• Caterpillar for electricity generation infrastructure.
• The industrial energy solutions arm of Siemens.
• ABB for large-scale power generation and electricity grids.

• Wind Power Solutions: Designs, manufactures, and services onshore and offshore wind turbines for renewable electricity generation.
• Gas Power Technology: Provides gas turbines, steam turbines, generators, and comprehensive services for natural gas and other fuel-based power plants.
• Hydro Power Solutions: Offers turbines, generators, and related equipment and services for hydroelectric power generation projects globally.
• Grid Solutions: Delivers critical hardware and software for electrical grids, enabling the transmission, distribution, and control of electricity.
• Nuclear Power Services: Offers advanced technologies and services to support the operation, maintenance, and upgrade of nuclear power plants.

Scott Strazik, Chief Executive Officer

Scott Strazik serves as the Chief Executive Officer of GE Vernova. Prior to leading GE Vernova, he held various leadership positions within GE, including CEO of GE's Power business and CEO of GE Gas Power. He has a long history of working within General Electric's energy businesses. His background does not indicate that he founded or managed companies outside of GE, sold companies to an acquirer in a personal capacity, or has a pattern of managing companies backed by private equity firms.

James Fisher, Chief Financial Officer

James Fisher is the Chief Financial Officer of GE Vernova. Before this role, he served as the CFO of GE's Power business. He has an extensive background in finance leadership roles within General Electric. His career history does not indicate that he founded or managed other companies, sold companies he was previously involved with to an acquirer, or has a pattern of managing companies backed by private equity firms.

Ghassan Barghout, President & CEO, GE Vernova’s Power Generation

Ghassan Barghout is the President & CEO of GE Vernova’s Power Generation. He previously led GE Grid Solutions in the Middle East, North Africa and Turkey. He has held various leadership roles at GE, including in the power and oil & gas sectors.

Roger Martella, Chief Sustainability Officer

Roger Martella is the Chief Sustainability Officer for GE Vernova. Before joining GE, he served as General Counsel of the U.S. Environmental Protection Agency. He also has experience in private law practice, advising clients on environmental and energy matters.

Pablo Perez Fernandez, Chief Commercial Officer

Pablo Perez Fernandez serves as the Chief Commercial Officer of GE Vernova. He previously held the position of Chief Commercial Officer for GE Power. He has a long career within GE, focused on commercial operations in the energy sector.

The key risks to GE Vernova's business operations primarily revolve around the dynamics of the global energy transition, operational challenges within key segments, and external economic factors impacting production costs and supply chains.

1. Sensitivity to the Pace of Energy Transition and Demand for Electricity: GE Vernova's growth and backlog are significantly dependent on the global demand for electricity, which is currently being driven by trends such as the expansion of AI and data centers, as well as broader decarbonization initiatives. A deceleration in the need for AI, the development of more energy-efficient data centers, or a slower-than-anticipated pace of the energy transition, particularly in regions like Europe, could lead to a decline in turbine sales and overall business growth.

2. Challenges in the Wind Segment and Operational Execution: The company's wind business is projected to continue experiencing negative organic growth metrics in the coming years, posing a drag on overall financial performance. Furthermore, the inherent complexity of GE Vernova's products and services, including its gas and wind turbines, introduces operational risks such as potential quality control issues or safety failures, which could result in significant financial and reputational damage. The service segment, a crucial part of GE Vernova's operations, also faces risks from third-party competition.

3. Raw Material Cost Volatility and Supply Chain Disruptions: Rising raw material costs, especially if these increases cannot be effectively passed on to customers through pricing adjustments, could significantly erode profit margins. Additionally, the company faces ongoing challenges in managing supply chain disruptions, which have the potential to impact financial results and cash flows by affecting production and delivery timelines.

Increased market dominance and aggressive pricing strategies by Asian, particularly Chinese, wind turbine manufacturers. These competitors are rapidly expanding their global footprint beyond their domestic markets, offering lower-cost turbines with increasingly competitive technology and integrated solutions. This intensifies pricing pressure and erodes market share for established Western players like GE Vernova, directly impacting GEV's ability to achieve profitability and secure new orders in its crucial renewable energy segment.

GE Vernova (symbol: GEV) operates across several key energy sectors, addressing substantial global and regional markets for its main products and services.

