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GE Vernova — gev webcast presentation 04222026 (company IR deck)
GE Vernova (GEV) · 0 slides · Filed Oct 21, 2026
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Slide 1 — 1Q 2026
April 22, 2026 1 1Q 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
Slide 2 — Caution concerning forward-looking statements:
© 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 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 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. These 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.
Slide 3 — Solid start to 2026
Significant opportunity to create value going forward Running business better today; investing in lean, AI, and robotics for tomorrow 3 Operating from a position of financial strength 3 Solid start to 2026 © 2026 GE Vernova and/or its affiliates. All rights reserved. Growth trajectory and margin expansion potential of company is accelerating Providing diverse and integrated solutions for existing and new customers
Slide 4 — Strong 1Q’26 results
$64B $76B 4Q’25 1Q’26 4 Solid execution continues Equipment backlog-a) * Non-GAAP Financial Measure (a - Backlog defined on a remaining performance obligation (RPO) basis © 2026 GE Vernova and/or its affiliates. All rights reserved. Wind Electrification Power Strong 1Q’26 results Gas Power backlog increased to 44 GW & slot reservations increased to 56 GW Electrification grew by $8B, from Prolec GE and data center demand • Delivered strong orders, revenue & backlog growth in both equipment & services • Generated $4.8B of free cash flow*, more than full year 2025 • Raising 2026 financial guidance across all key metrics
Slide 5 — Electrification well-positioned for growth
5 (a - Backlog defined on a remaining performance obligation (RPO) basis (b - Prolec GE was added to Power Transmission in 1Q’26 following the closure of the acquisition © 2026 GE Vernova and/or its affiliates. All rights reserved. $9B $16B $23B $34B $42B 2022 2023 2024 2025 1Q’26 Electrification Backlog-a) Up >4x Accelerating demand Broad Suite of Offerings • HVDC systems and substations, including key data center solutions • Significant visibility to growing revenue for years to come Grid Systems Integration Power Transmission • Switchgear, transformers, and capacitors to expand and modernize the grid • Prolec GE expands transformer offerings, scale, & flexibility; adds ~$5B of backlog Power Conversion & Storage Grid Automation & Software • Grid monitoring products and enhanced digitization to drive more predictive and autonomous grid management Electrification well-positioned for growth 2025 Revenue of $9.5B-b) • Equipment, like synchronous condensers and battery storage, to improve grid resiliency by addressing intermittency and growing electro-intensive demand
Slide 6 — Financial Snapshot
$ in billions 6 Orders 10.2 18.3 Significant growth, margin expansion, and FCF* with increasing backlog-a) 1Q’25 1Q’26 Financial Snapshot 1Q’26 Dynamics-b) +71% Revenue 8.0 9.3 Increased equipment revenue at Electrification and Power, along with higher services revenue, more than offset lower Wind equipment revenue +7% Backlog-a) 123.4 163.3 +39.8 Adjusted EBITDA* 0.5 0.9 +0.4 Free cash flow (FCF)* 1.0 4.8 +3.8 Adjusted EBITDA Margin* 5.7% 9.6% Year-over-year growth and expansion driven by price, more profitable volume, and productivity 390bps Robust growth in both equipment and services Higher positive benefits from working capital and stronger adj. EBITDA* partially offset by increased taxes and capex Significant equipment growth at Electrification and Power as well as services, driven by Power * Non-GAAP Financial Measure (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.
