GE Vernova · Earnings release · 8-K Exhibit 99

Page 1

GE Vernova reports fourth quarter and full year 2024 financial results

Built a strong foundation in 2024 with solid growth, significant margin expansion and cash generation

Fourth Quarter 2024 Highlights:

•T1Record orders of $13.2B, +22% organically, approximately 1.3X revenue, led by Power and Electrification equipment

•Record revenue of $10.6B, +5%, +9% organically* with growth in both equipment and services

•Net income of $0.5B, +$0.3B; net income margin of 4.6%, +260 bps

•Adjusted EBITDA* of $1.1B and adjusted EBITDA margin* of 10.2%

•Cash from operating activities of $0.9B, down $(1.0)B; free cash flow* of $0.6B, down $(1.1)B due to lower down

payments from customer orders and improved linearity

•Orders of $44.1B, +7% organically, led by Power and Electrification equipment, and services in each segment

•Revenue of $34.9B, +5%, +7% organically* driven by Electrification and Power

•Net income of $1.6B, +$2.0B; net income margin of 4.5%, +590 bps

•Adjusted EBITDA* of $2.0B and adjusted EBITDA margin* of 5.8%

•T2Cash from operating activities of $2.6B, +$1.4B; positive free cash flow* of $1.7B, +$1.3B

•$8.2B cash balance up from $7.4B in the third quarter of 2024 and from $4.2B at spin-off on April 2, 2024

•T3Reaffirming 2025 financial guidance

CAMBRIDGE, Mass., (January 22, 2025) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers

to accelerate the energy transition, today reported financial results for the fourth quarter and full year ending December

“GE Vernova built a strong foundation in 2024 with solid orders and revenue growth, as well as significant margin

expansion and cash generation. We saw strength in Power and Electrification and improvement in Wind, while growing

our equipment backlog at better margins,” said GE Vernova CEO Scott Strazik. “Our progress reinforces the important

role we play in electrifying and decarbonizing the world as we deliver on accelerating demand for our equipment and

services. Our lean culture is driving operational improvement across safety, quality, delivery, and cost. As we enter 2025,

I’m grateful for our team’s dedication and optimistic about the future as we continue creating value for our stakeholders.”

In 2024, GE Vernova orders of $44.1 billion increased +7% organically, with robust equipment growth in Power and

Electrification and double-digit services growth in each segment. Revenue of $34.9 billion was up +5%, +7% organically*,

driven by higher services and equipment volume, with positive price in all segments. Margins expanded significantly from

higher volume, price, and productivity, more than offsetting inflation. Cash flow improved by over $1 billion year-over-year,

primarily from adjusted EBITDA* growth.

Power

•Total year orders of $21.8 billion increased +28% organically, from strong demand for Gas Power equipment and

double-digit services growth. Revenues of $18.1 billion increased +4%, +7% organically*, led by Gas Power. Segment

EBITDA margin grew +260 basis points, +180 basis points organically*.

•Secured a major contract for the Net Zero Teesside Power project in the United Kingdom in the fourth quarter, which is

expected to be the world’s first gas-fired power station with carbon capture and storage.

Wind

•T4Total year orders of $7.1 billion decreased (38)% organically, due to lower Onshore Wind equipment. Revenues of

$9.7 billion were down (1)% on a U.S. GAAP basis and organically*, driven primarily by Offshore Wind. Segment

EBITDA losses improved by $0.4 billion.

•Secured more than 1 gigawatt of U.S. Onshore Wind repowering orders in 2024, an increase of 76% from 2023.

Electrification

•T5Total year orders of $15.7 billion increased +19% organically, driven by growing demand for grid equipment and

services. Revenues of $7.5 billion increased +18% on a U.S. GAAP basis and organically*, led by Grid Solutions.

Segment EBITDA margin grew +530 basis points, +520 basis points organically*.

•Expanded its rapidly growing backlog, which included two HVDC orders in Germany and Korea in the fourth quarter.

*Non-GAAP Financial Measure

*Non-GAAP Financial Measure

Page 2

Company Updates:

In the fourth quarter of 2024, GE Vernova:

•Achieved fatality-free operations, which remains a top priority.

•Declared a $0.25 per share quarterly dividend, payable on January 28, 2025 to shareholders of record as of

•T6Approved an initial $6 billion share repurchase authorization, with 8,000 shares repurchased in late December

2024 for approximately $3 million.

