Prolec GE Acquisition - GE Vernova is acquiring the remaining 50% stake of Prolec GE for $5275 billion [9], expecting $06 billion incremental EBITDA in 2026 on a full-year basis [9] - The purchase will be funded with approximately 50% debt and 50% cash on hand [9] - Prolec GE is expected to generate approximately $3 billion in revenue this year with approximately 25% adjusted EBITDA margin [19] - Cost synergies of approximately $60 million - $120 million are expected by 2028, with additional revenue synergies anticipated [32] Q3 2025 Financial Results - GE Vernova's orders increased by 55% to $146 billion in 3Q'25 [42] - Equipment backlog grew by $4 billion and service backlog grew by $2 billion sequentially [41] - Adjusted EBITDA margin expanded by 600bps to 81% in 3Q'25 [41, 42] - Free cash flow generated year-to-date reached $19 billion, exceeding the full-year 2024 figure [41] Segment Performance - Power segment orders increased by 50%, driven by higher volume and pricing, with 20 heavy-duty gas turbines secured [47] - Power segment revenue increased by 14%, driven by higher heavy-duty gas turbine equipment and services volume [47] - Electrification segment revenue increased by 32%, primarily driven by Grid Solutions [57] - Wind segment revenue decreased by (9)%, due to the absence of the 3Q'24 offshore project cancelation settlement [52] 2025 Financial Guidance - GE Vernova reaffirms its 2025 financial guidance [39] - Power segment expects organic revenue growth of 6% - 7% and a 14% - 15% segment EBITDA margin [47, 60] - Electrification segment expects organic revenue growth trending towards 25% and a 14% - 15% segment EBITDA margin [57, 60] - Wind segment expects organic revenue to be down high-single digits and approximately $400 million of segment EBITDA losses [52, 60]