1 Defined as remaining performance obligation (RPO) *Non-GAAP Financial Measure
1 Defined as remaining performance obligation (RPO) *Non-GAAP Financial Measure Page 1 GE Vernova reports strong third quarter 2026 financial performance, raises 2026 guidance, an d increases share repurchase authorization Third Quarter 2026 Highlights: • Orders of $29 B, + 96% organically led by equipment at Power and continued services strength • Backlog 1 growth of $ 20 B sequentially from equipment and services, reaching $ 197 B in total • Gas Power equipment backlog and slot reservation agreements grew from 116 to 122 GW; now anticipate reaching at least 130 GW by year-end 2026 • Revenue of $12.6 B, + 27% , + 18% organically* led by Power and Electrification • Net income of $1.3 B; net income margin of 10.2% • Adjusted EBITDA* of $1.9 B ; adjusted EBITDA margin* of 15.4% , up + 690 basis points organically* • Cash from operating activities o f $6.1 B; free cash flow* of $ 5.4 B • $16.8 B cash balance; $5.7B in capital returned to shareholders in the first nine months of 2026 • In October, the Board of Directors increased the share repurchase authorization to $20B, from $10B CAMBRIDGE, Mass., (October 28, 2026) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling the world to electrify to thrive and decarbonize, today reported financial results for the third quarter ending September 30, 2026. “ We delivered strong financial results in the third quarter as demand for electricity infrastructure increases around the world. We now expect our backlog to exceed $200 billion in the fourth quarter, with improved margins, and to exit 2026 with at least 130 GW of gas equipment under contract. Given our performance and confidence in our trajectory, we are raising our 2026 financial guidance ,” said GE Vernova CEO Scott Strazik. “ We continue to innovate and develop new solutions for utility and data center customers to meet growing demand , including electrification technologies that support integration and resiliency . Our opportunity to create value is accelerating and I’m proud of how our team is executing with discipline and focus. ” In the quarter, orders of $29.3 billion increased + 96% organically, with robust equipment growth in Power and continued services strength. Revenue of $12.6 billion was up + 27% , + 18% organically*, led by equipment growth at Power and Electrification, along with higher services, partially offset by equipment at Wind . Margins expanded significantly from higher price, volume, and productivity . Free cash flow* of $ 5.4 billion increased $ 4.7 billion, primarily due to higher positive benefits from working capital and stronger adjusted EBITDA*, partially offset by higher taxes . Power • Orders of $21.8 billion increased + 178% organically and revenues of $6.1 billion increased + 25% on a U.S. GAAP basis and organically*, led by Gas Power equipment. Segment EBITDA margin grew + 800 basis points, + 830 basis points organically*. • Signed 11 gigawatts (GW) of new gas equipment contracts, including 8 GW of slot reservation agreements and 3 GW of orders. Converted 13 GW of existing slot reservation agreements to orders and shipped 5 GW of equipment; resulting in backlog growth from 53 to 64 GW and a decrease in slot reservation agreements from 63 to 58 GW . Electrification • Orders of $5.4 billion decreased (9)% organically, given large synchronous condenser orders in the third quarter of last year, with continued strong demand for grid equipment and a book-to-bill ratio of approximately 1.4 . Revenues of $3.9 billion increased + 51% , + 16% organically*, driven by Grid Systems Integration and Power Transmission . Segment EBITDA margin grew + 400 basis points, + 470 basis points organically*. • Increased equipment backlog to $ 42.2 billion, up $ 15.7 billion, or 60% year-over-year, including $5 billion from Prolec GE . Wind • Orders of $2.1 billion increased 16% organically due to Onshore Wind, primarily in North America . Revenues of $2.7 billion increased 4% , 3% organically*, primarily driven by Onshore Wind services and Offshore Wind equipment, partially offset by Onshore Wind equipment. Segment EBITDA margin grew + 490 basis points , +420 basis points organically*. • Resolved all outstanding litigation regarding the Vineyard Wind offshore wind project, providing reliable, affordable energy to more than 400,000 homes and businesses across Massachusetts.
Company Updates: In the third quarter of 2026, GE Vernova: • Experienced zero fatalities; safety remains a top priority. • Repurchased approximately 1.7 million shares for $1.6 billion. GE Vernova repurchased approximately 1.4 million shares for $1.3 billion from October 1 to October 23, 2026 . Since the inception of its program in December 2024 , the company repurchased 15.6 million shares for $ 9.9 billion at an average price of approximately $ 635 per share. In October 2026, the Board of Directors approved a share repurchase authorization increase to $20 billion, from the prior authorization of $10 billion, with $10.1 billion remaining. • Paid a $0.50 per share quarterly dividend; on September 30, 2026, declared a $0.50 per share quarterly dividend, payable on November 24, 2026 to stockholders of record as of October 27, 2026 . • Entered into agreements to transfer a portion of its retiree benefit obligations to an insurer, which will assume full legal and administrative responsibility, resulting in approximately $350 million paid in the quart er. • Invested $0.6 billion in capital expenditures, including to increase production in Power and Electrification, as part of its commitment to invest $6 billion in capex from 2025 through 2028, including $1 billion from Prolec GE from 2026 to 2028. • Funded $0.4 billion in research and development (R&D) spending, to advance breakthrough energy tr ans ition technologies, as part of its commitment to invest $5 billion in R&D from 2025 through 2028. • In August 2026, Fitch upgraded GE Vernova’s investment grade credit rating to A- from BBB+ with a stable rating outlook. In October, GE Vernova announced it has signed an agreement to acquire Trench G roup , a global leader in high-voltage grid equipment, for $9.0 billion USD equivalent. The deal will create scale across GE Vernova’s Electrification product lines, expanding its capabilities to better serve customers, with close expected in late 2027, subject to customary regulatory approvals. " We delivered another strong quarter with robust orders and revenue growth, margin expansion, and significant free cash flow generation. Our backlog continues to expand driven by equipment growth at Power and Electrification, at improved margins from favorable price and disciplined underwriting, and services growth at Power ,” said GE Vernova CFO Ken Park s. “ We ended the quarter with a cash balance of approximately $17 billion , up $4 billion sequentially, increasing our confidence in making high- growth, accretive investments and returning cash to shareholders through our dividend and increased share repurchase program. Based on our strong financial performance, we are raising our guidance for 2026 revenue, adjusted EBITDA margin, and free cash flow. ” 2026 Guidance GE Vernova is raising its 2026 financial guidance and now expects revenue of $46.5-$47.5 billion, up from $45.5-$46.5 billion, adjusted EBITDA margin* of 13.5%-14.5%, up from 12%-14%, and free cash flow* of $16-$ 17 billion, up from $11.5-$12.5 billion. Segment guidance is: • Power : 19%-21% organic revenue* growth, up from 18%-20%, and 19%-21% segment EBITDA margin, up from 17%-19%. • Electrification : Revenue of $14.5-$15.0 billion, including approximately $3.1 billion from Prolec GE , and 18%-20% segment EBITDA margin, now trending toward the higher end of the range. • Wind : Organic revenue* down mid-single digits, versus prior guidance of down low-double digits, and $400-$500 million of segment EBITDA losses, versus prior guidance of approximately $400 million of segment EBITDA losses. Total Company Results
