CAMBRIDGE, Mass. (April 23, 2025) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the first quarter ending March 31, 2025.

“We delivered strong results in the first quarter and our businesses continued to execute well. We grew our equipment and services backlog, meaningfully improved margins in each segment, and are returning a significant amount of capital to shareholders,” said GE Vernova CEO Scott Strazik. “Our lean culture is enabling us to deliver on accelerating global electricity demand as we prioritize safety, quality, delivery, and cost. We are well-positioned to navigate the current dynamic environment, and we remain focused on creating value for stakeholders and investing in our future. I appreciate our customers’ continued trust in us and our team’s dedication and I’m excited for what’s ahead as we are only at the beginning of the electricity investment supercycle.”

"We had a strong start to 2025 as we continue executing our financial strategy, delivering disciplined revenue growth, margin expansion, and significant free cash flow in the first quarter. We generated positive free cash flow in the first quarter, a milestone for the GE Vernova businesses, reflecting strong down payments and working capital management resulting in further improvement in linearity,” said GE Vernova CFO Ken Parks. “We executed on our commitment to return cash to shareholders through our share repurchase actions and inaugural dividend payment, while maintaining a healthy cash balance and solid investment grade balance sheet. We are encouraged by our first quarter results and are reaffirming our 2025 financial guidance.”

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*Non-GAAP Financial Measure. See the section titled “Non-GAAP Financial Measures” in the press release, which is accessible at the link above.

[1] Defined as remaining performance obligation (RPO)

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 ability to navigate the current dynamic environment; the estimated impact of tariffs; 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 and management; our capital allocation framework, including share repurchases and dividends; operational safety; our restructuring programs and strategies to reduce operational costs; and our credit ratings.

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 identify and meet customer demands and needs;
• Our ability to successfully compete;
• 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 reduce funding and demand for energy equipment and services;
• Shifts in demand, market expectations, and other dynamics related to energy, electrification, decarbonization, and sustainability;
• Global economic trends, competition, and 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;
• Our ability to obtain required permits, licenses, and registrations;
• 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, integrate, and obtain benefits from any acquisitions, joint ventures, and other investments;
• The price, availability, and trading volumes of our common stock;
• 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;
• The impact from cybersecurity or data security incidents;
• Changes in law, regulation, or policy that may affect our businesses and projects, or impose additional costs;   
• Natural disasters, weather conditions and events, public health events, or other emergencies;
• Tax law and policy changes;
• Adverse outcomes in legal, regulatory, and administrative proceedings, actions, and disputes; and
• Other changes in macroeconomic and market conditions and 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 Annual Report on Form 10-K for the year ended December 31, 2024, and in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" sections included therein, 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 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 www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call.

American author and activist Helen Keller once observed that “optimism is the faith that leads to achievement.” Could optimism itself, therefore, be harnessed as a strategy? GE Vernova thinks so. At just one year old, the standalone energy technology company is remaking itself into a key player in the global energy transition.

Keeping up with changes that support customers’ needs and increase employee satisfaction is an important part of building the future at GE Vernova. Though working from different parts of the world, these three team members — who appeared today at the New York Stock Exchange opening bell to celebrate Earth Day — share values, and each one sets an example by bringing talent and enthusiasm to their work in building relationships with people from a variety of backgrounds and cultures.

Building Bridges for Inclusion: Julia Lima

They’re the team members who make their colleagues feel they can do anything. They have detailed insight into how complex systems work, yet they focus on the essentials so that everyone understands the goal on the horizon. They celebrate small wins, knowing they will ultimately lead to larger successes.

CAMBRIDGE, Mass. (April 22, 2025) – As the world celebrates Earth Day, the GE Vernova Foundation today announced a new grant program focused on green spaces, an expansion of its commitments to growing stronger, more resilient communities and creating long-lasting environmental benefits through innovation and partnership. The announcement was made from the New York Stock Exchange where foundation and company leaders from across GE Vernova were honored to ring the Opening Bell ® in recognition of Earth Day.

To kick off the initiative, the Foundation committed a $500,000, two-year grant to the Trust for Public Land (TPL) - $250,000 of which will be allocated to helping bring green spaces to underrepresented communities in the Boston area. This grant will support TPL’s Parks for People program and will aim to revitalize public spaces in Dorchester, Roslindale, and Mattapan, providing nearly 40,000 Boston residents access to a green space within a 10-minute walk. GE Vernova opened its headquarters in Cambridge in 2023.