•Monetized an incremental 8% ownership stake in GE Vernova T&D India Limited and a 3% ownership stake in

China XD Electric Co Ltd., both part of the Electrification segment, resulting in approximately $0.6 billion of pre-tax

proceeds.

•Invested $0.3 billion in capital expenditures including initiatives to expand capacity in Power and Electrification.

•Funded $0.3 billion in research and development (R&D) spending to advance breakthrough energy transition

technologies.

"We had a strong finish to 2024 as we execute our strategy to deliver disciplined revenue growth with increased

profitability and positive cash generation. In the fourth quarter, we achieved record orders and revenue, and expanded

margins in each segment,” said GE Vernova CFO Ken Parks. “We closed the year with over $8 billion in cash, driven by

positive free cash flow and several value-accretive portfolio actions. We will invest in growth and innovation, while

returning capital to shareholders and maintaining our investment grade balance sheet. Today, we are also reaffirming our

Guidance:

GE Vernova is reaffirming its 2025 financial guidance of G1revenue of $36-$37 billion, high-single digits adjusted EBITDA

margin*, G2free cash flow* of $2.0-$2.5 billion, and segment guidance of:

•Power: Mid-single digit organic revenue* growth and G313%-14% segment EBITDA margin.

•Wind: Organic revenue* down mid-single digits and G4$200-$400 million of segment EBITDA losses.

•Electrification: Mid-to-high-teens organic revenue* growth and G511%-13% segment EBITDA margin.

Total Company Results

Three months ended December 31

Twelve months ended December 31

(Dollars in millions, except per share)

Year-on-

Year

Year-on-

Year

GAAP Metrics

Total revenues

5%

5%

Net income (loss)

Net income (loss) margin

Diluted EPS(a)

F

F

Cash from (used for) operating activities

Non-GAAP Metrics

Organic revenues

9%

7%

Adjusted EBITDA

Adjusted EBITDA margin

Adjusted organic EBITDA margin

Free cash flow

(a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares

that were issued upon Spin-Off and excludes Net loss (income) attributable to noncontrolling interests. For periods prior to the Spin-

Off, the Company participated in various GE stock-based compensation plans. For periods prior to the Spin-Off, there were no

dilutive equity instruments as there were no equity awards of GE Vernova outstanding.

*Non-GAAP Financial Measure

Page 3

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant

comparisons of financial results. Downloadable historical segment expense financial information can be accessed here.

Power

Three months ended December 31

Twelve months ended December 31

(Dollars in millions)

Year-on-Year

Year-on-Year

Orders

Revenues

(3)%

4%

Cost of revenues(a)

Selling, general, and administrative expenses(a)

Research and development expenses(a)

Other segment (income)/expenses(b)

Segment EBITDA

Segment EBITDA margin

(a) Excludes depreciation and amortization expenses.

(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:

Orders of $6.6 billion increased +24% organically, led by Gas Power equipment with 24 heavy-duty units, and Hydro.

Services orders decreased (6)% organically due, to strong prior year comparisons driven by the timing of transactional

orders. Revenues of $5.4 billion decreased (3)%, increased +2% organically*, with Power services growth and higher HA

deliveries more than offsetting lower aeroderivative shipments. Segment EBITDA was $0.8 billion and segment EBITDA

margin was 14.9%, up +60 basis points, +30 basis points organically*, led by Gas Power with services volume,

productivity, and price more than offsetting inflation.

Full Year 2024 Performance:

Orders of $21.8 billion increased +28% organically, led by robust demand for Gas Power equipment, and Power services

growth of +10% organically. Revenues of $18.1 billion increased +4%, +7% organically*, led by Gas Power. Segment

EBITDA was $2.3 billion and segment EBITDA margin was 12.5%, up +260 basis points, +180 basis points organically*,

driven by services strength, more profitable equipment volume, and continued productivity more than offsetting inflation.

Wind

Three months ended December 31

Twelve months ended December 31

(Dollars in millions)

Year-on-Year

Year-on-Year

Orders

Revenues

(1)%

Cost of revenues(a)

Selling, general, and administrative expenses(a)

Research and development expenses(a)

Other segment (income)/expenses(b)

$(9)

$(6)

Segment EBITDA

Segment EBITDA margin

(a) Excludes depreciation and amortization expenses.

(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:

Orders of $2.0 billion decreased (41)% organically, primarily driven by a large U.S. Onshore Wind order in the fourth

quarter of 2023. Revenues of $3.1 billion increased +20%, +21% organically*, driven by higher Onshore Wind equipment

deliveries and price, partially offset by Offshore Wind. Segment EBITDA was modestly profitable and segment EBITDA

margin was 0.6%, up +1,180 basis points, +1,100 basis points organically*, driven by Onshore Wind delivering its most

profitable quarter in three years and decreased losses at Offshore Wind.

