CAMBRIDGE, Mass. (September 18, 2024) – GE Vernova Inc. (NYSE: GEV) today released its first-ever sustainability report as a stand-alone company, detailing how it is making progress on its mission to electrify and decarbonize the world. The report explains GE Vernova’s innovative approach to sustainability and outlines ambitious goals built around a four-pillar framework – Electrify, Decarbonize, Conserve, and Thrive. The report also offers an overview of GE Vernova’s broad portfolio of energy solutions across Power, Wind, and Electrification segments, as well as its Accelerator businesses.

“GE Vernova’s purpose and mission to electrify and decarbonize the world has never been clearer or more urgent,” said Scott Strazik, CEO of GE Vernova. “Sustainability is at our core as a company and as a team. We see incredible opportunities for our sustainability framework to create economic value, growth, and performance while at the same time serving the world.”

Some key highlights from the four-pillar sustainability framework include:

• Electrify:
  • As a company whose technology base helps generate approximately 25 percent of the world’s electricity, the company brought online an additional 29 GW of generating capacity in 2023, roughly equivalent to the total installed generating capacity of Massachusetts, Connecticut and Rhode Island combined, with 42% in emerging economies.
  • Energized 64 GW of new power transformers, enabling new transmission capacity roughly equivalent to the installed generating capacity of Thailand.
• Decarbonize:
  • Introduced for the first time, metrics to demonstrate near term progress on improving the trajectory of carbon intensity. These metrics include avoiding approximately 20 million metric tons of CO₂ emissions in first full year of operation from generating capacity brought online last year by using lower-carbon technology[i]. This is roughly equivalent to taking 4.8 million gasoline-powered passenger vehicles off the road for one year.
  • Updated the company’s progress toward its 2050 net zero ambition and its efforts on four breakthrough technologies - hydrogen, carbon capture, direct air capture, and small modular reactors - aiming to be brought into service by the early 2030s. The report also highlights GE Vernova’s more than 150 current Research and Development projects, with over 420 technology collaborators and 84 programs either funded by or in collaboration with the U.S. Department of Energy.
• Conserve:
  • Reduced Scope 1 and 2 (market-based) emissions by 39% through its own operations achieved by implementing energy efficiency projects at the site level and renewable energy purchases.
  • Introduced circularity approach, centered around our 4R circularity framework (rethink, reduce, reuse, and recycle), which accounts for the full product life-cycle phases of our products, with a goal to have 90% of its top products covered under Framework by 2030.
• Thrive:
  • Conducted more than 600 total global audits, approving approximately 580 suppliers following its Supplier Responsibility Governance (SRG) program, which assesses a potential supplier’s practices regarding ethics, compliance, sustainability, human rights, and EHS issues.
  • Donated over 20,000 GE Vernova employee volunteer hours, with more than 1,300 global non/profits supported. In addition, the Next Engineers program successfully facilitated over 7,500 student engagements across cities across the world including, South Carolina, U.S.; Johannesburg, South Africa; and Staffordshire, UK.

The new report expands on the company’s sustainability efforts and its approach to sustainability operations through a new management system called “Control Room.” Modeled after the complex nerve centers that manage the world’s most complex machine, electrical grids, this sustainability management system builds on a rigorous corporate DNA of lean, governance, impact assessments, and sustainability education, all targeting goals aligned to the United Nations Sustainable Development Goals (UN SDGs).

“We recognized that we needed to build a new, modern sustainability program for a new, modern sustainability company.” said Roger Martella, GE Vernova’s Chief Sustainability Officer and head of Global Policy. “Our new Control Room encompasses our comprehensive approach to sustainability, including our Sustainability Framework, guiding principles, stakeholder engagement, and employs Lean to accelerate and sustain higher levels of performance through continuous improvement.”

