Today, GE Vernova released its first quarter 2025 financial results. We had a strong start to 2025 with continued growth, margin expansion and significant cash generation, while executing our disciplined capital allocation strategy. We are reaffirming our 2025 financial guidance, including the impact of tariffs as currently outlined and resulting inflation, net of mitigating actions.

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

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

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

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

[1] Defined as remaining performance obligation (RPO)

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “guidance”, “will”, “may,” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about the benefits we expect from our lean operating model; our expectations regarding the energy transition; the demand for our products and services; our ability to navigate the current dynamic environment; the estimated impact of tariffs; our expectations of future increased business, revenues, and operating results; our ability to innovate and anticipate and address customer demands; our ability to increase production capacity, efficiencies, and quality; our underwriting and risk management; current and future customer orders and projects; our actual and planned investments; our expected cash generation and management; our capital allocation framework, including share repurchases and dividends; operational safety; our restructuring programs and strategies to reduce operational costs; and our credit ratings.

Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by forward-looking statements include the following:

• Our ability to successfully execute our lean operating model;
• Our ability to innovate and successfully identify and meet customer demands and needs;
• Our ability to successfully compete;
• Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products essential to our business;
• Significant disruptions to our manufacturing and production facilities and distribution networks;
• Changes in government policies and priorities that reduce funding and demand for energy equipment and services;
• Shifts in demand, market expectations, and other dynamics related to energy, electrification, decarbonization, and sustainability;
• Global economic trends, competition, and geopolitical risks, including conflicts, trade policies, and other constraints on economic activity;
• Product quality issues or product or safety failures related to our complex and specialized products, solutions, and services;
• Our ability to obtain required permits, licenses, and registrations;
• Our ability to attract and retain highly qualified personnel;
• Our ability to develop, deploy, and protect our intellectual property rights;
• Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic investments, and other priorities;
• Our ability to successfully identify, complete, integrate, and obtain benefits from any acquisitions, joint ventures, and other investments;
• The price, availability, and trading volumes of our common stock;
• Downgrades of our credit ratings or ratings outlooks;
• The amount and timing of our cash flows and earnings;
• Our ability to meet our sustainability goals;
• The impact from cybersecurity or data security incidents;
• Changes in law, regulation, or policy that may affect our businesses and projects, or impose additional costs;   
• Natural disasters, weather conditions and events, public health events, or other emergencies;
• Tax law and policy changes;
• Adverse outcomes in legal, regulatory, and administrative proceedings, actions, and disputes; and
• Other changes in macroeconomic and market conditions and volatility.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements, and these and other factors are more fully discussed in our Annual Report on Form 10-K for the year ended December 31, 2024, and in the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" sections included therein, as may be updated from time to time in our SEC filings and as posted on our website at www.gevernova.com/investors/fls. We do not undertake any obligation to update or revise our forward-looking statements except as may be required by law or regulation. This press release also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Additional Information
GE Vernova’s website at www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time.

Additional Financial Information
Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and Filings.

Conference Call and Webcast Information
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the investor section of the website www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call.

CAMBRIDGE, Mass. (April 7, 2025) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its first quarter 2025 financial results on Wednesday, April 23, 2025, 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 www.gevernova.com/investors/events/ge-vernova-1st-quarter-2025-earnings-webcast.

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

Additional Information
GE Vernova’s website at www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the company posts information from time to time.

Today, GE Vernova released its financial results for the fourth quarter and full year ending December 31, 2024. We built a strong foundation in 2024, marked by solid growth, as well as significant margin expansion and cash generation. We also reaffirmed our 2025 financial guidance for revenue, adjusted EBITDA margin*, and free cash flow*.

Built a strong foundation in 2024 with solid growth, significant margin expansion and cash generation

CAMBRIDGE, Mass., (January 22, 2025) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the fourth quarter and full year ending December 31, 2024.

“GE Vernova built a strong foundation in 2024 with solid orders and revenue growth, as well as significant margin expansion and cash generation. We saw strength in Power and Electrification and improvement in Wind, while growing our equipment backlog at better margins,” said GE Vernova CEO Scott Strazik. “Our progress reinforces the important role we play in electrifying and decarbonizing the world as we deliver on accelerating demand for our equipment and services. Our lean culture is driving operational improvement across safety, quality, delivery, and cost. As we enter 2025, I’m grateful for our team’s dedication and optimistic about the future as we continue creating value for our stakeholders.”

In 2024, GE Vernova orders of $44.1 billion increased +7% organically, with robust equipment growth in Power and Electrification and double-digit services growth in each segment. Revenue of $34.9 billion was up +5%, +7% organically*, driven by higher services and equipment volume, with positive price in all segments. Margins expanded significantly from higher volume, price, and productivity, more than offsetting inflation. Cash flow improved by over $1 billion year-over-year, primarily from adjusted EBITDA* growth.

Power

• Total year orders of $21.8 billion increased +28% organically, from strong demand for Gas Power equipment and double-digit services growth. Revenues of $18.1 billion increased +4%, +7% organically*, led by Gas Power. Segment EBITDA margin grew +260 basis points, +180 basis points organically*.
• Secured a major contract for the Net Zero Teesside Power project in the United Kingdom in the fourth quarter, which is expected to be the world’s first gas-fired power station with carbon capture and storage.

Wind

• Total year orders of $7.1 billion decreased (38)% organically, due to lower Onshore Wind equipment. Revenues of $9.7 billion were down (1)% on a U.S. GAAP basis and organically*, driven primarily by Offshore Wind. Segment EBITDA losses improved by $0.4 billion.
• Secured more than 1 gigawatt of U.S. Onshore Wind repowering orders in 2024, an increase of 76% from 2023.

Electrification

• Total year orders of $15.7 billion increased +19% organically, driven by growing demand for grid equipment and services. Revenues of $7.5 billion increased +18% on a U.S. GAAP basis and organically*, led by Grid Solutions. Segment EBITDA margin grew +530 basis points, +520 basis points organically*.
• Expanded its rapidly growing backlog, which included two HVDC orders in Germany and Korea in the fourth quarter.

Company Updates:

In the fourth quarter of 2024, GE Vernova:

• Achieved fatality-free operations, which remains a top priority.
• Declared a $0.25 per share quarterly dividend, payable on January 28, 2025 to shareholders of record as of December 20, 2024.
• Approved an initial $6 billion share repurchase authorization, with 8,000 shares repurchased in late December 2024 for approximately $3 million.
• Monetized an incremental 8% ownership stake in GE Vernova T&D India Limited and a 3% ownership stake in China XD Electric Co Ltd., both part of the Electrification segment, resulting in approximately $0.6 billion of pre-tax proceeds.
• Invested $0.3 billion in capital expenditures including initiatives to expand capacity in Power and Electrification.
• Funded $0.3 billion in research and development (R&D) spending to advance breakthrough energy transition technologies.

"We had a strong finish to 2024 as we execute our strategy to deliver disciplined revenue growth with increased profitability and positive cash generation. In the fourth quarter, we achieved record orders and revenue, and expanded margins in each segment,” said GE Vernova CFO Ken Parks. “We closed the year with over $8 billion in cash, driven by positive free cash flow and several value-accretive portfolio actions. We will invest in growth and innovation, while returning capital to shareholders and maintaining our investment grade balance sheet. Today, we are also reaffirming our 2025 financial guidance.”

Guidance:

GE Vernova is reaffirming its 2025 financial guidance of revenue of $36-$37 billion, high-single digits adjusted EBITDA margin*, free cash flow* of $2.0-$2.5 billion, and segment guidance of:

• Power: Mid-single digit organic revenue* growth and 13%-14% segment EBITDA margin.
• Wind: Organic revenue* down mid-single digits and $200-$400 million of segment EBITDA losses.
• Electrification: Mid-to-high-teens organic revenue* growth and 11%-13% segment EBITDA margin.

Total Company Results

(a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that were issued upon Spin-Off and excludes Net loss (income) attributable to noncontrolling interests. For periods prior to the Spin-Off, the Company participated in various GE stock-based compensation plans. For periods prior to the Spin-Off, there were no dilutive equity instruments as there were no equity awards of GE Vernova outstanding.

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. Downloadable historical segment expense financial information can be accessed here.

Power

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:
Orders of $6.6 billion increased +24% organically, led by Gas Power equipment with 24 heavy-duty units, and Hydro. Services orders decreased (6)% organically due, to strong prior year comparisons driven by the timing of transactional orders. Revenues of $5.4 billion decreased (3)%, increased +2% organically*, with Power services growth and higher HA deliveries more than offsetting lower aeroderivative shipments. Segment EBITDA was $0.8 billion and segment EBITDA margin was 14.9%, up +60 basis points, +30 basis points organically*, led by Gas Power with services volume, productivity, and price more than offsetting inflation.

Full Year 2024 Performance:
Orders of $21.8 billion increased +28% organically, led by robust demand for Gas Power equipment, and Power services growth of +10% organically. Revenues of $18.1 billion increased +4%, +7% organically*, led by Gas Power. Segment EBITDA was $2.3 billion and segment EBITDA margin was 12.5%, up +260 basis points, +180 basis points organically*, driven by services strength, more profitable equipment volume, and continued productivity more than offsetting inflation.

Wind

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:
Orders of $2.0 billion decreased (41)% organically, primarily driven by a large U.S. Onshore Wind order in the fourth quarter of 2023. Revenues of $3.1 billion increased +20%, +21% organically*, driven by higher Onshore Wind equipment deliveries and price, partially offset by Offshore Wind. Segment EBITDA was modestly profitable and segment EBITDA margin was 0.6%, up +1,180 basis points, +1,100 basis points organically*, driven by Onshore Wind delivering its most profitable quarter in three years and decreased losses at Offshore Wind.

Full Year 2024 Performance:
Orders of $7.1 billion decreased (38)% organically, due to lower Onshore Wind equipment. Revenues of $9.7 billion decreased (1)% on a U.S. GAAP basis and organically*, primarily due to Offshore Wind. Segment EBITDA was $(0.6) billion and segment EBITDA margin was (6.1)%, up +440 basis points, +380 basis points organically*, primarily due to improvement at Onshore Wind.

Electrification

(a) Excludes depreciation and amortization expenses.
(b) Primarily includes equity method investment income and other interest and investment income.

Fourth Quarter 2024 Performance:
Orders of $4.8 billion increased +122% organically, driven by higher demand for grid equipment and services. Revenues of $2.2 billion grew +11%, +12% organically*, driven by higher volume and price at Grid Solutions. Segment EBITDA was $0.3 billion and segment EBITDA margin was 13.0%, up +440 basis points, +500 basis points organically*, due to higher volume, price, and productivity.

Full Year 2024 Performance:
Orders of $15.7 billion increased +19% organically, driven by higher demand for grid equipment and Electrification services. Revenues of $7.5 billion grew +18% on a U.S. GAAP basis and organically*, led by Grid Solutions. Segment EBITDA was $0.7 billion and segment EBITDA margin was 9.0%, up +530 basis points, +520 basis points organically*, due to higher volume, price, and productivity.

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.

(a) Includes intersegment sales of $166 million and $103 million for the three months ended December 31, 2024 and 2023, respectively.

(a) Includes intersegment sales of $483 million and $414 million for the years ended December 31, 2024 and 2023, respectively.

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 that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing activities.

2025 GUIDANCE: FREE CASH FLOW (NON-GAAP) 
We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP financial measure for free cash flow* in the 2025 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.

*Non-GAAP Financial Measure

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties.  These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “guidance”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about the benefits we expect from our Lean operating model; our expectations regarding the energy transition; the demand for our products and services; our expectations of future increased business, revenues, and operating results; our ability to innovate and anticipate and address customer demands; our ability to increase production capacity, efficiencies, and quality; our underwriting and risk management; current and future customer orders and projects; our actual and planned investments; our expected cash generation; our capital allocation framework, including share repurchases and dividends; operational safety; and our restructuring programs and strategies to reduce operational costs.

Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to differ materially from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by forward-looking statements include the following:

• Our ability to successfully execute our Lean operating model;
• Our ability to innovate and successfully identity and meet customer demands and needs;
• Our ability to successfully compete;
• Market changes resulting in reduced demand for electricity and less carbon-intensive energy;
• Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products essential to our business;
• Significant disruptions to our manufacturing and production facilities and distribution networks;
• Changes in government policies and priorities that impact funding and demand for energy;
• Geopolitical risks, including conflicts, trade policies, and other constraints on economic activity;
• Product quality issues or product or safety failures related to our complex and specialized products, solutions, and services, 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;
• Our ability to obtain required permits, licenses, and registrations and successfully execute our projects;
• Our ability to attract and retain highly qualified personnel;
• Our ability to develop, deploy, and protect our intellectual property rights;
• Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic investments, and other priorities;
• Our ability to successfully identify, complete and integrate any acquisitions, obtain benefits we expect from our joint ventures and other investments, and redeploy proceeds we may receive from any dispositions;   
• The price, availability and trading volumes of our common stock, which will affect the timing and size of any share repurchases;
• Downgrades of our credit ratings or ratings outlooks;
• The amount and timing of our cash flows and earnings;
• Our ability to meet our sustainability goals and related market expectations and governmental requirements;
• The impact from cybersecurity or data security breaches;
• Legal and regulatory requirements that may restrict our business and projects or impose additional costs;   
• Natural disasters, weather conditions and events like hurricanes, floods, droughts, wildfires, and sea level rise, public health events or other emergencies;
• Tax law and policy changes;
• Adverse rulings and awards in legal and administrative proceedings; and
• Other changes in macroeconomic and market conditions and market volatility.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements, and these and other factors are more fully discussed in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" sections included in our information statement dated 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. We do not undertake any obligation to update or revise our forward-looking statements except as may be required by law or regulation. This press release also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Additional Information
GE Vernova’s website at www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time.

Additional Financial Information
Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and Filings.

Conference Call and Webcast Information
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the investor section of the website www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call.

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 approximately 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. (January 8, 2025) – GE Vernova Inc. (NYSE: GEV) is scheduled to release its fourth quarter and full year 2024 financial results on Wednesday, January 22, 2025, 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-4th-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.

Today, GE Vernova released its third quarter 2024 earnings results. We delivered solid performance in the quarter with double-digit organic orders growth, continued revenue growth, and substantial cash flow. We also reaffirmed our GE Vernova 2024 financial guidance for revenue, adjusted EBITDA margin*, and free cash flow*. 

Third Quarter 2024 highlights:

• Total orders of $9.4B, +17% organically, led by services
• Total revenue of $8.9B, +8%, +10% organically* with growth in both equipment and services
• Net income (loss) of $(0.1)B, +$0.1B; net income (loss) margin of (1.1)%, +110 bps
• Adjusted EBITDA* of $0.2B and adjusted EBITDA margin* of 2.7%, both slightly down organically*
• Cash from operating activities of $1.1B, +$0.9B; positive free cash flow* (FCF) of $1.0B, +$0.9B
• $7.4B cash balance, up from $5.8B in the second quarter of 2024
• Reaffirming GE Vernova 2024 financial guidance

CAMBRIDGE, Mass., (October 23, 2024) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling customers to accelerate the energy transition, today reported financial results for the third quarter ending September 30, 2024.

“GE Vernova had a solid third quarter, delivering double-digit orders and continued revenue growth with services strength across all segments, significant margin expansion in Power and Electrification, and substantial cash generation,” said GE Vernova CEO Scott Strazik. “We continued to leverage lean to drive operational improvements across safety, quality, delivery and cost, and released our first GE Vernova sustainability report, outlining our progress in helping to electrify and decarbonize the world. It is an exciting time in our industry and I appreciate the work our team is doing to serve growing customer demand for energy transition technologies and services, while creating value for our stakeholders.”

In the third quarter, GE Vernova orders of $9.4 billion increased +17% organically, driven by services growth +28% organically, with strength across all segments, and equipment growth in Power and Electrification. Revenue of $8.9 billion was up +8%, +10% organically*, with growth in equipment and services and continued positive price in all three segments. Services revenue grew +7%, +10% organically*. Margins expanded in Power, Electrification and Onshore Wind, offset primarily by incremental contract losses in Offshore Wind. Cash flow improved meaningfully by approximately $0.9 billion, primarily driven by strong working capital management.

Power

• Orders of $5.2 billion increased +34% organically and revenues of $4.2 billion increased +8%, +13% organically*, led by higher Gas Power services and equipment. Segment EBITDA margin grew +470 basis points, +240 basis points organically*.
• Secured a 1.8 GW order for three H-class gas turbines, to modernize the Nanko power station in Osaka, Japan.

Wind

• Orders of $1.7 billion decreased (19)% organically due to lower Onshore Wind equipment, and revenues of $2.9 billion were flat, down (1)% organically*, driven by Offshore Wind. Segment EBITDA losses increased due to incremental Offshore Wind contract losses, partially offset by a settlement agreement regarding a previously canceled offshore project and Onshore Wind, which delivered its most profitable quarter in a number of years.
• Signed an agreement to supply 38 workhorse turbines for the 228 MW Boulder Creek Wind Farm in Queensland, Australia.

Electrification

• Orders of $2.5 billion increased +17% organically, driven by growing demand for grid equipment and services, and revenues of $1.9 billion increased +22%, +24% organically*, primarily driven by Grid Solutions. Segment EBITDA margin grew +630 basis points, +660 basis points organically*.
• Launched a new valve manufacturing line in Stafford, UK to begin increasing production capacity to nearly double and support growing demand for HVDC technology.

Company Updates:

In the third quarter of 2024, GE Vernova:

• Experienced one fatality; remains committed to fatality-free operations and deploying Life Saving Rules.
• Released its first 2023 Sustainability Report, outlining goals for its four-pillar sustainability framework and introducing its “Control Room,” a new sustainability management system.
• Monetized a 16% ownership stake in GE Vernova T&D India Limited, part of the Electrification segment, in an ongoing process to simplify entity shareholding structure and capitalize on strong equity valuations in India, resulting in approximately $0.7 billion of pre-tax proceeds.
• Invested $0.2 billion in capital expenditures including initiatives to expand capacity.
• Funded $0.2 billion in research and development (R&D) spending to advance breakthrough energy transition technologies.

"We’re encouraged by our results this year as we execute on our strategy to deliver disciplined revenue growth with increased profitability and positive cash generation. In the third quarter, we increased our already solid cash balance to $7.4 billion from substantial positive free cash flow and proceeds from the value-accretive sale of a stake in a business in India, and we remain committed to maintaining our investment grade balance sheet,” said GE Vernova CFO Ken Parks. “With strong performance in Power and Electrification offsetting additional losses in Wind this quarter, we are reaffirming our GE Vernova 2024 financial guidance. We look forward to providing an update on strategic capital allocation and our multi-year financial outlook at our investor update event in December.”

Guidance:

GE Vernova is reaffirming its 2024 financial guidance of 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, now trending towards the higher end of the free cash flow* range. Segment guidance is:

• Power: maintain mid-single digit organic revenue* growth and higher end of ~150-200 basis points of organic segment EBITDA margin* expansion.
• Wind: maintain flat organic revenue* and approaching profitability with nearly 50% segment EBITDA improvement.

• Electrification: now expect high-teens organic revenue* growth, up from mid-to high-teens, and maintain higher end of high single-digit segment EBITDA margin.

