GE Vernova reported its financial results for the fourth quarter and full year 2025, showing contrasting trends in its wind business, with growth in onshore activity partly offset by continued pressure in offshore projects.
In 2025, GE Vernova’s wind segment recorded orders of US$ 7.7 billion, an increase of 8% year-on-year, driven mainly by higher onshore wind demand. Revenues reached US$ 9.1 billion but declined by 6%, reflecting weaker offshore activity and project-related factors. The segment reported an EBITDA loss of US$ 0.6 billion, with a margin of –6.6%, highlighting ongoing challenges in offshore wind and lower equipment volumes.
Onshore wind showed relative resilience during the year. The company secured 1.1 GW of onshore wind repowering orders in the USA, while improved pricing, deliveries and services supported performance. In the fourth quarter, onshore wind orders increased, particularly outside North America, although revenues declined due to softer equipment deliveries compared with previous periods.
Offshore wind continued to weigh on results. Lower revenues were linked to project delays, the absence of one-off gains recorded in 2024, and contract losses. GE Vernova also cited the termination of a supply agreement and the impact of tariffs across the wind segment. In the fourth quarter, offshore contract losses contributed to a deterioration in profitability, despite some improvement in onshore services.
Looking ahead, GE Vernova expects wind revenues to decline at a low double-digit rate on an organic basis in 2026, with segment EBITDA losses of around US$ 0.4 billion, broadly in line with earlier guidance. By 2028, the company anticipates continued revenue pressure in wind but an improvement in margins to around 6%.
