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July 22, 2026 1 2Q 2026 Financial Results & Outlook © 2026 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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© 2026 GE Vernova and/or its affiliates. All rights reserved. 2 Caution concerning forward - looking statements: Certain statements contained in this presentation may constitute “forward - looking statements” that involve risks and uncertainti es. 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,” “ exp ects,” “estimates,” “intends,” “guidance,” “outlook,” “plans,” “projects,” and similar expressions, may identify such forward - looking statements. Any forward - looking statement in thi s presentation speaks 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 fr om 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, a nd 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 "Man agement'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 wit h 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 ou r 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 forwar d - 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 financia l s tatements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non - GAAP financial measures” under the SE C rules. These non - GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use the se non - GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our earnings press release and in the appendix of this presentation, as applicable. Additional Information: GE Vernova’s Investor Relations website at https://www.gevernova.com/investors contains a significant amount of information a bou t GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is u pda ted 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 pos ts information from time to time.
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Building momentum… still in very early stages with significant opportunity ahead 3 3 * Non - GAAP Financial Measure (a - Backlog defined on a remaining performance obligation (RPO) basis; Year - to - date refers to the six - months ending June 30 © 2026 GE Vernova and/or its affiliates. All rights reserved. Positioned to create substantial value Accelerating demand, well served with GEV solutions fueling robust growth at higher margins… up $13B in 2Q and on track to achieve $200B in ‘27 Margin expansion continues, even as equipment revenue grows faster than services and becomes a larger percentage of revenue Year - to - date, we’ve invested $1.4B in R&D and capex, repurchased $3.7B of shares, while ending 2Q with ~$13B of cash Adjusted EBITDA margin* Free Cash Flow* Backlog - a)
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Increasing our value creation opportunity 4 4 Multiple catalysts for long - term growth * Non - GAAP Financial Measure (a - Medium Voltage Uninterruptible Power Supply © 2026 GE Vernova and/or its affiliates. All rights reserved. Generating future growth at healthy margins from our large and growing installed base • Units under contract will more than double the size of the HA fleet, driving significant growth for Gas Power Services • ~10 GW of our Onshore Wind installed base already qualified for new Production Tax Credits, with potential for repowering by the end of the decade Expanding production capacity in a capital - efficient manner to support strong demand • Completed actions to deliver 20 GW of annual gas turbine production and on track for 24 GW in ‘28; utilizing lean and incremental machinery in existing factory footprint to reach 30 GW in ‘30 • Increasing output across Electrification, including switchgear where deliveries from our growing backlog accelerate in ‘27 Investing for the long - term • Continuing to industrialize the nuclear small modular reactor for scale • Working with hyperscalers to build solid state transformer prototypes and MV - UPS - a) to improve data center efficiency and resiliency