*Non-GAAP Financial Measure

Page 4

Full Year 2024 Performance:

Orders of $7.1 billion decreased (38)% organically, due to lower Onshore Wind equipment. Revenues of $9.7 billion

decreased (1)% on a U.S. GAAP basis and organically*, primarily due to Offshore Wind. Segment EBITDA was $(0.6)

billion and segment EBITDA margin was (6.1)%, up +440 basis points, +380 basis points organically*, primarily due to

improvement at Onshore Wind.

Electrification

Three months ended December 31

Twelve months ended December 31

(Dollars in millions)

Year-on-Year

Year-on-Year

Orders

Revenues

Cost of revenues(a)

Selling, general, and administrative expenses(a)

Research and development expenses(a)

Other segment (income)/expenses(b)

$(7)

Segment EBITDA

Segment EBITDA margin

(a) Excludes depreciation and amortization expenses.

(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:

Orders of $4.8 billion increased +122% organically, driven by higher demand for grid equipment and services. Revenues

of $2.2 billion grew +11%, +12% organically*, driven by higher volume and price at Grid Solutions. Segment EBITDA was

$0.3 billion and segment EBITDA margin was 13.0%, up +440 basis points, +500 basis points organically*, due to higher

volume, price, and productivity.

Full Year 2024 Performance:

Orders of $15.7 billion increased +19% organically, driven by higher demand for grid equipment and Electrification

services. Revenues of $7.5 billion grew +18% on a U.S. GAAP basis and organically*, led by Grid Solutions. Segment

EBITDA was $0.7 billion and segment EBITDA margin was 9.0%, up +530 basis points, +520 basis points organically*,

due to higher volume, price, and productivity.

*Non-GAAP Financial Measure

Page 5

CONSOLIDATED AND COMBINED STATEMENT OF INCOME (LOSS) (UNAUDITED)

Three months ended December 31

Twelve months ended December 31

(In millions, except per share amounts)

V%

V%

Six months ended June

Sales of equipment

Sales of services

Total revenues

5%

5%

Cost of equipment

Cost of services

Gross profit

Selling, general, and administrative expenses

Research and development expenses

Operating income (loss)

F

F

Interest and other financial charges – net

Non-operating benefit income

Other income (expense) – net

Income (loss) before income taxes

F

F

Provision (benefit) for income taxes

Net income (loss)

F

F

Net loss (income) attributable to noncontrolling interests

—

(8)

(7)

Net income (loss) attributable to GE Vernova

F

F

Earnings (loss) per share attributable to GE Vernova

Basic

F

F

Diluted

F

F

Weighted-average number of common shares outstanding:

Basic

1%

—%

Diluted

2%

1%

Page 6

CONSOLIDATED AND COMBINED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

December 31 (In millions, except share and per share amounts)

Cash, cash equivalents, and restricted cash

Current receivables – net

Due from related parties

4

Inventories, including deferred inventory costs

Current contract assets

All other current assets

Assets of business held for sale

—

Current assets

Property, plant, and equipment – net

Goodwill

Intangible assets – net

Contract and other deferred assets

Equity method investments

Deferred income taxes

All other assets

Total assets

Accounts payable and equipment project payables

Due to related parties

Contract liabilities and deferred income

All other current liabilities

Liabilities of business held for sale

—

Current liabilities

Deferred income taxes

Non-current compensation and benefits

All other liabilities

Total liabilities

shares outstanding as of December 31, 2024

3

—

Additional paid-in capital

—

Retained earnings

—

Treasury common stock, 226,290 shares at cost

—

Net parent investment

—

Accumulated other comprehensive income (loss) – net attributable to GE Vernova

Total equity attributable to GE Vernova

Noncontrolling interests

Total equity

Total liabilities and equity

Page 7

CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS (UNAUDITED)

For the years ended December 31 (In millions)

Net income (loss)

Adjustments to reconcile net income (loss) to cash from (used for) operating activities

Depreciation and amortization of property, plant, and equipment

Amortization of intangible assets

(Gains) losses on purchases and sales of business interests

Principal pension plans – net

Other postretirement benefit plans – net

Provision (benefit) for income taxes

Cash recovered (paid) during the year for income taxes

(2)

Changes in operating working capital:

