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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~March~~June 3130, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____ to ____

Commission file number 001-41966

GE Vernova Inc.

(Exact name of registrant as specified in its charter)


Delaware			92-2646542
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

58 Charles Street,	Cambridge,	MA	02141
(Address of principal executive offices)			(Zip Code)

(617) 674-7555

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	GEV	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange

Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has

been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to

Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was

required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting

company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”

and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

There were 272,~~934~~223,~~744~~940 shares of common stock with a par value of $0.01 per share outstanding at ~~March~~June 3130, 2025.

TABLE OF CONTENTS

					Page
Forward-Looking Statements					3
About GE Vernova					4
Part I					5
	Item 1. Financial Statements and Supplementary Data				5
		Consolidated and Combined Statement of Income (Loss)			5
		Consolidated and Combined Statement of Financial Position			6
		Consolidated and Combined Statement of Cash Flows			7
		Consolidated and Combined Statement of Comprehensive Income (Loss)			8
		Consolidated and Combined Statement of Changes in Equity			9
		Note	1	Organization and Basis of Presentation	1011
		Note	2	Summary of Significant Accounting Policies	1011
		Note	3	Current and Long-Term Receivables	1112
		Note	4	Inventories, Including Deferred Inventory Costs	1112
		Note	5	Property, Plant, and Equipment	1112
		Note	6	Leases	1112
		Note	7	Goodwill and Other Intangible Assets	1213
		Note	8	Contract and Other Deferred Assets & Contract Liabilities and Deferred Income	1213
		Note	9	Current and All Other Assets	1314
		Note	10	Equity Method Investments	1314
		Note	11	Accounts Payable and Equipment Project Payables	1314
		Note	12	Postretirement Benefit Plans	1314
		Note	13	Current and All Other Liabilities	1415
		Note	14	Income Taxes	1415
		Note	15	Accumulated Other Comprehensive Income (Loss) (AOCI) and Common Stock	1416
		Note	16	Earnings Per Share Information	1516
		Note	17	Other Income (Expense) – Net	1517
		Note	18	Financial Instruments	1517
		Note	19	Variable Interest Entities (VIEs)	1719
		Note	20	Commitments, Guarantees, Product Warranties, and Other Loss Contingencies	1719
		Note	21	Restructuring Charges and Separation Costs	1821
		Note	22	Segment Information	1922
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations				2125
	Item 3. Quantitative and Qualitative Disclosures About Market Risk				3036
	Item 4. Controls and Procedures				3036
Part II					3137
	Item 1. Legal Proceedings				3137
	Item 1A. Risk Factors				3137
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds				3137
	Item 3. Defaults Upon Senior Securities				3137
	Item 4. Mine Safety Disclosures				3137
	Item 5. Other Information				3137
	Item 6. Exhibits				3238
Signatures					3339

2025 1Q2Q FORM 10-Q 3

FORWARD-LOOKING STATEMENTS. This quarterly report of GE Vernova Inc. (the Company, GE Vernova, our, we, or us) contains

forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are

subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “guidance”, “anticipate”, “intend”,

“plan”, “estimate”, “will”, “may”, and negatives or derivatives of these or similar expressions. These forward-looking statements include,

among others, statements about the benefits GE Vernova expects from our lean operating model; our expectations regarding the energy

transition; the demand for our products and services; our expectations of future increased business, revenues, and operating results; our

ability to innovate and anticipate and address customer demands; our ability to increase production capacity, efficiencies, and quality; our

underwriting and risk management; the estimated impact of tariffs; the experiences we believe we are gaining across our Haliade-X

backlog related to installation timelines and related remediation plans; benefits we expect to receive from ~~the~~tax ~~Inflation~~incentives; ~~Reduction~~current ~~Act~~and offuture

~~2022 (IRA); current and future~~ customer orders and projects; our actual and planned investments, including in research and development, capital expenditures, joint

~~capital expenditures, joint~~ ventures and other collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure

~~of global infrastructure~~ spending; government policies that further or limit the global energy transition; our expected cash generation and management; our capital

~~management; our capital~~ allocation framework, including share repurchases and dividends; our restructuring programs and strategies to reduce operational costs;

~~reduce operational costs;~~ our ability to novate or assign credit support provided by General Electric Company; disputes, litigation, arbitration, and governmental

~~arbitration, and governmental~~ proceedings involving us; the sufficiency and expected uses of our cash, liquidity, and financing arrangements; and our credit ratings.

~~arrangements;~~Forward-looking ~~and~~statements reflect our ~~credit~~current ~~ratings.~~expectations, are based on judgments and assumptions, are inherently uncertain, and are

Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain and are

subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to differ materially

from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to differ materially from those

expressed or implied by forward-looking statements include the following:

•Our ability to successfully execute our lean operating model;

•Our ability to innovate and successfully identify and meet customer demands and needs;

•Our ability to successfully compete;

•Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products

essential to our business;

•Significant disruptions to our manufacturing and production facilities and distribution networks;

•Changes in government policies and priorities that reduce funding and demand for energy equipment and services;

•Shifts in demand, market expectations, and other dynamics related to energy, electrification, decarbonization, and sustainability;

•Global economic trends, competition, and geopolitical risks, including conflicts, trade policies, and other constraints on economic

activity;

•Product quality issues or product or safety failures related to our complex and specialized products, solutions, and services;

•Our ability to obtain required permits, licenses, and registrations;

•Our ability to attract and retain highly qualified personnel;

•Our ability to develop, deploy, and protect our intellectual property rights;

•Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic

investments, and other priorities;

•Our ability to successfully identify, complete, integrate, and obtain benefits from any acquisitions, joint ventures, and other

investments;

•The price, availability, and trading volumes of our common stock;

•Downgrades of our credit ratings or ratings outlooks;

•The amount and timing of our cash flows and earnings;

•Our ability to meet our sustainability goals;

•The impact from cybersecurity or data security incidents;

•Changes in law, regulation, or policy that may affect our businesses and projects, or impose additional costs;

•Natural disasters, weather conditions and events, public health events, or other emergencies;

•Tax law and policy changes;

•Adverse outcomes in legal, regulatory, and administrative proceedings, actions, and disputes; and

•Other changes in macroeconomic and market conditions and volatility.

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 elsewhere in this Quarterly Report on Form 10-Q and in our Annual

Report on Form 10-K for the fiscal year ended December 31, 2024, including in Item 1A. "Risk Factors" and Item 7. "Management's

Discussion and Analysis of Financial Condition and Results of Operations" therein as may be updated from time to time in our Securities

and Exchange Commission (SEC) filings and as posted on our website at www.gevernova.com/investors/fls. We do not undertake any

obligation to update or revise our forward-looking statements except as may be required by law or regulation.

2025 1Q2Q FORM 10-Q 4

ABOUT GE VERNOVA. GE Vernova Inc. (the Company, GE Vernova, our, we, or us) is a global leader in the electric power industry,

with products and services that generate, transfer, orchestrate, convert, and store electricity. We design, manufacture, deliver, and service

technologies to create a more reliable, secure, and sustainable electric power system, enabling electrification and decarbonization,

underpinning the progress and prosperity of the communities we serve. We are a purpose-built company, positioned with a unique scope

and scale of solutions to help accelerate the energy transition, while servicing and growing our installed base and strengthening our own

profitability and stockholder returns. We have a strong history of innovation, which is a key strength enabling us to meet our customers’

needs.

The breadth of our portfolio also enables us to provide an extensive range of technologies and integrated solutions to help advance our

customers’ energy and sustainability goals. Our installed base generates approximately 25% of the world’s electricity. We build, modernize,

and service power systems to help our customers electrify their operations and economies, meet power demand growth, improve system

reliability and resiliency, and navigate the energy transition through limiting and reducing emissions. The portfolio of equipment and

services that we deliver is diversified across technology types and is adaptable based on electric power market conditions and demand.

We report three business segments that are aligned with the nature of equipment and services they provide, specifically Power, Wind, and

Electrification. Within our segments, Power includes gas, nuclear, hydro, and steam technologies, providing a critical foundation of

dispatchable, flexible, stable, and reliable power. Our Wind segment includes our wind generation technologies, inclusive of onshore and

offshore wind turbines and blades. Electrification includes grid solutions, power conversion and storage, and electrification software

technologies required for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point

of consumption.

Our corporate headquarters is located at 58 Charles Street, Cambridge, Massachusetts 02141, and our telephone number is (617)

674-7555. Our website address is www.gevernova.com. Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current

Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act

of 1934, as amended (the Exchange Act), are available, without charge, on our website, as soon as reasonably practicable after they are

electronically filed with, or furnished to, the SEC. Information contained on, or that can be accessed through, our website is not part of, and

is not incorporated into, this Quarterly Report on Form 10-Q or any other filings we make with the SEC. Our website at

www.gevernova.com/investors contains a significant amount of information about GE Vernova, including financial and other information for

investors. We encourage investors to visit this website from time to time, as information is updated, and new information is posted.

2025 1Q2Q FORM 10-Q 5

PART I

ITEM 1. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

CONSOLIDATED AND COMBINED STATEMENT OF INCOME (LOSS) (UNAUDITED)	~~Three months ended March 31~~
(In millions, except per share amounts)	2025	2024
	Three months ended June 30		Six months ended June 30
Sales of equipment	$4,197	$3,617
(In millions, except per share amounts)	2025	2024	2025	2024
Sales of services	3,835	3,642
Sales of equipment	$4,894	$4,194	$9,091	$7,811
Total revenues	8,032	7,260
Sales of services	4,217	4,010	8,052	7,652
Cost of equipment	3,915	3,693
Total revenues	9,111	8,204	17,143	15,463
Cost of services	2,647	2,417
Cost of equipment	4,265	3,853	8,181	7,545
Gross profit	1,470	1,150
Cost of services	3,000	2,649	5,647	5,066
Selling, general, and administrative expenses	1,188	1,202
Gross profit	1,846	1,702	3,316	2,852
Research and development expenses	239	237
Selling, general, and administrative expenses	1,185	938	2,373	2,140
Operating income (loss)	43	(289)
Research and development expenses	282	237	521	474
Interest and other financial income (charges) – net	56	(14)
Operating income (loss)	378	527	421	238
Non-operating benefit income	115	134
Interest and other financial income (charges) – net	42	60	97	46
Other income (expense) – net (Note 17)	119	73
Non-operating benefit income	110	134	225	269
Income (loss) before income taxes	332	(96)
Other income (expense) – net (Note 17)	115	881	234	954
Provision (benefit) for income taxes (Note 14)	68	10
Income (loss) before income taxes	645	1,602	977	1,507
Net income (loss)	264	(106)
Provision (benefit) for income taxes (Note 14)	153	322	221	333
Net loss (income) attributable to noncontrolling interests	(11)	(24)
Net income (loss)	492	1,280	756	1,174
Net income (loss) attributable to GE Vernova	$254	$(130)
Net loss (income) attributable to noncontrolling interests	22	14	12	(10)
Earnings (loss) per share attributable to GE Vernova (Note 16):
Net income (loss) attributable to GE Vernova	$514	$1,294	$768	$1,164
Basic	$0.92	$(0.47)
Earnings (loss) per share attributable to GE Vernova (Note 16):
Diluted	$0.91	$(0.47)
Basic	$1.89	$4.72	$2.80	$4.25
Weighted-average number of common shares outstanding:
Diluted	$1.86	$4.65	$2.77	$4.22
Basic	275	274
Weighted-average number of common shares outstanding:
Diluted	279	274
Basic	272	274	274	274
Diluted	276	278	278	276

2025 1Q2Q FORM 10-Q 6

CONSOLIDATED AND COMBINED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
(In millions, except share and per share amounts)	~~March~~June 3130, 2025	December 31, 2024
Cash, cash equivalents, and restricted cash	$87,~~107~~892	$8,205
Current receivables – net (Note 3)	76,~~136~~948	8,177
Inventories, including deferred inventory costs (Note 4)	9,~~156~~825	8,587
Current contract assets (Note 8)	9,~~040~~489	8,621
All other current assets (Note 9)	~~497~~555	564
Current assets	3334,~~936~~709	34,153
Property, plant, and equipment – net (Note 5)	5,~~225~~419	5,150
Goodwill (Note 7)	4,~~368~~528	4,263
Intangible assets – net (Note 7)	~~773~~739	813
Contract and other deferred assets (Note 8)	~~505~~496	555
Equity method investments (Note 10)	2,~~137~~170	2,149
Deferred income taxes (Note 14)	1,~~639~~733	1,639
All other assets (Note 9)	23,~~976~~282	2,763
Total assets	$5153,~~559~~078	$51,485
Accounts payable and equipment project payables (Note 11)	$89,~~421~~035	$8,602
Contract liabilities and deferred income (Note 8)	1819,~~708~~603	17,587
All other current liabilities (Note 13)	5,~~547~~123	5,496
Current liabilities	3233,~~677~~761	31,685
Deferred income taxes (Note 14)	~~782~~818	827
Non-current compensation and benefits	3,~~251~~243	3,264
All other liabilities (Note 13)	5,~~177~~309	5,116
Total liabilities	4143,~~887~~131	40,892
Commitments and contingencies (Note 20)
Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 272,934,744 and 275,880,314 shares outstanding as of March 31, 2025 and December 31, 2024, respectively	3	3
Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 272,223,940 and 275,880,314 shares outstanding as of June 30, 2025 and December 31, 2024, respectively	3	3
Additional paid-in capital	9,~~654~~714	9,733
Retained earnings	12,~~865~~241	1,611
Treasury common stock, 4,206,246 and 226,290 shares at cost as of March 31, 2025 and December 31, 2024, respectively	(1,256)	(43)
Treasury common stock, 5,400,617 and 226,290 shares at cost as of June 30, 2025 and December 31, 2024, respectively	(1,636)	(43)
Accumulated other comprehensive income (loss) – net attributable to GE Vernova (Note 15)	(1,~~660~~445)	(1,759)
Total equity attributable to GE Vernova	8,~~607~~877	9,546
Noncontrolling interests	1,~~065~~070	1,047
Total equity	9,~~672~~947	10,593
Total liabilities and equity	$5153,~~559~~078	$51,485

2025 1Q2Q FORM 10-Q 7

CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS (UNAUDITED)	~~Three~~Six months ended ~~March~~June 3130
(In millions)	2025	2024
Net income (loss)	$~~264~~756	$~~(106)~~1,174
Adjustments to reconcile net income (loss) to cash from (used for) operating activities
Depreciation and amortization of property, plant, and equipment (Note 5)	~~149~~294	~~188~~379
Amortization of intangible assets (Note 7)	56116	63126
(Gains) losses on purchases and sales of business interests	(2122)	3(851)
Principal pension plans – net (Note 12)	(89179)	(95186)
Other postretirement benefit plans – net (Note 12)	(44110)	(47121)
Provision (benefit) for income taxes (Note 14)	68221	10333
Cash recovered (paid) during the year for income taxes	(~~145~~363)	(58173)
Changes in operating working capital:
Decrease (increase) in current receivables	~~918~~1,031	~~303~~677
Decrease (increase) in inventories, including deferred inventory costs	(~~432~~883)	(~~717~~1,288)
Decrease (increase) in current contract assets	(~~345~~647)	(~~270~~408)
Increase (decrease) in accounts payable and equipment project payables	~~(269)~~207	(~~671~~290)
Increase (decrease) in contract liabilities and current deferred income	1,~~124~~860	~~885~~1,596
All other operating activities	(74754)	68(430)
Cash from (used for) operating activities	1,~~161~~528	~~(444)~~535
Additions to property, plant, and equipment and internal-use software	(~~186~~359)	(~~217~~374)
Dispositions of property, plant, and equipment	34	413
Purchases of and contributions to equity method investments	(630)	(91108)
Sales of and distributions from equity method investments	9091	2931
All other investing activities	(25)	(9)
Proceeds from principal business dispositions	1	639
Cash from (used for) investing activities	(93)	(285)
All other investing activities	49	51
Cash from (used for) investing activities	(214)	252
Net increase (decrease) in borrowings of maturities of 90 days or less	—	(23)
Transfers from (to) Parent	—	2,~~023~~964
Dividends paid to stockholders	(69139)	—
Purchases of common stock for treasury	(1,~~101~~581)	—
All other financing activities	(86142)	(6636)
Cash from (used for) financing activities	(1,~~257~~861)	12,~~934~~904
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	90235	(3266)
Increase (decrease) in cash, cash equivalents, and restricted cash, including cash classified within businesses held for sale	(98312)	13,~~173~~625
Less: Net increase (decrease) in cash classified within businesses held for sale	—	(~~531~~603)
Increase (decrease) in cash, cash equivalents, and restricted cash	(98312)	14,~~704~~228
Cash, cash equivalents, and restricted cash at beginning of year	8,205	1,551
Cash, cash equivalents, and restricted cash as of March 31	$8,107	$3,255
Cash, cash equivalents, and restricted cash as of June 30	$7,892	$5,779

