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October 28, 2026 1 3Q 2026 Webcast © 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. 1 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,” “outlook,” “plans,” “projects,” and similar expressions, may identify such forward-looking statements. Any forward-looking statement in this 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 and Trench Group’s actual financial results, cash flows, or results of operations and our proposed Trench Group acquisition, including expected benefits, costs, and closing, 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,” “Management's Discussion and Analysis of Financial Condition and Results of Operations,” and “Forward-Looking Statements” 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 and Trench Group’s actual results and our proposed Trench Group acquisition, including expected benefits, costs, and closing, 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 Trench Group business. The non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these 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 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. Trench Group Acquisition Price and Financial Information: The Trench Group acquisition price and financial information presented in this presentation are expressed in U.S. dollar equivalents based on a EUR/USD exchange rate of 1.12. Actual U.S. dollar equivalent amounts may differ based on the prevailing EUR/USD exchange rate at the applicable times. The Trench Group financial information was prepared by GE Vernova based on data provided by Trench Group and reflect Trench Group's accounting policies, which may differ from GE Vernova's.
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Building a unique company to serve growing demand and deliver for shareholders 33 Opportunity to create value is accelerating Growth continues to accelerate across our existing and new offerings Margin expansion to date is encouraging … expect substantially more ahead Significant cash generation and a strong balance sheet ... investing for growth, profitable returns, and long-term competitiveness • Signed agreement to acquire Trench Group, a global leader in high-voltage equipment • Board authorized an increase in share repurchase program, from $10B to $20B © 2026 GE Vernova and/or its affiliates. All rights reserved.
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4 Trench Group Acquisition © 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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Expands our capabilities and product portfolio in Electrification * Non-GAAP Financial Measure | (a- high-voltage equipment serviceable addressable market (SAM), considering BNEF, IEA, and internal GE Vernova estimates | (b – excluding synergies Acquiring Trench Group, a strategic addition $9.0B purchase price / 13x ’28 adjusted EBITDA*-b) with expected late ’27 close Vertically integrates an existing supplier; increases capacity for key grid equipment Strong management team; broad & deep customer relationships with utilities & hyperscalers Brings differentiated technology & scale for high-voltage solutions Strengthens ability to serve customers in high-voltage market reaching ~$130B by ’30-a) 5© 2026 GE Vernova and/or its affiliates. All rights reserved.
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Key products that strengthen our portfolio Bushings for high voltage direct current (HVDC) and alternating current (AC) transformers … reaching voltages up to 1,200kV to enable more efficient, large-scale transmission Instrument transformers covering AC and HVDC voltage ranges … including more sustainable offerings Broad range of medium and high voltage coils with advanced applications to enhance grid reliability and power quality 2026E Revenue by Product Bushings Connection $0.6B $0.1B Instrument Transformers Measurement $0.5B $0.2B Coils Reliability $0.3B $0.1B Total $1.4B $0.3B Increasing scale with differentiated technology Proven and high-quality products © 2026 GE Vernova and/or its affiliates. All rights reserved.
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Power Transformers Switchgear HVDC Systems Substations Stability Solutions Bushings ✔ ✔ ✔ ✔ ✔ Instrument Transformers ✔ ✔ ✔ ✔ Coils ✔ ✔ ✔ 7 Better positioning Electrification to serve increasing demand • Enables the design and development of more optimized, integrated solutions • Improves lead times through combined global footprint and joint operations • Increases our capabilities to serve 765 kV high-voltage transmission build-out in U.S. • Expands Trench Group’s reach in select regions, including India, Southeast Asia, & Middle East Accelerating development of high-voltage solutions Trench’s products are key components in the growing high-voltage equipment market Market increasing for these products and solutions ~8%–a) annually to ~$130B in 2030 Why customers benefit © 2026 GE Vernova and/or its affiliates. All rights reserved. (a- 8% is compounded annual growth rate of the high-voltage serviceable addressable market (SAM), considering BNEF, IEA, and internal GE Vernova estimates, using a 2025 estimate of $90B high-voltage SAM
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Further enabling our ability to grow and deliver our backlog Enhances Electrification’s two largest businesses Trench Group expands and increases our capabilities in GSI & PT • Greater incorporation of technologically advanced products, including high voltage direct current (HVDC) bushings and coils, into our GSI solutions • Strengthens PT with differentiated technology for higher-voltage bushings and instrument transformers • Improves supply-chain certainty and delivery lead times for critical high-voltage equipment • Increases capacity by adding a global and growing footprint Grid Automation & Software (GA&S) • Grid monitoring products and enhanced digitization to drive more predictive and autonomous grid management Power Transmission (PT) • Switchgear, transformers, and capacitors to expand and modernize the grid • HVDC systems and substations, including key data center solutions Grid Systems Integration (GSI) Power Conversion & Storage (PC&S) • Equipment to improve grid resiliency by addressing intermittency and growing electro-intensive demand 3Q’26 Backlog of $46B-a) 8 Broad Suite of Offerings © 2026 GE Vernova and/or its affiliates. All rights reserved. (a - Electrification segment backlog defined as remaining performance obligation (RPO)