Slide 7 — Power
7 1Q’26 Dynamics-a) Orders ($B) 6.3 10.0 Revenue ($B) 4.4 5.0 Backlog-b) ($B) 76.5 99.7 EBITDA ($M) EBITDA Margin 11.6% 16.3% 2Q’26 Outlook-a) Expect 15% - 17% organic revenue growth driven by both higher equipment and services; 17% - 18% EBITDA margin Power Robust demand growth, increased revenue & EBITDA margin (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) © 2026 GE Vernova and/or its affiliates. All rights reserved. 517 811 1Q'25 1Q'26 Orders robust, increasing 59%, primarily driven by higher gas turbine pricing and HA volume, as well as large orders for upgrades at Nuclear Power Revenue increased 10%, led by Gas Power from both heavy duty gas turbines and aeroderivatives units 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
Slide 8 — Electrification
Orders strong, approximately 2.5 times revenue due to growing grid equipment demand, particularly for substations, HVDC, switchgear, and transformers Revenue increased 29%, from substantial growth in switchgear, transformers, substations, and HVDC equipment Significant EBITDA margin expansion with strong volume, productivity, and favorable pricing 8 Orders ($B) 3.4 7.1 Revenue ($B) 1.8 3.0 Backlog-b) ($B) 25.0 42.4 EBITDA ($M) EBITDA Margin Electrification Significant growth & EBITDA margin expansion while increasing backlog-b) 1Q’26 Dynamics-a) 2Q’26 Outlook-a) Expect revenues of $3.3B - $3.5B with modest sequential EBITDA margin expansion (a – year-over-year variance commentary for orders, revenue, and EBITDA margin are presented on an organic basis; organic revenue and organic EBITDA margin are non-GAAP financial measures (b – defined as remaining performance obligation (RPO) © 2026 GE Vernova and/or its affiliates. All rights reserved. 205 528 1Q'25 1Q'26 17.8% 11.1%
Slide 9 — Wind
Wind 9 (a – year-over-year variance commentary for orders, revenue, and EBITDA are presented on an organic basis; organic revenue and organic EBITDA are non-GAAP financial measures (b – defined as remaining performance obligation (RPO) © 2026 GE Vernova and/or its affiliates. All rights reserved. Orders ($B) 0.6 1.2 Revenue ($B) 1.8 1.4 Backlog-b) ($B) 22.2 21.3 EBITDA ($M) EBITDA Margin EBITDA losses in line with our expectations 1Q’26 Dynamics-a) Wind orders increased driven by improved Onshore Wind equipment orders, primarily in North America Revenue decreased (25)% given lower Onshore Wind equipment deliveries EBITDA losses increased primarily due to lower equipment volume and the impact of tariffs at Onshore Wind and higher Offshore Wind contract losses, partially offset by improved Onshore Wind services (146) (382) 1Q'25 1Q'26 2Q’26 Outlook-a) Expect revenue down mid-teens; EBITDA losses of $200M - $300M, from lower Onshore Wind equipment volume (7.9)% (26.7)%
Slide 10 — Raising 2026 guidance
10 Raising 2026 guidance Expecting continued adjusted EBITDA margin* expansion and FCF* growth in 2026 REVENUE $44B - $45B $44.5B - $45.5B ADJUSTED EBITDA MARGIN*-a) 11% - 13% 12% - 14% FREE CASH FLOW* $5.0B - $5.5B $6.5B - $7.5B (a – includes $(450)M - $(500)M of Corporate and other costs January 28th April 22nd GE Vernova Power • Organic revenue* growth of 16% - 18% • 17% - 19% segment EBITDA margin (previous: 16% - 18%) Electrification • $14.0B - $14.5B of revenue, which includes ~$3B from Prolec GE (previous: $13.5B - $14.0B) • 18% - 20% segment EBITDA margin (previous: 17% - 19%) 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.
Slide 11 — Wrap-Up
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 11 © 2026 GE Vernova and/or its affiliates. All rights reserved. Building a larger and more profitable business positioned to deliver attractive returns Wrap-Up
Slide 12 — Q A
GE Vernova’s Kaizen Week featured ~200 events focused on safety, quality, delivery, and cost, resulting in the elimination of 100,000+ lifting activities, reduction of 480+ days of production time, and 350+ safety improvements. Q A & 12 © 2026 GE Vernova and/or its affiliates. All rights reserved.