“These new parks and schoolyards will help foster stronger, healthier communities and provide local students and residents with much-needed green spaces,” said Kristin Carvell, President, GE Vernova Foundation and Chief Communications Officer, GE Vernova. “At GE Vernova, we are powered by the energy of change, and this initiative reflects our ongoing commitment to sustainability, innovation, and community resilience, helping to create a brighter future for all.”

“Investing in vibrant, welcoming green spaces isn’t just about parks - it’s about building healthier, stronger neighborhoods for generations to come,” said Jodi Valenta, Massachusetts Program Director for Trust for Public Land. “With support from the GE Vernova Foundation, we’re transforming park access in Boston, bringing nearly 40,000 people outdoor access close to home. Projects like the Edgewater Trail and Archdale Community Greenspace will create new opportunities for communities to connect with nature, stay active, and enjoy the benefits of the outdoors.”

The park projects are “shovel-ready” and set to be initiated and completed within the next 12 to 24 months. All projects are based on a participatory design process, resulting in hundreds of residents exploring environmental and sustainability concepts, landscape, and outdoor design, creating entire communities of conservationists. The projects will incorporate infrastructure such as catch and release stormwater systems to reduce flooding, tree canopies and rain gardens showcasing native plants.

As the Foundation continues to grow, our goal is to continue putting the company’s purpose - The Energy to Change the World - into practice by expanding this program’s reach to the global communities where our employees live and work.

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About GE Vernova Foundation
The GE Vernova Foundation, an independent charitable organization funded by GE Vernova, puts the company’s purpose – The Energy to Change the World – into practice across the global communities where employees live and work. Following the spinoff of GE Vernova as an independent company in April 2024 and building on the 100+ year legacy of the GE Foundation, the GE Vernova Foundation resources are channeled into initiatives focused on championing the global workforce needed for the energy transition as well as building stronger and more resilient communities. Learn more at www.gevernova.com/about/philanthropy.

About Trust for Public Land
Trust for Public Land (TPL) is a national nonprofit that works to connect everyone to the benefits and joys of the outdoors. As a leader in equitable access to the outdoors, TPL works with communities to create parks and protect public land where they are needed most. Since 1972, TPL has protected more than 4 million acres of public land, created more than 5,504 parks, trails, schoolyards, and iconic outdoor places, raised $110 billion in public funding for parks and public lands, and connected nearly 9.7 million people to the outdoors. To learn more, visit tpl.org.

ATLANTA, GA. (April 22, 2025) – As the world celebrates Earth Day, the GE Vernova Foundation today announced a new grant program focused on green spaces, an expansion of its commitments to growing stronger, more resilient communities and creating long-lasting environmental benefits through innovation and partnership. The announcement was made from the New York Stock Exchange where foundation and company leaders from across GE Vernova were honored to ring the Opening Bell ® in recognition of Earth Day.

To kick off the initiative, the Foundation committed a $500,000, two-year grant to the Trust for Public Land (TPL) - $250,000 of which will be allocated to Atlanta, home to one of GE Vernova’s largest U.S. sites. The grant will fund TPL’s Community Schoolyards program, and will support Atlanta Public Schools by transforming 10 schoolyards into new green spaces, providing nearly 35,000 students and residents access to a green space within a 10-minute walk.

“These schoolyards will foster healthier, more vibrant communities, providing students and residents with access to nature,” said Kristin Carvell, President, GE Vernova Foundation and Chief Communications Officer, GE Vernova. “At GE Vernova, we are powered by the energy of change, and this initiative reflects our ongoing commitment to sustainability, innovation, and community resilience, helping to create a brighter future for all.”

“In too many communities in and around Atlanta - especially in lower-income neighborhoods and communities of color - access to the outdoors remains out of reach,” said George Dusenbury, Georgia State Director for Trust for Public Land. “With the GE Vernova Foundation’s support, we’re changing that by transforming schoolyards into vibrant, green spaces that serve students and the entire community. These reimagined schoolyards provide nearly 35,000 students and residents with a safe place to play, connect, and enjoy the outdoors - right in their own neighborhoods.”

The schoolyard projects are “shovel-ready” and set to be initiated and completed within the next 12 to 24 months. All projects are based on a participatory design process, resulting in hundreds of students exploring environmental and sustainability concepts, landscape, and outdoor design, creating the next generation of conservationists. The projects will incorporate infrastructure such as catch and release stormwater systems to reduce flooding, tree canopies and rain gardens showcasing native plants.

In addition to funding, the Foundation will host a volunteer event at Fickett Elementary School in Atlanta to prepare the schoolyard and engage employees in environmental stewardship. As the Foundation continues to grow, our goal is to continue putting the company’s purpose - The Energy to Change the World - into practice by expanding this program’s reach to the global communities where our employees live and work.