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* Non - GAAP Financial Measure; YTD = year - to - date and refers to the six - months ending June 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; organic revenue & adj. organic EBITDA margin are non - GAAP financial measures © 2026 GE Vernova and/or its affiliates. All rights reserved. $ in billions 5 Orders 12.4 24.2 22.5 42.5 Significant growth, margin expansion, and FCF* with increasing backlog - a) 2Q'25 2Q'26 ‘25 YTD ‘26 YTD Financial Snapshot +88% Revenue 9.1 11.1 17.1 20.4 +12% Backlog - a) 128.7 176.3 +47.6 Adjusted EBITDA* 0.8 1.2 1.2 2.1 +0.5 Free cash flow (FCF)* 0.2 5.1 1.2 9.9 +4.9 Adjusted EBITDA Margin* 8.5% 11.3% 7.2% 10.5% 340bps 2Q’26 Dynamics - b) Significant equipment growth at Power and Electrification as well as services, driven by Power Increased equipment revenue at Electrification and Power, along with higher services revenue, more than offset lower Wind equipment revenue Year - over - year growth and expansion driven by more profitable volume, price, and productivity Higher positive benefits from working capital and stronger adj. EBITDA* partially offset by voluntary pension contribution, taxes, and capex Robust growth in both equipment and services
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Robust demand growth, increased revenue & EBITDA margin 6 (a – year - over - year variance commentary for orders, revenue, and EBITDA margin are presented on an organic basis; organic revenu e and organic EBITDA margin are non - GAAP financial measures (b – defined as remaining performance obligation (RPO) YTD = year - to - date and refers to the six - months ending June 30 © 2026 GE Vernova and/or its affiliates. All rights reserved. Orders ($B) 7.1 16.7 13.4 26.7 Revenue ($B) 4.8 5.5 9.2 10.4 Backlog - b) ($B) 79.2 111.6 EBITDA ($M) EBITDA Margin 16.4% 18.8% 14.1% 17.6% 2Q’26 Dynamics - a) Orders robust, increasing 134%, led by strength in Gas Power equipment and services, driven by higher volume and price Revenue increased 14%, led by Gas Power from higher aeroderivative volume, services, and favorable pricing EBITDA margin expanded as higher price and volume more than offset inflation as well as additional expenses to support capacity and R&D investments 3Q’26 Outlook - a) Expect 17% - 19% organic revenue growth driven by both higher equipment and services; 17% - 18% EBITDA margin Power
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7 (a – year - over - year variance commentary for orders, revenue, and EBITDA margin are presented on an organic basis; organic revenu e and organic EBITDA margin are non - GAAP financial measures (b – defined as remaining performance obligation (RPO) YTD = year - to - date and refers to the six - months ending June 30 © 2026 GE Vernova and/or its affiliates. All rights reserved. Orders ($B) 3.3 6.3 6.6 13.5 Revenue ($B) 2.2 3.6 4.0 6.6 Backlog - b) ($B) 27.1 44.6 EBITDA ($M) EBITDA Margin 14.5% 18.4% Electrification Significant growth & EBITDA margin expansion while increasing backlog - b) 13.0% 18.2% Orders strong, approximately 1.7 times revenue, due to growing grid equipment demand, particularly for substations, switchgear, and transformers Revenue increased 29%, from substantial growth in switchgear, substations, transformers, and HVDC equipment Significant EBITDA margin expansion with strong volume, productivity, and favorable pricing 2Q’26 Dynamics - a) 3Q’26 Outlook - a) Expect revenues of $3.8B - $4.0B with modest sequential EBITDA margin expansion
