Earnings call · GE Vernova Wed Oct 28, Saidwire live coverage archive https://saidwire.com/archive/earnings-gev-oct28 STORY (final version) GE Vernova Raises 2026 Outlook as Gas Orders Quadruple, Eyes Wind Options The power equipment maker said it has seen no financing-related slowdowns among turbine customers and expects at least 130 gigawatts of gas capacity under contract by the end of 2026. GE Vernova raised its 2026 revenue, adjusted EBITDA margin and free cash flow guidance after reporting third-quarter orders of $29.3 billion, up 96 percent from a year earlier, and a total backlog of $197 billion. Asked on an earnings call whether customers were facing financing problems, CEO Scott Strazik said, "no David we're not," pointing to continued order growth, unchanged cash terms and $17 billion in cash on the company's balance sheet. HIGHER GUIDANCE ON GAS AND GRID DEMAND The company now expects 2026 revenue of $46.5 billion to $47.5 billion, an adjusted EBITDA margin of 13.5 percent to 14.5 percent and free cash flow of $16 billion to $17 billion. Third-quarter adjusted EBITDA rose 123 percent to $1.9 billion, and free cash flow was $5.4 billion, helped by a $5.3 billion working capital benefit from customer down payments and slot reservations. Revenue increased 18 percent, and equipment backlog reached $104 billion. GAS POWER: PRICING AND CAPACITY Strazik said GE Vernova signed 11 gigawatts of orders and slot reservation agreements in the quarter, lifting gigawatts under contract to 122 from 116. The company now expects at least 130 gigawatts by year-end, versus 83 gigawatts at the start of the year. Third-quarter equipment orders were priced more than 20 percent above fourth-quarter 2025 levels, and full-year 2026 gas order pricing per kilowatt should be about 50 percent higher than in 2025. He said fourth-quarter pricing per kilowatt would be lower because of fewer aeroderivative units. Power segment EBITDA margin expanded 830 basis points to 21.4 percent, and the company raised its full-year power margin range to 19 percent to 21 percent. ELECTRIFICATION AND WIND Electrification orders were $5.4 billion, down 9 percent year over year against a prior-year $1.6 billion Saudi Arabia synchronous condenser order, while equipment backlog rose to $42 billion. Segment EBITDA margin was 19.1 percent, and the company said it expects margin toward the higher end of its 18 percent to 20 percent range. In wind, EBITDA was $72 million for the quarter, and the company now expects a full-year loss of $400 million to $500 million. Asked about long-term options for the business, Strazik said he wants to see where the U.S. market goes over the next year before deciding how to create value. TRENCH DEAL AND LEADERSHIP CHANGE Executives also discussed the planned acquisition of Trench, which Strazik described as a vertical integration of critical components. He said bushings account for 5 percent to 8 percent of the bill of materials of every transformer. Strazik also said Claire and Akan will start next week as the next chief financial officer and wind leader, respectively, taking their roles in January 2027. BULLETINS 7:31:16 AM ET GE VERNOVA: TO ACQUIRE TRENCH GROUP, ANNOUNCED ALONGSIDE Q3 2026 EARNINGS 7:33:34 AM ET GE VERNOVA CEO: NEW ORDERS ALMOST $30 BILLION; BACKLOG UP FROM $176 BILLION TO ~$200 BILLION 7:34:14 AM ET GE VERNOVA CEO: SERVICES ORDERS GREW 10% IN Q3; POWER SEGMENT EBITDA MARGIN REACHED 21% 7:35:38 AM ET GE VERNOVA CEO: ELECTRIFICATION EBITDA MARGIN 19%; ENDED Q3 WITH ~$17 BILLION IN CASH 7:36:22 AM ET GE VERNOVA: DOUBLES BUYBACK AUTHORIZATION TO $20 BILLION FROM $10 BILLION 7:37:02 AM ET GE VERNOVA CEO: BOUGHT 15.6M SHARES AT AVG ~$635; $1.6B BUYBACK IN Q3, OVER $1.3B IN OCT 7:37:46 AM ET GE VERNOVA CEO: TRENCH ACQUISITION IS $9 BILLION, ACCRETIVE ON DAY ONE 7:38:26 AM ET GE VERNOVA CEO: $1.5 BILLION BARMER HVDC PROJECT IN INDIA TO BE BOOKED AS ORDER IN Q4 7:39:06 AM ET GE VERNOVA CEO: SEES GLOBAL HIGH VOLTAGE MARKET OPPORTUNITY OF $130 BILLION BY END OF DECADE 7:39:48 AM ET GE VERNOVA CEO: TRENCH DEAL TO CLOSE LATE 2027; PAYING 13X 2028 EBITDA BEFORE SYNERGIES 7:40:32 AM ET GE VERNOVA CEO: TRENCH 2026 REVENUE EST. $1.4 BILLION, SEEN APPROACHING $2 BILLION IN 2028 7:41:08 AM ET GE VERNOVA CEO: TRENCH HAS 3,000+ EMPLOYEES ACROSS 11 FACTORIES; SERVES HYPERSCALERS 7:42:36 AM ET GE VERNOVA CEO: SEES 55,000+ US TRANSMISSION SUBSTATIONS REBUILT OR UPGRADED IN NEXT DECADE 7:43:16 AM ET GE VERNOVA CEO: ELECTRIFICATION ADDRESSABLE MARKET SEEN REACHING $300 BILLION BY 2030 7:43:56 AM ET GE VERNOVA CEO: SEES HIGH VOLTAGE EQUIPMENT MARKET GROWING AT HIGH SINGLE DIGITS LONG TERM 7:45:24 AM ET GE VERNOVA CEO: ELECTRIFICATION BACKLOG AT $46 BILLION, VS $7 BILLION AT START OF 2022 7:47:34 AM ET GE VERNOVA: TRENCH NORTH CAROLINA PLANT FIRST US MAKER OF HIGH VOLTAGE BUSHINGS UP TO 765 KV 7:48:58 AM ET GE VERNOVA CFO: TRENCH HAS ~$5 BILLION COMBINED BACKLOG, FRAMEWORK AGREEMENTS AS OF SEPT 2026 7:49:38 AM ET GE VERNOVA CFO: SEES TRENCH ADJ EBITDA MARGIN OF ~36% IN 2028, BEFORE SYNERGIES 7:50:22 AM ET GE VERNOVA CFO: SEES TRENCH MID-TEENS ANNUAL REVENUE GROWTH 2026-2028, BEFORE SYNERGIES 7:51:02 AM ET GE VERNOVA CFO: TRENCH $9 BILLION DEAL FUNDED WITH EQUAL MIX OF DEBT AND CASH ON HAND 7:52:50 AM ET GE VERNOVA: EXPECTS ~$50-100 MILLION ANNUALIZED TRENCH COST SYNERGIES BY 2030 7:53:34 AM ET GE VERNOVA CEO: TRENCH ACQUISITION WILL BE IMMEDIATELY ACCRETIVE AFTER CLOSING 7:54:56 AM ET GE VERNOVA CFO: ADDED $46 BILLION TO TOTAL BACKLOG SO FAR IN 2026, TO ~$200 BILLION 7:55:40 AM ET GE VERNOVA: SEES AT LEAST 130 GW GAS POWER UNDER CONTRACT BY END 2026, VS 83 GW AT YEAR START 7:56:24 AM ET GE VERNOVA CFO: Q3 GAS POWER SHIPPED 5 GW, SIGNED 11 GW; GW UNDER CONTRACT 122 VS 116 7:57:08 AM ET GE VERNOVA CFO: Q3 GAS EQUIPMENT ORDERS PRICED MORE THAN 20% ABOVE Q4 2025 ORDERS 7:57:52 AM ET GE VERNOVA CFO: FULL YEAR 2026 GAS ORDERS PRICING PER KW ~50% HIGHER THAN FULL YEAR 2025 7:59:16 AM ET GE VERNOVA CFO: Q4 GAS ORDER PRICE PER KW SEEN BELOW Q3 ON FEWER AERO UNITS, MORE 50HZ 8:00:00 AM ET GE VERNOVA: TOTAL SEGMENT DATA CENTER ORDERS OVER $6 BILLION YTD, ~$1.4 BILLION IN Q3 8:01:20 AM ET GE VERNOVA: SPENT $2.4 BILLION ON R&D AND CAPEX SO FAR IN 2026, NEARLY AS MUCH AS ALL OF 2025 8:02:04 AM ET GE VERNOVA: RAISES 2026 REVENUE, MARGIN AND FREE CASH FLOW GUIDANCE 8:02:40 AM ET GE VERNOVA CFO: Q3 ORDERS $29.3 BILLION, UP 96% Y/Y; BOOK-TO-BILL MORE THAN 2X 8:03:30 AM ET GE VERNOVA CFO: Q3 REVENUE UP 18%; EQUIPMENT REVENUE +26% Y/Y, SERVICES REVENUE +6% 8:04:10 AM ET GE VERNOVA CFO: Q3 BACKLOG $197 BILLION; EQUIPMENT BACKLOG $104 BILLION, +92% Y/Y 8:04:54 AM ET GE VERNOVA CFO: Q3 ADJUSTED EBITDA $1.9 BILLION, UP 123% Y/Y; MARGIN EXPANDED 690 BPS 8:05:30 AM ET GE VERNOVA CFO: Q3 FREE CASH FLOW $5.4 BILLION; WORKING CAPITAL $5.3 BILLION CASH BENEFIT 8:06:14 AM ET GE VERNOVA: BOUGHT 15.6M SHARES AT AVG $635, ~$9.9 BILLION THROUGH OCT 23; CASH ~$17 BILLION 8:06:54 AM ET GE VERNOVA CFO: Q3 POWER ORDERS MORE THAN DOUBLED; GAS POWER EQUIPMENT ORDERS UP ~4X Y/Y 8:07:58 AM ET GE VERNOVA CFO: Q3 POWER REVENUE +25%; SHIPPED 32 GAS TURBINES, UP 60% Y/Y, 13 AERO 8:08:34 AM ET GE VERNOVA: RAISES POWER FY ORGANIC REV GROWTH TO 19%-21%; POWER EBITDA MARGIN 19%-21% 8:09:58 AM ET GE VERNOVA CFO: Q3 ELECTRIFICATION ORDERS $5.4B, ~1.4X REVENUE; ORDERS DOWN 9% Y/Y 8:10:48 AM ET GE VERNOVA CFO: Q3 ELECTRIFICATION REVENUE +51% REPORTED, +16% ORGANIC; EBITDA $739 MILLION 8:12:12 AM ET GE VERNOVA: WIND FY ORGANIC REV NOW SEEN DOWN MID-SINGLE DIGITS; EBITDA LOSS $400M-$500M 8:12:56 AM ET GE VERNOVA RAISES FY GUIDANCE: REV $46.5B-$47.5B, ADJ EBITDA MARGIN 13.5%-14.5%, FCF $16B-$17B 8:13:40 AM ET GE VERNOVA CFO: FY CORPORATE COSTS SEEN $450M-$500M; R&D, CAPEX COMBINED UP MORE THAN 30% 8:14:20 AM ET GE VERNOVA CFO: EXPECTS Q4 REVENUE AND ADJ EBITDA GROWTH, MARGIN EXPANSION, POSITIVE FCF 8:15:48 AM ET GE VERNOVA: NAMES CLAIRE AS NEXT CFO, AKAN AS WIND LEADER; BOTH START NEXT WEEK, ROLES JAN 2027 8:17:56 AM ET GE VERNOVA: SECOND-HALF 2026 POWER MARGINS RIGHT BASE FOR 2027; BETTER-PRICED SHIPMENTS START 8:18:38 AM ET GE VERNOVA: GAS TURBINE FACTORY RUNNING AT 5 GIGAWATTS A QUARTER, RAMP A POSITIVE INTO 2027 8:19:18 AM ET GE VERNOVA: TRENCH HAS $1.4B REVENUE; GE IS A VERY SMALL PART OF THAT 8:20:06 AM ET GE VERNOVA: TRENCH BUSHINGS 5-8% OF TRANSFORMER BOM; 10% OF $1.5B HVDC ORDER DUE Q4 8:21:30 AM ET GE VERNOVA: ELECTRIFICATION BACKLOG $40B HIGHER THAN $7B AT START OF 2022 8:22:14 AM ET GE VERNOVA: MVUPS ORDER IN Q3 IS AN NPI; TRENCH COILS ABOUT 5% OF MVUPS BILL OF MATERIALS 8:22:54 AM ET GE VERNOVA: SEES Q4 GIGAWATTS ON AGREEMENT TO BE MODEST; CONVERSATIONS 'VERY HEALTHY' 8:23:38 AM ET GE VERNOVA: SEES Q4 GAS GIGAWATTS ON AGREEMENT 13+ VS 11 IN Q3; ENDING AT 130 GW 8:24:58 AM ET GE VERNOVA: SEES WIND SERVICES PROFITABILITY IMPROVING IN 2027 SIMILAR TO 2026 YOY GAIN 8:27:08 AM ET GE VERNOVA: HISTORICALLY ~50% OF NA ONSHORE WIND; ONE MORE YEAR OF NORTH SEA OFFSHORE EXECUTION 8:28:28 AM ET GE VERNOVA: ASSUMES NORTH AMERICA WIND VOLUME ESSENTIALLY FLAT TO 2025 IN 2028 LOOK-THROUGH 8:29:08 AM ET GE VERNOVA: ELECTRIFICATION 2H 2026 MARGIN JUMP-OFF POINT APPROXIMATELY 20% 8:29:48 AM ET GE VERNOVA: TO SET CAPITAL MARKETS DAY DATE AT JANUARY CALL; 2030 FINANCIAL GUIDE TO BE ISSUED 8:30:36 AM ET GE VERNOVA: EXPECTS GAS TURBINE ORDERS UP 10-20 POINTS VS Q4 2025 BASELINE 8:31:16 AM ET GE VERNOVA: Q3 GAS TURBINE ORDER PRICING UP 'NORTH OF 20 POINTS' VS Q4 2025 BASELINE 8:32:00 AM ET GE VERNOVA: 2026 GAS TURBINE ORDER PRICING UP DIRECTIONALLY 50% VS 2025 8:32:44 AM ET GE VERNOVA: SEES POWER BACKLOG MARGIN GROWING SUBSTANTIALLY MORE IN 2026 THAN 2025 8:33:28 AM ET GE VERNOVA: SEES POSITIVE ELECTRIFICATION PRICING, AT SLIGHTLY LESS GROWTH RATE THAN POWER 8:37:41 AM ET GE VERNOVA: DOES NOT EXPECT TO SUSTAIN Q2/Q3 AERODERIVATIVE ORDER RUN RATE IN Q4 8:39:51 AM ET GE VERNOVA: SEES NO FINANCING-RELATED DISRUPTIONS, SLOT EXIT REQUESTS OR SLOWING SRA CONVERSION 8:40:35 AM ET GE VERNOVA: ELECTRIFICATION ORDERS UP ABOUT 60% YEAR TO DATE THROUGH Q3 8:41:47 AM ET GE VERNOVA: EXPECTS Q4 TO BE LARGEST ELECTRIFICATION ORDER QUARTER, BACKLOG GROWTH ABOVE Q3 POSTS (quotes verbatim; each shows when the words were said and when we drafted it) GE Vernova CEO Scott Strazik said third-quarter orders reached "almost $30 billion in new orders and an expansion of our backlog from 176 to approximately $200 billion." said 7:33:22 AM ET · drafted 7:33:53 AM ET GE Vernova CEO Scott Strazik said Power "reached 21% ebitda margins in what is historically our weakest margin quarter" in the third quarter. said 7:34:09 AM ET · drafted 7:35:01 AM ET GE Vernova CEO Scott Strazik said the company is announcing "a doubling of our stock buyback program from $10 billion to $20 billion," alongside its $9 billion acquisition of Trench Group. said 7:35:41 AM ET · drafted 7:35:59 AM ET GE Vernova CEO Scott Strazik said the company's Electrification segment reached 19% EBITDA margins in the third quarter "while growing r and d mid teens." said 7:34:29 AM ET · drafted 7:37:01 AM ET GE Vernova cited its announced win on the "bwrmer hvdc project" in India, which it said "will be a $1.5 billion order in 4q." said 7:38:13 AM ET · drafted 7:38:38 AM ET GE Vernova CEO Scott Strazik said the company expects its $9 billion acquisition of the Trench Group to close "late 2027" during the company's quarterly earnings call Wednesday. said 7:39:32 AM ET · drafted 7:39:39 AM ET GE Vernova said it expects its $9 billion Trench Group purchase to close in late 2027, and that "we are paying 13 times 28 ebitda before synergies." said 7:39:36 AM ET · drafted 7:41:43 AM ET GE Vernova said Trench Group revenue in 2026 "is estimated at 1.4 billion" and is projected to approach $2 billion in 2028, according to its earnings call Wednesday. said 7:40:19 AM ET · drafted 7:43:52 AM ET GE Vernova said its Electrification backlog is now $46 billion, up from $7 billion at the start of 2022, on its earnings call. "Today we have a $46 billion backlog," the company said. said 7:45:19 AM ET · drafted 7:46:54 AM ET GE Vernova said Trench Group, which it is acquiring, is "adding significant capacity across its 11 factories globally to meet rising demand," including a new North Carolina plant, on its earnings call. said 7:47:17 AM ET · drafted 7:47:57 AM ET GE Vernova said Trench Group had "approximately $5 billion in combined backlog and framework agreements as of september 2026" during its third-quarter earnings call on Wednesday. said 7:48:41 AM ET · drafted 7:48:58 AM ET GE Vernova CFO Ken Parks on the Trench Group acquisition: "We also expect trench to deliver strong margins including an adjusted ebitda margin of approximately 36% in 2028." said 7:49:25 AM ET · drafted 7:50:02 AM ET GE Vernova CFO Ken Parks said the company plans to apply its advanced manufacturing expertise, "including robotics and automation across the expanded footprint," to cost synergies from the $9 billion Trench Group deal. said 7:50:29 AM ET · drafted 7:50:48 AM ET GE Vernova CFO Ken Parks said the company expects "approximately $50 to $100 million of annualized cost synergies by 2030" from its planned $9 billion acquisition of Trench Group. said 7:52:05 AM ET · drafted 7:52:52 AM ET GE Vernova CEO Scott Strazik said the "prolec integration is performing ahead of expectations" and that he expects it to be substantially complete before the Trench Group acquisition closes. said 7:53:05 AM ET · drafted 7:53:55 AM ET GE Vernova executive on the company's 2026 backlog: "Have added $46 billion to our total backlog to reach approximately $200 billion with a margin profile that continues to improve" said 7:54:13 AM ET · drafted 7:55:00 AM ET GE Vernova said the US onshore wind equipment market remains soft. "We are monitoring the outcome of 34 tariffs that impact wind development, which should lead to more orders clarity," an executive said. said 7:59:03 AM ET · drafted 7:59:55 AM ET GE Vernova CFO Ken Parks said the company booked $29.3 billion in orders in the third quarter, "a 96% increase year over year," with a book-to-bill ratio of "more than two times." said 8:01:59 AM ET · drafted 8:02:33 AM ET GE Vernova said adjusted EBITDA rose 123% year over year to $1.9 billion in the third quarter, "led by power and electrification," CFO Ken said on the earnings call Wednesday. said 8:03:29 AM ET · drafted 8:04:24 AM ET GE Vernova CFO Ken Parks said third-quarter free cash flow was "$5.4 billion," with working capital a $5.3 billion cash benefit, driven mainly by customer down payments. said 8:04:25 AM ET · drafted 8:05:26 AM ET GE Vernova said it is raising its full-year Power EBITDA margin range by two points, to 19% to 21% from 17% to 19%, on higher volume. "We're also raising our power ebitda margin range by two points." said 8:07:54 AM ET · drafted 8:11:51 AM ET GE Vernova raised its 2026 guidance, saying it now expects revenue of $46.5 billion to $47.5 billion and an adjusted EBITDA margin of 13.5% to 14.5%. "We're raising our ge vernova financial guidance." said 8:12:31 AM ET · drafted 8:12:53 AM ET "We are still in the early stages of this electricity investment super cycle," GE Vernova CEO Scott Strazik said at the end of his prepared remarks on the company's third-quarter earnings call Wednesday. said 8:14:56 AM ET · drafted 8:16:19 AM ET "There's no reason to think that the second half of this year isn't the right way to start to think about our projection into into 27." GE Vernova CEO Scott Strazik, answering an analyst on Power margins for 2027. said 8:17:28 AM ET · drafted 8:17:38 AM ET GE Vernova on buying Trench for $9B: "We're a very small part of the $1.4 billion of revenue," an executive said of Trench's $1.4B in revenue. GE Vernova does buy from Trench. said 8:19:10 AM ET · drafted 8:19:41 AM ET GE Vernova said Trench would supply about 10% of the bill of materials of a $1.5 billion HVDC order expected in the fourth quarter: "It's 10% of the bill of materials of that $1.5 billion hvdc order." said 8:19:37 AM ET · drafted 8:20:44 AM ET GE Vernova executive: "Our two priorities with m and a were really getting trench done for the technology and all the reasons I mentioned and prolec for the north America footprint." He cited the Trench and Prolec deals. said 8:21:46 AM ET · drafted 8:21:54 AM ET GE Vernova says it expects Q4 gas turbine slot reservations of about 13 GW or more vs. 11 GW in Q3. An executive said: "We certainly continue to see real growth in our gigawatts on contract throughout" 2027. said 8:23:14 AM ET · drafted 8:24:01 AM ET GE Vernova on its Wind business: "We see real improvement in services profitability this year and expect a similar year over year improvement in 27 relative to 26." said 8:24:50 AM ET · drafted 8:25:02 AM ET GE Vernova CEO Scott Strazik on Wind: "I'd like to see where the us market goes over the next year." He said 2027 is key, with one more year of offshore execution in the North Sea. said 8:25:54 AM ET · drafted 8:26:21 AM ET GE Vernova executive on its guidance through 2028: "We kind of held the the expectation for volume in north America wind to be essentially flat essentially flat to what we saw in 2025." said 8:26:52 AM ET · drafted 8:27:49 AM ET GE Vernova will set a date for a capital markets day on its January earnings call to provide a 2030 financial guide, including Electrification margins. An executive said estimates "be a floor" for 2030. said 8:29:36 AM ET · drafted 8:29:43 AM ET GE Vernova executive on gas turbine pricing: orders were expected to be up 10 to 20 points from last year's fourth quarter. "Third quarter in isolation was north of 20 points," the executive said. said 8:30:39 AM ET · drafted 8:30:49 AM ET GE Vernova said gas turbine pricing for 2026 orders is "up directionally 50%" from 2025, an executive told analysts on the company's third-quarter earnings call Wednesday. said 8:31:12 AM ET · drafted 8:31:52 AM ET GE Vernova said margin in backlog for 2026 relative to the end of last year "is gonna grow substantially more this year than last year" in its Power business, an executive said on the earnings call. said 8:31:40 AM ET · drafted 8:33:10 AM ET "We also are pricing up the services book and the margins will continue to expand there." GE Vernova executive, on the services business and its effect on group margins. said 8:33:55 AM ET · drafted 8:34:12 AM ET GE Vernova executive on the $22B Power services revenue target for 2035, said at the next capital markets day it "likely will prove out to be conservative." The target was framed last year, up from $12B. said 8:35:02 AM ET · drafted 8:35:18 AM ET GE Vernova on gas turbines: "We may be prioritizing at times the equipment shipments to hold schedule," an executive said, adding the company has "a lot of fulfillment ramp to come" in services in 2027 and 2028. said 8:35:38 AM ET · drafted 8:36:18 AM ET GE Vernova said "fourth quarter arrows will be lighter than the 2Q 3Q run rate" for aeroderivative gas turbine orders, adding that dollars per kW are expected to come down a little in the fourth quarter. said 8:37:49 AM ET · drafted 8:38:30 AM ET GE Vernova executive, asked on the earnings call whether customers face financing challenges: "No David, we're not." Cited orders growth and "$17 billion of cash in the bank account." said 8:38:47 AM ET · drafted 8:39:38 AM ET GE Vernova executive: "Electrification business orders three Q year to date is up 60% or thereabouts." Company expects the fourth quarter to be its largest orders quarter of the year. said 8:39:47 AM ET · drafted 8:40:37 AM ET A GE Vernova executive said electrification is "a contributor but it's not gonna replace the need for more power generation that gets added to the system," calling it a complement during the company's earnings call. said 8:40:19 AM ET · drafted 8:41:46 AM ET TRANSCRIPT (copy-edited; times Eastern) [7:18:37 AM ET] Bayer Denvers. [7:18:58 AM ET] So [7:19:10 AM ET] It's the AI. [7:19:14 AM ET] Oh, you know what? [7:19:34 AM ET] So [7:19:50 AM ET] nothing. [7:19:58 AM ET] so, [7:20:14 AM ET] we have [7:20:34 AM ET] now. [7:20:50 AM ET] AI. [7:21:02 AM ET] So [7:21:22 AM ET] So like that. [7:21:38 AM ET] yeah. [7:21:42 AM ET] in the [7:21:54 AM ET] I can't do it [7:21:58 AM ET] point, I'll be all right. [7:22:06 AM ET] I will. [7:22:14 AM ET] Mm. [7:22:42 AM ET] These are [7:22:46 AM ET] go every time. [7:22:50 AM ET] And that's why. [7:23:02 AM ET] Yeah [7:23:06 AM ET] you're right. [7:23:14 AM ET] See, I [7:23:26 AM ET] We are [7:23:48 AM ET] one [7:24:12 AM ET] Yeah, [7:24:16 AM ET] They are so. [7:24:20 AM ET] So [7:24:40 AM ET] I [7:24:48 AM ET] I mean yeah, [7:25:08 AM ET] can. [7:25:12 AM ET] active and bearish. [7:25:16 AM ET] I know it's [7:25:24 AM ET] Delicate again. [7:25:32 AM ET] Thank you for holding. [7:25:36 AM ET] Your conference will begin in five minutes. Thank you for your patience. [7:25:36 AM ET] thank you for holding [7:25:36 AM ET] your conference will begin in five minutes [7:25:40 AM ET] patience. [7:25:40 AM ET] thank you for your patience [7:25:44 AM ET] And [7:25:48 AM ET] that's a huge. [7:25:52 AM ET] Oh, so like [7:25:56 AM ET] Everything. [7:26:00 AM ET] AR [7:26:08 AM ET] guy's a little home. [7:26:12 AM ET] we go down to [7:26:32 AM ET] So yeah. [7:26:40 AM ET] sure if we can get. [7:26:44 AM ET] So [7:26:52 AM ET] just [7:27:08 AM ET] same. [7:27:24 AM ET] The [7:27:40 AM ET] About our [7:27:44 AM ET] right. [7:28:04 AM ET] send this to the [7:28:12 AM ET] So [7:28:28 AM ET] So we are [7:29:00 AM ET] you go. [7:29:04 AM ET] Um [7:29:08 AM ET] Something heavy. [7:29:24 AM ET] ASA to the peak. [7:29:28 AM ET] Yeah, no. [7:29:48 AM ET] there's nothing. [7:30:04 AM ET] I will [7:30:20 AM ET] Good day, ladies and gentlemen, and welcome to GE Reno. [7:30:24 AM ET] Branova's third quarter 2026 earnings conference call. [7:30:24 AM ET] good day ladies and gentlemen and welcome to ge vernova's third [7:30:24 AM ET] quarter twenty twenty six earnings conference call [7:30:28 AM ET] this time, all participants are in a listen-only mode. My name is Liz, and I. [7:30:28 AM ET] at this time all participants are in a listen only mode [7:30:32 AM ET] will be your conference coordinator today. If you experience issues with [7:30:32 AM ET] this my name is liz and i will be your conference coordinator today [7:30:36 AM ET] webcast slides refreshing, or there appears to be delays in the slide advancement. [7:30:36 AM ET] if you experience issues with the webcast slides refreshing or there appears to [7:30:40 AM ET] advancement, please hit F5 on your keyboard to refresh. [7:30:40 AM ET] be delays in the slide advancement [7:30:40 AM ET] please hit f five on your keyboard to refresh [7:30:44 AM ET] As a reminder, this conference is being recorded. I would now like. [7:30:44 AM ET] as a reminder this conference is being recorded [7:30:48 AM ET] to turn the program over to your host for today's conference, Michael Lapitas. [7:30:48 AM ET] i would now like to turn the program over to your host for today's conference michael lapides [7:30:52 AM ET] vice president of investor relations. Please proceed. [7:30:52 AM ET] vice president of investor relations [7:30:52 AM ET] please proceed [7:30:56 AM ET] Thank you. Welcome to the... [7:31:00 AM ET] the conference call on GE Vernobas. Third quarter 2026. [7:31:00 AM ET] thank you [7:31:04 AM ET] 2026 earnings in the