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Investor Relations

GE Vernova Completes Spin-off

Michael Lapides


This morning before market open, GE Vernova completed its spin-off from GE and will begin trading today on the New York Stock Exchange under the ticker “GEV.” As a reminder, record date holders of GE common stock received one share of GE Vernova common stock for every four shares of GE common stock held. You can read more information about this distribution here.

“Today, GE Vernova becomes an independent company singularly focused on accelerating the energy transition to create a more sustainable future,” said Scott Strazik, CEO of GE Vernova. “Our Power, Wind, and Electrification segments provide essential products and services to the electric power industry as we work to meet the growing power demands of economies and deliver electricity that is vital to health, safety, security, and improved quality of life. GE Vernova is purpose built to electrify and decarbonize the world, and I’m incredibly proud of what our team has accomplished with this milestone and excited to continue this journey alongside our customers and shareholders.”

“GE Vernova has an incredible opportunity ahead to create substantial value as a publicly traded, investment grade company,” said Ken Parks, CFO of GE Vernova. “Operating in attractive addressable markets with sustainability, innovation, and lean at our core, we see a strong multi-year financial trajectory for the company. Through accelerating demand for our equipment and services, as well as better selectivity and risk management, we will expand margins, grow free cash flow, and deliver effective capital allocation.”

At our Investor Day in New York City on March 6, 2024, we affirmed our guidance for 2024 and shared our 2025 guidance of mid-single-digit organic revenue growth*, continued adjusted EBITDA* margin expansion to the low-end of high-single-digits, and free cash flow* of $1.2B to $1.8B. By 2028, we expect mid-single-digit organic revenue growth*, 10% adjusted EBITDA margin*, and 90-110% free cash flow* conversion**.

GE Vernova is a proven and trusted long-term industry partner with a unique scope and scale of solutions. We’re well-positioned with over 80,000 employees across more than 100 countries to generate, transfer, orchestrate, convert, and store electricity reliably and efficiently. With an installed base of over 7,000 gas turbines, the world’s largest, approximately 55,000 wind turbines, and leading-edge electrification technology, GE Vernova helps generate approximately 30% of the world’s electricity, which many of the world’s leading utilities, developers, governments, and large industrial electricity users rely on.

We hope you will tune in to GE Vernova’s first quarter 2024 earnings call on Thursday, April 25, 2024, where we will discuss our results and strategic highlights for the quarter. You can add the event to your calendar here. And in case you missed our recent Investor Day, you can view the event’s replay, transcripts, and presentation materials here.

As part of our commitment to keeping you informed, the Investor Relations team is very excited to share with you our inaugural newsletter. This platform will be used to keep you updated on upcoming events and key milestones across GE Vernova. We are standing by to support any inquiries you may have now and in the future. Importantly, we welcome your feedback as we strive for continuous improvement.

For more information about GE Vernova and our businesses, please visit our dedicated Investor Relations webpage.

Thank you for your interest in GE Vernova’s journey,
Michael & team

This document contains “forward-looking statements.” For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see here.

*Non-GAAP Financial Measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our registration statement on Form 10 and the 2024 Investor Day Presentation.

** FCF* conversion: FCF* / adj. net income*