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8 (a – year - over - year variance commentary for orders, revenue, and EBITDA are presented on an organic basis; organic revenue and o rganic EBITDA are non - GAAP financial measures (b – defined as remaining performance obligation (RPO) YTD = year - to - date and refers to the six - months ending June 30 © 2026 GE Vernova and/or its affiliates. All rights reserved. Orders ($B) 2.1 1.2 2.7 2.4 Revenue ($B) 2.2 2.0 4.1 3.5 Backlog - b) ($B) 22.5 20.4 EBITDA ($M) EBITDA Margin (7.3)% (13.6)% Wind EBITDA losses in line with our expectations (7.6)% (19.0)% 2Q’26 Dynamics - a) Wind orders declined driven by lower Onshore Wind equipment orders, primarily in North America Revenue decreased (11)% given lower Onshore Wind equipment deliveries, partially offset by higher Onshore Wind services and Offshore Wind EBITDA losses increased primarily due to lower equipment volume at Onshore Wind and higher Offshore Wind project costs, partially offset by improved Onshore Wind services 3Q’26 Outlook - a) Expect revenue down low - double digits; approximately breakeven EBITDA, from improved Onshore Wind services and lower Offshore Wind project costs, partially offset by lower Onshore Wind equipment deliveries
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9 Raising 2026 guidance Expecting additional growth in adjusted EBITDA* and FCF* in 2026 REVENUE $44.5B - $45.5B $45.5B - $46.5B ADJUSTED EBITDA MARGIN* - a) 12% - 14% 12% - 14% FREE CASH FLOW* $6.5B - $7.5B $11.5B - $12.5B (a – includes $(450)M - $(500)M of Corporate and other costs April 22 nd July 22 nd GE Vernova Electrification • $14.5B - $15.0B of revenue, which includes ~$3.1B from Prolec GE (previous: $14.0B - $14.5B, including ~$3B from Prolec GE) • 18% - 20% segment EBITDA margin Wind • Organic revenue* down low - double digits • ~$400M of segment EBITDA losses * Non - GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. Power • Organic revenue* growth of 18% - 20% (previous: 16% - 18%) • 17% - 19% segment EBITDA margin
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Executing well in early stages of multi - year growth opportunity Investing prudently for near - , mid - , and long - term returns Operating businesses better, but additional substantial opportunity to improve 10 © 2026 GE Vernova and/or its affiliates. All rights reserved. Our potential continues to grow Wrap - Up
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Q A & 11 © 2026 GE Vernova and/or its affiliates. All rights reserved. GE Vernova’s HA gas turbine fleet surpassed four million commercial operating hours, with 130 units commissioned in 21 countries and another 195 units under contract. GE Vernova’s Electrification segment increased its equipment backlog to $41 billion, inclusive of Prolec GE. In July, GE Vernova closed its acquisition of Robotech Automation, accelerating its robotics and automation capabilities.
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12 Appendix © 2026 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license
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Orders ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'26 y/y % (organic) Total Orders 10,152 12,364 14,608 22,192 18,279 24,216 88 % Equipment 5,760 7,808 10,039 16,175 12,753 18,941 130 % Services 4,392 4,555 4,569 6,017 5,526 5,275 15 % * Non - GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. RPO ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'26 y/y % Total RPO 123,438 128,650 135,269 150,238 163,276 176,284 37 % Equipment 45,478 49,712 54,092 64,245 75,924 87,821 77 % Services 77,959 78,938 81,177 85,993 87,352 88,463 12 % Revenues ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'26 y/y % (organic)* Total Revenues 8,032 9,111 9,969 10,956 9,339 11,104 12 % Equipment 4,197 4,894 5,880 5,963 5,254 6,459 14 % Services 3,835 4,217 4,089 4,993 4,084 4,645 10 % 13 Financial trending metrics
