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1 3Q’25 Webcast © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license October 22, 2025
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Caution concerning forward-looking statements: Certain statements contained in this presentation may constitute “forward-looking statements” that involve risks and uncertainties. These statements by their nature address matters that are uncertain to different degrees. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Words such as “anticipates,” “believes,” “will,” “expects,” “estimates,” “intends,” “guidance,” “plans,” “projects,” and similar expressions, may identify such forward-looking statements. Any forward-looking statement in this presentation, including statements relating to our agreement to acquire Xignux's 50% GE Prolec JV interest, the expected financing for that acquisition, expected synergies, prospects for the business, and our capital allocation strategy, speak only as of the date on which it is made. Although we believe that the forward-looking statements contained in this presentation are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results, cash flows, or results of operations and could cause actual results to differ materially from those in such forward-looking statements. These factors may cause our actual future results to be materially different than those expressed in our forward-looking statements, and are more fully discussed in our most recent Annual Report on Form 10-K and in any subsequent Quarterly Report on Form 10-Q of ours, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections included therein, as may be updated from time to time in our filings with the U.S. Securities and Exchange Commission (SEC) and as posted on our website at www.gevernova.com/investors/fls. There may be other factors not presently known to GE Vernova or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statement that we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable law or regulation. This presentation also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. Non-GAAP financial measures: In this presentation, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the SEC rules. In addition, we also provide non- GAAP financial measures for the Prolec JV business. The non-GAAP financial measures provided in this presentation supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures are included in the accompanying press release and in the appendix of this presentation. Additional Information: GE Vernova’s Investor Relations website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time. © 2025 GE Vernova and/or its affiliates. All rights reserved. 2
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3 Prolec GE Acquisition © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license
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Acquiring the remaining 50% stake of Prolec GE © 2025 GE Vernova and/or its affiliates. All rights reserved. An attractive opportunity in our highest-growth segment Highly attractive acquisition… …Aligned with our strategic and financial objectives Consolidating Prolec GE after 30 years of partnership and shared history A leading grid equipment supplier, producing transformers to serve North American utilities, industrials & data centers $5.275B purchase price … $0.6B incremental GEV EBITDA in ’26 on full-year basis Expect to fund the purchase price with ~50% debt and ~50% cash on hand Expected closing by mid 2026, subject to customary regulatory approvals Strengthening our ability to serve customers in rapidly growing grid equipment markets, especially in North America Accelerating our Electrification segment’s growth trajectory Fully integrating a margin accretive business that we know well, with clear cost and revenue synergies Executing our disciplined capital allocation strategy 4 3 2 1 4
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Monterrey, Mexico 5 A margin accretive business that we know well * Non-GAAP Financial Measure | (a – joint venture established between GE and Xignux. GE’s interest in the joint venture was novated to GE Vernova following our spin-off in April 2024 © 2025 GE Vernova and/or its affiliates. All rights reserved. Transformers Overview • Expected to generate ~$3B in revenue this year, with ~25% adjusted EBITDA margin* • Leading grid equipment supplier, producing transformers across most ratings and voltages • ~10,000 global employees with 7 manufacturing sites globally, including 5 in the U.S. and 1 in Mexico, which is USMCA compliant • Prolec GE ships almost all of its volume to U.S. customers • A 50/50 joint venture established in 1995-a) … non- compete in the current joint venture agreement limits GEV’s ability to sell transformers in North America Power Transformers (Medium to high voltage) Renewables & Industrial Transformers (Low to medium voltage) Distribution Transformers (Low to medium voltage) Key product offerings Manufacturing footprint Prolec GE Canoas, Brazil Dallas, TX Waukesha, WI Sterling, IL Shreveport, LA Goldsboro, NC Transformer components
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6 Immediately improve customer experience with opportunity to expand offerings in the U.S. & abroad Short-term benefits Medium-term benefits Streamlined customer experience … commercial activities and product development were less integrated relative to rest of GEV portfolio selling Removes contractual commercial limitations in North America, enabling GEV to better serve customers Opportunity with all transformer factories to expand lean capabilities and grow capacity, especially the 3 U.S. factories in North Carolina, Wisconsin, and Louisiana Improved lead times by executing on capacity additions and leveraging our global footprint Potential to integrate monitoring & diagnostic and asset performance management from Grid Automation business Serve customers outside of North America with distribution transformers, a product GEV does not currently offer Opportunity to locally produce HVDC transformers for North America © 2025 GE Vernova and/or its affiliates. All rights reserved. Why customers win with this transaction
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7 Strengthening GE Vernova’s position to serve increasing demand Significant electrification investment in North America 2024 2030 ~40 ~80 Serviceable addressable market-a), $B ~10% CAGR INCREASING ELECTRICITY DEMAND • Expanded electrification needs • Data center growth • Digitization GRID STABILITY AND FLEXIBILITY • Reduce voltage instability / congestion • Connect distributed energy resources • Modernize aging infrastructure ENERGY TRANSITION AND SECURITY • Integrate renewables • Decarbonize end-uses • National security asset (a- Combined serviceable addressable market of Electrification Systems and Prolec GE, considering IEA, BNEF, GMI, and internal GEV estimates © 2025 GE Vernova and/or its affiliates. All rights reserved. Drivers Further accelerating our Electrification segment’s growth trajectory
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8 Immediately accretive to adjusted EBITDA*, before synergies 2025E 2026E 2028E Revenue 3.0 3.4 4.2 Adjusted EBITDA* 0.8 0.9 1.1 Incremental impact to GE Vernova-b) 0.5 0.6 0.8 Adjusted EBITDA Margin* ~25% ~26% ~27% Free cash flow* 0.3 0.3 0.6 $B, unless otherwise stated Stand-alone Prolec GE financials-a) * Non-GAAP Financial Measure | (a – forecasts prepared by GEV from data provided by the joint venture under the joint venture’s accounting policies, excluding any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence | (b - current GEV adjusted EBITDA* includes equity method income from Prolec GE, which equaled $17M in 2022, $93M in 2023, and $105M in 2024 | (c – as provided by the joint venture and determined in accordance with its accounting policies | (d – compound annual growth rate from 2025 through 2028 © 2025 GE Vernova and/or its affiliates. All rights reserved. Anticipated funding structure Cash ~2.64 Debt ~2.64 Total 5.275 $B • Expect annual interest cost of ~$0.1B • Committed to maintain investment grade balance sheet • Debt to adj. EBITDA* ratio expected to be <1X Financial profile ~$4B Prolec GE equipment backlog-c) as of 2Q’25 Expect low double-digit revenue CAGR-d)
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9 ~$60M – $120M of cost synergies by 2028 with additional revenue synergies expected © 2025 GE Vernova and/or its affiliates. All rights reserved. • Implement common design practices • Leverage sourcing efforts • Expand lean to increase productivity • Optimize R&D and G&A Expected cost synergies Upside potential from revenue synergies Commercial synergies Investments for future growth • Leverage global factory footprint to sell into North America • Harmonize go-to- market strategy • Expand service offerings in North America Apply practices that have expanded GEV margins • Sell Prolec GE transformers outside of North America • Produce HVDC transformers locally for North America • Develop expanded Grid Automation offering Acquisition synergies
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Excited to grow our low to medium voltage technology offerings to serve select industries in global markets Acquisition helps us gain scale and strategic flexibility in North America … our largest market … good for customer base Near-term focus on streamlining the customer experience and applying our lean playbook to drive cost synergies Highly confident in our ability to deliver Prolec GE’s financial outlook … combining Electrification’s organic growth with targeted acquisitions 10© 2025 GE Vernova and/or its affiliates. All rights reserved. Acquisition Summary
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11 3Q 2025 Financial Results & Outlook © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license
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12 Market growth accelerating Leading from a position of financial strength 12© 2025 GE Vernova and/or its affiliates. All rights reserved. Substantial opportunity today and for the long-term Market demand and stronger operations driving a unique value creation opportunity Operational execution to support growth on track Gaining proof points on investments for the long-term