2025 1Q2Q FORM 10-Q 8

CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
	Three months ended March 31
	Three months ended June 30		Six months ended June 30
(In millions)	2025	2024	2025	2024
Net income (loss) attributable to GE Vernova	$~~254~~514	$~~(130)~~1,294	$768	$1,164
Net loss (income) attributable to noncontrolling interests	~~(11)~~22	~~(24)~~14	12	(10)
Net income (loss)	$~~264~~492	$~~(106)~~1,280	$756	$1,174
Other comprehensive income (loss):
Currency translation adjustments – net of taxes	~~154~~287	11(117)	440	(106)
Benefit plans – net of taxes	(7386)	(68271)	(158)	(340)
Cash flow hedges – net of taxes	2114	843	35	51
Other comprehensive income (loss)	$~~102~~215	$(49346)	$318	$(395)
Comprehensive income (loss)	$~~367~~707	$~~(155)~~934	$1,074	$779
Comprehensive loss (income) attributable to noncontrolling interests	~~(14)~~22	(264)	8	(11)
Comprehensive income (loss) attributable to GE Vernova	$~~353~~729	$~~(181)~~930	$1,081	$767

2025 1Q2Q FORM 10-Q 9

CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
	Common stock
(In millions)	Common shares outstanding	Par value	Additional paid-in capital	Retained earnings	Treasury common stock	Net parent investment	Accumulated other comprehensive income (loss) – net	Equity attributable to noncontrolling interests	Total equity
Balances as of January 1, 2025	276	$3	$9,733	$1,611	$(43)	$—	$(1,759)	$1,047	$10,593
Balances as of April 1, 2025	273	$3	$9,654	$1,865	$(1,256)	$—	$(1,660)	$1,065	$9,672
Issuance of shares in connection with equity awards	1—	—	(~~135~~11)	—	—	—	—	—	(~~135~~11)
Share-based compensation expense	—	—	5670	—	—	—	—	—	5670
Repurchase of common stock	(4)	—		—	(1,213)	—	—	—	(1,213)
Dividends declared ($0.50 per common share)	—	—	—	(138)	—	—	—	—	(138)
Net income (loss)	—	—	—	254	—	—	—	11	264
Repurchase of common stock	(1)		—	—	(381)	—	—	—	(381)
Currency translation adjustments – net of taxes	—	—	—	—	—	—	152	2	154
Net income (loss)	—	—	—	514	—	—	—	(22)	492
Benefit plans – net of taxes	—	—	—	—	—	—	(74)	1	(73)
Currency translation adjustments – net of taxes	—	—	—	—	—	—	286	1	287
Cash flow hedges – net of taxes	—	—	—	—	—	—	21	—	21
Benefit plans – net of taxes	—	—	—	—	—	—	(86)	—	(86)
Changes in equity attributable to noncontrolling interests	—	—	—	—	—	—	—	4	4
Cash flow hedges – net of taxes	—	—	—	—	—	—	14	—	14
Balances as of March 31, 2025	273	$3	$9,654	$1,865	$(1,256)	$—	$(1,660)	$1,065	$9,672
Changes in equity attributable to noncontrolling interests	—	—	—	—	—	—	—	27	27
Balances as of January 1, 2024	—	$—	$—	$—	$—	$8,051	$(635)	$964	$8,380
Balances as of June 30, 2025	272	$3	$9,714	$2,241	$(1,636)	$—	$(1,445)	$1,070	$9,947
Net income (loss)	—	—	—	—	—	(130)	—	24	(106)
Balances as of April 1, 2024	—	$—	$—	$—	$—	$9,659	$(686)	$1,007	$9,980
Currency translation adjustments – net of taxes	—	—	—	—	—	—	11	—	11
Transfers from (to) Parent, including Spin-Off related adjustments	—	—	—	—	—	(944)	—	—	(944)
Benefit plans – net of taxes	—	—	—	—	—	—	(70)	2	(68)
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment	274	3	8,712	—	—	(8,715)	—	—	—
Cash flow hedges – net of taxes	—	—	—	—	—	—	8	—	8
Issuance of shares in connection with equity awards	1	—	35	—	—	—	—	—	35
Transfers from (to) Parent	—	—	—	—	—	1,738	—	—	1,738
Share-based compensation expense	—	—	54	—	—	—	—	—	54
Changes in equity attributable to noncontrolling interests	—	—	—	—	—	—	—	18	18
Net income (loss)	—	—	—	1,294	—	—	—	(14)	1,280
Balances as of March 31, 2024	—	$—	$—	$—	$—	$9,659	$(686)	$1,007	$9,980
Currency translation adjustments – net of taxes	—	—	—	—	—	—	(117)	(1)	(117)
Benefit plans – net of taxes	—	—	—	—	—	—	(271)	—	(271)
Cash flow hedges – net of taxes	—	—	—	—	—	—	43	—	43
Changes in equity attributable to noncontrolling interests	—	—	—	—	—	—	—	(10)	(10)
Balances as of June 30, 2024	275	$3	$8,801	$1,294	$—	$—	$(1,031)	$982	$10,049

2025 1Q2Q FORM 10-Q 10


CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
	Common stock
(In millions)	Common shares outstanding	Par value	Additional paid-in capital	Retained earnings	Treasury common stock	Net parent investment	Accumulated other comprehensive income (loss) – net	Equity attributable to noncontrolling interests	Total equity
Balances as of January 1, 2025	276	$3	$9,733	$1,611	$(43)	$—	$(1,759)	$1,047	$10,593
Issuance of shares in connection with equity awards	2	—	(146)	—	—	—	—	—	(146)
Share-based compensation expense	—	—	126	—	—	—	—	—	126
Dividends declared ($0.50 per common share)	—	—	—	(138)	—	—	—	—	(138)
Repurchase of common stock	(5)		—	—	(1,593)	—	—	—	(1,593)
Net income (loss)	—	—	—	768	—	—	—	(12)	756
Currency translation adjustments – net of taxes	—	—	—	—	—	—	438	3	440
Benefit plans – net of taxes	—	—	—	—	—	—	(159)	1	(158)
Cash flow hedges – net of taxes	—	—	—	—	—	—	35	—	35
Changes in equity attributable to noncontrolling interests	—	—	—	—	—	—	—	31	31
Balances as of June 30, 2025	272	$3	$9,714	$2,241	$(1,636)	$—	$(1,445)	$1,070	$9,947

Balances as of January 1, 2024	—	$—	$—	$—	$—	$8,051	$(635)	$964	$8,380
Transfers from (to) Parent, including Spin-Off related adjustments	—	—	—	—	—	794	—	—	794
Issuance of common stock in connection with the Spin-Off and reclassification of net parent investment	274	3	8,712	—	—	(8,715)	—	—	—
Issuance of shares in connection with equity awards	1	—	35	—	—	—	—	—	35
Share-based compensation expense	—	—	54	—	—	—	—	—	54
Net income (loss)	—	—	—	1,294		(130)	—	10	1,174
Currency translation adjustments – net of taxes	—	—	—	—	—	—	(106)	—	(106)
Benefit plans – net of taxes	—	—	—	—	—	—	(341)	1	(340)
Cash flow hedges – net of taxes	—	—	—	—	—	—	51	—	51
Changes in equity attributable to noncontrolling interests	—	—	—	—	—	—	—	7	7
Balances as of June 30, 2024	275	$3	$8,801	$1,294	$—	$—	$(1,031)	$982	$10,049

2025 2Q FORM 10-Q 11

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

Organization. On April 2, 2024, General Electric Company, which now operates as GE Aerospace (GE or Parent) completed the previously

announced spin-off (the Spin-Off) of GE Vernova Inc. (the Company, GE Vernova, our, we, or us). See Note 1 and Note 24 in the Notes to

our audited consolidated and combined financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31,

2024 for further information. Our common stock is listed under the symbol "GEV" on the New York Stock Exchange.

GE Vernova is a global leader in the electric power industry, with products and services that generate, transfer, orchestrate, convert, and

store electricity. We design, manufacture, deliver, and service technologies to create a more reliable and sustainable electric power system,

enabling electrification and decarbonization, underpinning the progress and prosperity of the communities we serve. We report our financial

results across three business segments:

•Our Power segment includes the design, manufacture, and servicing of gas, nuclear, hydro, and steam technologies, providing a

critical foundation of dispatchable, flexible, stable, and reliable power.

•Our Wind segment includes our wind generation technologies, inclusive of onshore and offshore wind turbines and blades.

•Our Electrification segment includes grid solutions, power conversion and storage, and electrification software technologies

required for the transmission, distribution, conversion, storage, and orchestration of electricity from point of generation to point of

consumption. Effective January 1, 2025, our Power Conversion and Solar & Storage Solutions business units within our

Electrification segment were combined to form a new business unit, Power Conversion & Storage. Historical financial information

presented within this report conforms to the new business unit structure within the Electrification segment.

Basis of Presentation. For periods prior to the Spin-Off, the unaudited combined financial statements have been derived from the

consolidated financial statements and accounting records of GE, including the historical cost basis of assets and liabilities comprising the

Company, as well as the historical revenues, direct costs, and allocations of indirect costs attributable to the operations of the Company,

using the historical accounting policies applied by GE. The unaudited combined financial statements do not purport to reflect what the

results of operations, comprehensive income, financial position, or cash flows would have been had the Company operated as a separate,

stand-alone entity during the periods prior to the Spin-Off.

We have prepared the accompanying unaudited consolidated and combined financial statements pursuant to the rules and regulations of

the Securities and Exchange Commission (SEC) applicable to interim financial statements. Accordingly, certain information related to our

significant accounting policies and note disclosures normally included in financial statements prepared in accordance with U.S. generally

accepted accounting principles (U.S. GAAP) have been condensed or omitted. These unaudited consolidated and combined financial

statements reflect, in the opinion of management, all material adjustments (which include only normally recurring adjustments) necessary to

fairly state, in all material respects, our financial position, results of operations, and cash flows for the periods presented. These unaudited

consolidated and combined financial statements should be read in conjunction with our audited consolidated and combined financial

statements, corresponding notes, and significant accounting policies in our Annual Report on Form 10-K for the fiscal year ended

December 31, 2024. We have reclassified certain prior year amounts to conform to the current year’s presentation. The information

presented in tables throughout the notes is presented in millions of U.S. dollars unless otherwise stated. Certain columns and rows may not

add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in millions.

All intercompany balances and transactions within the Company have been eliminated in the consolidated and combined financial

statements. Transactions between the Company and GE have been included in these consolidated and combined financial statements.

Certain financing transactions with GE are deemed to have been settled immediately through Net parent investment in the Consolidated

and Combined Statement of Financial Position and are accounted for as a financing activity in the Consolidated and Combined Statement

of Cash Flows as Transfers from (to) Parent. Within the caption Increase (decrease) in accounts payable and equipment project payables

in our Consolidated and Combined Statement of Cash Flows, the increase (decrease) in due to related parties, which primarily included

transactions with GE, in the ~~three~~six months ended ~~March~~June 3130, 2024, was $(~~365~~384) million.

For periods prior to the Spin-Off, the Consolidated and Combined Statement of Financial Position reflects all of the assets and liabilities of

GE that are specifically identifiable as being directly attributable to the Company, including Net parent investment as a component of equity.

Net parent investment represents GE’s historical investment in the Company and includes accumulated net income and losses attributable

to the Company, and the net effect of transactions with GE and its subsidiaries.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Estimates and Assumptions. The preparation of the consolidated and combined financial statements in conformity with U.S. GAAP

requires management to make estimates based on assumptions about current, and for some estimates, future, economic and market

conditions which affect reported amounts and related disclosures in the consolidated and combined financial statements. We believe these

assumptions to be reasonable under the circumstances, and although our current estimates contemplate current and expected future

conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our

results of operations, financial position, and cash flows.

Estimates are used for, but are not limited to, determining revenues from contracts with customers, recoverability of inventory, long-lived

assets and investments, valuation of goodwill and intangible assets, useful lives used in depreciation and amortization, income taxes and

related valuation allowances, accruals for contingencies including legal, indemnifications, product warranties, and environmental, actuarial

assumptions used to determine costs of pension and postretirement benefits, valuation and recoverability of receivables, valuation of

derivatives, and valuation of assets acquired and liabilities assumed as a result of acquisitions.

For further information on our significant accounting policies, please refer to our Annual Report on Form 10-K for the fiscal year ended

December 31, 2024.

2025 1Q2Q FORM 10-Q 1112

NOTE 3. CURRENT AND LONG-TERM RECEIVABLES

CURRENT RECEIVABLES – NET	~~March~~June 3130, 2025	December 31, 2024
Customer receivables	$5,~~393~~381	$6,312
Non-income based tax receivables	~~785~~679	814
Supplier advances and other receivables	1,~~413~~359	1,514
Other receivables	$2,~~198~~039	$2,328
Allowance for credit losses	(~~456~~472)	(464)
Total current receivables – net	$76,~~136~~948	$8,177

Activity in the allowance for credit losses related to current receivables for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024 consists of the

~~the~~ following:

ALLOWANCE FOR CREDIT LOSSES	2025	2024
Balance as of January 1	$464	$515
Net additions (releases) charged to costs and expenses	~~(2)~~13	~~(1)~~19
Write-offs, net	(915)	—(9)
Foreign exchange and other	310	21
Balance as of March 31	$456	$516
Balance as of June 30	$472	$525

Sales of customer receivables. From time to time, the Company sells current or long-term receivables to third parties in response to

customer-sponsored requests or programs, to facilitate sales, or for risk mitigation purposes. The Company sold current customer

receivables to third parties and subsequently collected $~~373~~553 million and $~~221~~550 million in the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024,

respectively. Transactions under these arrangements are accounted for as sales, and the sold receivables are removed from the

Company's balance sheet. The Company maintains no continuing involvement with respect to the receivables being transferred.

LONG-TERM RECEIVABLES	~~March~~June 3130, 2025	December 31, 2024
Long-term customer receivables	$~~280~~289	$282
Supplier advances	~~309~~313	285
Non-income based tax receivables	8591	74
Other receivables	~~328~~409	247
Allowance for credit losses	(~~143~~118)	(142)
Total long-term receivables – net	$~~859~~985	$745

NOTE 4. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS

	March 31, 2025	December 31, 2024
	June 30, 2025	December 31, 2024
Raw materials and work in process	$56,~~660~~031	$5,328
Finished goods	23,~~845~~007	2,490
Deferred inventory costs(a)	~~651~~788	769
Inventories, including deferred inventory costs	$9,~~156~~825	$8,587

(a) Represents cost deferral for shipped goods (such as components for wind turbine assemblies in our Wind segment) and labor and

overhead costs on time and material service contracts (primarily originating in our Power segment) and other costs where the criteria for

revenue recognition have not yet been met.

NOTE 5. PROPERTY, PLANT, AND EQUIPMENT

	March 31, 2025	December 31, 2024
	June 30, 2025	December 31, 2024
Original cost	$12,~~408~~854	$12,207
Less: Accumulated depreciation and amortization	(78,~~888~~186)	(7,729)
Right-of-use operating lease assets	~~706~~750	671
Property, plant, and equipment – net	$5,~~225~~419	$5,150

Depreciation and amortization related to property, plant, and equipment was $~~149~~145 million and $~~188~~191 million in the three months ended and

~~March~~$294 31million and $379 million in the six months ended June 30, 2025 and 2024, respectively.

NOTE 6. LEASES. Our operating lease liabilities, included in All other current liabilities and All other liabilities in our Consolidated and

Combined Statement of Financial Position, were $~~746~~784 million and $725 million as of ~~March~~June 3130, 2025 and December 31, 2024, respectively.

Expense related to our operating lease portfolio, primarily from our long-term fixed leases, was $4563 million and $7660 million for three months

ended ~~March~~and 31$116 million and $135 million for the six months ended June 30, 2025 and 2024, respectively. Our finance lease liabilities, ~~included in All other current liabilities and All other liabilities in~~

~~our~~included ~~Consolidated~~in ~~and~~All ~~Combined~~other ~~Statement~~current ofliabilities ~~Financial~~and ~~Position,~~All ~~were~~other ~~$267~~liabilities ~~million~~in ~~and~~our ~~$266~~Consolidated ~~million~~and asCombined Statement of ~~March~~Financial 31Position, ~~2025~~were ~~and~~$275 ~~December~~

million and $266 million as of June 30, 2025 and December 31, 2024, respectively.

2025 1Q2Q FORM 10-Q 1213

NOTE 7. GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL	Power	Wind	Electrification	Total
Balance as of January 1, 2025	$310	$3,035	$918	$4,263
Acquisitions	15	—	—	15
Currency exchange and other	—3	87239	48	91251
Balance as of March 31, 2025	$325	$3,122	$921	$4,368
Balance as of June 30, 2025	$328	$3,274	$926	$4,528

We assess the possibility that a reporting unit’s fair value has been reduced below its carrying amount due to the occurrence of events or

circumstances between annual impairment testing dates. In the ~~first~~second quarter of 2025, we did not identify any reporting units that required an

an interim impairment test.