Decrease (increase) in current receivables

Decrease (increase) in due from related parties

(8)

(2)

Decrease (increase) in inventories, including deferred inventory costs

Decrease (increase) in current contract assets

Increase (decrease) in accounts payable and equipment project payables

Increase (decrease) in due to related parties

Increase (decrease) in contract liabilities and current deferred income

All other operating activities

Cash from (used for) operating activities

Additions to property, plant, and equipment and internal-use software

Dispositions of property, plant, and equipment

Purchases of and contributions to equity method investments

Sales of and distributions from equity method investments

Proceeds from principal business dispositions

—

All other investing activities

Cash from (used for) investing activities

Net increase (decrease) in borrowings of maturities of 90 days or less

Transfers from (to) Parent

All other financing activities

Cash from (used for) financing activities

Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash

Increase (decrease) in cash, cash equivalents, and restricted cash, including cash classified

within businesses held for sale

Less: Net increase (decrease) in cash classified within businesses held for sale

Increase (decrease) in cash, cash equivalents, and restricted cash

Cash, cash equivalents, and restricted cash at beginning of year

Cash, cash equivalents, and restricted cash as of December 31

Page 8

Non-GAAP Financial Measures

The non-GAAP financial measures presented in this press release are supplemental measures of our performance and

our liquidity that we believe help investors understand our financial condition and operating results and assess our future

prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding U.S. GAAP

financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative

of or are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP

financial measures provide investors greater transparency to the information used by management for its operational

decision-making and allow investors to see our results “through the eyes of management.” We further believe that

providing this information assists our investors in understanding our operating performance and the methodology used by

management to evaluate and measure such performance. When read in conjunction with our U.S. GAAP results, these

non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by

management as one basis for financial, operational and planning decisions. Finally, these measures are often used by

analysts and other interested parties to evaluate companies in our industry.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated

differently by other companies or may be used under different circumstances or for different purposes, thereby affecting

their comparability from company to company. In order to compensate for these and the other limitations discussed below,

management does not consider these measures in isolation from or as alternatives to the comparable financial measures

determined in accordance with U.S. GAAP. Readers should review the reconciliations below and should not rely on any

single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the

reconciliations to their most directly comparable GAAP financial measures follow. Unless otherwise noted, tables are

presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain columns

and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are

calculated from the underlying numbers in millions.

We believe the organic measures presented below provide management and investors with a more complete

understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of

acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities

can obscure underlying trends.

ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)

Revenue

Segment EBITDA

Segment EBITDA margin

Three months ended December 31

V%

V%

V bps

Power (GAAP)

(3%)

1%

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

Less: Foreign currency effect

(1)

5

(6)

Power organic (Non-GAAP)

2%

4%

Wind (GAAP)

F

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

(8)

Wind organic (Non-GAAP)

F

Electrification (GAAP)

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

(8)

7

(4)

Electrification organic (Non-GAAP)

(a) Includes intersegment sales of $166 million and $103 million for the three months ended December 31, 2024 and 2023, respectively.

Page 9

ORGANIC REVENUES(a), EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)

Revenue

Segment EBITDA

Segment EBITDA margin

Twelve months ended December 31

V%

V%

V bps

Power (GAAP)

4%

Less: Acquisitions

—

—

Less: Business dispositions

Less: Foreign currency effect

2

Power organic (Non-GAAP)

7%

Wind (GAAP)

(1)%

Less: Acquisitions

—

—

—

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

Wind organic (Non-GAAP)

(1)%

Electrification (GAAP)

F

Less: Acquisitions

3

1

(3)

—

Less: Business dispositions

—

—

—

—

Less: Foreign currency effect

Electrification organic (Non-GAAP)

F

(a) Includes intersegment sales of $483 million and $414 million for the years ended December 31, 2024 and 2023, respectively.

Three months ended December 31

Twelve months ended December 31

ORGANIC REVENUES (NON-GAAP)

V%

V%

Total revenues (GAAP)

5%

5%

Less: Acquisitions

—

—

1

Less: Business dispositions

—

Less: Foreign currency effect

1

(6)

Organic revenues (Non-GAAP)

9%

7%

Three months ended December 31

Twelve months ended December 31

EQUIPMENT AND SERVICES ORGANIC

REVENUES (NON-GAAP)

V%

V%

Total equipment revenues (GAAP)

6%

4%

Less: Acquisitions

—

—

—

Less: Business dispositions

—

Less: Foreign currency effect

(2)

Equipment organic revenues (Non-GAAP)

5%

Total services revenues (GAAP)

4%

7%

Less: Acquisitions

—

—

1

Less: Business dispositions

—

Less: Foreign currency effect

2

3

8

3

Services organic revenues (Non-GAAP)

6%

8%

We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash

items that are not closely associated with ongoing operations provide management and investors with meaningful measures of our

performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying

profitability factors. We believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors

with, when considered with Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating

results and trends of established, ongoing operations by further excluding the effect of acquisitions, dispositions and foreign currency,

which includes translational and transactional impacts, as these activities can obscure underlying trends.