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Power ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'26 y/y % (organic)* Segment Revenue 4,449 4,785 4,863 5,776 4,971 5,477 14 % Equipment 1,491 1,504 1,744 1,946 1,885 1,965 30 % Services 2,958 3,280 3,119 3,830 3,086 3,512 7 % Segment EBITDA 517 785 651 982 811 1,031 Segment EBITDA margin 11.6 % 16.4 % 13.4 % 17.0 % 16.3 % 18.8 % 320 bps Electrification ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'26 y/y % (organic)* Segment Revenue 1,840 2,162 2,565 2,921 2,959 3,637 29 % Equipment 1,391 1,673 2,035 2,279 2,501 3,130 36 % Services 448 488 530 642 459 507 6 % Segment EBITDA 205 314 387 494 528 671 Segment EBITDA margin 11.1 % 14.5 % 15.1 % 16.9 % 17.8 % 18.4 % 700 bps Wind ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 2Q'26 y/y % (organic)* Segment Revenue 1,850 2,245 2,647 2,368 1,432 2,026 (11) % Equipment 1,412 1,797 2,203 1,839 889 1,395 (23) % Services 438 448 445 529 543 632 39 % Segment EBITDA (146) (165) (61) (225) (382) (275) Segment EBITDA margin (7.9) % (7.3) % (2.3) % (9.5) % (26.7) % (13.6) % (630) bps * Non - GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 14 Financial trending metrics by segment
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RPO ($M) 2Q'25 2Q'26 y/y % Equipment 16,133 39,261 143 % Services 63,088 72,388 15 % Total RPO 79,221 111,649 41 % Segment Revenues and EBITDA ($M) 2Q'25 2Q'26 y/y % (organic)* 2Q'25 YTD 2Q'26 YTD y/y % (organic)* Gas Power 3,911 4,427 7,516 8,493 Nuclear Power 649 817 1,310 1,575 Hydro Power 225 233 407 382 Total Segment Revenues 4,785 5,477 14 % 9,234 10,449 12 % Equipment 1,504 1,965 30 % 2,996 3,851 28 % Services 3,280 3,512 7 % 6,238 6,598 5 % Total Segment Revenues 4,785 5,477 14 % 9,234 10,449 12 % Segment EBITDA 785 1,031 1,303 1,842 Segment EBITDA margin 16.4 % 18.8 % 320 bps 14.1 % 17.6 % 410 bps Orders ($M) 2Q'25 2Q'26 y/y % (organic) 2Q'25 YTD 2Q'26 YTD y/y % (organic) Equipment 3,519 12,650 259 % 6,361 18,261 186 % Services 3,590 4,078 12 % 7,010 8,475 20 % Total Orders 7,109 16,729 134 % 13,372 26,736 99 % © 2026 GE Vernova and/or its affiliates. All rights reserved. 15 Power: key performance metrics * Non - GAAP Financial Measure YTD = year - to - date and refers to the six - months ending June 30
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RPO ($M) 2Q'25 2Q'26 y/y % Equipment 23,950 40,589 69 % Services 3,168 3,974 25 % Total RPO 27,118 44,563 64 % Segment Revenues and EBITDA ($M) 2Q'25 2Q'26 y/y % (organic)* 2Q'25 YTD 2Q'26 YTD y/y % (organic)* Power Transmission 759 1,877 1,451 3,256 Grid Systems Integration 579 806 968 1,497 Power Conversion & Storage 411 539 792 1,016 Grid Automation & Software 412 416 790 827 Total Segment Revenues 2,162 3,637 29 % 4,001 6,597 29 % Equipment 1,673 3,130 36 % 3,065 5,631 37 % Services 488 507 6 % 937 966 1 % Total Segment Revenues 2,162 3,637 29 % 4,001 6,597 29 % Segment EBITDA 314 671 519 1,200 Segment EBITDA margin 14.5 % 18.4 % 700 bps 13.0 % 18.2 % 650 bps Orders ($M) 2Q'25 2Q'26 y/y % (organic) 2Q'25 YTD 2Q'26 YTD y/y % (organic) Equipment 2,746 5,667 72 % 5,555 12,089 85 % Services 537 680 31 % 1,094 1,371 25 % Total Orders 3,283 6,347 66 % 6,649 13,460 76 % © 2026 GE Vernova and/or its affiliates. All rights reserved. 16 Electrification: key performance metrics * Non - GAAP Financial Measure YTD = year - to - date and refers to the six - months ending June 30
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RPO ($M) 2Q'25 2Q'26 y/y % Equipment 9,731 8,197 (16) % Services 12,777 12,191 (5) % Total RPO 22,508 20,388 (9) % Segment Revenues and EBITDA ($M) 2Q'25 2Q'26 y/y % (organic)* 2Q'25 YTD 2Q'26 YTD y/y % (organic)* Onshore Wind 2,020 1,721 3,665 2,908 Offshore Wind 225 305 430 551 Total Segment Revenues 2,245 2,026 (11) % 4,095 3,459 (17) % Equipment 1,797 1,395 (23) % 3,209 2,284 (30) % Services 448 632 39 % 886 1,175 30 % Total Segment Revenues 2,245 2,026 (11) % 4,095 3,459 (17) % Segment EBITDA (165) (275) (312) (657) Segment EBITDA margin (7.3) % (13.6) % (630) bps (7.6) % (19.0) % (1,050) bps Orders ($M) 2Q'25 2Q'26 y/y % (organic) 2Q'25 YTD 2Q'26 YTD y/y % (organic) Equipment 1,614 721 (55) % 1,816 1,460 (19) % Services 448 528 16 % 886 988 9 % Total Orders 2,063 1,249 (40) % 2,702 2,448 (10) % © 2026 GE Vernova and/or its affiliates. All rights reserved. 17 Wind: key performance metrics * Non - GAAP Financial Measure YTD = year - to - date and refers to the six - months ending June 30