planned acquisition of Trench Group. I'm joined today by [7:31:04 AM ET] welcome to the conference call on ge vernova's third quarter twenty twenty six earnings [7:31:10 AM ET] by our CEO, Scott Strazik, and CFO Ken Parks. [7:31:10 AM ET] and the planned acquisition of trench group i'm joined today by our ceo [7:31:10 AM ET] scott strazek and cfo ken parks [7:31:12 AM ET] conference call remarks will include both gap and non-gap to the [7:31:12 AM ET] our conference call remarks will include [7:31:16 AM ET] financial results, including the standalone forecast of Trench Group. [7:31:16 AM ET] both gaap and non gaap financial results [7:31:16 AM ET] including the standalone forecast of trench group [7:31:22 AM ET] Reconciliations between GAP and non-gap measures can be. [7:31:24 AM ET] found in today's press release and presentation slides. [7:31:24 AM ET] reconciliations between gaap and non gaap measures [7:31:24 AM ET] can be found in today's press release [7:31:30 AM ET] both of which are available on our website. Our Trench Grew. [7:31:30 AM ET] and presentation slides both of which are available on our website [7:31:34 AM ET] comments reflect expectations for the train's action. [7:31:34 AM ET] our trench group comments reflect expectations [7:31:38 AM ET] The cost and revenue synergies from the train's action in capital L. [7:31:38 AM ET] for the transaction the cost and revenue synergies from the [7:31:42 AM ET] allocation plans. The trends grew back with this and price and. [7:31:42 AM ET] and capital allocation plans [7:31:46 AM ET] penisual information are expressed in US dollar equivalents. [7:31:46 AM ET] the trinch group acquisition price and financial information are [7:31:46 AM ET] expressed in u s dollar equivalents [7:31:50 AM ET] on a Euro to US dollar exchange rate of 1.12. [7:31:50 AM ET] based on a euro to u s dollar exchange rate of one point one two [7:31:54 AM ET] Actual US dollar equivalent amounts may differ based on the prevailing. [7:31:58 AM ET] prevailing exchange rate at the applicable times. The Trent Group financial and [7:31:58 AM ET] actual us dollar equivalent amounts may differ based on the prevailing exchange [7:31:58 AM ET] rate at the applicable times [7:32:02 AM ET] information was prepared by GE Vernova based on data provided by Trent. [7:32:02 AM ET] the trench group financial information was prepared by ge vernova based [7:32:06 AM ET] Trench Group and reflect Trench Group's accounting policies, which may [7:32:06 AM ET] on data provided by trench group [7:32:10 AM ET] may differ from GE Vernovas. Please note that unless other. [7:32:10 AM ET] and reflect trench group's accounting policies which may differ [7:32:10 AM ET] from ge vernovus [7:32:14 AM ET] otherwise specified, or year over year commentary or variances on. [7:32:14 AM ET] please note that unless otherwise specified [7:32:18 AM ET] on orders, revenue. I just did in segment EBITDA and more. [7:32:18 AM ET] our year over year commentary or variances on orders revenue [7:32:22 AM ET] Morgen. Discuss during our prepared remarks or on and we're getting. [7:32:22 AM ET] adjusted and segment ebitda and margin [7:32:26 AM ET] organic basis. We will make forward looking statements about our professional. [7:32:26 AM ET] discussed during our prepared remarks are on an organic basis [7:32:30 AM ET] performance and the trench group business. These statements are based on how we [7:32:30 AM ET] we will make forward looking statements about our performance in the trinch group business [7:32:34 AM ET] we see things today. While we may update these forward-looking statements, [7:32:34 AM ET] these statements are based on how we see things today [7:32:38 AM ET] statements at some point in the future. We do not undertake any obligation to. [7:32:38 AM ET] while we may elect to update these forward looking statements at some point in the future [7:32:42 AM ET] to do so. As described in our SEC filings, today's [7:32:42 AM ET] we do not undertake any obligation to do so [7:32:42 AM ET] as described in our sec filings [7:32:46 AM ET] press release and presentation slides, all of which are available on our [7:32:50 AM ET] our website. Actual results may differ materially due to risk that. [7:32:50 AM ET] today's press release and presentation slides [7:32:50 AM ET] all of which are available on our website actual results may differ materially [7:32:54 AM ET] and uncertainties. The acquisition is subject to regular. [7:32:54 AM ET] due to risks and uncertainties [7:32:58 AM ET] regulatory approvals in standard closing conditions, including infrastructure. [7:32:58 AM ET] the acquisition is subject to regulatory approvals [7:33:02 AM ET] information and employee consultation where required. [7:33:02 AM ET] in standard closing conditions including in [7:33:02 AM ET] information and employee consultation where required [7:33:06 AM ET] With that, I'll hand the call over to Scott. Thanks, Michael. [7:33:06 AM ET] with that i'll hand the call over to scott [7:33:10 AM ET] We have a lot to cover today, but I wanted to start with three main messages. [7:33:10 AM ET] thanks michael we have a lot to cover today [7:33:14 AM ET] messages. First, our growth continues to accelerate with both our core. [7:33:14 AM ET] i wanted to start with three main messages [7:33:18 AM ET] core business and new products. With almost 30 billion in [7:33:18 AM ET] first our growth continues to accelerate with both our core business [7:33:22 AM ET] in new orders and an expansion of our backlog from 176. [7:33:22 AM ET] and new products with almost thirty billion dollars in new orders and an [7:33:26 AM ET] to approximately 200 billion in three queue. We continue to. [7:33:26 AM ET] expansion of our backlog from one hundred and seventy six to approximately two hundred billion dollars [7:33:30 AM ET] see strong pull from customers for the solutions we offer. [7:33:30 AM ET] 3q we continue to see strong pull [7:33:34 AM ET] This demand is not only for our existing equipment, but also for. [7:33:34 AM ET] from customers for the solutions we offer [7:33:38 AM ET] for services, where we saw 10% orders growth in the quarter. [7:33:38 AM ET] this demand is not only for our existing equipment [7:33:42 AM ET] We also see growing interest in our new offerings, including in both power. [7:33:42 AM ET] but also for services where we saw ten percent orders growth in the quarter [7:33:46 AM ET] power with a nuclear SMR, and multiple products in electrification. [7:33:46 AM ET] we also see growing interest in our new offerings including in both power [7:33:46 AM ET] with a nuclear smr [7:33:50 AM ET] electrification, including MVUPS in solid state transformers. [7:33:50 AM ET] and multiple products in electrification including m v ups [7:33:54 AM ET] transformers. Second, our margin expansion is encouraging, but [7:33:54 AM ET] and solid state transformers second [7:33:54 AM ET] our margin expansion is encouraging [7:33:58 AM ET] but no one inside GEV is satisfied with where we are. [7:33:58 AM ET] but no one inside gev is satisfied with where we are [7:34:02 AM ET] This is just the beginning, with significant opportunity and all. [7:34:06 AM ET] all three business segments. Power reached 21%, even. [7:34:06 AM ET] this is just the beginning with significant opportunity in all [7:34:10 AM ET] EBITDA margins and what is historically our weakest margin quarter. [7:34:10 AM ET] three business segments power reached twenty one percent ebitda margins in what is [7:34:14 AM ET] Q is typically our lowest quarter for services activity. [7:34:14 AM ET] historically our weakest margin quarter as 3q is typically [7:34:18 AM ET] These margins reflect the first quarter of our five gigawatt. [7:34:18 AM ET] our lowest quarter for services activity these margins reflect [7:34:22 AM ET] of gas power equipment shipments at better prices. [7:34:22 AM ET] the first quarter of our five gigawatt of gas power equipment shipments [7:34:22 AM ET] at better prices [7:34:26 AM ET] Electrification reached 19% EBITDA margins while growing on. [7:34:30 AM ET] RD mid-teens to support strong new product interest. [7:34:30 AM ET] electrification reached nineteen percent ebitda [7:34:30 AM ET] margins while growing r and d mid teens to support strong [7:34:34 AM ET] introduction opportunities. Lind turned profitable and strong. [7:34:34 AM ET] new product introduction opportunities [7:34:38 AM ET] strong services improvement, and we continue improving execution and all. [7:34:38 AM ET] win turned profitable on strong services improvement [7:34:42 AM ET] offshore as our backlog to complete, continues to come down. [7:34:42 AM ET] and we continue improving execution in offshore [7:34:46 AM ET] down. Across all three businesses and corporate, we [7:34:46 AM ET] as our backlog to complete continues to come down [7:34:50 AM ET] have investments in automation and AI with strong use. [7:34:50 AM ET] across all three businesses and corporate [7:34:54 AM ET] use cases that will expand margins over the medium term. But in [7:34:54 AM ET] we have investments in automation and ai [7:34:54 AM ET] with strong use cases that will expand margins over the medium term [7:34:58 AM ET] 3Q and isolation, remain in net expense. [7:34:58 AM ET] but in 3q and isolation remain a net expense [7:35:02 AM ET] Point being, we are early in our margin expansion acceleration. [7:35:06 AM ET] acceleration. Third, we have delivered significant year-to-date cash. [7:35:06 AM ET] point being we are early in our margin expansion acceleration [7:35:10 AM ET] cash generation to end the quarter with approximately 17 billion in cash. [7:35:10 AM ET] third we have delivered significant year to date cash generation to [7:35:14 AM ET] cash, and we've been working hard to position GE Vernova to invest this cash. [7:35:14 AM ET] end the quarter with approximately seventeen billion dollars in cash [7:35:18 AM ET] capital for strong returns. We are pleased to announce the sign. [7:35:18 AM ET] and we've been working hard to position ge vernova to invest this capital [7:35:22 AM ET] signing of the Trent Group acquisition, which will strengthen our core electrification. [7:35:22 AM ET] for strong returns we are pleased to announce [7:35:26 AM ET] electrification offerings and high voltage grid equipment. Be a creative undefined. [7:35:26 AM ET] the signing of the trench group acquisition which will strengthen our [7:35:26 AM ET] core electrification offerings in high voltage grid equipment [7:35:30 AM ET] day one and bring us industry-leading technology to innovate. [7:35:34 AM ET] into the future and serve this growing market. In Parallels, I [7:35:34 AM ET] be accretive on day one and bring us industry leading technology to [7:35:34 AM ET] innovate into the future and serve this growing market [7:35:38 AM ET] announcing this $9 billion acquisition. We are announcing a doubling of our. [7:35:38 AM ET] in parallel with announcing this nine billion dollars acquisition [7:35:42 AM ET] stock buyback program from ten to twenty billion dollars. [7:35:42 AM ET] we are announcing a doubling of our stock buyback program from ten [7:35:46 AM ET] dollars. After investing 1.6 billion in the buyback in 3Q, [7:35:46 AM ET] billion dollars to twenty billion dollars [7:35:50 AM ET] and over 1.3 billion in October. We have largely. [7:35:50 AM ET] after investing one point six billion dollars in the buyback in 3q [7:35:54 AM ET] completed our 10 billion dollar authorization with excellent returns. [7:35:54 AM ET] and over one point three billion dollars in october we have largely completed [7:35:58 AM ET] having acquired 15.6 million shares at an average price of [7:35:58 AM ET] our ten billion dollars authorization with excellent returns [7:36:02 AM ET] of approximately 635. It is early in. [7:36:02 AM ET] having acquired fifteen point six million shares [7:36:02 AM ET] at an average price of approximately six thirty five [7:36:06 AM ET] in our journey. We remain humble, but we have real convictions. [7:36:06 AM ET] it is early in our journey we remain humble [7:36:10 AM ET] conviction that we are building a unique company to serve the growing market. [7:36:10 AM ET] but we have real conviction that we are building a unique company [7:36:14 AM ET] market and deliver for our shareholders for the long term. With that, [7:36:14 AM ET] to serve the growing market [7:36:14 AM ET] and deliver for our shareholders for the long term [7:36:18 AM ET] that, I'd like to go to the next page and give an overview of the Trench Acquisition. [7:36:22 AM ET] acquisition. The announcement today of our acquisition of the Trench. [7:36:22 AM ET] with that i'd like to go to the next page and give an overview [7:36:22 AM ET] of the trench acquisition [7:36:26 AM ET] Group, is an important step forward in strengthening, in scaling our electric. [7:36:26 AM ET] the announcement today of our acquisition of the trench group [7:36:30 AM ET] electrification business in the high and medium voltage markets globally. [7:36:30 AM ET] is an important step forward in strengthening and scaling our electrification business [7:36:34 AM ET] globally. If I take a step back, the beginning of 25, there were two assets. [7:36:34 AM ET] in the high and medium voltage markets globally [7:36:34 AM ET] if i take a step back [7:36:38 AM ET] assets of scale. I felt we needed an electrification. The first [7:36:38 AM ET] the beginning of twenty five there were two assets of scale [7:36:42 AM ET] is Prolock to expand our North American manufacturing footprint. [7:36:42 AM ET] i felt we needed in electrification the first was prolec [7:36:46 AM ET] It is simplified the front end commercial experience or end customer. [7:36:46 AM ET] to expand our north american manufacturing footprint and to simplify [7:36:50 AM ET] customers, especially the hyperscalers. And the second is trent. [7:36:50 AM ET] the front end commercial experience for our end customers [7:36:54 AM ET] for the technology differentiation, management team. [7:36:54 AM ET] especially the hyperscalers and the second is trench [7:36:54 AM ET] for the technology differentiation [7:36:58 AM ET] and the importance of the components Trent provides in solutions. [7:36:58 AM ET] management team and the importance of the components trench provides [7:37:02 AM ET] solutions we deliver today. There are many factors driving our. [7:37:02 AM ET] in solutions we deliver today [7:37:06 AM ET] conviction on the high voltage market for the long term. [7:37:06 AM ET] there are many factors driving our conviction in the high voltage market [7:37:10 AM ET] centers require large electricity loads, driving the increasing. [7:37:10 AM ET] for the long term data centers require large electricity loads [7:37:14 AM ET] need for more efficient high-voltage equipment. Trench, as an example. [7:37:14 AM ET] driving the increasing need for more efficient high voltage equipment [7:37:18 AM ET] example, has secured multiple agreements with hyperscalers in the past two years. [7:37:18 AM ET] tranche as an example has secured multiple agreements with hyperscalers in the past [7:37:22 AM ET] years. In addition, global utilities are also building out more. [7:37:22 AM ET] two years [7:37:26 AM ET] more high-voltage infrastructure. Today's grid loses as much. [7:37:26 AM ET] in addition global utilities are also building out more high voltage [7:37:30 AM ET] much as 8% from power generation to end use. [7:37:30 AM ET] today's grid loses as much as [7:37:34 AM ET] the upgrade of the grid to higher voltages dramatically reduces that. [7:37:34 AM ET] eight percent from power generation to end use [7:37:38 AM ET] energy losses, making the whole grid more economical. [7:37:38 AM ET] and the upgrade of the grid to higher voltages [7:37:38 AM ET] dramatically reduces energy losses making the whole grid [7:37:42 AM ET] economical. In addition, as the existing grid takes on more loads. [7:37:42 AM ET] more economical [7:37:46 AM ET] load with increased building electrification. Manufacturing growth. [7:37:46 AM ET] in addition as the existing grid takes on more load [7:37:46 AM ET] with increased building electrification [7:37:50 AM ET] growth, heat pumps and EVs, grid reinforcements to. [7:37:50 AM ET] manufacturing growth heat pumps and evs [7:37:54 AM ET] higher voltages will be required. And in parts of the world, building signals. [7:37:54 AM ET] grid reinforcements to higher voltages will be required [7:37:58 AM ET] significant wind and solar, there is a need to transport electrons. [7:37:58 AM ET] and in parts of the world building significant wind and solar [7:38:02 AM ET] electrons over long distances at higher voltages to eliminate. [7:38:02 AM ET] there is a need to transport electrons over long distances at [7:38:06 AM ET] eliminate waste. India is a great example of this today, and it's a market where. [7:38:06 AM ET] higher voltages to eliminate waste [7:38:10 AM ET] we are demonstrating real commercial success, including our [7:38:10 AM ET] india is a great example of this today and is a market where we are demonstrating real [7:38:14 AM ET] announced win on the Barmer HVDC project, that will be a [7:38:14 AM ET] commercial success including our announced win [7:38:18 AM ET] 1.5 billion dollar order in 4Q. [7:38:18 AM ET] on the bwrmer hvdc project that will be a one point five billion dollars [7:38:18 AM ET] order [7:38:18 AM ET] in 4q [7:38:22 AM ET] Trent further positions us to serve this global, high-voltage market. [7:38:26 AM ET] opportunity, we project to be 130 billion by the [7:38:26 AM ET] trench further positions us to serve this global [7:38:26 AM ET] high voltage market opportunity we project to be one hundred and thirty billion [7:38:30 AM ET] end of the decade. As an existing supplier to Vernova, [7:38:30 AM ET] by the end of the decade [7:38:34 AM ET] Vernova, French is a business we know well. It's complementary and difficult. [7:38:34 AM ET] as an existing supplier to vernova [7:38:34 AM ET] trench is a business we know well [7:38:38 AM ET] differentiated technology for high-voltage solutions will broaden. [7:38:38 AM ET] complementary and differentiated technology for high voltage solutions [7:38:42 AM ET] broaden our grid equipment portfolio and expand our presence across private. [7:38:46 AM ET] product lines where we have a modest presence today. [7:38:46 AM ET] will broaden our grid equipment portfolio and expand our presence [7:38:46 AM ET] across product lines where we have a modest presence today [7:38:50 AM ET] Vertically integrating Trench will also give us greater capacity and certain. [7:38:54 AM ET] certainty across a key part of the supply chain, strengthening our ability. [7:38:54 AM ET] vertically integrating trench will also give us greater capacity [7:38:54 AM ET] and certainty across a key part of the supply chain [7:38:58 AM ET] ability to deliver for customers. The foundation. [7:38:58 AM ET] strengthening our ability to deliver [7:38:58 AM ET] for customers [7:39:02 AM ET] of Trench's success is technical excellence in a strong management. [7:39:02 AM ET] the foundation of trench's success is technical excellence [7:39:06 AM ET] management team. With more than 3,000 highly skilled employees across the world, [7:39:06 AM ET] and a strong management team with more than [7:39:10 AM ET] across 11 factories. Trench has established a footprint in many. [7:39:10 AM ET] three thousand highly skilled employees across eleven factories [7:39:16 AM ET] many of the world's largest grid markets. These capabilities have enabled. [7:39:16 AM ET] trench has established a footprint in many of the world's largest grid markets [7:39:20 AM ET] enabled French to develop deep, trusted relationships with a broad. [7:39:20 AM ET] these capabilities have enabled trench to develop deep [7:39:22 AM ET] broad customer base serving utilities, grid operators. [7:39:22 AM ET] trusted relationships with a broad customer base [7:39:28 AM ET] and increasingly hyperscalers. We expect this. [7:39:28 AM ET] serving utilities grid operators [7:39:32 AM ET] transaction to close late 27 and with a nine billion dollars. [7:39:32 AM ET] and increasingly hyperscalers [7:39:32 AM ET] we expect this transaction to close late twenty twenty seven [7:39:36 AM ET] dollar purchase price, we are paying 13 times 28 EBITDA. [7:39:36 AM ET] and with a nine billion dollars purchase price we are paying thirteen times [7:39:40 AM ET] Ibidah before synergies. The first full year, we expect trend. [7:39:40 AM ET] twenty eight ebitda before synergies [7:39:44 AM ET] trench to be included in our financial results. This is a [7:39:44 AM ET] the first full year we expect trench to be included in our financial results [7:39:48 AM ET] strategically compelling and attractive acquisition that is directly. [7:39:48 AM ET] this is a strategically compelling and attractive acquisition [7:39:52 AM ET] directly aligned with our capital location priorities. We will add skills. [7:39:56 AM ET] scale to the core of our fast-growing electrification segment to [7:39:56 AM ET] that is directly aligned with our capital allocation priorities [7:39:56 AM ET] we will add scale to the core of our fast growing electrification segment [7:40:00 AM ET] to better serve the global electricity super cycle. [7:40:00 AM ET] to better serve [7:40:04 AM ET] Turn to the next page. You can see on the left-hand side. [7:40:04 AM ET] the global electricity super cycle [7:40:08 AM ET] the estimated 26 revenue of Trench. And GE Bernova. [7:40:08 AM ET] turn to the next page you can see on the left [7:40:08 AM ET] hand side the estimated twenty six revenue of trench [7:40:12 AM ET] Vernova with the three primary product lines in the Trench portfolio. [7:40:12 AM ET] and ge vernova with the three primary product lines in the trench portfolio [7:40:16 AM ET] Trent revenue in 26 is estimated at 1.4%. [7:40:20 AM ET] 1.4 billion, and similar to our electrification business, is projected to. [7:40:20 AM ET] trench revenue in twenty twenty six is estimated at one point four billion [7:40:24 AM ET] to grow at double-digit levels over the coming years to approach two billion. [7:40:24 AM ET] and similar to our electrification business is projected to grow [7:40:28 AM ET] billion of revenue in 28 after the expected close. [7:40:28 AM ET] at double digit levels over the coming years to approach two billion dollars of revenue in twenty eight [7:40:28 AM ET] after the expected close [7:40:32 AM ET] I'd like to provide a bit more context and color on each of the product lines. [7:40:32 AM ET] i'd like to provide a bit more context and color [7:40:36 AM ET] lines. Every medium and high-voltage transformer has a [7:40:36 AM ET] on each of the product lines every medium and high voltage [7:40:40 AM ET] bushing. For insulation, a mechanical support used for. [7:40:40 AM ET] transformer has a bushing for insulation and mechanical support [7:40:44 AM ET] reliable grid connection. Today, we source most of our Bushing. [7:40:48 AM ET] bushings externally. But tomorrow, we will be able to internalize. [7:40:48 AM ET] used for reliable grid connection today we source most of our bushing [7:40:48 AM ET] externally [7:40:52 AM ET] this key technology within the Trench facilities and better serve. [7:40:52 AM ET] but tomorrow we will be able to internalize