   

Total Company Results

(a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that were issued upon Spin-Off and excludes Net loss (income) attributable to noncontrolling interests. For periods prior to the Spin-Off, the Company participated in various GE stock-based compensation plans. For periods prior to the Spin-Off, there were no dilutive equity instruments as there were no equity awards of GE Vernova outstanding prior to Spin-Off.

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.

Power

Third Quarter 2024 Power Performance
Orders of $5.2 billion increased +34% organically, led by Gas Power equipment and services, with 9 HA and 15 aeroderivative units, and services growth +29% organically. Revenues of $4.2 billion increased +8%, +13% organically*, led by Gas Power, with increased services, largely from higher outage volume, and equipment growth on higher HA deliveries. Segment EBITDA was $0.5 billion and segment EBITDA margin was 11.9%, up +470 basis points, +240 basis points organically*, with higher volume, productivity, and price more than offsetting inflation.

Wind

Third Quarter 2024 Wind Performance
Orders of $1.7 billion decreased (19)% organically, due to lower Onshore Wind equipment orders outside of North America. Revenues of $2.9 billion were flat, down (1)% organically*, due to slower execution in Offshore Wind, partially offset by an approximately $0.5 billion settlement, which included recovery of costs previously incurred on the canceled offshore project. Onshore Wind revenues increased from higher repower deliveries. Segment EBITDA was $(0.3) billion and segment EBITDA margin was (11.0)%, down (320) basis points, (410) basis points organically*, primarily due to incremental contract losses of approximately $(0.7) billion in Offshore Wind, partially offset by a gain recorded on the settlement of the canceled offshore project, which positively impacted segment EBITDA by $0.3 billion, and increases at Onshore Wind.

Electrification

Third Quarter 2024 Electrification Performance
Orders of $2.5 billion increased +17% organically, driven by higher demand for grid equipment and services. Revenues of $1.9 billion grew +22%, +24% organically*, driven by Grid Solutions and Power Conversion. Segment EBITDA was $0.2 billion and segment EBITDA margin was 10.4%, up +630 basis points, +660 basis points organically*, due to strong volume and continued price and productivity. The Electrification segment delivered its first quarter of double-digit EBITDA margin, with expansion in each business.

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.

(a) Includes intersegment sales of $120 million and $106 million for the three months ended September 30, 2024 and 2023, respectively.

(a) Includes intersegment sales of $317 million and $311 million for the nine months ended September 30, 2024 and 2023, respectively.

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 that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized basis. Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash flow* does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing activities.

2024 GUIDANCE: ADJUSTED EBITDA MARGIN* AND POWER SEGMENT ORGANIC EBITDA MARGIN*
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 Power segment organic EBITDA margin* in the 2024 guidance without unreasonable effort in either case due to, as applicable, the uncertainty of foreign exchange rates, the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization.

2024 GUIDANCE: FREE CASH FLOW (NON-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP financial measure expectations and the corresponding GAAP financial measure for free cash flow* in the 2024 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures.

*Non-GAAP Financial Measure

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 and safety efficiencies and improvements, including from our lean operating model; our expectations regarding the energy transition; our actual and planned investments, including in breakthrough technologies; our ability to increase production capacity, efficiencies, and quality; the ability of us and others to innovate breakthrough technologies that enable us to meet our sustainability goals and targets; the ability of us and others to deploy such technologies at scale; 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;
• Our 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 September 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 www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit this website from time to time, as information is updated, and new information is posted. Investors are also encouraged to visit GE Vernova’s LinkedIn and other social media accounts, which are platforms on which the Company posts information from time to time.

Additional Financial Information
Additional financial information can be found on the Company’s website at: www.gevernova.com/investors under Reports and Filings.

Conference Call and Webcast Information
GE Vernova will discuss its results during its investor conference call today starting at 7:30 AM Eastern Time. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the investor section of the website www.gevernova.com/investors. An archived version of the webcast will be available on the website after the call.

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. (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.

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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.

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.

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).