Along with the company’s approach to sustainability, the new report offers a comprehensive overview of GE Vernova, its three business segments and accelerators:

GE Vernova

• ~25% of the world's electricity is generated with the help of GE Vernova's technology base (as of June 2024)
• ~75,000 global employees in 100+ countries
• 2,324 GW global installed base across our Power and Wind segments in 2023
• ~$1 billion invested each year in R&D, focused on decarbonization and electrification
• $33 billion 2023 revenue

Power

Businesses: Gas Power, Hydro Power, Steam Power, Nuclear

• ~7,000 gas turbines installed – the world’s largest fleet
• Over 2.5 million total operating hours by our HA gas turbine technology (as of July 2024)
• First commercial contract for a small nuclear modular reactor in North America signed in 2023
• ~$17 billion 2023 revenue

Wind

Businesses: Onshore Wind, Offshore Wind, LM Wind Power

• ~55,000 wind turbines installed in 50+ countries
• 117+ GW global installed generating capacity
• #1 U.S. onshore wind turbine installs for the fifth year in a row[ii]
• ~$10 billion 2023 revenue

Electrification

Businesses: Grid Solutions, Electrification Software, Power Conversion, Solar & Storage Solutions

• 90% of global power transmission utilities have been equipped with GE Vernova technologies
• 30% of the world’s utilities are served by our software
• 40,000 m³ (on average) of methane emissions avoided per year from our advanced centrifugal compressor technology
• ~$6 billion 2023 revenue

Accelerators

Businesses: Advanced Research, Consulting Services, Financial Services

• 420+ technology partners
• 8.5 million operating hours from our hydrogen fueled gas turbines through 2023
• $4 billion+ orders for GE Vernova technologies enabled by Financial Services in 2023

For more information, please visit gevernova.com/sustainability and read the full Sustainability Report.

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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 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.

LONDON, UK (September 16, 2024) – GE Vernova’s (NYSE: GEV) Financial Services business and Lizard Renewables S.p.A. (“Lizard”), a prominent renewable energy company in Italy, today announced the establishment of Alva Power, a strategic 50-50 Joint Venture (“JV”), to support Italy in its electrification and decarbonisation goals by funding renewable energy project development.

As the demand for energy increases, Italy is looking to decarbonise its energy ecosystem through continued investment and capacity buildout to meet its targets of 30% renewables in total energy consumption, and 55% of renewables in electricity generation by 2030.[1]

Alva Power’s initial goal is to progress development of over one gigawatt (GW) of project capacity to a ready-to-build stage across wind, battery energy storage systems (“BESS”) and photovoltaic (“PV”) solar, which Lizard has already selected and prepared for this venture.

In the near-term, the JV will focus on co-development of renewable energy projects including onshore wind in Italy, with GE Vernova having a priority right to supply equipment and services to the projects. The JV will also explore further project development opportunities outside of the country in the medium to long-term future.

Alva Power is expected to benefit from GE Vernova’s global financial and technology expertise and from Lizard’s extensive network of strategic regional collaborations with leading companies, to support new renewable energy project initiatives.

Guilherme Carvalho, European Renewables Leader at GE Vernova’s Financial Services business, said: “We will collaborate with Lizard to harness our collective energy portfolio across our Wind and Electrification segments to support development of renewable energy projects to a shovel-ready stage in Italy. We have vast experience in providing technology solutions supported by co-development and financing solutions throughout a renewable energy project lifecycle. We look forward to supporting Italy in its electrification and decarbonisation goals through our energy finance and technology expertise.”

Marco Salvato, General Manager of Lizard Renewables, commented: “Being able to announce a joint venture with GE Vernova is a source of great pride for us and a concrete testimony to the attractiveness of our offering and what we have built over the years. Alva Power will enter an already solid market with strong growth prospects, benefiting from the synergies between the two companies and the tailwinds of national and European energy policies. Our goal is to further strengthen European renewables growth trajectory with a specific focus in Italy.”

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Notes to Editors
The joint venture agreement was supported by lawyers Gianni & Origoni for Lizard and Legance Avvocati Associati for GE Vernova’s Financial Services business and signed in front of Mario Greco notary in Milan.