this [7:40:56 AM ET] serve our customers with improved cycle time and integrated. [7:40:56 AM ET] key technology within the trench facilities and better serve our customers [7:40:56 AM ET] with improved cycle time [7:41:00 AM ET] integrated performance, as we continue to invest in this business. [7:41:04 AM ET] just as we're doing with Prolac, which you see very clearly in the [7:41:04 AM ET] and integrated performance as we continue to invest in this business [7:41:08 AM ET] growth of our Prolac results. In many cases, customers. [7:41:08 AM ET] just as we are doing with prolec which you [7:41:08 AM ET] see very clearly in the growth of our prolec results in many cases [7:41:12 AM ET] customers specify the bushing provider for large transformers. [7:41:16 AM ET] we see opportunities where trance bushings are the preferred technology. [7:41:16 AM ET] customers specify the bushing provider for large transformers [7:41:20 AM ET] technology to better integrate our transformer product line to dry. [7:41:20 AM ET] and we see opportunities where trench bushings are the preferred technology [7:41:24 AM ET] drive commercial synergies. Post close, we all saw her. [7:41:24 AM ET] to better integrate our transformer product line [7:41:24 AM ET] to drive commercial synergies [7:41:24 AM ET] post close [7:41:28 AM ET] a much larger percentage of bushings for our transformers. [7:41:32 AM ET] transformers from the Trench factories to deliver better outcomes. [7:41:32 AM ET] we will source a much larger percentage of bushings for our transformers [7:41:36 AM ET] outcomes for our customers. Instrument transformers. [7:41:36 AM ET] from the trench factories to deliver better outcomes [7:41:36 AM ET] for our customers [7:41:40 AM ET] transformers are important high-voltage equipment in electrical substations. [7:41:40 AM ET] instrument transformers are important high voltage equipment [7:41:44 AM ET] typically greater than 35 kV, that are used to measure bolts. [7:41:44 AM ET] in electrical substations typically greater than thirty five kv [7:41:48 AM ET] voltage and provide protection. This equipment is utilized for. [7:41:48 AM ET] that are used to measure voltage [7:41:52 AM ET] for new build high-voltage electrical substations. [7:41:52 AM ET] and provide protection this equipment is utilized for new [7:41:56 AM ET] For instance, with data centers where you see us playing a significant role. [7:41:56 AM ET] build high voltage electrical substations for instance [7:42:00 AM ET] But this is also technology to support upgrades as existing. [7:42:00 AM ET] with data centers where you see us playing a significant role [7:42:04 AM ET] infrastructure extends past its useful life. [7:42:04 AM ET] but this is also technology to support upgrades as existing infrastructure [7:42:08 AM ET] US alone, we project over 55,000 trends. [7:42:08 AM ET] extends past its useful life in the us alone [7:42:12 AM ET] transmission substations will be completely rebuilt. [7:42:12 AM ET] we project over fifty five thousand transmission substations [7:42:12 AM ET] will be completely rebuilt [7:42:16 AM ET] or upgraded to higher voltages in the next decade. [7:42:16 AM ET] or upgraded to higher voltages [7:42:16 AM ET] in the next decade [7:42:20 AM ET] Point being, our opportunity is both an expanding. [7:42:24 AM ET] and modernizing the existing grid in serving new growth. [7:42:24 AM ET] point being our opportunity is both an expanding [7:42:28 AM ET] with opportunities like data centers. And finally, [7:42:28 AM ET] and modernizing the existing grid and serving new growth [7:42:28 AM ET] with opportunities like data centers [7:42:32 AM ET] medium and high voltage coils. This equipment connects to the substation. [7:42:32 AM ET] and finally medium and high voltage coils [7:42:36 AM ET] substation and stores electrical energy inside a magnetic field. [7:42:36 AM ET] this equipment connects to the substation and stores [7:42:40 AM ET] field to enhance grid reliability and power quality. [7:42:40 AM ET] electrical energy inside a magnetic field [7:42:40 AM ET] to enhance grid reliability [7:42:44 AM ET] The innovative high-voltage technology Trent produced. [7:42:44 AM ET] and power quality [7:42:48 AM ET] produces, is directly aligned with where customers are investing. [7:42:48 AM ET] the innovative high voltage technology trench produces [7:42:52 AM ET] and where we see long-term demand continue to grow. [7:42:52 AM ET] is directly aligned with where customers are investing [7:42:52 AM ET] and where we see long term demand continue to grow [7:42:56 AM ET] very confident these technologies will allow us to better serve our customers. [7:43:00 AM ET] customers, which I'll go into in more detail on the next page. [7:43:00 AM ET] we are very confident these technologies will allow us to better serve our customers [7:43:00 AM ET] which i'll go into in more detail [7:43:00 AM ET] on the next page [7:43:04 AM ET] We talked in the past how our existing addressable market and electrical. [7:43:08 AM ET] electrification is projected to reach 300 billion by 2030. [7:43:08 AM ET] we've talked in the past how our existing addressable market in electrification is [7:43:12 AM ET] 2030. The high voltage equipment market is an estimated 130. [7:43:12 AM ET] projected to reach three hundred billion dollars by two thousand thirty [7:43:16 AM ET] 130 of the 300 billion. And you can see on the left-hand side of this page. [7:43:16 AM ET] the high voltage equipment market is an estimated one hundred and thirty [7:43:20 AM ET] page how each product line inside Trench supports our options. [7:43:20 AM ET] of the three hundred billion dollars and you can see on the left hand side of this page [7:43:24 AM ET] offerings across the columns. We see the high voltage equipment. [7:43:24 AM ET] how each product line inside trench supports our offerings [7:43:24 AM ET] across the columns [7:43:28 AM ET] equipment market continue to grow at high single digits for the long term. [7:43:28 AM ET] we see the high voltage equipment market continue to grow at [7:43:32 AM ET] driven by the macro factors I mentioned on the earlier page. [7:43:32 AM ET] high single digits for the long term driven by the macro factors [7:43:32 AM ET] i mentioned on the earlier page [7:43:36 AM ET] The real message on this page is we have a great conviction that. [7:43:40 AM ET] that customers will benefit significantly with our addition of trends. [7:43:40 AM ET] the real message on this page is we have a great conviction [7:43:44 AM ET] Trench to the product portfolio to deliver to them more optimized. [7:43:44 AM ET] that customers will benefit significantly with our addition of trench [7:43:48 AM ET] integrated solutions. This will also provide our customers a more. [7:43:48 AM ET] to the product portfolio to deliver to them more optimized [7:43:48 AM ET] integrated solutions [7:43:52 AM ET] more seamless experience and increase our capabilities in delivering. [7:43:52 AM ET] this will also provide our customers a more seamless experience [7:43:56 AM ET] delivering sustainable solutions, our customers value today. [7:43:56 AM ET] and increase our capabilities in delivering sustainable solutions [7:43:56 AM ET] our customers value today [7:44:00 AM ET] For instance, Trench is the leader in dry type bushings. [7:44:04 AM ET] in increasingly important technology across power transformers. [7:44:04 AM ET] for instance trench is the leader in dry type bushings [7:44:08 AM ET] switch gear, HVDC systems, substations and [7:44:08 AM ET] an increasingly important technology across power transformers [7:44:08 AM ET] switchgear [7:44:12 AM ET] and stability solutions. Dry type transformers use a [7:44:12 AM ET] hvdc systems substations and stability solutions [7:44:16 AM ET] resin instead of oil, which reduces maintenance. [7:44:16 AM ET] dry type transformers use a resin instead of oil [7:44:20 AM ET] better for the environment, and dramatically reduces the risk of. [7:44:20 AM ET] which reduces maintenance is better for the environment [7:44:24 AM ET] of fire. Our combined global manufacturing footprint. [7:44:24 AM ET] and dramatically reduces the risk of fire [7:44:28 AM ET] footprint will be a key differentiator, enhancing delivery and [7:44:28 AM ET] our combined global manufacturing footprint will be a [7:44:32 AM ET] lead time management. With Trench, we will strengthen our ability to. [7:44:32 AM ET] key differentiator enhancing delivery and lead time management [7:44:36 AM ET] support the development of higher voltage electrical systems globally. [7:44:36 AM ET] with trench we will strengthen our ability to support the development of [7:44:40 AM ET] including the build out of 765 KV transmission and the [7:44:40 AM ET] higher voltage electrical systems globally including the build out [7:44:44 AM ET] the US. As we continue to serve Trench's existing customer. [7:44:44 AM ET] of 765kv transmission in the u s [7:44:48 AM ET] customers. We can also extend Trent's products to regions. [7:44:48 AM ET] as we continue to serve trench's existing customers [7:44:52 AM ET] regions with significant electrical infrastructure needs. For customers, that we [7:44:52 AM ET] we can also extend trench's products to regions [7:44:56 AM ET] we serve today. Finally, Trent's track record in. [7:44:56 AM ET] with significant electrical infrastructure needs for customers that we serve today [7:45:00 AM ET] quality and delivery aligns directly with our own in positions. [7:45:00 AM ET] finally trenches track record in quality and delivery [7:45:04 AM ET] positions us to better serve customers, rising demand for grid equipment. [7:45:04 AM ET] aligns directly with our own and positions us [7:45:08 AM ET] equipment. Turn to the next slide. I want to put in context. [7:45:08 AM ET] to better serve customers' rising demand for grid equipment [7:45:12 AM ET] context how this acquisition supports our existing electrification business. [7:45:12 AM ET] turning to the next slide i wanna put in context [7:45:16 AM ET] businesses. Today we have a 46 billion dollar backlog. [7:45:16 AM ET] how this acquisition supports our existing electrification businesses [7:45:20 AM ET] which again to remind everyone was 7 billion at the start. [7:45:20 AM ET] today we have a forty six billion dollars backlog [7:45:24 AM ET] of 22. Our two largest businesses, grid systems. [7:45:24 AM ET] which again to remind everyone was seven billion dollars at the start of twenty twenty two [7:45:28 AM ET] integration, and power transmission will be the largest direct bank. [7:45:28 AM ET] our two largest businesses grid systems integration and power transmission [7:45:32 AM ET] beneficiaries on day one of the acquisition. Although longer term, [7:45:32 AM ET] will be the largest direct beneficiaries on day one of the acquisition [7:45:36 AM ET] term, we also see a positive impact on our power conversion and storage business. [7:45:40 AM ET] business. Especially with the new products we're developing like the M. [7:45:40 AM ET] although longer term we also see a positive impact [7:45:40 AM ET] on our power conversion and storage business especially with the new products we're developing [7:45:44 AM ET] MVUPS stability block. GSI delivers H [7:45:44 AM ET] developing like the mv ups stability block [7:45:48 AM ET] HVDC projects and AC substations for utilities. [7:45:48 AM ET] gsi delivers hvdc projects [7:45:52 AM ET] utilities and data centers, among other high-voltage solutions. [7:45:52 AM ET] and ac substations for utilities [7:45:56 AM ET] solutions. Today, we source some of the components for these offerings externally. [7:45:56 AM ET] and data centers among other high voltage solutions [7:46:00 AM ET] externally, including from Trance, which supply the majority of A. [7:46:00 AM ET] today we source some of the components for these offerings externally [7:46:00 AM ET] including from trench which supply the majority [7:46:04 AM ET] HVDC lines globally. Going forward. [7:46:08 AM ET] forward, we will be able to offer better integrated solutions using technology. [7:46:08 AM ET] of hvdc lines globally [7:46:08 AM ET] going forward we will be able to offer better integrated [7:46:12 AM ET] technologically advanced products that improve system durability. [7:46:12 AM ET] solutions using technologically advanced products that improve [7:46:16 AM ET] and are demanded by customers to grow our GSI business. [7:46:16 AM ET] system durability and are demanded by customers [7:46:20 AM ET] business at attractive margins. In power transmission, which produces. [7:46:20 AM ET] to grow our gsi business at attractive margins [7:46:24 AM ET] produces transformers, switch gear, and capacitors. [7:46:24 AM ET] in power transmission which produces transformers switchgear [7:46:24 AM ET] and capacitors [7:46:28 AM ET] Trent will provide scale through its bushings and instrument transfer. [7:46:32 AM ET] transformers. Bushings are a key component used in our power transformers. [7:46:32 AM ET] trench will provide scale through its bushings and instrument [7:46:36 AM ET] transformers, and Trench is differentiated technology. We'll help to the [7:46:36 AM ET] bushings are a key component used in our power transformers [7:46:40 AM ET] deliver high voltage transformers to customers. Lee tells. [7:46:40 AM ET] and trenches differentiated technology will help [7:46:40 AM ET] to deliver high voltage transformers to customers [7:46:44 AM ET] times across the industry are increasingly important in this transaction. [7:46:44 AM ET] lead times across the industry are increasingly important [7:46:48 AM ET] transaction will enhance supply chain certainty for both businesses with an [7:46:52 AM ET] electrification. By bringing Trench's manufacturing footprint. [7:46:52 AM ET] and this transaction will enhance supply chain certainty [7:46:52 AM ET] for both businesses within electrification [7:46:56 AM ET] footprint and capabilities inside Vernova. We expect greater visitors. [7:46:56 AM ET] by bringing trench's manufacturing footprint [7:47:00 AM ET] visibility in the production planning and improved ability to align. [7:47:00 AM ET] and capabilities inside vernova we expect greater visibility into [7:47:06 AM ET] align this component supply with our customers' project schedules. [7:47:06 AM ET] production planning and improved ability to align this component supply [7:47:10 AM ET] schedules. Finally, Trench is adding significant competition. [7:47:10 AM ET] with our customers' project schedules [7:47:14 AM ET] capacity across its 11 factories globally to meet rise and demand. [7:47:14 AM ET] finally trench is adding [7:47:18 AM ET] demand. This includes Trench's newly opened factory in North Carolina. [7:47:18 AM ET] significant capacity across its eleven factories globally to meet rising demand [7:47:22 AM ET] which will be the first U.S. manufacturer of high voltage pushing. [7:47:22 AM ET] this includes trench's newly opened factory in north carolina [7:47:26 AM ET] busings up to 765 KV. Expanding Trenches leads. [7:47:26 AM ET] which will be the first us manufacturer of high voltage bushings [7:47:30 AM ET] leadership in extra high-voltage technology in giving [7:47:30 AM ET] up to seven sixty five kv expanding trench's leadership [7:47:34 AM ET] giving us an important capability within our U.S. footprint. [7:47:34 AM ET] in extra high voltage technology and giving us [7:47:34 AM ET] an important capability within our us footprint [7:47:38 AM ET] footprint. With Trentsch, we will have additional scale and key geography. [7:47:42 AM ET] geographies and more flexibility to serve customers. Complimenting our [7:47:42 AM ET] with trench we will have additional scale in key geographies [7:47:46 AM ET] our existing in-planned capacity across the lecture vacation. [7:47:46 AM ET] and more flexibility to serve customers complementing our existing and planned [7:47:46 AM ET] capacity [7:47:50 AM ET] electrification. Take it a gather. Twenty enhances our electrification. [7:47:50 AM ET] across electrification taken together [7:47:54 AM ET] electrification segment's ability to deliver. As you will see in our three. [7:47:54 AM ET] trench enhances our electrification segment's ability to deliver [7:47:58 AM ET] cue results on the subsequent pages, our core business is continued. [7:47:58 AM ET] as you will see in our 3q results on the subsequent pages [7:48:02 AM ET] continue to gain momentum with accelerating growth and margin expense. [7:48:02 AM ET] our core businesses continue to gain momentum with accelerating growth [7:48:06 AM ET] expansion. The Prolet acquisition is outperforming our expectations. [7:48:06 AM ET] and margin expansion [7:48:10 AM ET] expectations, and Trench is the right next step in creating. [7:48:10 AM ET] the prolec acquisition is outperforming our expectations [7:48:14 AM ET] creating an industry leading electrification business at a traffic. [7:48:14 AM ET] and trench is the right next step in creating an industry leading [7:48:18 AM ET] economics, serving our customers with a team and tell. [7:48:18 AM ET] business at attractive economics [7:48:22 AM ET] technology we love. With that, I'll hand it over to Ken. [7:48:22 AM ET] serving our customers with a team and technology [7:48:22 AM ET] we love [7:48:26 AM ET] Ken to walk through the financial details. Thanks, guys. [7:48:26 AM ET] with that i'll hand it over to ken to walk through the financial details [7:48:30 AM ET] On slide nine, let me highlight the financial profile of Trent's Group. [7:48:30 AM ET] thanks scott on slide nine let me [7:48:34 AM ET] group and our expectations for the next few years, but four synergies. [7:48:34 AM ET] highlight the financial profile of trent's group and our expectations for the next [7:48:38 AM ET] and integration costs. Trinch has strong fundamental. [7:48:38 AM ET] few years before synergies and integration costs [7:48:42 AM ET] fundamentals and approximately five billion dollars in combined backlog and framework agreement. [7:48:42 AM ET] trench has strong fundamentals and approximately five billion dollars in combined [7:48:46 AM ET] agreements as of September 2026, which has grown over the past. [7:48:46 AM ET] backlog and framework agreements as of september twenty twenty six [7:48:50 AM ET] past several years. Trench has approximately 80 existing. [7:48:50 AM ET] which has grown over the past several years [7:48:54 AM ET] existing framework agreements, some extending into the 2030s. [7:48:54 AM ET] trench has approximately eighty existing framework agreements [7:48:58 AM ET] representing volume commitments that account for approximately half. [7:48:58 AM ET] some extending into the twenty thirties representing volume commitments [7:49:02 AM ET] the five billion dollars. We expect Trent to generate. [7:49:02 AM ET] that account for approximately half of the five billion dollars [7:49:06 AM ET] generate mid-teens revenue growth annually from 2026 to 2028. [7:49:06 AM ET] we expect trench to generate mid teens revenue growth annually from [7:49:10 AM ET] 2028. As Scott mentioned, this revenue growth is supported by plan. [7:49:10 AM ET] twenty twenty six to twenty twenty eight [7:49:14 AM ET] planned capacity expansions. The majority of the CapEx. [7:49:14 AM ET] as scott mentioned this revenue growth is supported by planned [7:49:14 AM ET] capacity expansions [7:49:18 AM ET] for these expansions will be completed prior to our anticipated closing. [7:49:18 AM ET] the majority of the capex for these expansions will be completed [7:49:22 AM ET] close in late 2027, we also expect. [7:49:22 AM ET] prior to our anticipated close in late twenty twenty seven [7:49:26 AM ET] prints to deliver strong margins, including an adjusted EBITDA margin. [7:49:26 AM ET] we also expect trench to deliver strong margins [7:49:30 AM ET] margin of approximately 36% in 2028. [7:49:30 AM ET] including an adjusted ebitda margin of approximately [7:49:30 AM ET] thirty six percent in twenty twenty eight [7:49:34 AM ET] Even before synergies, this is an immediately accretive transaction. [7:49:38 AM ET] transaction. As Scott noted, we currently plan to fund the [7:49:38 AM ET] even before synergies this is an immediately accretive transaction [7:49:42 AM ET] $9 billion acquisition price using an equal mix of debt and cash. [7:49:42 AM ET] as scott noted we currently plan to fund the nine billion dollar acquisition [7:49:46 AM ET] cash on hand, and remain committed to maintaining an investment-grade balance. [7:49:46 AM ET] price using an equal mix of debt and cash on hand [7:49:50 AM ET] balance sheet. Even after issuing roughly $4.5 billion. [7:49:50 AM ET] and remain committed to maintaining an investment grade balance sheet [7:49:54 AM ET] dollars in debt resulting from the acquisition. We expect to remain. [7:49:54 AM ET] even after issuing roughly four point five billion dollars in debt [7:49:58 AM ET] below a one times debt to adjusted EBITDA ratio. [7:49:58 AM ET] resulting from the acquisition we expect to remain below a one times [7:50:02 AM ET] ratio. Turning to slide 10, I'll walk through the synergy opportunity. [7:50:02 AM ET] debt to adjusted ebitda ratio [7:50:06 AM ET] opportunities we see in this transaction, which are reinforced by the proven. [7:50:06 AM ET] turning to slide ten i'll walk through the synergy opportunities we see in the [7:50:10 AM ET] execution of value creation. We've demonstrated in the integration of. [7:50:10 AM ET] transaction which are reinforced by the proven execution of value creation [7:50:14 AM ET] Prolac. That is already well underway and performing ahead of expectations. [7:50:14 AM ET] we've demonstrated in the integration of prolec that is already well [7:50:18 AM ET] expectations. Starting with cost synergies. [7:50:18 AM ET] underway and performing ahead of expectations [7:50:22 AM ET] we plan to apply our combined advance manufacturing expertise. [7:50:22 AM ET] starting with cost synergies we plan [7:50:26 AM ET] including robotics and automation, across the expanded book. [7:50:26 AM ET] to apply our combined advanced manufacturing expertise [7:50:30 AM ET] footprint. We'll expand the lean to increase volume. [7:50:30 AM ET] including robotics and automation across the expanded footprint [7:50:34 AM ET] and capture efficiencies by redesigning and enhancing fluoride. [7:50:34 AM ET] we'll expand lean to increase volume [7:50:38 AM ET] layouts to improve yields and factory flow. [7:50:38 AM ET] and capture efficiencies by redesigning and enhancing floor layouts [7:50:38 AM ET] to improve yields and factory flow [7:50:42 AM ET] We'll also bring together the sourcing operations of Trench and G.E. Bernova. [7:50:46 AM ET] to drive efficiency in the aggregated material spend. [7:50:46 AM ET] we'll also bring together the sourcing operations of trench and ge vernova [7:50:46 AM ET] to drive efficiency in the aggregated material spend [7:50:50 AM ET] And finally, we see potential to optimize the production cost of these. [7:50:54 AM ET] these offerings through the use of best cost locations. [7:50:54 AM ET] and finally we see potential to optimize the production cost [7:50:54 AM ET] of these offerings through the use of best cost locations [7:50:58 AM ET] On revenue, we see growth opportunities across G. [7:51:02 AM ET] GE Vernova and