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FCF* ($M) 2Q'25 2Q'26 y/y 2Q'25 YTD 2Q'26 YTD y/y Net income (loss) (GAAP) 492 649 157 756 5,398 4,642 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 145 182 38 294 348 54 Amortization of intangible assets 60 236 176 116 411 295 (Gains) losses on purchases and sales of business interests (1) (22) (22) (22) (4,428) (4,406) Principal pension plans – net (90) (606) (516) (179) (696) (517) Other postretirement benefit plans – net (66) (42) 24 (110) (122) (13) Provision (benefit) for income taxes 153 276 123 221 630 408 Cash recovered (paid) during the year for income taxes (219) (723) (505) (363) (1,258) (895) Changes in operating working capital: Decrease (increase) in current receivables 113 (1,452) (1,565) 1,031 (843) (1,874) Decrease (increase) in inventories, including deferred inventory costs (451) (814) (363) (883) (1,744) (861) Decrease (increase) in current contract assets (302) 59 362 (647) (358) 289 Increase (decrease) in accounts payable and equipment project payables 476 476 — 207 949 742 Increase (decrease) in contract liabilities and current deferred income 737 8,121 7,384 1,860 13,695 11,835 All other operating activities (680) (845) (166) (754) (1,302) (549) Cash from (used for) operating activities (GAAP) 367 5,492 5,126 1,528 10,680 9,153 Add: gross additions to property, plant and equipment and internal - use software (172) (386) (213) (359) (783) (424) Free cash flow* (Non - GAAP) 194 5,107 4,913 1,169 9,897 8,728 Free cash flow conversion* - a) 39 % 787 % 155 % 183 % © 2026 GE Vernova and/or its affiliates. All rights reserved. 18 Free cash flow* performance * Non - GAAP Financial Measure (a - Defined as free cash flow* divided by net income (loss) YTD = year - to - date and refers to the six - months ending June 30
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Orders 2Q'25 2Q'26 2Q'25 YTD 2Q'26 YTD Gas Turbines 47 113 85 150 o Heavy - Duty Gas Turbines - a) 20 52 49 80 ◦ HA - Turbines - b) 7 15 15 27 o Aeroderivatives - a) 27 61 36 70 Gas Turbines (GW) - d) 5.1 12.1 12.2 20.1 Wind Turbines - c) 381 147 404 293 Repower units 205 — 205 49 Wind Turbines and Repower (GW) - c), - d) 1.6 0.6 1.8 1.2 Sales 2Q'25 2Q'26 2Q'25 YTD 2Q'26 YTD Gas Turbines 21 29 40 54 o Heavy - Duty Gas Turbines - a) 18 13 30 28 ◦ HA - Turbines - b) 8 3 13 8 o Aeroderivatives - a) 3 16 10 26 Gas Turbines (GW) - d) 5.2 3.3 8.2 7.5 Wind Turbines - c) 351 336 627 490 Repower units 156 27 286 27 Wind Turbines and Repower (GW) - c), - d) 1.7 1.4 3.0 2.0 (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 six - months ending June 30 © 2026 GE Vernova and/or its affiliates. All rights reserved. 19 Unit metrics: orders and sales
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20 Non - GAAP reconciliations © 2026 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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* Non - GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. Non - GAAP reconciliations 21 3Q’26 Outlook: Power 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 organic revenue* for 2Q’26 without unreasonable effort due to the uncertainty of foreign exchange rates. 2026 Guidance: Power 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 organic revenue* for 2026 without unreasonable effort due to the uncertainty of foreign exchange rates. 2026 Guidance: Adjusted EBITDA margin* We cannot provide a reconciliation of the differences between the non - GAAP financial measures expectations and the corresponding GAAP financial measures for adjusted EBITDA margin* in the 2026 guidance without unreasonable effort due to the uncertainty of the costs and timing associated with potential restructuring actions and the impacts of depr eci ation and amortization. 2026 Guidance: 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 free cash flow* in 2026 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.