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. Effective January 1, 2026, GE Vernova realigned the reporting of certain of its business units within the Power, Electrification, and Wind segments. 2025 segment 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. Third Quarter 2026 Performance: Orders of $21.8 billion increased + 178% organically, primarily from strength in Gas Power equipment, driven by higher volume and price, with 55 heavy-duty units, including 21 HA turbines, and 57 aeroderivative turbines . Services orders increased 12% organically, driven by Gas Power and Nuclear Power. Revenues of $6.1 billion increased + 25% on a U.S. GAAP basis and organically* , led by aeroderivative and he avy-duty deliveries and favorable price. Segment EBITDA was $1.3 billion and segment EBITDA margin was 21.4% , up +800 basis points , +830 basis points organically*, primarily driven by favorable price and higher volume at Gas Power, partially offset by the impact of inflation. Electrification
(a) Excludes depreciation and amortization expenses. (b) Primarily includes equity method investment income and other interest and investment income. Third Quarter 2026 Performance: Orders of $5.4 billion decreased (9)% organically, d ue to large synchronous condenser orders in the third quarter of last year, with continued strong demand for grid equipment particularly in North America. Revenues of $3.9 billion increased +51% on a U.S. GAAP basis, inclusive of Prolec GE, + 16% organically*, primarily due to i ncreased volume in alternating current substation solutions and high voltage direct current solutions at Grid Systems Integration and in switchgear and transformers at Power Transmission . Segment EBITDA was $0.7 billion and segment EBITDA margin was 19.1% , up + 400 basis points , + 470 basis points organically*, due to higher volume and productivity at Grid Systems Integration and higher volume, productivity, and fa vorable price at Power Transmission. *Non-GAAP Financial Measure
(a) Excludes depreciation and amortization expenses. (b) Primarily includes equity method investment income and other interest and investment income. Third Quarter 2026 Performance: Orders of $2.1 billion increased 16% organically, driven by Onshore Wind equipment and services, especially for repowering in North America. Revenues of $2.7 billion increased 4% , 3% organically*, due to higher services at Onshore Wind and higher revenue at Offshore Wind , partially offset by Onshore Wind equipment deliveries. Segment EBITDA was $ 0.1 billion and segment EBITDA margin was 2.6% , up + 490 basis points , +420 basis points organically *, primaril y du e to lower project costs at Offshore Wind as well as the impact of tariff recoveries and higher services at Onshore Wind, partially offset by lower equipment at Onshore Wind . *Non-GAAP Financial Measure
Page 5 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 U.S. 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.
2026 GUIDANCE: POWER ORGANIC REVENUE* We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measure of Power organic revenue* in the 2026 guidance without unreasonable effort due to the uncertainty of foreign exchange rates. *Non-GAAP Financial Measure
Three months Nine months ended ended September September 30 30 EQUIPMENT AND SERVICES 2026 2025 V% 2026 2025 V% ORGANICREVENU… (NON-GAAP) Total equipment $8,340 $5,880 42% $20,053 $14,971 34% revenues (GAAP) Less: 921 — 2,223 — Acquisitions Less: Business — — — — dispositions Less: Foreign currency 16 9 220 -4 effect Equipment organic $7,404 $5,871 26% $17,609 $14,975 18% revenues (Non-GAAP) Total services revenues $4,302 $4,089 5% $13,031 $12,141 7% (GAAP) Less: 25 1 68 1 Acquisitions Less: Business — 43 26 125 dispositions Less: Foreign currency 6 6 136 15 effect Services organic $4,272 $4,039 6% $12,801 $12,001 7% revenues (Non-GAAP)
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. 2026 GUIDANCE: ADJUSTED EBITDA MARGIN* We cannot provide a reconciliation of the differences between the non-GAAP financial measures expectations and the corresponding GAAP financial measures for adjusted EBITDA margin* in the 2026 guidance without unreasonable effort due to the uncertainty of the costs and timing associated with potential restructuring actions and the impacts of depreciation and amortization. *Non-GAAP Financial Measure
ADJUSTED EBITDA AND Three months Nine months ADJUSTED ended ended EBITDA September 30 September MARGIN 30 (NON-GAAP) 2026 2025 V% 2026 2025 V% Net income (loss) $1,289 $453 F $6,687 $1,209 F (GAAP) Add: Restructur… 6 83 109 192 and other charges Add: (Gains) losses on purchases -36 -113 -4,481 -131 and sales of business interests(… Add: Separation 31 43 92 122 costs(b) Add: Non-operat… -212 -115 -465 -340 benefit income Add: Depreciati… 439 212 1,199 617 and amortizati… Add: Interest and other financial -71 -44 -171 -141 (income) charges – net(d)(e) Add: Provision (benefit) 496 292 1,119 510 for income taxes(e) Adjusted EBITDA $1,943 $811 F $4,089 $2,038 F (Non-GAAP) Net income (loss) 10.2% 4.5% 570bps 20.2% 4.5% 1,570bps margin (GAAP) Adjusted EBITDA 15.4% 8.1% 730bps 12.4% 7.5% 490bps margin (Non-GAAP) (a) Includes a pre-tax gain of $3,992 million in the nine months ended September 30, 2026 related to the acquisition of the remaining 50% stakein Prolec GE from Xignux as a result of the remeasurem… of our previously held equity interest to fair value and an expense of $106 millionfor the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in the nine months endedSepte… 30, 2026. Includes a pre-tax gain of $366 million related to the sale of our Proficy business in our Electrific… segment in thenine months ended September 30, 2026. Also includes unrealized and realized (gains) losses related to our interest in China XD ElectricCo… Ltd, which we sold the remainder of in 2026 and was recorded in Net interest and investment income (loss) which is part of Otherincome (expense) - net.(b) Costs incurred in the separation from GE, including system implementa… advisory fees, one-time stock option grant, and other one-timeco… Excludes depreciati… and amortizati… expense related to Restructur… and other charges. Includes amortizati… of basis difference… in Equity method investment income (loss) which is part of Other income (expense) - net.(d) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal businessop… primarily with customers.… Excludes interest (income) expense of zero and zero and provision (benefit) for income taxes of$(3) millionand zero for thethree monthsende… 30, 2026and202… respective… as well as excludes interest (income) expense of zero and$(1) millionand provision(… for income taxes of$3 millionand… millionfor thenine months endedSepte… 30, 2026and202… respective… related to ourFinanci… Services business which, because of the nature of its investment… is measured on an after-tax basis.
