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- **$5.275B Prolec GE Acquisition**: Immediately accretive with $3B+ 2025 revenue, 25% EBITDA margin, and $4B+ 2028 target. 30%+ CAGR in hyperscaler business.
- **Electrification Growth**: 32% Q3 revenue growth, $26B backlog, 15.1% EBITDA margin. 2025 revenue now expected +25% vs prior 20% guide.
- **Gas Turbine Momentum**: 12GW Q3 contracts, 33GW backlog. Slot reservations at higher margins than current orders.
- **Free Cash Flow Strength**: $730M Q3, $8B cash, $2.2B returned to shareholders YTD.
- **AI/automation Impact**: 40%+ productivity gains in key factories, accelerating 2026 delivery ramp.
- **Wind Transition**: Services up 27% YTD, offsetting soft onshore equipment orders.

**【CEO Summary Section】**
- Announced acquisition of remaining 50% stake in Prolec GE for $5.275 billion, to be funded 50% by cash and 50% by debt, closing by mid-2026.
- Prolec GE is a leading North American transformer provider with $3 billion in 2025 revenue, 25% EBITDA margin, and 10,000 employees across 7 U.S. and Mexico facilities.
- Transaction is immediately accretive to EBITDA before synergies, with $3 billion+ revenue in 2025 and $4 billion+ by 2028, driven by North American grid investment and hyperscaler demand.
- Electrification segment revenue grew 32% Q3, with $26 billion equipment backlog, and 15.1% EBITDA margin.
- Signed 12 GW of new gas turbine contracts Q3, bringing total backlog to 33 GW, with 29 GW in slot reservations.
- Onshore wind services orders up 27% YTD, while offshore wind EBITDA losses improved $250 million Y/Y.

**【CFO Financial Commentary】**
- Prolec GE expected to generate $1 billion+ EBITDA by 2028, with $60-120 million annualized cost synergies and medium-term revenue synergies from integrating transformers with grid automation.
- GE Vernova Q3 revenue grew 10% organically to $9.1 billion, with adjusted EBITDA of $811 million (8.9% margin), up 600 bps Y/Y.
- Free cash flow of $730 million Q3, with $8 billion cash balance and $2.2 billion returned to shareholders YTD via buybacks and dividends.
- 2025 guidance reaffirmed: $36-37 billion revenue, 8-9% EBITDA margin, $3-3.5 billion free cash flow.
- Electrification segment now expected to grow 25%+ in 2025, up from prior 20% guidance, with EBITDA margin 14-15%.

**【Q&A Highlights】**
- Prolec GE 2028 financial targets ($4 billion revenue, $1 billion EBITDA) based on $4 billion backlog, framework agreements, and 30%+ CAGR in hyperscaler business.
- Gas turbine pricing remains strong, with slot reservation agreements at higher margins than current orders.
- Capacity expansion for gas turbines ($300 million+ in 2025) and transformers (Mexico, Louisiana, NC expansions) positions for 2026 peak deliveries.
- AI and physical automation investments driving 40%+ productivity gains in key factories (e.g., Stafford, UK for HVDC).
- Prolec GE medium/low voltage transformers could expand into international markets post-2026 integration.
- Wind business focus shifting to services (repowering, upgrades) as onshore equipment orders remain soft due to permitting delays.
- 2025 tariffs estimated at $300-400 million, net of mitigation actions, with similar impact across remaining quarters.

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