Energy Transition Market Growth
GE 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*
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* 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*
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