GE Vernova Inc at Morgan Stanley Laguna Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: David Arcaro - Morgan Stanley - Analyst : Excellent. Yeah. Thank you for sending the stage that way. A very dynamic market environment we're talking about here. And I wonder if we could start at a bit of a high level, we think, in terms of cycles. This is a unique interesting cycle where -- I want to ask you how do you look at this cycle? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 2:45PM, GEV.N - GE Vernova Inc at Morgan Stanley Laguna Conference Is this a period of sustained growth that may get out of the traditional kind of cyclical framework? Or how does it compare to previous periods in history in the industry that you might be able to reflect back on as you look over the next 5 to 10 years?

Question: David Arcaro - Morgan Stanley - Analyst : Excellent. Yeah. That's helpful and really paints the picture of it doesn't look like there's an end in sight in terms of the growth outlook here. And it's also pretty rapidly changing quarter to quarter, there's just so much more activity that's coming. And maybe looking at your 2028 guidance framework, you've mentioned that we're going to reassess the 2028 financial targets. It wasn't that long ago that you had set them. What's happening in the market that's causing you to now relook and to increase the targets that you --

Question: David Arcaro - Morgan Stanley - Analyst : Excellent. And looking post-2028 and you had suggested before a 10-year kind of outlook for activity. Could you talk about how you see your businesses evolving? Like if we go out 10 years, what do they look like? How does it change versus the dynamics that we're seeing today.

Question: David Arcaro - Morgan Stanley - Analyst : Excellent. And you mentioned -- maybe to dive into the services trajectory over time here, too. You mentioned in the Power business, the baseload dynamic. I feel like the installed fleet that's not running baseload actually also seems to have an opportunity to run more given the demand that we're seeing that seems to point to this big services opportunity that can really emerge next decade. Could you talk about that and the financial impacts that could bring to your overall portfolio?

Question: David Arcaro - Morgan Stanley - Analyst : Excellent. The competitive landscape has gotten quite a bit of attention lately. I'm wondering if you could touch on how you see maybe market share in your different businesses going forward, how are you competitively positioned now? And maybe in there if you could address gas turbine supply/demand outlook and the capacity situation there? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 2:45PM, GEV.N - GE Vernova Inc at Morgan Stanley Laguna Conference

Question: David Arcaro - Morgan Stanley - Analyst : Excellent. Maybe to drill into a couple of your businesses a little bit deeper. You've highlighted Electrification in a big way here. I think we've seen varying growth trends, maybe regionally. Could you dig into where the most exciting areas of growth maybe regionally or product set also?

Question: David Arcaro - Morgan Stanley - Analyst : No, that's interesting. And may segue a little bit into a topic I did want to ask you about, are there opportunities that you would highlight that might be smaller now that excite you over time? It feels like that might be -- there might be opportunities within Electrification, for example. Are there investments that you could make, maybe it's new products that will take investment in the near term, but then in the 2030s, looks like it could be a bigger and bigger opportunity.

Question: David Arcaro - Morgan Stanley - Analyst : Yeah, it really adds to the longevity of the business profile into the 2030s for some of those opportunities. Maybe going to the -- something that excites us right now is in the gas equipment side of things. Could you just give us an update on what you're seeing in terms of demand? Are there regions that pop out as the most exciting demand opportunities on the gas equipment side of things?

Question: David Arcaro - Morgan Stanley - Analyst : Excellent. One kind of overarching piece of the business that gets a little bit underappreciated. I feel like from investors is the free cash flow outlook. And I was wondering if you could touch on capital allocation you've got, and improving and very strong free cash flow outlook over the next several years. We've already got a strong net cash balance as well. So how do you prioritize allocating that capital?

Question: David Arcaro - Morgan Stanley - Analyst : Excellent. Yeah, it's really a good problem to have. It gives you a lot of flexibility going forward.

Question: David Arcaro - Morgan Stanley - Analyst : Great. So I think we're about up on time. So I think Scott, thank you very much for being with us. Unidentified Participant (inaudible - microphone inaccessible)