Open the filing on EDGARCompany Updates: Total Company Results Wind CONSOLIDATED AND COMBINED STATEMENT OF INCOME (LOSS) (UNAUDITED)Three months ended December 31Twelve months ended December 31(In millions, except per share amounts)20252024V%20252024V%Sales of equipment$5,963$5,852$20,934$18,952Sales of services4,9934,70717,13415,983Total revenues10,95610,5594%38,06834,9359%Cost of equipment5,4135,36818,75917,989Cost of services3,2213,06711,77410,861Gross profit2,3232,1239%7,5356,08524%Selling, general, and administrative expenses1,3551,2664,9494,632Research and development expenses3662651,197982Operating income (loss)6025932%1,388471FInterest and other financial income (charges) - net4438186120Non-operating benefit income119137459536Other income (expense) - net3403467951,372Income (loss) before income taxes1,1051,114(1)%2,8282,49813%Provision (benefit) for income taxes(2,565)630(2,051)939Net income (loss)3,670484F4,8791,559FNet loss (income) attributable to noncontrolling interests(6) - 4(7)Net income (loss) attributable to GE Vernova$3,664$484F$4,884$1,552FEarnings (loss) per share attributable to GE Vernova:Basic$13.56$1.75F$17.92$5.65FDiluted$13.39$1.73F$17.69$5.58FWeighted-average number of common shares outstanding:Basic270276(2)%272275(1)%Diluted274280(2)%276278(1)% Non-GAAP Financial Measures ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)Revenue(a)Segment EBITDASegment EBITDA marginFor the three months ended December 3120252024V%20252024V%20252024V bpsPower (GAAP)$5,749$5,4316%$971$81020%16.9%14.9%200bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect4687(18)Power organic (Non-GAAP)$5,703$5,4235%$964$82816%16.9%15.3%160bpsWind (GAAP)$2,368$3,109(24)%$(225)$19U(9.5)%0.6%(1,010) bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect28(6)(19)18Wind organic (Non-GAAP)$2,340$3,115(25)%$(206)$1U(8.8)%0.0%(880)bpsElectrification (GAAP)$2,960$2,18136%$505$28378%17.1%13.0%410bpsLess: Acquisitions3 - (3) - Less: Business dispositions - - - - Less: Foreign currency effect93230(10)Electrification organic (Non-GAAP)$2,865$2,17832%$478$29463%16.7%13.5%320bps(a) Includes intersegment sales of $126 million and $166 million for the three months ended December 31, 2025 and 2024, respectively.Revenue(a)Segment EBITDASegment EBITDA marginFor the twelve months ended December 3120252024V%20252024V%20252024V bpsPower (GAAP)$19,767$18,1279%$2,902$2,26828%14.7%12.5%220bpsLess: Acquisitions - - 4 - Less: Business dispositions - 308 - (41)Less: Foreign currency effect9516107(49)Power organic (Non-GAAP)$19,672$17,80310%$2,791$2,35818%14.2%13.2%100bpsWind (GAAP)$9,110$9,701(6)%$(598)$(588)(2)%(6.6)%(6.1)%(50)bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect13(13)(92)(23)Wind organic (Non-GAAP)$9,097$9,714(6)%$(507)$(565)10%(5.6)%(5.8)%20bpsElectrification (GAAP)$9,642$7,55028%$1,433$679F14.9%9.0%590bpsLess: Acquisitions6 - (7) - Less: Business dispositions - - - - Less: Foreign currency effect1351638(11)Electrification organic (Non-GAAP)$9,500$7,53426%$1,403$690F14.8%9.2%560bps Three months ended December 31Twelve months ended December 31ORGANIC REVENUES (NON-GAAP)20252024V%20252024V%Total revenues (GAAP)$10,956$10,5594%$38,068$34,9359%Less: Acquisitions3 - 6 - Less: Business dispositions - - - 308Less: Foreign currency effect167424419Organic revenues (Non-GAAP)$10,787$10,5552%$37,818$34,6089% ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)Three months ended December 31Twelve months ended December 3120252024V%20252024V%Net income (loss) (GAAP)$3,670$484F$4,879$1,559FAdd: Restructuring and other charges857277426Add: (Gains) losses on purchases and sales of business interests(a)(150)(183)(281)(1,024)Add: Separation costs (benefits)(b)5855180(9)Add: Arbitration refund(c) - - - (254)Add: Non-operating benefit income(119)(137)(459)(536)Add: Depreciation and amortization(d)2302748471,008Add: Interest and other financial (income) charges - net(e)(f)(44)(37)(185)(130)Add: Provision (benefit) for income taxes(f)(2,572)616(2,062)995Adjusted EBITDA (Non-GAAP)$1,158$1,0797%$3,196$2,03557%Net income (loss) margin (GAAP)33.5%4.6%2,890 bps12.8%4.5%830 bpsAdjusted EBITDA margin (Non-GAAP)10.6%10.2%40bps8.4%5.8%260bps(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. Additional Information CAUTION CONCERNING FORWARD-LOOKING STATEMENTS GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, In the fourth quarter of 2025, GE Vernova: Three months ended December 31Twelve months ended December 31(Dollars in millions, except per share)20252024Year-on-Year20252024Year-on-YearGAAP