This week, GE Vernova shared two important updates, both of which we will discuss on today’s call.

Yesterday, we announced that we will acquire the remaining fifty percent stake of Prolec GE, our joint venture with Xignux, for $5.275 billion. The transaction strengthens our company’s position as a global grid equipment leader through a highly attractive, accretive acquisition of a leading grid equipment supplier and is expected to close by mid-2026, subject to regulatory approvals.

CAMBRIDGE, Mass., (October 22, 2025) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the third quarter ending September 30, 2025.

“GE Vernova delivered another productive quarter with strong financial results. Our growth trajectory is accelerating and the demand environment for our equipment and services remains strong with $16 billion in backlog growth year-to-date. Our Gas Power equipment backlog and slot reservation agreements increased from 55 to 62 gigawatts sequentially, and our Electrification equipment backlog increased $6.5 billion year-to-date, to approximately $26 billion,” said GE Vernova CEO Scott Strazik. “We are leading from a position of strength and are focused on long-term growth and returns. This era of increased electricity investment has just started, and we have substantial opportunity ahead of us as we provide the solutions required to help the world electrify to thrive and decarbonize.”

"We delivered another strong quarter as we executed our financial strategy, with continued orders and revenue growth, significant margin expansion, and positive free cash flow. We expanded our backlog year-over-year and sequentially across equipment and services, with healthy equipment margin in backlog reflecting favorable price and our focus on disciplined underwriting,” said GE Vernova CFO Ken Parks. “As a result of our improving free cash flow linearity, we continued to return cash to shareholders through our share repurchase actions and quarterly dividend payment, while maintaining a healthy cash balance and solid investment grade balance sheet. We’re reaffirming our 2025 financial guidance, and we look forward to providing our 2026 financial guidance and updated outlook by 2028 at our investor event on December 9.”

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[1] Defined as remaining performance obligation (RPO) 

*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 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;   

MILAN, ITALY (October 15, 2025) — Italy’s energy future is at a crossroads. A new white paper from GE Vernova (NYSE: GEV), Navigating the Energy Transition: Pathways to Net Zero in Italy, shows that while the country is at risk of missing its 2030 goals, a clear roadmap can deliver both 2030 and 2050 climate targets — if decisive action is taken now.

Recent analyses across Italy’s energy sector warn the country is not on track for near-term milestones, and they set out the reasons: renewables are growing too slowly, grid capacity is constrained, and permitting remains a bottleneck. GE Vernova’s study provides a roadmap for how Italy can still meet its targets, with two quantified scenarios that highlight the choices ahead.

“2030 is Italy’s make-or-break moment,” said Jim Walsh, Vice President of GE Vernova’s Consulting Services. “This study provides a roadmap to success: the numbers, the scenarios, and the solutions that show how Italy can still achieve its decarbonization goals, while capturing the economic and industrial benefits of the transition.”

With electricity demand expected to rise by 60% by 2050 due to electrification, the study evaluates two scenarios for Italy’s power sector:

• Renewable Ambition: This pathway requires wind and solar capacity to double to 90-100 GW by 2030 and expand to approximately 200 GW by 2050. It also calls for at least 40 GW of battery energy storage, 13–17 GW of CCGTs with carbon capture, 8 GW of nuclear SMRs, and urgent completion of the Hypergrid transmission projects. This technology mix, along with some other critical permitting and regulation enablers, is a pathway that achieves both 2030 and 2050 climate targets. 

• Business-as-Usual: A slower trajectory for renewable growth combined with heavier reliance on CCS, hydrogen-capable gas, and imports. Italy may still achieve net zero by 2050 but will miss 2030, exposing the system to higher costs and greater dependency on external supply.

The grid is the decisive factor. Without accelerated transmission upgrades, renewable curtailment could reach 82 TWh annually by 2050—equivalent to approximately 16% of projected national demand. Even with Terna’s planned Hypergrid projects, additional reinforcements will be required to bridge the gap between renewable-rich southern regions and demand-heavy northern centers.

The economic stakes are significant. A slower trajectory would increase reliance on imports, heighten consumer exposure to volatile fuel costs, and may undermine Italy’s industrial competitiveness.

The full white paper is available here.

GE Vernova is a key player in Italy’s energy transition having enabled power generation in Italy for more than 100 years. Currently, approximately 25% of Italy’s power capacity is being provided using GE Vernova technology.MILAN, ITALY (October 15, 2025) — Italy’s energy future is at a crossroads. A new white paper from GE Vernova (NYSE: GEV), Navigating the Energy Transition: Pathways to Net Zero in Italy, shows that while the country is at risk of missing its 2030 goals, a clear roadmap can deliver both 2030 and 2050 climate targets — if decisive action is taken now.