Intangible assets. All intangible assets are subject to amortization. Intangible assets decreased $4073 million during the ~~three~~six months ended

~~March~~June 3130, 2025, primarily as a result of amortization. Amortization expense was $5660 million and $63 million infor the three months ended and

~~March~~$116 31million and $126 million for the six months ended June 30, 2025 and 2024, respectively.

NOTE 8. CONTRACT AND OTHER DEFERRED ASSETS & CONTRACT LIABILITIES AND DEFERRED INCOME

Contract assets reflect revenue recognized on contracts in excess of billings based on contractual terms. Contract liabilities primarily

represent cash received from customers under ordinary commercial payment terms in advance of delivery of equipment orders or servicing

of customers’ installed base.

Contract and other deferred assets increased $~~370~~808 million in the ~~three~~six months ended ~~March~~June 3130, 2025 primarily due to the timing of revenue

recognition ahead of billing milestones on equipment and other service agreements. Contract liabilities and deferred income increased

$12,~~107~~007 million in the ~~three~~six months ended ~~March~~June 3130, 2025 primarily due to new collections received in excess of revenue recognition at Power

~~Power~~ and Electrification, partially offset by revenue recognition in excess of collections at Wind. Net contractual service agreements increased

~~increased~~ primarily due to revenues recognized of $12,~~261~~720 million, ~~and~~partially ~~net~~offset ~~favorable~~by ~~changes~~billings ~~in estimated profitability~~ of $292,533 million, ~~partially~~and net unfavorable changes in

~~offset~~estimated byprofitability ~~billings~~ of $~~1,249~~42 million.

Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $37,~~601~~074 million and $25,~~747~~283

million for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively.

CONTRACT AND OTHER DEFERRED ASSETS
March 31, 2025	Power	Wind	Electrification	Total
June 30, 2025	Power	Wind	Electrification	Total
Contractual service agreement assets	$5,~~455~~597	$—	$—	$5,~~455~~597
Equipment and other service agreement assets	1,~~678~~665	~~687~~858	1,~~221~~368	3,~~586~~892
Current contract assets	$7,~~133~~262	$~~687~~858	$1,~~221~~368	$9,~~040~~489
Non-current contract and other deferred assets(a)	~~488~~483	72	1011	~~505~~496
Total contract and other deferred assets	$7,~~621~~745	$~~694~~860	$1,~~231~~379	$9,~~545~~984


December 31, 2024	Power	Wind	Electrification	Total
Contractual service agreement assets	$5,321	$—	$—	$5,321
Equipment and other service agreement assets	1,622	538	1,139	3,300
Current contract assets	$6,944	$538	$1,139	$8,621
Non-current contract and other deferred assets(a)	536	8	11	555
Total contract and other deferred assets	$7,479	$546	$1,150	$9,176

(a) Primarily represents amounts due from customers at Gas Power for the sale of services upgrades, which we collect through incremental

fixed or usage-based fees from servicing the equipment under contractual service agreements.

CONTRACT LIABILITIES AND DEFERRED INCOME
March 31, 2025	Power	Wind	Electrification	Total
June 30, 2025	Power	Wind	Electrification	Total
Contractual service agreement liabilities	$1,~~876~~914	$—	$—	$1,~~876~~914
Equipment and other service agreement liabilities	89,~~764~~694	32,~~270~~624	45,~~489~~052	1617,~~525~~371
Current deferred income	535	~~190~~174	~~112~~108	~~307~~318
Contract liabilities and current deferred income	$1011,~~645~~643	$32,~~460~~798	$45,~~601~~160	$1819,~~708~~603
Non-current deferred income	3130	97103	15	~~143~~148
Total contract liabilities and deferred income	$1011,~~676~~673	$32,~~557~~901	$45,~~616~~175	$1819,~~851~~751


December 31, 2024	Power	Wind	Electrification	Total
Contractual service agreement liabilities	$1,789	$—	$—	$1,789
Equipment and other service agreement liabilities	7,879	3,684	3,946	15,511
Current deferred income	6	193	88	287
Contract liabilities and current deferred income	$9,674	$3,877	$4,034	$17,587
Non-current deferred income	29	112	16	157
Total contract liabilities and deferred income	$9,703	$3,989	$4,050	$17,744

2025 1Q2Q FORM 10-Q 1314

Remaining Performance Obligation (RPO). As of ~~March~~June 3130, 2025, the aggregate amount of the contracted revenues allocated to our

unsatisfied (or partially unsatisfied) performance obligations were $~~123~~128,~~438~~650 million. We expect to recognize revenue as we satisfy our

remaining performance obligations as follows:

(1)Equipment-related RPO of $4549,~~478~~712 million of which 4542%, 7170%, and 9192% is expected to be recognized within 1, 2, and 5 years,

respectively, and the remaining thereafter.

(2)Services-related RPO of $7778,~~959~~938 million of which 1817%, 53%, 78%, and 91% is expected to be recognized within 1, 5, 10, and 15

years, respectively, and the remaining thereafter.

Contract modifications could affect both the timing to complete as well as the amount to be received as we fulfill the related RPO.

NOTE 9. CURRENT AND ALL OTHER ASSETS. All other current assets primarily include prepaid taxes and deferred charges and

derivative instruments (see Note 18). All other current assets decreased $679 million for the ~~three~~six months ended ~~March~~June 3130, 2025. All other assets

~~assets~~ primarily include pension surplus, long-term receivables (see Note 3), taxes receivable, and prepaid taxes and deferred charges. All other

~~other~~ assets increased $~~213~~519 million in the ~~three~~six months ended ~~March~~June 3130, 2025 primarily due to increases in long-term receivables and pension

~~pension assets~~surplus.

NOTE 10. EQUITY METHOD INVESTMENTS

	Equity method investment balance		~~Equity method income (loss)~~	Equity method income (loss)
					Three months ended March 31
				Three months ended June 30			Six months ended June 30
	March 31, 2025	December 31, 2024			2025	2024
	June 30, 2025	December 31, 2024		2025	2024		2025	2024
Power(a)	$~~894~~898	$919		$16	$~~(10)~~28	~~$11~~	$6	$40
Wind	47	49		—	—	1	—	1
Electrification(b)	~~716~~731	743		54	5012	30	104	42
Corporate	480	438			20	2
Corporate(c)	495	438		(3)	(40)		17	(38)
Total	$2,~~137~~170	$2,149		$67	$601	~~$44~~	$127	$45

(a) Includes Aero Alliance, our joint venture with Baker Hughes Company, that supports our customers through the fulfillment of

aeroderivative engines, spare parts, repairs, and maintenance services. Purchases of parts and services from the joint venture were

$~~126~~166 million and $~~151~~212 million ~~for~~in the three months ended ~~March~~and ~~31,~~$292 million ~~2025~~ and ~~2024,~~$363 million ~~respectively.~~in ~~The~~the ~~Company~~six ~~owed~~months ~~Aero~~ended ~~Alliance~~June 30, 2025 and

2024, respectively. The Company owed Aero Alliance $5272 million and $24 million as of ~~March~~June 3130, 2025 and December 31, 2024, ~~respectively. These amounts have been recorded in~~

respectively. These amounts have been recorded in Accounts payable and equipment project payables on the Consolidated and ~~Combined Statement of Financial Position.~~

~~(b)~~Combined ~~Includes~~Statement ~~China XD Electric Co., Ltd., which is publicly traded on the Shanghai Stock Exchange, with a market value~~ of ~~$468 million~~Financial ~~as of~~ Position.

~~March~~(b) ~~31,~~Includes ~~2025~~China ~~based~~XD onElectric ~~the~~Co., ~~quoted~~Ltd., ~~market~~which ~~value.~~is ~~While~~publicly traded on the ~~Company~~Shanghai ~~holds~~Stock ~~over~~Exchange, with a ~~10.0%~~market ~~ownership~~value ~~interest,~~of we$439 million ~~account~~as ~~for~~of ~~the~~

June 30, 2025 based on the quoted market value. While the Company holds over a 10.0% ownership interest, we account for the

investment under the equity method given our participation on the investee’s board of directors. In the first quarter of 2025, we sold a

portion of our shares, decreasing our ownership percentage in the investee by approximately 2.0%.

(c) In connection with GE retaining certain renewable energy U.S. tax equity investments as part of the Spin-Off, the Company recognized

a $136 million benefit related to deferred intercompany profit from historical equipment sales to the related investees, recorded in Cost

of equipment in the second quarter of 2024.

NOTE 11. ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES

	March 31, 2025	December 31, 2024
	June 30, 2025	December 31, 2024
Trade payables	$5,~~205~~751	$4,966
Supply chain finance programs	1,~~714~~831	2,051
Equipment project payables	1,~~182~~197	1,211
Non-income based tax payables	~~320~~256	375
Accounts payable and equipment project payables	$89,~~421~~035	$8,602

We facilitate voluntary supply chain finance programs with third parties, which provide participating suppliers the opportunity to sell their GE

Vernova receivables to third parties at the sole discretion of both the suppliers and the third parties. Total supplier invoices paid through

these third-party programs were $12,~~258~~281 million and $~~779~~1,791 million for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively.

NOTE 12. POSTRETIREMENT BENEFIT PLANS. GE Vernova sponsored plans, including those allocated to GE Vernova in

connection with the Spin-Off, are presented in three categories: principal pension plans, other pension plans, and principal retiree benefit

plans. See Note 13 in the Notes in our audited consolidated and combined financial statements in our Annual Report on Form 10-K for the

fiscal year ended December 31, 2024 for further information.

The components of benefit plans cost (income) other than the service cost are included in the caption Non-operating benefit income in our

Consolidated and Combined Statement of Income (Loss).

2025 1Q2Q FORM 10-Q 1415

	2025			2024
Three months ended March 31	Principal pension	Other pension	Principal retiree benefit	Principal pension	Other pension	Principal retiree benefit
Three months ended June 30	Principal pension	Other pension	Principal retiree benefit	Principal pension	Other pension	Principal retiree benefit
Service cost – operating	$65	$7	$1	$67	$8	$1
Interest cost	140	5457	10	~~135~~139	5756	9
Expected return on plan assets	(178)	(7680)	—	(~~184~~187)	(8482)	—
Amortization of net loss (gain)	(50)	910	(10)	(4645)	8	(11)
Amortization of prior service cost (credit)	—	(2)	(14)	2	(2)	(15)
Curtailment/settlement gain	—	1—	—	—	—(10)	—
Non-operating benefit costs (income)	$(88)	$(1315)	$(13)	$(9392)	$(2130)	$(1716)
Net periodic expense (income)	$(82)	$(78)	$(12)	$(8785)	$(1322)	$(1615)


	2025			2024
Six months ended June 30	Principal pension	Other pension	Principal retiree benefit	Principal pension	Other pension	Principal retiree benefit
Service cost – operating	$11	$14	$3	$13	$16	$3
Interest cost	280	111	20	274	113	18
Expected return on plan assets	(356)	(155)	—	(372)	(166)	—
Amortization of net loss (gain)	(100)	19	(19)	(92)	16	(21)
Amortization of prior service cost (credit)	—	(4)	(27)	3	(3)	(30)
Curtailment/settlement gain	—	1	—	—	(10)	—
Non-operating benefit costs (income)	$(175)	$(28)	$(27)	$(186)	$(51)	$(32)
Net periodic expense (income)	$(164)	$(14)	$(24)	$(173)	$(34)	$(30)

Defined Contribution Plan. GE Vernova sponsors a defined contribution plan for its eligible U.S. employees that is similar to the

corresponding GE-sponsored defined contribution plan that was in effect prior to the Spin-Off. Expenses associated with their participation

in GE Vernova's plan beginning on April 2, 2024 and in GE's plan through April 1, 2024 represent the employer contributions for GE

Vernova employees and were $36 51 million and $35 45 million for the three months ended ~~March~~and ~~31,~~$86 ~~2025~~million and ~~2024,~~$81 ~~respectively.~~million for the six months

ended June 30, 2025 and 2024, respectively.

NOTE 13. CURRENT AND ALL OTHER LIABILITIES. All other current liabilities primarily include liabilities related to employee

compensation and benefits, equipment projects and other commercial liabilities, product warranties (see Note 20), liabilities related to

business disposition activities, and restructuring liabilities (see Note 21). All other current liabilities ~~increased~~decreased $51373 million in the ~~three~~six months

ended ~~March~~June 3130, 2025. ~~All~~primarily ~~other~~due ~~liabilities~~to ~~primarily~~a ~~include~~decrease ~~liabilities~~in ~~related~~employee tocompensation ~~uncertain~~ and ~~other~~benefit ~~income~~liabilities ~~taxes,~~and ~~product~~a ~~warranties~~settlement ~~(see~~of a nuclear

~~Note~~decommissioning ~~20),~~obligation ~~legal~~during ~~liabilities~~the ~~(see~~first ~~Note~~quarter ~~20),~~of ~~asset~~2025 ~~retirement obligations~~ (see Note 20),. ~~operating~~All ~~lease~~other liabilities ~~(see~~primarily ~~Note~~include ~~6),~~liabilities ~~equipment~~related to uncertain

~~projects~~ and other ~~commercial~~income ~~liabilities~~taxes, ~~and~~product ~~indemnifications~~warranties in(see ~~connection~~Note ~~with~~20), ~~the~~legal ~~Spin-Off~~liabilities (see Note 20)., ~~All~~asset ~~other~~retirement ~~liabilities~~obligations ~~increased~~(see Note 20),

~~$61~~operating ~~million~~lease inliabilities ~~the~~(see ~~three~~Note ~~months~~6), ~~ended~~equipment ~~March~~projects 31and other commercial liabilities, ~~2025.~~and indemnifications in connection with the

Spin-Off (see Note 20). All other liabilities increased $193 million in the six months ended June 30, 2025 primarily due to an increase in

product warranties and operating lease liabilities.

NOTE 14. INCOME TAXES. The Company’s income tax provision through March 31, 2024 was prepared based on a separate return

basis. Following the Spin-off, the Company's income tax provision is prepared on a stand-alone basis.

WeOur ~~recorded income tax expense on pre-tax income with an~~ effective tax rate ofwas 2023.57% and 22.6% for the three and six months ended ~~March~~June 3130, 2025, respectively. The effective tax rate was

~~effective~~higher ~~tax rate was lower~~ than the U.S. statutory rate of 21% in both periods primarily due to anlosses ~~income~~providing no tax benefit ~~from~~in ~~stock-based~~certain ~~compensation~~jurisdictions, partially

~~mostly~~ offset by ~~losses~~an ~~providing~~income no tax benefit infrom ~~certain~~stock-based ~~jurisdictions~~compensation.

WeOur ~~recorded~~effective ~~an income~~ tax ~~expense~~rate onwas a20.1% ~~pre-tax~~for ~~loss in~~ the three months ended ~~March~~June 3130, 2024. ~~due~~The toeffective ~~taxes~~tax inrate ~~profitable~~was ~~jurisdictions~~lower than the U.S. statutory rate of

~~and~~21% ~~losses~~primarily ~~providing~~due noto a lower effective tax ~~benefit~~rate inon ~~other~~a ~~jurisdictions.~~foreign pre-tax gain from the sale of a portion of Steam Power nuclear activities to

Electricité de France S.A. (EDF) which was completed in the second quarter of 2024, partially offset by losses providing no tax benefit in

certain jurisdictions, and an increase in income tax expense due to the reduction of certain U.S. tax attributes that are not part of the

Company's stand-alone operations.

Our effective tax rate was 22.1% for the six months ended June 30, 2024. The effective tax rate was higher than the U.S. statutory rate of

21% primarily due to losses providing no tax benefit in certain jurisdictions, partially offset by a pre-tax gain with an insignificant tax impact

from the sale of a portion of Steam Power nuclear activities to EDF.

The Organization for Economic Co-operation and Development has proposed a global minimum tax of 15% of reported profits (Pillar Two)

and many countries have incorporated Pillar Two model rule concepts into their domestic laws. Although the model rules provide a

framework for applying the minimum tax, countries may enact Pillar Two slightly differently than the model rules and on different timelines

and may adjust domestic tax incentives in response to Pillar Two. We incurred insignificant tax expenses in connection with Pillar Two in

the ~~three~~six months ended ~~March~~June 3130, 2025.

~~Based on our assessment of the realizability of our deferred tax assets as of March 31,~~ 2025, we2Q ~~continue~~FORM to10-Q ~~maintain valuation~~ 16

Based on our assessment of the realizability of our deferred tax assets as of June 30, 2025, we continue to maintain valuation

allowances against our deferred tax assets in the U.S. and certain foreign jurisdictions, primarily due to cumulative losses in those

jurisdictions. Given the current year profit and anticipated future profitability in the U.S., it is reasonably possible that the continued

improvement in our U.S. operations could result in the positive evidence necessary to warrant the release of a significant portion of our U.S.

valuation allowance asin ~~early as~~ the second half of 2025. A release of the valuation allowance would result in the recognition of certain U.S.

deferred tax assets and a corresponding benefit in our provision for income taxes in the period the release occurs.

