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INVESTOR MEETING - 2026 GE VERNOVA T&D INDIA LTD 21 st - 23 rd September 2026 - Mumbai © 2026 GE Vernova and/or its affiliates. All rights reserved.
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DISCLAIMER This presentation has been prepared solely for the use at analyst/ investor presentation. By attending the meeting where this pr esentation is made, or by reading the presentation slides, you agree to be bound by the following limitations - • The forward - looking information and statements can generally be identified by the fact that they do not relate only to historica l or current facts. Forward - looking statements sometimes use terminology such as “targets”, “believes”, “expects”, “aims”, “assumes”, “intends”, “pl ans”, “seeks”, “will”, “may”, “anticipates”, “would”, “could”, “continues”, “estimate”, “milestone” or other words of similar meaning and similar ex pre ssions or the negatives thereof. GE Vernova T&D India Limited cannot give assurance to the correctness of such information and statements. • By their nature, forward - looking information and statements involve known and unknown risks, uncertainties and other important f actors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performanc e o r achievements that may be expressed or implied by the forward - looking information and statements in this presentation. Should one or more of t hese risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial conditi on or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected • Given the aforementioned uncertainties, prospective or present investors are cautioned not to place undue reliance on any of the se forward - looking statements • No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, an y contract or commitment or investments decision whatsoever. Investor/prospective advisors must be sought on specific situation from well - informed legal, investment, tax, financial, and management professionals • This presentation and its contents are confidential and must not be distributed, published or reproduced. This presentation d oes not constitute a recommendation regarding the securities of the Company. © 2026 GE Vernova and/or its affiliates. All rights reserved. 2
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© 2026 GE Vernova and/or its affiliates. All rights reserved. 3
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4 Creating meaningful and impactful societal value through CSR initiatives Promoting EHS as a top priority with active engagement with the employees at all locations Engaging with future energy professionals with next-gen technologies at our booth Company built on pride, purpose and people Honouring Women’s Day with family, friends, and the broader community © 2026 GE Vernova and/or its affiliates. All rights reserved. Developing excellence within, creating impact beyond 4
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Key Themes Prudent capex… strengthening manufacturing leadership to maximize shareholder returns Energy super cycle… record investments fueling India's and global growth Structural growth… driving industry-leading profitability and financial resilience Expanding horizons… through exports, innovation, and emerging opportunities © 2026 GE Vernova and/or its affiliates. All rights reserved. 5
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© 2026 GE Vernova and/or its affiliates. All rights reserved. Growing complexities generating larger opportunities Source : IEA World Energy Outlook 2025, Morgan Stanley Equity Research, Statista, Bloomberg New Energy Finance GE Vernova’s advanced technologies serve electrification complexities 32K 38 K 45K 2025 2030 Global generation to grow 1.4x Net-zero scenario Stated policies (TWh/yr) ($T/yr) 3.2 5.6 Clean energy investment 2.2 4.0 2025 2030 Global investment in clean energy 1.8x Fossil Fuel INVESTMENT IN CLEAN ENERGY ELECTRIFICATION OPPORTUNITY MULTIPLE DEMAND FORCES AI/Data Center Industrialization Electrification/ Power for all Electric Vehicle Green Hydrogen Large scale power evacuation … through HVDC Grid digitization and modernization… through Asset performance management and smart network management Substation expansion…driving transformer and switchgear growth Grid stability and flexibility… through STATCOM 6
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© 2026 GE Vernova and/or its affiliates. All rights reserved. Renewable addition driving transmission investment in India Our electrification solutions are well - positioned to serve this growing long - cycle market GENERATION TRANSMISSION INVESTMENT $65B 2026 - 30 $88B 2031 - 35 281 500 786 2025 2030 2035 2.8x In GW 276 537 914 2025 2030 2035 3.3x In GW Average investment/ year: >15B$ Addressable Market/ year: ~8.5B$ Source : National Electricity Plan – II, Central Electricity Authority Note : All the above data pertains to Renewable Energy 7
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Market opportunities GE Vernova T&D India is strategically placed to win amid accelerating market opportunities © 2026 GE Vernova and/or its affiliates. All rights reserved. • Emerging data center market… significant upside potential as India captures growth • HVDC market poised to grow… 7 new projects expected by 2030, along with multiple STATCOM opportunities per year • Rising grid complexity… leading to grid automation & cybersecurity demand • Conventional market growth… fueled by renewable evacuation requirements High growth opportunities “Digital” Includes Electrification Software & Grid Automation 4.2 4.5 4.8 5.2 5.5 6.0 0.6 0.7 0.7 0.8 0.9 1.0 1.4 2.2 2.9 2.3 2.8 2.4 0.4 0.6 0.9 0.9 1.2 1.5 2025 2026 2027 2028 2029 2030 $9.2B $6.6B $10.4B CONVENTIONAL MARKET DIGITAL HVDC+STATCOM DATA CENTER $8.0B $9.3B $10.9B CAGR +10.6% Growing addressable market 8
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Growing global market led by energy transition Leveraging GE Vernova’s global reach and network to unlock export potential from India Our reach & ambition Target to add new countries in Asia, Middle East and Europe 2025 2030 Expanding export opportunities CAGR 11.7% $129B $224B Revised 2026 estimates including higher expected investments in AI Data Center, Grid modernization, and Renewables + $76B ~$300B As per early 2025 estimates +6.7% Current exports to 60+ countries © 2026 GE Vernova and/or its affiliates. All rights reserved. • GIS components • HV Circuit Breakers • Air Core Reactors • OIP Bushings • Instrument Transformers • Drives & Associated equipments Source : IEA World Energy Outlook, Bloomberg New Energy Finance, Global Data Research 9
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© 2026 GE Vernova and/or its affiliates. All rights reserved. ▪ Power Transformers (up to 1200kV); 800+ units delivered ▪ Compact GIS for 72.5 kV to 800 kV applications ▪ Instrument Transformer up to 1200 kV ▪ Air Circuit Breakers up to 800kV ▪ AIS Products including HV Bushings, Air Core Reactors ▪ Turnkey Substation Capabilities High Voltage AC ▪ End-to-end HVDC capabilities (LCC & VSC tech) ▪ Won 2.5GW Khavda VSC- based HVDC project ▪ Won 1GW Chandrapur HVDC LCC based refurbishment project ▪ Commissioned 6GW Champa to Kurukshetra HVDC project High Voltage DC DDLRAdvanced DERMS GridOS® Software FACTSFlex New Technologies End to end solutions to meet market requirements ▪ Substation Automation Systems (SAS) ▪ Asset Performance Management (APM) ▪ Substation SCADA & telecontrol ▪ Digital Substations & Cybersecurity ▪ 100+ Grid Control Centers units delivered in India Grid Automation & Software Proven technology leadership covering EHV products to advanced technologies 10
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Meeting demand with prudent capacity increases © 2026 GE Vernova and/or its affiliates. All rights reserved. PallavaramPadappaiHosurVadodara Vallam + 50% increase in Transformer & Reactor capacity +25% increase in AIS capacity; New lines for Bushings & ACR +25% capacity increase for GIS & AIS New lines for HVDC valves (LCC), VSC-STATCOM valves New Plant - AIS 765kV disconnector , GIS GIB components assembly & Dead Tank 362 FK assembly Fresh investment in capacity expansion of ~ ₹10B 1 Expanding lean manufacturing to optimize factory output 2 Hiring and developing highly skilled labor 3 Executing efficient capex investments Noida Sec 63 New Engineering & Test Lab for system design & validation Capex : ₹1.4B up to early 2027 Capex : ₹8.1B in phased manner up to Dec 2028 Capex : ₹0.6 B in phased manner up to Dec 2026 11
