GE Vernova Inc (GEV.N): GEV Results Highlight Ongoing L-T Growth Potential

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GE Vernova Inc (GEV.N): GEV Results Highlight Ongoing L-T Growth Potential

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22 Jul 2026 08:06:26 ET │ 11 pages

GE Vernova Inc (GEV.N)

GEV Results Highlight Ongoing L-T Growth Potential

CITI'S TAKE

Neutral 2Q26 results including healthy orders momentum/backlog growth we

think reflect still strong underlying demand trends that remain supportive Price (21 Jul 26 16:00) US$1,078.81

of multi-year growth potential. That said, with elevated expectations, Target price US$1,219.00

relatively modest increases to ’26 revenue and unchanged ’26 EBITDA Expected share price 13.0% margin outlook could limit N-T upside. 2Q results include total revenue of return

$11.1bn (vs. $10.7bn and FactSet Consensus of $10.8bn) and Adjusted Expected dividend yield 0.2%

EBITDA of $1.25bn (compared to our $1.32bn/FactSet Consensus of Expected total return 13.2%

$1.28bn. 2Q Gas Power orders and slot reservations of 20GW (18GW slot

Market Cap US$289,898M reservations/2GW orders) coupled with conversion of 10GW of existing

slot reservations to orders and 3GW of equipment shipped resulted in

Power backlog of 53GW (from 44GW) and 63GW of slot reservations (from

56GW). Electrification backlog at $44.6bn (vs. $27.1bn at 2Q25, $34.2bn Andrew KaplowitzAC

at YE25 and $42.4bn at 1Q26) is also an encouraging indicator of +1-212-816-0642

continued broad-based demand momentum in electrical infrastructure andrew.kaplowitz@citi.com

markets (despite modest q/q sequential decline in Electrification orders).

Vladimir Bystricky

vladimir.bystricky@citi.com

Adj. EBITDA and FCF — Adj. EBITDA of $1,250mn represented 11.3% margin (vs. our

$1,316.7mn/12.3% margin estimates); by segment, Power Adj. EBITDA/margin were

$1,031mn/18.8% (vs. our $1,008.6mn/18.0%); Wind Adj. EBITDA/margin were -

$275mn/-13.6% (vs.