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. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, investments or projects and their expected results and the impacts of macroeconomic and market conditions and volatility on GE Vernova’s business operations, financial results and financial position and on the global supply chain and world economy.

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 accelerators. 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 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 and LinkedIn.

GE Vernova’s Financial Services business provides customers with a suite of financing solutions for projects that aim to accelerate a new era of energy. It has deployed sizeable capital into energy projects globally through development financing, direct equity investments, and capital raising from private and public financial institutions.

GE Vernova’s Solar & Storage Solutions business provides technologies in solar energy, battery energy storage, and power plant controls, helping the transition to a cleaner energy future with dispatchable and reliable renewable energy solutions.

GE Vernova’s Onshore Wind business is a world leader in onshore wind technology. With an installed base of approximately 56,000 turbines around the world, it offers a high-tech product portfolio of turbines for a broad range of site conditions.

CAMBRIDGE, Mass. (September 12, 2024) – GE Vernova Inc. (NYSE: GEV) Chief Executive Officer, Scott Strazik, will present today at the 12th Annual Morgan Stanley Laguna conference in Laguna Beach, California at 8:10 AM PDT.  Strazik will discuss the company’s strategic progress and the robust demand for power generation, services, and grid equipment.

As part of today’s event, GE Vernova reaffirms its full year 2024 financial guidance, with revenue trending towards the higher end of $34-$35 billion, adjusted EBITDA margin* of 5%-7%, and free cash flow* of $1.3-$1.7 billion. The company expects incremental strength in its Power and Electrification segments, with both trending towards the higher end of EBITDA margin guidance, to offset additional costs in its Wind segment, due to the recent Offshore Wind blade events.

For third quarter 2024, GE Vernova still expects solid year-over-year organic revenue* growth with adjusted EBITDA* now relatively flat versus prior year, as a result of the additional Offshore Wind costs. The Wind segment is now expected to generate an approximately $300 million EBITDA loss in the third quarter 2024 given these costs, despite Onshore Wind delivering a fifth straight quarter of profitability. The company expects the Wind segment to be modestly profitable in the fourth quarter.

Additional updates Strazik will share include how Power is expanding capacity to enable delivery of 70 to 80 heavy duty gas turbine units annually starting in 2026, compared to the recent average of approximately 55 shipments annually. Given the strong demand for grid equipment, GE Vernova expects the Electrification equipment backlog¹ to more than triple by year end 2024, compared to the $6.4 billion backlog at year end 2022.

Finally, GE Vernova will host an investor event on Tuesday, December 10, 2024, in New York City, to provide an update on the company’s financial outlook and capital allocation strategy.

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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.

[1] Defined as remaining performance obligation (RPO)

*Non-GAAP Financial Measure 

Non-GAAP Financial Measures
In this press release, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP 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 earnings press releases and presentations and our Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission, as applicable.

2024 Guidance: Adjusted EBITDA margin* & Free Cash Flow*
We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measures for each of adjusted EBITDA margin* and free cash flow in our 2024 guidance without unreasonable effort due to, with respect to adjusted EBITDA margin, the uncertainty of foreign exchange rates, the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization, and with respect to free cash flow, the uncertainty of timing for capital expenditures.

Forward-Looking Statements
This press release contains forward-looking statements – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements often address GE Vernova’s expected future business and financial performance and financial condition, and the expected performance of its products, the impact of its services and the results they may generate or produce, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range.”  Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about GE Vernova’s expected financial and operating performance, financial condition and guidance, demand for its products and services, its capacity and ability to produce and deliver its products, including gas turbines, direct and indirect financial, operational and reputational impact of recent Offshore Wind blade events, the nature, size and progress with respect to its backlog and capital allocation plans, including the timing and amount of dividends, share repurchases, acquisitions, organic investments and other priorities. Any forward-looking statement in this press release speaks only as of the date on which it is made. Although GE Vernova believes that the forward-looking statements contained in this press release are based on reasonable assumptions, you should be aware that many factors could affect GE Vernova’s actual results and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to factors that are beyond GE Vernova’s control, such as the impacts of macroeconomic and market conditions, the global supply chain and laws and government regulations. For details on the uncertainties that may cause GE Vernova’s actual future results to be materially different than those expressed in its forward-looking statements, please see GE Vernova’s Information Statement dated March 8, 2024, which was attached as Exhibit 99.1 to a Current Report on Form 8-K furnished with the Securities and Exchange Commission (SEC) on March 8, 2024, its Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2024, filed with the SEC, as well as its other filings with the SEC.

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 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.

All around the globe, aging power grids are stretched to the limit, and growing demand for electrification is expected to add even more strain. This means that maximizing every electron of energy generated is essential to meet demand. One emerging concept that can help us realize the efficiencies we need is the virtual power plant.

CAMBRIDGE, Mass. (August 30, 2024) – GE Vernova Inc. (NYSE: GEV) Chief Executive Officer Scott Strazik will present at the 12th Annual Morgan Stanley Laguna conference in Laguna Beach, California on Thursday, September 12, at 8:10 AM PST. Strazik will speak to investors in a fireside chat, highlighting how GE Vernova is well-positioned to serve growing electricity demand and continue delivering value for stakeholders.

The conference webcast and replay will be available through GE Vernova’s Investor Relations website at https://www.gevernova.com/investors/events/morgan-stanley-laguna-conference-0.

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.

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 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. https://www.gevernova.com/ 

Staffordshire, UK - (31 July 2024) - Next Engineers, a global career readiness programme working to increase the diversity of young people in engineering, proudly announces the first-ever graduation of Engineering Academy students in Staffordshire.

The 32 students from 16 secondary schools across Staffordshire completed the programme - many of whom plan to study engineering at university or pursue engineering apprenticeships with local employers - will be joined by family and friends on 1 August to celebrate their achievements. The Inspirational Learning Group is the educational partner for the local Next Engineers programme, which was established in 2021, and GE Vernova engineers and employees from Stafford actively engage with the programme through skill-based volunteering.

“We are so pleased to see our first cohort of students graduating, and we wish them all the luck in the world for the next stage of their education,” said Vera Silva, Chief Technology & Strategy Officer of GE Vernova’s Electrification Systems businesses. “It’s fantastic to see the positive impact the Next Engineers programme is having, not just in empowering the engineers of tomorrow but encouraging diversity within engineering. We extend our thanks to all those involved in the Engineering Academy.”

Students who complete the Engineering Academy and enrol in a qualified engineering or engineering-related degree or apprenticeship will receive partial scholarships to support them as they continue on their paths to becoming engineers.

"It has been a pleasure to support our first cohort of Academy students and support them throughout their journey,” said Ben Dyer, Co-Founder of The Inspirational Learning Group. “Our team has been so impressed with their dedication and creativity throughout - we can safely say that the future of engineering is in very safe hands! We wish all of our graduates the best of luck as they enter their new chapters, whether that is at university, apprenticeships or employment."

The Engineering Academy is a transformative learning experience designed for students aged 15 to 18. Through a rigorous curriculum, immersive design challenges, and career coaching, participants learn to think and act like engineers.

Key programme highlights:

• Dedication: The Engineering Academy spans three years, with students dedicating 220 hours outside of regular school hours to participate.
• Design challenges: In small teams, students tackle increasingly complex design challenges, mastering the engineering design process.
• Foundational skills: Beyond technical knowledge, students develop essential skills such as communication, teamwork, persistence, time management, and presentation abilities.
• Education and career exploration: Workshops and activities prepare students for their next steps, including university campus tours and interactions with GE Vernova volunteers.
• Scholarships: Students who complete the programme and enrol in engineering degree programmes or engineering apprenticeships receive partial scholarships. Next Engineers anticipates granting at least $2 million (£1.5 million) in scholarships to the inaugural classes of Engineering Academy students worldwide.