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High growth and accretive acquisition before synergies 2026E 2027E 2028E Revenue 1.4 1.6 1.9 Adjusted EBITDA* 0.5 0.6 0.7 Adjusted EBITDA Margin* ~33% ~35% ~36% Free cash flow* 0.2 0.3 0.4 Standalone Trench Group financials Transaction highlights • $9.0B purchase price • Currently expect to fund with ~50% cash and ~50% debt • Anticipate annual interest cost of ~$0.2B • Committed to maintain investment grade balance sheet • Debt to adj. EBITDA* ratio expected to remain <1X • Revenue growth supported by planned capacity expansions • Purchase price reflects 13x ’28 adjusted EBITDA*, with an expected late ’27 close ~$5B in backlog and framework agreements-a) as of 3Q’26 Double-digit revenue CAGR-b) $B 9 Financial Profile © 2026 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure | (a- Includes $2.6B in backlog, which is defined as remaining performance obligation (RPO) | (b- compound annual growth rate from 2026 through 2028
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10 Cost synergies of ~$50-100M by 2030, with additional revenue synergies expected • Implement combined manufacturing expertise • Expand lean to increase productivity • Leverage joint sourcing efforts • Further utilize best-cost locations Cost synergies Upside from revenue synergies • Broaden relationships across complementary customers, especially in North America • Grow Trench’s revenues using GEV commercial capabilities in India, Southeast Asia & Middle East • Localize and increase production of Trench’s offerings, including at GEV sites Potential acquisition synergies © 2026 GE Vernova and/or its affiliates. All rights reserved.
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11 Trench Group, an attractive acquisition • Provides scale and capabilities in Electrification • High visibility into long-term, profitable growth; immediately accretive to margins and cash flow Electrification team delivering solid results • Further building backlog, driving strong revenue growth, and significantly expanding margins • Prolec integration progressing well; successfully driving revenue and cost synergies Aligns with our disciplined capital allocation priorities • Investing organically for profitable growth • Returning significant capital to shareholders while maintaining a strong balance sheet • Enhancing our core businesses through strategic M&A 11 Executing our capital allocation strategy © 2026 GE Vernova and/or its affiliates. All rights reserved.
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12 3Q 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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Substantial opportunity today and for the long-term Strong year-to-date performance Continued backlog growth, reaching nearly $200B at improved margins Developing and commercializing innovative new products Raising 2026 guidance and further strengthening our financial position Solid execution across all three segments 13© 2026 GE Vernova and/or its affiliates. All rights reserved.
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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; organic revenue & adj. organic EBITDA margin are non-GAAP financial measures © 2026 GE Vernova and/or its affiliates. All rights reserved. $ in billions 14 Orders 14.6 29.3 37.1 71.8 Significant growth, margin expansion, and FCF* with increasing backlog-a) 3Q'25 3Q'26 ‘25 YTD ‘26 YTD Financial Snapshot +96% Revenue 10.0 12.6 27.1 33.1 +18% Backlog-a) 135.3 196.7 +61.5 Adjusted EBITDA* 0.8 1.9 2.0 4.1 +1.1 Free cash flow (FCF)* 0.7 5.4 1.9 15.3 +4.7 Adjusted EBITDA Margin* 8.1% 15.4% 7.5% 12.4% 690bps 3Q’26 Dynamics-b) Significant equipment growth at Power and Electrification, as well as services, driven by Power Increased equipment revenue at Power and Electrification, along with higher services revenue, more than offset lower Wind equipment revenue Year-over-year growth and expansion driven by price, more profitable volume, and productivity Higher positive benefits from working capital and stronger adj. EBITDA* partially offset by cash taxes, capex, and a voluntary payment for retiree benefits Robust growth in both equipment and services
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Robust demand growth, increased revenue & EBITDA margin 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 © 2026 GE Vernova and/or its affiliates. All rights reserved. Orders ($B) 7.8 21.8 21.2 48.5 Revenue ($B) 4.9 6.1 14.1 16.5 Backlog-b) ($B) 84.2 130.9 EBITDA ($M) EBITDA Margin 651 1,297 3Q'25 3Q'26 13.4% 21.4% 1,954 3,139 ‘25YTD ‘26YTD 13.9% 19.0% 3Q’26 Dynamics-a) Orders robust, increasing 178%, led by strength in Gas Power equipment and services, driven by higher volume and price Revenue increased 25%, led by Gas Power from higher equipment volume 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 FY’26 Guidance-a) Organic revenue* growth of 19% - 21% 19% - 21% segment EBITDA margin Power
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16 (a – year-over-year variance commentary for 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 © 2026 GE Vernova and/or its affiliates. All rights reserved. Orders ($B) 5.1 5.4 11.7 18.8 Revenue ($B) 2.6 3.9 6.6 10.5 Backlog-b) ($B) 29.8 46.1 EBITDA ($M) 387 739 3Q'25 3Q'26 15.1% 19.1% Electrification Significant revenue growth & EBITDA margin expansion while further increasing backlog-b) 906 1,939 ‘25YTD ‘26YTD 13.8% 18.5% Orders strong, approximately 1.4 times revenue due to growing grid equipment demand Revenue increased 16%, from growth in substations, HVDC equipment, and switchgear Significant EBITDA margin expansion with strong volume, productivity, and favorable pricing 3Q’26 Dynamics-a) EBITDA Margin FY’26 Guidance-a) $14.5B - $15.0B of revenue, including ~$3.1B from Prolec 18% - 20% segment EBITDA margin, trending toward higher end