*Non-GAAP Financial Measure

We believe these measures provide additional insight into how our businesses are performing, on a normalized basis. However,

Adjusted EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be

construed as inferring that our future results will be unaffected by the items for which the measures adjust.

Three months ended December 31

Twelve months ended December 31

ADJUSTED EBITDA AND ADJUSTED EBITDA

MARGIN (NON-GAAP)

V%

V%

Net income (loss) (GAAP)

F

F

Add: Restructuring and other charges(a)

7

Add: Purchases and sales of business interests(b)

—

Add: Russia and Ukraine charges(c)

—

—

—

Add: Separation costs (benefits)(d)

—

(9)

—

Add: Arbitration refund(e)

—

—

—

Add: Non-operating benefit income(f)

Add: Depreciation and amortization(g)

Add: Interest and other financial charges – net(h)(i)

Add: Provision (benefit) for income taxes(i)

Adjusted EBITDA (Non-GAAP)

F

Net income (loss) margin (GAAP)

Adjusted EBITDA margin (Non-GAAP)

(a) Consists of severance, facility closures, acquisition and disposition, and other charges associated with major restructuring

programs.

(b) Consists of gains and losses resulting from the purchases and sales of business interests and assets.

(c) Related to recoverability of asset charges recorded in connection with the ongoing conflict between Russia and Ukraine and

resulting sanctions primarily related to our Power business.

(d) 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, includes $136 million benefit related to deferred intercompany profit that was

recognized upon GE retaining the renewable energy U.S. tax equity investments at the time of the Spin-Off in the second quarter.

(e) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan, constituting the

payments previously made, and excludes $52 million related to the interest on such amounts that was recorded in Interest and

other financial charges – net in the second quarter.

(f) Primarily related to the expected return on plan assets, partially offset by interest cost.

(g) 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).

(h) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business

operations primarily with customers.

(i) Excludes interest expense (income) of $(1) million and $9 million and benefit (provision) for income taxes of $(14) million and $37

million for the three months ended December 31, 2024 and 2023, respectively, as well as interest expense (income) of $10 million

and $45 million and benefit (provision) for income taxes of $56 million and $168 million for the years ended December 31, 2024

and 2023, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on

an after-tax basis due to its strategic investments in renewable energy tax equity investments.

Three months ended December 31

Twelve months ended December 31

ADJUSTED ORGANIC EBITDA AND ADJUSTED

ORGANIC EBITDA MARGIN (NON-GAAP)

V%

V%

Adjusted EBITDA (Non-GAAP)

F

Less: Acquisitions

—

—

—

Less: Business dispositions

—

Less: Foreign currency effect

Adjusted organic EBITDA (Non-GAAP)

Adjusted EBITDA margin (Non-GAAP)

Adjusted organic EBITDA margin (Non-GAAP)

*Non-GAAP Financial Measure

We believe that free cash flow* provides management and investors with an important measure of our ability to generate cash on a

normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations;

however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for

certain investing and financing activities.

Three months ended December 31

Twelve months ended December 31

FREE CASH FLOW (NON-GAAP)

V%

V%

Cash from (used for) operating activities (GAAP)

F

Add: Gross additions to property, plant and equipment and

internal-use software

Free cash flow (Non-GAAP)

F

2025 GUIDANCE: FREE CASH FLOW (NON-GAAP)

We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding

GAAP financial measure for free cash flow* in the 2025 guidance without unreasonable effort due to the uncertainty of timing for capital

expenditures.

*Non-GAAP Financial Measure

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of

1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as

“believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “guidance”, “will”, “may” and negatives or derivatives of these

or similar expressions. These forward-looking statements include, among others, statements about the benefits we expect

from our Lean operating model; our expectations regarding the energy transition; the demand for our products and

services; our expectations of future increased business, revenues, and operating results; our ability to innovate and

anticipate and address customer demands; our ability to increase production capacity, efficiencies, and quality; our

underwriting and risk management; current and future customer orders and projects; our actual and planned investments;

our expected cash generation; our capital allocation framework, including share repurchases and dividends; operational

safety; and our restructuring programs and strategies to reduce operational costs.

Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently

uncertain and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or

achievements to differ materially from current expectations. Some of the risks, uncertainties, and other factors that may

cause actual results to differ materially from those expressed or implied by forward-looking statements include the

following:

•Our ability to successfully execute our Lean operating model;

•Our ability to innovate and successfully identity and meet customer demands and needs;

•Our ability to successfully compete;

•Market changes resulting in reduced demand for electricity and less carbon-intensive energy;

•Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components,

and products essential to our business;

•Significant disruptions to our manufacturing and production facilities and distribution networks;

•Changes in government policies and priorities that impact funding and demand for energy;

•Geopolitical risks, including conflicts, trade policies, and other constraints on economic activity;

•Product quality issues or product or safety failures related to our complex and specialized products, solutions, and

services, the time required to address them, costs associated with related project delays, repairs or replacements,

and the impact of any contractual claims for damages or other legal claims asserted in connection therewith,

some of which may be for significant amounts, on our financial results, competitive position or reputation;

•Our ability to obtain required permits, licenses, and registrations and successfully execute our projects;

•Our ability to attract and retain highly qualified personnel;

•Our ability to develop, deploy, and protect our intellectual property rights;

•Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions,

organic investments, and other priorities;

•Our ability to successfully identify, complete and integrate any acquisitions, obtain benefits we expect from our

joint ventures and other investments, and redeploy proceeds we may receive from any dispositions;

•The price, availability and trading volumes of our common stock, which will affect the timing and size of any share

repurchases;

•Downgrades of our credit ratings or ratings outlooks;

•The amount and timing of our cash flows and earnings;

•Our ability to meet our sustainability goals and related market expectations and governmental requirements;

•The impact from cybersecurity or data security breaches;

•Legal and regulatory requirements that may restrict our business and projects or impose additional costs;

•Natural disasters, weather conditions and events like hurricanes, floods, droughts, wildfires, and sea level rise,

public health events or other emergencies;

•Tax law and policy changes;

•Adverse rulings and awards in legal and administrative proceedings; and

•Other changes in macroeconomic and market conditions and market volatility.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our

forward-looking statements, and these and other factors are more fully discussed in our Quarterly Report on Form 10-Q

for the quarter ended September 30, 2024, and in the "Risk Factors" and "Management's Discussion and Analysis of

Financial Condition and Results of Operation" sections included in our information statement dated March 8, 2024, as

may be updated from time to time in our SEC filings and as posted on our website at www.gevernova.com/investors/fls.

We do not undertake any obligation to update or revise our forward-looking statements except as may be required by law

or regulation. This press release also includes certain forward-looking projected financial information that is based on

current estimates and forecasts. Actual results could differ materially.

Additional Information

GE Vernova’s website at https://www.gevernova.com/investors contains a significant amount of information about GE

Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website

from time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE

Vernova’s LinkedIn and other social media accounts, which are platforms on which the Company posts information from

time to time.

Additional Financial Information

Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports

and Filings.

Conference Call and Webcast Information

GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The

conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing

financial information can be accessed by visiting the investor section of the website https://www.gevernova.com/investors.

An archived version of the webcast will be available on the website after the call.

About GE Vernova

GE Vernova is a purpose-built global energy company that includes Power, Wind, and Electrification segments and is

supported by its accelerator businesses. Building on over 130 years of experience tackling the world’s challenges, GE

Vernova is uniquely positioned to help lead the energy transition by continuing to electrify the world while simultaneously

working to decarbonize it. GE Vernova helps customers power economies and deliver electricity that is vital to health,

safety, security, and improved quality of life. GE Vernova is headquartered in Cambridge, Massachusetts, U.S., with

approximately 75,000 employees across approximately 100 countries around the world.

GE Vernova’s mission is embedded in its name – it retains its legacy, “GE,” as an enduring and hard-earned badge of

quality and ingenuity. “Ver” / “verde” signal Earth’s verdant and lush ecosystems. “Nova,” from the Latin “novus,” nods to a

new, innovative era of lower carbon energy. Supported by the Company purpose, The Energy to Change the World, GE

Vernova will help deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova’s

website and LinkedIn.

Investor Relations Contact:

Michael Lapides

m.lapides@ge.com

Media Contact:

Adam Tucker

Adam.Tucker@ge.com

© 2024 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license.