Slide 13 — Appendix
13 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
Slide 14 — Our Sustainability Framework
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’s business success with sustainability success Our Sustainability Framework Catalyze access to more secure, sustainable, reliable, and affordable electricity, and help drive global economic development Invent, deploy, and service the technology to help decarbonize and electrify the world LEADING GOALS GOAL 2 Address electrification in regions underserved by reliable, affordable, and sustainable electricity Innovate toward our 2050 Scope 3 net zero ambition for use of sold products GOAL 1 Be a leading provider of new power generating capacity and grid capacity for the world Improve the 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 Innovate more while using less, safeguarding natural 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 2 GOAL 1 LEADING GOALS GOAL 1 GOAL 2 GOAL 3 GOAL 4 Demonstrate progress on inclusive culture and equal employment opportunity for all employees Embed and implement ethical decision-making principles into business decisions Partner with suppliers to advance human rights in our value chain
Slide 15 — Financial trending metrics
Orders ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'26 y/y % (organic) Total Orders 10,152 12,364 14,608 22,192 18,279 71 % Equipment 5,760 7,808 10,039 16,175 12,753 106 % Services 4,392 4,555 4,569 6,017 5,526 25 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. RPO ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'26 y/y % Total RPO 123,438 128,650 135,269 150,238 163,276 32 % Equipment 45,478 49,712 54,092 64,245 75,924 67 % Services 77,959 78,938 81,177 85,993 87,352 12 % Revenues ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'26 y/y % (organic)* Total Revenues 8,032 9,111 9,969 10,956 9,339 7 % Equipment 4,197 4,894 5,880 5,963 5,254 10 % Services 3,835 4,217 4,089 4,993 4,084 4 % 15 Financial trending metrics
Slide 16 — Financial trending metrics by segment
Power ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'26 y/y % (organic)* Segment Revenue 4,449 4,785 4,863 5,776 4,971 10 % Equipment 1,491 1,504 1,744 1,946 1,885 25 % Services 2,958 3,280 3,119 3,830 3,086 3 % Segment EBITDA 517 785 651 982 811 Segment EBITDA margin 11.6 % 16.4 % 13.4 % 17.0 % 16.3 % 500 bps Electrification ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'26 y/y % (organic)* Segment Revenue 1,840 2,162 2,565 2,921 2,959 29 % Equipment 1,391 1,673 2,035 2,279 2,501 39 % Services 448 488 530 642 459 (5) % Segment EBITDA 205 314 387 494 528 Segment EBITDA margin 11.1 % 14.5 % 15.1 % 16.9 % 17.8 % 590 bps Wind ($M) 1Q'25 2Q'25 3Q'25 4Q'25 1Q'26 1Q'26 y/y % (organic)* Segment Revenue 1,850 2,245 2,647 2,368 1,432 (25) % Equipment 1,412 1,797 2,203 1,839 889 (39) % Services 438 448 445 529 543 20 % Segment EBITDA (146) (165) (61) (225) (382) Segment EBITDA margin (7.9) % (7.3) % (2.3) % (9.5) % (26.7) % (1,670) bps * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 16 Financial trending metrics by segment
Slide 17 — Power: key performance metrics
RPO ($M) 1Q'25 1Q'26 y/y % Equipment 13,920 28,530 105 % Services 62,533 71,164 14 % Total RPO 76,453 99,694 30 % Segment Revenues and EBITDA ($M) 1Q'25 1Q'26 y/y % (organic)* Gas Power 3,605 4,066 Nuclear Power 661 757 Hydro Power 183 148 Total Segment Revenues 4,449 4,971 10 % Equipment 1,491 1,885 25 % Services 2,958 3,086 3 % Total Segment Revenues 4,449 4,971 10 % Segment EBITDA 517 811 Segment EBITDA margin 11.6 % 16.3 % 500 bps Orders ($M) 1Q'25 1Q'26 y/y % (organic) Equipment 2,842 5,611 95 % Services 3,420 4,396 29 % Total Orders 6,263 10,008 59 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 17 Power: key performance metrics
Slide 18 — Electrification: key performance metrics
RPO ($M) 1Q'25 1Q'26 y/y % Equipment 21,996 38,598 75 % Services 3,038 3,842 26 % Total RPO 25,034 42,440 70 % Segment Revenues and EBITDA ($M) 1Q'25 1Q'26 y/y % (organic)* Power Transmission 692 1,380 Grid Systems Integration 390 691 Power Conversion & Storage 381 477 Grid Automation & Software 378 411 Total Segment Revenues 1,840 2,959 29 % Equipment 1,391 2,501 39 % Services 448 459 (5) % Total Segment Revenues 1,840 2,959 29 % Segment EBITDA 205 528 Segment EBITDA margin 11.1 % 17.8 % 590 bps Orders ($M) 1Q'25 1Q'26 y/y % (organic) Equipment 2,808 6,421 99 % Services 557 691 18 % Total Orders 3,366 7,112 86 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 18 Electrification: key performance metrics
Slide 19 — Wind: key performance metrics