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3Q’26 Dynamics-a) FY’26 Guidance-a) Organic revenue* down mid-single digits $400M - $500M of segment EBITDA losses 17 Wind orders increased 16% with growth in Onshore Wind equipment and services, primarily in North America Revenue increased 3% due to higher Onshore Wind services and Offshore Wind equipment, partially offset by lower Onshore Wind equipment deliveries Delivered positive EBITDA, improving y/y due to lower Offshore Wind project costs and improved Onshore Wind performance, despite the impact of lower deliveries (a – year-over-year variance commentary for orders, revenue, and EBITDA are presented on an organic basis; organic revenue and organic EBITDA are non-GAAP financial measures (b – defined as remaining performance obligation (RPO) YTD = year-to-date and refers to the nine-months ending September 30 © 2026 GE Vernova and/or its affiliates. All rights reserved. Orders ($B) 1.8 2.1 4.5 4.6 Revenue ($B) 2.6 2.7 6.7 6.2 Backlog-b) ($B) 21.5 20.0 EBITDA ($M) EBITDA Margin (61) 72 3Q'25 3Q'26 (2.3)% Wind 2.6% Performance improving, driving a profitable quarter (373) (585) ‘25YTD ‘26YTD (5.5)% (9.4)%
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Power • Organic revenue* growth of 19% - 21% (previous 18%-20%) • 19% - 21% segment EBITDA margin (previous 17%-19%) 18 Raising 2026 guidance Expecting additional growth in revenue and higher adjusted EBITDA margin* and FCF* in 2026 (a – includes $(450)M - $(500)M of Corporate and other costs July 22nd October 28thGE Vernova REVENUE $45.5B - $46.5B $46.5B - $47.5B ADJUSTED EBITDA MARGIN*-a) 12% - 14% 13.5% - 14.5% FREE CASH FLOW* $11.5B - $12.5B $16B - $17B Electrification • $14.5B - $15.0B of revenue, including ~$3.1B from Prolec • 18% - 20% segment EBITDA margin, now trending toward higher end © 2026 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure Wind • Organic revenue* down mid-single digits (previous down low-double digits) • $400M - $500M of segment EBITDA losses (previous ~$400M of segment EBITDA losses)
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Executing well in early stages of multi-year growth opportunity Working with humility, confidence and conviction to deliver for all stakeholders Investing for near-, mid-, and long-term returns 19 Our potential continues to grow Wrap-Up © 2026 GE Vernova and/or its affiliates. All rights reserved.
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Q A& 20 GE Vernova's solid-state transformer prototype at our lab in Malta, New York. Construction on the GE Vernova Hitachi BWRX-300 continues to progress at Ontario Power Generation’s Darlington site. In October, GE Vernova signed an agreement to acquire Trench Group, strengthening its offerings of high- voltage grid equipment, including bushings. © 2026 GE Vernova and/or its affiliates. All rights reserved.
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21 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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1 Trench Group transaction overview • T ransaction not subject to any financing conditions • Currently expect to fund with ~50% cash and ~50% debt • GE V ernova will remain in a significant net cash position; Debt to adj. EBITDA * ratio expected to remain <1X • Accretive to adjusted EBITDA margin* and free cash flow* , before synergies • Expect to grow output through incremental capex investment • Subject to customary regulatory approvals and to information and consultation requirements • T ransaction expected to close late 2027 F ina nc ing & B a la nc e S he e t I mp a c t F ina nc ia l I mp a c t T ime line * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. • $9.0B purchase price • 13x 2028E adjusted EBITDA * , before synergies V a lua t io n
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Manufacturing sites And a presence in 60+ countries 50+ Manufacturing sites Electrification’s pro-forma footprint Electrification Prolec Trench Group 23© 2026 GE Vernova and/or its affiliates. All rights reserved. Site mapping does not include non-consolidated JV locations
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24 Demand rising globally requires significant customer investment High-voltage electrification market to reach ~$130B by ‘30 2025 2030 ~8% CAGR Demand Drivers Power Transformers Switchgear Substations HVDC Systems Stability Solutions Serviceable addressable market-a), $B Global high-voltage equipment market • New generation additions require incremental grid equipment, including data centers • Increasing need for grid modernization and upgrades • Higher intermittency, driven by renewable energy • Expanding use of long-distance transmission solutions • Increasing stability and flexibility requirements North America Europe Asia ROW CAGR (’25-’30) ~9% ~7% ~7% ~6% % of ’30 investment ~34% ~23% ~19% ~24% © 2026 GE Vernova and/or its affiliates. All rights reserved. (a- 8% is compounded annual growth rate of the high-voltage serviceable addressable market (SAM), considering BNEF, IEA, and internal GE Vernova estimates
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Quality is essential for reliability, as poor bushing performance can create cascading effects across grid equipment Trench’s expertise enables manufacturing of high performing bushings at voltage levels among the highest in the industry Select Trench Offerings Components that facilitate safe transfer of high-voltage power into and out of transformers, switchgear, and substations Generator bushings up to 36 kV / 50,000 A Wall bushings up to 800kV Resin Impregnated Paper (RIP) transformer bushings up to 1,200kV Gas-Insulated Switchgear bushings up to 550kV Connects electrical equipment Power Transformers Switchgear HVDC Systems Substations Stability Solutions Bushings ✔ ✔ ✔ ✔ ✔ Bushings © 2026 GE Vernova and/or its affiliates. All rights reserved.