Three months Nine months ended ended September 30 September 30 ADJUSTED ORGANIC EBITDA AND 2026 2025 V% 2026 2025 V% ADJUSTEDORGA… EBITDA MARGIN (NON-GAAP) Adjusted EBITDA $1,943 $811 F $4,089 $2,038 F (Non-GAAP) Less: 210 -3 509 -2 Acquisitions Less: Business — 60 54 160 dispositions Less: Foreign currency 12 -15 -112 -13 effect Adjusted organic $1,721 $770 F $3,638 $1,894 92% EBITDA (Non-GAAP) Adjusted EBITDA margin 15.4% 8.1% 730bps 12.4% 7.5% 490bps (Non-GAAP) Adjusted organic 14.7% 7.8% 690bps 12.0% 7.0% 500bps EBITDA margin (Non-GAAP)
We believe that free cash flow* provides management and investors with an important measure of our ability to generate 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.
Three months Nine months ended ended September September 30 30 FREE CASH FLOW 2026 2025 V% 2026 2025 V% (NON-GAAP) Cash from (used for) operating $6,057 $980 F $16,737 $2,508 F activities (GAAP) Add: Gross additions to property, plant and -647 -247 -1,430 -606 equipment andinternal-use software Free cash flow $5,409 $732 F $15,307 $1,902 F (Non-GAAP)
2026 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 2026 guidance without unreasonable effort due to the uncertainty of timing for capital expenditures. *Non-GAAP Financial Measure
Page 9 TRENCH GROUP ACQUISITION PRICE The Trench Group acquisition price presented in this press release is expressed in U.S. dollar equivalents based on a EUR/USD exchange rate of 1.12. Actual U.S. dollar equivalent amounts may differ based on the prevailing EUR/USD exchange rate at the applicable times. CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This press 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”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may,” and negatives or derivatives of these or similar expressions. These forward-looking statements may include, among others, statements about our future performance, anticipated growth, and expectations in our business; the energy transition; the demand for our products and services; our technologies and ability to innovate, anticipate, and address customer demands; our ability to increase production capacity, efficiencies, and quality; our underwriting and risk management; the estimated impact of tariffs; our product quality and costs; our cost management efforts; tax incentives; customer orders and commitments; project execution and timelines; our actual and planned investments, including in research and development, capital expenditures, joint ventures, and other collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure spending; government policies; our expected cash generation and management; our lean operating model; our capital allocation framework, including organic and inorganic investments, share repurchases, and dividends; our restructuring programs; disputes, litigation, arbitration, and governmental proceedings involving us; the sufficiency and expected uses of our cash, liquidity, and financing arrangements; our credit ratings; and our agreement to acquire Trench Group and the expected benefits and timing of closing . 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: • Quality issues or safety failures among our products, solutions, or services; • Significant supply chain or logistics disruptions, including cost or availability of materials or components; • Disruptions or capacity constraints at our manufacturing or operating facilities; • Our ability to manage our costs and achieve anticipated cost savings; • Our ability to execute and estimate long-term service obligations; • Our ability to successfully compete; • Our ability to innovate and successfully commercialize new technologies and manage our product cycles; • Achieving expected benefits from strategic transactions, joint ventures, and other third-party collaborations; • Issues with grid connectivity or our customers’ ability to sell generated electricity; • Our ability to manage customer and counterparty relationships and contracts; • Our ability to maintain our investment grade credit ratings; • Our access to capital or credit markets or other financing on acceptable terms; • Decarbonization and energy-transition dynamics; • Changes in energy, environmental, and tax laws and policies; • Challenges of operating globally, including complex legal, regulatory, and compliance risks; • Natural disasters, physical effects of climate change, pandemics, and other emergencies; • Geopolitical events; • Our ability to meet sustainability expectations, standards, and goals; • International trade policies; • Our ability to obtain, maintain, and comply with approvals, licenses, and permits; • Our ability to comply with laws and regulations and related compliance costs; • Impacts from claims, litigation, regulatory proceedings, and enforcement actions; • Our ability to attract and retain highly qualified personnel and impacts from any labor disputes or actions; • Our ability to secure, deploy, and protect our intellectual property rights and defend against third-party claims; • Foreign currency impacts; • Our ability to realize the benefits from our separation from, and our obligations to, General Electric Company; • Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic investments, and other priorities; • The price, availability, volatility, and trading volumes of our common stock; • The amount and timing of our cash flows and earnings; • The impact of cybersecurity or data security incidents; and • Other changes in macroeconomic and market conditions and volatility. Page 10 Our agreement to acquire Trench Group and our expectations for the transaction and Trench Group business are based on judgments and assumptions, and are subject to risks and uncertainties that could cause actual results to differ materially, including, among others: the performance and continued expansion of the Trench Group business; demand for GE Vernova's and Trench Group's products and services, the loss of, or reduced orders from, key customers; retention of key suppliers and employees; changes in tariffs, changes in currency exchange rates; difficulties in integrating Trench Group or realizing the expected benefits and synergies; the availability and terms of acquisition financing; transaction-related costs and litigation; delays in closing the acquisition, which could increase its cost or result in the acquisition not being completed; regulatory approvals for the acquisition not being obtained, or obtained subject to conditions or undertakings that could limit the combined business or reduce the anticipated benefits of the transaction; the outcome of required consultations with employee representatives; other closing conditions not being satisfied ; and termination of the acquisition agreement. 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 fiscal year ended December 31, 2025, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, including in the "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and “Forward- Looking Statements” sections included therein, as may be updated from time to time in our Securities and Exchange Commission 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 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 and its agreement to acquire Trench Group during its extended investor conference cal l 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 Inc. (NYSE: GEV) is a purpose-built global energy company that includes Power, Electrification, and Wind 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 85,000 employees across approximately 100 countries around the world. Supported by the Company’s purpose, The Energy to Change the World, GE Vernova technology helps deliver a more affordable, reliable, sustainable, and secure energy future. Learn more: GE Vernova and LinkedIn . Investor Relations Contact: Michael Lapides +1.617.674.7568 m.lapides@gevernova.com Media Contact: Adam Tucker +1.518.227.2463 Adam.Tucker@gevernova.com © 2026 GE Vernova and/or its affiliates. All rights reserved. GE and the GE Monogram are trademarks of General Electric Company used under trademark license.
Full text with the tables
1 Defined as remaining performance obligation (RPO) *Non-GAAP Financial Measure
Page 1 GE Vernova reports strong third quarter 2026 financial performance,
raises 2026 guidance, an d increases share repurchase authorization Third
Quarter 2026 Highlights: • Orders of $29 B, + 96% organically led by equipment
at Power and continued services strength • Backlog 1 growth of $ 20 B
sequentially from equipment and services, reaching $ 197 B in total • Gas Power
equipment backlog and slot reservation agreements grew from 116 to 122 GW; now
anticipate reaching at least 130 GW by year-end 2026 • Revenue of $12.6 B, + 27%
, + 18% organically* led by Power and Electrification • Net income of $1.3 B;
net income margin of 10.2% • Adjusted EBITDA* of $1.9 B ; adjusted EBITDA
margin* of 15.4% , up + 690 basis points organically* • Cash from operating
activities o f $6.1 B; free cash flow* of $ 5.4 B • $16.8 B cash balance; $5.7B
in capital returned to shareholders in the first nine months of 2026 • In
October, the Board of Directors increased the share repurchase authorization to
$20B, from $10B CAMBRIDGE, Mass., (October 28, 2026) – GE Vernova Inc. (NYSE:
GEV), a unique industry leader enabling the world to electrify to thrive and
decarbonize, today reported financial results for the third quarter ending
September 30, 2026. “ We delivered strong financial results in the third quarter
as demand for electricity infrastructure increases around the world. We now
expect our backlog to exceed $200 billion in the fourth quarter, with improved
margins, and to exit 2026 with at least 130 GW of gas equipment under contract.
Given our performance and confidence in our trajectory, we are raising our 2026
financial guidance ,” said GE Vernova CEO Scott Strazik. “ We continue to
innovate and develop new solutions for utility and data center customers to meet
growing demand , including electrification technologies that support integration
and resiliency . Our opportunity to create value is accelerating and I’m proud
of how our team is executing with discipline and focus. ” In the quarter, orders
of $29.3 billion increased + 96% organically, with robust equipment growth in
Power and continued services strength. Revenue of $12.6 billion was up + 27% , +
18% organically*, led by equipment growth at Power and Electrification, along
with higher services, partially offset by equipment at Wind . Margins expanded
significantly from higher price, volume, and productivity . Free cash flow* of $
5.4 billion increased $ 4.7 billion, primarily due to higher positive benefits
from working capital and stronger adjusted EBITDA*, partially offset by higher
taxes . Power • Orders of $21.8 billion increased + 178% organically and
revenues of $6.1 billion increased + 25% on a U.S. GAAP basis and organically*,
led by Gas Power equipment. Segment EBITDA margin grew + 800 basis points, + 830
basis points organically*. • Signed 11 gigawatts (GW) of new gas equipment
contracts, including 8 GW of slot reservation agreements and 3 GW of orders.
Converted 13 GW of existing slot reservation agreements to orders and shipped 5
GW of equipment; resulting in backlog growth from 53 to 64 GW and a decrease in
slot reservation agreements from 63 to 58 GW . Electrification • Orders of $5.4
billion decreased (9)% organically, given large synchronous condenser orders in
the third quarter of last year, with continued strong demand for grid equipment
and a book-to-bill ratio of approximately 1.4 . Revenues of $3.9 billion
increased + 51% , + 16% organically*, driven by Grid Systems Integration and
Power Transmission . Segment EBITDA margin grew + 400 basis points, + 470 basis
points organically*. • Increased equipment backlog to $ 42.2 billion, up $ 15.7
billion, or 60% year-over-year, including $5 billion from Prolec GE . Wind •
Orders of $2.1 billion increased 16% organically due to Onshore Wind, primarily
in North America . Revenues of $2.7 billion increased 4% , 3% organically*,
primarily driven by Onshore Wind services and Offshore Wind equipment, partially
offset by Onshore Wind equipment. Segment EBITDA margin grew + 490 basis points
, +420 basis points organically*. • Resolved all outstanding litigation
regarding the Vineyard Wind offshore wind project, providing reliable,
affordable energy to more than 400,000 homes and businesses across
Massachusetts.
Page 2
Company Updates: In the third quarter of 2026, GE Vernova: • Experienced zero
fatalities; safety remains a top priority. • Repurchased approximately 1.7
million shares for $1.6 billion. GE Vernova repurchased approximately 1.4
million shares for $1.3 billion from October 1 to October 23, 2026 . Since the
inception of its program in December 2024 , the company repurchased 15.6 million
shares for $ 9.9 billion at an average price of approximately $ 635 per share.
