Open the filing on EDGARCompany Updates: Results by Reporting Segment Wind Non-GAAP Financial Measures Three months ended March 31ORGANIC REVENUES (NON-GAAP)20262025V%Total revenues (GAAP)$9,339$8,03216%Less: Acquisitions486 - Less: Business dispositions2638Less: Foreign currency effect240(3)Organic revenues (Non-GAAP)$8,587$7,9977% ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)Three months ended March 3120262025V%Net income (loss) (GAAP)$4,750$264FAdd: Restructuring and other charges9467Add: (Gains) losses on purchases and sales of business interests(a)(4,494)(19)Add: Separation costs(b)2345Add: Non-operating benefit income(134)(115)Add: Depreciation and amortization(c)341203Add: Interest and other financial (income) charges - net(d)(e)(27)(55)Add: Provision (benefit) for income taxes(e)34467Adjusted EBITDA (Non-GAAP)$896$45796%Net income (loss) margin (GAAP)50.9%3.3%4,760 bpsAdjusted EBITDA margin (Non-GAAP)9.6%5.7%390bps(a) Includes a pre-tax gain of $3,992 million related to the acquisition of the remaining 50% stake in Prolec GE from Xignux as a result of the remeasurement of our previously held equity interest to fair value and an expense of $71 million for the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in the three months ended March 31, 2026. Includes a pre-tax gain of $330 million related to the sale of our Proficy business in our Electrification segment in the three months ended March 31, 2026. Also includes unrealized and realized (gains) losses related to our interest in China XD Electric Co., Ltd, recorded in Net interest and investment income (loss) which is part of Other income (expense) - net.(b) Costs incurred in the separation from GE, including system implementations, advisory fees, one-time stock option grant, and other one-time costs.(c) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis differences included in Equity method investment income (loss) which is part of Other income (expense) - net.(d) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business operations primarily with customers.(e) Excludes interest (income) expense of zero and zero and provision (benefit) for income taxes of $10 million and $2 million for the three months ended March 31, 2026 and 2025, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax basis. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS Additional Information The following segment discussions and variance explanations are intended to reflect management’s view of the relevant Three months ended March 31(Dollars in millions)20262025Year-on-YearOrders$1,199$64087%Revenues$1,432$1,850(23)%Cost of revenues(a)$1,649$1,840Selling, general, and administrative expenses(a)$128$134Research and development expenses(a)$36$33Other segment (income)/expenses(b)$1$(11)Segment EBITDA$(382)$(146)$(236)Segment EBITDA margin(26.7)%(7.9)%(1,880) bps GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, In the first quarter of 2026, GE Vernova: The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, comparisons of financial results. Effective January 1, 2026, GE Vernova realigned the reporting of certain of its business units liquidity that we believe help investors understand our financial condition and operating results and assess our future prospects. 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as •Experienced zero fatalities; safety remains a top priority. as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and within the Power, Electrification, and Wind segments. 2025 segment financial information can be accessed here. We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial “believe”, “expect”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may,” and negatives or derivatives of •Repurchased approximately 1.8 million shares for $1.3 billion at an average price of $720. other social media accounts, which are platforms on which the Company posts information from time to time. measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or are these or similar expressions. These forward-looking statements may include, among others, statements about our future
- Paid a $0.50 per share quarterly dividend; on February 17, 2026, declared a $0.50 per share quarterly dividend, which was GE Vernova reports first quarter 2026 financial results and raises 2026 guidance unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial performance, anticipated growth, and expectations in our business; the energy transition; the demand for our products and paid on April 14, 2026, to stockholders of record as of March 17, 2026.
Power Strong performance with significant orders and backlog growth, margin expansion, and cash generation
measures provide investors greater transparency to the information used by management for its operational decision-making services; our technologies and ability to innovate, anticipate, and address customer demands; our ability to increase production Additional Financial Information
- Completed the acquisition of the remaining 50% stake of Prolec GE, its former unconsolidated joint venture with Xignux, in Three months ended March 31(Dollars in millions)20262025Year-on-YearOrders$10,008$6,26360%Revenues$4,971$4,44912%Cost of revenues(a)$3,638$3,368Selling, general, and administrative expenses(a)$445$468Research and development expenses(a)$132$109Other segment (income)/expenses(b)$(55)$(13)Segment EBITDA$811$517$294Segment EBITDA margin16.3%11.6%470 bps and allow investors to see our results “through the eyes of management.” We further believe that providing this information capacity, efficiencies, and quality; our underwriting and risk management; the estimated impact of tariffs; our product quality and Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and First Quarter 2026 Highlights: exchange for cash consideration of approximately $5.3 billion, on February 2, 2026. assists our investors in understanding our operating performance and the methodology used by management to evaluate and costs; our cost management efforts; tax incentives; customer orders and commitments; project execution and timelines; our Filings.
- Orders of $18.3B, +71% organically with growth in all segments •Issued $2.6 billion aggregate principal amount of senior notes for general corporate purposes, including financing a portion measure such performance. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide actual and planned investments, including in research and development, capital expenditures, joint ventures, and other
- Backlog growth of $13.0B sequentially from equipment and services, including $5B from Prolec GE of the Prolec GE acquisition. The notes were rated by S&P and Fitch consistent with their current issuer investment grade a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for financial, collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending; Three months ended March 31EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP)20262025V%Total equipment revenues (GAAP)$5,254$4,19725%Less: Acquisitions469 - Less: Business dispositions - - Less: Foreign currency effect149(6)Equipment organic revenues (Non-GAAP)$4,636$4,20310%Total services revenues (GAAP)$4,084$3,8356%Less: Acquisitions17 - Less: Business dispositions2638Less: Foreign currency effect913Services organic revenues (Non-GAAP)$3,950$3,7944% Conference Call and Webcast Information •Gas Power equipment backlog and slot reservation agreements grew from 83 to 100 GW; now anticipate reaching at least credit ratings for the Company of BBB and BBB+, respectively. operational, and planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate government policies; our expected cash generation and management; our lean operating model; our capital allocation GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference 110 GW by year-end 2026
- Completed the sale of its Proficy® manufacturing software business to TPG for $0.6 billion and interests in a merchant companies in our industry. framework, including organic and inorganic investments, share repurchases, and dividends; our restructuring programs; call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information •Revenue of $9.3B, +16%, +7% organically* led by equipment at Electrification and Power transmission facility, resulting in $0.1 billion in pre-tax proceeds; monetized 2% ownership stake in China XD Electric Co disputes, litigation, arbitration, and governmental proceedings involving us; the sufficiency and expected uses of our cash, (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 •Net income of $4.7B; net income margin of 50.9%; inclusive of $4.5B pre-tax M&A net gains, primarily from Prolec GE liquidity, and financing arrangements; and our credit ratings. Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated Ltd., resulting in approximately $0.2 billion of pre-tax proceeds. (b) Primarily includes equity method investment income and other interest and investment income. webcast will be available on the website after the call. •Adjusted EBITDA* of $0.9B, nearly doubling year-over-year; adjusted EBITDA margin* of 9.6%, up +390 basis points differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their
- Invested $0.4 billion in capital expenditures, including to increase production in Power and Electrification, as part of its Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain comparability from company to company. In order to compensate for these and the other limitations discussed below, •Cash from operating activities of $5.2B; free cash flow* of $4.8B, more than quadrupling year-over-year commitment to invest $6 billion in capex from 2025 through 2028, including $1 billion from Prolec GE from 2026 to 2028. First Quarter 2026 Performance: and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to About GE Vernova management does not consider these measures in isolation from or as alternatives to the comparable financial measures
- $10.2B cash balance; $1.4B in capital returned to shareholders •Funded $0.3 billion in research and development (R&D) spending, to advance breakthrough energy transition technologies, Orders of $1.2 billion increased 85% organically, driven by higher equipment at Onshore Wind, primarily in North America, off a differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Electrification, and Wind determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single low year-over-year comparison. Revenues of $1.4 billion decreased (23)%, (25)% organically*, due to lower Onshore Wind as part of its commitment to invest $5 billion in R&D from 2025 through 2028. (a) Excludes depreciation and amortization expenses. differ materially from those expressed or implied by forward-looking statements include the following: segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to CAMBRIDGE, Mass., (April 22, 2026) - GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to equipment deliveries as a result of soft orders in the first half of 2025, partially offset by higher Onshore Wind services due to (b) Primarily includes equity method investment income and other interest and investment income. •Quality issues or safety failures among our products, solutions, or services; challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while their most directly comparable U.S. GAAP financial measures follow. Unless otherwise noted, tables are presented in U.S. accelerate the energy transition, today reported financial results for the first quarter ending March 31, 2026. "We delivered significant growth and margin expansion in the first quarter as we executed our financial strategy. With robust increased volume and Offshore Wind due to higher deliveries and installations. Segment EBITDA losses were $(0.4) billion and •Significant supply chain or logistics disruptions, including cost or availability of materials or components; simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables equipment orders growth in each segment and continued services strength, our backlog grew to $163 billion, inclusive of Prolec First Quarter 2026 Performance: segment EBITDA margin was (26.7)%, down (1,880) basis points, (1,670) basis points organically*, primarily at Onshore Wind •Disruptions or capacity constraints at our manufacturing or operating facilities; 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 “We had a solid start to 2026 as we continue to serve the growing, long-cycle electric power market. Demand is accelerating for GE,” said GE Vernova CFO Ken Parks. “We maintained a strong investment grade balance sheet, growing our healthy cash Orders of $10.0 billion increased +59% organically, primarily due to gas turbine pricing at Gas Power and large services orders due to lower equipment deliveries and the impact of tariffs, and at Offshore Wind due to higher contract losses, partially offset by •Our ability to manage our costs and achieve anticipated cost savings; numbers in millions. approximately 85,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose, our Power and Electrification solutions from a diverse set of customers, with our backlog growing by more than $13 billion lower costs at Onshore Wind services. balance to $10.2 billion with significant free cash flow generation and proceeds from dispositions, even as we closed the Prolec at Nuclear Power. Revenues of $5.0 billion increased +12%, +10% organically*, led by heavy duty gas turbine and •Our ability to execute and estimate long-term service obligations; The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure quarter-over-quarter,” said GE Vernova CEO Scott Strazik. “Reflecting this strength, we now expect to reach at least 110 GW of GE acquisition and returned capital to shareholders. Given our strong results and continued business momentum, we are aeroderivative equipment deliveries and pricing at Gas Power, with services revenue growth at Nuclear Power. Segment •Our ability to successfully compete; 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. combined gas turbine backlog and slot reservation agreements by year-end 2026 and are raising our 2026 financial guidance. In increasing our guidance for 2026 revenue, adjusted EBITDA margin, and free cash flow.” •Our ability to innovate and successfully commercialize new technologies and manage our product cycles; EBITDA was $0.8 billion and segment EBITDA margin was 16.3%, up +470 basis points, +500 basis points organically*, underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions,
- Achieving expected benefits from strategic transactions, joint ventures, and other third-party collaborations; the quarter, our Electrification segment booked $2.4 billion in equipment orders to support data centers, more than all of last primarily driven by price and volume at Gas Power, partially offset by the impact of inflation and additional expenses to support 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.
- Issues with grid connectivity or our customers’ ability to sell generated electricity; year. We also completed our acquisition of the remaining fifty percent stake in Prolec GE, a leading grid equipment supplier, 2026 Guidance investments at Gas Power and Nuclear Power. that are not closely associated with ongoing operations provide management and investors with meaningful measures of our performance that Michael Lapides
- Our ability to manage customer and counterparty relationships and contracts; strengthening our ability to serve customers and accelerating our growth trajectory. Our team is executing well and remains increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We GE Vernova is raising its 2026 financial guidance and now expects revenue of $44.5-$45.5 billion, up from $44-45 billion, ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)Revenue(a)Segment EBITDASegment EBITDA marginFor the three months ended March 3120262025V%20262025V%20262025V bpsPower (GAAP)$4,971$4,44912%$811$51757%16.3%11.6%470bpsLess: Acquisitions - - 21Less: Business dispositions - - - - Less: Foreign currency effect633(3)6Power organic (Non-GAAP)$4,908$4,44610%$812$51159%16.5%11.5%500bpsElectrification (GAAP)$2,959$1,84061%$528$205F17.8%11.1%670bpsLess: Acquisitions486 - 112 - Less: Business dispositions26385448Less: Foreign currency effect1292241Electrification organic (Non-GAAP)$2,318$1,80029%$338$156F14.6%8.7%590bpsWind (GAAP)$1,432$1,850(23)%$(382)$(146)U(26.7)%(7.9)%(1,880) bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect47(8)(53)(14)Wind organic (Non-GAAP)$1,385$1,857(25)%$(329)$(132)U(23.8)%(7.1)%(1,670)bps(a) Includes intersegment sales of $32 million and $114 million for the three months ended March 31, 2026 and 2025, respectively. Three months ended March 31ADJUSTED ORGANIC EBITDA AND ADJUSTED ORGANIC EBITDA MARGIN (NON-GAAP)20262025V%Adjusted EBITDA (Non-GAAP)$896$45796%Less: Acquisitions1151Less: Business dispositions5448Less: Foreign currency effect(51)(8)Adjusted organic EBITDA (Non-GAAP)$778$41687%Adjusted EBITDA margin (Non-GAAP)9.6%5.7%390bpsAdjusted organic EBITDA margin (Non-GAAP)9.1%5.2%390bps +1.617.674.7568
- Our ability to maintain our investment grade credit ratings; believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with focused on delivering for the long-term.” adjusted EBITDA margin* of 12%-14%, up from 11%-13%, and free cash flow* of $6.5-$7.5 billion, up from $5.0-$5.5 billion. m.lapides@gevernova.com •Our access to capital or credit markets or other financing on acceptable terms; Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established, Segment guidance is: Electrification
- Decarbonization and energy-transition dynamics; ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and
- Power: 16%-18% organic revenue* growth and 17%-19% segment EBITDA margin, up from 16%-18%. Three months ended March 31(Dollars in millions)20262025Year-on-YearOrders$7,112$3,366111%Revenues$2,959$1,84061%Cost of revenues(a)$2,027$1,272Selling, general, and administrative expenses(a)$354$330Research and development expenses(a)$107$82Other segment (income)/expenses(b)$(57)$(49)Segment EBITDA$528$205$324Segment EBITDA margin17.8%11.1%670 bps In the quarter, orders of $18.3 billion increased +71% organically, with strong equipment growth in Electrification and Power, and Media Contact:
- Changes in energy, environmental, and tax laws and policies; transactional impacts, as these activities can obscure underlying trends.
- Electrification: Revenue of $14.0-$14.5 billion, up from $13.5-$14.0 billion, which includes approximately $3 billion from services growth led by Power. Revenue of $9.3 billion was up +16%, +7% organically*, with strong equipment growth at Adam Tucker
- Challenges of operating globally, including complex legal, regulatory, and compliance risks; Prolec GE, and 18%-20% segment EBITDA margin, up from 17%-19%. Electrification and Power, along with higher services, partially offset by Wind. Margins expanded significantly from price, volume, +1.518.227.2463 •Natural disasters, physical effects of climate change, pandemics, and other emergencies; We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted
- Wind: Organic revenue* down low-double digits and approximately $400 million of segment EBITDA losses. and productivity. Free cash flow* of $4.8 billion in the quarter was more than the full year 2025, primarily due to higher positive EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring •Geopolitical events; Adam.Tucker@gevernova.com that our future results will be unaffected by the items for which the measures adjust. •Our ability to meet sustainability expectations, standards, and goals; benefits from working capital and stronger adjusted EBITDA*. © 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.
- International trade policies; Total Company Results 2026 GUIDANCE: ADJUSTED EBITDA MARGIN* •Our ability to obtain, maintain, and comply with approvals, licenses, and permits; Power Three months ended March 31(Dollars in millions, except per share)20262025Year-on-YearGAAP MetricsTotal revenues$9,339$8,03216%Net income (loss)$4,750$264$4,485Net income (loss) margin50.9%3.3%4,760 bpsDiluted EPS$17.44$0.91FCash from (used for) operating activities$5,188$1,161$4,027Non-GAAP MetricsOrganic revenues$8,587$7,9977%Adjusted EBITDA$896$457$439Adjusted EBITDA margin9.6%5.7%390 bpsAdjusted organic EBITDA margin9.1%5.2%390 bpsFree cash flow$4,791$975$3,816 We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP •Our ability to comply with laws and regulations and related compliance costs;
- Orders of $10.0 billion increased +59% organically and revenues of $5.0 billion increased +12%, +10% organically*, led by financial measures for adjusted EBITDA margin* in the 2026 guidance without unreasonable effort due to the uncertainty of the costs and •Impacts from claims, litigation, regulatory proceedings, and enforcement actions; Gas Power equipment. Segment EBITDA margin grew +470 basis points, +500 basis points organically*. timing associated with potential restructuring actions and the impacts of depreciation and amortization. •Our ability to attract and retain highly qualified personnel and impacts from any labor disputes or actions;
- Signed 21 gigawatts (GW) of new gas equipment contracts, including 19 GW of slot reservation agreements and 2 GW of 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. Converted 6 GW of existing slot reservation agreements to orders and shipped 4 GW of equipment; resulting in basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash
- Foreign currency impacts; flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing (a) Excludes depreciation and amortization expenses. backlog growth from 40 to 44 GW and an increase in slot reservation agreements from 43 to 56 GW. •Our ability to realize the benefits from our separation from, and our obligations to, General Electric Company; activities. (b) Primarily includes equity method investment income and other interest and investment income.
- Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic Electrification investments, and other priorities; First Quarter 2026 Performance: Three months ended March 31FREE CASH FLOW (NON-GAAP)20262025V%Cash from (used for) operating activities (GAAP)$5,188$1,161FAdd: Gross additions to property, plant and equipment and internal-use software(397)(186)Free cash flow (Non-GAAP)$4,791$975F
- Orders of $7.1 billion increased +86% organically, driving a book-to-bill ratio of approximately 2.5, with continued strong •The price, availability, volatility, and trading volumes of our common stock; Orders of $7.1 billion increased +86% organically, due to continued strong demand for grid equipment with strength in North
- The amount and timing of our cash flows and earnings; demand for grid equipment. Revenues of $3.0 billion increased +61%, +29% organically*, with growth in all regions. America and Asia. Revenues of $3.0 billion grew +61% on a U.S. GAAP basis inclusive of Prolec GE, +29% organically*,
- The impact of cybersecurity or data security incidents; and Segment EBITDA margin grew +670 basis points, +590 basis points organically*. primarily due to increased volume in switchgear and transformers at Power Transmission and in alternating current substation •Other changes in macroeconomic and market conditions and volatility.
- Increased equipment backlog to $38.6 billion, up $16.6 billion, or 75% year-over-year, including $5 billion from Prolec GE. solutions and high voltage direct current solutions at Grid Systems Integration. Segment EBITDA was $0.5 billion and segment These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward- EBITDA margin was 17.8%, up +670 basis points, +590 basis points organically*, due to volume, productivity, and price at Wind looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the fiscal year Power Transmission and Grid Systems Integration.
- Orders of $1.2 billion increased +85% organically, driven by higher equipment at Onshore Wind, off a low year-over-year ended December 31, 2025, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, including in the 2026 GUIDANCE: FREE CASH FLOW (NON-GAAP) comparison. Revenues of $1.4 billion decreased (23)%, (25)% organically*, primarily driven by equipment at Onshore Wind 2026 GUIDANCE: POWER ORGANIC REVENUE* "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections included We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP as a result of soft orders in the first half of 2025. Segment EBITDA losses grew from lower Onshore Wind equipment volume therein, as may be updated from time to time in our Securities and Exchange Commission filings and as posted on our website financial measure for free cash flow* in the 2026 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures. financial measure of Power organic revenue* in the 2026 guidance without unreasonable effort due to the uncertainty of foreign exchange at www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements and the impact of tariffs, as well as higher Offshore Wind contract losses, partially offset by Onshore Wind services. rates. except as may be required by law or regulation. This press release also includes certain forward-looking projected financial •Completed installation of Offshore Wind turbines at Dogger Bank A in the United Kingdom and Vineyard Wind in the United information that is based on current estimates and forecasts. Actual results could differ materially. States.
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