###

About GE Vernova Foundation
The GE Vernova Foundation, an independent charitable organization funded by GE Vernova, puts the company’s purpose – The Energy to Change the World – into practice across the global communities where employees live and work. Following the spinoff of GE Vernova as an independent company in April 2024 and building on the 100+ year legacy of the GE Foundation, the GE Vernova Foundation resources are channeled into initiatives focused on championing the global workforce needed for the energy transition as well as building stronger and more resilient communities. Learn more at www.gevernova.com/about/philanthropy.

About Trust for Public Land
Trust for Public Land (TPL) is a national nonprofit that works to connect everyone to the benefits and joys of the outdoors. As a leader in equitable access to the outdoors, TPL works with communities to create parks and protect public land where they are needed most. Since 1972, TPL has protected more than 4 million acres of public land, created more than 5,504 parks, trails, schoolyards, and iconic outdoor places, raised $110 billion in public funding for parks and public lands, and connected nearly 9.7 million people to the outdoors. To learn more, visit tpl.org.

CAMBRIDGE, Mass. (April 22, 2025) – As the world celebrates Earth Day, the GE Vernova Foundation today announced a new grant program focused on green spaces, an expansion of its commitments to growing stronger, more resilient communities and creating long-lasting environmental benefits through innovation and partnership. The announcement was made from the New York Stock Exchange where foundation and company leaders from across GE Vernova were honored to ring the Opening Bell ® in recognition of Earth Day.

To kick off the initiative, the Foundation committed a $500,000, two-year grant to the Trust for Public Land (TPL) - $250,000 of which will be allocated to helping bring green spaces to underrepresented communities in the Boston area. This grant will support TPL’s Parks for People program and will aim to revitalize public spaces in Dorchester, Roslindale, and Mattapan. GE Vernova opened its headquarters in Cambridge in 2023.

The remaining $250,000 will be allocated to Atlanta, home to one of GE Vernova’s largest U.S. sites. This grant will fund TPL’s Community Schoolyards program, and will support Atlanta Public Schools by transforming 10 schoolyards. Together these projects aim to provide nearly 75,000 local students and residents greater access to nature and outdoor areas within a 10-minute walk.

“These new parks and schoolyards will help foster stronger, healthier communities and provide local students and residents with much-needed green spaces,” said Kristin Carvell, President, GE Vernova Foundation and Chief Communications Officer, GE Vernova. “At GE Vernova, we are powered by the energy of change, and this initiative reflects our ongoing commitment to sustainability, innovation, and community resilience, helping to create a brighter future for all.”

“Investing in vibrant, welcoming green spaces isn’t just about parks—it’s about building healthier, stronger neighborhoods for generations to come,” said Jodi Valenta, Massachusetts Program Director for Trust for Public Land. “With support from the GE Vernova Foundation, we’re transforming park access in Boston and reimagining schoolyards in Atlanta, bringing nearly 75,000 people outdoor access and creating new opportunities for communities to connect with nature, stay active, and enjoy the benefits of the outdoors.”

The park projects are “shovel-ready” and set to be initiated and completed within the next 12 to 24 months. All projects are based on a participatory design process, resulting in hundreds of residents exploring environmental and sustainability concepts, landscape, and outdoor design, creating entire communities of conservationists. The projects will incorporate infrastructure such as catch and release stormwater systems to reduce flooding, tree canopies and rain gardens showcasing native plants.

As the Foundation continues to grow, our goal is to continue putting the company’s purpose - The Energy to Change the World - into practice by expanding this program’s reach to the global communities where our employees live and work.

###

About GE Vernova Foundation
The GE Vernova Foundation, an independent charitable organization funded by GE Vernova, puts the company’s purpose – The Energy to Change the World – into practice across the global communities where employees live and work. Following the spinoff of GE Vernova as an independent company in April 2024 and building on the 100+ year legacy of the GE Foundation, the GE Vernova Foundation resources are channeled into initiatives focused on championing the global workforce needed for the energy transition as well as building stronger and more resilient communities. Learn more at www.gevernova.com/about/philanthropy.

About Trust for Public Land
Trust for Public Land (TPL) is a national nonprofit that works to connect everyone to the benefits and joys of the outdoors. As a leader in equitable access to the outdoors, TPL works with communities to create parks and protect public land where they are needed most. Since 1972, TPL has protected more than 4 million acres of public land, created more than 5,504 parks, trails, schoolyards, and iconic outdoor places, raised $110 billion in public funding for parks and public lands, and connected nearly 9.7 million people to the outdoors. To learn more, visit tpl.org.

