TOKYO, JAPAN (October 8, 2024) — GE Vernova Inc. (NYSE: GEV) today announced an order for three GE Vernova 7HA.03 gas turbines to be installed at The Kansai Electric Power Company, Inc.’s (“Kansai Electric”) Nanko power station in Osaka, Japan. GE Vernova’s advanced 7HA.03 power generation equipment will replace the existing aging conventional LNG power generation assets (consisting of three boilers and three steam turbines) and is expected to increase power plant efficiency, while reducing its carbon dioxide emissions.

Japan has set ambitious targets to achieve net zero by 2050 as per the latest Nationally Determined Contribution (NDC) plans.  As recently described in GE Vernova’s “2024 Japan Energy Outlook” White Paper, the Japan’s energy system is in transition, and the country has targeted  achieving this decarbonization goal through setting up investments in lower carbon generation sources and the support of “Economic Efficiency”, one of the three “S+3E” pillars within the revised national 6th Strategic Energy Plan (including also “Safety plus Energy Security”, and “Environmental Sustainability”).

“The plant is expected to deliver up to 1.8 gigawatts (GW) of electricity to the grid in total and to be the among the most efficient in the country,” said Ramesh Singaram, President and CEO, Asia of GE Vernova’s Gas Power. “In addition, 7HA.03 gas turbine technology currently has the capability to burn up to 50% by volume of hydrogen when blended with natural gas, with a technology pathway to 100% over the next decade. We look forward to bringing this advanced technology to Kansai Electric, with whom we have a longstanding relationship built on years of mutual respect and trust, to help revitalize the Japanese power industry with more efficient and more sustainable technology, in alignment with the country’s energy goals.”

In addition, GE Vernova is also expected to provide field services.

GE Vernova is a key player in Japan’s energy transition, having enabled power generation for Japan for more than 130 years. To date, the company delivers more than 50% of Japan’s heavy duty gas power capacity and supports the country’s growing renewable and nuclear energy needs.

-END-

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

Financial Editors:  Please note this order was booked in the third quarter of 2024.

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 more than 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 Gas Power business engineers advanced, efficient natural gas-powered technologies and services, along with decarbonization solutions that aim to help electrify a lower carbon future. It is a global leader in gas turbines and gas power plant technologies and services with the industry’s largest installed base of approximately 7,000 gas turbines.

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, including levels of reduction of carbon dioxide emissions,  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 the Company’s business operations, financial results and financial position and on the global supply chain and world economy.

CAMBRIDGE, Mass. (October 7, 2024) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its third quarter 2024 financial results on Wednesday, October 23, 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-3rd-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.

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.

BRISBANE, Australia (September 30, 2024) – GE Vernova Inc. (NYSE: GEV) announced today that it has signed an agreement with Aula Energy and CS Energy to provide 38 6 MW–164m¹ workhorse turbines for their Boulder Creek Wind Farm in Queensland, Australia.

Boulder Creek is the first standalone project-financed split-scope wind farm in Australia, representing a milestone in the evolution of the nation’s wind market and underscoring GE Vernova’s commitment to partnership and flexibility in aligning global delivery models to create value for customers in the country.

The project, located 40km south-west of Rockhampton, brings the total number of GE Vernova 6 MW platform turbines in operation or under construction in Australia to more than 250. The deal, which was booked in the third quarter of 2024, includes a five-year full-service agreement.

The wind farm is expected to supply power for the equivalent of 85,000 Australian homes², and reduce greenhouse gas emissions by approximately 379,000 tonnes CO₂ equivalent each year³, comparable to taking more than 130,000 petrol cars off the road⁴.

GE Vernova worked closely with Aula Energy, Powerlink Queensland and the Australian Energy Market Operator to achieve the grid offer-to-connect well in advance of project financial close, building off grid approvals secured for the 6 MW platform in New South Wales, Victoria, and South Australia.

“We are delighted to be working closely together with our customers, CS Energy and Aula Energy to bring reliable and affordable wind energy to Australia to increase the renewable energy mix. This project is another example of GE Vernova’s ability to deliver on our workhorse strategy – producing fewer variants in large quantities at scale to drive quality and reliability across the fleet for our customers. With a broad cross portfolio of capabilities underpinned by world-leading technology, GE Vernova is uniquely positioned to help lead the energy transition,” says Gilan Sabatier, Chief Commercial Officer, Onshore Wind, GE Vernova.

CS Energy Chief Executive Officer Darren Busine said, “Our investment in the Boulder Creek Wind Farm demonstrates our ongoing commitment to central Queensland and providing opportunities for our people and local communities to share the benefits of the energy transformation.”

Aula Energy Chief Executive Officer Chad Hymas said “I’m very pleased to have reached this crucial stage in the development of the Boulder Creek Wind Farm. In collaboration with GE Vernova and our other project partners, we can now get construction underway to deliver the clean energy benefits of this project for Queensland.“

Site preparatory works at the Boulder Creek Wind Farm are expected to commence before the end of 2024, with activity aiming to ramp up from early to mid-2025, and operations anticipated to commence in 2027.

GE Vernova's Onshore Wind business has a total installed base of approximately 56,000 turbines and nearly 120 GW of installed capacity worldwide. Committed to customer success for more than two decades, its product portfolio offers proven, next-generation technology that leads with high-power turbines to enable high-quality scale and drive decarbonization through more affordable and sustainable renewable energy generation. The GE Vernova 6 MW platform to be used at Boulder Creek Wind Farm is the most widely deployed onshore wind turbine above 5 MW outside China.

Australia has been part of the company’s story for more than 125 years and today is increasingly important for GE Vernova, providing careers for ~400 employees and ~200 field engineers across every State and Territory. With more than 3 GW of wind turbines in operation or under construction, 10+GW of gas-based power generation, software running 80% of the electricity grid, providing ~40% of grid infrastructure of major utilities, GE Vernova is actively supporting efforts to make electricity more sustainable, affordable, reliable and accessible across Australia.

1. GE’s Vernova’s 6.0 MW turbine with a 164-meter rotor is what we refer to as the 6.0 MW-164m.

2. Estimated equivalent number of homes powered based on country-specific electricity household consumption data (Enerdata, 2020)

3. GHG emissions avoidance provided by Green Investment Group, calculated using country-specific Harmonized IFI Grid Factors (see https://www.greeninvestmentgroup.com/en/who-we-are/green-impact-governance.html)

4. Estimated number of equivalent cars off the road based on standardised petrol vehicle efficiency and mileage.

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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.

GE Vernova’s Wind segment is focused on delivering a suite of wind products and services to help accelerate a new era of energy by harnessing the power of wind. The business comprises the Offshore Wind, Onshore Wind, and LM Wind Power businesses. Technologies provided to customers include the Haliade-X platform, our offshore wind turbine, and the next generation high efficiency 3-megawatt onshore wind turbine, as well as maintenance solutions and life extension optionality.

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.

Earlier this week, GE Vernova released its 2023 Sustainability Report, our inaugural Sustainability Report as an independent, publicly traded company. We encourage you to review the materials on GE Vernova’s dedicated Sustainability website.

In the report, you will find:

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.

###

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.

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.

###

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.

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/ 

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.

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.