Staffordshire was among the first four locations to launch Next Engineers, with a $3.5 million (£2.5 million) investment from the GE Foundation in 2021. To date, Next Engineers in Staffordshire, which also includes Engineering Discovery for ages 13 to 14 and Engineering Experience for ages 14 to 15, has reached more than 6,200 local students.

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

-ENDS-

About Next Engineers

Next Engineers, a programme 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 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 and LinkedIn.

About The Inspirational Learning Group

The Inspirational Learning Group develop and deliver innovative career solutions for students, education institutes and employers across the U.K. and beyond. We are proud to have engaged and positively influenced over 600,000 students through our flagship programme, The National Careers Challenge, our real-life business challenge that enables young people to develop crucial key employability skills, vital for the ever-changing world of work. Our portfolio also includes additional programmes such as our Stocks & Shares Challenge, My Perfect University, Team Building challenges and summer school provision. As the partner of choice for outreach activity of several large, high-profile organisations such as NatWest and GE Vernova, TILG are being increasingly relied on to create truly bespoke education and outreach initiatives to support development, social mobility and inclusion. We are changing the way that young people are educated about their future world of work, engaging, inspiring, and motivating them to succeed.

Today, GE Vernova released its second quarter 2024 earnings results. We delivered strong results in the second quarter with margin expansion across all segments, and substantial cash flow improvement, both sequentially and year-over-year. We also raised our full-year 2024 guidance for revenue, adjusted EBITDA margin* and free cash flow* (FCF).

Second Quarter 2024 Highlights:

• Total orders of $11.8B exceeded revenue by 1.4X
• Total revenue of $8.2B, +1%, +2% organically*, led by services growing +7%, +9% organically*
• Net income of $1.3B, +$1.4B; net income margin of 15.6%, +1,740 bps
• Adjusted EBITDA* of $0.5B, +$0.3B organically*; adjusted EBITDA margin* of 6.4%, +320 bps organically*
• Cash from operating activities of $1.0B, +$1.3B; positive free cash flow* (FCF) of $0.8B, +$1.3B, from working capital and increased adjusted EBITDA*
• $5.8 billion cash balance, up from $4.2 billion upon spin-off from GE on April 2

CAMBRIDGE, Mass., (July 24, 2024) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the second quarter ending June 30, 2024.

“GE Vernova delivered another strong quarter with EBITDA margin expansion across all segments and substantial cash improvement,” said GE Vernova CEO Scott Strazik. “Global electrification and decarbonization trends continue to drive demand for our products and services, and we are delivering value for our stakeholders. Our lean operating model is focused on improving safety, quality, delivery and cost as we execute for our customers and innovate breakthrough energy transition technologies. Given our strong first half performance and momentum in our Power and Electrification segments, we are raising our full-year 2024 guidance.”

In the second quarter, GE Vernova orders of $11.8 billion decreased (7)% organically, primarily due to a large Offshore Wind equipment order in the second quarter of last year that was canceled in the fourth quarter. Services orders increased double-digits, led by Power and Electrification. Revenue of $8.2 billion was up +1%, +2% organically*, driven by continued strength in Electrification and Power and positive price in all three segments. Services revenue grew +7%, +9% organically*, with growth across all segments. Margins expanded by more than 300 basis points from productivity, price and services volume. Cash flow improved by more than $1.0 billion, sequentially and year-over-year, driven by working capital and adjusted EBITDA* growth.

Power

• Orders of $5.0 billion increased +30% organically from Gas Power and Hydro Power equipment and double-digit services order growth. Revenues of $4.5 billion increased +8%, +10% organically*, led by higher Gas Power services and equipment.
• Commissioned its one hundredth HA gas turbine, part of the fastest growing fleet in the H-Class segment with the highest number of units ordered, bringing its global installed H-Class capacity to more than 53 gigawatts.

