GEV: 2Q26 Abridged Earnings Transcript

研报英文原文证据摘录

GEV: 2Q26 Abridged Earnings Transcript

July 22, 2026

GEV 2Q26 Abridged Earnings Transcript

Wednesday, July 22, 2026

Please find below our detailed notes from the GE Vernova (GEV) 2Q26 earnings call. Please excuse any unintentional

typos in the interests of getting this to you quickly. We will be out with our post-2Q26 model adjustments later. In the

meantime, let us know if you have any questions.

Opening Remarks — Scott Strazik, CEO

2Q26 Highlights

●Orders of $24.2B, +88% organically

●Backlog growth of $13.0B sequentially

●Revenue of $11.1B, +12% organically

●Adjusted EBITDA of $1.2B; adjusted EBITDA margin of 11.3%

●Gas Power equipment backlog and slot reservation agreements grew from 100 to 116GW; now anticipate

reaching at least 125GW by YE26 vs. 110GW+ prior

○Signed 20GW of new gas equipment contracts, including 18 GW of slot reservation agreements and 2 GW

of orders

○Converted 10GW of existing slot reservation agreements to orders and shipped 3GW of equipment;

resulting in backlog growth from 44 to 53GW and an increase in slot reservation agreements from 56 to

63GW

○More than half of orders in backlog are for H-class units

○Backlog includes 100 customers across 26 countries; 80% utility/traditional customer and 20% data center

○SRA flush in 2H26 still expected; also expect total contract backlog to continue to grow in 2027

○Booking orders into 2031 now

○1H26 equipment orders were priced more than 20% above levels seen in 4Q25

■Reflects conversion of higher-priced SRAs to hard orders

■$/kW was higher in 2Q26 driven by higher mix of aeroderivative orders vs. HDGT

■Incremental combined cycle equipment also benefited $/kW math

■For 2H26, management expects that $/kW for orders will be 10-20% above 4Q25 levels (tracking

towards the high end of this range)