trenches combined, and highly complementary customers. [7:51:02 AM ET] on revenue we see growth opportunities across ge vernova [7:51:06 AM ET] customer base. This is especially true for utilities and high process. [7:51:06 AM ET] trenches combined and highly complementary customer base [7:51:10 AM ET] hyperscalers in North America. In 2026, Trent's [7:51:10 AM ET] this is especially true for utilities and hyperscalers in north america [7:51:14 AM ET] saw significant growth in its hyperscaler business and our strong track record. [7:51:14 AM ET] in twenty twenty six trent saw significant growth in its hyperscaler business [7:51:18 AM ET] of partnering with these customers positions us well to continue serving. [7:51:18 AM ET] and our strong track record of partnering with these customers [7:51:22 AM ET] serving their evolving needs. We also plan to use our existing. [7:51:22 AM ET] positions us well to continue serving their evolving needs [7:51:26 AM ET] existing commercial capabilities in markets like India, Southeast Asia. [7:51:26 AM ET] we also plan to use our existing commercial [7:51:30 AM ET] and the Middle East to expand trenches reach and grow. [7:51:30 AM ET] capabilities in markets like india southeast asia and the middle east [7:51:34 AM ET] grow revenues. For example, India is one of Asia's largest. [7:51:34 AM ET] to expand trenches reach and grow revenues [7:51:38 AM ET] HPDC markets, and its electrical system increasingly rely. [7:51:38 AM ET] for example india is one of asia's largest hvdc markets and its [7:51:42 AM ET] relies on high and extra high voltage grid equipment. [7:51:42 AM ET] electrical system increasingly relies on high [7:51:42 AM ET] and extra high voltage grid equipment [7:51:46 AM ET] We'll utilize Trench's offerings combined with our existing capabilities in. [7:51:50 AM ET] India to serve this opportunity, especially as we evaluate. [7:51:50 AM ET] we'll utilize trench's offerings combined with [7:51:50 AM ET] our existing capabilities in india to serve this [7:51:54 AM ET] expanding manufacturing of Trinch's products there. [7:51:54 AM ET] opportunity especially as we evaluate expanding manufacturing of trenches [7:51:54 AM ET] products there [7:51:58 AM ET] In summary, we expect to realize approximately 50. [7:52:02 AM ET] $50 to $100 million of annualized cost synergies by 2030. [7:52:02 AM ET] in summary we expect to realize approximately fifty [7:52:06 AM ET] and we see additional revenue synergy potential over time. [7:52:06 AM ET] dollars to one hundred million dollars of annualized cost synergies by two thousand and thirty [7:52:06 AM ET] and we see additional revenue synergy potential over time [7:52:10 AM ET] As we move forward, we will stay focused on both the [7:52:14 AM ET] disciplined integration and execution to deliver on the operating. [7:52:14 AM ET] as we move forward we will stay focused [7:52:18 AM ET] opportunities we've outlined today. With that, let me turn it back to Scott. [7:52:18 AM ET] on both a disciplined integration and execution [7:52:18 AM ET] to deliver on the opportunities we've outlined today [7:52:22 AM ET] Scott. Things, Ken, put simply, Trench strength. [7:52:22 AM ET] with that let me turn it back to scott [7:52:22 AM ET] thanks ken [7:52:27 AM ET] strengthens our offerings in high voltage group equipment, expands our scale. [7:52:27 AM ET] put simply trench strengthens our offerings in high voltage grid equipment [7:52:30 AM ET] in key product categories and improves our ability to serve customers. [7:52:30 AM ET] expands our scale in key product categories [7:52:34 AM ET] as global demand for electrification continues to grow. [7:52:34 AM ET] and improves our ability to serve customers as global demand for electrification [7:52:38 AM ET] approximately five billion and combined backlog and framework agreements, [7:52:38 AM ET] continues to grow with approximately five billion dollars in combined back [7:52:42 AM ET] Trench has strong visibility into its long-term growth, and are [7:52:42 AM ET] backlog and framework agreements trench has strong visibility [7:52:46 AM ET] earnings profile. This is an attractive acquisition that will be. [7:52:46 AM ET] into its long term growth and earnings profile [7:52:50 AM ET] immediately accretive after closing. Our electricity [7:52:50 AM ET] this is an attractive acquisition that will be immediately accretive [7:52:54 AM ET] electrification team continues to deliver solid results with 26 rep. [7:52:54 AM ET] after closing our electrification team continues to deliver solid results [7:52:58 AM ET] representing another year of increasing backlog, growing revenues. [7:52:58 AM ET] with twenty six representing another year of increasing backlog [7:53:02 AM ET] revenues and expanding margins. The Prolac integration is [7:53:02 AM ET] growing revenues and expanding margins [7:53:06 AM ET] performing ahead of expectations, and we are successfully driving both. [7:53:06 AM ET] the prolec integration is performing ahead of expectations [7:53:10 AM ET] both revenue and cost synergies. We expect Prolet. [7:53:10 AM ET] and we are successfully driving both revenue [7:53:14 AM ET] Prolax integration to be substantially complete before trends closes. [7:53:14 AM ET] and cost synergies we expect prolec's integration to be [7:53:18 AM ET] closes, and this experience reinforces our confidence in our. [7:53:18 AM ET] substantially complete before trench closes [7:53:22 AM ET] ability to integrate Trench with that same discipline. [7:53:22 AM ET] and this experience reinforces our confidence [7:53:22 AM ET] and our ability to integrate trench with that same discipline [7:53:26 AM ET] focus. Finally, this acquisition is fully aligned with. [7:53:26 AM ET] and focus [7:53:30 AM ET] with our capital location priorities, which include investing for organic growth. [7:53:30 AM ET] finally this acquisition is fully aligned with our capital allocation priorities [7:53:34 AM ET] which include investing for organic growth [7:53:34 AM ET] growth, returning capital to shareholders, and pursuing target. [7:53:38 AM ET] targeted MA in our core businesses, where we can add scale. [7:53:38 AM ET] returning capital to shareholders and pursuing targeted [7:53:42 AM ET] scale, increase vertical integration, and accelerate RD. [7:53:42 AM ET] m and a in our core businesses where we can add scale [7:53:42 AM ET] increase vertical integration [7:53:46 AM ET] RD. Trench fits that framework very well, and we were doing. [7:53:46 AM ET] and accelerate r and d trench fits that framework very well [7:53:50 AM ET] doing this all while we're turning significant capital to shareholders and may. [7:53:54 AM ET] maintaining a strong balance sheet. Now, with that, let's [7:53:54 AM ET] and we're doing this all while returning significant capital to shareholders [7:53:54 AM ET] and maintaining a strong balance sheet [7:53:58 AM ET] shift to our three cube results on page 13. Throw out 26. [7:53:58 AM ET] now with that let's shift to our 3q results on page thirteen [7:54:02 AM ET] demand for our solutions has continued to strengthen, and our teams. [7:54:02 AM ET] throughout twenty six [7:54:06 AM ET] teams are executing well to meet customers' growing energy needs. [7:54:06 AM ET] demand for our solutions has continued to strengthen and our teams are executing well [7:54:10 AM ET] So far, we have added 46 billion to our total back. [7:54:10 AM ET] to meet customers' growing energy needs [7:54:10 AM ET] so far [7:54:14 AM ET] backlog to reach approximately 200 billion. With a margin profile. [7:54:14 AM ET] have added forty six billion dollars to our total backlog [7:54:18 AM ET] profile that continues to improve. In 26, we expect. [7:54:18 AM ET] to reach approximately two hundred billion dollars with a margin profile that [7:54:18 AM ET] continues to improve [7:54:22 AM ET] the growth in equipment margin and backlog to be substantially larger than that of. [7:54:22 AM ET] in twenty twenty six we expect the growth in equipment margin and back [7:54:26 AM ET] of 25, which was approximately 8 billion. Add improved more. [7:54:26 AM ET] backlog to be substantially larger than that of twenty twenty five [7:54:30 AM ET] margin rates, positioning us well to drive further margin expense. [7:54:30 AM ET] which was approximately eight billion dollars add improved margin rates [7:54:34 AM ET] expansion and cash generation in the years to come. [7:54:34 AM ET] positioning us well to drive further margin [7:54:34 AM ET] expansion and cash generation [7:54:34 AM ET] in the years to come [7:54:38 AM ET] As we grow our large install base, we will generate additional. [7:54:42 AM ET] additional services growth at high margins. This year alone. [7:54:42 AM ET] as we grow our large installed base we will generate additional services [7:54:42 AM ET] growth [7:54:42 AM ET] at high margins [7:54:46 AM ET] we've seen 17% growth in services orders with services. [7:54:46 AM ET] this year alone we've seen seventeen percent growth in services orders [7:54:50 AM ET] services backlog up to 7 billion. We are running the business back. [7:54:50 AM ET] with services backlog up seven billion [7:54:56 AM ET] better today with solid execution across our three segments. [7:54:56 AM ET] we are running the business better today with solid execution [7:55:00 AM ET] segments. In power, we continue to see strong, global. [7:55:00 AM ET] across our three segments [7:55:04 AM ET] global demand for our equipment and services. In gas power, [7:55:04 AM ET] in power we continue to see strong [7:55:04 AM ET] global demand for our equipment and services [7:55:08 AM ET] we've signed 52 gigawatts of new agreements year to date, and now. [7:55:08 AM ET] in gas power we've signed fifty two gigawatts of new agreements year to date [7:55:12 AM ET] now expect at least 130 gigawatts under contract. [7:55:16 AM ET] the end of 26, compared to 83 gigawatts. [7:55:16 AM ET] and now expect at least one hundred and thirty gigawatts under contract [7:55:20 AM ET] we started the year. In 27, we expect our combined. [7:55:20 AM ET] by the end of twenty twenty six compared to eighty three gigawatts [7:55:20 AM ET] when we started the year [7:55:24 AM ET] gigawatts under contract and our gas power equipment backlog. [7:55:24 AM ET] in 'twenty seven we expect our combined gigawatts under contract [7:55:28 AM ET] backlog to continue to grow. In 3Q, we ship five. [7:55:28 AM ET] and our gas power equipment backlog [7:55:28 AM ET] to continue to grow [7:55:32 AM ET] five gigawatts while signing 11 gigawatts of orders and slot reservation. [7:55:32 AM ET] in 3q we shipped five gigawatts [7:55:36 AM ET] reservation agreements to grow our total gigawatts on our contract from 160. [7:55:36 AM ET] while signing eleven gigawatts of orders and slot reservation agreements [7:55:40 AM ET] 116 to 122 gigawatts, sequentially. [7:55:40 AM ET] to grow our total gigawatts under contract from a hundred and sixteen [7:55:40 AM ET] to one hundred and twenty two gigawatts sequentially [7:55:44 AM ET] This includes orders for 55 heavy duty units. [7:55:48 AM ET] this includes orders for fifty five heavy duty units [7:55:48 AM ET] and 57 aerial derivatives, as expected. [7:55:48 AM ET] and fifty seven aero derivatives [7:55:52 AM ET] we've reached an important inflection point where backlog is now greater than. [7:55:52 AM ET] as expected we've reached an important inflection point where backlog [7:55:56 AM ET] our SRA balance, further reinforcing the certainty. [7:55:56 AM ET] is now greater than our sra balance further reinforcing the certainty [7:56:00 AM ET] we will ship more gigawatts through the rest of the decade. [7:56:00 AM ET] that we will ship more gigawatts through the rest of the decade [7:56:04 AM ET] This quarter, we sold multiple slots for 32 to [7:56:08 AM ET] delivery. As the demand environment remains strong, and customers [7:56:08 AM ET] this quarter we sold multiple slots for thirty two delivery [7:56:12 AM ET] secure turbines further into the future. Demand also. [7:56:12 AM ET] as the demand environment remains strong and customers secure turbines [7:56:12 AM ET] further into the future [7:56:16 AM ET] remains diverse, with approximately 100 customers in 25. [7:56:16 AM ET] demand also remains diverse [7:56:20 AM ET] 25 different countries, of which approximately 80%. [7:56:20 AM ET] approximately a hundred customers in twenty five different countries [7:56:24 AM ET] are traditional customers, and 20% are for data. [7:56:24 AM ET] of which approximately eighty percent are traditional customers [7:56:24 AM ET] and twenty percent [7:56:28 AM ET] data centers. We are seeing strong equipment pricing and [7:56:32 AM ET] total life cycle economics and gas. On the equipment side, [7:56:32 AM ET] are for data centers we are seeing strong equipment [7:56:32 AM ET] and total life cycle economics in gas [7:56:36 AM ET] side, three Q orders were priced more than 20% above for. [7:56:36 AM ET] on the equipment side 3q orders were priced more than [7:56:40 AM ET] Q25 equipment orders based on higher price turbines. [7:56:40 AM ET] twenty percent above 4q twenty five equipment orders [7:56:44 AM ET] and a greater mechanical derivatives. Given our view of [7:56:44 AM ET] based on higher priced turbines and a greater mix of aero derivatives [7:56:48 AM ET] SRA conversions, we expect gas equipment orders to have a price. [7:56:48 AM ET] given our view of sra conversions we [7:56:52 AM ET] price per KW and 4Q that is lower than 3Q. [7:56:52 AM ET] expect gas equipment orders to have a price per kw in 4q [7:56:56 AM ET] to fewer air derivatives and relatively more 50 hertz on it. [7:56:56 AM ET] that is lower than 3q due to fewer error derivatives [7:57:00 AM ET] units. Full year 26, gas orders pricing per KW. [7:57:00 AM ET] and relatively more fifty hertz units [7:57:04 AM ET] KW will be approximately 50% higher than full. [7:57:04 AM ET] full year twenty six gas orders pricing per kw [7:57:04 AM ET] will be approximately fifty percent higher [7:57:08 AM ET] full year 25 orders. Our large and growing. [7:57:08 AM ET] than full year twenty five orders [7:57:12 AM ET] install base will generate services growth at higher margins for you. [7:57:12 AM ET] our large and growing installed base will generate services growth [7:57:16 AM ET] years to come. Increasing in the 30s, as these units are in. [7:57:16 AM ET] at higher margins for years to come increasing in the thirties [7:57:20 AM ET] installed. Our HA fleet running or on contract. [7:57:20 AM ET] as these units are installed [7:57:24 AM ET] will be at least 400 units by the end of 27. And [7:57:24 AM ET] our fleet running or on contract [7:57:28 AM ET] as I mentioned at a recent conference, we expect every gigawatt. [7:57:28 AM ET] will be at least four hundred units by the end of twenty seven [7:57:32 AM ET] gigawatt of HAs to generate half a billion dollars of high market. [7:57:32 AM ET] and as i mentioned at a recent conference we expect [7:57:32 AM ET] every gigawatt of has to generate [7:57:36 AM ET] margin services revenue over the first twenty years of its lifetime. [7:57:36 AM ET] zero five billion dollars of high margin services revenue [7:57:40 AM ET] lifetime. It's not just gas where we're seeing services grow. [7:57:40 AM ET] over the first twenty years of its lifetime [7:57:40 AM ET] it's not just gas where we're seeing services growth [7:57:44 AM ET] More customers are coming to our nuclear business for up rates and life extension. [7:57:48 AM ET] extensions, as our equipment touches 65 gigawatts. [7:57:48 AM ET] more customers are coming to our nuclear business for up rates and life extensions [7:57:52 AM ET] gigawatts of the U.S. nuclear fleet. In electrification, [7:57:52 AM ET] as our equipment touches sixty five gigawatts [7:57:52 AM ET] of the us [7:57:52 AM ET] nuclear fleet [7:57:56 AM ET] electrification, backup growth is being driven by both traditional customers. [7:57:56 AM ET] in electrification [7:58:00 AM ET] customers and data centers. With equipment backlog rising, [7:58:00 AM ET] backlog growth is being driven by both traditional customers [7:58:04 AM ET] by 12 billion in 26, so far. Total segmentation. [7:58:04 AM ET] and data centers with equipment backlog rising [7:58:04 AM ET] by twelve billion dollars in twenty twenty six so far [7:58:08 AM ET] data center orders are now more than six billion years. [7:58:12 AM ET] including roughly 1.4 billion in 3Q. [7:58:12 AM ET] total segment data center orders are now more than six billion dollars year to date [7:58:12 AM ET] including roughly one point four billion dollars in 3q [7:58:16 AM ET] mentioned earlier, Prolec is performing well in one. [7:58:20 AM ET] encouraged by the continued strong momentum we are seeing in this business. [7:58:20 AM ET] as mentioned earlier prolec is performing well [7:58:24 AM ET] business's integration and the capabilities it brings to better serve ourselves. [7:58:24 AM ET] and we're encouraged by the continued strong momentum [7:58:24 AM ET] we are seeing in this business' integration and the capabilities [7:58:28 AM ET] our customers, especially in North America. [7:58:28 AM ET] it brings to better serve our customers [7:58:28 AM ET] especially in north america [7:58:32 AM ET] 26, so far, we have booked 900 million dollars. [7:58:32 AM ET] in twenty six so far [7:58:36 AM ET] dollars in orders for transformers in the U.S. that will be fulfilled. [7:58:36 AM ET] we have booked nine hundred million dollars in orders [7:58:40 AM ET] fulfilled by our global factories. Something we could not do when we [7:58:40 AM ET] for transformers in the us that will be fulfilled by our global factories [7:58:44 AM ET] did not fully own proloc. In wind, the team is. [7:58:44 AM ET] something we could not do when we did not fully own prolec [7:58:48 AM ET] remained focused on execution this year to reach profitability in 3Q. [7:58:48 AM ET] in wind the team has remained focused on execution this year to reach [7:58:52 AM ET] but a softer US market for new onshore equipment. [7:58:52 AM ET] profitability in 3q despite a softer u s market [7:58:56 AM ET] This year, we have continuously driven onshore services market. [7:58:56 AM ET] for new onshore equipment this year we have continuously driven [7:59:00 AM ET] margin expansion versus a year ago. Well, the US market for new. [7:59:00 AM ET] services margin expansion versus a year ago [7:59:04 AM ET] on-shore equipment remains soft, we are monitoring the outcome of two, three, two. [7:59:04 AM ET] while the us market for new onshore equipment remains soft [7:59:08 AM ET] tariffs that impact wind development, which should lead to more orders. [7:59:08 AM ET] we are monitoring the outcome of two thirty two tariffs that impact wind development [7:59:12 AM ET] clarity. And offshore, we're making good progress on dog. [7:59:12 AM ET] which should lead to more orders clarity [7:59:16 AM ET] Dogger Bank, and are pleased that we closed out the open dispute. [7:59:16 AM ET] in offshore we're making good progress on dogger bank and are pleased [7:59:20 AM ET] with Vineyard Wind and 3Q with a very modest negative. [7:59:20 AM ET] that we closed out the open dispute with vineyard wind in three q [7:59:20 AM ET] with a very modest [7:59:24 AM ET] PL impact. We are focused on investing to deliver. [7:59:24 AM ET] negative p and l impact [7:59:28 AM ET] deliver innovative solutions for profitable growth. We have spent two points [7:59:28 AM ET] we are focused on investing to deliver innovative solutions for profitable [7:59:32 AM ET] 2.4 billion in RD and CapEx so far in 26. [7:59:32 AM ET] growth we have spent two point four billion dollars in r and d and capex [7:59:36 AM ET] reinvesting nearly as much back in the business as an [7:59:36 AM ET] so far in twenty twenty six reinvesting nearly as much back in the business [7:59:40 AM ET] all of 25. Let me give a few examples where investments. [7:59:40 AM ET] as in all of twenty five [7:59:44 AM ET] are leading to new business and commercial opportunities. [7:59:44 AM ET] let me give you a few examples of where our investments are leading to new business [7:59:48 AM ET] Nuclear, we continue advancing the SMR for industrialization at scale. [7:59:48 AM ET] and commercial opportunities in nuclear we continue advancing the smr [7:59:52 AM ET] scale, as evidenced by our continued progress on the existing. [7:59:52 AM ET] for industrialization at scale as evidenced by our continued progress [7:59:56 AM ET] project underway in Ontario. The recent approval, but [7:59:56 AM ET] on the existing project underway in ontario [8:00:00 AM ET] the NRC for the construction permit at Clinch River is a significant [8:00:00 AM ET] the recent approval by the nrc [8:00:04 AM ET] milestone for TBA, TE Bernowa Hatachi. [8:00:04 AM ET] for the construction permit at clinch river is a significant milestone for tva [8:00:04 AM ET] ge vernova hitachi [8:00:08 AM ET] and the U.S. nuclear industry. As the country advances towards a new [8:00:12 AM ET] new generation of nuclear power deployment with SMRs. [8:00:12 AM ET] and the u s nuclear industry as the country advanced [8:00:12 AM ET] towards a new generation of nuclear power deployment with smrs [8:00:16 AM ET] We also want a 1.2 gigawatt tech select for SMR and [8:00:20 AM ET] in Sweden and three queue, building momentum in Europe. [8:00:20 AM ET] we also won a one point two gigawatt tech select [8:00:20 AM ET] for our smr in sweden in 3q [8:00:20 AM ET] building momentum in europe [8:00:24 AM ET] in electrification. This includes commercializing multiple. [8:00:24 AM ET] in electrification [8:00:28 AM ET] new solutions like the energy management system and the UPS. [8:00:28 AM ET] this includes commercializing multiple new solutions like energy management system [8:00:32 AM ET] and solid state transformers. We recently signed our [8:00:32 AM ET] mvups [8:00:32 AM ET] and solid state transformers [8:00:36 AM ET] our first MVUPS order with a hyperscaler, as well as several. [8:00:36 AM ET] we recently signed our first mv ups order with a hyperscaler [8:00:40 AM ET] EMS orders this year. We are also making good progress. [8:00:40 AM ET] as well as several ems orders this year [8:00:44 AM ET] progress developing SSTs with hyperscalers, and we already have our. [8:00:44 AM ET] we are also making good progress developing ssts with hyperscalars [8:00:48 AM ET] first prototype and testing now in our facility in Malta, New York. [8:00:48 AM ET] and we already have our first prototype in testing now [8:00:52 AM ET] York. Additionally, we have already received notification of a hyper. [8:00:52 AM ET] our facility in malta new york [8:00:56 AM ET] hyperscaler award for a six-megawatt outdoor SST. [8:00:56 AM ET] additionally we have already received notification of a hyperscaler award for our [8:01:00 AM ET] advance contracting in 4-2. We are off. [8:01:00 AM ET] six megawatt outdoor sst and will advance contracting [8:01:00 AM ET] in 4q [8:01:04 AM ET] operating from a position of financial strength and are well positioned. [8:01:04 AM ET] we are operating from a position of financial strength [8:01:08 AM ET] positioned to serve and transform the global electricity system. [8:01:08 AM ET] and are well positioned to serve and transform [8:01:12 AM ET] electricity system. We're actively improving how we operate and generate. [8:01:12 AM ET] the global electricity system we're actively improving how we operate [8:01:16 AM ET] better returns while expanding the platform of solutions we provide. [8:01:20 AM ET] provide customers as their need for infrastructure accelerates. [8:01:20 AM ET] and generating better returns while expanding the [8:01:20 AM ET] platform of solutions we provide customers as their need for infrastructure [8:01:24 AM ET] accelerates. Given the strength of third quarter performance and confidence. [8:01:28 AM ET] confidence in our fourth quarter trajectory. We are raising our revenue. [8:01:28 AM ET] accelerates given the strength of third quarter performance and confidence [8:01:32 AM ET] revenue, margin, and free cash flow guidance for 26. [8:01:32 AM ET] in our fourth quarter trajectory we are raising our revenue [8:01:36 AM ET] With that, I will turn the call over to Ken for more details on our three kids. [8:01:36 AM ET] margin and free cash flow guidance for twenty six [8:01:40 AM ET] cube performance, as well as our financial outlook. [8:01:40 AM ET] with that i will turn the call over to ken for more details on our 3q performance [8:01:40 AM ET] as well as our financial outlook [8:01:44 AM ET] Thanks, guys. Turning to slide 14, we delivered strong. [8:01:48 AM ET] strong results in the third quarter with robust orders, going backlog. [8:01:48 AM ET] thanks scott turning to slide fourteen we delivered [8:01:52 AM ET] backlog in revenues, margin expansion, and significant free cash. [8:01:52 AM ET] strong results in the third quarter with robust orders [8:01:52 AM ET] growing backlog and revenues margin expansion [8:01:56 AM ET] flow generation. In the quarter, we booked orders of 29%. [8:01:56 AM ET] and significant free cash flow generation [8:02:00 AM ET] 29.3 billion dollars, a 96% increase year over year. [8:02:00 AM ET] in the quarter we booked orders of twenty nine point three billion dollars [8:02:04 AM ET] and a book to bill ratio of more than two times. With growth and [8:02:04 AM ET] a ninety six percent increase year over year and a book to bill ratio of more than [8:02:08 AM ET] in both equipment and services. As Scott mentioned, our [8:02:08 AM ET] two times with growth in both equipment and services [8:02:12 AM ET] backlog expanded to 197 billion dollars. A significant [8:02:12 AM ET] as scott mentioned our backlog expanded to one hundred and ninety seven billion dollars [8:02:16 AM ET] significant year over year and sequential increase. Equipment. [8:02:16 AM ET] a significant year over year and sequential increase [8:02:20 AM ET] backlog increased to $104 billion, up approximately. [8:02:20 AM ET] equipment backlog increased to one hundred and four billion dollars [8:02:24 AM ET] approximately 16 billion dollars sequentially and 92 percent. [8:02:24 AM ET] up approximately sixteen billion dollars sequentially [8:02:28 AM ET] year over year driven by both power and electrification. [8:02:28 AM ET] and ninety two percent year over year driven by both power [8:02:34 AM ET] and incorporates Prolex backlog. The quitman. [8:02:34 AM ET] and electrification and incorporates prolec's backlog [8:02:36 AM ET] backlog margin continues to expand, reflecting favorable. [8:02:36 AM ET] equipment backlog margin continues to expand [8:02:40 AM ET] price and our continued focus on disciplined underwriting. [8:02:40 AM ET] reflecting favorable price and our continued focus on disciplined underwriting [8:02:46 AM ET] services backlog grew approximately 11 billion dollars, or four. [8:02:50 AM ET] 14% year over year, to 93 billion dollars led by. [8:02:50 AM ET] our services backlog grew approximately eleven billion dollars [8:02:54 AM ET] by power. As Scott touched on, the growth in our installed base will. [8:02:54 AM ET] or fourteen percent year over year to ninety three billion dollars [8:02:54 AM ET] led by power [8:02:58 AM ET] will continue to generate strong services growth at high margin. [8:02:58 AM ET] as scott touched on the growth in our installed base will continue to generate [8:03:02 AM ET] margins. Revenue increased 18%. [8:03:02 AM ET] strong services growth at high margins [8:03:02 AM ET] revenue increased eighteen percent [8:03:06 AM ET] Equipment revenue rose 26% year over year as 60 by [8:03:10 AM ET] 65% growth at power, and 21% growth at electrification. [8:03:10 AM ET] equipment revenue rose twenty six percent year over year a sixty five percent growth [8:03:14 AM ET] electrification was partially offset by anticipated lower wind driven. [8:03:14 AM ET] at power and twenty one percent growth at electrification [8:03:18 AM ET] revenues. Services revenue increased 6% year over year. [8:03:18 AM ET] was partially offset by anticipated lower wind revenues [8:03:22 AM ET] over year with growth in onshore wind and power. Price [8:03:22 AM ET] services revenue increased six percent year over year [8:03:22 AM ET] with growth in onshore wind and power [8:03:26 AM ET] remained positive. Adjusted EBITDA grew. [8:03:26 AM ET] price remained positive [8:03:30 AM ET] grew 123% year over year to 1.9 billion dollars. [8:03:30 AM ET] adjusted ebitda grew a hundred and twenty three [8:03:34 AM ET] led by power and electrification. Adjusted Ebida margin. [8:03:34 AM ET] percent year over year to one point nine billion dollars led by power and electrification [8:03:38 AM ET] expanded 690 basis points with higher price. [8:03:38 AM ET] adjusted ebitda margin expanded six ninety basis points with [8:03:42 AM ET] more profitable volume, and further productivity more than offset. [8:03:42 AM ET] higher price more profitable volume [8:03:46 AM ET] off-setting inflation. We completed our exit from Trans. [8:03:46 AM ET] further productivity more than offsetting inflation [8:03:50 AM ET] transition services agreements with GE Aerospace in the quarter. [8:03:50 AM ET] we completed our exit from transition [8:03:54 AM ET] an important milestone as we successfully concluded a multi-year. [8:03:54 AM ET] services agreements with ge aerospace in the quarter and in [8:03:58 AM ET] multi-year effort to build the standalone capabilities required to operate. [8:03:58 AM ET] important milestone as we successfully concluded [8:04:02 AM ET] in the Pendale. This work not only completes an important. [8:04:02 AM ET] a multiyear effort to build the standalone capabilities [8:04:02 AM ET] required to operate independently [8:04:06 AM ET] part of the separation, but will also drive approximately 130. [8:04:06 AM ET] this work not only completes an important part of the separation [8:04:10 AM ET] 135 million dollars of GNA savings, of which approximately. [8:04:10 AM ET] but will also drive approximately a hundred and thirty five million dollars [8:04:14 AM ET] approximately a hundred million dollars, has been realized to date. [8:04:14 AM ET] of g and a savings of which approximately a hundred million dollars [8:04:14 AM ET] has been realized to date [8:04:18 AM ET] date. This strong adjusted EBITDA and working capital man. [8:04:22 AM ET] management, drove 5.4 billion dollars of free cash flow. [8:04:22 AM ET] this strong adjusted ebitda and working capital management drove [8:04:26 AM ET] in the third quarter. Working capital was a five. [8:04:26 AM ET] five point four billion dollars of free cash flow in the third quarter [8:04:30 AM ET] 5.3 billion dollar cash benefit, driven primarily by down payments on. [8:04:30 AM ET] working capital was a five point three billion dollars cash benefit [8:04:34 AM ET] on increased orders and slot reservations at Power, as well as down payments. [8:04:34 AM ET] driven primarily by down payments on increased orders and slot reservations at power [8:04:38 AM ET] payments at electrification. Year over year, free cash flow. [8:04:38 AM ET] as well as down payments at electrification [8:04:42 AM ET] flow increased 4.7 billion dollars, driven by higher positive benefits. [8:04:42 AM ET] year over year free cash flow increased four point seven billion dollars [8:04:46 AM ET] benefits from working capital and stronger adjusted EBITDA. [8:04:46 AM ET] driven by higher positive benefits from working capital [8:04:50 AM ET] offset by higher taxes and CapEx investments supporting capacity. [8:04:50 AM ET] and stronger adjusted ebitda partially offset by higher taxes and cap [8:04:54 AM ET] capacity expansion. We also made a voluntary payment. [8:04:54 AM ET] capex investments supporting capacity expansion [8:04:58 AM ET] payment of approximately $350 million to fund retirement. [8:04:58 AM ET] we also made a voluntary payment [8:05:02 AM ET] benefits and transfer the obligation to a third party insurer. [8:05:02 AM ET] of approximately three hundred and fifty million dollars to fund retiree benefits [8:05:06 AM ET] insurer. The transaction generated an 84 million dollar gain. [8:05:06 AM ET] and transfer the obligation to a third party insurer [8:05:10 AM ET] gain, which is removed from our adjusted EBITDA results. [8:05:10 AM ET] the transaction generated an eighty four million dollar gain [8:05:10 AM ET] which is removed from our adjusted ebitda results [8:05:14 AM ET] With our strong cash position, we'll continue to seek opportunities. [8:05:18 AM ET] opportunities to utilize cash proactively when those opportunities. [8:05:18 AM ET] with our strong cash position we'll continue to seek opportunities to utilize [8:05:22 AM ET] opportunities generate solid economic returns. [8:05:22 AM ET] cash proactively when those opportunities generate [8:05:22 AM ET] solid economic returns [8:05:26 AM ET] ended 3Q with a cash balance of approximately 17 billion dollars. [8:05:26 AM ET] we ended 3q with a cash balance of approximately [8:05:30 AM ET] a $4 billion increase from the end of the second quarter. [8:05:30 AM ET] seventeen billion dollars a four billion dollars increase from the end of the second quarter [8:05:34 AM ET] returning $1.8 billion of cash to shareholders through. [8:05:38 AM ET] share repurchases and dividends in the quarter. [8:05:38 AM ET] after returning one point eight billion dollars of cash to shareholders [8:05:38 AM ET] through share repurchases and dividends in the quarter [8:05:42 AM ET] Under our repurchase program, we've repurchased 15.6 million. [8:05:42 AM ET] under our repurchase program we've repurchased [8:05:46 AM ET] million shares at an average price of $635 per share. [8:05:46 AM ET] fifteen point six million shares at an average price of six hundred and thirty five dollars per [8:05:50 AM ET] totaling approximately 9.9 billion dollars throughout. [8:05:54 AM ET] October 23rd. Importantly, with the ten billion dollars. [8:05:54 AM ET] share totaling approximately nine point nine billion dollars [8:05:54 AM ET] through october twenty third [8:05:58 AM ET] billion increase in our share repurchase authorization, we'll continue to be. [8:05:58 AM ET] importantly with the ten billion dollars increase in our share repurchase authorization [8:06:02 AM ET] disciplined in returning capital to shareholders and remain committed. [8:06:02 AM ET] we'll continue to be disciplined in returning capital to shareholders [8:06:06 AM ET] committed to maintaining a strong investment-grade balance sheet. [8:06:06 AM ET] and remain committed to maintaining a strong investment grade balance sheet [8:06:10 AM ET] We're encouraged by our strong financial performance in the third quarter. [8:06:14 AM ET] Our growing backlog with increasing margin continues to. [8:06:14 AM ET] we're encouraged by our strong financial performance in the third quarter [8:06:18 AM ET] provide an excellent foundation for further improvement in our financial. [8:06:18 AM ET] our growing backlog with increasing margin continues to provide an [8:06:22 AM ET] performance moving forward. Now, Tony. [8:06:22 AM ET] excellent foundation for further improvement in our financial performance [8:06:22 AM ET] moving forward [8:06:26 AM ET] to power on slide 15, the segment delivered another strong question. [8:06:26 AM ET] now turning to power on slide fifteen [8:06:30 AM ET] quarter with robust demand, strong revenue growth, and solid. [8:06:30 AM ET] the segment delivered another strong quarter with robust demand [8:06:34 AM ET] EBITDA margin expansion. Power orders more. [8:06:34 AM ET] strong revenue growth and solid ebitda margin expansion [8:06:38 AM ET] more than doubled as gas power equipment increased by approximately. [8:06:38 AM ET] power orders more than doubled as gas power [8:06:42 AM ET] approximately four times year over year on higher volume and [8:06:42 AM ET] equipment increased by approximately four times year over year [8:06:46 AM ET] pricing from both HA and Aero-derivative units. [8:06:46 AM ET] on higher volume and pricing from both [8:06:50 AM ET] Power services orders increased 12%, driven by. [8:06:50 AM ET] and aero derivative units [8:06:54 AM ET] by gas power and nuclear power. [8:06:54 AM ET] power services orders increased twelve percent driven by gas power [8:06:54 AM ET] and nuclear power [8:06:58 AM ET] Revenue increased 25%. Equipment revenue increased. [8:07:02 AM ET] increased primarily from gas power, driven by higher turbine volume, and things. [8:07:02 AM ET] revenue increased twenty five percent [8:07:02 AM ET] equipment revenue increased primarily from gas power [8:07:06 AM ET] favorable price. We shipped a total of 32 gas turbines. [8:07:06 AM ET] driven by higher turbine volume and favorable price [8:07:10 AM ET] turbines in the quarter, a 60% increase year over year, including. [8:07:10 AM ET] we shipped a total of thirty two gas turbines in the quarter a sixty percent increase [8:07:14 AM ET] including 13 arrow derivatives. Services revenue. [8:07:14 AM ET] year over year including thirteen aero derivatives [8:07:18 AM ET] revenue also increased due to growth at gas power and nuclear power. [8:07:18 AM ET] services revenue also increased due to growth at gas [8:07:18 AM ET] power and nuclear power [8:07:22 AM ET] power. EBITDA margins expanded 830 bases. [8:07:26 AM ET] basis points to 21.4%, mainly driven by favorable. [8:07:26 AM ET] ebitda margins expanded eight thirty basis points [8:07:30 AM ET] favorable price and higher volume, more than offsetting inflation, as well as a district. [8:07:30 AM ET] twenty one point four percent mainly driven by favorable price and higher volume [8:07:34 AM ET] additional expenses to support capacity investments at gas. [8:07:34 AM ET] more than offsetting inflation as well as additional expenses [8:07:38 AM ET] as well as RD. For the full year, we're raising. [8:07:38 AM ET] to support capacity investments at gas as well as r and d [8:07:42 AM ET] our organic revenue growth expectations from 18 to 20 percent. [8:07:42 AM ET] for the full year we're raising our organic revenue growth [8:07:46 AM ET] to 19 to 21%, due to higher volume. [8:07:46 AM ET] expectations from eighteen percent to twenty percent to nineteen percent to twenty one percent [8:07:50 AM ET] including aero derivatives. Given the improved volume. [8:07:50 AM ET] due to higher volume including aero derivatives [8:07:54 AM ET] volume, we're also raising our power EBITDA margin range by two. [8:07:54 AM ET] given the improved volume we're also raising our power [8:07:58 AM ET] two points. From 17% to 19%. [8:07:58 AM ET] ebitda margin range by two points from seventeen [8:08:02 AM ET] to night team to 21 percent. [8:08:02 AM ET] percent to nineteen percent to nineteen percent twenty one percent [8:08:06 AM ET] Turning to electrification on slide 16, we had another quarter of. [8:08:06 AM ET] turning to electrification on slide sixteen [8:08:10 AM ET] of significant backlog and revenue growth, as well as even dumb margins. [8:08:10 AM ET] we had another quarter of significant backlog and revenue growth [8:08:14 AM ET] expansion. Orders remain strong, reaching five. [8:08:14 AM ET] as well as ebitda margin expansion [8:08:18 AM ET] 5.4 billion dollars at roughly 1.4 times their revenue. [8:08:18 AM ET] orders remained strong reaching five point four billion dollars at [8:08:22 AM ET] While we saw significant growth in substations and switch gear, [8:08:22 AM ET] roughly one point four times revenue [8:08:26 AM ET] Total orders decreased 9% year over year due to a [8:08:26 AM ET] while we saw significant growth in substations and switchgear [8:08:30 AM ET] a significant order for $1.6 billion of synchronous condensers. [8:08:30 AM ET] total orders decreased nine percent year over year [8:08:34 AM ET] condensers in Saudi Arabia in the third quarter of 2025. [8:08:34 AM ET] due to a significant order for one point six billion dollars of synchronous condensers [8:08:34 AM ET] in saudi arabia in the third quarter of twenty twenty five [8:08:38 AM ET] Equipment orders growth was particularly strong in. [8:08:42 AM ET] North America, doubling year over year. North America. [8:08:42 AM ET] equipment orders growth was particularly strong in north america [8:08:42 AM ET] doubling year over year [8:08:46 AM ET] America, which includes Prolex backlog, continues to be the largest point. [8:08:46 AM ET] north america which includes prolec backlog [8:08:50 AM ET] portion of our electrification equipment backlog, while all regions. [8:08:50 AM ET] continues to be the largest portion of our electrification equipment backlog [8:08:54 AM ET] including Europe, are still growing. [8:08:54 AM ET] while all regions including europe are still growing [8:08:58 AM ET] Importantly, electrification equipment orders continued outfacing revenue. [8:08:58 AM ET] importantly electrification equipment orders continued out [8:09:02 AM ET] revenue and further increased our equipment backlog to 42. [8:09:06 AM ET] billion dollars up 60%, or roughly 16 billion dollars. [8:09:06 AM ET] outpacing revenue and further increased our equipment backlog [8:09:10 AM ET] dollars compared to the third quarter of 2025. [8:09:10 AM ET] to forty two billion dollars up sixty percent [8:09:10 AM ET] or roughly sixteen billion dollars compared to the third quarter [8:09:10 AM ET] twenty twenty five [8:09:14 AM ET] Revenue increased 51% on a reported basis. [8:09:18 AM ET] inclusive of a prolac, and 16% organically. [8:09:18 AM ET] revenue increased fifty one percent on a reported basis [8:09:22 AM ET] with growth across all regions. We saw an [8:09:22 AM ET] inclusive of prolec and sixteen percent organically [8:09:22 AM ET] with growth across all regions [8:09:26 AM ET] increased volume at grid systems integration, primarily from substance. [8:09:26 AM ET] we saw increased volume at grid systems integration [8:09:30 AM ET] substations and HVDC equipment, and at power transmission, primarily. [8:09:30 AM ET] primarily from substations and hvdc equipment [8:09:34 AM ET] primarily from switchgear and transformers. Prolect also. [8:09:34 AM ET] and at power transmission primarily from switchgear and transformers [8:09:38 AM ET] also delivered solid performance with almost 950 million dollars of rep. [8:09:38 AM ET] prolec also delivered solid performance [8:09:42 AM ET] revenue. Electrification segment EBITDA. [8:09:42 AM ET] with almost nine hundred and fifty million dollars of revenue [8:09:46 AM ET] EBITDA with 739 million dollars, increasing by 57. [8:09:46 AM ET] electrification segment ebitda was seven thirty nine million dollars [8:09:50 AM ET] year over year, with margin expansion of 400 and 70%. [8:09:50 AM ET] increasing by fifty seven percent year over year [8:09:54 AM ET] 70 basis points to 19.1%, led by Street. [8:09:54 AM ET] with margin expansion of four seventy basis points [8:09:58 AM ET] strong volume, productivity, and favorable pricing. [8:09:58 AM ET] to nineteen point one percent led by strong volume [8:09:58 AM ET] productivity and favorable pricing [8:10:02 AM ET] For the full year, we continue to expect revenue at electrification. [8:10:06 AM ET] electrification to be between 14 and a half to 15 billion dollars. [8:10:06 AM ET] for the full year we continue to expect revenue at electrification [8:10:10 AM ET] In addition, we now expect electrification even more. [8:10:10 AM ET] to be between fourteen point five billion to fifteen billion dollars [8:10:14 AM ET] margin to trend towards the higher end of the 18 to 20. [8:10:14 AM ET] in addition we now expect electrification ebitda margin [8:10:18 AM ET] percent range, as the team continues to deliver solid. [8:10:18 AM ET] to trend towards the higher end of the eighteen to twenty percent range [8:10:22 AM ET] solid execution. Turning to slide 17. [8:10:22 AM ET] as the team continues to deliver solid execution [8:10:28 AM ET] 17 on wind, we delivered a profitable quarter as we make good progress. [8:10:28 AM ET] turning to slide seventeen on wind [8:10:32 AM ET] progress executing our strategy. In the third quarter, [8:10:32 AM ET] we delivered a profitable quarter as we make good progress executing our strategy [8:10:34 AM ET] the team continued to deliver improving performance and onshore wind services. [8:10:34 AM ET] in the third quarter the team continued to deliver improving [8:10:38 AM ET] services, while making good progress on Dogger Bank B installations. [8:10:38 AM ET] performance in onshore wind services while making good progress [8:10:42 AM ET] and commissioning. When the orders increase six to [8:10:42 AM ET] on dogger bank b installations and commissioning [8:10:48 AM ET] 16% with growth in onshore equipment and services. [8:10:48 AM ET] wind orders increased sixteen percent [8:10:52 AM ET] especially for repowering in North America. It remained. [8:10:52 AM ET] with growth in onshore equipment and services [8:10:52 AM ET] especially for repowering in north america [8:10:56 AM ET] remains difficult to call an inflection point in U.S. orders as customers. [8:10:56 AM ET] it remains difficult to call an inflection point in us orders [8:11:00 AM ET] still face permitting delays and tear up uncertainty. [8:11:00 AM ET] as customers still face permitting delays and tariff uncertainty [8:11:04 AM ET] Wind revenue increased 3% in the quarter due to higher. [8:11:08 AM ET] higher on-shore services and off-shore equipment, driven by higher deliveries. [8:11:08 AM ET] wind revenue increased three percent in the quarter due to higher onshore [8:11:12 AM ET] and installations at Dogger Bank B, partially offset by. [8:11:12 AM ET] services and offshore equipment driven by higher deliveries [8:11:16 AM ET] lower on-shore equipment deliveries. When [8:11:16 AM ET] and installations at dogger bank b partially offset [8:11:16 AM ET] by lower onshore equipment deliveries [8:11:20 AM ET] Wynn delivered EBITDA of $72 million. The year over [8:11:20 AM ET] wind delivered ebitda of seventy two million dollars [8:11:24 AM ET] year-over-year improvement in Evatah was primarily due to lower offshore project costs. [8:11:24 AM ET] the year over year improvement in ebitda was primarily due to lower off [8:11:28 AM ET] costs and improve the onshore wind performance. Including recover. [8:11:32 AM ET] recovery of previously paid tariffs and better services. [8:11:32 AM ET] offshore project costs and improved onshore wind performance [8:11:32 AM ET] including recoveries of previously paid tariffs and better services [8:11:36 AM ET] partially offset by lower on-shore equipment volume. [8:11:36 