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Precise, real-time measurement prevents faults that can damage electrical equipment in an increasingly complex system Trench offers advanced measurement technology that supports the highest-voltage transmission corridors being built Instrument transformers act as the grid’s sensory system, monitoring electricity flow for system safety, reliability, and stability Advanced measurement and monitoring capabilities Power Transformers Switchgear HVDC Systems Substations Stability Solutions Instrument Transformers ✔ ✔ ✔ ✔ Current transformers up to 800 kV Instrument transformers for GIS up to 800 kV Voltage transformers up to 800 kV Combined current / voltage transformers up to 800 kV Instrument transformers © 2026 GE Vernova and/or its affiliates. All rights reserved. Select Trench Offerings
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Coils and reactors improve long-distance transmission stability and can reduce line losses Trench’s advanced materials and product design provide efficiency and reduce fire- related risk Equipment that manages the flow of electricity, shielding important grid assets from surges, faults, and voltage instability Increases system reliability Power Transformers Switchgear HVDC Systems Substations Stability Solutions Coils ✔ ✔ ✔ Coils Air-core dry type reactors High-voltage shunt reactors Line Traps 27 Earth fault detection systems © 2026 GE Vernova and/or its affiliates. All rights reserved. Select Trench Offerings
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Orders ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'26 y/y % (organic) Total Orders 10,152 12,364 14,608 22,192 18,279 24,216 29,318 96 % Equipment 5,760 7,808 10,039 16,175 12,753 18,941 24,296 134 % Services 4,392 4,555 4,569 6,017 5,526 5,275 5,022 10 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. RPO ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'26 y/y % Total RPO 123,438 128,650 135,269 150,238 163,276 176,284 196,721 45 % Equipment 45,478 49,712 54,092 64,245 75,924 87,821 104,054 92 % Services 77,959 78,938 81,177 85,993 87,352 88,463 92,667 14 % Revenues ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'26 y/y % (organic)* Total Revenues 8,032 9,111 9,969 10,956 9,339 11,104 12,642 18 % Equipment 4,197 4,894 5,880 5,963 5,254 6,459 8,340 26 % Services 3,835 4,217 4,089 4,993 4,084 4,645 4,302 6 % 28 Financial trending metrics
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Power ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'26 y/y % (organic)* Segment Revenue 4,449 4,785 4,863 5,776 4,971 5,477 6,067 25 % Equipment 1,491 1,504 1,744 1,946 1,885 1,965 2,870 65 % Services 2,958 3,280 3,119 3,830 3,086 3,512 3,197 2 % Segment EBITDA 517 785 651 982 811 1,031 1,297 Segment EBITDA margin 11.6 % 16.4 % 13.4 % 17.0 % 16.3 % 18.8 % 21.4 % 830 bps Electrification ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'26 y/y % (organic)* Segment Revenue 1,840 2,162 2,565 2,921 2,959 3,637 3,862 16 % Equipment 1,391 1,673 2,035 2,279 2,501 3,130 3,377 21 % Services 448 488 530 642 459 507 485 (5) % Segment EBITDA 205 314 387 494 528 671 739 Segment EBITDA margin 11.1 % 14.5 % 15.1 % 16.9 % 17.8 % 18.4 % 19.1 % 470 bps Wind ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 2Q'26 3Q'26 3Q'26 y/y % (organic)* Segment Revenue 1,850 2,245 2,647 2,368 1,432 2,026 2,741 3 % Equipment 1,412 1,797 2,203 1,839 889 1,395 2,121 (4) % Services 438 448 445 529 543 632 620 40 % Segment EBITDA (146) (165) (61) (225) (382) (275) 72 Segment EBITDA margin (7.9) % (7.3) % (2.3) % (9.5) % (26.7) % (13.6) % 2.6 % 420 bps * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 29 Financial trending metrics by segment
