Acquisition StrategyGEV announced the acquisition of the remaining 50% of its Prolec GE JV for ~$5.3B, extending its foothold in the electrification market in a deal that is expected to be immediately accretive to both EBITDA and margins.
Order BacklogGEV booking more than 12 GW of new gas equipment contracts, bringing its total backlog to 62 GW and is on track to surpass 70 GW by year-end.
Revenue GrowthUnderlying electrification growth remains robust, with GEV taking up '25 revenue expectations to +25% y/y, driven by better than expected output from its capacity expansion and strong demand for grid upgrades.