AM ET] partially offset by lower onshore equipment volume [8:11:40 AM ET] For the full year, we now anticipate organic revenue to be down mid. [8:11:40 AM ET] for the full year we now anticipate organic revenue [8:11:44 AM ET] mid-single digits. Better than our previous expectation of down low double. [8:11:44 AM ET] to be down mid single digits [8:11:48 AM ET] double digits due to additional onshore wind turbine deliveries in the [8:11:48 AM ET] better than our previous expectation of down low double digits [8:11:52 AM ET] second half of the year. We now expect even losses. [8:11:52 AM ET] due to additional onshore wind turbine deliveries in the second half of the year [8:11:56 AM ET] losses to be between four hundred and five hundred million dollars for the year. [8:11:56 AM ET] we now expect ebitda losses [8:12:00 AM ET] Significant performance improvement in on-shore services. [8:12:00 AM ET] to be between four hundred million and five hundred million dollars for the year [8:12:04 AM ET] has enabled us to accelerate scheduled maintenance from 2027. [8:12:04 AM ET] significant performance improvement in onshore services [8:12:08 AM ET] into the fourth quarter. These incremental service costs. [8:12:08 AM ET] has enabled us to accelerate scheduled maintenance from twenty twenty seven [8:12:08 AM ET] into the fourth quarter [8:12:12 AM ET] costs, along with the vineyard wind settlement, more than offset the impact. [8:12:12 AM ET] these incremental service costs along with the vineyard wind settlement [8:12:16 AM ET] of additional on-shore volume. [8:12:16 AM ET] more than offset the impact of additional onshore volume [8:12:20 AM ET] Moving now to slide 18 to discuss 2026 GE Bernova guy. [8:12:20 AM ET] moving now to slide eighteen to discuss [8:12:24 AM ET] guidance. Based on our strong year-to-day results and full year. [8:12:24 AM ET] twenty twenty six ge brnova guidance [8:12:28 AM ET] year segment expectations. We're raising our GE Bernova financial. [8:12:28 AM ET] based on our strong year to date results and full year segment expectations [8:12:32 AM ET] financial guidance. We now expect revenue to be in the range of 40. [8:12:32 AM ET] we're raising our ge vernova financial guidance [8:12:36 AM ET] 46 and a half to 47 and a half billion dollars. And it just [8:12:36 AM ET] we now expect revenue to be in the range of forty [8:12:40 AM ET] EBITDA margin to be in the range of 13 and a half to 14 and a half. [8:12:40 AM ET] six point five billion to forty seven point five billion dollars and adjusted ebitda margin [8:12:44 AM ET] half percent. In addition, we also anticipate our [8:12:44 AM ET] to be in the range of thirteen point five percent to fourteen point five percent [8:12:48 AM ET] our free cash flow to be in the range of $16 to $17 billion. [8:12:48 AM ET] in addition we also anticipate our free cash flow to be in the range of [8:12:52 AM ET] billion dollars. We're generating significant margin expansion in cash. [8:12:52 AM ET] sixteen billion dollars to seventeen billion dollars [8:12:56 AM ET] cash flow this year while still investing in the business. [8:12:56 AM ET] we're generating significant margin expansion and cash flow this year [8:12:56 AM ET] while still investing in the business [8:13:00 AM ET] Our 2026 guidance includes a more than 30% year. [8:13:04 AM ET] year-over-year combined increase in RD and CapEx. [8:13:04 AM ET] our twenty twenty six guidance includes a more than thirty percent [8:13:08 AM ET] we accelerate our work to support innovation and growth. [8:13:08 AM ET] year over year combined increase in r and d and capex [8:13:08 AM ET] as we accelerate our work to support innovation and growth [8:13:12 AM ET] At Corporate, costs are typically uneven across quarters. [8:13:16 AM ET] quarter due to compensation timing and portfolio activity at our financial. [8:13:16 AM ET] at corporate costs are typically uneven across [8:13:20 AM ET] financial services business. We continue to expect full year 2020. [8:13:20 AM ET] quarters due to compensation timing and portfolio activity at our financial services [8:13:24 AM ET] 2026 corporate costs to be between 450 and 500 million. [8:13:24 AM ET] business we continue to expect full year twenty twenty six corporate costs [8:13:28 AM ET] million dollars as we continue investing in AI, robotics. [8:13:28 AM ET] to be between four fifty million dollars and five hundred million dollars [8:13:32 AM ET] and automation to drive productivity over the medium and [8:13:32 AM ET] as we continue investing in ai robotics and automation [8:13:36 AM ET] and long term. For the fourth quarter, we expect growth and [8:13:36 AM ET] to drive productivity over the medium and long term [8:13:40 AM ET] revenue and adjusted EBITDA, adjusted EBITDA margin expansion. [8:13:40 AM ET] for the fourth quarter we expect growth in revenue and adjusted ebitda [8:13:44 AM ET] expansion and positive free cash flow. [8:13:44 AM ET] adjusted ebitda margin expansion and positive free cash flow [8:13:48 AM ET] have delivered strong results year to date. The combination [8:13:48 AM ET] we have delivered strong results year to date [8:13:52 AM ET] of rising demand with consistently stronger execution. [8:13:52 AM ET] the combination of rising demand with consistently stronger execution [8:13:56 AM ET] investments into our business, the completion of. [8:13:56 AM ET] investments into our business [8:14:00 AM ET] the acquisition of Prolac and the announced acquisition of Trent. [8:14:00 AM ET] the completion of the acquisition of prolec [8:14:04 AM ET] Trench sets us up nicely going forward. With that, [8:14:04 AM ET] and the announced acquisition of trench sets us up nicely going forward [8:14:08 AM ET] I'll turn it back to Scott. Thanks, Ken. We deliver an [8:14:08 AM ET] with that i'll turn it back to scott [8:14:12 AM ET] another strong quarter, and I'm proud of how our teams continue to exercise. [8:14:12 AM ET] thanks ken we delivered another strong quarter and i'm proud [8:14:16 AM ET] execute as demand for electricity infrastructure accelerates. [8:14:16 AM ET] of how our teams continue to execute as demand for electricity infrastructure [8:14:20 AM ET] around the world. With a growing backlog, it is improving margins. [8:14:20 AM ET] accelerates around the world [8:14:24 AM ET] margins, our potential continues to grow. And we are deploying. [8:14:24 AM ET] with a growing backlog and improving margins [8:14:28 AM ET] deploying capital both organically and through MA with Pearl Anton Trent. [8:14:28 AM ET] our potential continues to grow and we are deploying capital [8:14:32 AM ET] Tretch to generate strong returns, all while returning. [8:14:32 AM ET] both organically and through m and a with prolec and trench [8:14:32 AM ET] to generate strong returns [8:14:36 AM ET] returning significant capital to our shareholders. We remained. [8:14:36 AM ET] all while returning significant capital [8:14:40 AM ET] remain focused on meeting the moment. Serving our customers is well. [8:14:40 AM ET] to our shareholders we remain focused on meeting the moment [8:14:44 AM ET] as the communities we're in, improving how we operate through Lean. [8:14:44 AM ET] serving our customers as well as the communities we're in [8:14:44 AM ET] improving how we operate through lean [8:14:48 AM ET] AI, robotics, and automation. And delivering [8:14:48 AM ET] ai [8:14:52 AM ET] delivering continued profitable growth. We are still in the early [8:14:52 AM ET] robotics and automation and delivering continued [8:14:56 AM ET] early stages of this electricity investment super cycle. [8:14:56 AM ET] profitable growth we are still in the early stages [8:15:00 AM ET] are working with humility, confidence, and conviction. [8:15:00 AM ET] of this electricity investment super cycle and we are working with humility [8:15:04 AM ET] conviction to deliver for all stakeholders. Finally, I'm [8:15:04 AM ET] confidence and conviction [8:15:04 AM ET] to deliver for all stakeholders [8:15:08 AM ET] also excited to welcome Claire Nakan as our next CFO in wind leader. [8:15:08 AM ET] finally i'm also excited to welcome claire and akan as our next [8:15:12 AM ET] respectively. Both start next week and will be in transition with. [8:15:12 AM ET] cfo and win leader respectively both start next week [8:15:16 AM ET] Canon Vec through the remainder of this year before taking their rolls. [8:15:16 AM ET] and will be in transition with ken and vic through the remainder of this year [8:15:20 AM ET] in January 27, both can and Vec will be with us. [8:15:20 AM ET] before taking their roles in january twenty seven [8:15:24 AM ET] us for a period of time in twenty seven, in which we'll have multiple opportunities. [8:15:24 AM ET] both ken and vic will be with us for a period of time in twenty seven [8:15:28 AM ET] opportunities to celebrate and recognize their contributions to the founding. [8:15:28 AM ET] in which we'll have multiple opportunities to celebrate [8:15:32 AM ET] foundations of GEV. With that, Michael, [8:15:32 AM ET] and recognize their contributions to the foundations of gev [8:15:36 AM ET] let's open it up for questions. Before we open the line, I [8:15:36 AM ET] with that michael let's open it up for questions [8:15:36 AM ET] before we open the line [8:15:43 AM ET] I'd ask everyone in the queue to consider your fellow analysts and that's just one question. [8:15:44 AM ET] question so we can get to as many people as possible. Please return. [8:15:44 AM ET] i'd ask everyone in the queue to consider your fellow analysts and ask just one question [8:15:44 AM ET] we can get to as many people as possible [8:15:48 AM ET] to the queue if you have follow-ups. Upgrader, please open the line. [8:15:48 AM ET] please return to the queue if you have follow ups [8:15:52 AM ET] Ladies and gentlemen, if you wish to ask a question, please press start. [8:15:52 AM ET] operator please open the line [8:15:56 AM ET] star 11 on your telephone. If you wish to withdraw your question, [8:16:00 AM ET] question or your question has already been answered, please press star one. [8:16:04 AM ET] 1-1. [8:16:04 AM ET] please press star one one [8:16:08 AM ET] Our first question comes from Joe Riti with Goldman Sachs. [8:16:08 AM ET] our first question comes from joe ritchie [8:16:12 AM ET] Sachs. Please proceed. Morning, Joe. Morning Joe. [8:16:12 AM ET] with goldman sachs please proceed [8:16:16 AM ET] Hey, guys, the morning look, congrats on a nice quarter, and then obviously the [8:16:16 AM ET] morning joe morning joe hey guys [8:16:20 AM ET] trend check was this. I'm sure many people asked about that. But I really want to focus my questions. [8:16:20 AM ET] hey guys good morning look congrats on a nice quarter and then [8:16:24 AM ET] my question on power margins. So the margins this quarter. [8:16:24 AM ET] obviously the trench acquisition i'm sure many people asked about that but i really want to focus my question [8:16:28 AM ET] quarter were acceptable, especially given the fact that, you know, from a seasonality standpoint. [8:16:28 AM ET] on power margins so the margins this quarter were [8:16:32 AM ET] especially given the fact that from a seasonality [8:16:32 AM ET] standpoint, three cues always a little bit lower from the service revenue perspective. I think you were down. [8:16:36 AM ET] down three hundred million dollars Q on Q. I guess the question is. [8:16:36 AM ET] standpoint 3q is always a little bit lower from a service [8:16:36 AM ET] revenue perspective i think you were down three hundred million q on q [8:16:40 AM ET] from a pricing standpoint, are you still largely shipping orders? [8:16:40 AM ET] i guess the question is from a pricing standpoint are you [8:16:44 AM ET] orders from the second half of 2024. And then, as I look [8:16:44 AM ET] still largely shipping orders [8:16:48 AM ET] look at the high end of your 4Q power margin guide, it implies about mid. [8:16:48 AM ET] the second half of twenty twenty four and then as i [8:16:52 AM ET] mid-20s margins exiting the year. Is it fair to use the [8:16:52 AM ET] as i look at the high end of your 4q power margin guide it implies about mid [8:16:56 AM ET] this like second half of the year, power margins, as the jump off point for? [8:16:56 AM ET] 20s margins exiting the year is it fair to use this like [8:17:00 AM ET] margins in 2027. Yeah, Joe, I mean, I'll. [8:17:00 AM ET] second half of the year power margins as the jump off point for [8:17:00 AM ET] for margins in twenty twenty seven [8:17:04 AM ET] I'll start can all compliment. Certainly, the second half of the [8:17:04 AM ET] yes joe i mean i'll start ken will complement [8:17:08 AM ET] this year is the beginning of us starting to ship our better price to quit. [8:17:08 AM ET] certainly the second half of this year is the beginning of us starting to [8:17:12 AM ET] quipment shipment. So, and yes, it started with orders. [8:17:12 AM ET] ship our better priced equipment shipments so and yes [8:17:16 AM ET] orders in the second half of 24, but there are orders that we're showing. [8:17:16 AM ET] it started with orders in the second half of twenty four but there are [8:17:20 AM ET] shorter cycle than that, that are contributing to the three Q4Q shipment. [8:17:20 AM ET] orders that were shorter cycle than that that are contributing to the 3q [8:17:24 AM ET] profile that's helping, but there's no reason to think that the second half. [8:17:28 AM ET] half of this year isn't the right way to start to think about our projection and [8:17:28 AM ET] q shipment profile that's helping but there's no reason to think [8:17:32 AM ET] into 27. We've been pretty open for a while that. [8:17:32 AM ET] that the second half of this year isn't the right way to start to think about [8:17:32 AM ET] our projection into into twenty seven we've been pretty open for a while that [8:17:36 AM ET] we needed to get to this five gigawatt core. [8:17:36 AM ET] we needed to get to this five gigawatt [8:17:40 AM ET] quarterly run rate, and that this is going to be the first quarter with better margins. [8:17:44 AM ET] shipments, and that's what you're seeing in the margins in the third quarter, even with [8:17:44 AM ET] quarterly run rate and that this was gonna be the first quarter with better margin shipments [8:17:48 AM ET] with it being the lightest services quarter that we'll have. [8:17:48 AM ET] and that's what you're seeing in the margins in the third quarter even with [8:17:52 AM ET] have in the year. Yeah, and Joe, I think Scott obviously. [8:17:52 AM ET] it being the the lightest services quarter that we'll have in the year [8:17:52 AM ET] yeah and joe i think [8:17:56 AM ET] covered it well. I think the thing I would say is one of the things we're excited about is just. [8:17:56 AM ET] scott obviously covered it well i think the thing i would say is [8:18:00 AM ET] is just how the factory has ramped as we brought on this new capacity. [8:18:00 AM ET] one of the things we're excited about is just how the factory has ramped [8:18:04 AM ET] capacity, so running at the five gigawatts a quarter, we were. [8:18:04 AM ET] as we brought on this new capacity so running at the five gigawatts [8:18:08 AM ET] not overly cautious about our ability to do that, but that always is a big move. [8:18:08 AM ET] a quarter we were [8:18:16 AM ET] move for the factory. So getting that productivity and the ability to kind of [8:18:16 AM ET] not overly cautious about our ability to do that but that always is a big move for the factory [8:18:16 AM ET] so getting that productivity and the ability to kinda deliver that to the bottom line [8:18:16 AM ET] of deliver that to the bottom line is also a positive contribution. [8:18:22 AM ET] we move out of 26 into 27. [8:18:22 AM ET] is also a positive contribution as we move out of twenty six into twenty seven [8:18:24 AM ET] The next question comes from Nigel. [8:18:30 AM ET] Co with both morning nigel and nigel. [8:18:30 AM ET] the next question comes from nigel coe with wolfe [8:18:34 AM ET] morning, guys. Thanks, thanks for the question. So, since Joe popped over. [8:18:34 AM ET] good morning nigel hey nigel good morning guys thanks for the question [8:18:38 AM ET] over the Trench acquisition, I think I'll dive into that. Can you say maybe talk about? [8:18:38 AM ET] so since joe passed over the trench acquisition think i'll dive into that [8:18:42 AM ET] about how much of trench is supplying GEV versus? [8:18:46 AM ET] versus external customers. And you [8:18:46 AM ET] can you just maybe talk about how much of trench is [8:18:46 AM ET] supplying ge versus external [8:18:50 AM ET] touched on the US international sort of obtaining, but [8:18:50 AM ET] customers and you touched on the u s international [8:18:54 AM ET] maybe talk about, you know, is there opportunity to do more even more supply chain dealers? [8:18:54 AM ET] sort of opportunity but maybe talk about [8:18:58 AM ET] deals, recognizing that 9g and dollars is a big deployment. Yeah, it's. [8:18:58 AM ET] about is there opportunities to do even more supply chain deals recognizing that nine billion dollars is a big [8:18:58 AM ET] deployment [8:19:02 AM ET] you bet, Nigel. I'll start. I mean, today of their 1.4. [8:19:02 AM ET] yeah you bet nigel i'll start i mean today of their [8:19:06 AM ET] 1.4 billion dollars of revenue, we're a very small part of the 1.4 billion. [8:19:10 AM ET] 1.4 billion dollars of revenue that you'll see on the page. Although we are buying from [8:19:10 AM ET] one point four billion dollars of revenue we're a very small part [8:19:10 AM ET] of the one point four billion dollars of revenue that you'll see on the page although we are buying [8:19:14 AM ET] from them across those product lines that we showed on the page. [8:19:18 AM ET] What I would just share to provide context is, you know, bushings. [8:19:18 AM ET] from them across those product lines that we showed on the page [8:19:18 AM ET] what i what i would just share to provide context is [8:19:22 AM ET] bushings, generally speaking, are five to eight percent of the bill of materials of every transcript. [8:19:26 AM ET] transformer. The Barmer HVDC order. [8:19:26 AM ET] you know bushings generally speaking are five to eight [8:19:26 AM ET] of the bill of materials of every transformer [8:19:30 AM ET] order that'll come in the fourth quarter. What Trench provides a [8:19:30 AM ET] the bwrm or hvdc order that'll come in the fourth quarter [8:19:34 AM ET] across both mushings, instant transformers, and oils. [8:19:34 AM ET] what trench provides across both [8:19:38 AM ET] about 10% of the bill on the territory of that $1.5 billion. [8:19:38 AM ET] bushings instrument transformers and coils it's [8:19:42 AM ET] HVDC order. We talked about the MVUPS order that we had. [8:19:42 AM ET] ten percent of the bill of materials of that one point five billion dollars hvdc [8:19:42 AM ET] order [8:19:46 AM ET] in the third quarter, which is an MPI. The coils that trench from. [8:19:46 AM ET] we talked about the mvups order that we had in the third quarter which is an npi [8:19:50 AM ET] provides, about five percent of the bill of materials of an MDUPS on a go forward. [8:19:50 AM ET] the coils that trench provides about five percent of the bill of materials of an mvups [8:19:54 AM ET] basis. So, my point is just this gives us a lot. [8:19:54 AM ET] on a go forward basis so my point is just [8:19:58 AM ET] a lot more control over the critical technology in the supply chain. [8:19:58 AM ET] this gives us a lot more control over the [8:20:02 AM ET] chain to meet the growing backlog that we see. [8:20:02 AM ET] critical technology in the supply chain to meet the growing backlog [8:20:06 AM ET] with differentiated technology. I mean, I talked about it earlier in the [8:20:06 AM ET] that we see with differentiated technology i mean [8:20:10 AM ET] prepared remarks, but the fact that many customers select their [8:20:10 AM ET] i talked about it earlier in the prepared remarks but the fact that many customers [8:20:14 AM ET] bushings specifically for a transformer, as we were going through diligent. [8:20:14 AM ET] select their bushings specifically for a [8:20:18 AM ET] diligence on this project, we see a lot of opportunities where there's [8:20:18 AM ET] transformer as we are going through diligence on this [8:20:22 AM ET] strong customer loyalty to Trench for the bushing. [8:20:22 AM ET] project we see a lot of opportunities where there's strong [8:20:22 AM ET] loyalty to trench for the bushings [8:20:26 AM ET] think is going to pull forward more of our transformer values. [8:20:26 AM ET] that we think is gonna pull form forward more of our [8:20:30 AM ET] volumes. So, you know, we aren't in a position now as we did with. [8:20:30 AM ET] our transformer volumes so you know we aren't in a position [8:20:34 AM ET] Pearl, like that on day one, we wanted to quantify revenue synergies as an [8:20:34 AM ET] now as we did with prolec that on day one we wanted [8:20:38 AM ET] an example, but we also see opportunities there because of the customer. [8:20:38 AM ET] to quantify revenue synergies as an example but we also see [8:20:42 AM ET] customer connectedness that Trench has with many customers, including. [8:20:42 AM ET] opportunities there because of the customer [8:20:46 AM ET] including hyper scalers, relative to where we have it. [8:20:46 AM ET] connectedness that trench has with many customers including hyperscalers [8:20:46 AM ET] relative to where we have it [8:20:50 AM ET] foundationally, it's a very attractive vertical in the Gration. [8:20:54 AM ET] of critical components that we need to meet this growing back law. [8:20:54 AM ET] but foundationally it's a a very attractive vertical integration of [8:20:58 AM ET] backlog. And you know, I know we talk about this a lot, but beginning of 22. [8:20:58 AM ET] critical components that we need to meet this growing backlog and [8:20:58 AM ET] you know i know we talk about this a lot but [8:21:02 AM ET] 22, this is a seven billion dollar electrification backlog. The fact it's [8:21:02 AM ET] beginning of twenty two this is a seven billion dollar electrification backlog the fact that's [8:21:06 AM ET] 40 billion dollars higher as we go into the 40. [8:21:06 AM ET] forty billion dollars higher [8:21:10 AM ET] fourth quarter, controlling this part. [8:21:10 AM ET] as we go into the fourth quarter [8:21:14 AM ET] of the supply chain will help us meet this moment. Now, on the other part, [8:21:14 AM ET] controlling this this this part of the supply chain will help us meet [8:21:14 AM ET] moment [8:21:18 AM ET] of your question, on are there more, we'll keep looking, right? [8:21:18 AM ET] now on the other part of your question on are there more [8:21:22 AM ET] We're always going to be looking for opportunities to end. [8:21:22 AM ET] we'll keep looking right we're always gonna be looking for opportunities to [8:21:26 AM ET] invest in businesses that are within our core, that gave our. [8:21:30 AM ET] our teams more control to meet this moment. But as I said, in the [8:21:30 AM ET] invest in businesses that are within our core that give our [8:21:30 AM ET] teams more control to meet this moment [8:21:34 AM ET] prepared remarks, our two priorities with MA were really getting. [8:21:34 AM ET] as i said in the prepared remarks our two [8:21:38 