MetricsTotal revenues$10,956$10,5594%$38,068$34,9359%Net income (loss)$3,670$484$3,186$4,879$1,559$3,320Net income (loss) margin33.5%4.6%2,890 bps12.8%4.5%830 bpsDiluted EPS(a)$13.39$1.73F$17.69$5.58FCash from (used for) operating activities$2,480$922$1,558$4,987$2,583$2,404Non-GAAP MetricsOrganic revenues$10,787$10,5552%$37,818$34,6089%Adjusted EBITDA$1,158$1,079$79$3,196$2,035$1,161Adjusted EBITDA margin10.6%10.2%40 bps8.4%5.8%260 bpsAdjusted organic EBITDA margin10.7%10.4%30 bps8.4%6.3%210 bpsFree cash flow$1,809$572$1,237$3,710$1,701$2,009 Three months ended December 31Twelve months ended December 31(Dollars in millions)20252024Year-on-Year20252024Year-on-YearOrders$3,145$2,03155%$7,681$7,0888%Revenues$2,368$3,109(24)%$9,110$9,701(6)%Cost of revenues(a)$2,410$2,930$9,008$9,513Selling, general, and administrative expenses(a)$134$135$527$566Research and development expenses(a)$45$42$161$222Other segment (income)/expenses(b)$4$(17)$12$(12)Segment EBITDA$(225)$19$(244)$(598)$(588)$(10)Segment EBITDA margin(9.5)%0.6%(1,010) bps(6.6)%(6.1)%(50) bps The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our CONSOLIDATED AND COMBINED STATEMENT OF FINANCIAL POSITION (UNAUDITED)December 31 (In millions, except share and per share amounts)20252024Cash, cash equivalents, and restricted cash$8,848$8,205Current receivables - net9,8038,177Inventories, including deferred inventory costs10,4298,587Current contract assets9,2948,621All other current assets1,445564Assets held for sale396 - Current assets40,21634,153Property, plant, and equipment - net6,0065,150Goodwill4,4394,263Intangible assets - net727813Contract and other deferred assets378555Equity method investments1,8342,149Deferred income taxes5,3211,639All other assets4,0952,763Total assets$63,016$51,485Accounts payable and equipment project payables$8,809$8,602Contract liabilities and deferred income25,77417,587All other current liabilities6,3105,496Liabilities held for sale79 - Current liabilities40,97231,685Deferred income taxes1,162827Non-current compensation and benefits3,1713,264All other liabilities5,4165,116Total liabilities50,72040,892Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 269,529,464 and 275,880,314 shares outstanding as of December 31, 2025 and December 31, 2024, respectively33Additional paid-in capital9,8139,733Retained earnings6,1541,611Treasury common stock, 8,397,266 and 226,290 shares at cost as of December 31, 2025 and December 31, 2024, respectively(3,385)(43)Accumulated other comprehensive income (loss) - net attributable to GE Vernova(1,407)(1,759)Total equity attributable to GE Vernova11,1789,546Noncontrolling interests1,1181,047Total equity12,29610,593Total liabilities and equity$63,016$51,485 This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, liquidity that we believe help investors understand our financial condition and operating results and assess our future prospects. •Experienced zero fatalities; safety remains a top priority. CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS (UNAUDITED)For the years ended December 31 (In millions)20252024Net income (loss)$4,879$1,559Adjustments to reconcile net income (loss) to cash from (used for) operating activitiesDepreciation and amortization of property, plant, and equipment615895Amortization of intangible assets238277(Gains) losses on purchases and sales of business interests(185)(1,147)Principal pension plans - net(361)(376)Other postretirement benefit plans - net(227)(290)Provision (benefit) for income taxes(2,051)939Cash recovered (paid) during the year for income taxes(830)(623)Changes in operating working capital:Decrease (increase) in current receivables(1,928)(1,297)Decrease (increase) in inventories, including deferred inventory costs(1,433)(641)Decrease (increase) in current contract assets(456)(409)Increase (decrease) in accounts payable and equipment project payables(105)667Increase (decrease) in contract liabilities and current deferred income8,0192,799All other operating activities(1,187)229Cash from (used for) operating activities4,9872,583Additions to property, plant, and equipment and internal-use software(1,277)(883)Dispositions of property, plant, and equipment3925Purchases of and contributions to equity method investments(87)(114)Sales of and distributions from equity method investments464244Proceeds from principal business dispositions60813All other investing activities47(122)Cash from (used for) investing activities(755)(37)Net increase (decrease) in borrowings of maturities