#1GE GE VERNOVA 2024 INVESTOR DAY © 2024 GE Vernova and/or its affiliates. All rights reserved.#2GE GE VERNOVA Caution concerning forward-looking statements: This presentation contains "forward-looking statements" - that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. These forward-looking statements might be identified by words, and variations of words, such as "will," "expect," "may," "would," "could," "plan," believe," "anticipate," "intend," "estimate," "potential," "position," "forecast," "target," "outlook," and similar expressions. These forward-looking statements may include, but are not limited to, statements about GE Vernova's expected financial performance and financial condition, including revenue growth, profit, cash flows, and earnings per share and GE Vernova's outlook; taxes; the impacts of macroeconomic and market conditions and volatility on GE Vernova's business operations, financial results and financial position and on the global supply chain and world economy; GE Vernova's strategy, innovation and investments; GE Vernova's cost structure; and GE Vernova's funding and liquidity. These forward-looking statements involve risks and uncertainties, many of which are beyond GE Vernova's control. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see https://www.gevernova.com/investors/fls. We do not undertake to update our forward-looking statements. This presentation also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. Please also see the "Risk Factors" section of GE Vernova's Form 10 filed with the U.S. Securities and Exchange Commission ("SEC") and any updates or amendments it makes in future filings. There may be other factors not presently known to GE Vernova or which it currently considers to be immaterial that could cause GE Vernova's actual results to differ materially from those projected in any forward-looking statements that GE Vernova makes. GE Vernova does not undertake any obligation to update or revise its forward-looking statements except as required by applicable law or regulation. 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 Form 10 filed with the SEC and in the appendix of this presentation. 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. All references to the information published by the IEA refer to information contained in the International Energy Agency (IEA), World Energy Outlook 2023. © 2024 GE Vernova and/or its affiliates. All rights reserved. 2#32024 INVESTOR DAY AGENDA 7:00AM 8:00AM BREAKFAST & TECHNOLOGY SHOWCASE Welcome Safety Moment Opening Remarks Overview & Strategy Power Wind Q&A 15 MINUTE BREAK Electrification Innovation & Growth Panel Financials & Outlook Q&A Closing Remarks 11:45AM 1:00PM PROGRAM ENDS Michael Lapides Rob Cummings Larry Culp & Steve Angel Scott Strazik Maví Zingoni Vic Abate GEGE VERNOVA Michael Lapides (moderator), Scott Strazik, Maví Zingoni, Vic Abate, Ken Parks Philippe Piron, Scott Reese Jessica Uhl (moderator), Dan Garceau, Pablo Koziner, Roger Martella Ken Parks Michael Lapides (moderator), Scott Strazik, Philippe Piron, Scott Reese, Ken Parks Scott Strazik INVESTOR LUNCH & TECHNOLOGY SHOWCASE 2024 GE Vernova and/or its affiliates. All rights reserved. 3#4Site safety TODAY AT CENTER 415 In the event of an emergency: • Please exit the building through same doors you entered Follow routes to emergency rally point If you are unsure about anything, please ask. © 2024 GE Vernova and/or its affiliates. All rights reserved. GE GE VERNOVA 4#5GE GE VERNOVA SAFETY MOMENT Rob Cummings GE Vernova Global Environmental, Health and Safety (EHS) Leader © 2024 GE Vernova and/or its affiliates. All rights reserved.#6GE VERNOVA SAFEGUARDING THE FUTURE We live a safety culture that is: Enabled by Innovation Supported by Technology Driven by Science-based programs We live a safety culture that delivers results: 90% reduction in severe injuries over 5 years • 45% reduction in injury & illness rate since 2018 In line with our vision to be fatality free across all operations & all partners We protect our people... so they can bring the energy to change the world 6 2024 GE Vernova and/or its affiliates. All rights reserved.#7GE GE VERNOVA OPENING REMARKS Larry Culp GE Chairman & CEO & GE Aerospace CEO Steve Angel GE Board member & GE Vernova Non-Executive Chair © 2024 GE Vernova and/or its affiliates. All rights reserved.#8BOARD OF DIRECTORS WITH STRONG DOMAIN EXPERTISE N Steve Angel Scott Strazik Non-Executive Chair Former CEO of Linde plc CEO, GE Vernova A Matthew Harris Founding Partner of Global Infrastructure Partners EGE VERNOVA Nicholas Akins Former Chairman and CEO of American Electric Power Arnold Donald Former President and CEO of Carnival S A Jesus Malave CFO of Lockheed Martin A Paula Rosput Reynolds CEO of PreferWest; Former CEO of Safeco and AGL Resources Kim Rucker Former General Counsel at Andeavor and Kraft Foods Group Committee Membership: Committee chair A Audit C Compensation © 2024 GE Vernova and/or its affiliates. All rights reserved. N Nominating & Governance S Safety & Sustainability 8#9GE GE VERNOVA OVERVIEW & STRATEGY Scott Strazik GE Vernova CEO © 2024 GE Vernova and/or its affiliates. All rights reserved.#10GE VERNOVA Purpose-Built to Electrify and Decarbonize Serving the vital energy transition market with multi-decade growth Executing with sustainability, innovation & lean at our core Delivering disciplined growth to drive margin expansion, higher free cash flow* & effective capital allocation © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure 10#11- The energy transition – the next supercycle Supercycles of the past shaped today's economy GE GE VERNOVA Electrification <10% of farms in the U.S. were electrified in 1930s vs. ~100% in 1950s 1930s-1950s AM Industrialization World GDP increased +2.5x from 1950 to 1970 1950s-1970s Globalization Value of trade as a percentage of world GDP increased 20% 1980s-2000s Internet/Software Accounts for +20% of GDP growth in mature economies 2000s-Today Energy transition Significant energy transition spend expected in coming decades-a)... Tomorrow Energy transition to play a meaningful role shaping global economies for decades to come © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - IEA World Energy Outlook 2023 Sources of past supercycles (covering the last ~100 years): Center for Economic and Policy Research; World Bank; International Monetary Fund; McKinsey Global Institute 11#12Increased electrification and decarbonization offer major opportunities ELECTRIFICATION >800 TWh of electricity used for data centers-a), e.g. as large as at least Sweden or potentially Germany >20% growth in electric vehicles sales through 2025-b) N ~$1T investment required to double clean power consumption in Southeast Asia-c) from 2023 levels ~750 MILLION people lack access to electricity today (TWh/y) 59K Net-zero scenario EGE VERNOVA Global generation to grow -2x N 2022 2040 9K 21K DECARBONIZATION ~800 GW of coal capacity outside China and India... >$4T of capital to replace coal GW-d) -2x potential increase in U.S. power demand from industrial electrification ~5% of all MWh generated are lost due to grid inefficiency in the U.S. 29K 45K Stated policies Capacity (GW) Source except as otherwise noted: IEA World Energy Outlook 2023 (a- also includes electricity used for artificial intelligence and cryptocurrency © 2024 GE Vernova and/or its affiliates. All rights reserved. (b - According to Morgan Stanley Equity Research (c- According to Morgan Stanley Equity Research; clean power includes wind, solar, hydro, biomass, batteries, electric vehicle, and hydrogen market infrastructure (d - Assumes GW replaced by equal parts wind, solar, gas based on average $/kW from Lazard LCOE 2023 12#13Large and growing sector with multi-decade tailwinds IEA Global power sector and end-use average annual capital investment $2.4T IEA announced pledges $1.4T 2016-2022 $2.0T 2023-2030 IEA Stated Policies $2.4T 2031-2040 IEA Stated Policies $3.4T IEA announced pledges EGE VERNOVA $435B GE Vernova's 2030 served segment-a) GROWING TO ↑ $265B GE Vernova's 2022 served segment-a) Annual electricity investment expected to reach $2.4 - $3.4T by 2040 © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - GE Vernova estimate of served available segment, includes capex & services 13#14Electrifying and decarbonizing the world f DODO GENERATE POWER Gas, Steam, Hydro, Nuclear $110B served available segment-a) GE VERNOVA TECHNOLOGIES TRANSFER ORCHESTRATE CONVERT WIND Onshore Wind, Offshore Wind, LM Wind Power $80B served available segment-a) -4+ STORE EGE VERNOVA ELECTRIFICATION Grid Solutions, Power Conversion, Solar & Storage Solutions, Electrification Software $75B served available segment-a) We provide essential products & services for the world's electricity systems © 2024 GE Vernova and/or its affiliates. All rights reserved. (a GE Vernova estimate of served available segment, includes capex & services based on 2022 data 14#15Unique scope and scale needed to lead energy transition GE VERNOVA 2023 financial metrics Power • Services ~$73B backlog-a) (81% services) ~$17B revenue Strong, growing free cash flow* . Productivity ⚫ Decarbonization technologies Wind ~$27B backlog-a) (49% services) ~$10B revenue Significant margin expansion in sight Electrification ~$16B backlog-a) (19% services) ~$6B revenue Profitable growth accelerating • • Well-positioned to deliver as demand accelerates © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a defined on a remaining performance obligation (RPO) basis . Leading quality . Workhorse products . Improving Offshore Wind Growing backlog ⚫ Electrify industrials • Best-in-class software 15#16Delivering innovative technologies to create a more sustainable electric power system SUSTAINABILITY FRAMEWORK EGE VERNOVA Catalyze access to more secure, sustainable, reliable and affordable electricity to help drive global economic development Innovate more while using less, safeguarding natural resources © 2024 GE Vernova and/or its affiliates. All rights reserved. ELECTRIFY -00 CONSERVE 11011 1001101 0011 DECARBONIZE -W CO₂ THRIVE Invent, deploy, and service technology to help decarbonize and electrify the world Advance safe, responsible and equitable working conditions in our operations and across our value chain 16#17Proven and trusted long-term customer relationships EGE VERNOVA Iberdrola Invenergy Southern Company ONTARIOPOWER Constellation GENERATION RWE 40% Our 20 largest customers generate ~40% of electricity in their respective geographies-a) 9/10 of our top-10 customers in both the US and Europe transact with 6 or more of our GE Vernova businesses enel Q Hydro 台灣電力公司 Québec TAIWAN POWER COMPANY SDUKE KEPCO ENERGY®Ⓡ ENGIE Serving the most impactful electricity providers in key markets © 2024 GE Vernova and/or its affiliates. All rights reserved. (a excludes China geography entergy 17#18Building on over 140 years of innovation COMMERCIALIZING BREAKTHROUGH TECHNOLOGIES Small Modular Reactors (SMRS) Hydrogen Enabled Gas Turbines Combined Cycle Power Plant CONFIGURE COLLECT CAPTURE CONCENTRATE Carbon Capture and Sequestration Plant Carbon Capture and Sequestration Haliade-X platform Investing ~$1B in annual R&D to generate long-term value © 2024 GE Vernova and/or its affiliates. All rights reserved. GE GE VERNOVA GridOS® High Voltage Direct Current (HVDC) 18#19EXPERIENCED LEADERSHIP TEAM CORPORATE FUNCTIONS Jessica Uhl President Rachel Gonzalez General Counsel Scott Strazik GE Vernova CEO BUSINESS SEGMENTS POWER Ken Parks Maví Zingoni Chief Financial Officer CEO WIND EGE VERNOVA BUSINESS ENABLING FUNCTIONS Vic Abate CEO Pablo Koziner Chief Commercial Officer ELECTRIFICATION ELECTRIFICATION SYSTEMS ELECTRIFICATION SOFTWARE Kristin Carvell Chief Communications Officer Steven Baert Chief People Officer Philippe Piron Scott Reese Roger Martella Chief Sustainability Officer Dan Garceau Chief Supply Chain Officer CEO CEO © 2024 GE Vernova and/or its affiliates. All rights reserved. 19#20GE Vernova lean operating system APPLYING SAFETY, QUALITY, DELIVERY & COST EVERY DAY 45% 9 TO 5 GE GE VERNOVA reduction in injury and illness rate across GE Vernova since 2018 reduction of Onshore Wind nacelle variants from 2021 to 2024 SAFETY Drive culture of addressing potential severe events QUALITY Eliminating defects & waste starting in the factory floor DELIVERY Reducing cycle times and improving on-time delivery ~3 MILES Focus on structural cost-out COST & business simplification ~$1.8B reduction in distance travelled in the factory for Gas Power's blade manufacturing process reduction in fixed cost from major initiatives since 2018 across Gas Power, Onshore Wind and within Electrification Driving culture of continuous improvement while investing in long-term breakthroughs © 2024 GE Vernova and/or its affiliates. All rights reserved. 20 20#21Improved discipline and execution across GE Vernova Before turnaround Negative FCF* GAS POWER (2018 trough) Embedding lean deeper into the business (SQDC) ↑ ↑ EGE VERNOVA 2023 Significant FCF* Positive FCF* GRID SOLUTIONS Negative FCF* (2019 trough) ONSHORE WIND Negative FCF* (2022 trough) ↑ + Driving better selectivity, price and risk management ↑ Positive FCF* Delivering significantly better results now & confident in continued FCF* growth moving forward © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure 21 21#22Our $116B backlog-a) enables profitable growth Year-end 2023 GE Vernova backlog Power ~$40B Wind Electrification Equipment 2023 Revenue $18B ~$75B . Services $15B EGE VERNOVA Growing backlog at better margins Equipment backlog grew >$8B y/y with average margins-b) in backlog increasing in 2023 Margins-b) up >10 points in Onshore & ~5 points in Electrification Electrification backlog nearly doubled and Onshore grew >40% y/y Sizeable services backlog at attractive margins with steady LSD growth Beginning 2024 with ~80% of 2024 revenue & ~50% of 2025 revenue in backlog © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - defined