GE Vernova : 1st Quarter 2024 Earnings Presentation

1Q 2024 Financial Results

April 25, 2024

© 2024 GE Vernova and/or its affiliates. All rights reserved.

1

Caution concerning forward-looking statements:

Certain statements contained in this presentation and certain other public communications and SEC filings of GE Vernova Inc. ("GE Vernova", the "Company", "we" and "us") 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 the benefits we expect from our lean operating model, including cost, operational and safety efficiencies and improvements, our expectations for increased demand for products and services that enable electrification and decarbonization and our ability to meet those demands, and our expectations of future increased business, revenues, operating results, margins and free cash flow*. 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 presentation speaks only as of the date on which it is made. Although we believe that the forward-looking statements contained in this presentation 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 or 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 safety failures related to our complex and specialized products, solutions and services; 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 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; 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 (including the impact or status of the Inflation Reduction Act of 2022 and other policies), environmental, health and safety laws, and the effects of 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 developing or being sustained 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 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 furnished 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 presentation also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

Non-GAAP financial measures:

In this presentation, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered "non-GAAP financial measures" under the SEC rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered an alternative to the GAAP measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our earnings press release and in the appendix of this presentation, as applicable.

Additional Information:

GE Vernova's Investor Relations website at https://www.gevernova.com/investors as well as GE Vernova's LinkedIn and other social media accounts, contain a significant amount of information about GE Vernova, including financial and other information for investors. GE Vernova encourages investors to visit these websites from time to time, as information is updated and new information is posted. References herein to the Financial Supplement refers to the financial supplement posted on GE Vernova's Investor Relations website on April 2, 2024 under "Reports & Filings" and "Form 10 Registration Statement".

* Non-GAAP Financial Measure
© 2024 GE Vernova and/or its affiliates. All rights reserved.	2

Executing our strategy

Lean operating model focused on safety,

quality, delivery & cost

• Improving the injury & illness (I&I) rate with fatality- free operations across GE Vernova
• Executing Kaizen events company-wide to improve SQDC and deliver for customers
• Focused on simplifying our business operations & reducing cost

Increased electrification & decarbonization

trends driving multi-decade tailwinds

• Gas utilization increasing, with growing interest in new capacity additions
• Remain optimistic on long-term U.S. Onshore Wind growth, but slightly cautious on timing of new orders
• Executing Offshore Wind backlog-a)
• Growing a more profitable Electrification backlog-a) as grid investment increases

(a - defined as remaining performance obligation (RPO)
© 2024 GE Vernova and/or its affiliates. All rights reserved.	3

A solid start to 2024

• Disciplined equipment revenue growth and continued strength in services
• Increased backlog-a) … with higher equipment margins
• Improved margins significantly across all segments
• Better free cash flow* performance y/y & expect meaningful acceleration through 2024

A generator specialist trains at GE Vernova's Houston Learning Center

Reaffirming our 2024 guidance

* Non-GAAP Financial Measure
(a - defined as remaining performance obligation (RPO)	4
© 2024 GE Vernova and/or its affiliates. All rights reserved.

Financial snapshot

$ in billions

Orders

Revenue

Adjusted EBITDA*

Adjusted EBITDA Margin*

Free cash flow*

1Q'23-a)

9.7

6.8

(0.2)

(2.7)%

(0.8)

1Q'24

9.7

7.3

0.2

2.6%

(0.7)

Y/Y-b)

(1)%

5%*

0.3

470bps

0.2

Dynamics-b)

• Orders: lower Wind & Electrification more than offset Power strength; services grew, equipment decreased
• Revenue: growth driven by Electrification & Power; growth across services & equipment
• Adj. EBITDA margin*: expansion from price, productivity, cost reductions & volume
• FCF*: improved, with positive adj. EBITDA* partially offset by working capital

Revenue growth with significant margin improvement across all segments

* Non-GAAP Financial Measure
(a - 1Q'23 financials presented on a reported carve-out basis, which do not include pro forma standalone costs and other adjustments
(b - year-over-year variances and commentary for orders, revenue, adj. EBITDA & adj. EBITDA margin are presented on an organic basis
© 2024 GE Vernova and/or its affiliates. All rights reserved.	5