AM ET] print done for the technology, and all the reasons I mentioned. [8:21:38 AM ET] priorities with m and a were really getting trench done for [8:21:38 AM ET] the technology and all the reasons i mentioned [8:21:42 AM ET] in prolock for the North America footprint. And we'll move. [8:21:46 AM ET] move forward from here. [8:21:46 AM ET] and prolec for the north america footprint and [8:21:46 AM ET] we'll move forward from here [8:21:50 AM ET] The next question comes from Julian Mitchell. [8:21:50 AM ET] the next question comes from julian mitchell [8:21:54 AM ET] with jpmorgan [8:21:54 AM ET] with JP Morgan. Morning, Julian. [8:21:54 AM ET] good morning julian [8:21:58 AM ET] I good morning. Um maybe I just wanted to uh [8:21:58 AM ET] hi good morning [8:22:02 AM ET] ask about the power segment and specifically. [8:22:02 AM ET] maybe i just wanted to ask about the power [8:22:06 AM ET] that SRA and what is back to long feed. [8:22:06 AM ET] segment and specifically that sra and orders [8:22:10 AM ET] So I think you've raised that five gigawatts plus. [8:22:14 AM ET] at the end of the year. That expectations are over 130. [8:22:14 AM ET] backlog figure so i think you've raised that five gigawatts plus [8:22:18 AM ET] Just one good, you know, as you look at that figure. [8:22:18 AM ET] the end of the year that expectation is over one hundred and thirty [8:22:22 AM ET] just wondered as you look at that [8:22:22 AM ET] figure, the probability that that continues. [8:22:22 AM ET] figure [8:22:26 AM ET] to expand, you know, given you just had such an exceptional year. [8:22:26 AM ET] the probability that that continues to [8:22:30 AM ET] to date of SRAs, and just wondered how that custom. [8:22:30 AM ET] expand given you just had such an exceptional year to date of [8:22:34 AM ET] customer conversation around SRAs kind of is. [8:22:34 AM ET] sras and just wondered how that customer conversation [8:22:38 AM ET] progressing and that converged right into all the speakers. [8:22:38 AM ET] around sras kind of is progressing and that conversion rates [8:22:38 AM ET] always please [8:22:42 AM ET] Very healthy conversations, Julian, across the board. What we're [8:22:46 AM ET] really guiding you to here is that we see the fourth corridor. [8:22:46 AM ET] very healthy conversations julian across the board what we're [8:22:50 AM ET] quarter gigawatts that we'll get on a dream, and to be modestly long. [8:22:50 AM ET] really guiding you to here is that we see the [8:22:54 AM ET] larger than the third quarter. We did 11 gigawatts in the third quarter. [8:22:54 AM ET] fourth quarter gigawatts that we'll get on agreement to be modest [8:22:58 AM ET] by saying we're gonna end up at 130. That's saying probably 13. [8:22:58 AM ET] larger than the third quarter we did eleven gigawatts in the third [8:22:58 AM ET] quarter by saying we're gonna end up at one thirty that's saying [8:23:02 AM ET] gigawatts plus in the fourth quarter, so modestly higher. [8:23:02 AM ET] probably thirteen gigawatts plus in the fourth quarter so modestly higher [8:23:06 AM ET] As we look into 27, although it's hard to call the coincidence. [8:23:10 AM ET] quarters per se at this point, we certainly continue to see. [8:23:10 AM ET] as we look into twenty seven although it's hard [8:23:10 AM ET] call the quarters per se at this point we certainly [8:23:14 AM ET] real growth in our gigawatts on contract throughout 2020. [8:23:14 AM ET] continue to see real growth in our gigawatts on contract throughout [8:23:18 AM ET] 2027. But that maybe the quarterly profiles. [8:23:22 AM ET] profiles in 2027 are more likely to feel like three queue. [8:23:22 AM ET] twenty twenty seven but that maybe [8:23:22 AM ET] the quarterly profiles in twenty twenty seven [8:23:26 AM ET] and four queue than they may have felt in one queue and two queue. But within a building. [8:23:26 AM ET] are more likely to feel like three q and four q than they may have felt in one [8:23:30 AM ET] ability for us to material continue to grow. [8:23:30 AM ET] and two q but with an ability for us to material con [8:23:34 AM ET] both our backlog and our gigawatts on contract throughout next year. [8:23:34 AM ET] continue to grow both our backlog and our gigawatts [8:23:38 AM ET] on contract throughout next year [8:23:42 AM ET] The next question comes from Andrew Oben. [8:23:46 AM ET] with Bank of America. Yes, good morning, congratulations. [8:23:46 AM ET] the next question comes from andrew obin [8:23:46 AM ET] bank of america [8:23:50 AM ET] Congratulations on the quota. I don't say it often, but very impressive margins on power. [8:23:50 AM ET] hi guys good morning congratulations on the quarter i don't say it often but [8:23:54 AM ET] Good morning, Andrew. Thanks, Andrew. Just shifting to win. [8:23:54 AM ET] very impressive margins on power good morning andrew [8:23:58 AM ET] wind a little bit, you know, as you are pivoting straight to clear right. [8:23:58 AM ET] thanks andrew just shifting to wind a little bit [8:24:02 AM ET] More focus on data centers. Clearly, you [8:24:02 AM ET] you know as you are pivoting strategically right more [8:24:06 AM ET] deploying cash in supply. [8:24:06 AM ET] focus on data centers clearly deploying cash [8:24:06 AM ET] in [8:24:10 AM ET] chain building out, you know, vertically. The question I have on when. [8:24:14 AM ET] wind now that the business has stabilized, and I appreciate some moving pieces. [8:24:14 AM ET] supply chain building out vertically [8:24:14 AM ET] a question i have on wind now that the business has stabilized and i appreciate [8:24:18 AM ET] pieces in the fourth quarter. How are you guys feeling about? [8:24:22 AM ET] about long-term strategic optionality for the business? We talked about it. [8:24:22 AM ET] some moving pieces in the fourth quarter how are you guys [8:24:26 AM ET] a couple years ago. Then, you know, you had a lot of North American. [8:24:26 AM ET] feeling about long term strategic optionality for the business [8:24:30 AM ET] American movement margins, but the business clearly has turned popular. [8:24:30 AM ET] we talked about it a couple of years ago then you know you had a lot of [8:24:34 AM ET] positive. You know, what does the future hold for when business will? [8:24:34 AM ET] north american movement margins but the business clearly has [8:24:38 AM ET] within GEV? Thank you. Andrew, I appreciate the question and. [8:24:38 AM ET] turned positive what does the future hold for wind business within [8:24:38 AM ET] gev thank you [8:24:42 AM ET] as you framed in the question, I mean, we're pleased that we've gotten a business back to property. [8:24:42 AM ET] andrew i appreciate the question and as you framed in the [8:24:46 AM ET] profitability. We see real improvement in services profitability. [8:24:46 AM ET] i mean we're pleased that we've gotten the business back to profitability [8:24:50 AM ET] profitability this year, and expact is similar year over year, improvement. [8:24:50 AM ET] we see real improvement in services profitability this year and expect [8:24:50 AM ET] a similar [8:24:54 AM ET] in 27 relative to 26. We're pleased that we're large. [8:24:54 AM ET] year over year improvement in twenty seven relative to twenty six [8:24:58 AM ET] largely through our North America offshore project execution. [8:24:58 AM ET] we're pleased that we're largely through our north america offshore [8:25:02 AM ET] execution. But to be clear, we've got one more year to go in the offshore. [8:25:02 AM ET] project execution but to be clear we've got one more year to go [8:25:06 AM ET] offshore execution in the North Sea, which is a very [8:25:06 AM ET] in the offshore execution in the north sea [8:25:10 AM ET] to kind of answer the question as you're framing with our optionality as. [8:25:10 AM ET] which is a variable to kind of answer the question as you're framing with our [8:25:14 AM ET] as I see it. And I think it's important for us to see where the U.S. [8:25:14 AM ET] optionality as i see it [8:25:18 AM ET] market goes because, practically speaking, we have. [8:25:18 AM ET] and i think it's important for us to see where the us market goes because [8:25:22 AM ET] have historically been about 50% of the North America. [8:25:22 AM ET] practically speaking we have historically been [8:25:26 AM ET] America onshore wind market. We expect to continue to perform very. [8:25:26 AM ET] about fifty percent of the north america [8:25:30 AM ET] very well in the North America onshore wind market. [8:25:30 AM ET] onshore wind market we expect to continue to perform very well in the [8:25:34 AM ET] market, but it's a very small market right now. And although our orders grew [8:25:34 AM ET] north america onshore wind market [8:25:34 AM ET] but it's a very small market right now and [8:25:38 AM ET] grew year over year, that's off of a very small base. So I think we're [8:25:38 AM ET] although our orders grew year over year that's off of a very small base so [8:25:42 AM ET] we're improving our optionality with this business, but we've got to. [8:25:46 AM ET] a navigate through 27, execute on the rest of offshore. [8:25:46 AM ET] i think we're improving our optionality with this business [8:25:50 AM ET] And for me and leading the company, I'd like to see where the you. [8:25:50 AM ET] but we've gotta navigate through twenty seven execute on the rest of offshore [8:25:54 AM ET] US market goes over the next year and continue to. [8:25:54 AM ET] and for me and leading the company i'd like to see where the us market goes [8:25:54 AM ET] over the next year and [8:25:58 AM ET] evaluate how we invest in this business for value and/or continue. [8:25:58 AM ET] continue to evaluate how we invest in this business [8:26:02 AM ET] continue to evaluate how we create value with this business. And whatever. [8:26:02 AM ET] for value and or continue to evaluate how we [8:26:02 AM ET] create value with this business and [8:26:06 AM ET] is the smartest way possible. But we are making progress. [8:26:06 AM ET] whatever is the smartest way possible but [8:26:10 AM ET] I'm proud of the team, and I think 2027 is going to be another very [8:26:10 AM ET] we are making progress i'm proud of the team [8:26:14 AM ET] very important year for us to continue to create value and options. [8:26:14 AM ET] i think twenty twenty seven's gonna be another very important year for us to [8:26:20 AM ET] optionality for ourselves with our wind business. I think that optionality. [8:26:20 AM ET] continue to create value and optionality for ourselves with our win business [8:26:22 AM ET] optionality point is extremely important. You know, as we gave you guidance on [8:26:22 AM ET] i think that optionality point is extremely important you know [8:26:22 AM ET] as we gave you guidance on [8:26:28 AM ET] how this business would look when we were with you in December of last year. [8:26:32 AM ET] year and gave the look through 2028. [8:26:32 AM ET] how this business would look when we were with you in december of last year and gave [8:26:36 AM ET] It's important as you're thinking about the optionality there that are we. [8:26:36 AM ET] the look through twenty twenty eight it's important as you're thinking about [8:26:40 AM ET] we keep saying that we're focused on our strategy, which is getting offshore. [8:26:40 AM ET] the optionality there that our our we keep saying that we're focused on our strategy [8:26:44 AM ET] offshore wind backlog deployed, working on our service. [8:26:44 AM ET] which is getting offshore wind backlog deployed [8:26:48 AM ET] service margins. But in those expectations, we kind of held. [8:26:48 AM ET] working on our service margins but in those expectations [8:26:52 AM ET] the expectations for volume in North America win. [8:26:52 AM ET] we kind of held the the expectation [8:26:56 AM ET] wind to be essentially flat, essentially flat to what we saw in 2020. [8:26:56 AM ET] for volume in north america wind to be essentially flat [8:27:00 AM ET] 2025. I make that point because, as you asked the question about options. [8:27:00 AM ET] essentially flat to what we saw in twenty twenty five [8:27:04 AM ET] optionality, we're focused on all the things that we can control today and getting them. [8:27:04 AM ET] i make that point because as you asked the question about optionality we're focused on all the things that we can [8:27:08 AM ET] them to the best place. And we're very proud of the team delivering. [8:27:08 AM ET] control today and getting them to the best place and and we're very proud [8:27:12 AM ET] delivering a profitable quarter this quarter, including settling um. [8:27:12 AM ET] of the team delivering a profitable quarter this quarter including [8:27:16 AM ET] the matter that we had with Benjamin Gwen, which we mentioned in our earlier. [8:27:16 AM ET] settling the matter that we had with vineyard wind which we mentioned in our [8:27:20 AM ET] earlier comments. But it sets us up well. We keep saying it's hard to call the influx. [8:27:24 AM ET] inflection in this US market based upon all the dynamics at play. [8:27:24 AM ET] our earlier comments but it sets us up well we keep [8:27:24 AM ET] saying it's hard to call the inflection in this us market based [8:27:28 AM ET] but we will be ready to actually benefit from that. [8:27:28 AM ET] upon all the dynamics at play but we will be ready to [8:27:32 AM ET] based upon all the work that the team is doing today. [8:27:32 AM ET] actually benefit from that based upon all the work that the team is doing today [8:27:36 AM ET] The next question comes from Alexander Virgo. [8:27:40 AM ET] the next question comes from alexander virgo [8:27:40 AM ET] Virgo with Evercore ISI. Money odds. [8:27:40 AM ET] with evercore isi [8:27:44 AM ET] Good morning, gentlemen. Thanks very much for taking the question. I wonder if you [8:27:44 AM ET] good morning alex good morning gentlemen thanks [8:27:48 AM ET] could talk a little bit about the opportunity and electrification margins. [8:27:48 AM ET] very much for taking the question i wonder if you could talk a little bit about the [8:27:52 AM ET] Given where Trench is coming in, Product obviously, high 20. [8:27:52 AM ET] opportunity in electrification margins given where trenches [8:27:56 AM ET] twenties was the original target performing very, very well. [8:27:56 AM ET] coming in prolec obviously high 20s was the original target [8:28:00 AM ET] by the looks of things. And I appreciate you might address this in more detail and a [8:28:00 AM ET] performing very very well by the looks of things [8:28:04 AM ET] of an extra with the four year numbers. But can you just give us a [8:28:04 AM ET] and i appreciate you might address this in more detail next year [8:28:08 AM ET] sense of why margins and electrification can't be all for [8:28:08 AM ET] the full year numbers but can you just give us a sense of why margins in [8:28:08 AM ET] electrification [8:28:12 AM ET] 30%, given the sort of setup that you're seeing here. [8:28:12 AM ET] can't be north of thirty percent given the sort of setup that you're seeing here [8:28:16 AM ET] Listen, I think your framing is appropriate with where the [8:28:20 AM ET] pro-life margins were the day that we acquired the deal and we. [8:28:20 AM ET] listen i think your framing is appropriate with where the [8:28:24 AM ET] see real operating leverage that we're going to yield through that position. [8:28:24 AM ET] prolec margins were the day that we acquired the deal and we [8:28:28 AM ET] What you see with the trench margins and [8:28:28 AM ET] see real operating leverage that we're gonna yield through the acquisition what you [8:28:32 AM ET] the continued growth in backlog and electrification are. [8:28:32 AM ET] see with the trench margins and [8:28:36 AM ET] expectations are growing with electrification. I think the next important [8:28:36 AM ET] the continued growth in backlog and electrification our [8:28:40 AM ET] important data point will show you in the January earnings call is. [8:28:40 AM ET] expectations are growing with electrification i think the next important data point we'll [8:28:40 AM ET] show you [8:28:44 AM ET] is the change in margin in backlog and electrification in twenty twenty. [8:28:44 AM ET] in the january earnings call is the change in margin and back [8:28:48 AM ET] 2026, which will further strengthen the thread that says. [8:28:48 AM ET] backlog in electrification in twenty twenty six which [8:28:52 AM ET] says, okay, this is a business that is, I had to jump. [8:28:52 AM ET] will further strengthen the thread that says okay this is a business [8:28:56 AM ET] off point, so to speak, in the second half of 26. [8:28:56 AM ET] that is has a jump off point so to speak in the second half of [8:29:00 AM ET] 26, that's approximately 20 percent, and with a change. [8:29:04 AM ET] in margin and backlog, that'll continue to be healthy. Acquisition. [8:29:04 AM ET] twenty six that's approximately twenty percent [8:29:04 AM ET] and with a change in margin and backlog that'll continue to be healthy [8:29:08 AM ET] acquisitions that are very accretive. We see significant opportunities. [8:29:08 AM ET] acquisitions that are very accretive [8:29:08 AM ET] we see [8:29:12 AM ET] opportunity that continue to accrete margins in this business. [8:29:16 AM ET] significant opportunity to continue to [8:29:16 AM ET] business. Now, we owe you when we get to our next capital market. [8:29:16 AM ET] accrete margins in this business now [8:29:20 AM ET] markets day, that will set that date at the January earnings. [8:29:20 AM ET] we owe you when we get to our next capital markets day [8:29:24 AM ET] earnings call on when we're going to have that meeting to create a 20. [8:29:24 AM ET] that we'll set that date at the january earnings [8:29:24 AM ET] call on when we're gonna have that meeting [8:29:28 AM ET] 20-30 financial guide, including margins and electrification. [8:29:28 AM ET] to create a twenty thirty financial guide [8:29:32 AM ET] electrification that will, like all of our financial estimates, be a lower. [8:29:32 AM ET] including margins and electrification that will likely [8:29:36 AM ET] on what we expect by 2030. But we have a high. [8:29:36 AM ET] all of our financial estimates be a floor on what we expect [8:29:36 AM ET] by twenty thirty [8:29:40 AM ET] high expectations of significant margin expansion every year. [8:29:40 AM ET] but we have a high expectations of significant margin [8:29:44 AM ET] between now and then, and that's going to take you directionally in. [8:29:44 AM ET] expansion every year between now and then and that's [8:29:48 AM ET] the neighborhood of your question. [8:29:48 AM ET] gonna take you directionally in the neighborhood of your question [8:29:52 AM ET] The next question comes from Nicola Blaze, which is the only thing that [8:29:56 AM ET] Deutsche Bank. And the money guys. [8:29:56 AM ET] the next question comes from nicole deblase with deutsche bank [8:30:00 AM ET] guys. Can you graduate on a great quarter? Just wanted. [8:30:00 AM ET] morning good morning guys [8:30:04 AM ET] to ask about gas turbine and pricing. I don't think that question has been asked yet. [8:30:04 AM ET] congrats on a great quarter [8:30:08 AM ET] yet. Scott, you had said that pricing was up over 20%. [8:30:08 AM ET] just wanted to ask about gas turbine pricing i don't think that question has been asked yet [8:30:12 AM ET] 20%, I think, in the first half. Just curious how that momentum has continued into. [8:30:12 AM ET] scott you had said that pricing was up over [8:30:16 AM ET] 3Q, and then maybe you could also comment on what you're seeing with respect to electrification. [8:30:16 AM ET] twenty percent i think in the first half just curious how that momentum has continued in [8:30:20 AM ET] electrification pricing as well. Thank you. You bet in the colon. [8:30:20 AM ET] 3q and then maybe you could also comment on what you're seeing [8:30:20 AM ET] respect to electrification pricing as well thank you [8:30:24 AM ET] I mean, we've been talking throughout the years that off the baseline of the [8:30:24 AM ET] you bet nicole i mean we've we've been talking throughout the year that off the baseline of a [8:30:28 AM ET] fourth quarter orders last year, that we were expecting to see. [8:30:32 AM ET] orders up 10 to 20 points relative to the fourth quarter. [8:30:32 AM ET] fourth quarter orders last year that we were expecting to see orders up [8:30:36 AM ET] Third quarter in isolation was north of 20 points. [8:30:36 AM ET] ten to twenty points relative to the fourth quarter [8:30:40 AM ET] So that just shows you that the pricing environments continue to be strong. [8:30:40 AM ET] third quarter in isolation was north of twenty points [8:30:44 AM ET] But we did call out in the prepared remarks that Nick's did. [8:30:44 AM ET] so that just shows you that the pricing environments continue to be [8:30:48 AM ET] contribute to that with a very healthy mix of both arrow. [8:30:48 AM ET] strong but we did call out in the prepared remarks that [8:30:48 AM ET] mix did contribute to that with a very healthy mix of [8:30:52 AM ET] and 60 hertz gas turbines that. [8:30:52 AM ET] both arrow and sixty hertz [8:30:56 AM ET] drove a very strong calm. We expect to be with. [8:30:56 AM ET] gas turbines that drove [8:31:00 AM ET] within the range that we've talked about in the fourth quarter. [8:31:00 AM ET] a very strong comp we expect to be within the range that we've talked about [8:31:04 AM ET] that leads to a result for the year. The year over year. [8:31:04 AM ET] in the fourth quarter that leads to a result for the year [8:31:08 AM ET] year, our orders in 26 relative to 25. [8:31:08 AM ET] the year over year our orders in twenty [8:31:12 AM ET] pricing is up directionally 50 percent. So that [8:31:12 AM ET] relative to twenty five [8:31:12 AM ET] pricing is up directionally fifty percent [8:31:16 AM ET] kind of with any one quarter mix can move those numbers. [8:31:16 AM ET] so that kind of with any one quarter mix [8:31:20 AM ET] numbers, but I think that year over year marker is important. [8:31:20 AM ET] can can can move those numbers but i think that year over year mark [8:31:24 AM ET] And we look forward to showing you in the January earnings called a change in marginalized [8:31:24 AM ET] is important and we look forward to showing you in the january earnings call the [8:31:28 AM ET] margin and backlog in power that's largely reflective of that. [8:31:28 AM ET] change in margin and backlog [8:31:32 AM ET] price, in which we talked about on the call earlier. [8:31:32 AM ET] in power that's largely reflective of that price [8:31:36 AM ET] earlier that we that the margin in backlog for 26. [8:31:36 AM ET] in which we talked about on the call earlier that we [8:31:40 AM ET] 26, relative to the margin at the end of last year, is going to be. [8:31:40 AM ET] we that the margin in backlog for twenty six relative to the [8:31:44 AM ET] is going to grow substantially more this year than last year. [8:31:44 AM ET] margin at the end of last year is gonna be is gonna grow [8:31:44 AM ET] substantially more this year than last year [8:31:48 AM ET] on electrification, what we are continuing. [8:31:52 AM ET] continuing to see positive pricing overall in the electrification. [8:31:52 AM ET] and then on electrification [8:31:52 AM ET] what