of 90 days or less - (23)Transfers from (to) Parent - 2,933Dividends paid to stockholders(275) - Purchases of common stock for treasury(3,316)(43)All other financing activities(221)785Cash from (used for) financing activities(3,813)3,652Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash224(147)Increase (decrease) in cash, cash equivalents, and restricted cash, including cash classified within assets held for sale6446,051Less: Net increase (decrease) in cash classified within assets held for sale2(603)Increase (decrease) in cash, cash equivalents, and restricted cash6436,654Cash, cash equivalents, and restricted cash at beginning of year8,2051,551Cash, cash equivalents, and restricted cash as of December 31$8,848$8,205 other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial •Repurchased approximately 1.9 million shares for $1.1 billion, with a total of 8.2 million shares repurchased in 2025 at an other social media accounts, which are platforms on which the Company posts information from time to time. “expect”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may,” and negatives or derivatives of these or measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are average price of $406. Increased share repurchase authorization to $10 billion, from $6 billion. GE Vernova reports fourth quarter and full year 2025 financial results; increasing outlook with Prolec GE acquisition similar expressions. These forward-looking statements may include, among others, statements about our future performance, unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial
- Paid a $0.25 per share quarterly dividend; on December 9, declared a $0.50 per share quarterly dividend, doubling from a Strong performance with significant orders and backlog growth, margin expansion, and cash generation anticipated growth, and expectations in our business; the energy transition; the demand for our products and services; our measures provide investors greater transparency to the information used by management for its operational decision-making Additional Financial Information $0.25 per share quarterly dividend, payable on February 2, 2026, to stockholders of record as of January 5, 2026. technologies and ability to innovate, anticipate, and address customer demands; our ability to increase production capacity, and allow investors to see our results “through the eyes of management.” We further believe that providing this information Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and Fourth Quarter 2025 Highlights: •In December 2025, S&P and Fitch upgraded their investment grade credit rating to BBB from BBB-, and BBB+ from BBB, efficiencies, and quality; our underwriting and risk management; the estimated impact of tariffs; our product quality and costs; assists our investors in understanding our operating performance and the methodology used by management to evaluate and Filings. •Orders of $22.2B, +65% organically with growth in all segments respectively. Both maintained positive outlooks on their upgraded ratings. our cost management efforts; tax incentives; customer orders and commitments; project execution and timelines; our actual and measure such performance. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide
- Backlog growth of $15.0B sequentially from equipment and services at Power and Electrification •Announced that it will acquire the remaining fifty percent stake of Prolec GE, its joint venture with Xignux, for $5.275 billion, planned investments, including in research and development, capital expenditures, joint ventures and other collaborations with a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial, Three months ended December 31Twelve months ended December 31EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP)20252024V%20252024V%Total equipment revenues (GAAP)$5,963$5,8522%$20,934$18,95210%Less: Acquisitions - - - - Less: Business dispositions - - - 171Less: Foreign currency effect89(9)114(2)Equipment organic revenues (Non-GAAP)$5,874$5,861 - %$20,820$18,78411%Total services revenues (GAAP)$4,993$4,7076%$17,134$15,9837%Less: Acquisitions2 - 6 - Less: Business dispositions - - - 138Less: Foreign currency effect781313021Services organic revenues (Non-GAAP)$4,913$4,6945%$16,999$15,8247% Conference Call and Webcast Information •Gas Power equipment backlog and slot reservation agreements grew from 62 to 83 GW which is now expected to close on February 2, 2026. third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending; government