Wind

• Orders of $2.2 billion decreased (44)% organically, primarily driven by the large Offshore Wind order in the second quarter of last year and slightly lower Onshore Wind orders. Revenues of $2.1 billion decreased (21)%, (20)% organically*, from lower Onshore Wind deliveries, partially offset by Offshore Wind backlog[1] execution.
• Booked 1.8GW of wind turbine orders, including repowering, while continuing to implement selectivity, lean and pricing.

Electrification

• Backlog¹ grew 35% year-over-year on orders of $4.8 billion, which decreased (5)% organically, primarily driven by higher High-Voltage Direct Current (HVDC) orders in the second quarter of last year. Revenues of $1.8 billion increased +19% reported and organically*, with strength in Grid Solutions and Power Conversion equipment.
• Secured a major order from Sonelgaz, through the GE Algeria Turbines (GEAT) joint venture, for high voltage grid equipment and solutions for 134 substations in Algeria by 2028. 

Company Updates:

In the second quarter of 2024, GE Vernova:

• Experienced two fatalities and updated its Life Saving Rules as fatality-free operations remain a top priority.
• Completed the sale of part of its Steam Power nuclear activities to Electricité de France S.A. (EDF). In connection with the disposition, we received net cash proceeds of $0.6 billion, subject to customary working capital and other post-close adjustments. As a result, GE Vernova recognized a pre-tax gain of $0.9 billion.
• Invested $0.2 billion in capital expenditures to prepare for outages and increase capacity in Power and Electrification.
• Funded $0.2 billion in research and development (R&D) spending to continue advancing breakthrough energy transition technologies.
• Received approximately $0.3 billion, related to an outcome of an arbitration with a multiemployer pension plan (the Fund) that remains in dispute.

"We’re very encouraged by our first half results as we execute on our strategy to deliver disciplined revenue growth with increased profitability and positive cash generation. Strong working capital management and higher EBITDA drove significant cash improvement in the second quarter. Based on our performance, we are now trending towards the higher end of our revenue guidance for 2024 and have increased our expectations for adjusted EBITDA margins and free cash flow,” said GE Vernova CFO Ken Parks. “We remain focused on strategic capital allocation and are committed to maintaining our investment-grade balance sheet.”

Guidance:

GE Vernova is raising its 2024 financial guidance and now expects revenue to trend towards the higher end of $34-$35 billion and adjusted EBITDA margin* of 5%-7%, up from the higher end of mid-single digits. Additionally, GE Vernova now expects free cash flow* of $1.3-$1.7 billion, up from $0.7-$1.1 billion. Segment guidance is:

• Power: mid-single digit organic revenue* growth and ~150-200 basis points of organic EBITDA margin* expansion, up from ~100 basis points.
• Wind: flat organic revenue* growth, approaching profitability.
• Electrification: mid- to high-teen organic revenue* growth, up from low double-digits, and high single-digit EBITDA margin, up from mid-single digits.

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.

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.

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.

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.

We believe Adjusted selling, general, and administrative expenses* provides investors with improved comparability of underlying operating results and a further understanding and additional transparency regarding how we evaluate our business. Adjusted selling, general, and administrative expenses* also provides management and investors with additional perspective regarding the impact of certain significant items on our expenses. Adjusted selling, general, and administrative expenses* excludes unique and/or non-cash items that can have a material impact on our results. However, Adjusted selling, general, and administrative expenses* should not be construed as inferring that our future results will be unaffected by the items for which the measure adjusts. 

*Non-GAAP Financial Measure

[1] Defined as remaining performance obligation (RPO) 

