GE Vernova has reported first quarter results for 2025 showing a mixed performance in its wind business, with growth in onshore wind activity and ongoing challenges in offshore wind. Onshore deliveries increased, supported by improved pricing, while offshore operations continued to contract. The wind segment remained loss-making but showed signs of operational improvement compared to the previous year.
Orders for the wind business totalled $0.6 billion, marking a 43% organic decline, primarily due to reduced demand for onshore wind equipment in the United States. Despite the fall in new orders, revenue increased by 13% year-on-year to $1.8 billion, with organic growth at 15%. This growth was largely driven by increased deliveries in the onshore segment.
Segment earnings before interest, tax, depreciation and amortisation (EBITDA) stood at a loss of $0.1 billion, resulting in a negative margin of 7.9%. However, this margin represented a 270 basis point improvement over the same period in 2024. Organically, the margin improved by 190 basis points, reflecting stronger performance in onshore equipment and improved operational efficiency.
More than $100 million was invested in the quarter to enhance the performance of GE Vernova’s fleet of approximately 57,000 wind turbines. In offshore wind, the company confirmed the termination of its final remaining supply agreement, excluding the Dogger Bank and Vineyard Wind 1 projects, which are currently in execution. This move highlights a continued shift away from further offshore commitments not yet under construction.
For the full year, GE Vernova continues to project a mid-single-digit decline in organic revenue for the wind segment and expects losses of between $200 million and $400 million. The outlook reflects continued pressure in offshore wind alongside ongoing restructuring and fleet optimisation in the onshore business.