In October 2026, the Board of Directors approved a share repurchase
authorization increase to $20 billion, from the prior authorization of $10
billion, with $10.1 billion remaining. • Paid a $0.50 per share quarterly
dividend; on September 30, 2026, declared a $0.50 per share quarterly dividend,
payable on November 24, 2026 to stockholders of record as of October 27, 2026 .
• Entered into agreements to transfer a portion of its retiree benefit
obligations to an insurer, which will assume full legal and administrative
responsibility, resulting in approximately $350 million paid in the quart er. •
Invested $0.6 billion in capital expenditures, including to increase production
in Power and Electrification, as part of its commitment to invest $6 billion in
capex from 2025 through 2028, including $1 billion from Prolec GE from 2026 to
2028. • Funded $0.4 billion in research and development (R&D) spending, to
advance breakthrough energy tr ans ition technologies, as part of its commitment
to invest $5 billion in R&D from 2025 through 2028. • In August 2026, Fitch
upgraded GE Vernova’s investment grade credit rating to A- from BBB+ with a
stable rating outlook. In October, GE Vernova announced it has signed an
agreement to acquire Trench G roup , a global leader in high-voltage grid
equipment, for $9.0 billion USD equivalent. The deal will create scale across GE
Vernova’s Electrification product lines, expanding its capabilities to better
serve customers, with close expected in late 2027, subject to customary
regulatory approvals. " We delivered another strong quarter with robust orders
and revenue growth, margin expansion, and significant free cash flow generation.
Our backlog continues to expand driven by equipment growth at Power and
Electrification, at improved margins from favorable price and disciplined
underwriting, and services growth at Power ,” said GE Vernova CFO Ken Park s. “
We ended the quarter with a cash balance of approximately $17 billion , up $4
billion sequentially, increasing our confidence in making high- growth,
accretive investments and returning cash to shareholders through our dividend
and increased share repurchase program. Based on our strong financial
performance, we are raising our guidance for 2026 revenue, adjusted EBITDA
margin, and free cash flow. ” 2026 Guidance GE Vernova is raising its 2026
financial guidance and now expects revenue of $46.5-$47.5 billion, up from
$45.5-$46.5 billion, adjusted EBITDA margin* of 13.5%-14.5%, up from 12%-14%,
and free cash flow* of $16-$ 17 billion, up from $11.5-$12.5 billion. Segment
guidance is: • Power : 19%-21% organic revenue* growth, up from 18%-20%, and
19%-21% segment EBITDA margin, up from 17%-19%. • Electrification : Revenue of
$14.5-$15.0 billion, including approximately $3.1 billion from Prolec GE , and
18%-20% segment EBITDA margin, now trending toward the higher end of the range.
• Wind : Organic revenue* down mid-single digits, versus prior guidance of down
low-double digits, and $400-$500 million of segment EBITDA losses, versus prior
guidance of approximately $400 million of segment EBITDA losses. Total Company
Results
Three Nine
months months
ended ended
September September
30 30
(Dollars
in
millions, 2026 2025 Year-on-Y… 2026 2025 Year-on-Y…
except
per
share)
GAAP
Metrics
Total $12,642 $9,969 27% $33,084 $27,112 22%
revenues
Net
income $1,289 $453 $836 $6,687 $1,209 $5,478
(loss)
Net
income 10.2% 4.5% 570 bps 20.2% 4.5% 1,570 bps
(loss)
margin
Diluted $4.81 $1.64 193% $24.81 $4.41 463%
EPS
Cash from
(used
for) $6,057 $980 $5,077 $16,737 $2,508 $14,229
operating
activiti…
Non-GAAP
Metrics
Organic $11,676 $9,911 18% $30,411 $26,976 13%
revenues
Adjusted $1,943 $811 $1,131 $4,089 $2,038 $2,050
EBITDA
Adjusted
EBITDA 15.4% 8.1% 730 bps 12.4% 7.5% 490 bps
margin
Adjusted
organic 14.7% 7.8% 690 bps 12.0% 7.0% 500 bps
EBITDA
margin
Free cash $5,409 $732 $4,677 $15,307 $1,902 $13,405
flow
*Non-GAAP Financial Measure
Page 3
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. Effective January 1, 2026, GE Vernova
realigned the reporting of certain of its business units within the Power,
Electrification, and Wind segments. 2025 segment financial information can be
accessed here . Power
Three Nine
months months
ended ended
September September
30 30
(Dollars
in 2026 2025 Year-on-Y… 2026 2025 Year-on-Y…
millions)
Orders $21,780 $7,832 178% $48,516 $21,204 129%
Revenues $6,067 $4,863 25% $16,516 $14,097 17%
Cost of $4,152 $3,663 $11,656 $10,481
revenues…
Selling,
general,
and $497 $449 $1,415 $1,379
administ…
expenses…
Research
and $170 $144 $455 $386
developm…
expenses…
Other
segment $(50) $(45) $(150) $(104)
(income)…
Segment $1,297 $651 $646 $3,139 $1,954 $1,186
EBITDA
Segment
EBITDA 21.4% 13.4% 800 bps 19.0% 13.9% 510 bps
margin
(a) Excludes depreciation and amortization expenses. (b) Primarily includes
equity method investment income and other interest and investment income. Third
Quarter 2026 Performance: Orders of $21.8 billion increased + 178% organically,
primarily from strength in Gas Power equipment, driven by higher volume and
price, with 55 heavy-duty units, including 21 HA turbines, and 57 aeroderivative
turbines . Services orders increased 12% organically, driven by Gas Power and
Nuclear Power. Revenues of $6.1 billion increased + 25% on a U.S. GAAP basis and
organically* , led by aeroderivative and he avy-duty deliveries and favorable
price. Segment EBITDA was $1.3 billion and segment EBITDA margin was 21.4% , up
+800 basis points , +830 basis points organically*, primarily driven by
favorable price and higher volume at Gas Power, partially offset by the impact
of inflation. Electrification
Three Nine
months months
ended ended
September September
30 30
(Dollars
in 2026 2025 Year-on-Y… 2026 2025 Year-on-Y…
millions)
Orders $5,371 $5,069 6% $18,831 $11,717 61%
Revenues $3,862 $2,565 51% $10,459 $6,566 59%
Cost of $2,634 $1,812 $7,173 $4,589
revenues…
Selling,
general,
and $375 $323 $1,070 $960
administ…
expenses…
Research
and $119 $110 $338 $292
developm…
expenses…
Other
segment $(5) $(67) $(62) $(181)
(income)…
Segment $739 $387 $352 $1,939 $906 $1,033
EBITDA
Segment
EBITDA 19.1% 15.1% 400 bps 18.5% 13.8% 470 bps
margin
(a) Excludes depreciation and amortization expenses. (b) Primarily includes
equity method investment income and other interest and investment income. Third
Quarter 2026 Performance: Orders of $5.4 billion decreased (9)% organically, d
ue to large synchronous condenser orders in the third quarter of last year, with
continued strong demand for grid equipment particularly in North America.