RPO ($M) 1Q'25 1Q'26 y/y % Equipment 9,676 8,905 (8) % Services 12,484 12,443 — % Total RPO 22,160 21,348 (4) % Segment Revenues and EBITDA ($M) 1Q'25 1Q'26 y/y % (organic)* Onshore Wind 1,646 1,186 Offshore Wind 204 246 Total Segment Revenues 1,850 1,432 (25) % Equipment 1,412 889 (39) % Services 438 543 20 % Total Segment Revenues 1,850 1,432 (25) % Segment EBITDA (146) (382) Segment EBITDA margin (7.9) % (26.7) % (1,670) bps Orders ($M) 1Q'25 1Q'26 y/y % (organic) Equipment 202 739 265 % Services 438 460 2 % Total Orders 640 1,199 85 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 19 Wind: key performance metrics
Slide 20 — Free cash flow* performance
FCF* ($M) 1Q'25 1Q'26 y/y Net income (loss) (GAAP) 264 4,750 4,485 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 149 166 17 Amortization of intangible assets 56 176 119 (Gains) losses on purchases and sales of business interests (21) (4,405) (4,384) Principal pension plans – net (89) (90) (1) Other postretirement benefit plans – net (44) (80) (36) Provision (benefit) for income taxes 68 354 286 Cash recovered (paid) during the year for income taxes (145) (534) (390) Changes in operating working capital: Decrease (increase) in current receivables 918 610 (309) Decrease (increase) in inventories, including deferred inventory costs (432) (930) (498) Decrease (increase) in current contract assets (345) (417) (72) Increase (decrease) in accounts payable and equipment project payables (269) 473 742 Increase (decrease) in contract liabilities and current deferred income 1,124 5,574 4,451 All other operating activities (74) (457) (383) Cash from (used for) operating activities (GAAP) 1,161 5,188 4,027 Add: gross additions to property, plant and equipment and internal-use software (186) (397) (211) Free cash flow* (Non-GAAP) 975 4,791 3,816 Free cash flow conversion*-a) 369 % 101 % * Non-GAAP Financial Measure (a- Defined as free cash flow* divided by net income (loss) © 2026 GE Vernova and/or its affiliates. All rights reserved. 20 Free cash flow* performance
Slide 21 — Unit metrics: orders and sales
Orders 1Q'25 1Q'26 Gas Turbines 38 37 o Heavy-Duty Gas Turbines-a) 29 28 ◦HA-Turbines-b) 8 12 • Aeroderivatives-a) 9 9 Gas Turbines (GW)-d) 7.1 8.1 Wind Turbines-c) 23 146 Repower units — 49 Wind Turbines and Repower (GW)-c),-d) 0.1 0.6 Sales 1Q'25 1Q'26 Gas Turbines 19 25 o Heavy-Duty Gas Turbines-a) 12 15 ◦HA-Turbines-b) 5 5 • Aeroderivatives-a) 7 10 Gas Turbines (GW)-d) 3.0 4.2 Wind Turbines-c) 276 154 Repower units 130 — Wind Turbines and Repower (GW)-c),-d) 1.3 0.6 (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 © 2026 GE Vernova and/or its affiliates. All rights reserved. 21 Unit metrics: orders and sales
Slide 22 — Non-GAAP
22 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
Slide 23 — Non-GAAP reconciliations
* Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. Non-GAAP reconciliations 23 2Q’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 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.
Slide 24 — Organic revenue*, Segment organic revenue*, Segment organic EBITDA* &
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. 24 Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Three months ended March 31, ($ in millions) 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% 2025 2026 V% Power (GAAP) $ 4,449 $ 4,971 12 % $ 1,491 $ 1,885 26 % $ 2,958 $ 3,086 4 % $ 517 $ 811 57 % 11.6 % 16.3 % 470 bps Less: Acquisitions — — — — — — 1 2 Less: Business dispositions — — — — — — — — Less: Foreign currency effect 3 63 — 15 3 48 6 (3) Power organic* (Non-GAAP) $ 4,446 $ 4,908 10 % $ 1,491 $ 1,870 25 % $ 2,955 $ 3,038 3 % $ 511 $ 812 59 % 11.5 % 16.5 % 500 bps Electrification (GAAP) $ 1,840 $ 2,959 61 % $ 1,391 $ 2,501 80 % $ 448 $ 459 2 % $ 205 $ 528 158 % 11.1 % 17.8 % 670 bps Less: Acquisitions — 486 — 469 — 17 — (a)112 Less: Business dispositions 38 26 — — 38 26 48 54 Less: Foreign currency effect 2 129 2 104 — 26 1 24 Electrification organic* (Non-GAAP) $ 1,800 $ 2,318 29 % $ 1,390 $ 1,928 39 % $ 411 $ 390 (5) % $ 156 $ 338 117 % 8.7 % 14.6 % 590 bps Wind (GAAP) $ 1,850 $ 1,432 (23) % $ 1,412 $ 889 (37) % $ 438 $ 543 24 % $ (146) $ (382) (162) % (7.9) % (26.7) % (1,880) bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect (8) 47 (8) 31 — 17 (14) (53) Wind organic* (Non-GAAP) $ 1,857 $ 1,385 (25) % $ 1,419 $ 859 (39) % $ 438 $ 526 20 % $ (132) $ (329) (149) % (7.1) % (23.8) % (1,670) bps Total Company (GAAP) $ 8,032 $ 9,339 16 % $ 4,197 $ 5,254 25 % $ 3,835 $ 4,084 6 % Less: Acquisitions — 486 — 469 — 17 Less: Business dispositions 38 26 — — 38 26 Less: Foreign currency effect (3) 240 (6) 149 3 91 Total Company organic* (Non-GAAP) $ 7,997 $ 8,587 7 % $ 4,203 $ 4,636 10 % $ 3,794 $ 3,950 4 % (a) Includes $115 million of Prolec GE EBITDA from the acquisition date through March 31, 2026. Prolec GE EBITDA is a non-GAAP financial measure, and is calculated by excluding depreciation and amortization of $(130) million, the impact of a fair value adjustment to Prolec GE inventory of $(71) million, and integration costs and other of $(19) million from Prolec GE income (loss) before income taxes of $(105) million.
