electrification, Analyst

industrial reshoring, and broader grid reliability needs. In our view, that makes this neal.burk@ubs.com

cycle less cyclical and more durable than prior upcycles, with a stronger foundation +1-212-713 4066

for sustained demand, higher utilization, and continued pricing discipline. Pratap Singh

Analyst

Space economy more opportunity than risk: We are increasingly fielding pratap-za.singh@ubs.com

questions that space could eventually pose a threat to earth-based power +1-212-821 3112