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January 28, 2026 1 4Q & Full Year 2025 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 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.
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Substantial opportunity to create value going forward Yielding strong returns on investments we are making 3 Solid progress since December 9th Investor Update Entering 2026 from a position of financial strength 3 Productive 2025 positioning company for future Growth trajectory of company continues to advance © 2026 GE Vernova and/or its affiliates. All rights reserved.
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* Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 4 Connecting a transformer to a high-voltage generator in Charleroi, PA. Our momentum continues Delivered strong performance in 2025 • Robust orders, top line growth, and significant margin expansion • More than doubled free cash flow* and returned $3.6B to shareholders • Raised multi-year financial outlook, increased buyback authorization, and doubled dividend
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$37 $43 $64 FY’23 FY’24 FY’25 Power & Electrification: growing backlog at healthy margins • Further Gas Power equipment backlog growth & margin expansion • Continued strong demand for grid equipment • Delivering majority of our 2024/2025 orders in 2027+ Wind: lower backlog with relatively stable margins • Executing Offshore Wind improves margins in backlog • Still expecting a smaller Onshore Wind backlog Opportunity for teams to further expand margins • Secure variable cost productivity on growing backlog • Accelerate capacity additions to sell incremental slots • U.S. Onshore Wind recovery 5 Well-positioned to deliver revenue and margin growth through the decade Equipment backlog-a) B Margin in equipment backlog increased $8B in 2025 2026 Outlook (a - Backlog defined on a remaining performance obligation (RPO) basis; excludes acquisition of the remaining 50% stake of Prolec GE; 2023 represents adjusted equipment backlog, a non-GAAP financial measure, which excludes backlog for the portion of Steam Power nuclear activities sold to Electricité de France S.A. The sale was completed 2Q’24. | (b – margin expansion refers to the increase or decrease in the average estimated contribution margin in backlog compared to prior year © 2026 GE Vernova and/or its affiliates. All rights reserved. margin expansion-b) +7pts +5pts +6pts +5pts +9pts +3pts +3pts +11pts +3pts +4pts (2)pts +3pts Wind Electrification Power B B
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* 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. $ in billions 6 Orders 13.2 22.2 44.1 59.3 Strong 4Q’25 led by significant growth in orders and FCF* with increasing backlog-a) 4Q’24 4Q’25 FY’24 FY’25 Financial Snapshot 4Q’25 Dynamics-b) +65% Revenue 10.6 11.0 34.9 38.1 Increased equipment revenue at Electrification and Power, along with higher services revenue, more than offset lower Wind equipment revenue+2% Backlog-a) 119.0 150.2 +31.2 Adjusted EBITDA* 1.1 1.2 2.0 3.2 +0.1 Free cash flow (FCF)* 0.6 1.8 1.7 3.7 +1.2 Adjusted EBITDA Margin* 10.2% 10.6% 5.8% 8.4% Year-over-year growth & expansion driven by price and productivity, partially offset by higher Offshore Wind contract losses 30bps Robust growth in both equipment and services Higher positive benefits from working capital and stronger adj. EBITDA* partially offset by increased capex Significant growth from equipment and services at Power & Electrification
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FY’25 guidance-a) Organic revenue* growth of 6% - 7% 14% - 15% segment EBITDA margin range 7 (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. 4Q’25 Dynamics-a) Orders ($B) 6.6 11.7 21.8 32.8 Revenue ($B) 5.4 5.7 18.1 19.8 Backlog-b) ($B) 73.4 94.4 EBITDA ($M) EBITDA Margin 810 971 4Q'24 4Q'25 14.9% 16.9% Power Robust demand growth, increased revenue & EBITDA margin in 2025 2,268 2,902 FY’24 FY’25 12.5% 14.7% 1Q’26 Outlook-a) Expect high-single digit organic revenue growth; 14% - 15% EBITDA margin, given typical services seasonality Orders robust, increasing 77% driven by higher volume and pricing with 41 heavy duty gas turbines (+17 year-over-year) and 18 aeroderivative units secured (+8 year-over-year) Revenue increased 5%, led by Nuclear Power and Gas Power EBITDA margin expanded as price and productivity more than offset additional expenses to support capacity, R&D investments and inflation