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We believe Prolec GE EBITDA, which is adjusted to exclude the effects of unique and/or non - cash items that are not closely assoc iated with ongoing operations, provide management and investors with meaningful measures of our performance that increase the period - to - period comparability by highlighting results from ongoing operations and underlying prof itability factors. We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. We believe the organic measures presented above provide management and investors with a more complete understanding of underl yin g 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. Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* * Non - GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 22 Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Three months ended June 30, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% Power (GAAP) $ 4,785 $ 5,477 14 % $ 1,504 $ 1,965 31 % $ 3,280 $ 3,512 7 % $ 785 $ 1,031 31 % 16.4 % 18.8 % 240 bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect 4 33 — 12 4 21 27 (9) Power organic* (Non - GAAP) $ 4,781 $ 5,444 14 % $ 1,505 $ 1,953 30 % $ 3,276 $ 3,492 7 % $ 758 $ 1,040 37 % 15.9 % 19.1 % 320 bps Electrification (GAAP) $ 2,162 $ 3,637 68 % $ 1,673 $ 3,130 87 % $ 488 $ 507 4 % $ 314 $ 671 114 % 14.5 % 18.4 % 390 bps Less: Acquisitions — 860 — 834 — 26 — (a)183 Less: Business dispositions 44 — — — 44 — 52 — Less: Foreign currency effect 12 50 10 38 1 11 8 (34) Electrification organic* (Non - GAAP) $ 2,106 $ 2,727 29 % $ 1,663 $ 2,258 36 % $ 443 $ 470 6 % $ 254 $ 522 106 % 12.1 % 19.1 % 700 bps Wind (GAAP) $ 2,245 $ 2,026 (10) % $ 1,797 $ 1,395 (22) % $ 448 $ 632 41 % $ (165) $ (275) (67) % (7.3) % (13.6) % (630) bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect (16) 12 (16) 4 — 8 (25) (23) Wind organic* (Non - GAAP) $ 2,261 $ 2,014 (11) % $ 1,814 $ 1,390 (23) % $ 448 $ 624 39 % $ (141) $ (252) (79) % (6.2) % (12.5) % (630) bps Total Company (GAAP) $ 9,111 $ 11,104 22 % $ 4,894 $ 6,459 32 % $ 4,217 $ 4,645 10 % Less: Acquisitions — 860 — 834 — 26 Less: Business dispositions 44 — — — 44 — Less: Foreign currency effect (1) 95 (6) 55 6 40 Total Company organic* (Non - GAAP) $ 9,068 $ 10,149 12 % $ 4,900 $ 5,570 14 % $ 4,167 $ 4,579 10 % (a) Includes $189 million of Prolec GE EBITDA. Prolec GE EBITDA is a non - GAAP financial measure, and is calculated by excluding depr eciation and amortization of $(203) million, the impact of a fair value adjustment to Prolec GE inventory of $(35) million, and certain integration costs and other of $(8) million from Prolec GE income (loss) before incom e t axes of $(57) million.
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Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* * Non - GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 23 Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Six months ended June 30, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% Power (GAAP) $ 9,234 $ 10,449 13 % $ 2,996 $ 3,851 29 % $ 6,238 $ 6,598 6 % $ 1,303 $ 1,842 41 % 14.1 % 17.6 % 350 bps Less: Acquisitions — — — — — — 1 2 Less: Business dispositions — — — — — — — — Less: Foreign currency effect 7 96 (1) 28 8 69 33 (12) Power organic* (Non - GAAP) $ 9,227 $ 10,352 12 % $ 2,996 $ 3,823 28 % $ 6,230 $ 6,529 5 % $ 1,269 $ 1,851 46 % 13.8 % 17.9 % 410 bps Electrification (GAAP) $ 4,001 $ 6,597 65 % $ 3,065 $ 5,631 84 % $ 937 $ 966 3 % $ 519 $ 1,200 131 % 13.0 % 18.2 % 520 bps Less: Acquisitions — 1,346 — 1,303 — 43 — (a)296 Less: Business dispositions 82 26 — — 82 26 100 54 Less: Foreign currency effect 13 179 12 142 1 37 9 (10) Electrification organic* (Non - GAAP) $ 3,906 $ 5,045 29 % $ 3,053 $ 4,186 37 % $ 853 $ 860 1 % $ 410 $ 860 110 % 10.5 % 17.0 % 650 bps Wind (GAAP) $ 4,095 $ 3,459 (16) % $ 3,209 $ 2,284 (29) % $ 886 $ 1,175 33 % $ (312) $ (657) (111) % (7.6) % (19.0) % (1,140) bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect (24) 59 (24) 35 — 25 (39) (77) Wind organic* (Non - GAAP) $ 4,119 $ 3,399 (17) % $ 3,233 $ 2,249 (30) % $ 886 $ 1,150 30 % $ (273) $ (580) (112) % (6.6) % (17.1) % (1,050) bps Total Company (GAAP) $ 17,143 $ 20,442 19 % $ 9,091 $ 11,713 29 % $ 8,052 $ 8,729 8 % $ 2,035 $ 3,196 (36) % Less: Acquisitions — 1,346 — 1,303 — 43 — (3) Less: Business dispositions 82 26 — — 82 26 (41) — Less: Foreign currency effect (3) 335 (13) 204 9 131 (96) 31 Total Company organic* (Non - GAAP) $ 17,065 $ 18,735 10 % $ 9,104 $ 10,206 12 % $ 7,962 $ 8,529 7 % $ 2,172 $ 3,168 (31) % We believe Prolec GE EBITDA, which is adjusted to exclude the effects of unique and/or non - cash items that are not closely assoc iated with ongoing operations, provide management and investors with meaningful measures of our performance that increase the period - to - period comparability by highlighting results from ongoing operations and underlying prof itability factors. We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. We believe the organic measures presented above provide management and investors with a more complete understanding of underl yin g 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. (a) Includes $305 million of Prolec GE EBITDA from the acquisition date through June 30, 2026. Prolec GE EBITDA is a non - GAAP financ ial measure, and is calculated by excluding depreciation and amortization of $(327) million, the impact of a fair value adjustment to Prolec GE inventory of $(106) million, and certain integration costs and other of $( 38) million from Prolec GE income (loss) before income taxes of $(166) million.
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* Non - GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 24 Adjusted general and administrative expenses* We believe Adjusted general and administrative expenses* provides investors with improved comparability of underlying operati ng results and a further understanding and additional transparency regarding how we evaluate our business. Adjusted general and administrative expenses* also provides management and investors with additional perspective re gar ding the impact of certain significant items on our expenses. Adjusted general and administrative expenses* excludes unique and/or non - cash items that can have a material impact on our results. However, Adjusted general and ad ministrative expenses* should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts. ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended June 30 Six months ended June 30 ($ in millions) 2025 2026 V% 2025 2026 V% Selling, General and Administrative expense (GAAP) $ 1,185 $ 1,372 16 % $ 2,373 $ 2,670 13 % Less: Restructuring and other charges 17 37 32 125 Less: Separation costs(a) 34 48 77 70 Less: Depreciation and amortization(b) 66 169 132 299 Less: Selling & marketing expense 305 309 603 616 Less: Prolec related G&A expense(c) — 28 — 50 Adjusted G&A expenses* (Non - GAAP) excluding Prolec related G&A expense $ 763 $ 782 2 % $ 1,529 $ 1,509 (1) % (a) Costs incurred in our separation from General Electric Company (GE), including system implementations, advisory fees, one - time s tock option grant, and other one - time costs. (b) Excludes depreciation and amortization expense included in Restructuring and other charges. (c) General and administrative expense attributed to Prolec GE from the acquisition date.