On July 4, 2025, the United States enacted House Resolution 1 of the 119th Congress ("the Act"). While we are still evaluating its effects,

we anticipate that the Act will have an insignificant impact on our consolidated and combined financial statements.

NOTE 15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) AND COMMON STOCK

	Currency translation adjustment	Benefit plans	Cash flow hedges	Total AOCI
Balance as of April 1, 2025	$(1,582)	$(132)	$54	$(1,660)
AOCI before reclasses – net of taxes of $(1), $3, and $—	287	(14)	5	277
Reclasses from AOCI – net of taxes of $—, $(1), and $—	—	(71)	10	(61)
Less: AOCI attributable to noncontrolling interests	1	—	—	1
Balance as of June 30, 2025	$(1,296)	$(217)	$68	$(1,445)
Balance as of April 1, 2024	$(1,324)	$604	$34	$(686)
Transfer or allocation of benefit plans – net of taxes of $—, $(207), and $—	—	(207)	—	(207)
AOCI before reclasses – net of taxes of $45, $25, and $—	(6)	9	33	36
Reclasses from AOCI – net of taxes of $—, $(1), and $— (a)	(111)	(74)	9	(176)
Less: AOCI attributable to noncontrolling interests	(1)	—	—	(1)
Balance as of June 30, 2024	$(1,441)	$333	$77	$(1,031)
Balance as of January 1, 2025	$(1,734)	$(58)	$33	$(1,759)
AOCI before reclasses – net of taxes of $—, $8, and $—	154	(1)	12	165
AOCI before reclasses – net of taxes of $(1), $11, and $—	440	(15)	17	442
Reclasses from AOCI – net of taxes of $—, $(2), and $—	—	(72)	9	(63)
Reclasses from AOCI – net of taxes of $—, $(3), and $—	—	(143)	19	(124)
Less: AOCI attributable to noncontrolling interests	23	1	—	34
Balance as of March 31, 2025	$(1,582)	$(132)	$54	$(1,660)
Balance as of June 30, 2025	$(1,296)	$(217)	$68	$(1,445)
Balance as of January 1, 2024	$(1,335)	$674	$26	$(635)
AOCI before reclasses – net of taxes of $(13), $(15), and $— (a)	11	—	(5)	7
Transfer or allocation of benefit plans – net of taxes of $—, $(207), and $—	—	(207)	—	(207)
Reclasses from AOCI – net of taxes of $—, $(1), and $—	—	(67)	13	(54)
AOCI before reclasses – net of taxes of $33, $10, and $— (b)	5	8	29	42
Less: AOCI attributable to noncontrolling interests	—	2	—	2
Reclasses from AOCI – net of taxes of $—, $(2), and $— (a)	(111)	(141)	22	(230)
Balance as of March 31, 2024	$(1,324)	$604	$34	$(686)
Less: AOCI attributable to noncontrolling interests	—	1	—	1
Balance as of June 30, 2024	$(1,441)	$333	$77	$(1,031)

(a) ~~Currency~~The ~~translation~~total ~~adjustment~~reclassification ~~includes~~of AOCI included $39111 million of ~~AOCI~~currency ~~allocated~~translation adjustment related to usthe insale ~~connection~~of ~~with~~a ~~the~~portion ~~Spin-Off.~~of Steam Power

~~2025~~nuclear 1Qactivities ~~FORM~~to ~~10-Q~~EDF. 15See Notes 14 and 17 for further information.

(b) Currency translation adjustment includes $39 million of AOCI allocated to GE Vernova in connection with the Spin-Off.

Common Stock. On April 2, 2024, the Company began trading as an independent, publicly traded company under the stock symbol “GEV”

on the New York Stock Exchange. On April 2, 2024, there were 274,085,523 shares of GE Vernova common stock outstanding. On ~~March~~June

3130, 2025, there were 272,~~934~~223,~~744~~940 shares of GE Vernova common stock outstanding. On December 10, 2024, we announced that the

Board of Directors had authorized up to $6 billion of common stock repurchases. In connection with this authorization, we repurchased 41.2

million and 5.2 million shares for $379 million and $1,~~204~~583 million during the three and six months ended ~~March~~June 3130, 2025, ~~excluding~~respectively, ~~commission fees and excise taxes.~~

excluding commission fees and excise taxes.

NOTE 16. EARNINGS PER SHARE INFORMATION. On April 2, 2024, there were approximately 274 million shares of GE Vernova

common stock outstanding. The computation of basic and diluted earnings (loss) per common share for all periods through April 1, 2024

was calculated using 274 million common shares and is net of Net loss (income) attributable to noncontrolling interests. For periods prior to

the Spin-Off, there were no dilutive equity instruments as there were no equity awards of GE Vernova outstanding prior to the Spin-Off. The

dilutive effect of outstanding stock options, restricted stock units, and performance share units is reflected in the denominator for diluted

~~EPS~~earnings per share using the treasury stock method.

	Three months ended March 31
(In millions, except per share amounts)	2025	2024
Numerator:
Net income (loss)	$264	$(106)
Net loss (income) attributable to noncontrolling interests	(11)	(24)
Net income (loss) attributable to GE Vernova	$254	$(130)
Denominator:
Basic weighted-average shares outstanding	275	274
Dilutive effect of common stock equivalents	4	—
Diluted weighted-average shares outstanding	279	274
Basic earnings (loss) per share	$0.92	$(0.47)
Diluted earnings (loss) per share	$0.91	$(0.47)
Antidilutive securities(a)	1	—

2025 2Q FORM 10-Q 17


	Three months ended June 30		Six months ended June 30
(In millions, except per share amounts)	2025	2024	2025	2024
Numerator:
Net income (loss)	$492	$1,280	$756	$1,174
Net loss (income) attributable to noncontrolling interests	22	14	12	(10)
Net income (loss) attributable to GE Vernova	$514	$1,294	$768	$1,164

Denominator:
Basic weighted-average shares outstanding	272	274	274	274
Dilutive effect of common stock equivalents	3	5	4	2
Diluted weighted-average shares outstanding	276	278	278	276

Basic earnings (loss) per share	$1.89	$4.72	$2.80	$4.25
Diluted earnings (loss) per share	$1.86	$4.65	$2.77	$4.22
Antidilutive securities(a)	1	2	1	2

(a) Diluted earnings (loss) per share excludes certain shares issuable under share-based compensation plans because the effect would

have been antidilutive.

NOTE 17. OTHER INCOME (EXPENSE) – NET

	Three months ended March 31
	Three months ended June 30		Six months ended June 30
	2025	2024	2025	2024
Equity method investment income (loss) (Note 10)	$6067	$441	$127	$45
Net interest and investment income (loss)(a)	1617	621	33	27
Gains (losses) on purchases and sales of business interests	21	(3)
Gains (losses) on purchases and sales of business interests(b)	1	855	22	851
Derivative instruments (Note 18)	27	(310)	9	(13)
Licensing income	43	112	7	13
Other – net	1620	1912	35	30
Total other income (expense) – net	$~~119~~115	$73881	$234	$954

(a)Includes financial interest related to our normal business operations primarily with customers.

(b)Included a pre-tax gain of $853 million related to the sale of a portion of Steam Power nuclear activities to EDF in the three and six

months ended June 30, 2024.

NOTE 18. FINANCIAL INSTRUMENTS

Loans and Other Receivables. The Company’s financial assets not carried at fair value primarily consist of loan receivables and

noncurrent customer and other receivables. The net carrying amount was $~~325~~338 million and $318 million as of ~~March~~June 3130, 2025 and December

~~December~~ 31, 2024, respectively. The estimated fair value was $~~321~~331 million and $315 million as of ~~March~~June 3130, 2025 and December 31, 2024,

~~2024,~~ respectively. All of these assets are considered to be Level 3.

Derivatives and Hedging. Our primary objective in executing and holding derivatives is to reduce the earnings and cash flow volatility

associated with fluctuations in foreign currency exchange rates and commodity prices over the terms of our customer contracts. These

hedge contracts reduce, but do not entirely eliminate, the impact of foreign currency exchange rate and commodity price movements. The

Company does not enter into or hold derivative instruments for speculative trading purposes.

We use foreign currency contracts to reduce the volatility of cash flows related to forecasted revenues, expenses, assets, and liabilities.

These contracts are generally one to 1211 months in duration but with maximum remaining maturities of up to 1514 years as of ~~March~~June 3130, 2025.

Cash Flow Hedges. The total amount in AOCI related to cash flow hedges was a net $5468 million gain and a net $33 million gain as of June

~~March 31~~30, 2025 and December 31, 2024, respectively, of which a net $26 million gain and a net $22 million gain, respectively, related to our share

~~share~~ of AOCI recognized at our non-consolidated joint ventures. We expect to reclassify $3835 million of pre-tax net losses associated with

designated cash flow hedges to earnings in the next 12 months, contemporaneously with the earnings effects of the related forecasted

transactions. The Company reclassified net gains (losses) from AOCI into earnings of $(910) million and $(139) million for the three months

ended ~~March~~and 31$(19) million and $(22) million for the six months ended June 30, 2025 and 2024, respectively. As of ~~March~~June 3130, 2025, the ~~maximum length of time over which we are hedging forecasted~~

maximum length of time over which we are hedging forecasted transactions was approximately 10 years.

2025 1Q FORM 10-Q 16

Net Investment Hedges. We enter into foreign exchange forwards designated as the hedging instruments in net investment hedging

relationships in order to mitigate the foreign currency risk attributable to the translation of the Company’s net investment in certain non

USD-functional subsidiaries and equity method investees. The total amount in AOCI related to net investment hedges was a net gain of

$3130 million and $33 million as of ~~March~~June 3130, 2025 and December 31, 2024, respectively.

2025 2Q FORM 10-Q 18

The following table presents the gross fair values of our outstanding derivative instruments as of the dates indicated:

GROSS FAIR VALUE OF OUTSTANDING DERIVATIVE INSTRUMENTS

March 31, 2025	Gross Notional	All other current assets	All other assets	All other current liabilities	All other liabilities
June 30, 2025	Gross Notional	All other current assets	All other assets	All other current liabilities	All other liabilities
Foreign currency exchange contracts accounted for as hedges	$6,~~079~~428	$3871	$~~145~~153	$4549	$3849
Foreign currency exchange contracts	3332,~~451~~778	~~294~~406	~~119~~171	~~292~~407	~~120~~165
Commodity and other contracts	~~536~~381	1322	1814	57	24
Derivatives not accounted for as hedges	$33,~~988~~159	$~~307~~428	$~~137~~185	$~~298~~414	$~~122~~169
Total gross derivatives	$4039,~~067~~587	$~~345~~499	$~~282~~338	$~~343~~462	$~~161~~219
Netting adjustment(a)		(~~239~~322)	(~~126~~149)	(~~236~~320)	(~~126~~149)
Net derivatives recognized in the Consolidated and Combined Statement of Financial Position		$~~106~~176	$~~156~~189	$~~107~~142	$3570

(a) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts

include fair value adjustments related to our own and counterparty non-performance risk.


December 31, 2024	Gross Notional	All other current assets	All other assets	All other current liabilities	All other liabilities
Foreign currency exchange contracts accounted for as hedges	$5,789	$61	$144	$58	$65
Foreign currency exchange contracts	34,244	479	159	483	144
Commodity and other contracts	436	12	20	12	2
Derivatives not accounted for as hedges	$34,681	$491	$179	$495	$146
Total gross derivatives	$40,469	$552	$323	$552	$211
Netting adjustment(a)		(383)	(166)	(381)	(166)
Net derivatives recognized in the Consolidated and Combined Statement of Financial Position		$168	$158	$171	$46

(a) The netting of derivative receivables and payables is permitted when a legally enforceable master netting agreement exists. Amounts

include fair value adjustments related to our own and counterparty non-performance risk.

PRE-TAX GAINS (LOSSES) RECOGNIZED IN AOCI RELATED TO CASH FLOW AND NET INVESTMENT HEDGES

	Three months ended March 31
	Three months ended June 30		Six months ended June 30
	2025	2024	2025	2024
Cash flow hedges	$104	$1323	$14	$36
Net investment hedges	(2)	21	(3)	4

The tables below show the effect of our derivative financial instruments in the Consolidated and Combined Statement of Income (Loss):

Three months ended March 31, 2025	Sales of equipment and services	Cost of equipment and services	Selling, general, and administrative expenses	Other income (expense) – net
Three months ended June 30, 2025	Sales of equipment and services	Cost of equipment and services	Selling, general, and administrative expenses	Other income (expense) – net
Total amount of income and expense in the Consolidated and Combined Statement of Income (Loss)	$89,~~032~~111	$67,~~562~~266	$1,~~188~~185	$~~119~~115
Foreign currency exchange contracts	(9)	—	—	—
Effects of cash flow hedges	$(10)	$—	$—	$—
Effects of cash flow hedges	$(9)	$—	$—	$—
Foreign currency exchange contracts	2	(46)	(31)	7
Foreign currency exchange contracts	—	(3)	(38)	2
Commodity and other contracts	—	2	(9)	—
Commodity and other contracts	—	(8)	5	—
Effect of derivatives not designated as hedges	$2	$(44)	$(40)	$7
Effect of derivatives not designated as hedges	$—	$(11)	$(33)	$2
Three months ended June 30, 2024
Total amount of income and expense in the Consolidated and Combined Statement of Income (Loss)	$8,204	$6,502	$938	$881
Effects of cash flow hedges	$(4)	$6	$—	$—
Foreign currency exchange contracts	(6)	(12)	(39)	(10)
Commodity and other contracts	—	(5)	(4)	—
Effect of derivatives not designated as hedges	$(6)	$(18)	$(43)	$(10)

2025 1Q2Q FORM 10-Q 1719

Three months ended March 31, 2024	Sales of equipment and services	Cost of equipment and services	Selling, general, and administrative expenses	Other income (expense) – net
Six months ended June 30, 2025	Sales of equipment and services	Cost of equipment and services	Selling, general, and administrative expenses	Other income (expense) – net
Total amount of income and expense in the Consolidated and Combined Statement of Income (Loss)	$7,260	$6,109	$1,202	$73
Total amount of income (expense) in the Consolidated and Combined Statement of Income (Loss)	$17,143	$13,828	$2,373	$234
Foreign currency exchange contracts	(4)	9	—	—
Effects of cash flow hedges	$(19)	$—	$—	$—
Effects of cash flow hedges	$(4)	$9	$—	$—
Foreign currency exchange contracts	3	(49)	(69)	9
Foreign currency exchange contracts	—	29	(5)	(3)
Commodity and other contracts	—	(6)	(4)	—
Commodity and other contracts	—	—	(11)	—
Effect of derivatives not designated as hedges	$3	$(55)	$(73)	$9
Effect of derivatives not designated as hedges	$—	$29	$(16)	$(3)

The amount excluded for cash flow hedges was a gain (loss) of $8 million and $1 million for the three months ended March 31, 2025 and


Six months ended June 30, 2024
Total amount of income (expense) in the Consolidated and Combined Statement of Income (Loss)	$15,463	$12,611	$2,140	$954
Effects of cash flow hedges	$(7)	$14	$—	$—
Foreign currency exchange contracts	(6)	17	(44)	(13)
Commodity and other contracts	—	(5)	(15)	—
Effect of derivatives not designated as hedges	$(6)	$12	$(59)	$(13)

~~2024,~~The ~~respectively.~~amount ~~This~~excluded ~~amount~~for iscash ~~recognized~~flow inhedges ~~Sales~~was ofa ~~equipment,~~gain ~~Sales~~(loss) of ~~services,~~$12 million ~~Cost~~and of$10 million ~~equipment,~~for ~~and~~the ~~Cost~~three ofmonths ~~services~~ended inand ~~our~~$20 million and

~~Consolidated~~$11 million for the six months ended June 30, 2025 and ~~Combined~~2024, ~~Statement~~respectively. This amount is recognized in Sales of ~~Income~~equipment, ~~(Loss).~~Sales of

services, Cost of equipment, and Cost of services in our Consolidated and Combined Statement of Income (Loss).

NOTE 19. VARIABLE INTEREST ENTITIES (VIEs). In our Consolidated and Combined Statement of Financial Position, we have

assets of $~~112~~76 million and $111 million and liabilities of $~~140~~110 million and $134 million as of ~~March~~June 3130, 2025 and December 31, 2024,

respectively, from consolidated VIEs. These entities were created to manage our insurance exposure through an insurance captive and to

help our customers facilitate or finance the purchase of GE Vernova equipment and services, and have no features that could expose us to

losses that would significantly exceed the difference between the consolidated assets and liabilities.

Our investments in unconsolidated VIEs were $89109 million and $90 million as of ~~March~~June 3130, 2025 and December 31, 2024, respectively. Of

these investments, $3551 million and $37 million as of ~~March~~June 3130, 2025 and December 31, 2024, respectively, were owned by our Financial

Services business. Our maximum exposure to loss in respect of unconsolidated VIEs is increased by our commitments to make additional

investments in these entities described in Note 20.