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* Non-GAAP Financial Measure; year-to-date refers to the nine-months ending September 30 Year-over-year variance for adj. EBITDA margin is presented on an organic basis; adj. organic EBITDA margin is non-GAAP financial measure Backlog defined on a remaining performance obligation (RPO) basis © 2025 GE Vernova and/or its affiliates. All rights reserved. 13 Reaffirming 2025 financial guidance Strong 3Q’25 results Equipment backlog Power Wind Electrification $B Electrification backlog grew $3B primarily with growth in Middle East & North America Gas Power backlog increased to 33GW & slot reservations increased to 29GW • Delivered robust orders with backlog growing $4B in equipment and $2B in services sequentially • Continued strength at Power and Electrification; executing our Wind strategy • Double-digit revenue growth driven by both equipment and services • Expanded adj. EBITDA margin* by • Generated $1.9B of free cash flow* year-to-date, more than full-year 2024 600bps
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* Non-GAAP Financial Measure; YTD = year-to-date and refers to the nine-months ending September 30 (a - defined as remaining performance obligation (RPO) (b - year-over-year variances and commentary for orders, revenue & adj. EBITDA margin are presented on an organic basis; organicrevenue & adj. organic EBITDA margin are non-GAAP financial measures © 2025 GE Vernova and/or its affiliates. All rights reserved. $ in billions 14 Orders 9.4 14.6 30.9 3 7.1 Strong 3Q’25 with continued growth, margin expansion & increasing backlog-a) 3Q’24 3Q’25 ‘24 YTD ‘25 YTD Financial Snapshot 3Q’25 Dynamics-b) +55% Revenue 8.9 10.0 24.4 2 7.1 Increased equipment revenue at Electrification & Power, along with higher Power services revenue, more than offset lower Wind equipment revenue+10% Backlog-a) 117 .7 135.3 Significant growth driven by Power & Electrification equipment & services +1 7. 5 Adjusted EBITDA* 0.2 0.8 1.0 2.0 +0.6 Free cash flow (FCF)* 1.0 0.7 1.1 1.9 (0.2) Adjusted EBITDA Margin* 2.7% 8.1% 3.9% 7. 5 % Year-over-year growth & expansion driven by price, more profitable volume, productivity as well as lower Offshore Wind losses600bps Stronger adj. EBITDA* offset by lower positive benefits from working capital, given actions to improve 2025 linearity, & higher capex Robust Power & Electrification equipment growth; higher services
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FY’25 guidance-a) Organic revenue* growth of 6% - 7% 14% - 15% segment EBITDA margin range 15 (a – year-over-year variance commentary for orders, revenue, and EBITDA margin are presented on an organic basis; organic revenue and organic EBITDA margin are non-GAAP financial measures (b – defined as remaining performance obligation (RPO) YTD = year-to-date and refers to the nine-months ending September 30 © 2025 GE Vernova and/or its affiliates. All rights reserved. 3Q’25 Dynamics-a) Orders ($B) 5.2 7.8 15.2 21.1 Revenue ($B) 4.2 4.8 12.7 14.0 Backlog-b) ($B) 71.3 84.1 EBITDA ($M) EBITDA Margin 11.9% 13.3% Orders robust, increasing 50% driven by higher volume and pricing with 20 heavy duty gas turbines secured (+6 units year-over-year), including 13 HA units (+4 year-over-year) Revenue increased 14%, driven by higher heavy-duty gas turbine equipment, services volume, and price EBITDA margin expanded as price and productivity, more than offset additional expenses to support capacity, R&D investments and inflation Robust demand growth, increased revenue & EBITDA margin 11.5% 13.8% FY’25 Guidance-a) Organic revenue* growth of 6% - 7% 14% - 15% segment EBITDA margin Power
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16 (a – year-over-year variance commentary for orders, revenue, and EBITDA are presented on an organic basis; organic revenue and organic EBITDA are non-GAAP financial measures (b – defined as remaining performance obligation (RPO) YTD = year-to-date and refers to the nine-months ending September 30 © 2025 GE Vernova and/or its affiliates. All rights reserved. 3Q’25 Dynamics-a) Orders ($B) 1.7 1.8 5.1 4.5 Revenue ($B) 2.9 2.6 6.6 6.7 Backlog-b) ($B) 25.0 21.5 EBITDA ($M) EBITDA Margin (11.0)% (2.3)% Wind Executing our strategy & improving profitability (9.2)% (5.5)% Wind orders increased as higher Onshore Wind services more than offset lower Onshore Wind equipment Revenue decreased (9)% driven by the absence of the 3Q’24 offshore project cancelation settlement EBITDA losses improved from higher Onshore Wind profitability as well as lower Offshore contract losses, partially offset by the 3Q’24 offshore cancelation settlement gain FY’25 Guidance-a) Organic revenue* down high-single digits Approximately $400M of segment EBITDA losses
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17 (a – year-over-year variance commentary for orders, revenue, and EBITDA margin are presented on an organic basis; organic revenue and organic EBITDA margin are non-GAAP financial measures (b – defined as remaining performance obligation (RPO) YTD = year-to-date and refers to the nine-months ending September 30 © 2025 GE Vernova and/or its affiliates. All rights reserved. 3Q’25 Dynamics-a) Orders ($B) 2.5 5.1 10.9 11.8 Revenue ($B) 1.9 2.6 5.4 6.7 Backlog-b) ($B) 21.9 30.2 EBITDA ($M) EBITDA Margin 10.4% 15.1% Orders strong, approximately 2 times revenue from growing demand for grid equipment, including synchronous condensers Revenue increased 32%, primarily driven by Grid Solutions, with strength in HVDC, switchgear as well as growth in Power Conversion & Storage Significant EBITDA margin expansion with strong volume, productivity and favorable pricing Electrification Significant growth & EBITDA margin expansion while increasing backlog-b) 7.4% 13.9% FY’25 Guidance-a) Organic revenue* growth trending towards 25% 14% - 15% segment EBITDA margin
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Wind • Organic revenue* down mid-single-digits • Trending towards the lower end of $200M - $400M segment EBITDA losses Expecting continued adjusted EBITDA margin* expansion and FCF* growth in 2025 18 Power • Organic revenue* growth of 6% - 7% • 14% - 15% segment EBITDA margin * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. Electrification • Organic revenue* growth trending towards 25% (previous: ~20%) • 14% - 15% segment EBITDA margin (previous: 13-15%) 2025 guidance Wind • Organic revenue* down high-single digits (previous: down mid-single digits) • Approximately $400M of segment EBITDA losses (previous: $200M - $400M of segment EBITDA losses; trending towards the bottom of the range) REVENUE $36B - $37B trending towards the higher end ADJUSTED EBITDA MARGIN*-a) 8% - 9% FREE CASH FLOW* $3.0B - $3.5B Includes the impact of tariffs as currently outlined and resulting inflation, which we estimate is trending towards the lower end of approximately $300M -$400M, net of mitigating actions. (a – includes $(500)M - $(550)M of Corporate and other costs Reaffirming 2025 GE Vernova guidance
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Cash sources Operating needs & restricted cash Shareholder returns Cash available to deploy Organic investments Additional shareholder returns Targeted M&A ~$4B cash generated in 2024 -a) ~$4B cash balance at spin $22B+ $10B+ Return at least 1/3 of cash generation to shareholders through dividends & share repurchases $14B+ expected cumulative FCF* generation 2025 - 2028 Strategic principles remain unchanged * Non-GAAP Financial Measure | (a – cumulative cash generated from 2Q’24 through 4Q’24 | (b - combined expected cash proceeds from completed and announced sales since April 2, 2024 | (c – through September 30, 2025 © 2025 GE Vernova and/or its affiliates. All rights reserved. 19 Execution T o Date Targeted acquisitions in core businesses Accelerated R&D Gain Scale ~$2.5B Systemically streamlining our businesses Cash proceeds-b) generated from non-core asset sales since spin ~$2.4B Returning capital to shareholders at attractive returns Share repurchases (~6M shares at an average price of $357) and dividends year-to-date -c) Vertical Integration Greenville combustion parts facility December 10, 2024 Investor Update Strategic Principles Incremental organic investments to drive profitable growth 1 Return at least 1/3rd of cash generation to shareholders2 Targeted M&A3 Executing our disciplined capital allocation strategy
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Our potential has grown faster than our post-spin performance Great companies are appreciative of yesterday, focused on getting better today, and chasing their full potential tomorrow We are just starting on our journey to reach our potential, but with the right combination of humility and hard work we are ready for this moment 20 © 2025 GE Vernova and/or its affiliates. All rights reserved. This is just the beginning … GE Vernova well-positioned
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GE Vernova to fully acquire Prolec GE, our unconsolidated joint venture with Xignux that produces transformers Q A& 21 © 2025 GE Vernova and/or its affiliates. All rights reserved. GE Vernova to host its Investor Update on December 9th in NYC to provide 2026 financial guidance and update our outlook by 2028
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22 Appendix © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license
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23 Prolec GE Transaction Overview • $5.275B purchase price • 13.9x 2025E adjusted EBITDA* and 9.4x 2028E adjusted EBITDA* , before synergies-b) • Well aligned with precedent transaction multiples • Transaction not subject to any financing conditions • Funding purchase price with a mix of ~50% debt and ~50% cash on hand • GE Vernova will remain in a significant net cash position • Immediately accretive to adjusted EBITDA margin* and free cash flow* , before synergies • ~$60M - $120M in annualized cost synergies by 2028, with additional revenue synergies expected • Subject to customary regulatory approvals • Transaction expected to close by mid-2026 Valuation -a) Financing & Balance Sheet Impact Financial Impact Timeline * Non-GAAP Financial Measure | (a – price and multiples exclude the impact of purchase price and other adjustments | (b – based on $10.6B enterprise value © 2025 GE Vernova and/or its affiliates. All rights reserved.
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24 Site mapping does not include non-consolidated JV locations other than Prolec GE © 2025 GE Vernova and/or its affiliates. All rights reserved. Electrification Systems Prolec GE Manufacturing sites And a presence in 60+ countries 40+ Manufacturing sites Electrification Systems Current Footprint and Resources
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GE Vernova’s Sustainability Framework comprises four pillars – Electrify, Decarbonize, Conserve, and Thrive – each with leading goals that progress our objectives to help decarbonize the planet, conserve natural resources, and support communities where everyone can thrive. These leading goals are core to our sustainability programs and the framework helps align our business performance with non-financial impacts. Aligning GE Vernova’sbusiness success with sustainability success Our Sustainability Framework Catalyzeaccess to more secure, sustainable,reliable, and affordable electricity,and help drive global economic development Invent, deploy,and service the technology to help decarbonizeand electrify the world LEADING GOALS GOAL 2 Address electrification in regions underservedby reliable,affordable, and sustainable electricity Innovate toward our 2050 Scope 3 net zero ambition for use of sold products GOAL 1 Be a leading providerof new powergenerating capacityand grid capacity for the world Improvethe trajectory of carbon intensity for near-term impact GOAL 3 Support workforce development, with a focus on underserved populations globally Carbon neutrality for Scope 1 and 2 GHG emissions by 2030 Innovatemore while using less, safeguardingnatural resources Advance safe, responsible,and fair working conditions in our operations and across our value chain Fatality-free operations LEADING GOALS GOAL 1 GOAL 2 90% of our top products covered by our 4R circularity framework by 2030 LEADING GOALS GOAL 2GOAL 1 LEADING GOALS GOAL 1 GOAL 2 GOAL 3 GOAL 4 Demonstrate progresson inclusiveculture and equal employment opportunityfor all employees Embed and implementethical decision-making principlesinto businessdecisions Partner with suppliersto advancehuman rightsin our value chain
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Orders ($M) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3Q'25 y/y % (organic) Total Orders 11,844 9,378 13,207 10,152 12,364 14,608 55% Equipment 7,428 5,042 8,336 5,760 7,808 10,039 98% Services 4,416 4,336 4,871 4,392 4,555 4,569 5% * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. RPO ($M) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3Q'25 y/y % Total RPO 115,476 117,746 119,023 123,438 128,650 135,269 15% Equipment 41,561 42,069 43,047 45,478 49,712 54,092 29% Services 73,915 75,678 75,976 77,959 78,938 81,177 7% Revenues ($M) 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3Q'25 y/y % (organic)* Total Revenues 8,204 8,913 10,559 8,032 9,111 9,969 10% Equipment 4,194 5,290 5,852 4,197 4,894 5,880 10% Services 4,010 3,623 4,707 3,835 4,217 4,089 11% 26 Financial trending metrics
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Power ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3Q'25 y/y % (organic)* Segment Revenue 4,035 4,455 4,206 5,431 4,423 4,758 4,838 14 % Equipment 1,201 1,285 1,426 1,796 1,491 1,504 1,744 22% Services 2,833 3,170 2,781 3,635 2,931 3,253 3,094 10% Segment EBITDA 345 613 499 810 508 778 645 Segment EBITDA margin 8.6% 13.8% 11.9% 14.9% 11.5% 16.4% 13.3% 120bps Wind ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3Q'25 y/y % (organic)* Segment Revenue 1,639 2,062 2,891 3,109 1,850 2,245 2,647 (9)% Equipment 1,232 1,668 2,494 2,653 1,412 1,797 2,203 (12)% Services 407 394 397 455 438 448 445 10% Segment EBITDA (173) (117) (317) 19 (146) (165) (61) Segment EBITDA margin (10.6)% (5.7)% (11.0)% 0.6% (7.9)% (7.3)% (2.3)% 1,070bps Electrification ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 3Q'25 y/y % (organic)* Segment Revenue 1,651 1,790 1,928 2,181 1,879 2,201 2,601 32% Equipment 1,230 1,286 1,451 1,567 1,391 1,673 2,035 37% Services 421 504 477 613 487 528 566 17% Segment EBITDA 66 129 201 283 214 322 393 Segment EBITDA margin 4.0% 7.2 % 10.4% 13.0% 11.4% 14.6% 15.1% 550bps * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 27 Financial trending metrics by segment
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RPO ($M) 3Q'24 3Q'25 y/y % Equipment 11,392 18,977 67% Services 59,911 65,083 9 % Total RPO 71,303 84,060 18% Segment Revenues and EBITDA ($M) 3Q'24 3Q'25 y/y % (organic)* 3Q'24 YTD 3Q'25 YTD y/y % (organic)* Gas Power 3,466 3,923 9,966 11,386 Steam Power 393 442 1,569 1,413 Hydro Power 181 223 544 581 Nuclear Power 167 251 618 640 Total Segment Revenues 4,206 4,838 14% 12,696 14,019 13 % Equipment 1,426 1,744 22% 3,912 4,740 27% Services 2,781 3,094 10% 8,784 9,279 7 % Total Segment Revenues 4,206 4,838 14% 12,696 14,019 13 % Segment EBITDA 499 645 1,457 1,931 Segment EBITDA margin 11.9% 13.3 % 120bps 11.5% 13.8% 70bps Orders ($M) 3Q'24 3Q'25 y/y % (organic) 3Q'24 YTD 3Q'25 YTD y/y % (organic) Equipment 1,864 4,448 139 % 5,435 10,810 102% Services 3,338 3,359 1 % 9,772 10,332 7 % Total Orders 5,202 7,807 50 % 15,206 21,142 41% * Non-GAAP Financial Measure YTD = year-to-date and refers to the nine-months ending September 30 © 2025 GE Vernova and/or its affiliates. All rights reserved. 28 Power: key performance metrics