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8 4Q’25 Dynamics-a) Orders ($B) 2.0 3.1 7.1 7.7 Revenue ($B) 3.1 2.4 9.7 9.1 Backlog-b) ($B) 22.7 21.6 EBITDA ($M) EBITDA Margin 19 (225) 4Q'24 4Q'25 0.6% (9.5)% Wind Executing our strategy & improving profitability (588) (598) FY’24 FY’25Executing our strategy (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. 1Q’26 Outlook-a) Expect revenue down high-teens; EBITDA losses of $300M - $400M, down y/y from lower Onshore Wind volume and tariffs Wind orders increased driven by improved Onshore Wind equipment orders, primarily outside of North America Revenue decreased (25)% given lower Onshore Wind equipment deliveries EBITDA losses increased due to higher Offshore Wind contract losses and lower Onshore Wind equipment volume, partially offset by improved Onshore Wind services (6.1)% (6.6)%
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9 (a – year-over-year variance commentary for orders, revenue, and EBITDA margin are presented on an organic basis; organic revenue and organic EBITDA margin are non-GAAP financial measures (b – defined as remaining performance obligation (RPO) © 2026 GE Vernova and/or its affiliates. All rights reserved. 4Q’25 Dynamics-a) Orders ($B) 4.8 7.4 15.7 19.3 Revenue ($B) 2.2 3.0 7.5 9.6 Backlog-b) ($B) 23.5 34.7 EBITDA ($M) EBITDA Margin 283 505 4Q'24 4Q'25 13.0% 17.1% Orders strong, approximately 2.5 times revenue due to growing grid equipment demand, particularly for synchronous condensers, substations, and switchgear Revenue increased 32%, from substantial growth in switchgear as well as HVDC equipment Significant EBITDA margin expansion with strong volume, productivity, and favorable pricing Electrification Significant growth & EBITDA margin expansion while increasing backlog-b) in 2025 679 1,433 FY’24 FY’25 9.0% 14.9% 1Q’26 Outlook-a) Expect revenue similar to 4Q’25, including Prolec GE; 16% - 17% EBITDA margin
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Increasing 2026 guidance Expecting continued adjusted EBITDA margin* expansion and FCF* growth in 2026 10 REVENUE $41B - $42B $44B - $45B ADJUSTED EBITDA MARGIN*-a) 11% - 13% 11% - 13% FREE CASH FLOW* $4.5B - $5.0B $5.0B - $5.5B (a – includes $(450)M - $(500)M of Corporate and other costs December 9th Including Prolec GEGE Vernova Power • Organic revenue* growth of 16% - 18% • 16% - 18% segment EBITDA margin Electrification • $13.5B - $14.0B of revenue, which includes ~$3B from Prolec GE (previous: ~20% organic revenue* growth) • 17% - 19% segment EBITDA margin Wind • Organic revenue* down low-double digits • ~$400M of segment EBITDA losses (previous: similar segment EBITDA losses to 2025) * Non-GAAP Financial Measure 2026 guidance now includes the acquisition of the remaining 50% stake of Prolec GE and assumes that the acquisition will be completed on February 2, 2026. © 2026 GE Vernova and/or its affiliates. All rights reserved.
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11 Potential for even better performance Stronger financial trajectory ahead • Expect low-teens revenue CAGR from ‘25 to ‘28 for GEV • Revenue up high-teens at Power; Electrification up high-teens organically, plus ~$4B from Prolec GE; Wind down LDD • Pricing reflecting recent orders • Gas turbine deliveries reach 20 GW annualized output in mid ‘26, increasing to ~24 GW in ‘28; continued services growth • Substantial growth in Electrification equipment revenue and backlog • Onshore Wind revenue declines below ‘26 levels; both Offshore Wind projects in backlog complete AssumptionsBy 2028 Financial Outlook GE Vernova Revenue Adj. EBITDA margin* Cumulative ‘25-’28 FCF* $52B 20% $22B+ $24B+ December 9th Including Prolec GE Power 22% 22% Electrification 22% 22% Wind 6% 6% 20% $56B *Non-GAAP Financial Measure By 2028 financial outlook now includes the acquisition of the remaining 50% stake of Prolec GE and assumes that the acquisition will be completed on February 2, 2026. Segment amounts in the table refer to segment EBITDA margin © 2026 GE Vernova and/or its affiliates. All rights reserved.
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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 12 © 2026 GE Vernova and/or its affiliates. All rights reserved. Building a larger and more profitable business positioned to deliver attractive returns Wrap-Up
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9HA.01 gas turbine rotor assembly in Belfort, France where GE Vernova is manufacturing two turbines to power Enea Group’s Kozienice Power Station in Poland. Q A& 13 A 6.1-MW Onshore Wind turbine, the same turbine which will power Greenbolt Renewable’s Gurbanesti wind farm in Romania. A A synchronous condenser under construction in Rugby, UK, where GE Vernova is manufacturing equipment for Transgrid to help stabilize the grid in New South Wales, Australia © 2026 GE Vernova and/or its affiliates. All rights reserved.
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14 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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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 2GOAL 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
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Orders ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 4Q'25 y/y % (organic) Total Orders 9,659 11,844 9,378 13,207 10,152 12,364 14,608 22,192 65 % Equipment 5,773 7,428 5,042 8,336 5,760 7,808 10,039 16,175 91 % Services 3,887 4,416 4,336 4,871 4,392 4,555 4,569 6,017 22 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. RPO ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 4Q'25 y/y % Total RPO 116,293 115,476 117,746 119,023 123,438 128,650 135,269 150,238 26 % Equipment 42,210 41,561 42,069 43,047 45,478 49,712 54,092 64,245 49 % Services 74,083 73,915 75,678 75,976 77,959 78,938 81,177 85,993 13 % Revenues ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 4Q'25 y/y % (organic)* Total Revenues 7,260 8,204 8,913 10,559 8,032 9,111 9,969 10,956 2 % Equipment 3,617 4,194 5,290 5,852 4,197 4,894 5,880 5,963 — % Services 3,642 4,010 3,623 4,707 3,835 4,217 4,089 4,993 5 % 16 Financial trending metrics
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Power ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 4Q'25 y/y % (organic)* Segment Revenue 4,035 4,455 4,206 5,431 4,423 4,758 4,838 5,749 5 % Equipment 1,201 1,285 1,426 1,796 1,491 1,504 1,744 1,946 8 % Services 2,833 3,170 2,781 3,635 2,931 3,253 3,094 3,802 4 % Segment EBITDA 345 613 499 810 508 778 645 971 Segment EBITDA margin 8.6 % 13.8 % 11.9 % 14.9 % 11.5 % 16.4 % 13.3 % 16.9 % 160 bps Wind ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 4Q'25 y/y % (organic)* Segment Revenue 1,639 2,062 2,891 3,109 1,850 2,245 2,647 2,368 (25) % Equipment 1,232 1,668 2,494 2,653 1,412 1,797 2,203 1,839 (32) % Services 407 394 397 455 438 448 445 529 14 % Segment EBITDA (173) (117) (317) 19 (146) (165) (61) (225) Segment EBITDA margin (10.6) % (5.7) % (11.0) % 0.6 % (7.9) % (7.3) % (2.3) % (9.5) % (880) bps Electrification ($M) 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 4Q'25 y/y % (organic)* Segment Revenue 1,651 1,790 1,928 2,181 1,879 2,201 2,601 2,960 32 % Equipment 1,230 1,286 1,451 1,567 1,391 1,673 2,035 2,279 41 % Services 421 504 477 613 487 528 566 681 8 % Segment EBITDA 66 129 201 283 214 322 393 505 Segment EBITDA margin 4.0 % 7.2 % 10.4 % 13.0 % 11.4 % 14.6 % 15.1 % 17.1 % 320 bps * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 17 Financial trending metrics by segment
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RPO ($M) 4Q'24 4Q'25 y/y % Equipment 12,461 24,707 98 % Services 60,890 69,680 14 % Total RPO 73,351 94,387 29 % Segment Revenues and EBITDA ($M) 4Q'24 4Q'25 y/y % (organic)* FY'24 FY'25 y/y % (organic)* Gas Power 4,499 4,621 14,465 16,006 Steam Power 494 524 2,063 1,937 Hydro Power 237 225 781 806 Nuclear Power 201 379 819 1,018 Total Segment Revenues 5,431 5,749 5 % 18,127 19,767 10 % Equipment 1,796 1,946 8 % 5,708 6,686 21 % Services 3,635 3,802 4 % 12,419 13,081 6 % Total Segment Revenues 5,431 5,749 5 % 18,127 19,767 10 % Segment EBITDA 810 971 2,268 2,902 Segment EBITDA margin 14.9 % 16.9 % 160 bps 12.5 % 14.7 % 100 bps Orders ($M) 4Q'24 4Q'25 y/y % (organic) FY'24 FY'25 y/y % (organic) Equipment 2,906 7,432 154 % 8,340 18,241 120 % Services 3,646 4,262 15 % 13,418 14,594 9 % Total Orders 6,552 11,693 77 % 21,758 32,835 52 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 18 Power: key performance metrics
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RPO ($M) 4Q'24 4Q'25 y/y % Equipment 10,720 9,112 (15) % Services 11,962 12,518 5 % Total RPO 22,682 21,630 (5) % Segment Revenues and EBITDA ($M) 4Q'24 4Q'25 y/y % (organic)* FY'24 FY'25 y/y % (organic)* Onshore Wind 2,808 2,295 7,781 8,241 Offshore Wind 195 28 1,377 652 LM Wind Power 106 45 542 217 Total Segment Revenues 3,109 2,368 (25) % 9,701 9,110 (6) % Equipment 2,653 1,839 (32) % 8,047 7,251 (10) % Services 455 529 14 % 1,654 1,859 12 % Total Segment Revenues 3,109 2,368 (25) % 9,701 9,110 (6) % Segment EBITDA 19 (225) (588) (598) Segment EBITDA margin 0.6 % (9.5) % (880) bps (6.1) % (6.6) % 20 bps Orders ($M) 4Q'24 4Q'25 y/y % (organic) FY'24 FY'25 y/y % (organic) Equipment 1,580 2,436 53 % 5,447 5,472 — % Services 451 709 55 % 1,640 2,208 34 % Total Orders 2,031 3,145 53 % 7,088 7,681 8 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 19 Wind: key performance metrics
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RPO ($M) 4Q'24 4Q'25 y/y % Equipment 20,005 30,508 53 % Services 3,448 4,159 21 % Total RPO 23,453 34,667 48 % Segment Revenues and EBITDA ($M) 4Q'24 4Q'25 y/y % (organic)* FY'24 FY'25 y/y % (organic)* Grid Solutions 1,436 2,029 4,957 6,620 Power Conversion & Storage 474 636 1,676 2,049 Electrification Software 270 295 917 973 Total Segment Revenues 2,181 2,960 32 % 7,550 9,642 26 % Equipment 1,567 2,279 41 % 5,534 7,378 32 % Services 613 681 8 % 2,015 2,263 11 % Total Segment Revenues 2,181 2,960 32 % 7,550 9,642 26 % Segment EBITDA 283 505 679 1,433 Segment EBITDA margin 13.0 % 17.1 % 320 bps 9.0 % 14.9 % 560 bps Orders ($M) 4Q'24 4Q'25 y/y % (organic) FY'24 FY'25 y/y % (organic) Equipment 3,966 6,323 54 % 13,054 16,346 24 % Services 819 1,101 32 % 2,635 2,919 10 % Total Orders 4,786 7,424 50 % 15,689 19,265 21 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 20 Electrification: key performance metrics
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FCF* ($M) 4Q'24 4Q'25 y/y FY'24 FY'25 y/y Net income (loss) (GAAP) 484 3,670 3,186 1,559 4,879 3,320 Adjustments to reconcile net income (loss) to cash from (used for) operating activities Depreciation and amortization of property, plant, and equipment 180 169 (11) 895 615 (280) Amortization of intangible assets 89 62 (27) 277 238 (39) (Gains) losses on purchases and sales of business interests (288) (120) 169 (1,147) (185) 962 Principal pension plans – net (96) (93) 3 (376) (361) 15 Other postretirement benefit plans – net (101) (60) 41 (290) (227) 63 Provision (benefit) for income taxes 630 (2,565) (3,195) 939 (2,051) (2,991) Cash recovered (paid) during the year for income taxes (324) (341) (17) (623) (830) (207) Changes in operating working capital: Decrease (increase) in current receivables (1,320) (2,491) (1,170) (1,297) (1,928) (631) Decrease (increase) in inventories, including deferred inventory costs 510 (386) (896) (641) (1,433) (793) Decrease (increase) in current contract assets (175) 200 375 (409) (456) (46) Increase (decrease) in accounts payable and equipment project payables 63 (671) (734) 667 (105) (773) Increase (decrease) in contract liabilities and current deferred income 1,139 5,600 4,461 2,799 8,019 5,219 All other operating activities 131 (495) (626) 229 (1,187) (1,416) Cash from (used for) operating activities (GAAP) 922 2,480 1,558 2,583 4,987 2,404 Add: gross additions to property, plant and equipment and internal-use software (350) (671) (321) (883) (1,277) (394) Free cash flow* (Non-GAAP) 572 1,809 1,237 1,701 3,710 2,009 Free cash flow conversion*-a) 118 % 49 % 109 % 76 % * 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. 21 Free cash flow* performance
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Orders 4Q'24 4Q'25 FY'24 FY'25 Gas Turbines 34 59 112 173 • Heavy-Duty Gas Turbines-a) 24 41 68 110 ◦ HA-Turbines-b) 4 15 25 43 • Aeroderivatives-a) 10 18 44 63 Gas Turbines (GW)-d) 6.1 10.2 20.2 29.8 Wind Turbines-c) 342 294 1,212 854 Repower units 278 264 656 608 Wind Turbines and Repower (GW)-c),-d) 1.6 2.2 5.3 4.9 Sales 4Q'24 4Q'25 FY'24 FY'25 Gas Turbines 25 21 75 81 • Heavy-Duty Gas Turbines-a) 17 10 48 54 ◦ HA-Turbines-b) 8 5 15 24 • Aeroderivatives-a) 8 11 27 27 Gas Turbines (GW)-d) 4.8 3.1 11.9 15.3 Wind Turbines-c) 670 415 1,778 1,518 Repower units 52 145 298 589 Wind Turbines and Repower (GW)-c),-d) 2.7 1.9 7.8 6.9 (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. 22 Unit metrics: orders and sales
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23 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 24 GE Vernova 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 and Outlook by 2028: 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 and outlook by 2028 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 and Outlook by 2028: 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 and outlook for cumulative free cash flow* from 2025 through 2028 without unreasonable effort due to the uncertainty of timing for capital expenditures.
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Adjusted equipment backlog* * Non-GAAP Financial Measure (a- The sale was completed in the second quarter of 2024. © 2026 GE Vernova and/or its affiliates. All rights reserved. 25 ADJUSTED EQUIPMENT BACKLOG Twelve months ended at December 31, ($ in millions) 2023 2024 2025 Equipment Remaining Performance Obligations (RPO) (GAAP) $ 40,478 $ 43,047 $ 64,245 Less: Equipment RPO related to the portion of Steam Power nuclear activities sold to Electricité de France S.A.-a) 3,708 — — Adjusted Equipment Backlog* (Non-GAAP) $ 36,770 $ 43,047 $ 64,245
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Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* We believe the organic measures presented above provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 26 Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Three months ended December 31, ($ in millions) 2024 2025 V% 2024 2025 V% 2024 2025 V% 2024 2025 V% 2024 2025 V% Power (GAAP) $ 5,431 $ 5,749 6 % $ 1,796 $ 1,946 8 % $ 3,635 $ 3,802 5 % $ 810 $ 971 20 % 14.9 % 16.9 % 200 bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect 8 46 (5) (7) 13 53 (18) 7 Power organic* (Non-GAAP) $ 5,423 $ 5,703 5 % $ 1,801 $ 1,953 8 % $ 3,622 $ 3,750 4 % $ 828 $ 964 16 % 15.3 % 16.9 % 160 bps Wind (GAAP) $ 3,109 $ 2,368 (24) % $ 2,653 $ 1,839 (31) % $ 455 $ 529 16 % $ 19 $ (225) (1,284) % 0.6 % (9.5) % (1,010) bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect (6) 28 (6) 19 — 8 18 (19) Wind organic* (Non-GAAP) $ 3,115 $ 2,340 (25) % $ 2,659 $ 1,820 (32) % $ 455 $ 520 14 % $ 1 $ (206) (20,700) % — % (8.8) % (880) bps Electrification (GAAP) $ 2,181 $ 2,960 36 % $ 1,567 $ 2,279 45 % $ 613 $ 681 11 % $ 283 $ 505 78 % 13.0 % 17.1 % 410 bps Less: Acquisitions — 3 — — — 2 — (3) Less: Business dispositions — — — — — — — — Less: Foreign currency effect 2 93 2 77 — 16 (10) 30 Electrification organic* (Non-GAAP) $ 2,178 $ 2,865 32 % $ 1,565 $ 2,202 41 % $ 613 $ 663 8 % $ 294 $ 478 63 % 13.5 % 16.7 % 320 bps Total Company (GAAP) $ 10,559 $ 10,956 4 % $ 5,852 $ 5,963 2 % $ 4,707 $ 4,993 6 % $ 1,079 $ 1,158 (7) % Less: Acquisitions — 3 — — — 2 — (3) Less: Business dispositions — — — — — — — — Less: Foreign currency effect 4 167 (9) 89 13 78 (18) 3 Total Company organic* (Non-GAAP) $ 10,555 $ 10,787 2 % $ 5,861 $ 5,874 — % $ 4,694 $ 4,913 5 % $ 1,097 $ 1,159 (5) %