NOTE 20. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES, AND OTHER LOSS CONTINGENCIES

Commitments. We had total investment commitments of $78 million and unfunded lending commitments of $9565 million at ~~March~~June 3130, 2025.

The commitments primarily consist of obligations to make investments or provide funding by our Gas Power and Financial Services

businesses. See Note 19 for further information.

Guarantees. As of ~~March~~June 3130, 2025, we were committed under the following guarantee arrangements:

Credit support. We have provided $~~571~~602 million of credit support on behalf of certain customers or associated companies, predominantly

joint ventures and partnerships, using arrangements such as standby letters of credit and performance guarantees, and a line of credit to

support our consolidated subsidiaries. The liability for such credit support was $6 million.

Indemnification agreements. We have $~~952~~948 million of indemnification commitments, including obligations arising from the Spin-Off, our

commercial contracts, and agreements governing the sale of business assets, for which we recorded a liability of $~~569~~582 million. The liability

is primarily associated with cash and deposits, of which $325 million relates to cash transferred to the Company from GE as part of the

Spin-Off that is restricted in connection with certain legal matters related to legacy GE operations. The liability reflects the use of these

funds to settle any associated obligations and the return of any remaining cash to GE in a future reporting period once resolved. In addition,

the liability includes $149 million of indemnifications in connection with agreements entered into with GE related to the Spin-Off, including

the Tax Matters Agreement.

Product Warranties. We provide for estimated product warranty expenses when we sell the related products. Because warranty estimates

are forecasts that are based on the best available information, mostly historical claims experience, claims costs may differ from amounts

provided. The liability for product warranties was $1,~~405~~440 million and $1,370 million as of ~~March~~June 3130, 2025 and December 31, 2024,

respectively.

Credit Facilities. We have $6,000 million of credit facilities consisting of (i) a five-year unsecured revolving credit facility in an aggregate

committed amount of $3,000 million and (ii) a standby letter of credit and bank guarantee facility in an aggregate committed amount of

$3,000 million. For further information, see Note 22 in the Notes to our consolidated and combined financial statements in our Annual

Report on Form 10-K for the fiscal year ended December 31, 2024. Fees related to the unused portion of the facilities were insignificant in

the three and six months ended ~~March~~June 3130, 2025, respectively.

2025 2Q FORM 10-Q 20

Legal Matters. In the normal course of our business, we are involved from time to time in various arbitrations, class actions, commercial

litigation, investigations, and other legal, regulatory, or governmental actions, including the significant matters described below that could

have a material impact on our results of operations. In many proceedings, including the specific matters described below, it is inherently

difficult to determine whether any loss is probable or even reasonably possible or to estimate the size or range of the possible loss, and

accruals for legal matters are not recorded until a loss for a particular matter is considered probable and reasonably estimable. Given the

nature of legal matters and the complexities involved, it is often difficult to predict and determine a meaningful estimate of loss or range of

loss until we know, among other factors, the particular claims involved, the likelihood of success of our defenses to those claims, the

damages or other relief sought, how discovery or other procedural considerations will affect the outcome, the settlement posture of other

parties, and other factors that may have a material effect on the outcome. For these matters, unless otherwise specified, we do not believe

it is possible to provide a meaningful estimate of loss at this time. Moreover, it is not uncommon for legal matters to be resolved over many

years, during which time relevant developments and new information must be continuously evaluated.

2025 1Q FORM 10-Q 18

Alstom Legacy Legal Matters. In November 2015, we acquired the power and grid businesses of Alstom, which prior to the acquisition

was the subject of significant cases involving anti-competitive activities and improper payments. The estimated liability balance was $~~235~~221

million and $236 million at ~~March~~June 3130, 2025 and December 31, 2024, respectively, for legal and compliance matters related to the legacy

business practices that were the subject of cases in various jurisdictions. Allegations in these cases relate to claimed anti-competitive

conduct or improper payments in the pre-acquisition period as the source of legal violations or damages. Given the significant litigation and

compliance activity related to these matters and our ongoing efforts to resolve them, it is difficult to assess whether the disbursements will

ultimately be consistent with the estimated liability established. The estimation of this liability may not reflect the full range of uncertainties

and unpredictable outcomes inherent in litigation and investigations of this nature, and at this time we are unable to develop a meaningful

estimate of the range of reasonably possible additional losses beyond the amount of this estimated liability. Factors that can affect the

ultimate amount of losses associated with these and related matters include formulas for determining disgorgement, fines and/or penalties,

the duration and amount of legal and investigative resources applied, political and social influences within each jurisdiction, and tax

consequences of any settlements or previous deductions, among other considerations. Actual losses arising from claims in these and

related matters could exceed the amount provided.

Environmental and Asset Retirement Obligations. Our operations involve the use, disposal, and cleanup of substances regulated under

environmental protection laws and nuclear decommissioning regulations. We have obligations for ongoing and future environmental

remediation activities and may incur additional liabilities in connection with previously remediated sites. Additionally, like many other

industrial companies, we and our subsidiaries are defendants in various lawsuits related to alleged worker exposure to asbestos or other

hazardous materials. Liabilities for environmental remediation, nuclear decommissioning, and worker exposure claims exclude possible

insurance recoveries.

It is reasonably possible that our exposure will exceed amounts accrued. However, due to uncertainties about the status of laws,

regulations, technology, and information related to individual sites and lawsuits, such amounts are not reasonably estimable. Our reserves

related to environmental remediation and worker exposure claims recorded in All other liabilities were $~~139~~138 million ~~and~~for ~~$138~~both ~~million~~June as30, of2025

~~March 31, 2025~~ and December 31, 2024~~, respectively~~.

We record asset retirement obligations associated with the retirement of tangible long-lived assets as a liability in the period in which the

obligation is incurred and its fair value can be reasonably estimated. These obligations primarily represent nuclear decommissioning, legal

obligations to return leased premises to their initial state, or dismantle and repair specific alterations for certain leased sites. The liability is

measured at the present value of the obligation when incurred and is adjusted in subsequent periods. Corresponding asset retirement costs

are capitalized as part of the carrying value of the related long-lived assets and depreciated over the asset’s useful life. Our asset

retirement obligations were $~~525~~520 million and $622 million as of ~~March~~June 3130, 2025 and December 31, 2024, respectively, and are recorded in All

~~All~~ other current liabilities and All other liabilities in our Consolidated and Combined Statement of Financial Position. Of these amounts, $440

~~$440~~ million and $546 million were related to nuclear decommissioning obligations. The decrease in the liability balance was primarily due to a

~~to a~~ settlement of a nuclear decommissioning obligation during the ~~three~~first ~~months~~quarter ~~ended~~of ~~March 31,~~ 2025.

2025 2Q FORM 10-Q 21

NOTE 21. RESTRUCTURING CHARGES AND SEPARATION COSTS

Restructuring and Other Charges. The Company has undertaken or committed to various restructuring initiatives, including workforce

reductions and the consolidation of manufacturing and service facilities. Restructuring and other charges primarily include employee-related

termination benefits associated with workforce reductions, facility exit costs, asset write-downs, and cease-use costs. We expect the

majority of costs to be incurred within two years of the commitment of a restructuring initiative.

This table is inclusive of all restructuring charges and the charges are shown below for the business where they originated. Separately, in

our reported segment results, major restructuring programs are excluded from measurement of segment operating performance for internal

and external purposes; those excluded amounts are reported in Restructuring and other charges. See Note 22 for further information.

RESTRUCTURING AND OTHER CHARGES	Three months ended ~~March~~June 3130		Six months ended June 30
	2025	2024	2025	2024
Workforce reductions	$4129	$7635	$70	$111
Plant closures and associated costs and other asset write-downs	229	6624	31	91
Acquisition/disposition net charges and other	5	53	10	8
Total restructuring and other charges	$6843	$~~147~~62	$111	$210
Cost of equipment and services	$5424	$~~104~~15	$78	$120
Selling, general, and administrative expenses	1419	4247	33	90
Total restructuring and other charges	$6843	$~~147~~62	$111	$210
Power	$1112	$48	$23	$97
Wind	511	8913	52	102
Electrification	225	107	27	17
Other	45	—(6)	9	(6)
Total restructuring and other charges(a)	$6843	$~~147~~62	$111	$210

(a) Includes $2814 million and $68 23 million, for the three months ended ~~March~~and ~~31,~~$42 million ~~2025~~ and ~~2024,~~$93 million ~~respectively,~~for ~~primarily~~the ofsix ~~non-cash~~months ended June 30, 2025

and 2024, respectively, primarily of non-cash impairment, accelerated depreciation, and other charges not reflected in the liability table ~~below.~~

below.

Liabilities associated with restructuring activities were primarily related to workforce reductions, and were recorded in All other current

liabilities, All other liabilities, and Non-current compensation and benefits.

2025 1Q FORM 10-Q 19


RESTRUCTURING LIABILITIES	2025	2024
Balance as of January 1	$308	$276
Additions	69	117
Payments	(79)	(135)
Foreign exchange and other	(21)	88
Balance as of June 30	$277	$346

RESTRUCTURING LIABILITIES	2025	2024
Balance as of January 1	$308	$276
Additions	40	78
Payments	(46)	(61)
Foreign exchange and other	(25)	(4)
Balance as of March 31	$277	$289

Total restructuring and other charges incurred for the six months ended June 30, 2025 and 2024 primarily relate to programs to simplify the

~~Total~~organizational ~~restructuring~~structure ~~and~~of, ~~other~~reduce ~~charges~~operating ~~incurred~~costs ~~for the three months ended March 31~~in, ~~2025~~ and ~~2024 primarily relate~~ to ~~programs~~right-size tothe ~~simplify~~Wind business.

~~the~~On ~~organizational~~July ~~structure~~21, of2025, ~~reduce~~we ~~operating~~approved ~~costs~~a ~~in,~~restructuring ~~and~~plan to(the ~~right-size~~“Plan”) ~~the~~accelerating ~~Wind~~previously ~~business.~~announced enterprise transformation activities to

~~Separation~~reduce ~~Costs.~~general Inand ~~connection~~administrative ~~with~~costs. ~~the~~We ~~Spin-Off,~~anticipate that the ~~Company~~Plan ~~recognized~~will ~~separation~~be ~~costs~~substantially ofcomplete ~~$45 million~~by ~~for~~mid-2026, ~~the~~subject ~~three~~to ~~months~~local ~~ended~~law

~~March 31~~requirements, ~~2025~~including inmandatory ~~our~~information ~~Consolidated~~ and ~~Combined~~consultation ~~Statement~~with ofemployee ~~Income~~representatives ~~(Loss).~~in ~~Separation~~applicable ~~costs~~locations. ~~include~~We ~~system~~expect ~~implementations,~~to incur

~~advisory~~approximately ~~fees,~~$250 million ~~one-time~~to ~~stock~~$275 million ~~option~~in ~~grant,~~costs ~~and~~in ~~other~~connection ~~one-time~~with ~~costs~~the Plan, ~~which are~~ primarily ~~recorded~~consisting inof ~~Selling,~~termination ~~general,~~benefits ~~and~~associated ~~administrative~~with a

reduction in the workforce, with approximately $200 million to $225 million of the costs resulting in future cash expenditures. We estimate

the savings on the Plan to be approximately $250 million, with savings beginning in 2026.

The estimates of the costs that we expect to incur in connection with the Plan, and the timing thereof, are subject to a number of

assumptions, including local law requirements in various jurisdictions, and actual amounts may differ from the estimates discussed above.

In addition, we may incur other costs or cash expenditures not currently contemplated due to unanticipated events that may occur, including

in connection with the implementation of the Plan.

Separation Costs. In connection with the Spin-Off, the Company recognized separation costs (benefits) of $34 million and $(91) million for

the three months ended and $80 million and $(91) million for the six months ended June 30, 2025 and 2024, respectively, in our

Consolidated and Combined Statement of Income (Loss). Separation costs include system implementations, advisory fees, one-time stock

option grant, and other one-time costs, which are primarily recorded in Selling, general, and administrative costs. In addition, in connection

with GE retaining certain renewable energy U.S. tax equity investments as part of the Spin-Off, the Company recognized a

$136 million benefit related to deferred intercompany profit from historical equipment sales to the related investees, recorded in Cost of

equipment for three and six months ended June 30, 2024. See Note 10 for further information.

2025 2Q FORM 10-Q 22

NOTE 22. SEGMENT INFORMATION. Operating segments include components of an enterprise about which separate financial

information is available that is evaluated regularly by the Company’s Chief Operating Decision Maker (CODM) for the purpose of assessing

performance and allocating resources. The Company’s CODM is its Chief Executive Officer (CEO). Our operating activities are managed

through three segments: Power, Wind, and Electrification. These segments have been identified based on the nature of the products and

services sold and how the Company manages its operations.

The performance of these segments is principally measured based on revenues and segment EBITDA. Segment EBITDA is determined

based on the performance measures used by our CEO to assess the performance of each business in a given period. In connection with

that assessment, the CEO may exclude matters, such as charges for impairments, significant higher-cost restructuring programs,

manufacturing footprint rationalization and other similar expenses, acquisition costs and other related charges, certain gains and losses

from acquisitions or dispositions, and certain other non-operational items.

Consistent accounting policies have been applied by all segments for all reporting periods. See Note 1 for a description of our reportable

segments.

	Three months ended March 31
	Three months ended June 30		Six months ended June 30
TOTAL SEGMENT REVENUES BY BUSINESS UNIT	2025	2024	2025	2024
Gas Power	$3,~~579~~884	$3,~~041~~459	$7,463	$6,500
Nuclear Power	~~200~~189	~~229~~222	389	450
Hydro Power	~~157~~201	~~181~~182	358	363
Steam Power	~~487~~484	~~584~~592	971	1,176
Power	$4,~~423~~758	$4,~~035~~455	$9,180	$8,490
Onshore Wind	$1,~~583~~962	$1,~~059~~560	$3,545	$2,619
Offshore Wind	~~204~~225	~~441~~353	430	794
LM Wind Power	6358	~~139~~149	120	288
Wind	$12,~~850~~245	$12,~~639~~062	$4,095	$3,701
Grid Solutions	$1,~~275~~570	$1,~~109~~142	$2,844	$2,251
Power Conversion & Storage	~~381~~411	~~336~~426	792	762
Electrification Software	~~224~~220	~~206~~223	444	428
Electrification	$12,~~879~~201	$1,~~651~~790	$4,080	$3,441
Total segment revenues	$89,~~151~~204	$78,~~325~~307	$17,355	$15,632

SEGMENT EBITDA
Three months ended March 31, 2025	Power	Wind	Electrification	Total
Three months ended June 30, 2025	Power	Wind	Electrification	Total
Equipment revenues	$1,~~422~~459	$1,~~406~~786	$1,~~369~~649	$4,~~197~~894
Services revenues	23,~~924~~254	~~438~~447	~~466~~503	34,~~828~~205
Intersegment revenues	7645	711	4449	~~126~~105
Segment revenues	4,~~423~~758	12,~~850~~245	12,~~879~~201	89,~~151~~204
Other revenues and elimination of intersegment revenues				(~~119~~92)
Total revenues				89,~~032~~111
Less:(a)
Cost of revenues(b)	3,~~369~~449	12,~~840~~226	1,~~283~~518
Selling, general, and administrative expenses(b)	~~454~~448	~~134~~141	~~344~~320
Research and development expenses(b)	~~104~~128	3340	87105
Other segment items(c)	(1346)	~~(11)~~3	(4964)
Segment EBITDA	$~~508~~778	$(~~146~~165)	$~~214~~322	$~~576~~934
Six months ended June 30, 2025	Power	Wind	Electrification	Total
Equipment revenues	$2,881	$3,192	$3,018	$9,091
Services revenues	6,178	885	969	8,033
Intersegment revenues	121	18	93	231
Segment revenues	9,180	4,095	4,080	17,355
Other revenues and elimination of intersegment revenues				(212)
Total revenues				17,143
Less:(a)
Cost of revenues(b)	6,819	4,066	2,801
Selling, general, and administrative expenses(b)	902	276	664
Research and development expenses(b)	232	73	193
Other segment items(c)	(59)	(8)	(113)
Segment EBITDA	$1,286	$(312)	$535	$1,510

2025 1Q FORM 10-Q 20

Three months ended March 31, 2024	Power	Wind	Electrification	Total
Equipment revenues	$1,185	$1,227	$1,203	$3,615
Services revenues	2,823	407	403	3,632
Intersegment revenues	28	5	44	78
Segment revenues	4,035	1,639	1,651	7,325
Other revenues and elimination of intersegment revenues				(65)
Total revenues				7,260
Less:(a)
Cost of revenues(b)	3,136	1,610	1,195
Selling, general, and administrative expenses(b)	516	147	330
Research and development expenses(b)	80	62	87
Other segment items(c)	(42)	(7)	(27)
Segment EBITDA	$345	$(173)	$66	$238

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

Intersegment expenses are included within the amounts shown.

(b) Excludes depreciation and amortization expenses.