policies; operational, and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference •Revenue of $11.0B, +4%, +2% organically* with services growth in each segment our expected cash generation and management; our lean operating model; our capital allocation framework, including organic •Invested $0.7 billion in capital expenditures, including initiatives to increase production in Power and Electrification, as part companies in our industry. call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information •Net income of $3.7B; net income margin of 33.5%; inclusive of a $2.9B tax benefit due to a U.S. valuation allowance release and inorganic investments, share repurchases and dividends; our restructuring programs; disputes, litigation, arbitration, and of its commitment to invest $6 billion in capex from 2025 through 2028, including $1 billion from Prolec GE from 2026 to (a) Excludes depreciation and amortization expenses. can be accessed by visiting the investor section of the website https://www.gevernova.com/investors. An archived version of the •Adjusted EBITDA* of $1.2B and adjusted EBITDA margin* of 10.6% governmental proceedings involving us; the sufficiency and expected uses of our cash, liquidity, and financing arrangements; (b) Primarily includes equity method investment income and other interest and investment income. Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated 2028. webcast will be available on the website after the call. and our credit ratings. •Cash from operating activities of $2.5B; free cash flow* of $1.8B differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their
- Funded $0.4 billion in research and development (R&D) spending, to advance breakthrough energy transition technologies, Fourth Quarter 2025 Performance: comparability from company to company. In order to compensate for these and the other limitations discussed below, as part of its commitment to invest $5 billion in R&D from 2025 through 2028. Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain Full Year 2025 Highlights: About GE Vernova Orders of $3.1 billion increased 53% organically, driven by improved Onshore Wind equipment, primarily outside of North management does not consider these measures in isolation from or as alternatives to the comparable financial measures and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to (a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that •Orders of $59.3B, +34% organically, led by equipment at Power and Electrification and services in each segment GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Wind, and Electrification America. Revenues of $2.4 billion decreased (24)%, (25)% organically*, due to lower Onshore Wind equipment deliveries as a determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single "We delivered a strong finish to 2025 as we executed our financial strategy, with robust quarterly orders, revenue growth, margin differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to were issued upon our separation from General Electric Company (GE) and excludes Net loss (income) attributable to noncontrolling interests. •Total backlog growth of $31.2B year-over-year; grew equipment margin in backlog by $8B, with 6 pts of accretion segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s result of softness in orders over the last year. Segment EBITDA losses was $(0.2) billion and segment EBITDA margin was financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to expansion, and significant free cash flow generation. We expanded our 2025 backlog across equipment and services, with For periods prior to April 1, 2024, the Company participated in various GE stock-based compensation plans, and there were no dilutive equity differ materially from those expressed or implied by forward-looking statements include the following: challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while (9.5)%, down (1,010) basis points, (880) basis points organically*, due to higher Offshore Wind contract losses and lower their most directly comparable U.S. GAAP financial measures follow. Unless otherwise noted, tables are presented in U.S. •Revenue of $38.1B, +9% on a U.S. GAAP basis and organically* driven by growth in Electrification and Power equipment margin in backlog expanding six points year-over-year, reflecting favorable price and our continued focus on instruments as there were no equity awards of GE Vernova outstanding. •Quality issues or safety failures among our products, solutions, or services; simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to Onshore Wind equipment volume, partially offset by improved Onshore Wind services. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables •Net income of $4.9B; net income margin of 12.8%; inclusive of a $2.9B tax benefit due to a U.S. valuation allowance release disciplined underwriting,” said GE Vernova CFO Ken Parks. “Given our strong free cash flow generation, we ended the quarter
- Significant supply chain or logistics disruptions, including cost or availability of materials or components; may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with •Adjusted EBITDA* of $3.2B and adjusted EBITDA margin* of 8.4% with a healthy cash balance of nearly $9 billion, which continues to give us confidence to invest in our core businesses and •Disruptions or capacity constraints at our manufacturing or operating facilities; Full Year 2025 Performance: numbers in millions. approximately 75,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose,
- Cash from operating activities of $5.0B; free cash flow* of $3.7B Results by Reporting Segment return cash to shareholders through our share repurchase actions and quarterly dividend payment, while maintaining a strong •Our ability to manage our costs and achieve anticipated cost savings; Orders of $7.7 billion increased 8% organically, driven by higher Onshore Wind. Revenues of $9.1 billion decreased (6)% on a The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure The following segment discussions and variance explanations are intended to reflect management’s view of the relevant •$8.8B cash balance; $3.6B in capital returned to shareholders •Our ability to execute and estimate long-term service obligations; investment grade balance sheet. Today, we’re also increasing our multi-year financial outlook to include Prolec GE.” We believe the organic measures presented below provide management and investors with a more complete understanding of energy future. Learn more: GE Vernova and LinkedIn. U.S. GAAP basis and organically*, due to the nonrecurrence of $0.5 billion on the settlement of a previously canceled Offshore comparisons of financial results. •Our ability to successfully compete; underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions, Wind project in the third quarter of 2024, project delays, fewer nacelles produced in the year, and decreases at LM Wind Power CAMBRIDGE, Mass., (January 28, 2026) - GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to Multi-Year Financial Outlook Power •Our ability to innovate and successfully commercialize new technologies and manage our product cycles; We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. Investor Relations Contact: due to lower volume from footprint reduction, partially offset by increases at Onshore Wind due to pricing, deliveries, and accelerate the energy transition, today reported financial results for the fourth quarter and full year ending December 31, 2025. GE Vernova is increasing its 2026 financial guidance and outlook by 2028, which now includes the Prolec GE acquisition, given •Achieving expected benefits from strategic transactions, joint ventures, and other third-party collaborations; Three months ended December 31Twelve months ended December 31(Dollars in millions)20252024Year-on-Year20252024Year-on-YearOrders$11,693$6,55278%$32,835$21,75851%Revenues$5,749$5,4316%$19,767$18,1279%Cost of revenues(a)$4,146$3,971$14,627$13,608Selling, general, and administrative expenses(a)$497$536$1,836$2,022Research and development expenses(a)$178$127$549$384Other segment (income)/expenses(b)$(43)$(13)$(147)$(155)Segment EBITDA$971$810$161$2,902$2,268$634Segment EBITDA margin16.9%14.9%200 bps14.7%12.5%220 bps that are not closely associated with ongoing operations provide management and investors with meaningful measures of our performance that Michael Lapides services. Segment EBITDA was $(0.6) billion and segment EBITDA margin was (6.6)%, down (50) basis points, up +20 basis •Issues with grid connectivity or our customers’ ability to sell generated electricity; regulatory approvals have been received and the transaction is now expected to close on February 2, 2026. increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We “We delivered strong financial performance in 2025 with continued momentum in Power and Electrification while focusing on +1.617.674.7568 points organically*, primarily driven by Onshore Wind, due to improved pricing on increased deliveries, partially offset by •Our ability to manage customer and counterparty relationships and contracts; believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with Three months ended December 31Twelve months ended December 31ADJUSTED ORGANIC EBITDA AND ADJUSTED ORGANIC EBITDA MARGIN (NON-GAAP)20252024V%20252024V%Adjusted EBITDA (Non-GAAP)$1,158$1,0797%$3,196$2,03557%Less: Acquisitions(3) - (3) - Less: Business dispositions - - - (41)Less: Foreign currency effect3(18)31(96)Adjusted organic EBITDA (Non-GAAP)$1,159$1,0976%$3,168$2,17246%Adjusted EBITDA margin (Non-GAAP)10.6%10.2%40bps8.4%5.8%260bpsAdjusted organic EBITDA margin (Non-GAAP)10.7%10.4%30bps8.4%6.3%210bps what we can control in Wind. We increased our backlog to $150 billion, with better equipment margins, and are entering 2026 For 2026, GE Vernova now expects revenue of $44-$45 billion, up from $41-$42 billion, adjusted EBITDA margin* of 11%-13%, m.lapides@gevernova.com Offshore Wind due to the nonrecurrence of a gain recorded on the settlement of a previously canceled project of $0.3 billion in •Our ability to maintain our investment grade credit ratings; Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established, with significant momentum,” said GE Vernova CEO Scott Strazik. “Our platform of advanced solutions is well-positioned to serve and free cash flow* of $5.0-$5.5 billion, up from $4.5-$5.0 billion. Segment guidance is: •Our access to capital or credit markets or other financing on acceptable terms; the third quarter of 2024 and a termination of a supply agreement in the first quarter of 2025, partially offset by lower contract ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and Media Contact: the growing, long-cycle electric power market, and there is substantial opportunity to deliver even better performance ahead. I’m •Decarbonization and energy-transition dynamics; •Power: 16%-18% organic revenue* growth and 16%-18% segment EBITDA margin. losses of $0.4 billion. There were also decreases from the impact of tariffs across the segment. transactional impacts, as these activities can obscure underlying trends. Adam Tucker •Changes in energy, environmental, and tax laws and policies; grateful for our team’s dedication and confident in our ability to meet our full potential today and for the long-term.” •Wind: Organic revenue* down low-double digits and approximately $400 million of segment EBITDA losses, versus prior
- Challenges of operating globally, including complex legal, regulatory, and compliance risks; +1.518.227.2463 Electrification We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted guidance of similar segment EBITDA losses to 2025.
- Natural disasters, physical effects of climate change, pandemics, and other emergencies; In 2025, orders of $59.3 billion increased +34% organically, driven by robust equipment growth at Power and Electrification, with EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring Adam.Tucker@gevernova.com Three months ended December 31Twelve months ended December 31(Dollars in millions)20252024Year-on-Year20252024Year-on-YearOrders$7,424$4,78655%$19,265$15,68923%Revenues$2,960$2,18136%$9,642$7,55028%Cost of revenues(a)$2,019$1,539$6,644$5,359Selling, general, and administrative expenses(a)$350$322$1,350$1,295Research and development expenses(a)$118$86$426$345Other segment (income)/expenses(b)$(32)$(49)$(212)$(128)Segment EBITDA$505$283$222$1,433$679$754Segment EBITDA margin17.1%13.0%410 bps14.9%9.0%590 bps •Electrification: Revenue of $13.5-$14.0 billion, which includes approximately $3 billion from Prolec GE, versus prior
- Geopolitical events; services growth in each segment. Revenue of $38.1 billion was up +9% on a U.S. GAAP basis and organically*, driven by that our future results will be unaffected by the items for which the measures adjust. guidance of approximately 20% organic revenue* growth, and maintaining 17%-19% segment EBITDA margin. © 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. •Our ability to meet sustainability expectations, standards, and goals; Electrification and Power. Margins expanded significantly from price, volume, and productivity. Free cash flow* of $3.7 billion
- International trade policies; 2026 GUIDANCE AND OUTLOOK BY 2028: ADJUSTED EBITDA MARGIN* For GE Vernova’s outlook by 2028, the company now expects revenue of $56 billion, up from $52 billion, with low-teensorganic more than doubled year-over-year primarily due to higher positive benefits from working capital and stronger adjusted EBITDA*.
- Our ability to obtain, maintain, and comply with approvals, licenses, and permits; We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP (a) Excludes depreciation and amortization expenses. growth, adjusted EBITDA margin* of 20%, and cumulative free cash flow* of at least $24 billion, up from at least $22 billion.
- Our ability to comply with laws and regulations and related compliance costs; financial measures for adjusted EBITDA margin* in the 2026 guidance and outlook by 2028 without unreasonable effort due to the uncertainty (b) Primarily includes equity method investment income and other interest and investment income. Power Segment outlook is:
- Impacts from claims, litigation, regulatory proceedings, and enforcement actions; of the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization. •Orders of $32.8 billion increased +52% organically and revenues of $19.8 billion increased +9%, +10% organically* driven
- Power: High-teens organic revenue* growth CAGR and segment EBITDA margin of 22%. Fourth Quarter 2025 Performance: •Our ability to attract and retain highly qualified personnel and impacts from any labor disputes or actions; by Gas Power. Segment EBITDA margin grew +220 basis points, +100 basis points organically*.
- Wind: Down low-double digits organic revenue* CAGR and segment EBITDA margin of 6%. We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized
- Our ability to secure, deploy, and protect our intellectual property rights and defend against third-party claims; Orders of $11.7 billion increased +77% organically, led by Gas Power equipment tripling year-over-year due to higher volume •In the fourth quarter, signed 24 gigawatts (GW) of new gas equipment contracts including 21 GW of slot reservation basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash •Electrification: High-teens organic revenue* growth CAGR, in addition to approximately $4 billion of revenue from
- Foreign currency impacts; and pricing, with 41 heavy-duty units, including 15 HA turbines, and 18 aeroderivative units. Revenues of $5.7 billion increased agreements and 3 GW of orders. Converted 8 GW of existing slot reservation agreements to orders and shipped 3 GW of flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing Prolec GE, and segment EBITDA margin of 22%.
- Our ability to realize the benefits from our spin-off from, and our obligations to, General Electric Company; +6%, +5% organically*, led by Nuclear Power and Gas Power with growth in both services and equipment. Equipment revenue equipment; resulting in backlog growth from 33 to 40 GW and an increase in slot reservation agreements from 29 to 43 GW. activities.
- Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic increased driven by higher small modular reactor revenue at Nuclear Power, as well as aeroderivative growth at Gas Power, Three months ended December 31Twelve months ended December 31FREE CASH FLOW (NON-GAAP)20252024V%20252024V%Cash from (used for) operating activities (GAAP)$2,480$922F$4,987$2,58393%Add: Gross additions to property, plant and equipment and internal-use software(671)(350)(1,277)(883)Free cash flow (Non-GAAP)$1,809$572F$3,710$1,701F investments, and other priorities; (a) Excludes depreciation and amortization expenses. Wind partially offset by lower heavy-duty gas turbine deliveries. Segment EBITDA was $1.0 billion and segment EBITDA margin was
- The price, availability, volatility, and trading volumes of our common stock; (b) Primarily includes equity method investment income and other interest and investment income.
- Orders of $7.7 billion increased 8% organically, driven by higher Onshore Wind. Revenues of $9.1 billion decreased (6)% on 16.9%, up +200 basis points, +160 basis points organically*, primarily driven by price and productivity more than offsetting (a) Includes intersegment sales of $487 million and $483 million for the years ended December 31, 2025 and 2024, respectively. •The amount and timing of our cash flows and earnings; a U.S. GAAP basis and organically*, primarily driven by Offshore Wind, partially offset by growth at Onshore Wind. Segment additional expenses to support investments at Nuclear Power and Gas Power and the impact of inflation.
- The impact of cybersecurity or data security incidents; and Fourth Quarter 2025 Performance: EBITDA decreased slightly and EBITDA margin decreased (50) basis points, increased +20 basis points organically*. 2026 GUIDANCE: POWER ORGANIC REVENUE*
- Other changes in macroeconomic and market conditions and volatility. Orders of $7.4 billion increased +50% organically, with continued strong demand for grid equipment, particularly in the Middle Full Year 2025 Performance: •Secured 1.1 GW of Onshore Wind repowering orders in the U.S. in 2025. We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP East and North America. Revenues of $3.0 billion grew +36%, +32% organically*, driven by volume and price with substantial Orders of $32.8 billion increased +52% organically, led by Gas Power with robust equipment demand and growth in services. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward- financial measure of Power organic revenue* in the 2026 guidance without unreasonable effort due to the uncertainty of foreign exchange growth in switchgear and HVDC equipment. Segment EBITDA was $0.5 billion and segment EBITDA margin was 17.1%, up Electrification Revenues of $19.8 billion increased +9%, +10% organically*, led by Gas Power equipment, with increased heavy-duty gas looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the year ended rates. +410 basis points, +320 basis points organically*, due to volume, productivity, and price. •Orders of $19.3 billion increased 21% organically, with continued strong demand for grid equipment. Revenues of $9.6 December 31, 2024, and in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, including in the "Risk turbine and aeroderivative deliveries and favorable price, and Gas Power services. Segment EBITDA was $2.9 billion and
2026 GUIDANCE AND OUTLOOK BY 2028: FREE CASH FLOW (NON-GAAP)
Forward-looking statements notice
billion increased +28%, +26% organically*, primarily driven by Grid Solutions. Segment EBITDA margin grew +590 basis Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections included segment EBITDA margin was 14.7%, up +220 basis points, +100 basis points organically*, driven by price and productivity, We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP Full Year 2025 Performance: therein, as may be updated from time to time in our Securities and Exchange Commission filings and as posted on our website points, +560 basis points organically*. primarily at Gas Power and Steam Power, partially offset by additional expenses to support investments at Nuclear Power and financial measure for free cash flow* in the 2026 guidance and outlook for cumulative free cash flow* from 2025 through 2028 without Orders of $19.3 billion increased +21% organically, with continued strong demand for equipment at Grid Solutions and Power at www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements •Increased equipment backlog to $30.5 billion, up $10.5 billion, or 53% year-over-year, led by strong demand in Europe, the Gas Power and the impact of inflation. unreasonable effort due to the uncertainty of timing for capital expenditures. Conversion and Storage, particularly in the Middle East and North America. Revenues of $9.6 billion grew +28%, +26% except as may be required by law or regulation. This press release also includes certain forward-looking projected financial Middle East, North America, and Asia. organically*, driven by switchgear, HVDC, and alternating current substation solutions volume at Grid Solutions and by Power information that is based on current estimates and forecasts. Actual results could differ materially. Conversion & Storage. Segment EBITDA was $1.4 billion and segment EBITDA margin was 14.9%, up +590 basis points, +560 *Non-GAAP Financial Measure basis points organically*, due to volume, price, and productivity, primarily at Grid Solutions. Defined as remaining performance obligation (RPO) *Non-GAAP Financial Measure *Non-GAAP Financial Measure *Non-GAAP Financial Measure *Non-GAAP Financial Measure *Non-GAAP Financial Measure *Non-GAAP Financial Measure Compound annual growth rate through 2028; 2025 is the base year Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13