Revenues of $3.9 billion increased +51% on a U.S. GAAP basis, inclusive of
Prolec GE, + 16% organically*, primarily due to i ncreased volume in alternating
current substation solutions and high voltage direct current solutions at Grid
Systems Integration and in switchgear and transformers at Power Transmission .
Segment EBITDA was $0.7 billion and segment EBITDA margin was 19.1% , up + 400
basis points , + 470 basis points organically*, due to higher volume and
productivity at Grid Systems Integration and higher volume, productivity, and fa
vorable price at Power Transmission. *Non-GAAP Financial Measure
Page 4
Wind
Three Nine
months months
ended ended
September September
30 30
(Dollars
in 2026 2025 Year-on-Y… 2026 2025 Year-on-Ye…
millions)
Orders $2,140 $1,833 17% $4,587 $4,535 1%
Revenues $2,741 $2,647 4% $6,200 $6,742 (8)%
Cost of $2,505 $2,532 $6,277 $6,598
revenues…
Selling,
general,
and $134 $118 $399 $393
administ…
expenses…
Research
and $37 $43 $106 $117
developm…
expenses…
Other
segment $(7) $16 $2 $8
(income)…
Segment $72 $(61) $134 $(585) $(373) $(212)
EBITDA
Segment
EBITDA 2.6% (2.3)% 490 bps (9.4)% (5.5)% (390) bps
margin
(a) Excludes depreciation and amortization expenses. (b) Primarily includes
equity method investment income and other interest and investment income. Third
Quarter 2026 Performance: Orders of $2.1 billion increased 16% organically,
driven by Onshore Wind equipment and services, especially for repowering in
North America. Revenues of $2.7 billion increased 4% , 3% organically*, due to
higher services at Onshore Wind and higher revenue at Offshore Wind , partially
offset by Onshore Wind equipment deliveries. Segment EBITDA was $ 0.1 billion
and segment EBITDA margin was 2.6% , up + 490 basis points , +420 basis points
organically *, primaril y du e to lower project costs at Offshore Wind as well
as the impact of tariff recoveries and higher services at Onshore Wind,
partially offset by lower equipment at Onshore Wind . *Non-GAAP Financial
Measure
Page 5 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 U.S. 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.
Page 6
ORGA…
REVE…
EBIT…
AND
EBIT…
MARG…
BY
SEGM…
(NON…
For
the
three
mont… Segm…
ended Segme… EBIT…
Sept… Reven… EBITDA marg…
30 2026 2025 V% 2026 2025 V% 2026 2025 V bps
──────────────────────────────────────────────────────────────────────────────
Power $6,067 $4,863 25% $1,297 $651 99% 21.4% 13.4% 800b…
(GAA…
Less: — — — —
Acqu…
Less:
Busi… — — — —
disp…
Less:
Fore… 6 5 27 33
curr…
effe…
Power
orga… $6,061 $4,858 25% $1,271 $619 F 21.0% 12.7% 830b…
(Non…
Elec… $3,862 $2,565 51% $739 $387 91% 19.1% 15.1% 400b…
(GAA…
Less: 945 1 212 -3
Acqu…
Less:
Busi… — 43 — 60
disp…
Less:
Fore… 3 3 7 -2
curr…
effe…
Elec…
orga… $2,914 $2,518 16% $521 $332 57% 17.9% 13.2% 470b…
(Non…
Wind $2,741 $2,647 4% $72 $(61) F 2.6% (2.3)% 490b…
(GAA…
Less: — — — —
Acqu…
Less:
Busi… — — — —
disp…
Less:
Fore… 12 6 -25 -45
curr…
effe…
Wind
orga… $2,729 $2,642 3% $97 $(17) F 3.6% (0.6)% 420b…
(Non…
(a)
Incl…
inte…
sales
of$41
mill…
mill…
thet…
mont…
ende…
30,
2026…
resp…
Segme… Segm…
Reven… EBITDA EBIT…
marg…
For
the
nine
mont… 2026 2025 V% 2026 2025 V% 2026 2025 V bps
ended
Sept…
30
Power $16,5… $14,0… 17% $3,139 $1,954 61% 19.0% 13.9% 510b…
(GAA…
Less: — — 2 1
Acqu…
Less:
Busi… — — — —
disp…
Less:
Fore… 103 12 15 65
curr…
effe…
Power
orga… $16,4… $14,0… 17% $3,122 $1,888 65% 19.0% 13.4% 560b…
(Non…
Elec… $10,4… $6,566 59% $1,939 $906 F 18.5% 13.8% 470b…
(GAA…
Less: 2,291 1 508 -3
Acqu…
Less:
Busi… 26 125 54 160
disp…
Less:
Fore… 182 16 -4 7
curr…
effe…
Elec…
orga… $7,960 $6,424 24% $1,381 $742 86% 17.3% 11.6% 570b…
(Non…
Wind $6,200 $6,742 (8)% $(585) $(373) (57)% -9.4% -5.5% (390…
(GAA…
Less: — — — —
Acqu…
Less:
Busi… — — — —
disp…
Less:
Fore… 72 -18 -102 -83
curr…
effe…
Wind
orga… $6,128 $6,760 (9)% $(483) $(290) (67)% -7.9% -4.3% (360…
(Non…
(a)
Incl…
inte…
sales
of$1…
mill…
mill…
then…
mont…
ende…
30,
2026…
resp…
2026 GUIDANCE: POWER ORGANIC REVENUE* We cannot provide a reconciliation of the
differences between the non-GAAP financial measures expectations and the
corresponding GAAP financial measure of Power organic revenue* in the 2026
guidance without unreasonable effort due to the uncertainty of foreign exchange
rates. *Non-GAAP Financial Measure
Page 7
Three months Nine months
ended ended September
September 30 30
ORGANIC
REVENUES 2026 2025 V% 2026 2025 V%
(NON-GAAP)
Total revenues $12,642 $9,969 27% $33,084 $27,112 22%
(GAAP)
Less: 945 1 2,291 1
Acquisitions
Less: Business — 43 26 125
dispositions
Less: Foreign
currency 22 14 356 11