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© 2026 GE Vernova and/or its affiliates. All rights reserved. ( ₹ in billions) Robust financial execution 15 18 40 75 136 7 10 18 33 12 22 27 58 108 148 FY 22 FY 23 FY 24 FY 25 FY 26 Domestic Export Orders 37 37 63 127 215 FY 22 FY 23 FY 24 FY 25 FY 26 Order Backlog 23.4 19.3 21.9 31.8 41.7 7.2 8.4 9.8 11.1 20.3 30.6 27.7 31.7 42.9 62.1 FY 22 FY 23 FY 24 FY 25 FY 26 Domestic Exports - 3.6% 3.7% 10.1% 19.1% 27.1% Revenue & EBITDA Margin % 0.8 - 0.9 4.5 8.3 15.8 FY 22 FY 23 FY 24 FY 25 FY 26 Cash Flow CAGR 62% CAGR 55% CAGR 19% Debt Free 1 Growing order intake - maintaining disciplined commercial underwriting 2 Significant backlog - supporting revenue growth 3 Margin expansion - through operational excellence and lean 4 Strong cash conversion - through efficient working capital management Structural growth in profitability and cash generation 12
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© 2026 GE Vernova and/or its affiliates. All rights reserved. ( ₹ in billions) Robust financial execution … Growth Continues In Q1 FY 2026 - 27 13 *Includes lending to LM Wind Power Blades (India) Private Limited as a part of Cash Pool arrangement DISCIPLINED EXECUTION DRIVING VALUE CREATION 209.3 BINR 18.4 BINR 4.9 BINR 214.6 209.3 Mar'26 Jun'26 - 2.5% ORDER BACKLOG REVENUE PROFIT BEFORE TAX 13.3 18.4 Q1'26 Q1'27 +38% 3.9 4.9 Q1'26 Q1'27 1.25x Cash generation of 4.3 BINR during the quarter leading to available cash balance* of 29.3 BINR 11.4 BINR ORDERS 16.2 11.4 Q1'26 Q1'27 - 30%
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© 2026 GE Vernova and/or its affiliates. All rights reserved. EBITDA Margin FY 2022 - 23 Volume & product mix Execution efficiencies Operating leverage EBITDA Margin FY 2025 - 26 27.1% S tructural profitability drivers Volume & product mix… • > 45% growth in revenues YoY • Healthy improvement in mix ✓ Higher exports ✓ Better product mix ✓ Higher share of private sector customers Execution efficiencies… productivity, cost-out and lean Operating leverage… dilution of fixed cost on 2x revenue scale Delivering industry leading profitability 3.7% Sustained margin expansion driven by execution excellence 14
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Cash & Cash Eq balance 31/03/2026 Committed capex Dividend Available cash 12.3 ₹2.6B Proposed Dividend (~1/5 of the profits), to be paid in Sep 2026 Available balance for working capital and further expansion Announced capex of ~₹10.1B+ maintenance capex, to be incurred in phased manner from 2026 to Dec 2028 Shareholder returns • Maximizing value through consistent and sustainable returns Organic growth • Disciplined capex and innovation investments for long- term value creation C apital allocation strategy ( ₹ in billions) © 2026 GE Vernova and/or its affiliates. All rights reserved. Disciplined capital allocation strategy 0.5 1.3 2.6 FY 2023-24 FY 2024-25 FY 2025-26 Dividend Payout Trend 25.0 Payout Ratio 28.3% 21.0% 20.8% Balanced capital allocation maximizing shareholder’s return 15
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© 2026 GE Vernova and/or its affiliates. All rights reserved. Target DC Networks Strengthen localization, engineering depth and execution credibility in DC networks Data Center Market Build early presence in emerging market Exports Qualify Indian factories for Americas, Europe and Middle East growth Capex Execution Bring committed capacity online on time to capture demand Grid Digitization Scale GridOS, GridBeats and service- led digital grid solutions Maintain Core Protect competitiveness through lead- time, cost and margin discipline Executing for the next phase Focused execution across these priorities will shape the quality and durability of future growth 16
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Wrap Up © 2026 GE Vernova and/or its affiliates. All rights reserved. Strong localization in India with ~7 decades of execution history Safety remains our #1 priority Strong order momentum across domestic and export — unleashing market potential Continuously scaling revenues and margins Positioned at the intersection of India’s growth and the world’s energy transition 17
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Thank You © 2026 GE Vernova and/or its affiliates. All rights reserved. 18
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© 2026 GE Vernova and/or its affiliates. All rights reserved.