Power Generation (Gas Power)

• The global industrial gas turbine market is projected to see over $192 billion in new orders over the next 10 years, excluding ancillary system and installation expenditures.
• In the U.S., a forecast of 2.5% compound annual growth in electricity demand through 2035 implies roughly 1,000 gigawatts of gross generation capacity additions, with approximately one-third (330 gigawatts) expected to come from natural gas turbines.
• GE Vernova's Power segment has an estimated total addressable market of $110 billion.

Wind Energy

• The global wind energy market was valued at USD 174.5 billion in 2024 and is anticipated to grow by over 11.1% from 2025 to 2034.
• The U.S. wind energy market was valued at USD 17.2 billion in 2024.
• The North American wind energy industry is projected to grow by more than USD 52 billion by 2034.
• Wind is expected to increase its contribution to the world's energy supply from 7% to over 25% by 2040.
• GE Vernova's Wind segment has an estimated total addressable market of $80 billion.

Electrification (Grid Solutions)

• The global smart grid market size is expected to reach US$ 52 billion in 2025 and is estimated to grow to US$ 154.1 billion by 2032, with a compound annual growth rate (CAGR) of 16.8%.
• In North America, the smart grid market was estimated at USD 16.6 billion in 2024 and is projected to reach USD 44.5 billion in 2034, growing at a CAGR of 10.6%.
• The global smart grid analytics market is anticipated to expand at a CAGR of 12.4%, from an estimated USD 7.9 billion in 2024 to USD 14.3 billion by 2029.
• The market opportunity for synchronous condensers, which are used for grid stabilization, is estimated at a credible $5 billion annually.
• GE Vernova's Electrification segment has an estimated total addressable market of $75 billion.

Nuclear Energy (Small Modular Reactors - SMRs)

• The global nuclear energy market was valued at USD 30.80 billion in 2023, increasing to an estimated USD 31.25 billion in 2024, and is projected to reach USD 38.32 billion by 2031, growing at a CAGR of 2.96%.
• The North American nuclear energy market share was approximately 32.63% in 2023, valued at USD 10.05 billion.
• The market for small modular reactors (SMRs) and microreactors, which offer clean energy solutions, is a global market worth US$7.49 billion in 2025 and is expected to more than double to US$16.13 billion by 2034.
• Globally, more than 70 gigawatts of new nuclear capacity are currently under construction.

GE Vernova (GEV) is expected to drive future revenue growth over the next 2-3 years through several key strategic areas:

1. Strong Demand for Electrification and Decarbonization Solutions: GE Vernova is positioned to benefit from the global investment supercycle in the energy transition, driven by increased demand for electrification and decarbonization. The company is seeing robust demand for its technologies and services, particularly in grid equipment across the Middle East, North America, and Europe. This includes growth in high-voltage direct current (HVDC) and switchgear, as well as battery energy storage solutions. Additionally, there is continued strong demand for heavy-duty gas turbines, which are capable of running on hydrogen blends, and increased project commissioning.

2. Growth in High-Margin Services: The company anticipates significant revenue growth from its services segment. In the third quarter of 2025, Onshore Wind services orders were up 27% year-to-date, with progress in repowering in the U.S. Power services revenue also increased due to higher transactional volume and favorable pricing. GE Vernova's substantial services backlog, accounting for approximately 65% of its total backlog, provides clear visibility into future cash flow streams and is expected to generate recurring, high-margin revenue for years to come.

3. Enhanced Pricing Power: A robust and expanding order backlog across its segments is providing GE Vernova with increased pricing power for both equipment and services. This ability to command higher prices is a significant contributor to revenue growth and improved margins. The company's recent financial results indicate that higher prices are offsetting increased expenses and inflation, particularly within Gas Power.

4. Strategic Investments in R&D and Manufacturing Capacity: GE Vernova is committing substantial capital expenditure (CapEx) and research and development (R&D) investments to fuel future growth and innovation. The company plans to invest approximately $9 billion cumulatively in CapEx and R&D through 2028, including an anticipated 20% increase in R&D spending in 2025. These investments support capacity expansions, such as in gas power to enhance assembly and testing of efficient generators, and R&D in areas like nuclear power, strengthening its long-term market position and product offerings.