GE Vernova’s wind division reduced its EBITDA loss to $146m in the first quarter of 2025, compared with $173m in Q1 2024.
The business achieved a 15% increase in revenue year-on-year to $1.8bn, primarily driven by higher onshore wind volumes and improved pricing.
Segment profit margin improved to -7.9%, compared to -10.6% a year ago, supported by product cost-out, service growth and price realisation, according to the company’s Q1 investor presentation.
Orders fell by 43% year-on-year to $640m, reflecting the dynamic policy environment and project delays in the US market, it said.
GE Vernova said onshore pricing and margins remained strong, while offshore margin pressure continued as it executed legacy projects.
GE Vernova reported a net income of $300m for the first quarter of 2025 at the group level, a $400m increase on the same period last year.
The company said it achieved an 11% rise in revenue to $8bn, or 15% on an organic basis, driven by growth in equipment and services.
Orders rose 8% organically to $10.2bn, led by a 16% increase in services and 43% growth in power equipment.
GE Vernova reported adjusted EBITDA of $500m, representing a margin of 5.7%, and said it generated $1bn in free cash flow in the quarter.
CEO Scott Strazik (pictured) said: “We delivered strong results in the first quarter and our businesses continued to execute well.
“We grew our equipment and services backlog, meaningfully improved margins in each segment, and are returning a significant amount of capital to shareholders.
“Our lean culture is enabling us to deliver on accelerating global electricity demand as we prioritize safety, quality, delivery, and cost.”
CFO Ken Parks added: “We generated positive free cash flow in the first quarter, a milestone for the GE Vernova businesses, reflecting strong down payments and working capital management.
“We executed on our commitment to return cash to shareholders through our share repurchase actions and inaugural dividend payment.”
The company reaffirmed its 2025 guidance, targeting revenue of $36bn–$37bn, high-single digit adjusted EBITDA margin and free cash flow of $2bn–$2.5bn.
The forecast includes an estimated $300m–$400m impact from tariffs and inflation, net of mitigating actions.