RECONCILIATION OF SEGMENT EBITDA TO NET INCOME (LOSS)	Three months ended March 31
	2025	2024
Segment EBITDA	$576	$238
Corporate and other(a)	(119)	(49)
Restructuring and other charges	(67)	(148)
Gains (losses) on purchases and sales of business interests	19	(5)
Separation (costs) benefits(b)	(45)	—
Non-operating benefit income	115	134
Depreciation and amortization(c)	(203)	(209)
Interest and other financial charges – net(d)	55	(4)
Benefit (provision) for income taxes	(67)	(64)
Net income (loss)	$264	$(106)

2025 2Q FORM 10-Q 23

(a) Includes interest expense (income) of zero and $10 million and benefit (provision) for income taxes of $(2) million and $54 million for the


Three months ended June 30, 2024	Power	Wind	Electrification	Total
Equipment revenues	$1,284	$1,660	$1,246	$4,190
Services revenues	3,129	393	475	3,997
Intersegment revenues	42	9	69	119
Segment revenues	4,455	2,062	1,790	8,307
Other revenues and elimination of intersegment revenues				(103)
Total revenues				8,204
Less:(a)
Cost of revenues(b)	3,315	1,975	1,262
Selling, general, and administrative expenses(b)	491	145	315
Research and development expenses(b)	86	59	88
Other segment items(c)	(50)	—	(5)
Segment EBITDA	$613	$(117)	$129	$626

Six months ended June 30, 2024	Power	Wind	Electrification	Total
Equipment revenues	$2,468	$2,887	$2,450	$7,805
Services revenues	5,952	799	878	7,629
Intersegment revenues	70	15	113	197
Segment revenues	8,490	3,701	3,441	15,632
Other revenues and elimination of intersegment revenues				(169)
Total revenues				15,463
Less:(a)
Cost of revenues(b)	6,451	3,584	2,458
Selling, general, and administrative expenses(b)	1,007	292	645
Research and development expenses(b)	166	121	175
Other segment items(c)	(93)	(7)	(32)
Segment EBITDA	$958	$(289)	$195	$864

~~three~~(a) ~~months~~The ~~ended~~significant ~~March~~expense ~~31,~~categories ~~2025~~ and ~~2024,~~amounts ~~respectively,~~align ~~related~~with tothe ~~our~~segment-level ~~Financial~~information ~~Services~~that ~~business~~is ~~which,~~regularly ~~because~~provided ofto the ~~nature~~CODM. of

~~its~~Intersegment ~~investments,~~expenses isare ~~measured~~included onwithin anthe ~~after-tax~~amounts ~~basis~~shown.

(b) Excludes depreciation and amortization expenses.


RECONCILIATION OF SEGMENT EBITDA TO NET INCOME (LOSS)
	Three months ended June 30		Six months ended June 30
	2025	2024	2025	2024
Segment EBITDA	$934	$626	$1,510	$864
Corporate and other(a)	(164)	(101)	(283)	(150)
Restructuring and other charges	(42)	(62)	(108)	(210)
Gains (losses) on purchases and sales of business interests	—	847	19	842
Separation (costs) benefits(b)	(34)	91	(80)	91
Arbitration refund(c)	—	254	—	254
Non-operating benefit income	110	134	225	269
Depreciation and amortization(d)	(202)	(237)	(406)	(445)
Interest and other financial charges – net(e)	41	61	97	58
Benefit (provision) for income taxes	(151)	(333)	(218)	(397)
Net income (loss)	$492	$1,280	$756	$1,174

(a) Includes interest expense (income) of zero and $1 million and benefit (provision) for income taxes of $(2) million and $11 million for the

three months ended June 30, 2025 and 2024, respectively, as well as interest expense (income) of $(1) million and $11 million and

benefit (provision) for income taxes of $(4) million and $64 million for the six months ended June 30, 2025 and 2024, respectively,

related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax basis.

(b) Costs incurred in the Spin-Off and separation from GE, including system implementations, advisory fees, one-time stock option grant,

and other one-time costs. In addition, 2024 includes $136 million benefit related to deferred intercompany profit that was recognized

~~(c)~~upon ~~Excludes~~GE ~~depreciation~~retaining ~~and~~the ~~amortization~~renewable ~~expense~~energy ~~related to Restructuring and other charges~~U.S. ~~Includes~~tax ~~amortization~~equity ~~of basis differences~~ investments.

(c) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan and excludes $52 million

related to the interest on such amounts that was recorded in Interest and other financial charges - net.

(d) Excludes depreciation and amortization expense related to Restructuring and other charges. Includes amortization of basis differences

included in Equity method investment income (loss) which is part of Other income (expense) - net.

(de) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business

operations primarily with customers.

ASSETS BY SEGMENT	March 31, 2025	December 31, 2024
Power	$23,882	$24,161
Wind	9,922	9,970
Electrification	7,606	7,402
Other(a)	10,150	9,952
Total assets	$51,559	$51,485

2025 2Q FORM 10-Q 24


ASSETS BY SEGMENT	June 30, 2025	December 31, 2024
Power	$24,389	$24,161
Wind	10,492	9,970
Electrification	7,992	7,402
Other(a)	10,205	9,952
Total assets	$53,078	$51,485

(a)We classify deferred tax assets as "Other" for purposes of this disclosure.

	Property, plant, and equipment additions		Depreciation and amortization
PROPERTY, PLANT, AND EQUIPMENT ADDITIONS	Three months ended June 30		Six months ended June 30
	Three months ended March 31		Three months ended March 31
	2025	2024	2025	2024
Power	$8469	$50	$~~116~~153	$~~115~~99
Wind	5045	~~112~~52	5495	66165
Electrification	3633	1324	2169	2137
Other	1520	4230	1535	4871
Total	$~~186~~167	$~~216~~156	$~~205~~353	$~~251~~372

2025 1Q FORM 10-Q 21


DEPRECIATION AND AMORTIZATION	Three months ended June 30		Six months ended June 30
	2025	2024	2025	2024
Power	$115	$124	$231	$239
Wind	51	66	105	132
Electrification	23	23	43	44
Other	16	41	31	89
Total	$205	$254	$410	$505

2025 2Q FORM 10-Q 25

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction

with our consolidated and combined financial statements, which are prepared in conformity with U.S. generally accepted accounting

principles (GAAP), and corresponding notes included elsewhere in this Quarterly Report on Form 10-Q. The following discussion and

analysis provides information that management believes to be relevant to understanding the financial condition and results of operations of

the Company for the three and six months ended ~~March~~June 3130, 2025 and 2024. The below discussion should be read alongside Item 7.

"Management’s Discussion and Analysis of Financial Condition and Results of Operations" and our audited consolidated and combined

financial statements and corresponding notes in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Unless

otherwise noted, tables are presented in U.S. dollars in millions, except for per-share amounts which are presented in U.S. dollars. Certain

columns and rows within tables may not add due to the use of rounded numbers. Percentages presented in this report are calculated from

the underlying numbers in millions. Unless otherwise noted, statements related to changes in operating results relate to the corresponding

period in the prior year.

In the accompanying analysis of financial information, we sometimes use information derived from consolidated and combined financial

data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered “non-GAAP

financial measures” under SEC rules. For the reasons we use these non-GAAP financial measures and the reconciliations to their most

directly comparable GAAP financial measures, see "—Non-GAAP Financial Measures."

Financial Presentation Under GE Ownership. We completed our separation from General Electric Company (GE), which now operates

as GE Aerospace, on April 2, 2024 (the Spin-Off). For further information, see Note 1 in the Notes to our audited consolidated and

combined financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Tariffs. ~~During~~Throughout ~~April~~ 2025, the United States and other countries imposed global tariffs. These tariffs and any future tariffs will result in

additional costs to us. The current total estimated cost impact from the global tariffs as outlined is approximately $300 million to $400 million

infor the full year 2025, after taking into consideration contractual protections and mitigating actions. The actual impact of the tariffs may be ~~significantly~~

significantly different than our current estimate. Our estimate is subject to several factors including the amount, duration, scope and nature ~~of the tariffs,~~

of the tariffs, countermeasures that countries take, mitigating or other actions we take, and contractual implications.

Power Conversion & Storage. Effective January 1, 2025, our Power Conversion and Solar & Storage Solutions business units within our

Electrification segment were combined to form a new business unit, Power Conversion & Storage. Historical financial information presented

within this report conforms to the new business unit structure within the Electrification segment.

TRENDS AND FACTORS IMPACTING OUR PERFORMANCE. We believe our performance and future success depends on a number of

factors that present significant opportunities for us but also pose risks and challenges, including those discussed below.

Our worldwide operations are affected by regional and global factors impacting energy demand, including industry trends like

decarbonization, an increasing demand for renewable energy alternatives, ~~and~~governmental ~~changes~~regulations inand ~~broader~~policies, ~~economic~~ and ~~geopolitical~~changes ~~conditions.~~in broader

economic and geopolitical conditions. These trends, along with the growing focus on the digitization and sustainability of the electricity ~~infrastructure, drive growth across each of~~

infrastructure, can impact performance across each of our business segments. We believe that our industry-defining technologies and ~~commitment to innovation position us well to capitalize on~~

commitment to innovation position us well to capitalize on, as well as mitigate adverse impacts from, these long-term trends:

•Demand growth for electricity generation – Significant investment, infrastructure, and supply diversity will be essential to help meet

forecasted energy demand growth arising from population and global economic growth.

•Decarbonization – The urgency to combat climate change is fueling technology advancements that improve the economic viability and

efficiency of renewable energy alternatives and facilitate the transition to a more sustainable power sector.

•Evolving generation mix – The power industry is shifting from coal generation to more electricity generated from zero- or low-carbon

energy sources, and an evolving balance of generation sources will be necessary to maintain a reliable, resilient and affordable

system.

•Energy resilience & security – Threats and challenges from extreme weather events, cyber-attacks, and geopolitical tensions have

increased focus on the strength and resilience of power generation and transmission and reinforced the need for a diversified mix of

energy sources.

•Grid modernization and investment – Increased demand and the integration of advanced generation and storage solutions drive the

need to update aging infrastructure with new grid integration and automation solutions.

•Regulatory and policy changes – Government policies and regulations, such as carbon pricing, renewable energy mandates, and

subsidies for renewable energy technologies, can significantly impact the power generation landscape. Staying ahead of regulatory

changes and adapting to new compliance requirements is crucial for maintaining a competitive advantage.

•Financial and investment dynamics – Access to capital and investment trends in the energy sector can influence the development and

deployment of new power generation projects. Understanding market dynamics and securing funding are key to progressing strategic

initiatives.

RESULTS OF OPERATIONS

Summary of Results. RPO was $~~123~~128.47 billion and $~~116~~115.35 billion as of ~~March~~June 3130, 2025 and 2024, respectively. For the three months ended

~~March~~June 3130, 2025, total revenues were $89.01 billion, an increase of $0.89 billion for the quarter. Net income (loss) was $0.35 billion, ana ~~increase~~decrease of

of $0.48 billion in net income for the quarter, and net income (loss) margin was 35.34%. Diluted earnings (loss) per share was $01.9186 for the three

~~three~~ months ended ~~March~~June 3130, 2025, ana ~~increase~~decrease in diluted earnings per share of $1(2.3878) for the quarter. Cash flows from (used for) operating

~~operating~~ activities were $1.25 billion and $(0.4)5 billion for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively.

For the three months ended ~~March~~June 3130, 2025, Adjusted EBITDA* was $0.58 billion, an increase of $0.32 billion. Free cash flow* was $1.02 billion

~~billion~~ and $(0.7)2 billion for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively.

*Non-GAAP Financial Measure

2025 1Q2Q FORM 10-Q 2226

RPO, a measure of backlog, includes unfilled firm and unconditional customer orders for equipment and services, excluding any purchase

order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. Services RPO includes the

estimated life of contract sales related to long-term service agreements which remain unsatisfied at the end of the reporting period,

excluding contracts that are not yet active. Services RPO also includes the estimated amount of unsatisfied performance obligations for

time and material agreements, material services agreements, spare parts under purchase order, multi-year maintenance programs, and

other services agreements, excluding any order that provides the customer with the ability to cancel or terminate without incurring a

substantive penalty. See Note 8 in the Notes to the consolidated and combined financial statements for further information.

RPO	~~March~~June 3130, 2025	December 31, 2024	~~March~~June 3130, 2024
Equipment	$4549,~~478~~712	$43,047	$4241,~~210~~561
Services	7778,~~959~~938	75,976	7473,~~083~~915
Total RPO	$~~123~~128,~~438~~650	$119,023	$~~116~~115,~~293~~476

As of ~~March~~June 3130, 2025, RPO increased $49.46 billion (48%) from December 31, 2024, primarily at Power, due to increases at Gas Power due to

to Heavy-Duty Gas Turbine and Aeroderivative equipment and contractual services, and increases at ~~Steam Power services and~~ Hydro Power equipment; atand Steam

Power services; at Electrification, primarily due to demand for switchgear, ~~and~~alternating ~~transformers~~current atsubstation ~~Grid~~solutions, ~~Solutions;~~and ~~partially~~transformers ~~offset~~ at ~~Wind,~~Grid ~~due to a decrease in~~

Solutions; partially offset at Wind, due to a decrease in orders at Onshore Wind, and at Offshore Wind as we continue to execute on our ~~contracts. RPO increased $7.1 billion (6%) from March~~

31contracts. RPO increased $13.2 billion (11%) from June 30, 2024, primarily at ~~Electrification~~Power, due to ~~demand~~increases ~~for~~in ~~high-voltage~~Gas ~~direct~~Power ~~current~~equipment ~~solutions~~ and ~~switchgear at Grid Solutions; at Power,~~

~~primarily due to Gas Power~~services, ~~driven~~and by increases in ~~services~~Hydro ~~and~~Power equipment, and ~~increases~~Steam inPower ~~Hydro~~services; ~~Power~~at ~~equipment~~Electrification, ~~partially~~due ~~offset~~to bydemand afor high-voltage direct

~~reduction~~current ofsolutions, ~~approximately~~switchgear, ~~$3.9~~and ~~billion~~alternating ~~related~~current tosubstation ~~the~~solutions ~~sale~~at ofGrid aSolutions; ~~portion~~partially ofoffset ~~Steam~~at ~~Power~~Wind, ~~nuclear~~due ~~activities~~ to ~~Electricité~~decreases deat ~~France S.A. (EDF)~~

~~which~~Offshore ~~was~~Wind ~~completed~~as inwe ~~the~~continue ~~second~~to ~~quarter~~execute ofon ~~2024;~~our ~~partially~~contracts ~~offset~~and atthe ~~Wind,~~finalization ~~due~~of tothe ~~decreases~~settlement atof ~~Offshore~~a ~~Wind~~previously ascanceled weproject ~~continue~~in tothe ~~execute~~third

~~on our contracts, and the finalization of the settlement of a previously canceled project in the third~~ quarter of 2024, and decreases at Onshore Wind.

Onshore Wind.


	Three months ended June 30		Six months ended June 30
REVENUES	2025	2024	2025	2024
Equipment revenues	$4,894	$4,194	$9,091	$7,811
Services revenues	4,217	4,010	8,052	7,652
Total revenues	$9,111	$8,204	$17,143	$15,463

	Three months ended March 31
REVENUES	2025	2024
Equipment revenues	$4,197	$3,617
Services revenues	3,835	3,642
Total revenues	$8,032	$7,260

For the three months ended June 30, 2025, total revenues increased $0.9 billion (11%). Equipment revenues increased at Electrification,

~~For~~primarily ~~the~~at ~~three~~Grid ~~months~~Solutions ~~ended~~due ~~March~~to ~~31,~~growth ~~2025,~~in ~~total~~high-voltage ~~revenues~~direct ~~increased~~current ~~$0.8~~solutions, ~~billion~~switchgear, ~~(11%).~~and ~~Equipment~~transformer ~~revenues~~equipment ~~increased~~volume; at Power, ~~due~~

due to increases in Gas Power from Heavy-Duty Gas Turbine deliveries; ~~increased~~partially atoffset ~~Wind,~~by ~~primarily~~lower atAeroderivative ~~Onshore~~unit ~~Wind~~shipments; ~~due~~and toat ~~improved~~Wind, ~~pricing~~

~~and~~primarily at Onshore Wind due to delivery of more units partially offset at Offshore Wind due to a slower pace of production;. ~~and~~Services ~~increased at Electrification, primarily at~~

~~Grid~~revenues ~~Solutions~~increased ~~due~~at toPower, ~~growth~~driven inby ~~switchgear~~higher ~~and~~Gas ~~transformer~~Power ~~equipment~~parts volume., ~~Services~~and ~~revenues increased~~ at ~~Power,~~Wind ~~driven~~and ~~by Gas~~ Electrification.

Power and Steam Power favorable volume and price; and increased at Electrification, primarily due to growth at Grid Solutions.