Recent analyses across Italy’s energy sector warn the country is not on track for near-term milestones, and they set out the reasons: renewables are growing too slowly, grid capacity is constrained, and permitting remains a bottleneck. GE Vernova’s study provides a roadmap for how Italy can still meet its targets, with two quantified scenarios that highlight the choices ahead.

“2030 is Italy’s make-or-break moment,” said Jim Walsh, Vice President of GE Vernova’s Consulting Services. “This study provides a roadmap to success: the numbers, the scenarios, and the solutions that show how Italy can still achieve its decarbonization goals, while capturing the economic and industrial benefits of the transition.”

With electricity demand expected to rise by 60% by 2050 due to electrification, the study evaluates two scenarios for Italy’s power sector:

• Renewable Ambition: This pathway requires wind and solar capacity to double to 90-100 GW by 2030 and expand to approximately 200 GW by 2050. It also calls for at least 40 GW of battery energy storage, 13–17 GW of CCGTs with carbon capture, 8 GW of nuclear SMRs, and urgent completion of the Hypergrid transmission projects. This technology mix, along with some other critical permitting and regulation enablers, is a pathway that achieves both 2030 and 2050 climate targets. 

• Business-as-Usual: A slower trajectory for renewable growth combined with heavier reliance on CCS, hydrogen-capable gas, and imports. Italy may still achieve net zero by 2050 but will miss 2030, exposing the system to higher costs and greater dependency on external supply.

The grid is the decisive factor. Without accelerated transmission upgrades, renewable curtailment could reach 82 TWh annually by 2050—equivalent to approximately 16% of projected national demand. Even with Terna’s planned Hypergrid projects, additional reinforcements will be required to bridge the gap between renewable-rich southern regions and demand-heavy northern centers.

The economic stakes are significant. A slower trajectory would increase reliance on imports, heighten consumer exposure to volatile fuel costs, and may undermine Italy’s industrial competitiveness.

The full white paper is available here.

GE Vernova is a key player in Italy’s energy transition having enabled power generation in Italy for more than 100 years. Currently, approximately 25% of Italy’s power capacity is being provided using GE Vernova technology.

JOHANNESBURG, South Africa (October 10, 2025) – Next Engineers, a global college- and career-readiness programme working to increase the opportunities for young people in engineering, celebrated the graduation of 43 learners from the Engineering Academy in Johannesburg, South Africa. The graduation ceremony, held at The University of the Witwatersrand, Johannesburg, marked the programme’s second graduating class and highlights its contribution towards bridging the science, technology, engineering and mathematics (STEM) skills gap in the country through exposing learners to hands-on engineering experiences and career pathways.

The 43 learners, representing 15 high schools across Johannesburg, were joined by their families to celebrate their achievements. Many of these learners plan to pursue engineering-related qualification at universities and technical institutions. Launched in 2022, PROTEC, University of Witwatersrand, and Kutitiva Foundation are the educational partners for the local Next Engineers programme. GE Vernova engineers and employees play an active role by engaging with Engineering Academy participants through hands-on, skill-based volunteering. In the 2024 calendar year, its Johannesburg-based employees donated over 680 hours to these efforts.

“We are delighted to celebrate the achievements of this year’s graduates and commend their dedication to pursuing careers in engineering,” said Matsi Eseu, South Africa HR Director for GE Vernova. “Supporting young talent through programmes like Next Engineers is central to GE Vernova’s mission. In Johannesburg, we see first-hand how these opportunities empower students to unlock their potential and contribute to solving real-world challenges. We are honored to play a role in shaping a more dynamic future for engineering in South Africa.”

Learners who complete the Engineering Academy program and enroll in a qualified engineering or engineering-related degree programme receive financial aid to support them as they continue on their paths to becoming engineers. To date, the Next Engineers programme in Johannesburg has reached nearly 4,100 learners and awarded $36,000 in scholarships to qualifying graduates. In addition, locally, GE Vernova awarded an additional $83,000 in scholarships to ten graduates through the country’s External Bursary Programme.

Dr. Nomalungelo Gina, Deputy Minister of Science, Technology, and Innovation, said: “I applaud PROTEC for its role in promoting STEM education and helping to develop a cohort of young people who represent the core of our future workforce. You have chosen to be the bridge between potential and opportunity for many young people in our country. You reach places that, for a variety of reasons, government programmes may not always reach - our rural communities, under-resourced schools, and marginalized groups. Your programmes continue to ignite curiosity, nurture the raw talent and open doors for young people who would otherwise be left behind. Your mentorships, youth clubs, bootcamps, and your efforts to bring scientific experiments and floating laboratories to those who have never seen a science laboratory in their lives is a transformative experience. You have helped a young girl in a village believe she can be an engineer and shown a boy from the township that coding is not only for those in affluent urban centres; careers in engineering are meant for them as well. Let us therefore commit, collectively, to building the science, technology, and engineering foundations that will carry our continent into a future we will co-create. As government, we are your ally; we do not see you as gap-fillers, but as catalysts for transformation.”

“We’re proud to celebrate the accomplishments of this year’s Engineering Academy graduates. Their drive and curiosity exemplify the promise of South Africa’s next generation of engineers,” said Balan Moodley, CEO of PROTEC. “We are grateful to GE Vernova for their vision and commitment in making this program possible. Together, we have helped deliver opportunities that have contributed to empowering young minds."

STEM training and education, such as Next Engineers, is helping to solve global challenges while also lifting up communities through economic opportunities. GE Vernova’s commitment to nurturing future STEM talent in South Africa extends beyond Next Engineers: through its External Bursary Programme, the company has provided comprehensive bursaries totaling $7.3 million (R128.5 million) to more than 900 beneficiaries pursuing Bachelor’s degrees in Science, Commerce, and Arts since 2020 to date. These bursaries help alleviate the financial burden for tertiary students, covering tuition, accommodation, textbooks, and monthly stipends for the duration of their studies.

For more information about Next Engineers and the Engineering Academy, visit NextEngineers.org.

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About Next Engineers
Next Engineers, a program originally funded by the GE Foundation in 2021, now known as the GE Aerospace Foundation, is a college- and career-readiness program dedicated to inspiring and preparing the next generation of engineers. Through innovative programs, mentorship, and community partnerships, we empower young minds to shape a better future through engineering.

About GE Vernova​
GE Vernova Inc. (NYSE: GEV) 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. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova, GE Vernova in Middle East & Africa, and LinkedIn.

The GE Vernova Foundation supports the Next Engineers in Johannesburg, South Africa under an arrangement with the GE Aerospace Foundation.

About PROTEC
PROTEC was established in 1982 by a group of engineers from the South African Institute of Civil Engineers to respond to the challenges facing the education system and to address representation across all socio-economic and racial groups in STEM careers. To date, PROTEC has seen more than 40,000 learners complete the Learner Excellence Programme. Based in Randburg, PROTEC has 17 branches and projects in 6 out of the 9 provinces. Our aim is to extend the programme to all 9 provinces. The programme targets learners from Grade 4 to Grade 12 in specifically Science, Mathematics, and English. Teachers who teach these subjects as well as coding and robotics, benefit from development and support that uses a centre-based and classroom support model. Find us on www.protec.org.za, Facebook, LinkedIn and Instagram.

CAMBRIDGE, Mass. (October 6, 2025) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its third quarter 2025 financial results on Wednesday, October 22, 2025, before market open. GE Vernova CEO Scott Strazik and CFO Ken Parks will discuss the company’s financial results in a webcast at 7:30 AM ET, which can be accessed at https://www.gevernova.com/investors/events/ge-vernova-3rd-quarter-2025-earnings-webcast.

The earnings press release and supplementary financial information, including reconciliations of non-GAAP financial measures, will also be posted at the same link on the GE Vernova Investor Relations website. A replay of the call will be made available as a direct download on GE Vernova’s website at www.gevernova.com/investors/events.

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.

Last week, at Climate Week NYC, GE Vernova was an influential voice in shaping the global conversation on smarter, more sustainable energy — highlighting the need for breakthrough solutions and urging bold leadership to meet accelerating demand. While the UN General Assembly drew headlines across town, GE Vernova contributed to the “Power On” theme at Climate Week by announcing recent advances in nuclear and carbon capture, and promoting a message of optimism, urgency, and collaboration.

Axios House: Moving the Needle

CAMBRIDGE, Mass. (September 25, 2025) – GE Vernova (NYSE: GEV) today announced that its Board of Directors has declared a $0.25 per share quarterly dividend. The quarterly dividend will be payable on November 17, 2025, to shareholders of record as of October 20, 2025.

Future dividend declarations will be made at the discretion of the Board of Directors and will be based on GE Vernova’s earnings, financial condition, cash requirements, prospects, and other factors.

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.

Forward Looking Statements

This document contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain, such as statements about possible future dividend declarations and payments. Forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from current expectations. These risks, uncertainties, and factors include those discussed in our most recent Annual Report on Form 10-K and in our subsequently filed Quarterly Reports on Form 10-Q, 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 filings with the U.S. Securities and Exchange Commission and as posted on our website at www.gevernova.com/investors/fls. GE Vernova does not undertake any obligation to update or revise its forward-looking statements except as required by law or regulation.

“The meaning of life is the next generation,” wrote author Grace Paley. For GE Vernova, a company dedicated to building the energy technologies of the future, that next generation of inventors is inseparable from today’s mission. Cultivating tomorrow’s energy leaders is as critical as the work of electrifying to help communities thrive and decarbonize the world.