Energy Transition Market Growth
Our $116B backlog-a) enables profitable growth
Year-end 2023 GE Vernova backlog
Power
~$40B
Wind
Electrification
Equipment
2023 Revenue
$18B
~$75B
.
Services
$15B
EGE VERNOVA
Growing backlog at better margins
Equipment backlog grew >$8B y/y with average
margins-b) in backlog increasing in 2023
Margins-b) up >10 points in Onshore & ~5 points
in Electrification
Electrification backlog nearly doubled and
Onshore grew >40% y/y
Sizeable services backlog at attractive margins
with steady LSD growth
Beginning 2024 with ~80% of 2024 revenue & ~50% of 2025 revenue in backlog
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(a - defined on a remaining performance obligation (RPO) basis
(b - refers to average contribution margin in backlog
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