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RPO ($M) 3Q'24 3Q'25 y/y % Equipment 12,182 8,782 (28)% Services 12,788 12,726 —% Total RPO 24,969 21,508 (14)% Segment Revenues and EBITDA ($M) 3Q'24 3Q'25 y/y % (organic)* 3Q'24 YTD 3Q'25 YTD y/y % (organic)* Onshore Wind 2,355 2,402 4,974 5,947 Offshore Wind 388 195 1,183 624 LM Wind Power 148 51 436 171 Total Segment Revenues 2,891 2,647 (9)% 6,592 6,742 2% Equipment 2,494 2,203 (12)% 5,394 5,412 —% Services 397 445 10% 1,198 1,331 12% Total Segment Revenues 2,891 2,647 (9)% 6,592 6,742 2% Segment EBITDA (317) (61) (607) (373) Segment EBITDA margin (11.0)% (2.3)% 1,070bps (9.2)% (5.5)% 410bps Orders ($M) 3Q'24 3Q'25 y/y % (organic) 3Q'24 YTD 3Q'25 YTD y/y % (organic) Equipment 1,349 1,220 (10)% 3,867 3,036 (21)% Services 397 613 53% 1,189 1,499 26% Total Orders 1,747 1,833 4 % 5,057 4,535 (10)% * Non-GAAP Financial Measure YTD = year-to-date and refers to the nine-months ending September 30 © 2025 GE Vernova and/or its affiliates. All rights reserved. 29 Wind: key performance metrics
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RPO ($M) 3Q'24 3Q'25 y/y % Equipment 18,624 26,455 42 % Services 3,288 3,725 13% Total RPO 21,912 30,179 38% Segment Revenues and EBITDA ($M) 3Q'24 3Q'25 y/y % (organic)* 3Q'24 YTD 3Q'25 YTD y/y % (organic)* Grid Solutions 1,270 1,747 3,521 4,591 Power Conversion & Storage 440 621 1,202 1,413 Electrification Software 218 234 646 678 Total Segment Revenues 1,928 2,601 32 % 5,369 6,682 24% Equipment 1,451 2,035 37% 3,967 5,100 28% Services 477 566 17% 1,402 1,582 12% Total Segment Revenues 1,928 2,601 32 % 5,369 6,682 24% Segment EBITDA 201 393 396 929 Segment EBITDA margin 10.4% 15.1% 550bps 7.4 % 13.9 % 650bps Orders ($M) 3Q'24 3Q'25 y/y % (organic) 3Q'24 YTD 3Q'25 YTD y/y % (organic) Equipment 1,891 4,468 134% 9,087 10,023 10% Services 619 642 3 % 1,816 1,818 —% Total Orders 2,510 5,110 102% 10,904 11,841 9% * Non-GAAP Financial Measure YTD = year-to-date and refers to the nine-months ending September 30 © 2025 GE Vernova and/or its affiliates. All rights reserved. 30 Electrification: key performance metrics
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FCF* ($M) 3Q'24 3Q'25 y/y 3Q'24 YTD 3Q'25 YTD y/y Net income (loss) (GAAP) (99) 453 552 1,075 1,209 134 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 336 152 (184) 715 446 (269) Amortization of intangible assets 63 61 (2) 188 177 (12) (Gains) losses on purchases and sales of business interests (7) (44) (36) (859) (66) 793 Principal pension plans – net (94) (89) 4 (280) (268) 12 Other postretirement benefit plans – net (68) (58) 10 (189) (167) 22 Provision (benefit) for income taxes (23) 293 316 310 514 205 Cash recovered (paid) during the year for income taxes (126) (126) — (299) (489) (189) Changes in operating working capital: Decrease (increase) in current receivables (653) (468) 185 24 563 539 Decrease (increase) in inventories, including deferred inventory costs 137 (164) (301) (1,151) (1,047) 103 Decrease (increase) in current contract assets 174 (8) (183) (234) (656) (421) Increase (decrease) in accounts payable and equipment project payables 894 359 (535) 604 566 (38) Increase (decrease) in contract liabilities and current deferred income 64 558 494 1,660 2,419 759 All other operating activities 528 61 (467) 98 (693) (790) Cash from (used for) operating activities (GAAP) 1,127 980 (147) 1,662 2,508 846 Add: gross additions to property, plant and equipment and internal-use software (159) (247) (88) (533) (606) (73) Free cash flow* (Non-GAAP) 968 732 (236) 1,129 1,902 773 Free cash flow conversion*-a) N/M 162% 105% 157% * Non-GAAP Financial Measure (a- Defined as free cash flow* divided by net income (loss) YTD = year-to-date and refers to the nine-months ending September 30 N/M - metric result for the applicable period is not meaningful © 2025 GE Vernova and/or its affiliates. All rights reserved. 31 Free cash flow* performance
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Orders 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Gas Turbines 29 29 78 114 • Heavy-Duty Gas Turbines-a) 14 20 44 69 ◦ HA-Turbines-b) 9 13 21 28 • Aeroderivatives-a) 15 9 34 45 Gas Turbines (GW)-d) 5.1 7.4 14.1 19.6 Wind Turbines-c) 249 156 870 560 Repower units 132 139 378 344 Wind Turbines and Repower (GW)-c),-d) 1.2 0.9 3.8 2.7 Sales 3Q'24 3Q'25 3Q'24 YTD 3Q'25 YTD Gas Turbines 18 20 50 60 • Heavy-Duty Gas Turbines-a) 13 14 31 44 ◦ HA-Turbines-b) 5 6 7 19 • Aeroderivatives-a) 5 6 19 16 Gas Turbines (GW)-d) 3.3 4.0 7.1 12.2 Wind Turbines-c) 515 476 1,108 1,103 Repower units 182 158 246 444 Wind Turbines and Repower (GW)-c),-d) 2.4 2.1 5.1 5.1 (a- Heavy-Duty Gas Turbines and Aeroderivatives are subsets of Gas Turbines (b- HA-Turbines are a subset of Heavy-Duty Gas Turbines (c- Includes Onshore and Offshore units (d- Gigawatts reported associated with orders and sales in the periods presented YTD = year-to-date and refers to the nine-months ending September 30 © 2025 GE Vernova and/or its affiliates. All rights reserved. 32 Unit metrics: orders and sales