we are continuing to see [8:31:56 AM ET] electrification business. Now, as you know, we talk about multiple different products. [8:31:56 AM ET] positive pricing overall in the electrification business [8:32:00 AM ET] products and businesses within that. It's not consistent across. [8:32:00 AM ET] now as you know we talk about multiple different products and businesses within that [8:32:04 AM ET] across in the sense of what the rate of growth is across each one. [8:32:04 AM ET] it's it's not consistent across in the in the sense of what the rate of growth is [8:32:08 AM ET] one of the lines. We talked a lot in the last few years about the growth in the HVD. [8:32:08 AM ET] across each one of the lines we talked a lot in the last [8:32:12 AM ET] HVDC side of the business. And we saw good pricing growth in that over. [8:32:12 AM ET] few years about the growth in the hvdc side of the business [8:32:16 AM ET] 2023, 2024, and it kind of stabilized that. [8:32:16 AM ET] and we saw good pricing growth in that over twenty twenty three twenty twenty four [8:32:20 AM ET] at a relatively high price. Now, what we're seeing is more pricing growth. [8:32:20 AM ET] and it kinda stabilized at a relatively high price [8:32:24 AM ET] growth in parts of the business. Transmission, sweet. [8:32:24 AM ET] now what we're seeing is more pricing growth in parts of the business [8:32:28 AM ET] switch gear, synchronous condensers, things like that. But when you mix. [8:32:28 AM ET] transmission switch gear synchronous condensers things like that [8:32:32 AM ET] mix it all together, we continue to see positive pricing and electrification. [8:32:36 AM ET] but more at a slightly less growth rate than what. [8:32:36 AM ET] but when you mix it all together we continue to see positive pricing in electrification [8:32:40 AM ET] Scott talked about on the power business. [8:32:40 AM ET] but more at a slightly less growth rate than what [8:32:40 AM ET] scott talked about on the power business [8:32:44 AM ET] The next question comes from Abed Marota. [8:32:44 AM ET] the next question comes from amit mehrotra [8:32:48 AM ET] with UBS. Morning of it, telling it. Hey. [8:32:48 AM ET] with ubs [8:32:52 AM ET] good morning, guys. Thanks for the question. Obviously, the [8:32:52 AM ET] good morning amit hi amit hey good morning guys thanks for the [8:32:52 AM ET] question [8:32:56 AM ET] there's just been so much pricing that's now manifesting itself. [8:32:56 AM ET] obviously there's just been so much pricing [8:33:00 AM ET] itself in the gas equipment margin. And that's great, but I guess I. [8:33:00 AM ET] that's now manifesting itself in the gas equipment margin [8:33:04 AM ET] guess the natural question is maybe what the mix impact is. [8:33:04 AM ET] and that's great but i guess the natural question [8:33:08 AM ET] when eventually service starts to outgrow equipment. I can't believe I'm. [8:33:08 AM ET] is maybe what the mix impact is when eventually service starts [8:33:12 AM ET] I'm asking this question, but I guess it's the sign of the times. I'd just be curious to. [8:33:12 AM ET] to outgrow equipment i i can't believe i'm asking this question but i guess it's the sign of the times [8:33:16 AM ET] if you think that margins for the service business, you know. [8:33:16 AM ET] i'd just be curious to if you think that margins for the service business [8:33:20 AM ET] as a whole, and maybe even on an annual basis, will be accretive. [8:33:24 AM ET] if to sort of group margins when this backlog gets delivered and this is. [8:33:24 AM ET] as a whole and maybe even on an annual basis will be accretive to [8:33:28 AM ET] there's a handoff to the service part of the business. Yeah. [8:33:28 AM ET] sort of group margins when this backlog gets delivered and this is there's a handoff [8:33:28 AM ET] to the service part of the business [8:33:32 AM ET] Yes, the service is service is growing as a proportion. [8:33:32 AM ET] yes the service is service is growing as [8:33:36 AM ET] proportion of the equipment would continue to be accreated to Margin. [8:33:40 AM ET] margins because as much as the equipment, margins are improving, and you can. [8:33:40 AM ET] a proportion of the equipment would continue to be accretive to margins [8:33:40 AM ET] because as much as the equipment margins are improving [8:33:44 AM ET] can see that in really the beginning of this journey with our first. [8:33:44 AM ET] and you can see that and really [8:33:48 AM ET] quarter now of the better priced equipment shipments. We also [8:33:48 AM ET] the beginning of this journey with our first quarter now of the better priced equipment [8:33:48 AM ET] shipments [8:33:52 AM ET] also are pricing up the services book, and the margins will continue. [8:33:56 AM ET] continue to expand there. Not on a nominal basis. [8:33:56 AM ET] we also are pricing up the services book and the margins will continue to [8:33:56 AM ET] expand there [8:34:00 AM ET] and points growth as steeply as the equipment. [8:34:00 AM ET] not on a nominal basis in points growth as steeply [8:34:04 AM ET] equipment margin expansion, because it's already off of a much higher. [8:34:04 AM ET] as the equipment margin expansion [8:34:10 AM ET] baseline. But to be clear, as services grow and [8:34:10 AM ET] because it's already off of a much higher baseline but [8:34:14 AM ET] as a proportion of the total, that drives margin expansion for the power. [8:34:14 AM ET] to be clear as services grow as a proportion of the total [8:34:16 AM ET] that drives margin expansion for the power business [8:34:16 AM ET] power business. [8:34:22 AM ET] The next question comes from Andy Tapowitz with Citigroup. [8:34:26 AM ET] group. Morning, Andy, the morning. Morning, everyone. [8:34:26 AM ET] the next question comes from andy kaplowitz with citigroup [8:34:30 AM ET] a little bit more on services. Gotta think you mentioned 17% growth. [8:34:30 AM ET] good morning andy good morning good morning everyone [8:34:34 AM ET] growth in service orders this year, and I know you mention again that HA. [8:34:34 AM ET] just a little bit more on services scott i think you mentioned seventeen percent growth in [8:34:38 AM ET] generated 0.5 billion in revenue over 20 years. I think you've also talked about. [8:34:38 AM ET] service orders this year and i know you mentioned again that [8:34:42 AM ET] about transactional generally picking up. So, how are you thinking about that trajectory in Palestine? [8:34:42 AM ET] generates zero point five billion dollars of revenue over twenty years i think you've also talked about [8:34:46 AM ET] power services? I think you originally gave that guy going from 12 billion. [8:34:46 AM ET] transactional generally picking up so how are you thinking about that trajectory in power services [8:34:50 AM ET] billion to 22 by 2035. A recent conference you took. [8:34:50 AM ET] i think you originally gave that guidance of going from twelve billion dollars to twenty two billion by [8:34:54 AM ET] you talked about that maybe being a little conservative. Yeah, and I think. [8:34:54 AM ET] two thousand and thirty five at a recent conference talked about that maybe being a little conservative [8:34:58 AM ET] think when we get to our next capital markets today, that likely will prove. [8:34:58 AM ET] yeah and i think when we get to our next [8:35:02 AM ET] prove out to be conservative, the 22 billion that we framed up. [8:35:02 AM ET] capital markets day that likely will prove out to be [8:35:06 AM ET] up last year. What I would say on the trajectory would. [8:35:06 AM ET] conservative the twenty two billion dollars that we framed up last [8:35:06 AM ET] year what i would say on the [8:35:10 AM ET] with services over the next few years is we have a [8:35:10 AM ET] trajectory with services over the next few years is we have a [8:35:14 AM ET] a confluence of dynamics where, as our supply chain builds. [8:35:18 AM ET] builds up for new units, we're also having a fulfill on service. [8:35:18 AM ET] confluence of dynamics where as our supply chain [8:35:22 AM ET] services, and that's driving a continued back. [8:35:22 AM ET] up for new units we're also having to fulfill on services [8:35:22 AM ET] and that's driving [8:35:26 AM ET] backlog of services for film, and that if that [8:35:26 AM ET] a continued backlog of services [8:35:30 AM ET] the outages give us the grace of more time before we need. [8:35:30 AM ET] fulfillment that if the outages give us the grace of more [8:35:34 AM ET] need to ship parts. Frankly, we may be prioritizing a time. [8:35:34 AM ET] time before we need to ship parts [8:35:38 AM ET] times the equipment shipments to hold schedule. [8:35:38 AM ET] frankly we may be prioritizing at times the equipment shipments to [8:35:38 AM ET] hold schedule [8:35:41 AM ET] as long as we don't put customers at risk for services. [8:35:45 AM ET] So we're going to continue to see real services grow, but we [8:35:45 AM ET] as long as we don't put customers at risk for services so [8:35:49 AM ET] we have a lot of fulfillment ramp to come here in 2015. [8:35:49 AM ET] we're gonna continue to see real services growth but we have a lot of [8:35:53 AM ET] 27 and 28. So clearly, our revenue is going to continue. [8:35:53 AM ET] fulfillment ramp to come here in twenty seven and twenty eight [8:35:57 AM ET] continue to grow at a healthy basis over the next number of years. [8:35:57 AM ET] so clearly our revenue is gonna continue to grow at a healthy basis over the next [8:36:01 AM ET] years in services through the end of the decade. [8:36:01 AM ET] number of years in services through the end of the decade [8:36:05 AM ET] growth is going to be percentage-wise exponentially larger in equipment. [8:36:05 AM ET] the growth is gonna be [8:36:09 AM ET] equipment. But what that's all contributing to is just a larger. [8:36:09 AM ET] percentage wise exponentially larger in equipment [8:36:13 AM ET] and larger annuity stream for services that's very high. [8:36:13 AM ET] but what that's all contributing to is just a larger and larger new [8:36:17 AM ET] margin business for a very long time into the next decade. [8:36:17 AM ET] annuity stream for services that's very high margin business [8:36:17 AM ET] for a very long time into the next decade [8:36:21 AM ET] The next [8:36:25 AM ET] question comes from a meat stacker with BMO Capital Markets. [8:36:25 AM ET] the next question comes from amit vacker [8:36:25 AM ET] bmo capital markets [8:36:29 AM ET] What do you mean? The morning take the morning. Thanks, guys. [8:36:33 AM ET] Scott, I think you've booked like nearly 120 air derivatives. [8:36:33 AM ET] good morning amit good morning hey good morning thanks guys [8:36:37 AM ET] over the last two quarters. Is that like a level of demand that you can? [8:36:37 AM ET] scott you i think you've booked like nearly a hundred and twenty error derivatives over the last [8:36:41 AM ET] see kind of changing. And how do you think about the size and duration of the aerodrome? [8:36:41 AM ET] two quarters is that like a level of demand that you see [8:36:45 AM ET] aeroderative cycle, and given the strength and work of the kind of key kids race of. [8:36:45 AM ET] kind of changing and how do think about the size and duration of the aero derivative cycle and [8:36:49 AM ET] of maybe increasing output from here. I mean, I mean, the demand is. [8:36:49 AM ET] given the strength in order to kind of keep constraints and kind of maybe increasing output from here [8:36:53 AM ET] is strong, but I wouldn't say that we'll sustain the two. [8:36:53 AM ET] i mean i mean the demand is strong but i wouldn't [8:36:57 AM ET] 2Q, 3Q run rate as an example in 4Q. So that's part. [8:36:57 AM ET] say that we'll sustain the two q three q run rate as [8:37:01 AM ET] partly why we framed up that the dollar per KW is going to come down. [8:37:01 AM ET] an example in 4q so that's partly why we framed up that the dollar [8:37:05 AM ET] little bit in the fourth quarter, relative to third quarter, because the [8:37:05 AM ET] kw is gonna come down a little bit in the fourth quarter relative to [8:37:09 AM ET] dollar per KW is very high with Arrow. Not because [8:37:09 AM ET] third quarter because the dollar per kw is is very high with arrow [8:37:13 AM ET] because the demand is softer, but more because we're [8:37:13 AM ET] not because the demand [8:37:17 AM ET] we're now going out so far in the future before we have availability. [8:37:17 AM ET] is softer but more because we're now going out [8:37:21 AM ET] right? Because we're sold out so far. So that kind of [8:37:21 AM ET] so far in the future before we have availability right because we're sold out [8:37:21 AM ET] so far [8:37:25 AM ET] continues to be an attractive market. We continue to have. [8:37:25 AM ET] so that continues to be an attractive market we continue to have [8:37:29 AM ET] supplied, but being very transparent, we're also using. [8:37:29 AM ET] supply but being very transparent [8:37:33 AM ET] using the error derivatives in strategic. [8:37:33 AM ET] we're also using the error derivatives in strategic [8:37:37 AM ET] partnerships, where we also secure heavy duty and electrification. [8:37:41 AM ET] partnerships where we also secure hedge [8:37:41 AM ET] electrification equipment combined. And we'll continue to do that. [8:37:41 AM ET] duty and electrification equipment combined [8:37:45 AM ET] So good demand, fourth quarter. [8:37:45 AM ET] and we'll continue to do that so [8:37:49 AM ET] quarter arrows will be lighter than the 2Q3Q run rate, but it's an important. [8:37:49 AM ET] good demand fourth quarter arrows will be lighter than the [8:37:53 AM ET] important part of our business and one that we're very excited about. [8:37:53 AM ET] 2q 3q run rate but it's an important part of our business and [8:37:53 AM ET] and one that we're very excited about [8:37:57 AM ET] The next question. [8:38:01 AM ET] the next question comes from david arcero [8:38:01 AM ET] question comes from David Arcaro with Morgan Stanley. [8:38:02 AM ET] morgan stanley [8:38:07 AM ET] Hey, thanks so much for warning. [8:38:07 AM ET] hey thanks so much good morning [8:38:11 AM ET] I was wondering for the price. [8:38:11 AM ET] good morning [8:38:15 AM ET] projects and customers in your turbine backlog. [8:38:15 AM ET] i was wondering for the for the projects and [8:38:19 AM ET] crush your contracts overall. Are you seeing any financing challenges? [8:38:19 AM ET] customers in your turbine backlog and across your contracts overall are you [8:38:23 AM ET] challenges leading to disruptions or slowdowns at all, or request. [8:38:23 AM ET] seeing any financing challenges leading [8:38:27 AM ET] request to exit slot reservations, or any slowing of the conversion. [8:38:27 AM ET] to disruptions or slowdowns at all or requests [8:38:31 AM ET] of SRAs to backlog. No, David, we're not. [8:38:31 AM ET] to exit slot reservations or any slowing of the conversion [8:38:31 AM ET] of sras to backlog [8:38:35 AM ET] And I mean, I think what you can see is with the orders growing. [8:38:35 AM ET] no david we're not and i mean think what you can [8:38:39 AM ET] growth, the gigawatts and contract growth attached with 17. [8:38:39 AM ET] see is with the orders growth [8:38:43 AM ET] 17 billion dollars of cash from the bank account, is that there's no [8:38:43 AM ET] the gigawatts on contract growth attached with seventeen billion dollars [8:38:47 AM ET] no change in our tax terms required to secure the equipment? [8:38:47 AM ET] of cash in the bank account is that there's no [8:38:51 AM ET] equipment. And the customer archetype that we're serving has. [8:38:51 AM ET] change in our cash terms required to secure the equipment [8:38:55 AM ET] very strong balance sheets and continue to lean. [8:38:55 AM ET] and the customer archetype that we're serving have very strong balance sheets [8:38:55 AM ET] and [8:38:59 AM ET] lean in with us, and no is the short answer to the question. [8:39:03 AM ET] the question. Operator, we have time for one more question, please. [8:39:03 AM ET] continue to lean in with us and [8:39:03 AM ET] no is the short answer to the question [8:39:07 AM ET] please. This question comes from the line of Rob Worder. [8:39:07 AM ET] operator we have time for one more question please [8:39:11 AM ET] with near his research. What are you invented, Rob? Hey. [8:39:11 AM ET] this question comes from the line of rob wertheimer [8:39:11 AM ET] with melius research [8:39:15 AM ET] Hey. So, the question: obviously, there's an immense value to getting. [8:39:19 AM ET] getting a compute online right now. And I was curious, I mean, obviously, in terms of. [8:39:19 AM ET] my question obviously there's a there's an immense value to getting compute online right [8:39:23 AM ET] Turbine you're sold out for a number of years. Where do you see bottlenecks? [8:39:23 AM ET] now and i was curious i mean obviously in turbines you're sold out for a number of years [8:39:27 AM ET] bottlenecks in that system now? And is there any opportunity for electrification? [8:39:27 AM ET] where do you see bottlenecks in that system now and is there any [8:39:31 AM ET] kind of near term, where you know your products can solve, you know, and [8:39:31 AM ET] opportunity for electrification kind of near term where your products can [8:39:35 AM ET] bring capacity on one faster, pricing power, etc. Thank you. [8:39:35 AM ET] solve you know and bring capacity online faster pricing power etcetera thank you [8:39:39 AM ET] Yeah, I mean, Rob, our electrification business orders. [8:39:43 AM ET] today is up 60% or thereabouts. [8:39:43 AM ET] yeah i mean rob our our electrification business orders [8:39:43 AM ET] three q year to date is up [8:39:47 AM ET] expect the fourth quarter to, as it normally is, to be our largest. [8:39:47 AM ET] sixty percent or thereabouts we expect the fourth quarter [8:39:51 AM ET] quarter orders in the year. And while growing our backlog, probably. [8:39:51 AM ET] to as it normally is to be our largest quarter orders in the [8:39:55 AM ET] probably more in the first quarter than we did in the third quarter, as an example. [8:39:55 AM ET] year while growing our backlog probably more in the [8:39:59 AM ET] So we continue to see real demand for electrification. [8:39:59 AM ET] fourth quarter than we did in the third quarter as an example so we [8:39:59 AM ET] continue to see real demand [8:40:03 AM ET] but I don't know if a lecture of recasion and isolation also. [8:40:03 AM ET] for electrification but [8:40:07 AM ET] or any other provider can provide enough of it. [8:40:07 AM ET] i don't know if electrification and isolation us or any other provider [8:40:07 AM ET] can [8:40:11 AM ET] unlock for what we're seeing, for the need for incremental electricity. [8:40:11 AM ET] provide enough of an unlock for what we're seeing for the need for incremental [8:40:15 AM ET] electricity in the country and in the world today. It's a contributor. [8:40:15 AM ET] in the country and in the world today [8:40:19 AM ET] contributor, but it's not going to replace the need for more power generation. [8:40:19 AM ET] it's a contributor but it's not gonna replace the need for more [8:40:23 AM ET] generation that gets added to the system, it's a compliment, is the way that I would say. [8:40:23 AM ET] power generation that gets added to the system it's a complement [8:40:27 AM ET] would say it. So we're going to continue to invest in our electrification. [8:40:27 AM ET] is the way that i would say it [8:40:31 AM ET] electrification business, really to modernize the grid and drive these unlocks. [8:40:31 AM ET] so we're gonna continue to invest in our electrification business [8:40:35 AM ET] unlocks, but I would view this to be a medium to long term. [8:40:35 AM ET] really to modernize the grid and drive these unlocks but [8:40:39 AM ET] very durable demand. But now [8:40:39 AM ET] i would view this to be a medium to long term [8:40:39 AM ET] very durable demand [8:40:39 AM ET] but not [8:40:43 AM ET] an electrification solution for the country of the world that [8:40:47 AM ET] is going to replace the need for more incremental power generation. [8:40:47 AM ET] an electrification solution for the country or the world that is gonna [8:40:47 AM ET] replace the need for more incremental power generation [8:40:51 AM ET] Operator, before we wrap up, let me turn it back to Scott for. [8:40:55 AM ET] for closing comments. Everybody, as I always do, I just want to thank our team. [8:40:55 AM ET] operator before we wrap up let me turn it back [8:40:55 AM ET] to scott for closing comments [8:40:59 AM ET] I'm proud of how we're performing. I want to thank our customers and partners. [8:40:59 AM ET] everybody as i always do i just want to thank our team i'm [8:41:03 AM ET] for being with us. We do this together, and I want to thank all of you for. [8:41:03 AM ET] proud of how we're performing i wanna thank our customers and partners for being with us [8:41:07 AM ET] giving us this time today. I know we extended the call by a few minutes today. [8:41:07 AM ET] we do this together and i wanna thank all of you [8:41:11 AM ET] and went a little bit longer with our prepared remarks, but we wanted to provide a [8:41:11 AM ET] for giving us this time today i know we extended the call by a few minutes today and [8:41:15 AM ET] a lot of transparency and visibility into the Trench acquisition that we're really. [8:41:15 AM ET] went a little bit longer with our prepared remarks but we wanted to [8:41:19 AM ET] excited about. We're deep into the fourth quarter and. [8:41:19 AM ET] provide a lot of transparency and visibility into the [8:41:19 AM ET] acquisition that we're really excited about [8:41:23 AM ET] and looking forward to being out in the field operationally with a lot of our. [8:41:23 AM ET] we're deep into the fourth quarter and [8:41:27 AM ET] teams the next 90 days, and we look forward to seeing many of you. [8:41:27 AM ET] looking forward to being out in the field operationally [8:41:27 AM ET] with a lot of our teams the next ninety days and [8:41:31 AM ET] in platforms where it presents itself, and soon enough. [8:41:31 AM ET] we look forward to seeing many of you in platforms where it presents itself [8:41:31 AM ET] and [8:41:35 AM ET] enough, we'll be in front of you with our January earnings. [8:41:39 AM ET] call for the fourth quarter. So, thanks, everybody. [8:41:39 AM ET] soon enough we'll be in front of you with our january earnings call [8:41:39 AM ET] for the fourth quarter so thanks everybody [8:41:43 AM ET] Thank you, ladies and gentlemen. This concludes today's conference. [8:41:43 AM ET] thank you ladies and gentlemen [8:41:43 AM ET] this concludes today's conference [8:41:47 AM ET] Thank you for participating. You may now disconnect. [8:41:47 AM ET] thank you for participating [8:41:47 AM ET] you may now disconnect [8:41:55 AM ET] I think that we have [8:42:15 AM ET] That's very [8:42:19 AM ET] I'm sorry. [8:42:31 AM ET] I do the [8:43:03 AM ET] I'm a big. [8:43:07 AM ET] money, I think. [8:43:51 AM ET] Yeah [8:43:55 AM ET] actor, as I'm sure this. [8:43:59 AM ET] beautiful, it was really good. [8:44:07 AM ET] I think it's a [8:44:27 AM ET] it's reflecting. [8:44:39 AM ET] that's -- Saidwire · verified quotes, live transcript and a running story from live events · support@saidwire.com