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this release and certain of our other public communications and SEC filings may constitute “forward-looking statements” that involve risks and uncertainties. Forward-looking statements are based on our current assumptions regarding future business and financial performance and condition. These statements by their nature address matters that are uncertain to different degrees, such as our expected future business and operating results and opportunities; our progress as an independent company; the demand for our products and services, the roles we expect them to play in the energy transition and our ability to meet those demands and execute those roles; our business strategy and the benefits we expect to realize; our expected operational improvements; our expectations regarding the energy transition; our investments; our expected cash generation; our capital allocation strategies; and our commitment to maintaining an investment grade rated balance sheet. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Words such as “anticipates,” “believes,” “expects,” “estimates,” “intends,” “plans,” “projects,” and similar expressions, may identify such forward-looking statements. Any forward-looking statement in this release speaks only as of the date on which it is made. Although we believe that the forward-looking statements contained in this release are based on reasonable assumptions, you should be aware that many factors could affect our actual financial results, cash flows, or results of operations and could cause actual results to differ materially from those in such forward-looking statements, including but not limited to:

• Changes in macroeconomic and market conditions and market volatility, including risk of recession, inflation, supply chain constraints or disruptions, interest rates, the value of securities and other financial assets, oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on the Company’s business operations, financial results and financial position;
• Global economic trends, competition and geopolitical risks, including impacts from the ongoing geopolitical conflicts (such as the Russia-Ukraine conflict and conflict in the Middle East), demand or supply shocks from events such as a major terrorist attack, natural disasters, actual or threatened public health pandemics or other emergencies, or an escalation of sanctions, tariffs or other trade tensions, and related impacts on our supply chains and strategies;
• Actual or perceived 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;
• Market developments or customer actions that may affect our ability to achieve our anticipated operational cost savings and implement initiatives to control or reduce operating costs;
• Significant disruptions in the Company’s supply chain, including the high cost or unavailability of raw materials, components, and products essential to our business, and significant disruptions to our manufacturing and production facilities and distribution networks;
• Our ability to attract and retain highly qualified personnel;
• Our ability to obtain, maintain, protect and effectively enforce our intellectual property rights;
• Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic investments, and other priorities;
• Downgrades of our credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on the Company’s funding profile, costs, liquidity and competitive position;
• Shifts in market and other dynamics related to electrification, decarbonization or sustainability;
• The amount and timing of our cash flows and earnings, which may be impacted by macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions;
• Actions by our joint venture arrangements, consortiums, and similar collaborations with third parties for certain projects that result in additional costs and obligations;
• Any reductions or modifications to, or the elimination of, governmental incentives or policies that support renewable energy and energy transition innovation and technology;
• Our ability to develop and introduce new technologies to meet market demand and evolving customer needs, which depends on many factors, including the ability to obtain required permits, licenses and registrations;
• Changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation and incentives related to sustainability, climate change, environmental, health and safety laws, and tax law changes;
• Our ability and challenges to manage the transition as a newly stand-alone public company or achieve some or all of the benefits we expect to achieve from such transition;
• The risk of an active trading market not being sustained for our securities or significant volatility in our stock price; and
• The impact related to information technology, cybersecurity or data security breaches at GE Vernova or third parties.

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 June 30, 2024, and in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections included in our information statement dated March 8, 2024, which was attached as Exhibit 99.1 to a Current Report on Form 8-K furnished with the Securities and Exchange Commission (SEC) on 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. There may be other factors not presently known to GE Vernova or which we currently consider to be immaterial that could cause our actual results to differ materially from those projected in any forward-looking statement that we make. We do not undertake any obligation to update or revise our forward-looking statements except as required by applicable 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 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.

Teaching a group of young girls to extract DNA from fruit — over videoconference, due to the pandemic — wasn’t in Miguel Angel Herranz del Pino’s job description. But the field operation process manager at GE Vernova in Madrid, Spain, stepped in two years ago when a co-worker was unable to take the class during the site’s first-ever STEAM Girls Spain Summer Camp. This year, Herranz del Pino was a camp counselor again, this time in person. If wrangling 10-year-old girls was challenging over Zoom, doing it live was even harder — but far more rewarding.

CAMBRIDGE, Mass. (July 11, 2024) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its second quarter 2024 financial results on Wednesday, July 24, 2024, before market open. GE Vernova CEO Scott Strazik and GE Vernova 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-2nd-quarter-2024-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 https://www.gevernova.com/investors/events.

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.