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33 Non-GAAP reconciliations © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license
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34 * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. Non-GAAP reconciliations Prolec GE Adjusted EBITDA* and Adjusted EBITDA margin* Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* are non -GAAP financial measures and are forecasts of the joint venture as a standalone business prepared by GE Vernova based on data provided by the joint venture and prepared under its accounting policies and exclude any expected synergies, in tegration costs, and purchase price accounting adjustments determined through due diligence. For 2024, Prolec GE’s Adjusted EBITDA* and net income is prepared by GE Vernova based on da ta provided by the joint venture and prepared under Prolec GE’s accounting policies. GE Vernova’s interest in GE Vernova’s 2024 net income reflects its current 50% interest in t he joint venture. We believe that Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non -cash items that are not closely asso ciated with ongoing operations, provide management and investors with meaningful measures of performance that increase the period -to-period comparability by highlighting the results f rom ongoing operations and the underlying profitability factors. We believe Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* provide additional insight into how the business is expected to perform, on a normalized basis. However, Prolec GE’s Adjusted EBITDA* and Adjusted EBITDA margin* should not be construed as inferring that Prolec GE’s future results will be unaffected by the items for which the measures adjust. We cannot provide a reconciliation of the differences between Prolec GE’s expected Adjusted EBITDA* and Adjusted EBIT DA margin* and the corresponding GAAP financial measures without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financia l impact of certain items, including the applicable tax rate, foreign exchange rates, the impacts of depreciation and amortization, and changes to conform accounting to U.S. GAAP. Prolec GE Free cash flow* Prolec GE’s free cash flow* is a non -GAAP financial measure and is a forecast of the joint venture as a standalone business prepared b y GE Vernova based on data provided by the joint venture and prepared under its accounting policies and exclude any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence. We cannot provide a reconciliation of the differences between Prolec GE’s free cash flow* and the corresponding GAAP financia l measure without unreasonable effort, including due to the uncertainty of timing for capital expenditures and changes to conform accounting to U.S. GAAP. GE Vernova 2025-2028 Outlook: Cumulative free cash flow* We cannot provide a reconciliation of the differences between the non -GAAP financial measures expectations and the corresponding GAAP financial measure for cumulative free cash flow* for 2025 through 2028 without unreasonable effort due to the uncertainty of timing for capital expenditures. We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized basis. Free cash flow* also provides insight into our abili ty to produce cash subsequent to fulfilling our capital obligations; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required f or certain investing and financing activities. GE Vernova 2025 Guidance: Power and Electrification organic revenue* We cannot provide a reconciliation of the differences between the non -GAAP financial measures expectations and the corresponding GAAP financial measure of Power and Electrification organic revenue* in the 2025 guidance without unreasonable effort due to the uncertainty of foreign exchange rates. GE Vernova 2025 Guidance: Adjusted EBITDA margin* We cannot provide a reconciliation of the differences between the non -GAAP financial measures expectations and the corresponding GAAP financial measure of Adjusted EBITDA margin* in the 2025 guidance without unreasonable effort due to the uncertainty of foreign exchange rates, the costs and timing associat ed with potential restructuring actions and the impacts of depreciation and amortization. GE Vernova 2025 Guidance: Free cash flow* We cannot provide a reconciliation of the differences between the non -GAAP financial measure expectations and the corresponding GAAP financial measure for free cash flow* in the 2025 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.
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35 * Non-GAAP Financial Measure (a – as found in Note 11 of the GE Vernova 2024 Form 10-K © 2025 GE Vernova and/or its affiliates. All rights reserved. Prolec GE adjusted EBITDA* ($ in billions) 2024 Prolec GE Adjusted EBITDA* $ 0.5 Add: Royalties and fees (0.1) Add: Interest, taxes, depreciation and amortization (0.2) Prolec GE Net income $ 0.2 GE Vernova equity income (50%) -a) $ 0.1
