GE Vernova Reports 59% Q1 Order Surge, Backlog at $163B
GE Vernova's Power segment Q1 orders jumped 59%, lifting backlog from $116B to $163B and boosting equipment backlog by 80% at better margins. EBITDA margin expanded 500 basis points as Gas Power installed 280 machines, added 1,800 workers, and booked 100GW under contract with 90 customers.
1. Power Segment Order and Backlog Expansion
GE Vernova's Power segment recorded a 59% increase in Q1 orders, raising total backlog from $116 billion to $163 billion. Equipment backlog climbed 80% as customers secured slots at better margins.
2. Margin Improvement
EBITDA margins expanded by 500 basis points in the quarter, reflecting higher pricing on gas turbine bids and improved production efficiencies from recent capacity investments.
3. Gas Power Capacity Build-out
Gas Power division installed 280 new turbines and hired 1,800 production staff to support a 24GW capacity target through 2030. The unit has 10GW of open slots for 2029-2030 and achieved 10–20% year-over-year price growth on new bids.
4. Electrification Segment and Framework Agreements
Electrification segment gained momentum after the Prolec acquisition, integrating transmission solutions with power generation offerings. The company secured multiple EMS and stability block orders for data centers while negotiating 30–35 framework agreements for future turbine supply.