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RPO ($M) 3Q'25 3Q'26 y/y % Equipment 18,977 54,422 187 % Services 65,239 76,431 17 % Total RPO 84,216 130,854 55 % Segment Revenues and EBITDA ($M) 3Q'25 3Q'26 y/y % (organic)* 3Q'25 YTD 3Q'26 YTD y/y % (organic)* Gas Power 3,948 5,117 11,464 13,610 Nuclear Power 664 719 1,975 2,294 Hydro Power 251 231 658 613 Total Segment Revenues 4,863 6,067 25 % 14,097 16,516 17 % Equipment 1,744 2,870 65 % 4,740 6,721 41 % Services 3,119 3,197 2 % 9,357 9,796 4 % Total Segment Revenues 4,863 6,067 25 % 14,097 16,516 17 % Segment EBITDA 651 1,297 1,954 3,139 Segment EBITDA margin 13.4 % 21.4 % 830 bps 13.9 % 19.0 % 560 bps Orders ($M) 3Q'25 3Q'26 y/y % (organic) 3Q'25 YTD 3Q'26 YTD y/y % (organic) Equipment 4,448 17,973 304 % 10,810 36,234 235 % Services 3,384 3,807 12 % 10,394 12,282 18 % Total Orders 7,832 21,780 178 % 21,204 48,516 128 % © 2026 GE Vernova and/or its affiliates. All rights reserved. 30 Power: key performance metrics * Non-GAAP Financial Measure YTD = year-to-date and refers to the nine-months ending September 30
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RPO ($M) 3Q'25 3Q'26 y/y % Equipment 26,455 42,204 60 % Services 3,317 3,943 19 % Total RPO 29,772 46,148 55 % Segment Revenues and EBITDA ($M) 3Q'25 3Q'26 y/y % (organic)* 3Q'25 YTD 3Q'26 YTD y/y % (organic)* Power Transmission 811 1,868 2,262 5,124 Grid Systems Integration 677 1,002 1,646 2,499 Power Conversion & Storage 621 569 1,413 1,585 Grid Automation & Software 456 424 1,246 1,251 Total Segment Revenues 2,565 3,862 16 % 6,566 10,459 24 % Equipment 2,035 3,377 21 % 5,100 9,008 31 % Services 530 485 (5) % 1,466 1,451 (1) % Total Segment Revenues 2,565 3,862 16 % 6,566 10,459 24 % Segment EBITDA 387 739 906 1,939 Segment EBITDA margin 15.1 % 19.1 % 470 bps 13.8 % 18.5 % 570 bps Orders ($M) 3Q'25 3Q'26 y/y % (organic) 3Q'25 YTD 3Q'26 YTD y/y % (organic) Equipment 4,468 4,826 (10) % 10,023 16,915 43 % Services 601 545 (7) % 1,695 1,915 14 % Total Orders 5,069 5,371 (9) % 11,717 18,831 39 % © 2026 GE Vernova and/or its affiliates. All rights reserved. 31 Electrification: key performance metrics * Non-GAAP Financial Measure YTD = year-to-date and refers to the nine-months ending September 30
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RPO ($M) 3Q'25 3Q'26 y/y % Equipment 8,782 7,584 (14) % Services 12,726 12,368 (3) % Total RPO 21,508 19,952 (7) % Segment Revenues and EBITDA ($M) 3Q'25 3Q'26 y/y % (organic)* 3Q'25 YTD 3Q'26 YTD y/y % (organic)* Onshore Wind 2,453 2,468 6,118 5,376 Offshore Wind 195 273 624 824 Total Segment Revenues 2,647 2,741 3 % 6,742 6,200 (9) % Equipment 2,203 2,121 (4) % 5,412 4,405 (20) % Services 445 620 40 % 1,331 1,795 33 % Total Segment Revenues 2,647 2,741 3 % 6,742 6,200 (9) % Segment EBITDA (61) 72 (373) (585) Segment EBITDA margin (2.3) % 2.6 % 420 bps (5.5) % (9.4) % (360) bps Orders ($M) 3Q'25 3Q'26 y/y % (organic) 3Q'25 YTD 3Q'26 YTD y/y % (organic) Equipment 1,220 1,460 18 % 3,036 2,920 (4) % Services 613 680 11 % 1,499 1,668 10 % Total Orders 1,833 2,140 16 % 4,535 4,587 — % © 2026 GE Vernova and/or its affiliates. All rights reserved. 32 Wind: key performance metrics * Non-GAAP Financial Measure YTD = year-to-date and refers to the nine-months ending September 30
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FCF* ($M) 3Q'25 3Q'26 y/y 3Q'25 YTD 3Q'26 YTD y/y Net income (loss) (GAAP) 453 1,289 835 1,209 6,687 5,478 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 152 200 48 446 548 102 Amortization of intangible assets 61 239 178 177 650 474 (Gains) losses on purchases and sales of business interests (44) (35) 8 (66) (4,463) (4,397) Principal pension plans – net (89) (90) (1) (268) (786) (518) Other postretirement benefit plans – net (58) (512) (454) (167) (634) (467) Provision (benefit) for income taxes 293 493 200 514 1,123 609 Cash recovered (paid) during the year for income taxes (126) (1,423) (1,298) (489) (2,681) (2,192) Changes in operating working capital: Decrease (increase) in current receivables (468) (824) (356) 563 (1,667) (2,230) Decrease (increase) in inventories, including deferred inventory costs (164) (308) (143) (1,047) (2,052) (1,004) Decrease (increase) in current contract assets (8) 13 21 (656) (345) 311 Increase (decrease) in accounts payable and equipment project payables 359 573 214 566 1,522 956 Increase (decrease) in contract liabilities and current deferred income 558 5,816 5,257 2,419 19,511 17,092 All other operating activities 61 627 566 (693) (675) 17 Cash from (used for) operating activities (GAAP) 980 6,057 5,077 2,508 16,737 14,229 Add: gross additions to property, plant and equipment and internal-use software (247) (647) (400) (606) (1,430) (824) Free cash flow* (Non-GAAP) 732 5,409 4,677 1,902 15,307 13,405 Free cash flow conversion*-a) 162 % 420 % 157 % 229 % © 2026 GE Vernova and/or its affiliates. All rights reserved. 33 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 nine-months ending September 30
