GEV: 2Q26 Comments Ahead of The Call

研报英文原文证据摘录

GEV: 2Q26 Comments Ahead of The Call

Electrical Equipment & Multi-Industry

FLASH

FLASH: GE VERNOVA (GEV) July 22, 2026

GEV: 2Q26 Comments Ahead of The Call Rating:

Peer PerformGEV reported adj. EBITDA of $1,250m, which came in right between Street/WRe Price:

at $1,278m/$1,238m. Free cash flow of $5.1bn compared to WRe of $791m - the $1,078.81

significant beat was fueled by customer deposits once again. Company bought back Price Target:

NA2.5m shares at roughly $920 per share. See Ex 1-3 for more details.

Power: Total gas contracts expanded from 100GW to 116GW Q/Q, compared to Source: FactSet, Wolfe Research

Priced as of 07/21/26

>110GW marker: the outlook now calls for at least 125GW by YE, vs. prior 110GW

guidance with management now targeting 30GW of production capacity by 2030

(vs. current 24GW target) via lean and automation investments, i.e. not greenfield

expansion. Revenues grew +14% organically, slightly below guidance, which appears

to be related to timing of HDGT shipments; management called out strength in

aeroderivative volume and price, with services revenue growth at Nuclear Power and Nigel Coe, CPA; CFA

Gas Power. Segment EBITDA margin expanded +240bps Y/Y to 18.8% (vs. 17.6% ncoe@wolferesearch.com (646) 582-9259

WRe) on favorable mix referenced above. View Nigel’s Research

View GEV Model

Electrification: Orders at $6.3bn is in the zone of $6-7bn expectations, including View Comp Table

another ~$2.5bn of DC-related orders. Revenues grew +29% core, primarily due to

increased volume in switchgear, transformers, and HVDC solutions. Segment EBITDA Aidanaharmon@wolferesearch.comHarmon

margin of 18.4% was in line with WRe and only modestly higher Q/Q (presumably 646-582-9274

on capacity-related costs). Brad Hewitt

bhewitt@wolferesearch.com