GE Vernova Inc.

Strong Order Growth and Backlog Expansion: GE Vernova reported a 28% increase in Power orders, with a total backlog now at $123 billion. Equipment orders saw substantial growth, particularly in gas power, which booked 29 heavy-duty gas turbines. The overall order intake for Q1 was $10.2 billion, an 8% year-over-year increase, which provided solid visibility for future revenue.

Positive Revenue and EBITDA Margin Expansion: Revenue grew 15% year-over-year, driven by equipment and services across all segments. Adjusted EBITDA increased nearly 70% to $1.7 billion, and EBITDA margins expanded by 170 basis points. Power expanded margins by 70 basis points, while Electrification saw an impressive margin expansion of approximately 700 basis points.

Challenges from Tariffs and Inflation: GE Vernova anticipates an estimated $300 to $400 million impact due to tariffs and inflation in 2025, particularly affecting their cost base. The current tariff structure impacts about 25% of total direct spend, primarily from China. To mitigate these pressures, the company is exploring pricing adjustments, supply chain changes, and a focus on reducing G&A costs.