Slide 25 — Adjusted general and administrative expenses*
* Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 25 Adjusted general and administrative expenses* We believe Adjusted general and administrative expenses* provides investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how we evaluate our business. Adjusted general and administrative expenses* also provides management and investors with additional perspective regarding the impact of certain significant items on our expenses. Adjusted general and administrative expenses* excludes unique and/or non-cash items that can have a material impact on our results. However, Adjusted general and administrative expenses* should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts. ADJUSTED GENERAL AND ADMINISTRATIVE (G&A) EXPENSES Three months ended March 31 ($ in millions) 2025 2026 V% Selling, General and Administrative expense (GAAP) $ 1,188 $ 1,298 9 % Less: Restructuring and other charges 15 89 Less: Separation costs(a) 44 22 Less: Depreciation and amortization(b) 66 129 Less: Selling & marketing expense 298 308 Less: Prolec GE G&A expense(c) — 22 Adjusted G&A expenses* (Non-GAAP) excluding Prolec related G&A expense $ 766 $ 727 (5) % (a) Costs incurred in our spin-off and separation from General Electric Company (GE), 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 through March 31, 2026.
Slide 26 — Adjusted EBITDA*, Adjusted EBITDA margin*, Adjusted organic EBITDA margin*&
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-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. 26 Three months ended March 31 ($ in millions) 2025 2026 V% Net income (loss) (GAAP) $ 264 $ 4,750 1,699 % Add: Restructuring and other charges 67 94 Add: (Gains) losses on purchases and sales of business interests(a) (19) (4,494) Add: Separation costs(b) 45 23 Add: Non-operating benefit income (115) (134) Add: Depreciation and amortization(c) 203 341 Add: Interest and other financial (income) charges – net(d)(e) (55) (27) Add: Provision (benefit) for income taxes(e) 67 344 Adjusted EBITDA* (Non-GAAP) $ 457 $ 896 96 % Net income (loss) margin (GAAP) 3.3 % 50.9 % 4,760 pts Adjusted EBITDA margin* (Non-GAAP) 5.7 % 9.6 % 390 pts Adjusted EBITDA* (Non-GAAP) $ 457 $ 896 96 % Less: Acquisitions 1 115 Less: Business dispositions 48 54 Less: Foreign currency effect (8) (51) Adjusted organic EBITDA* (Non-GAAP) $ 416 $ 778 87 % Adjusted organic EBITDA margin* (Non-GAAP) 5.2 % 9.1 % 390 bps * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. (a) Includes a pre-tax gain of $3,992 million 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 $71 million for the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in the three months ended March 31, 2026. Includes a pre-tax gain of $330 million related to the sale of our Proficy business in our Electrification segment in the three months ended March 31, 2026. Also includes unrealized and realized (gains) losses related to our interest in China XD Electric Co., Ltd, recorded in Net interest and investment income (loss) which is part of Other income (expense). (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 $10 million and $2 million for the three months ended March 31, 2026 and 2025, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax basis.
Slide 27 — Free Cash Flow*
Free Cash Flow* We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing activities. 27 Free Cash Flow (Non-GAAP) Three months ended March 31 ($ in millions) 2025 2026 V% Cash from (used for) operating activities (GAAP) $ 1,161 $ 5,188 347 % Add: gross additions to property, plant and equipment and internal-use software (186) (397) Free cash flow* (Non-GAAP) $ 975 $ 4,791 391 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved.