Open the filing on EDGARCompany Updates: Results by Reporting Segment Wind 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 3020262025V%20262025V%20262025V bpsPower (GAAP)$6,067$4,86325%$1,297$65199%21.4%13.4%800bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect652733Power organic (Non-GAAP)$6,061$4,85825%$1,271$619F21.0%12.7%830bpsElectrification (GAAP)$3,862$2,56551%$739$38791%19.1%15.1%400bpsLess: Acquisitions9451212(3)Less: Business dispositions - 43 - 60Less: Foreign currency effect337(2)Electrification organic (Non-GAAP)$2,914$2,51816%$521$33257%17.9%13.2%470bpsWind (GAAP)$2,741$2,6474%$72$(61)F2.6%(2.3)%490 bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect126(25)(45)Wind organic (Non-GAAP)$2,729$2,6423%$97$(17)F3.6%(0.6)%420bps(a) Includes intersegment sales of $41 million and $118 million for the three months ended September 30, 2026 and 2025, respectively.Revenue(a)Segment EBITDASegment EBITDA marginFor the nine months ended September 3020262025V%20262025V%20262025V bpsPower (GAAP)$16,516$14,09717%$3,139$1,95461%19.0%13.9%510bpsLess: Acquisitions - - 21Less: Business dispositions - - - - Less: Foreign currency effect103121565Power organic (Non-GAAP)$16,414$14,08417%$3,122$1,88865%19.0%13.4%560bpsElectrification (GAAP)$10,459$6,56659%$1,939$906F18.5%13.8%470bpsLess: Acquisitions2,2911508(3)Less: Business dispositions2612554160Less: Foreign currency effect18216(4)7Electrification organic (Non-GAAP)$7,960$6,42424%$1,381$74286%17.3%11.6%570bpsWind (GAAP)$6,200$6,742(8)%$(585)$(373)(57)%(9.4%)(5.5%)(390)bpsLess: Acquisitions - - - - Less: Business dispositions - - - - Less: Foreign currency effect72(18)(102)(83)Wind organic (Non-GAAP)$6,128$6,760(9)%$(483)$(290)(67)%(7.9%)(4.3%)(360)bps(a) Includes intersegment sales of $116 million and $324 million for the nine months ended September 30, 2026 and 2025, respectively. Three months ended September 30Nine months ended September 30ORGANIC REVENUES (NON-GAAP)20262025V%20262025V%Total revenues (GAAP)$12,642$9,96927%$33,084$27,11222%Less: Acquisitions94512,2911Less: Business dispositions - 4326125Less: Foreign currency effect221435611Organic revenues (Non-GAAP)$11,676$9,91118%$30,411$26,97613% ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)Three months ended September 30Nine months ended September 3020262025V%20262025V%Net income (loss) (GAAP)$1,289$453F$6,687$1,209FAdd: Restructuring and other charges683109192Add: (Gains) losses on purchases and sales of business interests(a)(36)(113)(4,481)(131)Add: Separation costs(b)314392122Add: Non-operating benefit income(212)(115)(465)(340)Add: Depreciation and amortization(c)4392121,199617Add: Interest and other financial (income) charges - net(d)(e)(71)(44)(171)(141)Add: Provision (benefit) for income taxes(e)4962921,119510Adjusted EBITDA (Non-GAAP)$1,943$811F$4,089$2,038FNet income (loss) margin (GAAP)10.2%4.5%570 bps20.2%4.5%1,570 bpsAdjusted EBITDA margin (Non-GAAP)15.4%8.1%730bps12.4%7.5%490bps(a) Includes a pre-tax gain of $3,992 million in the nine months ended September 30, 2026 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 $106 million for the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in the nine months ended September 30, 2026. Includes a pre-tax gain of $366 million related to the sale of our Proficy business in our Electrification segment in the nine months ended September 30, 2026. Also includes unrealized and realized (gains) losses related to our interest in China XD Electric Co., Ltd, which we sold the remainder of in 2026 and was 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 $(3) million and zero for the three months ended September 30, 2026 and 2025, respectively, as well as excludes interest (income) expense of zero and $(1) million and provision (benefit) for income taxes of $3 million and $4 million for the nine months ended September 30, 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. TRENCH GROUP ACQUISITION PRICE Our agreement to acquire Trench Group and our expectations for the transaction and Trench Group business are based on Three months ended September 30Nine months ended September 30(Dollars in millions)20262025Year-on-Year20262025Year-on-YearOrders$2,140$1,83317%$4,587$4,5351%Revenues$2,741$2,6474%$6,200$6,742(8)%Cost of revenues(a)$2,505$2,532$6,277$6,598Selling, general, and administrative expenses(a)$134$118$399$393Research and development expenses(a)$37$43$106$117Other segment (income)/expenses(b)$(7)$16$2$8Segment EBITDA$72$(61)$134$(585)$(373)$(212)Segment EBITDA margin2.6%(2.3)%490 bps(9.4)%(5.5)%(390) bps In the third quarter of 2026, GE Vernova: The following segment discussions and variance explanations are intended to reflect management’s view of the relevant The non-GAAP financial measures presented in this press release are supplemental measures of our performance and our The Trench Group acquisition price presented in this press release is expressed in U.S. dollar equivalents based on a EUR/USD judgments and assumptions, and are subject to risks and uncertainties that could cause actual results to differ materially, 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. comparisons of financial results. Effective January 1, 2026, GE Vernova realigned the reporting of certain of its business units including, among others: the performance and continued expansion of the Trench Group business; demand for GE Vernova's exchange rate of 1.12. Actual U.S. dollar equivalent amounts may differ based on the prevailing EUR/USD exchange rate at the We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP financial measures, •Repurchased approximately 1.7 million shares for $1.6 billion. GE Vernova repurchased approximately 1.4 million shares for within the Power, Electrification, and Wind segments. 2025 segment financial information can be accessed here. and Trench Group's products and services, the loss of, or reduced orders from, key customers; retention of key suppliers and applicable times. are important supplemental measures that exclude non-cash or other items that may not be indicative of or are unrelated to our $1.3 billion from October 1 to October 23, 2026. Since the inception of its program in December 2024, the company employees; changes in tariffs, changes in currency exchange rates; difficulties in integrating Trench Group or realizing the
Forward-looking statements notice
GE Vernova reports strong third quarter 2026 financial performance, raises 2026 guidance, core operating results and the overall health of our company. We believe that these non-GAAP financial measures provide repurchased 15.6 million shares for $9.9 billion at an average price of approximately $635 per share. In October 2026, the expected benefits and synergies; the availability and terms of acquisition financing; transaction-related costs and litigation; and increases share repurchase authorization Power CAUTION CONCERNING FORWARD-LOOKING STATEMENTS investors greater transparency to the information used by management for its operational decision-making and allow investors to Board of Directors approved a share repurchase authorization increase to $20 billion, from the prior authorization of $10 delays in closing the acquisition, which could increase its cost or result in the acquisition not being completed; regulatory Three months ended September 30Nine months ended September 30(Dollars in millions)20262025Year-on-Year20262025Year-on-YearOrders$21,780$7,832178%$48,516$21,204129%Revenues$6,067$4,86325%$16,516$14,09717%Cost of revenues(a)$4,152$3,663$11,656$10,481Selling, general, and administrative expenses(a)$497$449$1,415$1,379Research and development expenses(a)$170$144$455$386Other segment (income)/expenses(b)$(50)$(45)$(150)$(104)Segment EBITDA$1,297$651$646$3,139$1,954$1,186Segment EBITDA margin21.4%13.4%800 bps19.0%13.9%510 bps This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of see our results “through the eyes of management.” We further believe that providing this information assists our investors in billion, with $10.1 billion remaining. approvals for the acquisition not being obtained, or obtained subject to conditions or undertakings that could limit the combined Third Quarter 2026 Highlights: 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as understanding our operating performance and the methodology used by management to evaluate and measure such
- Paid a $0.50 per share quarterly dividend; on September 30, 2026, declared a $0.50 per share quarterly dividend, payable business or reduce the anticipated benefits of the transaction; the outcome of required consultations with employee •Orders of $29B, +96% organically led by equipment at Power and continued services strength performance. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for “believe”, “expect”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may,” and negatives or derivatives of on November 24, 2026 to stockholders of record as of October 27, 2026. representatives; other closing conditions not being satisfied; and termination of the acquisition agreement. •Backlog growth of $20B sequentially from equipment and services, reaching $197B in total analyzing trends in our underlying businesses and can be used by management as one basis for financial, operational, and these or similar expressions. These forward-looking statements may include, among others, statements about our future Three months ended September 30Nine months ended September 30EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP)20262025V%20262025V%Total equipment revenues (GAAP)$8,340$5,88042%$20,053$14,97134%Less: Acquisitions921 - 2,223 - Less: Business dispositions - - - - Less: Foreign currency effect169220(4)Equipment organic revenues (Non-GAAP)$7,404$5,87126%$17,609$14,97518%Total services revenues (GAAP)$4,302$4,0895%$13,031$12,1417%Less: Acquisitions251681Less: Business dispositions - 4326125Less: Foreign currency effect6613615Services organic revenues (Non-GAAP)$4,272$4,0396%$12,801$12,0017%
- Entered into agreements to transfer a portion of its retiree benefit obligations to an insurer, which will assume full legal and •Gas Power equipment backlog and slot reservation agreements grew from 116 to 122 GW; now anticipate reaching at least planning decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our performance, anticipated growth, and expectations in our business; the energy transition; the demand for our products and administrative responsibility, resulting in approximately $350 million paid in the quarter. These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward- 130 GW by year-end 2026 industry. services; our technologies and ability to innovate, anticipate, and address customer demands; our ability to increase production
- Invested $0.6 billion in capital expenditures, including to increase production in Power and Electrification, as part of its looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the fiscal year •Revenue of $12.6B, +27%, +18% organically* led by Power and Electrification (a) Excludes depreciation and amortization expenses. capacity, efficiencies, and quality; our underwriting and risk management; the estimated impact of tariffs; our product quality and Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated commitment to invest $6 billion in capex from 2025 through 2028, including $1 billion from Prolec GE from 2026 to 2028. ended December 31, 2025, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, including in •Net income of $1.3B; net income margin of 10.2% (b) Primarily includes equity method investment income and other interest and investment income. costs; our cost management efforts; tax incentives; customer orders and commitments; project execution and timelines; our 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, the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and “Forward- •Adjusted EBITDA* of $1.9B; adjusted EBITDA margin* of 15.4%, up +690 basis points organically* actual and planned investments, including in research and development, capital expenditures, joint ventures, and other 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. Looking Statements” sections included therein, as may be updated from time to time in our Securities and Exchange Third Quarter 2026 Performance: •Cash from operating activities of $6.1B; free cash flow* of $5.4B collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending; management does not consider these measures in isolation from or as alternatives to the comparable financial measures
- In August 2026, Fitch upgraded GE Vernova’s investment grade credit rating to A- from BBB+ with a stable rating outlook. Commission filings and as posted on our website at www.gevernova.com/investors/fls. We do not undertake any obligation to Orders of $2.1 billion increased 16% organically, driven by Onshore Wind equipment and services, especially for repowering in •$16.8B cash balance; $5.7B in capital returned to shareholders in the first nine months of 2026 government policies; our expected cash generation and management; our lean operating model; our capital allocation determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any single North America. Revenues of $2.7 billion increased 4%, 3% organically*, due to higher services at Onshore Wind and higher update or revise our forward-looking statements except as may be required by law or regulation. This press release also •In October, the Board of Directors increased the share repurchase authorization to $20B, from $10B (a) Excludes depreciation and amortization expenses. framework, including organic and inorganic investments, share repurchases, and dividends; our restructuring programs; financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to In October, GE Vernova announced it has signed an agreement to acquire Trench Group, a global leader in high-voltage grid revenue at Offshore Wind, partially offset by Onshore Wind equipment deliveries. Segment EBITDA was $0.1 billion and includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results (b) Primarily includes equity method investment income and other interest and investment income. disputes, litigation, arbitration, and governmental proceedings involving us; the sufficiency and expected uses of our cash, their most directly comparable U.S. GAAP financial measures follow. Unless otherwise noted, tables are presented in U.S. equipment, for $9.0 billion USD equivalent. The deal will create scale across GE Vernova’s Electrification product lines, segment EBITDA margin was 2.6%, up +490 basis points, +420 basis points organically*, primarily due to lower project costs at CAMBRIDGE, Mass., (October 28, 2026) - GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling the world to could differ materially. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables liquidity, and financing arrangements; our credit ratings; and our agreement to acquire Trench Group and the expected benefits Offshore Wind as well as the impact of tariff recoveries and higher services at Onshore Wind, partially offset by lower equipment expanding its capabilities to better serve customers, with close expected in late 2027, subject to customary regulatory approvals. Third Quarter 2026 Performance: electrify to thrive and decarbonize, today reported financial results for the third quarter ending September 30, 2026. may not add due to the use of rounded numbers. Percentages presented in this report are calculated from the underlying and timing of closing. at Onshore Wind. Orders of $21.8 billion increased +178% organically, primarily from strength in Gas Power equipment, driven by higher volume Additional Information numbers in millions. "We delivered another strong quarter with robust orders and revenue growth, margin expansion, and significant free cash flow “We delivered strong financial results in the third quarter as demand for electricity infrastructure increases around the world. We and price, with 55 heavy-duty units, including 21 HA turbines, and 57 aeroderivative turbines. Services orders increased 12% GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE Vernova, Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain generation. Our backlog continues to expand driven by equipment growth at Power and Electrification, at improved margins from now expect our backlog to exceed $200 billion in the fourth quarter, with improved margins, and to exit 2026 with at least 130 organically, driven by Gas Power and Nuclear Power. Revenues of $6.1 billion increased +25% on a U.S. GAAP basis and We believe the organic measures presented below provide management and investors with a more complete understanding of including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to favorable price and disciplined underwriting, and services growth at Power,” said GE Vernova CFO Ken Parks. “We ended the GW of gas equipment under contract. Given our performance and confidence in our trajectory, we are raising our 2026 financial organically*, led by aeroderivative and heavy-duty deliveries and favorable price. Segment EBITDA was $1.3 billion and segment underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to quarter with a cash balance of approximately $17 billion, up $4 billion sequentially, increasing our confidence in making highguidance,” said GE Vernova CEO Scott Strazik. “We continue to innovate and develop new solutions for utility and data center We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items EBITDA margin was 21.4%, up +800 basis points, +830 basis points organically*, primarily driven by favorable price and higher and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. other social media accounts, which are platforms on which the Company posts information from time to time. differ materially from those expressed or implied by forward-looking statements include the following: growth, accretive investments and returning cash to shareholders through our dividend and increased share repurchase customers to meet growing demand, including electrification technologies that support integration and resiliency. Our opportunity that are not closely associated with ongoing operations provide management and investors with meaningful measures of our performance that volume at Gas Power, partially offset by the impact of inflation.
- Quality issues or safety failures among our products, solutions, or services; program. Based on our strong financial performance, we are raising our guidance for 2026 revenue, adjusted EBITDA margin, increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We to create value is accelerating and I’m proud of how our team is executing with discipline and focus.”
- Significant supply chain or logistics disruptions, including cost or availability of materials or components; Additional Financial Information and free cash flow.” believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with
- Disruptions or capacity constraints at our manufacturing or operating facilities; Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and In the quarter, orders of $29.3 billion increased +96% organically, with robust equipment growth in Power and continued services Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established, Three months ended September 30Nine months ended September 30ADJUSTED ORGANIC EBITDA AND ADJUSTED ORGANIC EBITDA MARGIN (NON-GAAP)20262025V%20262025V%Adjusted EBITDA (Non-GAAP)$1,943$811F$4,089$2,038FLess: Acquisitions210(3)509(2)Less: Business dispositions - 6054160Less: Foreign currency effect12(15)(112)(13)Adjusted organic EBITDA (Non-GAAP)$1,721$770F$3,638$1,89492%Adjusted EBITDA margin (Non-GAAP)15.4%8.1%730bps12.4%7.5%490bpsAdjusted organic EBITDA margin (Non-GAAP)14.7%7.8%690bps12.0%7.0%500bps
Electrification
ongoing operations by further excluding the effect of acquisitions, dispositions, and foreign currency, which includes translational and •Our ability to manage our costs and achieve anticipated cost savings; Filings. strength. Revenue of $12.6 billion was up +27%, +18% organically*, led by equipment growth at Power and Electrification, along 2026 Guidance Three months ended September 30Nine months ended September 30(Dollars in millions)20262025Year-on-Year20262025Year-on-YearOrders$5,371$5,0696%$18,831$11,71761%Revenues$3,862$2,56551%$10,459$6,56659%Cost of revenues(a)$2,634$1,812$7,173$4,589Selling, general, and administrative expenses(a)$375$323$1,070$960Research and development expenses(a)$119$110$338$292Other segment (income)/expenses(b)$(5)$(67)$(62)$(181)Segment EBITDA$739$387$352$1,939$906$1,033Segment EBITDA margin19.1%15.1%400 bps18.5%13.8%470 bps transactional impacts, as these activities can obscure underlying trends. •Our ability to execute and estimate long-term service obligations; with higher services, partially offset by equipment at Wind. Margins expanded significantly from higher price, volume, and GE Vernova is raising its 2026 financial guidance and now expects revenue of $46.5-$47.5 billion, up from $45.5-$46.5 billion,
- Our ability to successfully compete; Conference Call and Webcast Information productivity. Free cash flow* of $5.4 billion increased $4.7 billion, primarily due to higher positive benefits from working capital adjusted EBITDA margin* of 13.5%-14.5%, up from 12%-14%, and free cash flow* of $16-$17 billion, up from $11.5-$12.5 billion. We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However, Adjusted
- Our ability to innovate and successfully commercialize new technologies and manage our product cycles; GE Vernova will discuss its results and its agreement to acquire Trench Group during its extended investor conference call today and stronger adjusted EBITDA*, partially offset by higher taxes. EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring
- Achieving expected benefits from strategic transactions, joint ventures, and other third-party collaborations; starting at 7:30 AM Eastern Time. The conference call will be broadcast live via webcast, and the webcast and accompanying Segment guidance is: that our future results will be unaffected by the items for which the measures adjust. Power •Issues with grid connectivity or our customers’ ability to sell generated electricity; slide presentation containing financial information can be accessed by visiting the investor section of the website https:// •Power: 19%-21% organic revenue* growth, up from 18%-20%, and 19%-21% segment EBITDA margin, up from 17%-19%.
- Orders of $21.8 billion increased +178% organically and revenues of $6.1 billion increased +25% on a U.S. GAAP basis and •Our ability to manage customer and counterparty relationships and contracts; www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call. •Electrification: Revenue of $14.5-$15.0 billion, including approximately $3.1 billion from Prolec GE, and 18%-20% segment
2026 GUIDANCE: ADJUSTED EBITDA MARGIN*
organically*, led by Gas Power equipment. Segment EBITDA margin grew +800 basis points, +830 basis points organically*. •Our ability to maintain our investment grade credit ratings; We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP EBITDA margin, now trending toward the higher end of the range.
- Signed 11 gigawatts (GW) of new gas equipment contracts, including 8 GW of slot reservation agreements and 3 GW of financial measures for adjusted EBITDA margin* in the 2026 guidance without unreasonable effort due to the uncertainty of the costs and •Our access to capital or credit markets or other financing on acceptable terms; About GE Vernova •Wind: Organic revenue* down mid-single digits, versus prior guidance of down low-double digits, and $400-$500 million of orders. Converted 13 GW of existing slot reservation agreements to orders and shipped 5 GW of equipment; resulting in timing associated with potential restructuring actions and the impacts of depreciation and amortization. •Decarbonization and energy-transition dynamics; GE Vernova Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Electrification, and Wind segment EBITDA losses, versus prior guidance of approximately $400 million of segment EBITDA losses. backlog growth from 53 to 64 GW and a decrease in slot reservation agreements from 63 to 58 GW. •Changes in energy, environmental, and tax laws and policies; segments and is supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s
- Challenges of operating globally, including complex legal, regulatory, and compliance risks; challenges, GE Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash subsequent to Total Company Results (a) Excludes depreciation and amortization expenses. Electrification fulfilling our capital obligations; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the •Natural disasters, physical effects of climate change, pandemics, and other emergencies; simultaneously working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to Three months ended September 30Nine months ended September 30(Dollars in millions, except per share)20262025Year-on-Year20262025Year-on-YearGAAP MetricsTotal revenues$12,642$9,96927%$33,084$27,11222%Net income (loss)$1,289$453$836$6,687$1,209$5,478Net income (loss) margin10.2%4.5%570 bps20.2%4.5%1,570 bpsDiluted EPS$4.81$1.64193%$24.81$4.41463%Cash from (used for) operating activities$6,057$980$5,077$16,737$2,508$14,229Non-GAAP MetricsOrganic revenues$11,676$9,91118%$30,411$26,97613%Adjusted EBITDA$1,943$811$1,131$4,089$2,038$2,050Adjusted EBITDA margin15.4%8.1%730 bps12.4%7.5%490 bpsAdjusted organic EBITDA margin14.7%7.8%690 bps12.0%7.0%500 bpsFree cash flow$5,409$732$4,677$15,307$1,902$13,405 (b) Primarily includes equity method investment income and other interest and investment income. •Orders of $5.4 billion decreased (9)% organically, given large synchronous condenser orders in the third quarter of last year, payments required for certain investing and financing activities. •Geopolitical events; health, safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with with continued strong demand for grid equipment and a book-to-bill ratio of approximately 1.4. Revenues of $3.9 billion
- Our ability to meet sustainability expectations, standards, and goals; approximately 85,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose, Third Quarter 2026 Performance: increased +51%, +16% organically*, driven by Grid Systems Integration and Power Transmission. Segment EBITDA margin Three months ended September 30Nine months ended September 30FREE CASH FLOW (NON-GAAP)20262025V%20262025V%Cash from (used for) operating activities (GAAP)$6,057$980F$16,737$2,508FAdd: Gross additions to property, plant and equipment and internal-use software(647)(247)(1,430)(606)Free cash flow (Non-GAAP)$5,409$732F$15,307$1,902F
- International trade policies; The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure Orders of $5.4 billion decreased (9)% organically, due to large synchronous condenser orders in the third quarter of last year, grew +400 basis points, +470 basis points organically*.
- Our ability to obtain, maintain, and comply with approvals, licenses, and permits; energy future. Learn more: GE Vernova and LinkedIn. with continued strong demand for grid equipment particularly in North America. Revenues of $3.9 billion increased +51% on a
- Increased equipment backlog to $42.2 billion, up $15.7 billion, or 60% year-over-year, including $5 billion from Prolec GE.
- Our ability to comply with laws and regulations and related compliance costs; U.S. GAAP basis, inclusive of Prolec GE, +16% organically*, primarily due to increased volume in alternating current substation
2026 GUIDANCE: POWER ORGANIC REVENUE*
- Impacts from claims, litigation, regulatory proceedings, and enforcement actions; Investor Relations Contact: solutions and high voltage direct current solutions at Grid Systems Integration and in switchgear and transformers at Power Wind We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP
- Our ability to attract and retain highly qualified personnel and impacts from any labor disputes or actions; Michael Lapides Transmission. Segment EBITDA was $0.7 billion and segment EBITDA margin was 19.1%, up +400 basis points, +470 basis
- Orders of $2.1 billion increased 16% organically due to Onshore Wind, primarily in North America. Revenues of $2.7 billion financial measure of Power organic revenue* in the 2026 guidance without unreasonable effort due to the uncertainty of foreign exchange
- Our ability to secure, deploy, and protect our intellectual property rights and defend against third-party claims; +1.617.674.7568 points organically*, due to higher volume and productivity at Grid Systems Integration and higher volume, productivity, and rates. increased 4%, 3% organically*, primarily driven by Onshore Wind services and Offshore Wind equipment, partially offset by
- Foreign currency impacts; m.lapides@gevernova.com favorable price at Power Transmission. Onshore Wind equipment. Segment EBITDA margin grew +490 basis points, +420 basis points organically*.
- Our ability to realize the benefits from our separation from, and our obligations to, General Electric Company;
- Resolved all outstanding litigation regarding the Vineyard Wind offshore wind project, providing reliable, affordable energy to 2026 GUIDANCE: FREE CASH FLOW (NON-GAAP) Media Contact: •Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic more than 400,000 homes and businesses across Massachusetts. We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP Adam Tucker investments, and other priorities; financial measure for free cash flow* in the 2026 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures. +1.518.227.2463 •The price, availability, volatility, and trading volumes of our common stock; Adam.Tucker@gevernova.com •The amount and timing of our cash flows and earnings;
- The impact of cybersecurity or data security incidents; and © 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.
- Other changes in macroeconomic and market conditions and volatility. 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 *Non-GAAP Financial Measure Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10