Foundational repositories like the ArcGIS Living Atlas of the World and the NOAA’s World Weather Records serve as libraries rich with the critical data used to analyze trends and forecast possible futures by multiple industries across the world. As we head into electricity’s expansive golden age, our knowledge base requires a similar specialized collection: intelligence and fine detail on global power systems.

Tokyo, Japan – (April 17, 2025) – GE Vernova Inc. (NYSE: GEV) today announced that the Japanese joint venture Goi United Generation (GIUG)’s Goi Thermal Power Station achieved the start of commercial operation in Chiba Prefecture, part of the Greater Tokyo Area. The joint venture comprises Japan's largest power producer by capacity JERA, ENEOS Power and regional utility Kyushu Electric Power. The plant, powered by three GE Vernova 9HA.02 gas turbines, the first of its kind installed in Japan, is expected to deliver more than 2.3 Gigawatts (GW) to the grid to help provide reliable electricity and the stable supply of electricity in Japan.

In addition to the gas turbines, for this project, GE Vernova delivered three GE Vernova Heat Recovery Steam Generators (HRSGs), with the Pressure Part Modules built in GE Vernova’s factory in Changwon, South Korea and delivered each HRSG in only three prefabricated Supermodules assembled in Tongyeong, South Korea, and then transported across the ocean to Japan. The HRSG plays an important part in a combined cycle power plant as it uses heat from the gas turbine exhaust to generate super-heated steam, which powers a steam turbine to create up to 50% more energy without any additional fuel.

The installation of advanced GE Vernova HA equipment and Toshiba's steam turbines and generators renewed the power plant initially built in the 1960s and retired in 2018, enabling an estimated 16 percent reduction of CO2 emissions compared to the old facility.

“The commissioning of this plant marks the completion of the construction of one of the largest LNG-fired power plants in Japan, with an output capacity amounting to the equivalent to the power needed by 2.2 percent of homes in Japan” said Mr. Sato of Goi United Generation CEO. “Providing safe and reliable electricity while contributing to the reduction of CO2 emissions is crucial. GE Vernova’s HA gas turbines are engineered to enable high output and efficiency and the new plant will help support Japan’s commitment to reduce carbon emissions per unit of fuel.”

GE Vernova worked with Toshiba to integrate the currently largest HRSG Supermodules in the world at the Goi plant following a very complex, and safely delivered, transport from South Korea to Japan. Each Supermodule weighs approximately 2,500 metric tons and measures between 43 to 46 m in height, almost as tall as The Arc de Triomphe in Paris or a 15-floor building. Despite space limitations and logistical challenges, GE Vernova and Toshiba jointly adapted to unique circumstances, and successfully delivered these Supermodules and completed the Goi plant.

“In Japan, GE Vernova continues to support the advancement of the country's energy goals, working alongside our long-term customers GIUG” said Ramesh Singaram, President & CEO for GE Vernova’s Gas Power Asia. “In addition, GE Vernova has a longstanding cooperation with Toshiba over 100 years, fostering numerous milestones together and the safe transport, installation and commissioning of our 9HA.02 gas turbines and our HRSG Supermodules is a great example of that. We’re proud that equipment of that size and tailored to withstand earthquakes was delivered to the Goi site safely—where it can play a crucial role supplying electricity for Japanese homes and businesses.”

With an installed base of more than 7,000 gas turbines and 1,300 HRSGs worldwide and significant technical expertise, GE Vernova delivers gas turbines and HRSG solutions that are custom engineered to help meet customers’ operating flexibility and performance requirements.

Over the last 130 years, GE Vernova has contributed towards Japan’s stable power supply by providing power generation equipment including gas turbines, steam turbines, nuclear reactors, hydro and wind turbines. GE Vernova equipment currently provides about half of Japan’s gas power capacity and supports the country’s growing renewable and nuclear energy needs. Initiatives that GE Vernova is driving together with key players in Japan include the development of more efficient and advanced gas turbines and hydrogen combustion capable equipment, and technology for ammonia combustion in collaboration with IHI.

For more information GE Vernova’s white paper: “Decarbonization pathways for Japan – challenges in the power sector from 2023-2050”

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Before being accepted to the Indian Institute of Science, Rajib Datta contemplated a career as a fine artist. “I was good at math and physics, so I knew engineering or science was probably in my future,” he says. But he felt equally adept in the field that he’d pursued since childhood. A natural draftsman and painter, Datta still executes figurative works and sketches today, and now senses a resonance between visual art and his pioneering work with GE Vernova in the field of power electronics.