Organic revenues* exclude the effects of acquisitions, dispositions, and foreign currency. Excluding these effects, organic revenues*

increased $1.10 billion (1512%), organic ~~services~~equipment revenues* increased $0.37 billion (818%), and organic ~~equipment~~services revenues* increased $0.82

billion (226%). Organic revenues* increased at Power, Electrification, and Wind.

	Three months ended March 31
EARNINGS (LOSS)	2025	2024
Operating income (loss)	$43	$(289)
Net income (loss)	264	(106)
Net income (loss) attributable to GE Vernova	254	(130)
Adjusted EBITDA*	457	189
Diluted earnings (loss) per share(a)	$0.91	$(0.47)

For the six months ended June 30, 2025, total revenues increased $1.7 billion (11%). Equipment revenues increased at Electrification,

primarily at Grid Solutions due to growth in high-voltage direct current solutions, switchgear, and transformer equipment volume; at Power,

due to increases in Gas Power from Heavy-Duty Gas Turbine deliveries; and at Wind, primarily at Onshore Wind due to delivery of more

units partially offset at Offshore Wind due to a slower pace of production. Services revenues increased at Power, driven by Gas Power and

Steam Power higher volume in contractual and non-contractual services; at Electrification, primarily due to growth at Grid Solutions; and at

Wind.

Organic revenues* exclude the effects of acquisitions, dispositions, and foreign currency. Excluding these effects, organic revenues*

increased $2.1 billion (14%), organic equipment revenues* increased $1.5 billion (20%) and organic services revenues* increased $0.5

billion (7%). Organic revenues* increased at Power, Electrification, and Wind.


	Three months ended June 30		Six months ended June 30
EARNINGS (LOSS)	2025	2024	2025	2024
Operating income (loss)	$378	$527	$421	$238
Net income (loss)	492	1,280	756	1,174
Net income (loss) attributable to GE Vernova	514	1,294	768	1,164
Adjusted EBITDA*	770	524	1,227	714
Diluted earnings (loss) per share(a)	$1.86	$4.65	$2.77	$4.22

(a)The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that

were issued upon Spin-Off and excludes Net loss (income) attributable to noncontrolling interests. For periods prior to the Spin-Off, the

Company participated in various GE stock-based compensation plans, and there were no dilutive equity instruments as there were no

equity awards of GE Vernova outstanding prior to Spin-Off.

For the three months ended March 31, 2025, operating income (loss) was under $0.1 billion, a $0.3 billion increase, primarily due to: an

increase in segment results at Power of $0.2 billion, primarily at Gas Power and Steam Power due to higher volume, favorable price, and

increased productivity partially offset by the impact of inflation and additional expenses to support investments at Gas Power and Nuclear

Power; at Electrification of $0.1 billion, primarily due to volume, productivity, and favorable price at Grid Solutions; and at Wind of less than

$0.1 billion, primarily at Onshore Wind due to improved equipment pricing, market selectivity, and increases in units delivered at Onshore

Wind, partially offset by decreases in Onshore Wind services from increased costs to improve fleet performance and decreases at Offshore

Wind due to a termination of a supply agreement; partially offset by higher corporate costs required to operate as a stand-alone public

company.

Net income (loss) and Net income (loss) margin were $0.3 billion and 3.3%, respectively, for the three months ended March 31, 2025, an

increase of $0.4 billion and 4.8%, respectively, for the quarter, primarily due to an increase in operating income (loss) of $0.3 billion and an

increase in Interest and other financial income (charges) - net of $0.1 billion.

Adjusted EBITDA* and Adjusted EBITDA margin* were $0.5 billion and 5.7%, respectively, for the three months ended March 31, 2025, an

increase of $0.3 billion and 3.1%, respectively, primarily driven by increases in segment results at Power, Electrification, and Wind.

*Non-GAAP Financial Measure

2025 1Q2Q FORM 10-Q 2327

For the three months ended June 30, 2025, operating income (loss) was $0.4 billion, a $0.1 billion decrease, primarily due to: the

nonrecurrence of $0.3 billion received related to an arbitration refund in the second quarter of 2024; the nonrecurrence of a $0.1 billion

benefit related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investments in

connection with the Spin-Off; higher corporate costs required to operate as a stand-alone public company; and a slight decrease in

segment results at Wind of less than $0.1 billion, primarily at Onshore Wind services due to increased costs to improve fleet performance

and Offshore Wind due to the impact of tariffs, partially offset at Onshore Wind equipment due to an increase in units delivered and market

selectivity; partially offset by an increase in segment results at Electrification of $0.2 billion, primarily due to volume, productivity, and

favorable price at Grid Solutions; and at Power of $0.2 billion, primarily at Gas Power and Steam Power due to favorable price, higher

volume, and increased productivity partially offset by additional expenses to support investments at Gas Power and Nuclear Power and the

impact of inflation.

Net income (loss) and Net income (loss) margin were $0.5 billion and 5.4%, respectively, for the three months ended June 30, 2025, a

decrease of $0.8 billion and 10.2%, respectively, for the quarter, primarily due to a decrease in other income (expense) - net of $0.8 billion

driven by the nonrecurrence of a $0.9 billion pre-tax gain from the sale of a portion of Steam Power nuclear activities to Electricité de

France S.A. (EDF) in the second quarter of 2024 and a decrease in operating income (loss) of $0.1 billion, partially offset by a decrease in

provision for income taxes of $0.2 billion.

Adjusted EBITDA* and Adjusted EBITDA margin* were $0.8 billion and 8.5%, respectively, for the three months ended June 30, 2025, an

increase of $0.2 billion and 2.1%, respectively, primarily driven by increases in segment results at Electrification and Power, partially offset

at Wind.

For the six months ended June 30, 2025, operating income (loss) was $0.4 billion, a $0.2 billion increase, primarily due to: an increase in

segment results at Electrification of $0.3 billion, primarily due to volume, productivity, and favorable price at Grid Solutions; and at Power of

$0.3 billion, primarily at Gas Power and Steam Power due to favorable price, higher volume, and increased productivity partially offset by

the impact of inflation and additional expenses to support investments at Gas Power and Nuclear Power; partially offset by the

nonrecurrence of $0.3 billion received related to an arbitration refund in the second quarter of 2024; the nonrecurrence of a $0.1 billion

benefit related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investments in

connection with the Spin-Off; higher corporate costs required to operate as a stand-alone public company; and a slight decrease at Wind of

less than $0.1 billion, primarily at Onshore Wind services from increased costs to improve fleet performance and Offshore Wind due to a

termination of a supply agreement in the first quarter of 2025 and the impact of tariffs, partially offset at Onshore Wind equipment due to an

increase in units delivered and market selectivity.

Net income (loss) and Net income (loss) margin were $0.8 billion and 4.4%, respectively, for the six months ended June 30, 2025, a

decrease of $0.4 billion and 3.2%, respectively, primarily due to a decrease in other income (expense) - net of $0.7 billion driven by the

nonrecurrence of a $0.9 billion pre-tax gain from the sale of a portion of Steam Power nuclear activities to EDF in the second quarter of

2024, partially offset by an increase in operating income (loss) of $0.2 billion and a decrease in provision for income taxes of $0.1 billion.

Adjusted EBITDA* and Adjusted EBITDA margin* were $1.2 billion and 7.2%, respectively, for the six months ended June 30, 2025, an

increase of $0.5 billion and 2.5%, respectively, primarily driven by increases in segment results at Electrification and Power, partially offset

at Wind.

SEGMENT OPERATIONS. Segment revenues include sales of equipment and services by our segments. Segment EBITDA is

determined based on performance measures used by our Chief Operating Decision Maker, who is our Chief Executive Officer (CEO), to

assess the performance of each business in a given period. In connection with that assessment, the CEO may exclude certain non-cash

charges, such as depreciation and amortization, impairments and other matters, major restructuring programs, and certain gains and

losses from purchases and sales of business interests. Certain corporate costs, including those related to shared services, employee

benefits and information technology (IT), are allocated to our segments based on usage or their relative net cost of operations.

	Three months ended March 31
	Three months ended June 30		Six months ended June 30
SUMMARY OF REPORTABLE SEGMENTS	2025	2024	2025	2024
Power	$4,~~423~~758	$4,~~035~~455	$9,180	$8,490
Wind	12,~~850~~245	12,~~639~~062	4,095	3,701
Electrification	12,~~879~~201	1,~~651~~790	4,080	3,441
Eliminations and other	(~~119~~92)	(65103)	(212)	(169)
Total revenues	$89,~~032~~111	$78,~~260~~204	$17,143	$15,463
Segment EBITDA
Power	$~~508~~778	$~~345~~613	$1,286	$958
Wind	(~~146~~165)	(~~173~~117)	(312)	(289)
Electrification	~~214~~322	66129	535	195
Corporate and other(a)	(~~119~~164)	(49101)	(283)	(150)
Adjusted EBITDA*(b)	$~~457~~770	$~~189~~524	$1,227	$714

(a) Includes our Financial Services business and other general corporate expenses, including costs required to operate as a stand-alone

public company.

(b) See "—Non-GAAP Financial Measures" for additional information related to Adjusted EBITDA*. Adjusted EBITDA* includes interest and

other financial income (charges) and the benefit for income taxes of Financial Services as this business is managed on an after-tax

basis due to the nature of its investments.

*Non-GAAP Financial Measure

2025 2Q FORM 10-Q 28

POWER

	Three months ended March 31
	Three months ended June 30		Six months ended June 30
Orders in units	2025	2024	2025	2024
Gas Turbines	3847	3415	85	49
Heavy-Duty Gas Turbines	2920	1614	49	30
HA-Turbines	87	84	15	12
Aeroderivatives	927	181	36	19
Gas Turbine Gigawatts	75.1	4.91	12.2	9.0

	Three months ended March 31
	Three months ended June 30		Six months ended June 30
Sales in units	2025	2024	2025	2024
Gas Turbines	1921	1715	40	32
Heavy-Duty Gas Turbines	1218	108	30	18
HA-Turbines	58	1	13	2
Aeroderivatives	73	7	10	14
Gas Turbine Gigawatts	35.02	21.35	8.2	3.7

RPO	~~March~~June 3130, 2025	December 31, 2024	~~March~~June 3130, 2024
Equipment	$1316,~~920~~133	$12,461	$1410,~~394~~978
Services	62,~~372~~932	60,890	58,~~389~~479
Total RPO	$7679,~~292~~065	$73,351	$7269,~~783~~457

RPO as of ~~March~~June 3130, 2025 increased $25.97 billion (48%) from December 31, 2024, primarily at Gas Power due to Heavy-Duty Gas Turbine and

Aeroderivative equipment and contractual services, and increases at ~~Steam~~Hydro Power ~~services~~equipment and ~~Hydro~~Steam Power ~~equipment~~services. RPO increased ~~$3.5 billion (5%)~~

$9.6 billion (14%) from ~~March~~June 3130, 2024, primarily at Gas Power due to increases in ~~services~~equipment and ~~equipment~~services, and increases inat Hydro Power ~~equipment,~~

~~partially~~equipment ~~offset~~and ~~by a reduction of approximately $3.9 billion related to the sale of a portion of~~ Steam Power ~~nuclear activities to EDF which~~ services.

was completed in the second quarter of 2024.


	Three months ended June 30				Six months ended June 30
SEGMENT REVENUES AND EBITDA	2025		2024		2025		2024
Gas Power	$3,884		$3,459		$7,463		$6,500
Nuclear Power	189		222		389		450
Hydro Power	201		182		358		363
Steam Power	484		592		971		1,176
Total segment revenues	$4,758		$4,455		$9,180		$8,490

Equipment	$1,504		$1,285		$2,996		$2,486
Services	3,253		3,170		6,185		6,003
Total segment revenues	$4,758		$4,455		$9,180		$8,490

Segment EBITDA	$778		$613		$1,286		$958
Segment EBITDA margin	16.4	%	13.8	%	14.0	%	11.3	%

For the three months ended June 30, 2025, segment revenues were up $0.3 billion (7%) and segment EBITDA was up $0.2 billion

(27%).

Segment revenues increased $0.4 billion (9%) organically*, primarily at Gas Power equipment due to increases in Heavy-Duty Gas Turbine

equipment deliveries partially offset by lower Aeroderivative unit shipments, as well as increases at Gas Power services due to higher parts

volume.

Segment EBITDA increased $0.1 billion (12%) organically*, primarily at Gas Power and Steam Power due to favorable price, higher

volume, and increased productivity partially offset by additional expenses to support investments at Gas Power and Nuclear Power and the

impact of inflation.

For the six months ended June 30, 2025, segment revenues were up $0.7 billion (8%) and segment EBITDA was up $0.3 billion

(34%).

Segment revenues increased $1.0 billion (12%) organically*, primarily at Gas Power equipment due to increases in Heavy-Duty Gas

Turbine equipment deliveries, and increases in Gas Power services and Steam Power services due to higher volume in contractual and

non-contractual services.

Segment EBITDA increased $0.2 billion (16%) organically*, primarily at Gas Power and Steam Power due to favorable price, higher

volume, and increased productivity partially offset by the impact of inflation and additional expenses to support investments at Gas Power

and Nuclear Power.

*Non-GAAP Financial Measure

2025 1Q2Q FORM 10-Q 2429

	Three months ended March 31
SEGMENT REVENUES AND EBITDA	2025		2024
Gas Power	$3,579		$3,041
Nuclear Power	200		229
Hydro Power	157		181
Steam Power	487		584
Total segment revenues	$4,423		$4,035
Equipment	$1,491		$1,201
Services	2,931		2,833
Total segment revenues	$4,423		$4,035
Segment EBITDA	$508		$345
Segment EBITDA margin	11.5	%	8.6	%

For the three months ended March 31, 2025, segment revenues were up $0.4 billion (10%) and segment EBITDA was up $0.2

billion (47%).

Segment revenues increased $0.6 billion (16%) organically*, primarily at Gas Power due to increases in Heavy-Duty Gas Turbine

equipment deliveries and increases in Gas Power and Steam Power services from favorable volume and price.

Segment EBITDA increased $0.1 billion (23%) organically*, primarily at Gas Power and Steam Power due to higher volume, favorable

price, and increased productivity partially offset by the impact of inflation and additional expenses to support investments at Gas Power and

Nuclear Power.

WIND

	Three months ended March 31
	Three months ended June 30		Six months ended June 30
Onshore and Offshore Wind orders in units	2025	2024	2025	2024
Wind Turbines	23381	~~190~~431	404	621
Repower Units	—205	41205	205	246
Wind Turbine and Repower Units Gigawatts	0.1.6	01.78	1.8	2.5

	Three months ended March 31
	Three months ended June 30		Six months ended June 30
Onshore and Offshore Wind sales in units	2025	2024	2025	2024
Wind Turbines	~~276~~351	~~252~~341	627	593
Repower Units	~~130~~156	—64	286	64
Wind Turbine and Repower Units Gigawatts	1.37	1.16	3.0	2.7

RPO	~~March~~June 3130, 2025	December 31, 2024	~~March~~June 3130, 2024
Equipment	$9,~~676~~731	$10,720	$13,~~119~~147
Services	12,~~484~~777	11,962	1312,~~045~~626
Total RPO	$22,~~160~~508	$22,682	$2625,~~164~~773

RPO as of ~~March~~June 3130, 2025 decreased $0.52 billion (21%) from December 31, 2024, primarily due to a decrease in orders at Onshore Wind as

U.S. customers dealt with permitting delays and policy uncertainty and decreases at Offshore Wind as we continue to execute on our

contracts. RPO decreased $43.03 billion (1513%) from ~~March~~June 3130, 2024, primarily due to decreases at Offshore Wind as we continue to execute

on our contracts and the finalization of the settlement of a previously canceled project in the third quarter of 2024, and decreases at

Onshore Wind.

	Three months ended March 31
	Three months ended June 30				Six months ended June 30
SEGMENT REVENUES AND EBITDA	2025		2024		2025		2024
Onshore Wind	$1,~~583~~962		$1,~~059~~560		$3,545		$2,619
Offshore Wind	~~204~~225		~~441~~353		430		794
LM Wind Power	6358		~~139~~149		120		288
Total segment revenues	$12,~~850~~245		$12,~~639~~062		$4,095		$3,701
Equipment	$1,~~412~~797		$1,~~232~~668		$3,209		$2,900
Services	~~438~~448		~~407~~394		886		801
Total segment revenues	$12,~~850~~245		$12,~~639~~062		$4,095		$3,701
Segment EBITDA	$(~~146~~165)		$(~~173~~117)		$(312)		$(289)
Segment EBITDA margin	(7.93)	%	(105.67)	%	(7.6)	%	(7.8)	%

For the three months ended ~~March~~June 3130, 2025, segment revenues were up $0.2 billion (139%) and segment EBITDA ~~increased~~decreased slightly

(1641%).

Segment revenues increased $0.2 billion (9%) organically*, primarily at Onshore Wind due to delivery of more units, partially offset by

decreases at Offshore Wind due to a slower pace of production.