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(a) Includes a pre - tax gain of $3,992 million in the six months ended June 30, 2026 related to the acquisition of the remaining 50% stake in Prolec GE from Xignux as a result of the remeasurement of our previously held equity interest to fair value and an expense of $35 million and $106 million for the impact of a fair value adjustment to Prolec GE inventory th at was recorded in Cost of equipment in the three and six months ended June 30, 2026, respectively. Includes a pre - tax gain of $330 million related to the sale of our Proficy business in our Electrification segment in the six months ende d June 30, 2026. Also includes realized (gains) losses related to the sale of our remaining interest in China XD Electric Co., Ltd, recorded in Net interest and investment income (loss) which is part of Other income (expense) - net. (b) Costs incurred in the separation from GE, including system implementations, advisory fees, one - time stock option grant, and othe r one - time costs. (c) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis dif fer ences included in Equity method investment income (loss) which is part of Other income (expense) - net. (d) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal bu siness operations primarily with customers. (e) Excludes interest (income) expense of zero and zero and provision (benefit) for income taxes of $(3) million and $2 million f or the three months ended June 30, 2026 and 2025, respectively, as well as excludes interest (income) expense of zero and $1 million and provision (benefit) for income taxes of $7 million and $4 million for the six months ended Ju ne 30, 2026 and 2025, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after - tax basis. Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA margin*& Adjusted organic EBITDA margin* expansion We believe that Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA* & Adjusted organic EBITDA margin*, which are adjusted to exclude the effects of unique and/or non - cash items that are not closely associated with ongoing operations, provide management and investors with meaningful measures of our performance that increase the period - to - per iod comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. How ever, Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA* & Adjusted organic EBITDA margin* should not be construed as inferring that our future results will be unaffected by the items for which the measures a dju st. 25 Three months ended June 30 Six months ended June 30 ($ in millions) 2025 2026 V% 2025 2026 V% Net income (loss) (GAAP) $ 492 $ 649 32 % $ 756 $ 5,398 614 % Add: Restructuring and other charges 42 9 108 102 Add: (Gains) losses on purchases and sales of business interests(a) — 48 (19) (4,445) Add: Separation costs(b) 34 38 80 61 Add: Non - operating benefit income (110) (119) (225) (253) Add: Depreciation and amortization(c) 202 418 406 760 Add: Interest and other financial (income) charges – net(d)(e) (41) (73) (97) (100) Add: Provision (benefit) for income taxes(e) 151 279 218 623 Adjusted EBITDA* (Non - GAAP) $ 770 $ 1,250 62 % $ 1,227 $ 2,146 75 % Net income (loss) margin (GAAP) 5.4 % 5.8 % 40 pts 4.4 % 26.4 % 2,200 pts Adjusted EBITDA margin* (Non - GAAP) 8.5 % 11.3 % 280 pts 7.2 % 10.5 % 330 pts Adjusted EBITDA* (Non - GAAP) $ 770 $ 1,250 62 % $ 1,227 $ 2,146 75 % Less: Acquisitions — 183 1 298 Less: Business dispositions 52 — 100 54 Less: Foreign currency effect 10 (73) 2 (124) Adjusted organic EBITDA* (Non - GAAP) $ 708 $ 1,139 61 % $ 1,124 $ 1,917 71 % Adjusted organic EBITDA margin* (Non - GAAP) 7.8 % 11.2 % 340 bps 6.6 % 10.2 % 360 bps * Non - GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved.
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Free Cash Flow* We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash o n a normalized basis. Free cash flow* also provides insight into our ability 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 de duc t the payments required for certain investing and financing activities. 26 Free Cash Flow (Non - GAAP) Three months ended June 30 Six months ended June 30 ($ in millions) 2025 2026 V% 2025 2026 V% Cash from (used for) operating activities (GAAP) $ 367 $ 5,492 1,396 % $ 1,528 $ 10,680 599 % Add: gross additions to property, plant and equipment and internal - use software (172) (386) (359) (783) Free cash flow* (Non - GAAP) $ 194 $ 5,107 2,532 % $ 1,169 $ 9,897 747 % * Non - GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved.