Open the filing on EDGARCompany Updates: Results by Reporting Segment Electrification Non-GAAP Financial Measures ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)Revenue(a)Segment EBITDASegment EBITDA marginFor the three months ended September 3020252024V%20252024V%20252024V bpsPower (GAAP)$4,838$4,20615%$645$49929%13.3%11.9%140bpsLess: Acquisitions - - 2 - Less: Business dispositions - - - - Less: Foreign currency effect4934729Power organic (Non-GAAP)$4,789$4,20414%$596$47027%12.4%11.2%120bpsWind (GAAP)$2,647$2,891(8)%$(61)$(317)81%(2.3)%(11.0)%870 bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect292(59)(7)Wind organic (Non-GAAP)$2,619$2,888(9)%$(2)$(311)99%(0.1)%(10.8)%1,070bpsElectrification (GAAP)$2,601$1,92835%$393$20196%15.1%10.4%470bpsLess: Acquisitions2 - (3) - Less: Business dispositions - - - - Less: Foreign currency effect626(3)4Electrification organic (Non-GAAP)$2,537$1,92232%$399$197F15.7%10.2%550bps(a) Includes intersegment sales of $130 million and $120 million for the three months ended September 30, 2025 and 2024, respectively.Revenue(a)Segment EBITDASegment EBITDA marginFor the nine months ended September 3020252024V%20252024V%20252024V bpsPower (GAAP)$14,019$12,69610%$1,931$1,45733%13.8%11.5%230bpsLess: Acquisitions - - 4 - Less: Business dispositions - 308 - (41)Less: Foreign currency effect498100(31)Power organic (Non-GAAP)$13,969$12,38013%$1,827$1,52919%13.1%12.4%70bpsWind (GAAP)$6,742$6,5922%$(373)$(607)39%(5.5)%(9.2)%370bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect(15)(7)(72)(41)Wind organic (Non-GAAP)$6,757$6,5992%$(301)$(566)47%(4.5)%(8.6)%410bpsElectrification (GAAP)$6,682$5,36924%$929$396F13.9%7.4%650bpsLess: Acquisitions4 - (4) - Less: Business dispositions - - - - Less: Foreign currency effect42148 - Electrification organic (Non-GAAP)$6,636$5,35624%$924$396F13.9%7.4%650bps Three months ended September 30Nine months ended September 30ORGANIC REVENUES (NON-GAAP)20252024V%20252024V%Total revenues (GAAP)$9,969$8,91312%$27,112$24,37611%Less: Acquisitions2 - 4 - Less: Business dispositions - - - 308Less: Foreign currency effect140117715Organic revenues (Non-GAAP)$9,826$8,90210%$27,031$24,05312% ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)Three months ended September 30Nine months ended September 3020252024V%20252024V%Net income (loss) (GAAP)$453$(99)F$1,209$1,07512%Add: Restructuring and other charges83209192419Add: (Gains) losses on purchases and sales of business interests(a)(113) - (131)(842)Add: Separation costs (benefits)(b)4327122(64)Add: Arbitration refund(c) - - - (254)Add: Non-operating benefit income(115)(130)(340)(399)Add: Depreciation and amortization(d)212289617734Add: Interest and other financial (income) charges - net(e)(f)(44)(35)(141)(93)Add: Provision (benefit) for income taxes(f)292(17)510380Adjusted EBITDA (Non-GAAP)$811$243F$2,038$957FNet income (loss) margin (GAAP)4.5%(1.1)%560 bps4.5%4.4%10 bpsAdjusted EBITDA margin (Non-GAAP)8.1%2.7%540bps7.5%3.9%360bps(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 zero and $6 million for the three months ended September 30, 2025 and 2024, respectively, as well as excludes interest expense (income) of $(1) million and $11 million and benefit (provision) for income taxes of $(4) million and $70 million for the nine months ended September 30, 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. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS The following segment discussions and variance explanations are intended to reflect management’s view of the relevant Additional Information In the third quarter of 2025, GE Vernova: Three months ended September 30Nine months ended September 30(Dollars in millions)20252024Year-on-Year20252024Year-on-YearOrders$5,110$2,510104%$11,841$10,9049%Revenues$2,601$1,92835%$6,682$5,36924%Cost of revenues(a)$1,824$1,362$4,626$3,820Selling, general, and administrative expenses(a)$336$328$1,000$973Research and development expenses(a)$115$84$308$259Other segment (income)/expenses(b)$(67)$(47)$(181)$(79)Segment EBITDA$393$201$193$929$396$533Segment EBITDA margin15.1%10.4%470 bps13.9%7.4%650 bps The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE liquidity that we believe help investors understand our financial condition and operating results and assess our future and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, comparisons of financial results. •Experienced one fatality in a motor vehicle accident; safety remains a top priority. Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP Power •Repurchased approximately 1.1 million shares for $0.7 billion, with a total of 6.3 million shares repurchased year-to-date “expect”, “anticipate”, “intend”, “plan”, “estimate”, “guidance”, “will”, “may,” and negatives or derivatives of these or similar time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of Three months ended September 30Nine months ended September 30(Dollars in millions)20252024Year-on-Year20252024Year-on-YearOrders$7,807$5,20250%$21,142$15,20639%Revenues$4,838$4,20615%$14,019$12,69610%Cost of revenues(a)$3,663$3,186$10,482$9,638Selling, general, and administrative expenses(a)$436$479$1,339$1,486Research and development expenses(a)$139$91$371$257Other segment (income)/expenses(b)$(45)$(50)$(104)$(142)Segment EBITDA$645$499$146$1,931$1,457$474Segment EBITDA margin13.3%11.9%140 bps13.8%11.5%230 bps expressions. These forward-looking statements include, among others, statements about the benefits we expect from our through September 30, 2025 at an average price of $357. GE Vernova reports third quarter 2025 financial results and reaffirms guidance LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time. or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP lean operating model; our expectations regarding the energy transition; the demand for our products and services; our ability •Paid a $0.25 per share quarterly dividend; on September 25, declared a $0.25 per share fourth quarter dividend, Strong 3Q'25 results with robust orders and backlog, continued margin expansion and positive free cash flow financial measures provide investors greater transparency to the information used by management for its operational to navigate the current dynamic environment; the estimated impact of tariffs; our expectations of future increased business, payable on November 17, 2025 to stockholders of record as of October 20, 2025. decision-making and allow investors to see our results “through the eyes of management.” We further believe that providing Additional Financial Information revenues, and operating results; our ability to innovate and anticipate and address customer demands; our ability to
- Announced an agreement to sell its Proficy® manufacturing software business to TPG for $0.6 billion; the transaction is Third Quarter 2025 Highlights: this information assists our investors in understanding our operating performance and the methodology used by Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports increase production capacity, efficiencies, and quality; our underwriting and risk management; current and future customer expected to close in the first half of 2026. •Orders of $14.6B, +55% organically, led by equipment at Power and Electrification management to evaluate and measure such performance. When read in conjunction with our U.S. GAAP results, these nonorders and projects; our actual and planned investments; our expected cash generation and management; our capital and Filings.
- Completed the acquisition of Alteia SAS, further strengthening GE Vernova’s AI capabilities and GridOS platform. •Backlog growth of $6.6B sequentially from equipment and services GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by allocation framework, including share repurchases and dividends; operational safety; our restructuring programs and Three months ended September 30Nine months ended September 30EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP)20252024V%20252024V%Total equipment revenues (GAAP)$5,880$5,29011%$14,971$13,10114%Less: Acquisitions - - - - Less: Business dispositions - - - 171Less: Foreign currency effect888257Equipment organic revenues (Non-GAAP)$5,792$5,28210%$14,946$12,92316%Total services revenues (GAAP)$4,089$3,62313%$12,141$11,2768%Less: Acquisitions2 - 4 - Less: Business dispositions - - - 138Less: Foreign currency effect523528Services organic revenues (Non-GAAP)$4,034$3,62011%$12,086$11,1299%
- Monetized 3% ownership stake in China XD Electric Co Ltd., resulting in approximately $0.1 billion of pre-tax proceeds. •Gas Power equipment backlog and slot reservation agreements grew from 55 to 62 GW management as one basis for financial, operational, and planning decisions. Finally, these measures are often used by strategies to reduce operational costs; and our credit ratings. Conference Call and Webcast Information
- Invested $0.2 billion in capital expenditures, including initiatives to expand capacity in Power and Electrification, as part analysts and other interested parties to evaluate companies in our industry. •Revenue of $10.0B, +12%, +10% organically*, with growth in both equipment and services GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The of its commitment to invest $4 billion in capex through 2028. •Net income of $0.5B; net income margin of 4.5% Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated •Funded $0.3 billion in research and development (R&D) spending, to advance breakthrough energy transition (a) Excludes depreciation and amortization expenses. •Adjusted EBITDA* of $0.8B and adjusted EBITDA margin* of 8.1% uncertain and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or financial information can be accessed by visiting the investor section of the website https://www.gevernova.com/investors. differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their technologies, as part of its commitment to invest $5 billion in R&D through 2028. (b) Primarily includes equity method investment income and other interest and investment income. •Cash from operating activities of $1.0B; free cash flow* of $0.7B achievements to differ materially from current expectations. Some of the risks, uncertainties, and other factors that may An archived version of the webcast will be available on the website after the call. comparability from company to company. In order to compensate for these and the other limitations discussed below, •$7.9B cash balance; $2.4B in capital returned to shareholders year-to-date cause actual results to differ materially from those expressed or implied by forward-looking statements include the following: management does not consider these measures in isolation from or as alternatives to the comparable financial measures In October, GE Vernova announced that it will acquire the remaining fifty percent stake of Prolec GE, its joint venture with
- Our ability to successfully execute our lean operating model; Third Quarter 2025 Performance: About GE Vernova determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any Xignux, for $5.275 billion. The transaction strengthens the company's position as a global grid equipment leader and is Orders of $5.1 billion increased +102% organically, with continued strong demand for grid equipment in the Middle East, CAMBRIDGE, Mass., (October 22, 2025) - GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to (a) Excludes depreciation and amortization expenses. •Our ability to innovate and successfully identify and meet customer demands and needs; GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the expected to close by mid-2026, subject to regulatory approvals. (b) Primarily includes equity method investment income and other interest and investment income. accelerate the energy transition, today reported financial results for the third quarter ending September 30, 2025. North America, and Europe. Revenues of $2.6 billion grew +35%, +32% organically*, driven by Grid Solutions, due to HVDC •Our ability to successfully compete; segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s reconciliations to their most directly comparable U.S. GAAP financial measures follow. Unless otherwise noted, tables are and switchgear growth, as well as Power Conversion and Storage, due to battery energy storage solutions. Segment challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and •Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and "We delivered another strong quarter as we executed our financial strategy, with continued orders and revenue growth, “GE Vernova delivered another productive quarter with strong financial results. Our growth trajectory is accelerating and the EBITDA was $0.4 billion and segment EBITDA margin was 15.1%, up +470 basis points, +550 basis points organically*, due Third Quarter 2025 Performance: rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from significant margin expansion, and positive free cash flow. We expanded our backlog year-over-year and sequentially across simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital products essential to our business; demand environment for our equipment and services remains strong with $16 billion in backlog growth year-to-date. Our to volume, productivity, and price, primarily at Grid Solutions. equipment and services, with healthy equipment margin in backlog reflecting favorable price and our focus on disciplined Orders of $7.8 billion increased +50% organically, led by Gas Power equipment more than doubling due to higher volume the underlying numbers in millions. to health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S.,
- Significant disruptions to our manufacturing and production facilities and distribution networks; Gas Power equipment backlog and slot reservation agreements increased from 55 to 62 gigawatts sequentially, and our underwriting,” said GE Vernova CFO Ken Parks. “As a result of our improving free cash flow linearity, we continued to return and pricing, with 20 heavy-duty units, including 13 HA turbines. Revenues of $4.8 billion increased +15%, +14% with approximately 75,000 employees across approximately 100 countries around the world. Supported by the Company’s
- Changes in government policies and priorities that reduce funding and demand for energy equipment and services; cash to shareholders through our share repurchase actions and quarterly dividend payment, while maintaining a healthy Electrification equipment backlog increased $6.5 billion year-to-date, to approximately $26 billion,” said GE Vernova CEO We believe the organic measures presented below provide management and investors with a more complete understanding purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, organically*, led by Gas Power, with increased heavy-duty gas turbine deliveries, project commissioning, higher services
- Shifts in demand, market expectations, and other dynamics related to energy, electrification, decarbonization, and cash balance and solid investment grade balance sheet. We’re reaffirming our 2025 financial guidance, and we look forward of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, Scott Strazik. “We are leading from a position of strength and are focused on long-term growth and returns. This era of and secure energy future. Learn more: GE Vernova and LinkedIn. volume, and favorable price. Segment EBITDA was $0.6 billion and segment EBITDA margin was 13.3%, up +140 basis to providing our 2026 financial guidance and updated outlook by 2028 at our investor event on December 9.” We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash sustainability; dispositions, and foreign currency, which includes translational and transactional impacts, as these activities can obscure increased electricity investment has just started, and we have substantial opportunity ahead of us as we provide the points, +120 basis points organically*, primarily driven by continued strength at Gas Power, with higher price and increased items that are not closely associated with ongoing operations provide management and investors with meaningful measures of our underlying trends. Investor Relations Contact: •Global economic trends, competition, and geopolitical risks, including conflicts, trade policies, and other constraints on solutions required to help the world electrify to thrive and decarbonize.” productivity offsetting additional expenses to support capacity investments at Gas Power, R&D at Nuclear Power, and 2025 Guidance: performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying Michael Lapides economic activity; inflation. GE Vernova is reaffirming its 2025 financial guidance and expects revenue to trend towards the higher end of $36-$37 profitability factors. We believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, +1.617.674.7568 •Product quality issues or product or safety failures related to our complex and specialized products, solutions, and In the third quarter, orders of $14.6 billion increased +55% organically, driven by robust equipment growth at Power and billion, adjusted EBITDA margin* of 8%-9%, and free cash flow* of $3.0-$3.5 billion. Segment guidance is: when considered with Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results m.lapides@gevernova.com Electrification, with continued services growth. Revenue of $10.0 billion was up +12%, +10% organically*, led by equipment services; •Power: 6%-7% organic revenue* growth and 14%-15% segment EBITDA margin. and trends of established, ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which Wind at Electrification and Power, as well as services at Power, more than offsetting lower Wind equipment. Margins expanded includes translational and transactional impacts, as these activities can obscure underlying trends. •Wind: Organic revenue* down high-single digits, compared to prior expectations of down mid-single digits, and Three months ended September 30Nine months ended September 30(Dollars in millions)20252024Year-on-Year20252024Year-on-YearOrders$1,833$1,7475%$4,535$5,057(10)%Revenues$2,647$2,891(8)%$6,742$6,5922%Cost of revenues(a)$2,532$2,998$6,598$6,583Selling, general, and administrative expenses(a)$118$138$393$430Research and development expenses(a)$43$59$117$180Other segment (income)/expenses(b)$16$13$8$6Segment EBITDA$(61)$(317)$256$(373)$(607)$234Segment EBITDA margin(2.3)%(11.0)%870 bps(5.5)%(9.2)%370 bps •Our ability to obtain required permits, licenses, and registrations; Media Contact: Three months ended September 30Nine months ended September 30ADJUSTED ORGANIC EBITDA AND ADJUSTED ORGANIC EBITDA MARGIN (NON-GAAP)20252024V%20252024V%Adjusted EBITDA (Non-GAAP)$811$243F$2,038$957FLess: Acquisitions(1) - 1 - Less: Business dispositions - - - (41)Less: Foreign currency effect(21)1628(77)Adjusted organic EBITDA (Non-GAAP)$833$227F$2,010$1,07487%Adjusted EBITDA margin (Non-GAAP)8.1%2.7%540bps7.5%3.9%360bpsAdjusted organic EBITDA margin (Non-GAAP)8.5%2.5%600bps7.4%4.5%290bps significantly, with growth in all segments. Free cash flow* remained positive and was down year-over-year as strong ~$400 million of segment EBITDA losses, changed from $200-400 million of segment EBITDA losses, trending •Our ability to attract and retain highly qualified personnel; Adam Tucker We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted adjusted EBITDA* was offset by lower positive working capital benefits and higher capex investments. towards the bottom of the range.
- Our ability to develop, deploy, and protect our intellectual property rights; +1.518.227.2463 EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as
- Electrification: trending towards 25% organic revenue* growth, up from prior expectations of approximately 20%, inferring that our future results will be unaffected by the items for which the measures adjust. •Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic Adam.Tucker@gevernova.com Power and 14%-15% segment EBITDA margin, raising the lower end of prior expectations of 13-15%. investments, and other priorities; •Orders of $7.8 billion increased +50% organically and revenues of $4.8 billion increased +15%, +14% organically*, led The guidance includes the impact of tariffs as currently outlined and resulting inflation, which is estimated to be trending © 2025 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license. 2025 Guidance: Adjusted EBITDA margin*
- Our ability to successfully identify, complete, integrate, and obtain benefits from any acquisitions, joint ventures, and by Gas Power. Segment EBITDA margin grew +140 basis points, +120 basis points organically*. toward the lower end of approximately $300-$400 million, net of mitigating actions. We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding
- Signed just over 12 gigawatts (GW) of new gas equipment contracts including 12 GW of slot reservation agreements other investments; GAAP financial measure of Adjusted EBITDA margin* in the 2025 guidance without unreasonable effort due to the uncertainty of foreign
Total Company Results
and 1 GW of orders. Converted 7 GW of existing slot reservation agreements to orders and shipped 4 GW of equipment; exchange rates, the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization. •The price, availability, and trading volumes of our common stock; Three months ended September 30Nine months ended September 30(Dollars in millions, except per share)20252024Year-on-Year20252024Year-on-YearGAAP MetricsTotal revenues$9,969$8,91312%$27,112$24,37611%Net income (loss)$453$(99)$552$1,209$1,075$134Net income (loss) margin4.5%(1.1)%560 bps4.5%4.4%10 bpsDiluted EPS(a)$1.64$(0.35)F$4.41$3.8515%Cash from (used for) operating activities$980$1,127$(147)$2,508$1,662$846Non-GAAP MetricsOrganic revenues$9,826$8,90210%$27,031$24,05312%Adjusted EBITDA$811$243$569$2,038$957$1,082Adjusted EBITDA margin8.1%2.7%540 bps7.5%3.9%360 bpsAdjusted organic EBITDA margin8.5%2.5%600 bps7.4%4.5%290 bpsFree cash flow$732$968$(236)$1,902$1,129$773 resulting in backlog growth from 29 to 33 GW and an increase in slot reservation agreements from 25 to 29 GW.
- Downgrades of our credit ratings or ratings outlooks;
- The amount and timing of our cash flows and earnings; Wind
- Our ability to meet our sustainability goals; •Orders of $1.8 billion increased 4% organically, driven by higher Onshore Wind services, which more than offset lower (a) Excludes depreciation and amortization expenses. Onshore Wind equipment. Revenues of $2.6 billion decreased (8)%, (9)% organically*, primarily due to the •The impact from cybersecurity or data security incidents; We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a (b) Primarily includes equity method investment income and other interest and investment income. nonrecurrence of the settlement of a previously canceled Offshore Wind project in the third quarter of 2024. Segment normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; •Changes in law, regulation, or policy that may affect our businesses and projects, or impose additional costs; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain EBITDA losses improved and EBITDA margin increased +870 basis points, +1,070 basis points organically*.
- Natural disasters, weather conditions and events, public health events, or other emergencies; (a) Includes intersegment sales $361 million and $317 million for the nine months ended September 30, 2025 and 2024, respectively. Third Quarter 2025 Performance: investing and financing activities. •Secured 0.3 GW of Onshore Wind repowering orders, with 0.6 GW booked year-to-date.
- Tax law and policy changes; Three months ended September 30Nine months ended September 30FREE CASH FLOW (NON-GAAP)20252024V%20252024V%Cash from (used for) operating activities (GAAP)$980$1,127(13)%$2,508$1,66251%Add: Gross additions to property, plant and equipment and internal-use software(247)(159)(606)(533)Free cash flow (Non-GAAP)$732$968(24)%$1,902$1,12968% Orders of $1.8 billion increased 4% organically, driven by higher Onshore Wind services, which more than offset lower 2025 Guidance: Power and Electrification organic revenue* Electrification •Adverse outcomes in legal, regulatory, and administrative proceedings, actions, and disputes; and Onshore Wind equipment orders. Revenues of $2.6 billion decreased (8)%, (9)% organically*, due to the nonrecurrence of We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding •Orders of $5.1 billion increased +102% organically, with continued strong demand for grid equipment. Revenues of $2.6 $0.5 billion on the settlement of a previously canceled Offshore Wind project as well as charges for the impact of blade
- Other changes in macroeconomic and market conditions and volatility. GAAP financial measure of Power and Electrification organic revenue* in the 2025 guidance without unreasonable effort due to the events, both in the third quarter of 2024, partially offset by higher Offshore Wind deliveries and increased Onshore Wind billion increased +35%, +32% organically*, driven by volume and price. Segment EBITDA margin grew +470 basis uncertainty of foreign exchange rates. services. Segment EBITDA was $(0.1) billion and segment EBITDA margin was (2.3)%, up +870 basis points, +1,070 basis points, +550 basis points organically*. These or other uncertainties may cause our actual future results to be materially different than those expressed in our points organically*, driven by Onshore Wind equipment profitability, price, and productivity, partially offset by the impact of •Experienced strong customer demand for grid equipment in the Middle East, North America, and Europe; secured $1.6 forward-looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the tariffs, and lower contract losses at Offshore Wind, partially offset by the nonrecurrence of a gain recorded on the prior year billion of orders for synchronous condensers in Saudi Arabia. year ended December 31, 2024, and in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, settlement of the previously canceled project. including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" 2025 GUIDANCE: FREE CASH FLOW (NON-GAAP) sections included therein, as may be updated from time to time in our SEC filings and as posted on our website at (a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding were issued upon our separation from General Electric Company (GE) and excludes Net loss (income) attributable to noncontrolling www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements GAAP financial measure for free cash flow* in the 2025 guidance without unreasonable effort due to the uncertainty of timing for capital interests. For periods prior to April 1, 2024, the Company participated in various GE stock-based compensation plans, and there were no except as may be required by law or regulation. This press release also includes certain forward-looking projected financial dilutive equity instruments as there were no equity awards of GE Vernova outstanding. Defined as remaining performance obligation (RPO) *Non-GAAP Financial Measure expenditures. *Non-GAAP Financial Measure *Non-GAAP Financial Measure information that is based on current estimates and forecasts. Actual results could differ materially. *Non-GAAP Financial Measure *Non-GAAP Financial Measure *Non-GAAP Financial Measure *Non-GAAP Financial Measure Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10