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Orders 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Gas Turbines 29 112 114 262 o Heavy-Duty Gas Turbines-a) 20 55 69 135 ◦ HA-Turbines-b) 13 21 28 48 o Aeroderivatives-a) 9 57 45 127 Gas Turbines (GW)-d) 7.4 16.6 19.6 36.7 Wind Turbines-c) 156 145 560 438 Repower units 139 481 344 530 Wind Turbines and Repower (GW)-c),-d) 0.9 1.5 2.7 2.7 Sales 3Q'25 3Q'26 3Q'25 YTD 3Q'26 YTD Gas Turbines 20 32 60 86 o Heavy-Duty Gas Turbines-a) 14 19 44 47 ◦ HA-Turbines-b) 6 7 19 15 o Aeroderivatives-a) 6 13 16 39 Gas Turbines (GW)-d) 4.0 5.3 12.2 12.8 Wind Turbines-c) 476 333 1,103 823 Repower units 158 251 444 278 Wind Turbines and Repower (GW)-c),-d) 2.1 2.1 5.1 4.0 (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 nine-months ending September 30 © 2026 GE Vernova and/or its affiliates. All rights reserved. 34 Unit metrics: orders and sales
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Largely completed our $10B authorization, with 15.6M shares repurchased at an average price of ~$635 per share Share repurchase summary Amount Repurchased ($) Number of Shares Repurchased Average $ per share 4Q’24 3 0.0 337 1Q’25 1,204 4.0 303 2Q’25 379 1.2 317 3Q’25 658 1.1 600 4Q’25 1,075 1.9 566 1Q’26 1,295 1.8 720 2Q’26 2,350 2.5 952 3Q’26 1,630 1.7 949 October ‘26-a) 1,316 1.4 924 Cumulative Amount Repurchased ($) Number of Shares Repurchased Average $ per share 3 0.0 337 1,207 4.0 303 1,586 5.2 306 2,243 6.3 357 3,319 8.2 406 4,613 10.0 462 6,963 12.5 559 8,593 14.2 607 9,909 15.6 635 35© 2026 GE Vernova and/or its affiliates. All rights reserved. In millions, except $ per share (a- through October 23, 2026
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36 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 reconciliations 37 Trench Group Adjusted EBITDA* and Adjusted EBITDA margin* Trench Group’s Adjusted EBITDA* and Adjusted EBITDA margin* are non-GAAP financial measures and are forecasts of Trench Group as a standalone business prepared by GE Vernova based on data provided by Trench Group and prepared under its accounting policies and exclude any expected synergies, integration costs, and purchase price accounting adjustments determined through due diligence. We believe that Trench Group’s Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or noncash items that are not closely associated with ongoing operations, provide management and investors with meaningful measures of performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe Trench Group’s Adjusted EBITDA* and Adjusted EBITDA margin* provide additional insight into how the business is expected to perform, on a normalized basis. However, Trench Group’s Adjusted EBITDA* and Adjusted EBITDA margin* should not be construed as inferring that Trench Group’s future results will be unaffected by the items for which the measures adjust. We cannot provide a reconciliation of the differences between Trench Group’s expected Adjusted EBITDA* and Adjusted EBITDA margin* and the corresponding GAAP financial measures without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial 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. Trench Group free cash flow* Trench Group’s free cash flow* is a non-GAAP financial measure and is a forecast of Trench Group as a standalone business prepared by GE Vernova based on data provided by Trench Group 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 Trench Group’s free cash flow* and the corresponding GAAP financial measure without unreasonable effort, including due to the uncertainty of timing for capital expenditures, foreign exchange rates, and changes to conform accounting to U.S. GAAP. 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 depreciation 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. * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved.
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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 associated 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 profitability 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 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. 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. 38 Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Three months ended September 30, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% Power (GAAP) $ 4,863 $ 6,067 25 % $ 1,744 $ 2,870 65 % $ 3,119 $ 3,197 3 % $ 651 $ 1,297 99 % 13.4 % 21.4 % 800 bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect 5 6 — (3) 5 9 33 27 Power organic* (Non-GAAP) $ 4,858 $ 6,061 25 % $ 1,744 $ 2,874 65 % $ 3,114 $ 3,188 2 % $ 619 $ 1,271 105 % 12.7 % 21.0 % 830 bps Electrification (GAAP) $ 2,565 $ 3,862 51 % $ 2,035 $ 3,377 66 % $ 530 $ 485 (8) % $ 387 $ 739 91 % 15.1 % 19.1 % 400 bps Less: Acquisitions 1 945 — 921 1 25 (3) 212 (a) Less: Business dispositions 43 — — — 43 — 60 — Less: Foreign currency effect 3 3 3 4 — (1) (2) 7 Electrification organic* (Non-GAAP) $ 2,518 $ 2,914 16 % $ 2,033 $ 2,452 21 % $ 485 $ 462 (5) % $ 332 $ 521 57 % 13.2 % 17.9 % 470 bps Wind (GAAP) $ 2,647 $ 2,741 4 % $ 2,203 $ 2,121 (4) % $ 445 $ 620 39 % $ (61) $ 72 218 % (2.3) % 2.6 % 490 bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect 6 12 6 15 — (3) (45) (25) Wind organic* (Non-GAAP) $ 2,642 $ 2,729 3 % $ 2,197 $ 2,106 (4) % $ 445 $ 622 40 % $ (17) $ 97 671 % (0.6) % 3.6 % 420 bps Total Company (GAAP) $ 9,969 $ 12,642 27 % $ 5,880 $ 8,340 42 % $ 4,089 $ 4,302 5 % $ 811 $ 1,943 140 % 8.1 % 15.4 % 730 bps Less: Acquisitions 1 945 — 921 1 25 (3) 210 Less: Business dispositions 43 — — — 43 — 60 — Less: Foreign currency effect 14 22 9 16 6 6 (15) 12 Total Company organic* (Non-GAAP) $ 9,911 $ 11,676 18 % $ 5,871 $ 7,404 26 % $ 4,039 $ 4,272 6 % $ 770 $ 1,721 124 % 7.8 % 14.7 % 690 bps (a) Includes $216 million of Prolec GE EBITDA. Prolec GE EBITDA is a non-GAAP financial measure, and is calculated by excluding depreciation and amortization of $(200) million, the impact of a fair value adjustment to Prolec GE, certain integration costs and other of $(20) million from Prolec GE income (loss) before income taxes of $(5) 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. 39 We believe Prolec GE EBITDA, which is 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-period comparability by highlighting results from ongoing operations and underlying profitability 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 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. (a) Includes $520 million of Prolec GE EBITDA from the acquisition date through September 30, 2026. Prolec GE EBITDA is a non-GAAP financial measure, and is calculated by excluding depreciation and amortization of $(528) million, the impact of a fair value adjustment to Prolec GE inventory of $(106) million, and certain integration costs and other of $(57) million from Prolec GE income (loss) before income taxes of $(171) million. Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Nine months ended September 30, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% Power (GAAP) $ 14,097 $ 16,516 17 % $ 4,740 $ 6,721 42 % $ 9,357 $ 9,796 5 % $ 1,954 $ 3,139 61 % 13.9 % 19.0 % 510 bps Less: Acquisitions — — — — — — 1 2 Less: Business dispositions — — — — — — — — Less: Foreign currency effect 12 103 — 24 13 78 65 15 Power organic* (Non-GAAP) $ 14,084 $ 16,414 17 % $ 4,740 $ 6,697 41 % $ 9,344 $ 9,717 4 % $ 1,888 $ 3,122 65 % 13.4 % 19.0 % 560 bps Electrification (GAAP) $ 6,566 $ 10,459 59 % $ 5,100 $ 9,008 77 % $ 1,466 $ 1,451 (1) % $ 906 $ 1,939 114 % 13.8 % 18.5 % 470 bps Less: Acquisitions 1 2,291 — 2,223 1 68 (3) 508 (a) Less: Business dispositions 125 26 — — 125 26 160 54 Less: Foreign currency effect 16 182 14 147 2 35 7 (4) Electrification organic* (Non-GAAP) $ 6,424 $ 7,960 24 % $ 5,085 $ 6,638 31 % $ 1,339 $ 1,322 (1) % $ 742 $ 1,381 86 % 11.6 % 17.3 % 570 bps Wind (GAAP) $ 6,742 $ 6,200 (8) % $ 5,412 $ 4,405 (19) % $ 1,331 $ 1,795 35 % $ (373) $ (585) (57) % (5.5) % (9.4) % (390) bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect (18) 72 (18) 50 — 22 (83) (102) Wind organic* (Non-GAAP) $ 6,760 $ 6,128 (9) % $ 5,430 $ 4,355 (20) % $ 1,331 $ 1,773 33 % $ (290) $ (483) (67) % (4.3) % (7.9) % (360) bps Total Company (GAAP) $ 27,112 $ 33,084 22 % $ 14,971 $ 20,053 34 % $ 12,141 $ 13,031 7 % $ 2,038 $ 4,089 101 % 7.5 % 12.4 % 490 bps Less: Acquisitions 1 2,291 — 2,223 1 68 (2) 509 Less: Business dispositions 125 26 — — 125 26 160 54 Less: Foreign currency effect 11 356 (4) 220 15 136 (13) (112) Total Company organic* (Non-GAAP) $ 26,976 $ 30,411 13 % $ 14,975 $ 17,609 18 % $ 12,001 $ 12,801 7 % $ 1,894 $ 3,638 92 % 7.0 % 12.0 % 500 bps
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* Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 40 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 2026 V% 2025 2026 V% Selling, General and Administrative expense (GAAP) $ 1,221 $ 1,354 11 % $ 3,594 $ 4,024 12 % Less: Restructuring and other charges 72 9 104 134 Less: Separation costs(a) 42 31 120 101 Less: Depreciation and amortization(b) 67 164 199 463 Less: Selling & marketing expense 308 311 911 927 Less: Prolec related G&A expense(c) — 37 — 87 Adjusted G&A expenses* (Non-GAAP) excluding Prolec related G&A expense $ 732 $ 803 10 % $ 2,261 $ 2,312 2 % (a) Costs incurred in our separation from General Electric Company, including system implementations, advisory fees, one-time stock 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 nine months ended September 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 $106 million for the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in the nine months ended September 30, 2026. Includes a pre-tax gain of $366 million related to the sale of our Proficy business in our Electrification segment in the nine months ended September 30, 2026. Also includes unrealized and realized (gains) losses related to our interest in China XD Electric Co., Ltd, which we sold the remainder of in 2026 and was 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 other one-time costs. (c) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis differences 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 business operations primarily with customers. (e) Excludes interest (income) expense of zero and zero and provision (benefit) for income taxes of $(3) million and zero for the three months ended September 30, 2026 and 2025, respectively, as well as excludes interest (income) expense of zero and $(1) million and provision (benefit) for income taxes of $3 million and $4 million for the nine months ended September 30, 2026 and 2025, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax basis. Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA margin*& Adjusted organic EBITDA margin* We believe that Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA* & Adjusted organic EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations, provide management and investors with meaningful measures of our performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA* & Adjusted organic EBITDA margin* should not be construed as inferring that our future results will be unaffected by the items for which the measures adjust. 41 Three months ended September 30 Nine months ended September 30 ($ in millions) 2025 2026 V% 2025 2026 V% Net income (loss) (GAAP) $ 453 $ 1,289 185 % $ 1,209 $ 6,687 453 % Add: Restructuring and other charges 83 6 192 109 Add: (Gains) losses on purchases and sales of business interests(a) (113) (36) (131) (4,481) Add: Separation costs(b) 43 31 122 92 Add: Non-operating benefit income (115) (212) (340) (465) Add: Depreciation and amortization(c) 212 439 617 1,199 Add: Interest and other financial (income) charges – net(d)(e) (44) (71) (141) (171) Add: Provision (benefit) for income taxes(e) 292 496 510 1,119 Adjusted EBITDA* (Non-GAAP) $ 811 $ 1,943 140 % $ 2,038 $ 4,089 101 % Net income (loss) margin (GAAP) 4.5 % 10.2 % 570 pts 4.5 % 20.2 % 1,570 pts Adjusted EBITDA margin* (Non-GAAP) 8.1 % 15.4 % 730 pts 7.5 % 12.4 % 490 pts Adjusted EBITDA* (Non-GAAP) $ 811 $ 1,943 140 % $ 2,038 $ 4,089 101 % Less: Acquisitions (3) 210 (2) 509 Less: Business dispositions 60 — 160 54 Less: Foreign currency effect (15) 12 (13) (112) Adjusted organic EBITDA* (Non-GAAP) $ 770 $ 1,721 124 % $ 1,894 $ 3,638 92 % Adjusted organic EBITDA margin* (Non-GAAP) 7.8 % 14.7 % 690 bps 7.0 % 12.0 % 500 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 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 for certain investing and financing activities. 42 Free Cash Flow (Non-GAAP) Three months ended September 30 Nine months ended September 30 ($ in millions) 2025 2026 V% 2025 2026 V% Cash from (used for) operating activities (GAAP) $ 980 $ 6,057 518 % $ 2,508 $ 16,737 567 % Add: gross additions to property, plant and equipment and internal-use software (247) (647) (606) (1,430) Free cash flow* (Non-GAAP) $ 732 $ 5,409 639 % $ 1,902 $ 15,307 705 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved.