Energy Transition Market Growth

Add: 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

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