on a remaining performance obligation (RPO) basis (b - refers to average contribution margin in backlog 22 22#23GE Vernova financial outlook 2024 guidance $34-35B Revenue 2025 guidance MSD Organic revenue growth* High-end MSD Adj. EBITDA margin* Low-end HSD Adj. EBITDA margin* $0.7-1.1B FCF* $1.2-1.8B FCF* ↑ Strong multi-year financial trajectory © 2024 GE Vernova and/or its affiliates. All rights reserved. *Non-GAAP Financial Measure (a based on 2025 2028 CAGR (b - FCF* conversion: FCF* / adj. net income*; assumes mid-20s adj. effective tax rate* GE GE VERNOVA Outlook by 2028 MSD Organic revenue growth*-a) 10% Adj. EBITDA margin* 90-110% FCF* conversion-b) 23#24Energy transition is a growing, exciting market GE GE VERNOVA 1 Power generates significant, growing FCF* 2 Wind expected to experience multiple years of margin expansion 3 Electrification is a high growth segment with improving profitability 4 Lean operating system with sustainability & innovation at our core 5 GE Vernova well positioned to lead © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure Substantial value creation opportunity ahead 24#25GE GE VERNOVA POWER STRONG, GROWING FREE CASH FLOW* Maví Zingoni Power CEO © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure#26GE Vernova's Power business enables the energy transition EGE VERNOVA Gas >800GW 2x installed base vs. nearest competitor Meeting baseload & peaking needs Through HAS-a) & Aeroderivatives Expanding margins Through lean culture Growing FCF* Through services strength Decarbonization Investing in technology Nuclear SMR technology Design, commercialize, scale and execute ~3x Electricity generation growth through 2050 ~60GW Service & provide fuel for the installed base Hydro Drive growth In services, volume, and margin ~350GW ~25% of all hydro-power generating capacity installed globally Pumped storage Key enabler of the energy transition Steam Reliable & dispatchable electricity needed ~400GW-b) Servicing critical baseload power Simplify To a higher margin, services business 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a high efficiency air-cooled (HA) gas turbine technology (b-excludes portion of the Steam business's nuclear activities planned for sale to Electricité de France S.A. ("EDF") 26#27Producing strong and reliable FCF* now Our playbook delivered significant business transformation GE GE VERNOVA Power's significant FCF* generation Selectivity: disciplined underwriting leading to higher margins $1B Services: expand services portfolio & offerings on a growing installed base 2021 2022 2023 2024+ • Price: services escalation and list price increases to offset inflation Robust Power backlog-a) ($B) 70 71 Cost productivity: focused on product cost out and ongoing services productivity Equipment ~13 ~14 73 ~14 Services ~57 ~57 ~59 Lean culture: at the foundation of continuous improvement 2021 2022 2023 Services represent >80% of total Power backlog With large installed base of ~1,700 GW, expect to grow FCF* for a long time © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a defined on a remaining performance obligation (RPO) basis 27#28Gas Power's services providing durable and recurring revenue $43B heavy duty gas turbine (HDGT) backlog for service agreements-a) 70%+ backlog with 10+ years remaining on HDGT ... with significant renewal rates EGE VERNOVA Upgrades improve plant performance and enhance competitiveness driving ~$2B revenue / year Efficiency & output upgrade delivers more output and saves fuel cost HDGT service agreement backlog by remaining contract length ■ 0-5 years remaining ■ 5-10 years remaining ■10-15 years remaining ■15+ years remaining +2-11% +2pts $1M-$6M Output increase Unit efficiency Annual customer value Operational flexibility upgrades to complement intermittent renewables 44% Reduced 25% Reduced emissions fuel burn Strong services franchise creates consistent, long-term FCF* © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a - backlog defined on remaining performance obligation (RPO) basis related to our contractual service agreements (CSA); HDGT CSA backlog increased from $42B in YE'22 3X Faster start time 28#29Adding more HA-a) gas turbines to the installed base grows future services backlog-b) Growing HA installed base & service billings HA annual service billings EGE VERNOVA Fastest growing H class fleet ... driving high utilization ~$0.1B ~$0.7B $1.0B+ 2.3 million Total operating hours at the end of '23 Largest HA class fleet across OEMS-C) and is the leader on hours of commercial operation -80% Baseload operating hours per year High plant efficiency driving ~30% more utilization than rest of the GE Vernova gas fleet Margin expansion on HA services Early in HA lifecycle... productivity opportunities through scale and cost improvements. 2017 2023 2024E 2025+ capacity factor Cum. units commissioned 11 92 ~110 120+ Cum. units 23 151 ~170 ~190 ordered Growing HA backlog to meet rising electricity demand Delivering differentiated technology to create long-term value for customers © 2024 GE Vernova and/or its affiliates. All rights reserved. (a high efficiency air-cooled (HA) technology (b-defined on a remaining performance obligation (RPO) basis - (c original equipment manufacturer 29 29#30Lean progress accelerating at Gas Power Delivering value to customers with reduced outage times Increasing number of Live Outages % of total outages ~30% ~45% >60% GE GE VERNOVA Improving manufacturing with lean lines For every manufacturing hour that switches to a "lean line": 3x Decrease in quality escapes 50% Decrease in lead times 295+ 170 106 2022 2023 2024E • Save ~$75M in services cost over the next three years by executing faster and completing more outages • Reducing outage cycle time by ~22%, decreasing customer downtime 6x Decrease in injuries >$120M IN CUMULATIVE PRODUCTIVITY SINCE 2019 30% Decrease in labor costs • Moved ~40% of total manufacturing hours to lean lines (+32% from 2019) ... ~2.5M hours saved • Continued cost & cash flow improvement... applying "lean lines" on the remaining ~60% of hours Lean enables significant productivity benefits to customers & shareholders © 2024 GE Vernova and/or its affiliates. All rights reserved. 30 50#31Decarbonizing through multiple innovative solutions Coal to gas switching 25M tons of annual CO2 reduction enabled from gas units shipped in '23 Hydrogen Reached 8.5 million operating hours on hydrogen Carbon Capture 3 Direct Air Capture (DAC) hub awards using GE Vernova technology GE GE VERNOVA Small Modular Reactor (SMR) 8 early works agreements to be signed over the next 3 years 55332 Tampa Electric transition Replaced coal-fired units with 7HA gas turbines, enabling reduction of CO2 emissions by 67% CS Energy LM2500XPRESS 12 aeroderivative units to provide 400MW peaking power using 35% green hydrogen Houston area DAC hub Leading feasibility study using GE Vernova SMR & DAC technology BWRX-300 standard design Jointly investing ~$0.5B with three collaborators: Tennessee Valley Authority, Ontario Power Generation & Synthos Green Energy © 2024 GE Vernova and/or its affiliates. All rights reserved. Significant innovation opportunity in Power 31#32Nuclear SMR is a meaningful growth opportunity Our launch project EGE VERNOVA Priority regions for SMR growth (GW) Planned BWRX-300 by Ontario Power Generation at Darlington 1ST North American commercial contract for an SMR with framework agreement for three more SMR units THE ONLY DESIGN that leverages an existing licensed reactor design and fuel that is currently manufactured 2035: ~5 2050:~18 2035: ~12 2035: ~20 2050: ~200 2050: ~41 2035:~20 2050: ~86 Scaling SMR business to generate $2B+ in annual revenue by the mid-2030s © 2024 GE Vernova and/or its affiliates. All rights reserved. Sources: U.S. DOE, NNL, IESO, Carbon Free Europe 32 32#33Power: expanding profitability in 2024 Power 2023 2024E • Revenue $17.4B MSD organic growth* EBITDA $1.7B ~100bps organic margin expansion* EBITDA margin 9.9% EGE VERNOVA Dynamics Solid revenue growth driven by higher Gas services and equipment Greater productivity, services volume & price more than offset inflation & investments in decarbonization technologies Steam becoming a more profitable, services- focused business • Beyond 2024: further margin expansion through price & productivity; continued strong FCF* generation Growth & margin expansion led by Gas Power while investing in future opportunities © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure 33#34GE GE VERNOVA WIND SIGNIFICANT MARGIN EXPANSION IN SIGHT Vic Abate Wind CEO © 2024 GE Vernova and/or its affiliates. All rights reserved.#35Wind: a generational build-out to electrify and decarbonize 6x growth needed in wind output Wind TWhrs-a) % of Total Generation 16,800 Net Zero EGE VERNOVA ~50 ~2,100 ~7% <1% 2000 2022 12,700 Announced Pledges ~25% 9,300 Stated policies THE WORLD NEEDS WIND required to achieve net zero; 1 out of 4 electrons by 2040 HIGH-TECH INFRASTRUCTURE premium for reliability at scale FIRST PRINCIPLES TO WIN Workhorse Products 2040 • • • Lead with Quality Focused & Lean - $2T investment-b) - - $5T investment-b) © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - IEA WEO 2023 Announced Pledges (b - BNEF Renewable Energy investment tracker 1H 2024 Wind is core to delivering the energy transition 35 55#36Workhorse products... core to sustained success Reliability at scale Focused product leadership Reduced variants, more reliable fleets ... 3 workhorse products 3.6MW-154m Repeatable operations & scale... ~55K installed base, ~4B operating hours 6.1MW-158m Best project economics ... 80% of U.S. zip codes EGE VERNOVA MW CONSTRAINED Capacity factor leader U.S. manufactured LAND CONSTRAINED Energy output leader U.S. manufactured #1 U.S. turbine provider over last 2 decades™ª). Haliade-250m OFFSHORE Capacity factor + energy output leader U.S. manufactured Uniquely positioned to deliver reliable workhorse products & services © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - source: American Clean Power Association wind installations on a MW basis from 2003-2022 36#37Leading with quality in Onshore Driving workhorse reliability 2.8MW-127m first-year availability 98% 96% 2021 2023 • • Daily management rigor delivering ~2pts of higher availability Lean problem solving ... ~60% faster resolution Implementing key learnings into existing models every year GE GE VERNOVA Innovating for enhanced quality at scale • Design: increase key component strength to extend useful life • Validation: system & subsystem level testing & underwriting Manufacturing: Al-driven inspection & certification • Projects & services: targeting minimum 98% availability at launch Availability matters ... +2pts = ~6% of the turbine price Raising the bar on all product launches Continuous improvement on quality... delivering with innovation © 2024 GE Vernova and/or its affiliates. All rights reserved. 37#38Lean underpins Onshore improvement Enhanced capability Reduced layers to bring customers closer to the decision makers Refocused R&D ... fewer design centers, bigger communities of practice Headcount EGE VERNOVA Structural productivity Fixed cost as % of revenues (40)% Repositioned factory footprint to allow for scalable capacity with minimal investment Deploying lean... supply chain network to improve safety, quality, delivery and cost '22A '24E (6) points '22A '24E Onshore now breaks even at <1,000 units/yr Strategically positioned to maintain commercial selectivity... enabling margin expansion © 2024 GE Vernova and/or its affiliates. All rights reserved. 38#39Onshore margin expansion secured in backlog Demand visibility improving Favorable mix shift % Planned U.S. units in agreement with customers-a) $B opening equipment backlog-b) Entering 2022 Entering 2024 $9.3 2022E 2023F % contracted 2024E 2025F $6.5 2x 2023 2024 GEGE VERNOVA ROW US >50% visibility for 2025 10pts higher margin in equipment backlog-c) Onshore turnaround succeeding... ~$2B EBITDA swing from 2022 to 2024 © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - in agreement with customers, secured orders plus tech selects contracted (b-defined on a remaining performance obligation (RPO) basis (c- refers to average contribution margin in backlog 39#40Focused on improving Offshore results Delivering existing Offshore backlog-a) Year-end equipment backlog ($B) ~$4B • 2023 2024E 2025F EGE VERNOVA • Key actions Executing ~$4B backlog... building >4 million operating hours experience by end of 2026 Deploying lean to reduce nacelle cycle time by >40% & product cost, while improving quality • Refocusing the team with fewer layers, operating with intense spend discipline . Positioned to build a better book of business ... applying price & selectivity rigor Driving better EBITDA each year... existing backlog largely complete over the next 2 years © 2024 GE Vernova and/or its affiliates. All rights reserved. (a defined on a remaining performance obligation (RPO) basis 40 40#41Applying lean and our playbook to Offshore Strategic priorities LEAD WITH QUALITY WORKHORSE PRODUCTS FOCUSED & LEAN © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - defined on a remaining performance obligation (RPO) basis EGE VERNOVA Onshore >75% Wind backlog-a) Offshore <25% Wind backlog-a) In process In process Resetting Offshore... quality, price & structural costs 41#42Wind: significant margin expansion in sight Wind 2023 2024E Revenue $9.8B Flat✶-a) EBITDA $(1.0) B Approaching profitability EBITDA margin (10.5)% EGE VERNOVA • • Dynamics Significant y/y EBITDA uplift in 2024 from price, productivity & cost savings Higher US volume starting in 2H'24 leading to HSD Onshore EBITDA margins • Lower but more profitable International volume Slight EBITDA improvement in Offshore, delivering on existing backlog-b) © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a organic basis (b- defined on a remaining performance obligation (RPO) basis Profitable beginning in 2025: higher Onshore margin; meaningfully lower losses at Offshore on higher deliveries & productivity Confident in continued financial improvement 42 42#43GE GE VERNOVA Q&A Scott Strazik, Maví Zingoni, Vic Abate & Ken Parks Moderated by Michael Lapides © 2024 GE Vernova and/or its affiliates. All rights reserved.#44GE GE VERNOVA BREAK © 2024 GE Vernova and/or its affiliates. All rights reserved.#45GE GE VERNOVA ELECTRIFICATION PROFITABLE GROWTH ACCELERATING Philippe Piron Electrification Systems CEO Scott Reese Electrification Software CEO © 2024 GE Vernova and/or its affiliates. All rights reserved.#46Electrification vital to decarbonize the world Investment in electrification is accelerating Addressable market for GE Vernova Electrification > 2x ~$175B Grid orchestration Electrification Software Grid distribution EGE VERNOVA Serving the key levers to reach Net Zero-a) >50GT CO2 eq. emissions to be reduced by 2050 Decarbonize power generation 26% . Renewable power transmission & distribution Secure grid to integrate variable energy resources ~$75B Power Grids +10% CAGR Grid transmission Electrification Systems Energy efficiency • Automation & controls, digitization 23% • Energy management systems Electrify end-uses . 22% • Electrify fossil-energy intensive industries • Power access for new demand sources Power conversion & storage Power-to-X +13% CAGR Power generation & manufacturing Electrification Software Low carbon fuels and carbon capture 29% Providing microgrids for electrolyzers (green hydrogen, e-methanol/ammonia) 2022 2030 Substituting technologies powered by fossil energy with technologies that use electricity © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - source: Boston Consulting Group, "A blueprint for energy transition", 2023; percentages refer to each lever's relative contribution towards achieving Net Zero 46#47From point of generation to point of consumption GE VERNOVA'S ELECTRIFICATION FOCUS # Growth drivers • • EGE VERNOVA Energy transition and security Decarbonize end-uses Integrate renewables . National security asset POWER GRIDS POWER-TO-X Grid stability and flexibility TRANSMISSION DISTRIBUTION CONVERSION High voltage systems & equipment Medium/Low voltage equipment Electrical Mechanical Thermal Chemical STORAGE ORCHESTRATION Grid software . |-+ • • Reduce voltage instability/ congestion Connect distributed energy resources Modernize aging infrastructure Increasing electricity demand Expanded development needs Digitization GE Vernova leading across the electrification value chain © 2024 GE Vernova and/or its affiliates. All rights reserved. 47#48Delivering mission-critical solutions for decarbonization ⑨6 GE VERNOVA LEADING-EDGE POWER GRID TECHNOLOGIES for grid expansion, stability and sustainability Bulk power transfer Solutions to stabilize the grid More sustainable switchgears and breakers erenner High-voltage direct current Flexible AC transmission systems SF6-free switchgears DIFFERENTIATED POWER-TO-X TECHNOLOGIES offering competitive advantage for the end-users Powering electric arc furnaces for green steel Direct feed converter Fusing motor & power electronics to transform marine propulsion Power Drive Motor Fusion Active Stator Multi-hour energy storage solution Active stator Battery energy storage system © 2024 GE Vernova and/or its affiliates. All rights reserved. 48#49Investing to create incremental value Reducing lead-times Expanding Capacity GE GE VERNOVA Growing Services Electrification services revenue ($B) Systems Software Continued growth 1.8 1.6 2022 2023 2024E • Deploying lean in our US circuit breaker factory to improve delivery US customer demand accelerating Investing in our UK HVDC transformer & valve factories to meet demand Investments & lean deployment accelerating services growth • Investing to capture HVDC growth • Upgrading an aging installed base • 35% lead-time reduction . Doubling current factory capacity . • '23 sales 1.5x & higher productivity • Building state-of-the-art test lab • Investing in local repair centers Expanding service offering range Taking action to profitably scale this attractive business © 2024 GE Vernova and/or its affiliates. All rights reserved. 49#50Our Electrification Software business accelerates the energy transition Electrification Software today . • . Refocused on mission-critical software Industry-leading products driving growth Profitable in 2023, following significant cost reductions EGE VERNOVA POWER GEN, OIL & GAS Improve performance and reduce emissions in energy production GRID SOFTWARE Modernize and orchestrate transmission, distribution and trading for a secure, sustainable, and reliable grid MANUFACTURING Optimize manufacturing plant efficiency and reduce waste Customer outcome examples 30% reduced maintenance costs 14% reduction in NOx emissions 18% less network outages 40% faster outage restoration times 10-15% YoY energy savings increase 35% product waste reduction © 2024 GE Vernova and/or its affiliates. All rights reserved. 50 50#51Increasing grid complexity requires software YESTERDAY Centralized and predictable 昂 DODO CONVENTIONAL GENERATION TODAY Constantly changing, unprecedented complexity 4444 RENEWABLES GENERATION TRANSMISSION EGE VERNOVA LA LA DOOD CONVENTIONAL GENERATION TRANSMISSION # DISTRIBUTION CUSTOMERS -4+ DISTRIBUTED RENEWABLES far 20000 DISTRIBUTION MICROGRID AND BATTERY STORAGE 图 -4+ INDUSTRIAL AND ELECTRIC PROSUMERS COMMERCIAL CUSTOMERS VEHICLES (EV) Energy transition growing our addressable software sector¯ª) from ~$8B in 2022 to ~$27B by 2030 © 2024 GE Vernova and/or its affiliates. All rights reserved. (a GE Vernova estimate of served available segment, includes capex 51#52GE Vernova leading grid modernization with GridOS® GE Vernova grid software: 75%+ of Fortune 500 utilities 40% 27% of global transmission line length-a) of global distribution endpoints-b) ↑ GE GE VERNOVA First portfolio designed to break down data silos and orchestrate a dynamic grid end-to-end in real-time Orchestration GridOS Software Customer & Partner Applications GridOS Applications AI-ENABLED, COMPOSABLE, SCALABLE Build & maintain Plan the physical grid Operate Real-time use of the grid Transact The electron marketplace 60% of U.S. electricity market trades We lead the industry in innovation AI driven applications: forecasting, visual intelligence, autonomy, etc. GridOS Platform Common Data Fabric, open, federated, extensible, secure, micro-services Hybrid Cloud Infrastructure Many large utilities are converting to GridOS® after our 2023 launch © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - transmission line length in kilometers (Global Transmission Report and Database, February 2022) in OECD countries (b- distribution endpoints (Global Electricity DSO Profiles Report, November 2022) in OECD countries 52 52#53Electrification Software is delivering profitable growth By 2025, we expect to be: $1B+ Software business Leader in mission-critical software for energy transition 10% ~20 percentage points of EBITDA CAGR-a) margin expansion 2022-2025 Revenue growth ~50% Annual recurring revenue-b) Increasing recurring revenue provides greater visibility ↑ EGE VERNOVA Our long-term objectives: • Best-in-class software business measured by profitable growth and margin (Rule of 40) • Industry-leading innovation • Further advancement of GE Vernova's leadership in the energy transition Electricity software leader with growing recurring revenue © 2024 GE Vernova and/or its affiliates. All rights reserved. represented CAGR from 2022 - 2025 (a (b - ARR includes Software-as-a-Service (SAAS)/subscription, managed services, maintenance & support revenues plus a portion of term license revenue that is ratably allocated over contract term 3 53#54Demonstrating operational and financial improvement GE GE VERNOVA Our turnaround playbook Strong market demand Better price and underwriting selectivity Productivity and cost-out Decentralized organization Electrification financials Revenue $B EBITDA margin % 8 10% 6 + 2 5% 0% -5% -10% 2021 2022 2023 Lean deployment ... SQDC Org. revenue growth* Baseline 2% 25% EBITDA ($B) (0.5) (0.2) 0.2 Profitable in 2023 with significant EBITDA growth opportunity ahead © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure 54#55Building a healthy, multi-year backlog-a) Electrification equipment backlog Margin-b) EGE VERNOVA Electrification equipment backlog conversion (% of YE'23 backlog) +1 pts +5 pts ~$6B ~$5B ~$13B ↑ ~30% ~50% ~20% 2021 2022 2023 Growing backlog with accretive margins Strong demand... orders > revenue Selective underwriting + pricing actions • 2025F 2026+ 2024E ~50% of backlog to convert over next 2 years • Delivery milestones aligned to customer need • Capacity investments + lean should yield upside Sizeable long-term revenue & margin visibility © 2024 GE Vernova and/or its affiliates. All rights reserved. (a-defined on a remaining performance obligation (RPO) basis (b-refers to average contribution margin in backlog 55#56Electrification: profitable growth accelerating Electrification 2023 2024E • Revenue $6.4B LDD organic growth* • Dynamics EGE VERNOVA Delivering growth across Electrification to meet higher demand Increasing backlog-a) at higher margins led by Grid Solutions Volume and price driving margin expansion, more than offsetting growth investments EBITDA $0.2B • MSD margins Growing recurring software revenue EBITDA margin 3.7% . Beyond 2024: strong revenue growth; continued margin expansion from volume, price & productivity Delivering long-term value with a stronger business in an expanding market © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a- defined on a remaining performance obligation (RPO) basis 56#57GE GE VERNOVA INNOVATION & GROWTH PANEL DISCUSSION Jessica Uhl GE Vernova President © 2024 GE Vernova and/or its affiliates. All rights reserved.#58Innovation and Growth panel discussion EGE VERNOVA Jessica Uhl President Oversees Technology, Innovation and Growth at GE Vernova Pablo Koziner Chief Commercial Officer Leads enterprise commercial strategy Roger Martella Chief Sustainability Officer Aligns GE Vernova's innovation with the planet's most pressing challenges. Dan Garceau Chief Supply Chain Officer Drives supply chain strategy and GE Vernova's lean transformation © 2024 GE Vernova and/or its affiliates. All rights reserved. 58#59GE GE VERNOVA FINANCIALS & OUTLOOK Ken Parks GE Vernova CFO © 2024 GE Vernova and/or its affiliates. All rights reserved.#60Our financial strategy -> Disciplined, selective top line growth -> Driving adj. EBITDA* growth and continued margin expansion -> Delivering strong FCF* conversion -> Investment grade rating, continued innovation & strategic capital deployment © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure gε GE VERNOVA 60#61GE GE VERNOVA Building financial momentum to deliver for investors $B Revenue % Adjusted EBITDA margin* Free cash flow* adj. EBITDA* $B 29.7 33.2 MSD org.growth* 34.0-35.0 ($0.4)B $0.6B 1.7 High-end MSD Low-end HSD 0.7-1.1 1.2-1.8 0.1 2022 2023 2024E 2025F (1.4) 2022 a) 2023-a) 2024E 2025F (0.6) 2022-a) 2023-a) 2024E¯b) 2025F-b) Disciplined revenue growth Improving profitability Strong free cash flow* © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a-2022 financials presented on a historical carve-out basis; 2023 financials presented on a pro forma basis after management adjustments (b includes $0.1B - $0.2B expected annual separation cost through 2025; separation cost not included in GE Vernova adjusted EBITDA margin* 61#62Significant EBITDA* growth GE Vernova adj. EBITDA* ($B) EGE VERNOVA 0.8 (0.2) 0.6 High-end MSD margin 2023 Standalone costs 2023 Pro forma a) Price/(Inflation) Volume Productivity Cost out 2024E Key levers in our control to drive adj. EBITDA* improvement © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a-2023 adj. EBITDA* presented on a pro forma basis after management adjustments 62 32#63Segment financial performance POWER WIND ELECTRIFICATION © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a organic revenue growth (b organic margin expansion $B Revenue 17.4 MSD*-a) 16.1 $B EBITDA EGE VERNOVA +~100bps✶-b) 1.7 1.7 2022A 2023A 2024E 2022A 2023A 2024E 9.8 Flat- 8.9 2022A 2023A 2024E Approaching (1.7) 2022A (1.0) 2023A profitability 2024E 6.4 LDD*-a) 5.1 MSD margin 0.2 2022A 2023A 2024E Delivering stronger results in 2024 (0.2) 2022A 2023A 2024E 63#64Increasing recurring revenue from services Services backlog‍a) ($B) Services revenue ($B) Electrification Wind Power ~75 ~73 ~71 2021 5x 2022 2023 2023 services revenue coverage ↑ EGE VERNOVA Continued growth 15.0 13.8 2022 2023 2024E ~45% of total GE Vernova revenue Services generate healthy margins & strong free cash flow* © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a defined on a remaining performance obligation (RPO) basis 64#65Improving our cost structure Adjusted G&A expenses-a) $B 0.2 3.3 3.1 2.8 • 2023 Standalone Costs 2023 Pro Forma-b) By 2028 EGE VERNOVA • Key levers Using lean to simplify processes Leveraging support functions Outsourcing certain 'non-core' activities Optimizing IT systems • Reducing legal entities ~$500M in lower adj. G&A-a) through our multi-year cost out efforts © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - non-GAAP Financial Measure, G&A component of selling, general & administrative expenses, excluding impact of non-GAAP items and depreciation & amortization (b - presented on a pro forma basis after management adjustments 55 65#66Substantial FCF* improvement Consistent FCF* growth ($B) • Key drivers Continued adj. EBITDA* growth • Working capital remains a FCF* source • Taxes a headwind going forward 2022 (0.6) 0.1 0.7-1.1 EGE VERNOVA Balanced capex supporting growth Capex spend ($B) D&A range 1.2-1.8 ~0.8 ~0.7 -a) -a) 2023 2024E 2025F 2023 2024E 2025F We expect to deliver increasing FCF* © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a-2022 FCF* presented on a historical carve-out basis; 2023 FCF* presented on a pro forma basis after management adjustments 66#67Driving further FCF* growth with lean Leveraging lean to improve services billings Gas Power Example-a) - % billed within 30 days GE GE VERNOVA Meaningful inventory opportunity Inventory Balance ($B) • 27% 2022 75% 2023 Avg. bills outstanding decreased 126 days y/y • Accelerated ~$250M services cash conversion Finished goods-b) Raw materials ~7.4 ~8.0 ~8.4 2021 2022 2023 Inventory turns 2.6x 2.5x 2.5x Working capital velocity remains an opportunity to improve FCF* © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure (a includes Gas Power contractual services extra work & multi-year maintenance programs (b-includes Finished Goods and Deferred Inventory Costs 67 40#68Commitment to investment grade credit rating Expected Day 1 Capital Structure $4.2B CASH-³) $0.1B DEBT ~$3.0B expected credit facility $1.9B net pension/benefit deficit-b) INVESTMENT GRADE RATING-C) Fitch BBB/S&P BBB- EGE VERNOVA Capital Allocation Framework Organic Investments Capital return to shareholders © 2024 GE Vernova and/or its affiliates. All rights reserved. Well-positioned for strategic capital deployment (a - includes approximately $1.2B of cash held in countries with currency control restrictions and $0.4B expected to be restricted use cash (b-includes principal and other pension as well as principal retiree benefit plans (c- refers to expected Fitch credit rating published on February 15th 2024 and preliminary S&P credit rating published on February 16th 2024 Inorganic growth optionality 68#69• Outlook by 2028 Revenue growth*-a) Adj. EBITDA margin* MSD Disciplined equipment growth on rising demand Continued services growth GE GE VERNOVA FCF* conversion-b) ● • 10% Positive price & volume Productivity with lean G&A cost reduction ● • 90-110% Strong earnings quality Improving working capital velocity Managing capex Strong multi-year financial trajectory © 2024 GE Vernova and/or its affiliates. All rights reserved. *Non-GAAP Financial Measure (a organic basis, based on 2025 2028 CAGR (b - FCF* conversion: FCF* / adj. net income*; assumes mid-20s adj. effective tax rate* 69#70GE GE VERNOVA Q&A Scott Strazik, Philippe Piron, Scott Reese & Ken Parks Moderated by Michael Lapides © 2024 GE Vernova and/or its affiliates. All rights reserved.#71GE GE VERNOVA CLOSING REMARKS Scott Strazik GE Vernova CEO © 2024 GE Vernova and/or its affiliates. All rights reserved.#72At the center of this industry's transformation STRONG MACRO TRENDS Inflation Reduction Artificial intelligence Act (U.S.) build out • Green Deal Industrial Plan (E.U.) Industrial electrification GE GE VERNOVA CHARLES STREET 58 R&D spend p.a. ROBUST ORGANIC INVESTMENT ~$1B ~250 ~36K Advanced Research Team Patents & Employees Patent Applications $ VENTURE INVESTMENT CREATING OPPORTUNITY Global VC investment in Clean Energy Startups ($B)-a) 6x increase 11.1 12.3 0.7 0.8 0.7 1.0 1.9 3.0 2015 2016 2017 2018 2019 2020 2021 2022 © 2024 GE Vernova and/or its affiliates. All rights reserved. (a - source: Oliver Wyman CUSTOMER RELATIONSHIPS & JOINT VENTURES TO UNLOCK GROWTH Driving critical breakthroughs in energy transition Select GE Vernova Collaborations Net Zero Teesside ONTARIOPOWER Prolec GENERATION 72#73Energy transition is a growing, exciting market GE GE VERNOVA 1 Power generates significant, growing FCF* 2 Wind expected to experience multiple years of margin expansion 3 Electrification is a high growth segment with improving profitability 4 Lean Operating System with sustainability & innovation at our core 5 GE Vernova well positioned to lead © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure Substantial value creation opportunity ahead 73#74GE GE VERNOVA APPENDIX • Non-GAAP reconciliations: . • Power - Organic EBITDA margin expansion Electrification - Organic Revenues Adjusted EBITDA and Adjusted EBITDA Margin Pro Forma Adjusted EBITDA 2028 Adjusted EBITDA margin Adjusted General & Administrative (G&A) expense Free cash flow and Free cash flow conversion . Pro Forma Free cash flow © 2024 GE Vernova and/or its affiliates. All rights reser#75Power - Organic EBITDA margin expansion* Power Organic EBITDA margin expansion* We cannot provide a reconciliation of the differences between non-GAAP expectations and the corresponding GAAP measure for Organic margin expansion* in the 2024 outlook without unreasonable effort due to the uncertainty of foreign exchange rates. © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure EGE VERNOVA 75#76Electrification - Organic Revenues* Organic Revenues* For the years ended December 31, ($ in millions) Electrification (GAAP) Less: Acquisitions Less: Business dispositions 2023 2022 2023/2022 V% 2022 2021 2022/2021 V% $ 6,378 $ 2 5,076 26% $ 5,076 $ 5,292 (4)% 2 Less: Foreign currency effect Electrification organic (Non-GAAP) 50 (4) (335) 2 $ 6,326 $ 5,080 25% $ 5,409 $ 5,290 2% © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure EGE VERNOVA 76#77Add: Purchases and sales of business interests(c) Adjusted EBITDA & Adjusted EBITDA margin* Adjusted EBITDA* and Adjusted EBITDA margin* For the years ended December 31, ($ in millions) Net income (loss) (GAAP) Add: Restructuring and other charges(a) Add: Steam Power asset sale impairment(b) Add: Russia and Ukraine charges (d) 2023 (474) 433 2022 (92) 95 Add: Non-operating benefit income(e) (567) (2,722) 288 824 (55) 188 (188) Add: Depreciation and amortization (f) 847 893 Add: Interest and other financial charges - net(g) 53 97 Add: Provision (benefit) for income taxes (g) 512 247 Adjusted EBITDA (Non-GAAP) 807 $ (428) Net income (loss) margin (GAAP) (9.2)% Adjusted EBITDA margin (Non-GAAP) (1.4)% EGE VERNOVA (1.4)% 2.4% (a) Consists of severance, facility closures, acquisition and disposition, and other charges associated with major restructuring programs. (b) Represents non-cash, pre-tax impairment charge related to our remaining Steam Power business. (c) Consists of gains and losses resulting from purchases and sales of business interests and assets. (d) Related to recoverability of asset charges recorded in connection with the ongoing conflict between Russia and Ukraine and resulting sanctions. (e) Primarily related to the expected return on plan assets, partially offset by interest cost. (f) Excludes depreciation and amortization expense included in Restructuring and other charges, the Steam Power asset sale impairment and Russia and Ukraine (g) Excludes interest expense of $45 million and $54 million and a benefit for income taxes of $195 million and $257 million, offset by a change in valuation allowance of $27 million and $258 million, for the years ended December 31, 2023 and 2022, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax basis due to its strategic investments in renewable energy tax equity investments. The change in the valuation allowance recorded for the year is driven by the absence of a valuation allowance on production tax credits earned during 2023 given our ability to transfer such credits. © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure 77#78Pro Forma Adjusted EBITDA* Pro Forma Adjusted EBITDA* and Pro Forma Adjusted EBITDA margin* For the year ended December 31, 2023 ($ in millions) Net income (loss) (GAAP) Add: Restructuring and other charges(a) Add: Purchases and sales of business interests (b) 2023 Pro Forma (576) 433 (92) Add: Russia and Ukraine charges(c) Add: Non-operating benefit income(d) 95 (567) Add: Spin-Off and separation costs(e) Add: Depreciation and amortization (f) Add: Interest and other financial charges - net(g) Add: Provision (benefit) for income taxes(g) Adjusted EBITDA (Non-GAAP) Net income (loss) margin (GAAP) 48 847 70 512 770 (1.7)% 2.3% Adjusted EBITDA margin (Non-GAAP) Management Adjustments - Recurring cost estimate(h) Adjusted EBITDA* after Management Adjustments Adjusted EBITDA margin* after Management Adjustments (200) 570 1.7% $ 2023 Reported (474) 433 (92) 95 (567) 847 53 512 807 (1.4)% 2.4% EGE VERNOVA (a) Consists of severance, facility closures, acquisition and disposition, and other charges associated with major restructuring programs. (b) Consists of gains and losses resulting from purchases and sales of business interests and assets. (c) Related to recoverability of asset charges recorded in connection with the ongoing conflict between Russia and Ukraine and resulting sanctions. (d) Primarily related to the expected return on plan assets, partially offset by interest cost. (e) Consists of non-cash non-recurring expenses to be incurred during the twelve months following the Spin-Off for the development of advanced research and other technological infrastructure. (f) Excludes depreciation and amortization expense included in Restructuring and other charges, the Steam Power asset sale impairment and Russia and Ukraine charges. (g) Given the nature of certain strategic investments in renewable energy tax equity investments, our Financial Services business has historically been measured on an after-tax basis. While the pro forma adjustments give effect to the removal of these investments, including associated interest expense of $44 million and production tax credit benefits of $183 million, we have maintained an after-tax measurement of the Financial Services business for purposes of presenting Pro Forma Adjusted EBITDA* for 2023, which includes interest expense of $1 million and provision for income taxes of $15 million after adjusting for the transfer of investments to GE. (h) Includes recurring and on-going costs expected to be incurred during the twelve months following the Spin-Off to operate new functions required for a public company. © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure 78#79Adjusted EBITDA margin* Adjusted EBITDA margin* We cannot provide a reconciliation of the differences between non-GAAP expectations and the corresponding GAAP measure for Adjusted EBITDA margin* in the 2028 outlook without unreasonable effort due to the uncertainty of the costs and timing associated with potential restructuring actions and the impacts of depreciation & amortization. © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure EGE VERNOVA 79#80Adjusted General & Administrative (G&A) expense* Adjusted General & Administrative (G&A) expense* For the years ended December 31, ($ in millions) Selling, General & Administrative expense (GAAP) Less: Selling & Marketing expense Less: Restructuring and other charges(a) Less: Russia and Ukraine charges (b) Less: Depreciation and amortization(c) Adjusted G&A expense (Non-GAAP) Add: Management Adjustments - Recurring cost estimate(d) Adjusted G&A expense* after Management Adjustments 2023 4,845 1,155 265 78 258 3,088 $ 200 $ 3,288 EGE VERNOVA (a) Consists of severance, facility closures, acquisition and disposition, and other charges associated with major restructuring programs. (b) Related to recoverability of asset charges recorded in connection with the ongoing conflict between Russia and Ukraine and resulting sanctions. (c) Excludes depreciation and amortization expense included in Restructuring and other charges, and Russia and Ukraine charges. (d) Includes recurring and on-going costs expected to be incurred during the twelve months following the Spin-Off to operate new functions required for a public company. Adjusted General & Administrative (G&A) expense* Adjusted General & Administrative (G&A) expense* We cannot provide a reconciliation of the differences between non-GAAP expectations and the corresponding GAAP measure for Adjusted General & Administrative expense* in the 2028 outlook without unreasonable effort due to the uncertainty of the costs and timing associated with potential restructuring actions and the impacts of depreciation & amortization. © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure 80 60#81Free cash flow* Free cash flow* For the years ended December 31, ($ in millions) GE GE VERNOVA 2022 2023 2024E Cash from (used for) operating activities (GAAP) (114) $ 1,186 $ 1,500-1,900 $ Add: gross additions to property, plant and equipment and internal-use software Free cash flow (Non-GAAP) (513) (744) $ (627) 442 $ (800) 700-1,100 $ 1,200-1,800 2025E 2,000-2,600 (800) Free cash flow* conversion Free cash flow* conversion We cannot provide a reconciliation of the differences between the non-GAAP expectations and the corresponding GAAP measure for Free cash flow* conversion in the 2028 outlook without unreasonable effort due to the uncertainty of the costs and timing associated with potential restructuring actions and the impacts of depreciation & amortization. © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure 81#82Pro Forma Free cash flow* Pro Forma Free cash flow* For the year ended December 31, 2023 ($ in millions) Cash from (used for) operating activities (GAAP) Add: gross additions to property, plant and equipment and internal-use software Add: impact of pro forma adjustments(a) Free cash flow (Non-GAAP) Add: Management Adjustments - Recurring cost estimate (b) Free cash flow* after Management Adjustments EA SA $$ 2023 Pro Forma 2023 Reported 1,186 1,186 (744) (744) (168) 274 442 (200) 74 EGE VERNOVA (a) Includes the impact of the deemed cash settlement of certain transaction accounting and autonomous entity adjustments recorded in accordance with Article 11 of Regulation S-X in the unaudited pro forma condensed combined financial statements included in the Information Statement which was included as Exhibit 99.1 to our registration statement on Form 10 filed with the Securities and Exchange Commission on February 15, 2024, primarily related to the removal of benefits from production tax credits generated by renewable energy tax equity investments to be transferred to GE. (b) Includes recurring and on-going costs expected to be incurred during the twelve months following the Spin-Off to operate new functions required for a public company. © 2024 GE Vernova and/or its affiliates. All rights reserved. * Non-GAAP Financial Measure 82 2#83GE GE VERNOVA