GE Vernova Inc (GEV.N) Expected Growth Tailwinds Ongoing

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GE Vernova Inc (GEV.N) Expected Growth Tailwinds Ongoing

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22 Jul 2026 19:50:01 ET │ 14 pages

GE Vernova Inc (GEV.N)

Expected Growth Tailwinds Ongoing

CITI'S TAKE

Neutral GEV’s 2Q26 results we think remain reflective of durable multi-year

growth potential, but with an elevated multiple reflecting high Price (22 Jul 26 16:00) US$985.03

expectations we’re not surprised by pressure on the stock following Target price US$1,125.00↓

results given slightly lower 2Q EBITDA vs. expectations ($1.25bn vs. our from US$1,219.00

$1.32bn/Consensus $1.28bn), relatively modest upside to near-term Expected share price return 14.2%

revs/EBITDA guidance, and a moderate q/q decline in Electrification Expected dividend yield 0.2%

orders. Additionally, given some investor focus on growing industry power

Expected total return 14.4% generation supply over the coming years, GEV’s announced plans to

Market Cap US$264,697M incrementally raise gas power capacity in 2030, while seemingly aligned

with strong demand, we think could also be a concern. While we view

risk/reward as largely balanced, we do view GEV as executing well to drive

profitable multi-year growth supported by still growing demand in its core Andrew KaplowitzAC

Power and Electrification end markets. +1-212-816-0642

andrew.kaplowitz@citi.com

Gas Power Capacity Expansion Appears Disciplined — Announced plans to ramp Vladimir Bystricky

Gas Power capacity to 30GW in 2030 (from ~20GW as of 2H26 and an expected vladimir.bystricky@citi.com

24GW in ’28), though likely raising some concerns relative to L-T industry

supply/demand dynamics, we think appear relatively disciplined and consistent Jose Sulca Flores

with expected demand trends. Notably, GEV plans to increase production capacity jose.alonso.sulcaflores@citi.com