Energy Transition Market Growth

Onshore 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

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