Core Insights - Nordex is a significant player in the renewable energy sector, focusing on onshore wind turbine manufacturing and planning to expand into the U.S. market to enhance growth prospects [1][3] Financial Performance - On February 26, 2026, Nordex reported earnings per share of $0.91, surpassing estimates of $0.87, with revenue reaching approximately $2.98 billion, significantly exceeding the estimated $1.49 billion [2][6] - The positive earnings report resulted in a 16% increase in Nordex's stock price, indicating strong investor confidence [2] Strategic Focus - The company's strategy to target the U.S. market is driven by rising energy demand from AI-driven data center expansions, which is expected to boost the demand for renewable energy solutions in North America [3][6] Market Valuation - Nordex has a price-to-earnings (P/E) ratio of approximately 35.14, indicating high market valuation of its earnings [4][6] - The price-to-sales ratio is about 1.28, and the enterprise value to sales ratio is around 1.17, reflecting investor willingness to pay per dollar of sales [4] Financial Health - The debt-to-equity ratio stands at approximately 0.51, suggesting a moderate level of debt relative to equity [5][6] - A current ratio of around 1.04 indicates the company's capability to cover short-term liabilities with short-term assets [5] - An earnings yield of about 2.85% provides a comprehensive view of Nordex's financial standing and investment potential [5]

Financial Data and Key Metrics Changes - In 2025, the company booked $59 billion in orders, a 34% year-over-year increase, and grew revenue by 9% to $38 billion, with adjusted EBITDA margin expanding by 210 basis points year-over-year [12][20] - Free cash flow reached $3.7 billion, more than double the previous year, while cash balance at year-end was nearly $9 billion, up approximately $1 billion compared to the third quarter [19][11] - The company increased its 2026 guidance for revenue to $44 billion-$45 billion, up from $41 billion-$42 billion, and free cash flow guidance to $5 billion-$5.5 billion, up from $4.5 billion-$5 billion [32][36] Business Line Data and Key Metrics Changes - Power segment orders grew over 50% in 2025, with revenue increasing by 10% and EBITDA margins expanding by 100 basis points to 14.7% [21][23] - Electrification segment saw a 26% revenue growth in 2025, with EBITDA margins expanding by 560 basis points to 14.9% [30][10] - Wind segment faced challenges with a 25% revenue decrease in Q4 due to lower onshore equipment deliveries, resulting in EBITDA losses of $225 million [25][24] Market Data and Key Metrics Changes - The total backlog increased by over 25% or $31 billion to $150 billion, with significant growth in power and electrification [6][12] - Gas power equipment backlog increased from 62 GW to 83 GW sequentially, driven by strong U.S. demand and international agreements [6][4] - Electrification's total backlog grew to $35 billion, up $4 billion sequentially and $11 billion year-over-year, marking its largest growth quarter [8][30] Company Strategy and Development Direction - The company is focused on profitable growth, with a strong emphasis on capital allocation and the integration of the Prolec GE acquisition [5][11] - There is a clear pathway to substantial growth in electrification, with expectations of $13.5 billion-$14 billion in revenue for 2026, representing 20% organic growth [10][33] - The company aims to leverage automation and AI investments to enhance productivity and operational efficiency [11][40] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand and pricing in gas power, with expectations for continued growth in 2026 [15][34] - The company acknowledged challenges in the offshore wind segment due to regulatory delays but remains focused on executing its backlog [25][26] - Management highlighted the importance of ongoing discussions with the U.S. administration regarding energy policies that could enhance market conditions for gas power [86][87] Other Important Information - The company returned $3.6 billion to shareholders in 2025 through share repurchases and dividends, and plans to double its dividend in 2026 [11][12] - The Prolec GE acquisition is expected to enhance the company's capabilities in electrification and contribute significantly to revenue growth [5][68] - The company anticipates a significant increase in gas turbine output starting in Q3 2026, which is expected to drive future profitability [40][41] Q&A Session Summary Question: Gas power equipment orders momentum - Management confirmed that pricing continues to strengthen, with expectations of reaching 100 GW in orders by the end of 2026, shifting towards a higher proportion of orders [49][50] Question: Threat from smaller turbine makers - Management believes smaller applications enable more projects but does not view them as direct competition, maintaining confidence in their heavy-duty gas turbines [53][55] Question: Backlog margins for power - Management confirmed that backlog margins are expected to continue improving in 2026, with a target of adding at least $8 billion in equipment margin [58][59] Question: Electrification segment growth - Management emphasized the unique solutions provided by linking power generation and electrical equipment, contributing to significant growth in electrification orders [65][66] Question: Nuclear project opportunities - Management noted ongoing discussions with governments to restart the nuclear industry, with a growing opportunity pipeline but longer timelines for project announcements [79][80]

Table of Contents As filed with the Securities and Exchange Commission on March 13, 2024 Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GE Vernova LLC* (Exact name of Registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 3511 92-2646542 (Primary Standard Industrial Classification Code Number) 58 Charles Street (I.R.S. Employer Ide ...