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Organic revenue*, Segment organic revenue*, Segment organic EBITDA* & Segment organic EBITDA margin* We believe the organic measures presented above provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 27 Revenues Equipment revenues Services revenues Segment EBITDA Segment EBITDA Margin % Twelve months ended December 31, ($ in millions) 2024 2025 V% 2024 2025 V% 2024 2025 V% 2024 2025 V% 2024 2025 V% Power (GAAP) $ 18,127 $ 19,767 9 % $ 5,708 $ 6,686 17 % $ 12,419 $ 13,081 5 % $ 2,268 $ 2,902 28 % 12.5 % 14.7 % 220 bps Less: Acquisitions — — — — — — — 4 Less: Business dispositions 308 — 171 — 138 — (41) — Less: Foreign currency effect 16 95 (5) (11) 21 106 (49) 107 Power organic* (Non-GAAP) $ 17,803 $ 19,672 10 % $ 5,542 $ 6,697 21 % $ 12,261 $ 12,975 6 % $ 2,358 $ 2,791 18 % 13.2 % 14.2 % 100 bps Wind (GAAP) $ 9,701 $ 9,110 (6) % $ 8,047 $ 7,251 (10) % $ 1,654 $ 1,859 12 % $ (588) $ (598) (2) % (6.1) % (6.6) % (50) bps Less: Acquisitions — — — — — — — — Less: Business dispositions — — — — — — — — Less: Foreign currency effect (13) 13 (13) 10 — 3 (23) (92) Wind organic* (Non-GAAP) $ 9,714 $ 9,097 (6) % $ 8,060 $ 7,241 (10) % $ 1,654 $ 1,856 12 % $ (565) $ (507) 10 % (5.8) % (5.6) % 20 bps Electrification (GAAP) $ 7,550 $ 9,642 28 % $ 5,534 $ 7,378 33 % $ 2,015 $ 2,263 12 % $ 679 $ 1,433 111 % 9.0 % 14.9 % 590 bps Less: Acquisitions — 6 — — — 6 — (7) Less: Business dispositions — — — — — — — — Less: Foreign currency effect 16 135 15 115 1 20 (11) 38 Electrification organic* (Non-GAAP) $ 7,534 $ 9,500 26 % $ 5,519 $ 7,263 32 % $ 2,015 $ 2,238 11 % $ 690 $ 1,403 103 % 9.2 % 14.8 % 560 bps Total Company (GAAP) $ 34,935 $ 38,068 9 % $ 18,952 $ 20,934 10 % $ 15,983 $ 17,134 7 % $ 2,035 $ 3,196 (36) % Less: Acquisitions — 6 — — — 6 — (3) Less: Business dispositions 308 — 171 — 138 — (41) — Less: Foreign currency effect 19 244 (2) 114 21 130 (96) 31 Total Company organic* (Non-GAAP) $ 34,608 $ 37,818 9 % $ 18,784 $ 20,820 11 % $ 15,824 $ 16,999 7 % $ 2,172 $ 3,168 (31) %
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* Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. 28 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 December 31 Twelve months ended December 31 ($ in millions) 2024 2025 V% 2023 2024 2025 V% Selling, General and Administrative expense (GAAP) $ 1,266 $ 1,355 7 % $ 4,845 $ 4,632 $ 4,949 7 % Less: Restructuring and other charges 18 68 265 166 172 Less: Russia/Ukraine charges(a) — — 78 — — Less: Separation costs (benefits)(b) 55 49 — 135 169 Less: Arbitration settlement(c) — — — (254) — Less: Depreciation and amortization(d) 69 70 258 274 269 Less: Selling & marketing expense 335 380 1,155 1,193 1,291 Adjusted G&A expense* (Non-GAAP) $ 789 $ 787 — % $ 3,088 $ 3,117 $ 3,049 (2) % Add: Management Adjustments - Cost estimate(e) 200 Adjusted G&A expenses* (Non-GAAP) after Management Adjustments $ 789 $ 787 — % $ 3,288 $ 3,117 $ 3,049 (2) % (a) Related to recoverability of asset charges recorded in connection with the ongoing conflict between Russia and Ukraine and resulting sanctions primarily related to our Power business. (b) 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. (c) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan, constituting the payments previously made. (d) Excludes depreciation and amortization expense included in Restructuring and other charges. (e) Refers to estimated and ongoing costs that management expected to be incurred during the applicable periods following the Spin-Off to operate new functions required for a public company.
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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. 29 Three months ended December 31 Twelve months ended December 31 ($ in millions) 2024 2025 V% 2024 2025 V% Net income (loss) (GAAP) $ 484 $ 3,670 658 % $ 1,559 $ 4,879 213 % Add: Restructuring and other charges 7 85 426 277 Add: (Gains) losses on purchases and sales of business interests(a) (183) (150) (1,024) (281) Add: Separation costs (benefits)(b) 55 58 (9) 180 Add: Arbitration refund(c) — — (254) — Add: Non-operating benefit income (137) (119) (536) (459) Add: Depreciation and amortization(d) 274 230 1,008 847 Add: Interest and other financial (income) charges – net(e)(f) (37) (44) (130) (185) Add: Provision (benefit) for income taxes(f) 616 (2,572) 995 (2,062) Adjusted EBITDA* (Non-GAAP) $ 1,079 $ 1,158 7 % $ 2,035 $ 3,196 57 % Net income (loss) margin (GAAP) 4.6 % 33.5 % 2890 pts 4.5 % 12.8 % 830 pts Adjusted EBITDA margin* (Non-GAAP) 10.2 % 10.6 % 40 pts 5.8 % 8.4 % 260 pts Adjusted EBITDA* (Non-GAAP) $ 1,079 $ 1,158 7 % $ 2,035 $ 3,196 57 % Less: Acquisitions — (3) — (3) Less: Business dispositions — — (41) — Less: Foreign currency effect (18) 3 (96) 31 Adjusted organic EBITDA* (Non-GAAP) $ 1,097 $ 1,159 6 % $ 2,172 $ 3,168 46 % Adjusted organic EBITDA margin* (Non-GAAP) 10.4 % 10.7 % 30 bps 6.3 % 8.4 % 210 bps * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved. (a) Includes unrealized (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) - net. (b) Costs incurred in the Spin-Off and separation from GE, including system implementations, advisory fees, one-time stock option grant, and other one-time costs. In addition, 2024 includes $136 million benefit related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investments. (c) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan and excludes $52 million related to the interest on such amounts that was recorded in Interest and other financial charges – net. (d) 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. (e) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business operations primarily with customers. (f) Excludes interest expense (income) of zero and $(1) million and benefit (provision) for income taxes of $(7) million and $(14) million for the three months ended December 31, 2025 and 2024, respectively, as well as excludes interest expense (income) of $(1) million and $10 million and benefit (provision) for income taxes of $(11) million and $56 million for the twelve months ended December 31, 2025 and 2024, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax basis.
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Free Cash Flow* We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing activities. 30 Free Cash Flow (Non-GAAP) Three months ended December 31 Twelve months ended December 31 ($ in millions) 2024 2025 V% 2024 2025 V% Cash from (used for) operating activities (GAAP) $ 922 $ 2,480 169 % $ 2,583 $ 4,987 93 % Add: gross additions to property, plant and equipment and internal-use software (350) (671) (883) (1,277) Free cash flow* (Non-GAAP) $ 572 $ 1,809 216 % $ 1,701 $ 3,710 118 % * Non-GAAP Financial Measure © 2026 GE Vernova and/or its affiliates. All rights reserved.