effect
Organic
revenues $11,676 $9,911 18% $30,411 $26,976 13%
(Non-GAAP)
Three months Nine months
ended ended September
September 30 30
EQUIPMENT AND
SERVICES 2026 2025 V% 2026 2025 V%
ORGANICREVENU…
(NON-GAAP)
Total
equipment $8,340 $5,880 42% $20,053 $14,971 34%
revenues
(GAAP)
Less: 921 — 2,223 —
Acquisitions
Less: Business — — — —
dispositions
Less: Foreign
currency 16 9 220 -4
effect
Equipment
organic $7,404 $5,871 26% $17,609 $14,975 18%
revenues
(Non-GAAP)
Total services
revenues $4,302 $4,089 5% $13,031 $12,141 7%
(GAAP)
Less: 25 1 68 1
Acquisitions
Less: Business — 43 26 125
dispositions
Less: Foreign
currency 6 6 136 15
effect
Services
organic $4,272 $4,039 6% $12,801 $12,001 7%
revenues
(Non-GAAP)
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. 2026 GUIDANCE: ADJUSTED EBITDA MARGIN* We cannot provide a
reconciliation of the differences between the non-GAAP financial measures
expectations and the corresponding GAAP financial measures for adjusted EBITDA
margin* in the 2026 guidance without unreasonable effort due to the uncertainty
of the costs and timing associated with potential restructuring actions and the
impacts of depreciation and amortization. *Non-GAAP Financial Measure
Page 8
ADJUSTED
EBITDA AND Three months Nine months
ADJUSTED ended ended
EBITDA September 30 September
MARGIN 30
(NON-GAAP)
2026 2025 V% 2026 2025 V%
Net income
(loss) $1,289 $453 F $6,687 $1,209 F
(GAAP)
Add:
Restructur… 6 83 109 192
and other
charges
Add:
(Gains)
losses on
purchases -36 -113 -4,481 -131
and
sales of
business
interests(…
Add:
Separation 31 43 92 122
costs(b)
Add:
Non-operat… -212 -115 -465 -340
benefit
income
Add:
Depreciati… 439 212 1,199 617
and
amortizati…
Add:
Interest
and other
financial -71 -44 -171 -141
(income)
charges –
net(d)(e)
Add:
Provision
(benefit) 496 292 1,119 510
for income
taxes(e)
Adjusted
EBITDA $1,943 $811 F $4,089 $2,038 F
(Non-GAAP)
Net income
(loss) 10.2% 4.5% 570bps 20.2% 4.5% 1,570bps
margin
(GAAP)
Adjusted
EBITDA 15.4% 8.1% 730bps 12.4% 7.5% 490bps
margin
(Non-GAAP)
(a)
Includes a
pre-tax
gain of
$3,992
million in
the nine
months
ended
September
30, 2026
related to
the
acquisition
of the
remaining
50% stakein
Prolec GE
from Xignux
as a result
of the
remeasurem…
of our
previously
held
equity
interest to
fair value
and an
expense of
$106
millionfor
the impact
of
a fair
value
adjustment
to Prolec
GE
inventory
that was
recorded in
Cost of
equipment
in the nine
months
endedSepte…
30, 2026.
Includes a
pre-tax
gain of
$366
million
related to
the sale of
our Proficy
business in
our
Electrific…
segment in
thenine
months
ended
September
30, 2026.
Also
includes
unrealized
and
realized
(gains)
losses
related to
our
interest in
China
XD
ElectricCo…
Ltd, which
we sold the
remainder
of in 2026
and was
recorded in
Net
interest
and
investment
income
(loss)
which is
part of
Otherincome
(expense) -
net.(b)
Costs
incurred in
the
separation
from GE,
including
system
implementa…
advisory
fees,
one-time
stock
option
grant, and
other
one-timeco…
Excludes
depreciati…
and
amortizati…
expense
related to
Restructur…
and other
charges.
Includes
amortizati…
of basis
difference…
in Equity
method
investment
income
(loss)
which is
part
of Other
income
(expense) -
net.(d)
Consists of
interest
and other
financial
charges,
net of
interest
income,
other
than
financial
interest
related to
our
normal
businessop…
primarily
with
customers.…
Excludes
interest
(income)
expense of
zero and
zero and
provision
(benefit)
for income
taxes
of$(3)
millionand
zero for
thethree
monthsende…
30,
2026and202…
respective…
as well as
excludes
interest
(income)
expense of
zero
and$(1)
millionand
provision(…
for income
taxes of$3
millionand…
millionfor
thenine
months
endedSepte…
30,
2026and202…
respective…
related
to
ourFinanci…
Services
business
which,
because of
the nature
of its
investment…
is measured
on an
after-tax
basis.
Three months Nine months
ended ended
September 30 September 30
ADJUSTED
ORGANIC
EBITDA AND 2026 2025 V% 2026 2025 V%
ADJUSTEDORGA…
EBITDA MARGIN
(NON-GAAP)
Adjusted
EBITDA $1,943 $811 F $4,089 $2,038 F
(Non-GAAP)
Less: 210 -3 509 -2
Acquisitions
Less:
Business — 60 54 160
dispositions
Less: Foreign
currency 12 -15 -112 -13
effect
Adjusted
organic $1,721 $770 F $3,638 $1,894 92%
EBITDA
(Non-GAAP)
Adjusted
EBITDA margin 15.4% 8.1% 730bps 12.4% 7.5% 490bps
(Non-GAAP)
Adjusted
organic 14.7% 7.8% 690bps 12.0% 7.0% 500bps
EBITDA margin
(Non-GAAP)
We believe that free cash flow* provides management and investors with an
important measure of our ability to generate 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.
Three months Nine months ended
ended September September 30
30
FREE CASH FLOW 2026 2025 V% 2026 2025 V%
(NON-GAAP)
Cash from (used
for) operating $6,057 $980 F $16,737 $2,508 F
activities
(GAAP)
Add:
Gross additions
to property,
plant and -647 -247 -1,430 -606
equipment
andinternal-use
software
Free cash flow $5,409 $732 F $15,307 $1,902 F
(Non-GAAP)
2026 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 2026 guidance
without unreasonable effort due to the uncertainty of timing for capital
expenditures. *Non-GAAP Financial Measure
Page 9 TRENCH GROUP ACQUISITION PRICE The Trench Group acquisition price
presented in this press release is expressed in U.S. dollar equivalents based on
a EUR/USD exchange rate of 1.12. Actual U.S. dollar equivalent amounts may
differ based on the prevailing EUR/USD exchange rate at the applicable times.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS This press 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”, “guidance”, “outlook”, “anticipate”, “intend”, “plan”, “estimate”,
“will”, “may,” and negatives or derivatives of these or similar expressions.
These forward-looking statements may include, among others, statements about our
future performance, anticipated growth, and expectations in our business; the
energy transition; the demand for our products and services; our technologies
and ability to innovate, anticipate, and address customer demands; our ability
to increase production capacity, efficiencies, and quality; our underwriting and
risk management; the estimated impact of tariffs; our product quality and costs;
our cost management efforts; tax incentives; customer orders and commitments;
project execution and timelines; our actual and planned investments, including
in research and development, capital expenditures, joint ventures, and other
collaborations with third parties; our ability to meet our sustainability goals
and targets; levels of global infrastructure spending; government policies; our
expected cash generation and management; our lean operating model; our capital
allocation framework, including organic and inorganic investments, share
repurchases, and dividends; our restructuring programs; disputes, litigation,
arbitration, and governmental proceedings involving us; the sufficiency and
expected uses of our cash, liquidity, and financing arrangements; our credit
ratings; and our agreement to acquire Trench Group and the expected benefits and
timing of closing . 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: • Quality issues or safety failures
among our products, solutions, or services; • Significant supply chain or
logistics disruptions, including cost or availability of materials or
components; • Disruptions or capacity constraints at our manufacturing or
operating facilities; • Our ability to manage our costs and achieve anticipated
cost savings; • Our ability to execute and estimate long-term service
obligations; • Our ability to successfully compete; • Our ability to innovate
and successfully commercialize new technologies and manage our product cycles; •
Achieving expected benefits from strategic transactions, joint ventures, and
other third-party collaborations; • Issues with grid connectivity or our
customers’ ability to sell generated electricity; • Our ability to manage
customer and counterparty relationships and contracts; • Our ability to maintain
our investment grade credit ratings; • Our access to capital or credit markets
or other financing on acceptable terms; • Decarbonization and energy-transition
dynamics; • Changes in energy, environmental, and tax laws and policies; •
Challenges of operating globally, including complex legal, regulatory, and
compliance risks; • Natural disasters, physical effects of climate change,
pandemics, and other emergencies; • Geopolitical events; • Our ability to meet
sustainability expectations, standards, and goals; • International trade
policies; • Our ability to obtain, maintain, and comply with approvals,
licenses, and permits; • Our ability to comply with laws and regulations and
related compliance costs; • Impacts from claims, litigation, regulatory
proceedings, and enforcement actions; • Our ability to attract and retain highly
qualified personnel and impacts from any labor disputes or actions; • Our
ability to secure, deploy, and protect our intellectual property rights and
defend against third-party claims; • Foreign currency impacts; • Our ability to
realize the benefits from our separation from, and our obligations to, General
Electric Company; • Our capital allocation plans, including the timing and
amount of any dividends, share repurchases, acquisitions, organic investments,
and other priorities; • The price, availability, volatility, and trading volumes
of our common stock; • The amount and timing of our cash flows and earnings; •
The impact of cybersecurity or data security incidents; and • Other changes in
macroeconomic and market conditions and volatility. Page 10 Our agreement to
acquire Trench Group and our expectations for the transaction and Trench Group
business are based on judgments and assumptions, and are subject to risks and
uncertainties that could cause actual results to differ materially, including,
among others: the performance and continued expansion of the Trench Group
business; demand for GE Vernova's and Trench Group's products and services, the
loss of, or reduced orders from, key customers; retention of key suppliers and
employees; changes in tariffs, changes in currency exchange rates; difficulties
in integrating Trench Group or realizing the expected benefits and synergies;
the availability and terms of acquisition financing; transaction-related costs
and litigation; delays in closing the acquisition, which could increase its cost
or result in the acquisition not being completed; regulatory approvals for the
acquisition not being obtained, or obtained subject to conditions or
undertakings that could limit the combined business or reduce the anticipated
benefits of the transaction; the outcome of required consultations with employee
representatives; other closing conditions not being satisfied ; and termination
of the acquisition agreement. 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 fiscal year ended December 31, 2025, and in
our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026,
including in the "Risk Factors," "Management's Discussion and Analysis of
Financial Condition and Results of Operations," and “Forward- Looking
Statements” sections included therein, as may be updated from time to time in
our Securities and Exchange Commission 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
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 and its agreement to acquire Trench Group during its extended investor
conference cal l 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 Inc. (NYSE: GEV) is a purpose-built global energy
company that includes Power, Electrification, and Wind 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 85,000 employees across approximately 100 countries around
the world. Supported by the Company’s purpose, The Energy to Change the World,
GE Vernova technology helps deliver a more affordable, reliable, sustainable,
and secure energy future. Learn more: GE Vernova and LinkedIn . Investor
Relations Contact: Michael Lapides +1.617.674.7568 m.lapides@gevernova.com Media
Contact: Adam Tucker +1.518.227.2463 Adam.Tucker@gevernova.com © 2026 GE Vernova
and/or its affiliates. All rights reserved. GE and the GE Monogram are
trademarks of General Electric Company used under trademark license.