Power

8.6% EBITDA (Margin)

4.6%

EBITDA ($M)

Orders ($B)	4.0	5.0
Revenue ($B)	3.8	4.0
Backlog-b)($B)	71.2	72.8

Dynamics-a)

• Orders strong with 8 HA & 18 Aeroderivative gas turbine orders; service orders up double-digits
• Revenue growth from higher Gas Power services; equipment revenue declined slightly
• Services volume as well as price & productivity expanded EBITDA margins
• Evaluating strategies to meet potential acceleration in Gas Power demand

Growing revenue & further expanding margins
"EBITDA" references on this page are to Segment EBITDA
(a - year-over-year variance commentary for orders, revenue, segment EBITDA are presented on an organic basis; organic revenue growth and organic EBITDA margin expansion are non-GAAP financial measures
(b - defined as remaining performance obligation (RPO)	6
© 2024 GE Vernova and/or its affiliates. All rights reserved.

Wind

Dynamics-a)

EBITDA ($M)

(10.6)%

• Lower equipment orders due to softer Onshore Wind

North America

(14.8)%

EBITDA (Margin)

• Onshore Wind delivered positive EBITDA despite lower

revenue

• Executing challenged Offshore Wind backlog-b) with

higher equipment deliveries resulting in EBITDA losses

Orders ($B)	1.9	1.1
Revenue ($B)	1.8	1.6
Backlog-b) ($B)	25.9	26.2

• Expect stronger 2H'24 Onshore Wind volume from

existing backlog-b)

Improving EBITDA with positive price & cost reductions

"EBITDA" references on this page are to Segment EBITDA
(a - year-over-year variance commentary for orders, revenue, segment EBITDA are presented on an organic basis; organic revenue growth and organic EBITDA margin expansion are non-GAAP financial measures
(b - defined as remaining performance obligation (RPO)	7
© 2024 GE Vernova and/or its affiliates. All rights reserved.

Electrification

4.0% EBITDA (Margin)

EBITDA ($M)

(2.3)%

Orders ($B)	3.9	3.6
Revenue ($B)	1.3	1.7
Backlog-b) ($B)	11.7	18.1

Dynamics-a)

• 1Q'24 orders more than 2 times revenue; growing backlog-b) at better margins
• Significant revenue growth led by Grid Solutions
• Volume, productivity & price expanded EBITDA margins
• Strong demand to drive substantial revenue & backlog-b) growth at healthy margins

Increasing revenue & EBITDA margins

"EBITDA" references on this page are to Segment EBITDA
(a - year-over-year variance commentary for orders, revenue, segment EBITDA are presented on an organic basis; organic revenue growth and organic EBITDA margin expansion are non-GAAP financial measures
(b - defined as remaining performance obligation (RPO)	8
© 2024 GE Vernova and/or its affiliates. All rights reserved.

Reaffirming 2024 guidance

REVENUE

$34 - 35B

ADJUSTED	High-end
EBITDA MARGIN*-a)	MSD

FREE CASH	$0.7 - 1.1B
FLOW*

(a - includes $(300)M - $(350)M of Corporate and other costs that consists of our Financial Services business and other general corporate expenses, including approximately $200M of incremental costs required to operate as a stand-alone public company

Power

• Mid-single-digit(MSD) organic revenue* growth
• ~100bps organic segment EBITDA margin* expansion

Wind

• Flat organic revenue* growth
• Approaching profitability

Electrification

• Low-double-digit(LDD) organic revenue* growth
• Mid-single-digit(MSD) segment EBITDA margin

Expecting continued adjusted EBITDA margin* expansion and FCF* growth

* Non-GAAP Financial Measure
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Energy transition is a growing, exciting market

Power generates significant, growing FCF*

Wind expected to experience multiple years of margin expansion

Electrification is a high growth segment with improving profitability

Lean operating system with sustainability & innovation at our core

GE Vernova well positioned to lead

Substantial value creation opportunity ahead

* Non-GAAP Financial Measure
© 2024 GE Vernova and/or its affiliates. All rights reserved.	10