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Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* We believe the organic measures presented above provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 36 Revenue Equipment revenue Services revenue Segment EBITDA Segment EBITDA margin % Three months ended September 30, ($ in millions) 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% Power (GAAP) $ 4,838 $ 4,206 15 % $ 1,744 $ 1,426 22 % $ 3,094 $ 2,781 11 % $ 645 $ 499 29 % 13.3 % 11.9 % 140 bps Less: Acquisitions — — — — — — 2 — Less: Business dispositions — — — — — — — — Less: Foreign currency effect 49 3 11 — 38 3 47 29 Power organic* (Non-GAAP) $ 4,789 $ 4,204 14 % $ 1,733 $ 1,426 22 % $ 3,056 $ 2,777 10 % $ 596 $ 470 27 % 12.4 % 11.2 % 120 bps Wind (GAAP) $ 2,647 $ 2,891 (8) % $ 2,203 $ 2,494 (12) % $ 445 $ 397 12 % $ (61) $ (317) 81 % (2.3) % (11.0) % 870 bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect 29 2 22 2 7 — (59) (7) Wind organic* (Non-GAAP) $ 2,619 $ 2,888 (9) % $ 2,181 $ 2,491 (12) % $ 438 $ 397 10 % $ (2) $ (311) 99 % (0.1) % (10.8) % 1070 bps Electrification (GAAP) $ 2,601 $ 1,928 35 % $ 2,035 $ 1,451 40 % $ 566 $ 477 19 % $ 393 $ 201 96 % 15.1 % 10.4 % 470 bps Less: Acquisitions 2 — — — 2 — (3) — Less: Business dispositions — — — — — — — — Less: Foreign currency effect 62 6 54 6 8 — (3) 4 Electrification organic* (Non-GAAP) $ 2,537 $ 1,922 32 % $ 1,981 $ 1,445 37 % $ 557 $ 477 17 % $ 399 $ 197 103 % 15.7 % 10.2 % 550 bps Total Company (GAAP) $ 9,969 $ 8,913 12 % $ 5,880 $ 5,290 11 % $ 4,089 $ 3,623 13 % Less: Acquisitions 2 — — — 2 — Less: Business dispositions — — — — — — Less: Foreign currency effect 140 11 88 8 52 3 Total Company organic* (Non-GAAP) $ 9,826 $ 8,902 10 % $ 5,792 $ 5,282 10 % $ 4,034 $ 3,620 11 %
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Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* We believe the organic measures presented above provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. * Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 37 Revenue Equipment revenue Services revenue Segment EBITDA Segment EBITDA margin % Nine months ended September 30, ($ in millions) 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% 2025 2024 V% Power (GAAP) $ 14,019 $ 12,696 10 % $ 4,740 $ 3,912 21 % $ 9,279 $ 8,784 6 % $ 1,931 $ 1,457 33 % 13.8 % 11.5 % 230 bps Less: Acquisitions — — — — — — 4 — Less: Business dispositions — 308 — 171 — 138 — (41) Less: Foreign currency effect 49 8 (4) — 53 8 100 (31) Power organic* (Non-GAAP) $ 13,969 $ 12,380 13 % $ 4,744 $ 3,741 27 % $ 9,226 $ 8,639 7 % $ 1,827 $ 1,529 19 % 13.1 % 12.4 % 70 bps Wind (GAAP) $ 6,742 $ 6,592 2 % $ 5,412 $ 5,394 — % $ 1,331 $ 1,198 11 % $ (373) $ (607) 39 % (5.5) % (9.2) % 370 bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect (15) (7) (9) (7) (5) — (72) (41) Wind organic* (Non-GAAP) $ 6,757 $ 6,599 2 % $ 5,421 $ 5,400 — % $ 1,336 $ 1,198 12 % $ (301) $ (566) 47 % (4.5) % (8.6) % 410 bps Electrification (GAAP) $ 6,682 $ 5,369 24 % $ 5,100 $ 3,967 29 % $ 1,582 $ 1,402 13 % $ 929 $ 396 135 % 13.9 % 7.4 % 650 bps Less: Acquisitions 4 — — — 4 — (4) — Less: Business dispositions — — — — — — — — Less: Foreign currency effect 42 14 39 13 4 1 8 — Electrification organic* (Non-GAAP) $ 6,636 $ 5,356 24 % $ 5,061 $ 3,954 28 % $ 1,574 $ 1,402 12 % $ 924 $ 396 133 % 13.9 % 7.4 % 650 bps Total Company (GAAP) $ 27,112 $ 24,376 11 % $ 14,971 $ 13,101 14 % $ 12,141 $ 11,276 8 % Less: Acquisitions 4 — — — 4 — Less: Business dispositions — 308 — 171 — 138 Less: Foreign currency effect 77 15 25 7 52 8 Total Company organic* (Non-GAAP) $ 27,031 $ 24,053 12 % $ 14,946 $ 12,923 16 % $ 12,086 $ 11,129 9 %
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* Non-GAAP Financial Measure © 2025 GE Vernova and/or its affiliates. All rights reserved. 38 Adjusted general and administrative expenses* We believe Adjusted general and administrative expenses* provides investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how we evaluate our business. Adjusted general and administrative expenses* also provides management and investors with additional perspective regarding the impact of certain significant items on our expenses. Adjusted general and administrative expenses* excludes unique and/or non-cash items that can have a material impact on our results. However, Adjusted general and administrative expenses* should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts. ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended September 30 Nine months ended September 30 ($ in millions) 2025 2024 V% 2025 2024 V% Selling, general, and administrative expenses (GAAP) $ 1,221 $ 1,226 — % $ 3,594 $ 3,366 7 % Less: Restructuring and other charges 72 60 104 149 Less: Separation costs (benefits)(a) 42 36 120 80 Less: Arbitration settlement(b) — — — (254) Less: Depreciation and amortization(c) 67 68 199 205 Less: Selling and marketing expenses 308 290 911 858 Adjusted G&A expenses* (Non-GAAP) $ 732 $ 772 (5) % $ 2,261 $ 2,328 (3) % (a) Costs incurred in our spin-off and separation from General Electric Company (GE), including system implementations, advisoryfees, one-time stock option grant, and other one-time costs. (b) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan, constituting the payments previously made. (c) Excludes depreciation and amortization expense included in Restructuring and other charges.