Segment EBITDA decreased slightly (56%) organically*, primarily at Onshore Wind services due to increased costs to improve fleet

performance and Offshore Wind due to the impact of tariffs, partially offset at Onshore Wind equipment due to an increase in units

delivered and market selectivity.

For the six months ended June 30, 2025, segment revenues were up $0.4 billion (11%) and segment EBITDA decreased slightly

(8%).

Segment revenues increased $0.4 billion (12%) organically*, primarily at Onshore Wind due to delivery of more units partially offset by

decreases at Offshore Wind due to a slower pace of production.

Segment EBITDA decreased slightly (17%) organically*, primarily at Onshore Wind services from increased costs to improve fleet

performance and Offshore Wind due to a termination of a supply agreement in the first quarter of 2025 and the impact of tariffs, partially

offset at Onshore Wind equipment due to an increase in units delivered and market selectivity.

*Non-GAAP Financial Measure

2025 1Q2Q FORM 10-Q 2530

Segment revenues increased $0.2 billion (15%) organically*, primarily at Onshore Wind due to improved equipment pricing and delivery of

more units partially offset by decreases at Offshore Wind due to a slower pace of production and decreases in volume at LM Wind Power.

Segment EBITDA increased slightly (7%) organically*, primarily at Onshore Wind due to improved equipment pricing, market selectivity,

and increases in units delivered partially offset by decreases in Onshore Wind services from increased costs to improve fleet performance

and decreases at Offshore Wind due to a termination of a supply agreement.

ELECTRIFICATION

RPO	~~March~~June 3130, 2025	December 31, 2024	~~March~~June 3130, 2024
Equipment	$2123,~~996~~950	$20,005	$1417,~~849~~540
Services	3,~~466~~580	3,448	3,~~221~~139
Total RPO	$2527,~~462~~530	$23,453	$1820,~~069~~679

RPO as of ~~March~~June 3130, 2025 increased $24.01 billion (917%) from December 31, 2024, primarily due to demand for switchgear, ~~and~~alternating ~~transformers~~current

substation solutions, and transformers at Grid Solutions. RPO increased $76.49 billion (4133%) from ~~March~~June 3130, 2024, primarily due to demand for ~~high-voltage direct current solutions~~

~~and~~high-voltage direct current solutions, switchgear, and alternating current substation solutions at Grid Solutions.

	Three months ended March 31
	Three months ended June 30				Six months ended June 30
SEGMENT REVENUES AND EBITDA	2025		2024		2025		2024
Grid Solutions	$1,~~275~~570		$1,~~109~~142		$2,844		$2,251
Power Conversion & Storage	~~381~~411		~~336~~426		792		762
Electrification Software	~~224~~220		~~206~~223		444		428
Total segment revenues	$12,~~879~~201		$1,~~651~~790		$4,080		$3,441
Equipment	$1,~~391~~673		$1,~~230~~286		$3,065		$2,516
Services	~~487~~528		~~421~~504		1,015		925
Total segment revenues	$12,~~879~~201		$1,~~651~~790		$4,080		$3,441
Segment EBITDA	$~~214~~322		$66129		$535		$195
Segment EBITDA margin	1114.46	%	47.02	%	13.1	%	5.7	%

For the three months ended ~~March~~June 3130, 2025, segment revenues were up $0.24 billion (1423%) and segment EBITDA was up $0.12 billion.

~~billion~~Segment revenues increased $0.4 billion (20%) organically*, primarily at Grid Solutions due to growth in high-voltage direct current

Segment revenues increased $0.3 billion (18%) organically*solutions, ~~primarily at Grid Solutions due to growth in~~ switchgear, and transformer equipment volume.

~~equipment~~Segment EBITDA increased $0.2 billion organically*, primarily due to volume, productivity, and favorable price at Grid Solutions.

~~Segment~~For ~~EBITDA~~the ~~increased~~six ~~$0.1~~months ~~billion~~ended organically*June 30, ~~primarily~~2025, ~~due~~segment torevenues ~~volume,~~were ~~productivity,~~up $0.6 billion (19%) and ~~favorable~~segment ~~price~~EBITDA atwas ~~Grid~~up ~~Solutions~~$0.3 billion.

Segment revenues increased $0.7 billion (19%) organically*, primarily at Grid Solutions due to growth in high-voltage direct current

solutions, switchgear, and transformer equipment volume.

Segment EBITDA increased $0.3 billion organically*, primarily due to volume, productivity, and favorable price at Grid Solutions.

OTHER INFORMATION

Gross Profit and Gross Margin. Gross profit was $1.58 billion and $1.27 billion for the three months ended ~~March~~and ~~31,~~$3.3 ~~2025~~billion and ~~2024,~~$2.9 billion

for the six months ended June 30, 2025 and 2024, respectively. Gross margin was 1820.3% and 1520.87% for the three months ended ~~March 31, 2025~~ and ~~2024, respectively. The increase in~~

~~gross~~19.3% ~~profit~~and 18.4% for the ~~quarter~~six ~~was~~months ~~due~~ended toJune an30, ~~increase~~2025 atand ~~Power~~2024, ~~primarily~~respectively. atThe ~~Gas~~increase ~~Power~~in ~~and~~gross ~~Steam~~profit ~~Power~~for ~~from~~the ~~higher~~quarter ~~volume,~~was ~~favorable~~due ~~price,~~to an

~~and~~increase ~~increased~~at ~~productivity~~Power ~~partially~~primarily ~~offset~~at byGas ~~the~~Power ~~impact~~and ofSteam ~~inflation;~~Power anfrom ~~increase~~favorable atprice, ~~Electrification due to~~ higher volume, and increased productivity, ~~and~~partially offset

~~favorable~~by ~~price~~the ~~primarily~~impact atof ~~Grid Solutions~~inflation; ~~partially~~and ~~offset~~increase ~~by a decrease~~ at ~~Wind~~Electrification due to ~~Offshore~~higher ~~Wind~~volume, ~~termination~~productivity, ofand afavorable ~~supply~~price ~~agreement~~primarily at Grid Solutions;

~~and~~partially offset by a decrease at Wind in Onshore Wind services ~~from~~due to increased costs to improve fleet performance ~~partially~~and ~~offset~~Offshore byWind ~~improvement in equipment pricing, market~~

~~selectivity~~due ~~and~~to ~~increases~~the inimpact ~~units~~of ~~delivered~~tariffs, partially offset at Onshore Wind equipment due to an increase in units delivered and market selectivity. The

~~Selling,~~increase ~~General,~~in ~~and~~gross ~~Administrative.~~profit ~~Selling,~~for ~~general,~~the ~~and~~year ~~administrative~~was ~~costs~~due ~~were~~to ~~$1.2~~increases ~~billion~~at Power and ~~$1.2~~Electrification ~~billion~~partially ~~and~~offset ~~comprised~~by ~~14.8%~~a decrease at Wind due to the

~~and~~reasons ~~16.6%~~described ofabove, ~~revenues~~in ~~for~~addition ~~the~~to ~~three~~a ~~months~~termination ~~ended~~of ~~March~~a ~~31,~~supply ~~2025~~agreement ~~and 2024, respectively. The decrease~~ in ~~costs~~Offshore ~~for the quarter was~~ Wind.

~~attributable~~Selling, toGeneral, ~~cost reduction initiatives~~ and ~~the~~Administrative. ~~sale~~Selling, ofgeneral, aand ~~portion~~administrative ofcosts ~~Steam~~were ~~Power~~$1.2 ~~nuclear~~billion ~~activities~~and to$0.9 ~~EDF,~~billion ~~partially~~for ~~offset~~the bythree ~~labor~~months ~~inflation~~

ended and ~~higher~~$2.4 ~~corporate~~billion ~~costs~~and $2.1 billion for the six months ended and comprised 13.0% and 11.4% of revenues for the three months ended

and 13.8% and 13.8% of revenues for the six months ended June 30, 2025 and 2024, respectively. The increase in costs for the quarter

and the year was attributable to the nonrecurrence of $0.3 billion received related to an arbitration refund in 2024, higher stock-based

compensation, labor inflation and higher corporate costs, partially offset by cost reduction initiatives, and the nonrecurrence of the sale of a

portion of Steam Power nuclear activities to EDF.

Restructuring Charges and Separation Costs. We continuously evaluate our cost structure and are implementing several restructuring

and process transformation actions considered necessary to simplify our organizational structure. In ~~addition, in~~ connection with the Spin-Off, we

~~Off, we~~ incurred and will continue to incur certain one-time separation costs. ~~See~~In ~~Note~~addition, 21 in ~~the~~connection ~~Notes~~with to the ~~consolidated~~Spin-Off ~~and~~we ~~combined~~recognized a benefit

~~financial~~related ~~statements~~to ~~for~~deferred ~~further~~intercompany ~~information~~profit upon GE retaining the renewable energy U.S. tax equity investments in the second quarter of 2024.

~~Interest~~See ~~and~~Note ~~Other~~21 ~~Financial~~in ~~Income~~the ~~(Charges)~~Notes –to ~~Net.~~the ~~Interest~~consolidated and ~~other~~combined financial ~~income~~statements ~~(charges)~~for –further ~~net was $0~~information.~~1 billion in income and~~

~~less~~Interest ~~than~~and ~~$0.1~~Other ~~billion~~Financial inIncome ~~charges~~(Charges) ~~for~~– ~~the~~Net. ~~three~~Interest ~~months~~and ~~ended~~other ~~March~~financial ~~31,~~income ~~2025~~(charges) ~~and~~– ~~2024,~~net ~~respectively.~~was ~~The~~less ~~income~~than in$0.1 ~~2025~~billion ~~was~~and ~~primarily~~

~~driven~~$0.1 bybillion ain ~~higher~~income ~~average~~for ~~balance of invested funds during~~ the three months ended ~~March~~and ~~31,~~$0.1 ~~2025~~billion and less than $0.1 ~~The~~billion ~~primary~~in ~~components~~income offor ~~net~~the six months ended June 30,

~~interest~~2025 and ~~other~~2024, ~~financial~~respectively. ~~income~~The ~~(charges)~~decrease ~~are~~in ~~fees~~income onfor ~~cash~~the ~~management~~quarter ~~activities,~~was ~~interest~~driven onby ~~borrowings,~~the ~~and~~nonrecurrence of interest ~~earned~~income onreceived ~~cash~~from an

~~balances~~arbitration ~~and~~refund ~~short-term~~in ~~investments~~2024. The increase in income for the year was primarily driven by a higher average balance of invested funds during

~~Income~~the ~~Taxes~~year. WeThe ~~recorded~~primary ~~income~~components ~~tax~~of ~~expense~~net oninterest ~~pre-tax~~and ~~income~~other ~~with~~financial anincome ~~effective~~(charges) ~~tax~~are ~~rate~~fees ofon ~~20.5%~~cash ~~for~~management ~~the~~activities, ~~three~~interest ~~months~~on ~~ended March~~

31borrowings, ~~2025.~~and ~~The~~interest ~~effective~~earned ~~tax~~on ~~rate~~cash ~~was~~balances ~~lower~~and ~~than the U.S. statutory rate of 21% primarily due to an income tax benefit from stock~~short-~~based~~term investments.

compensation, mostly offset by losses providing no tax benefit in certain jurisdictions.

*Non-GAAP Financial Measure

2025 1Q2Q FORM 10-Q 2631

WeIncome ~~recorded~~Taxes. anOur ~~income~~effective tax ~~expense~~rate onwas a23.7% ~~pre-tax~~and ~~loss~~22.6% infor the three and six months ended ~~March~~June 3130, ~~2024~~2025, ~~due~~respectively. toThe ~~taxes~~effective ~~in profitable jurisdictions~~

~~and~~tax rate was higher than the U.S. statutory rate of 21% in both periods primarily due to losses providing no tax benefit in ~~other~~certain ~~jurisdictions.~~

jurisdictions, partially offset by an income tax benefit from stock-based compensation.

Our effective tax rate was 20.1% for the three months ended June 30, 2024. The effective tax rate was lower than the U.S. statutory rate of

21% primarily due to a lower effective tax rate on a foreign pre-tax gain from the sale of a portion of Steam Power nuclear activities to EDF,

partially offset by losses providing no tax benefit in certain jurisdictions, and an increase in income tax expense due to the reduction of

certain U.S. tax attributes that are not part of the Company's stand-alone operations.

Our effective tax rate was 22.1% for the six months ended June 30, 2024. The effective tax rate was higher than the U.S. statutory rate of

21% primarily due to losses providing no tax benefit in certain jurisdictions, partially offset by a pre-tax gain with an insignificant tax impact

from the sale of a portion of Steam Power nuclear activities to EDF.

We regularly assess the realizability of our deferred tax assets based on all available evidence both positive and negative. Based on our

assessment of the realizability of our deferred tax assets as of ~~March~~June 3130, 2025, we continue to maintain valuation allowances against

our deferred tax assets in the U.S. and certain foreign jurisdictions, primarily due to cumulative losses in those jurisdictions. Given the

current year profit and anticipated future profitability in the U.S., it is reasonably possible that the continued improvement in our U.S.

operations could result in the positive evidence necessary to warrant the release of a significant portion of our U.S. valuation allowance asin

~~early as~~ the second half of 2025. A release of the valuation allowance would result in the recognition of certain U.S. deferred tax assets and

a corresponding benefit in our provision for income taxes in the period the release occurs. See Note 14 in the Notes to the consolidated

and combined financial statements for further information.

CAPITAL RESOURCES AND LIQUIDITY. Historically, we participated in cash pooling and other financing arrangements with GE to

manage liquidity and fund our operations. As a result of completing the Spin-Off, we no longer participate in these arrangements and our

Cash, cash equivalents, and restricted cash are held and used solely for our own operations. Our capital structure, long-term commitments,

and sources of liquidity have changed significantly from our historical practices. As of ~~March~~June 3130, 2025, our Cash, cash equivalents, and

restricted cash was $87.19 billion, $0.34 billion of which was restricted use cash. In addition, we have access to a $3.0 billion committed

revolving credit facility (Revolving Credit Facility). See “—Capital Resources and Liquidity—Debt” for further information. We believe our

unrestricted cash, cash equivalents, future cash flows generated from operations, and committed credit facility will be responsive to the

needs of our current and planned operations for at least the next 12 months.

On ~~April~~June 823, 2025, the Board of Directors declared a $0.25 per share quarterly dividend on our outstanding common stock, payable on ~~May~~

16August 18, 2025, to stockholders of record as of ~~April~~July 1821, ~~2024~~2025. On December 10, 2024, the Board of Directors authorized up to $6 billion of

common stock repurchases. In connection with this authorization, we repurchased 41.2 million shares ~~for~~and $15.2 ~~billion~~million ~~during~~shares ~~the~~for ~~three~~$0.4 ~~months~~billion

and $1.6 billion during the three and six months ended ~~March~~June 3130, 2025, respectively. Although we intend to fund priorities that profitably grow ~~the company and return capital to stockholders through~~

the company and return capital to stockholders through dividends and share repurchases as part of our capital allocation strategy, we are ~~not obligated to pay cash dividends or to repurchase a~~

not obligated to pay cash dividends or to repurchase a specified or any number or dollar value of shares under our share repurchase ~~program. The declaration of any future dividends is at the~~

program. The declaration of any future dividends is at the discretion of our Board of Directors and will be based on our earnings, financial ~~condition, cash requirements, prospects, and other factors.~~

condition, cash requirements, prospects, and other factors. The amount and timing of any future share repurchases under our share ~~repurchase program will be based on the trading price and volume~~

repurchase program will be based on the trading price and volume of our shares of common stock and other market factors as well as our ~~earnings, financial condition, cash requirements, prospects,~~

earnings, financial condition, cash requirements, prospects, alternative uses for our cash, and other factors.

Consolidated and Combined Statement of Cash Flows. The most significant source of cash flows from operations is customer-related

activities, the largest of which is collecting cash resulting from equipment or services sales. The most significant operating uses of cash are

to pay our suppliers, employees, tax authorities, and postretirement plans. We measure ourselves on a free cash flow* basis. We believe

that free cash flow* provides management and investors with an important measure of our ability to generate cash on a normalized basis.

Free cash flow* also provides insight into our ability to produce cash subsequent to fulfilling our capital obligations; however, free cash flow*

does not delineate funds available for discretionary uses as it does not deduct the payments required for certain investing and financing

activities.

We typically invest in property, plant, and equipment (PP&E) over multiple periods to support new product introductions and increases in

manufacturing capacity and to perform ongoing maintenance of our manufacturing operations. We believe that while PP&E expenditures

will fluctuate period to period, we will need to maintain a material level of net PP&E spend to maintain ongoing operations and growth of the

business.

	Three months ended March 31
	Six months ended June 30
FREE CASH FLOW (NON-GAAP)	2025	2024
Cash from (used for) operating activities (GAAP)	$1,~~161~~528	$~~(444)~~535
Add: Gross additions to property, plant, and equipment and internal-use software	(~~186~~359)	(~~217~~374)
Free cash flow (Non-GAAP)	$~~975~~1,169	$~~(661)~~161

Cash from (used for) operating activities was $1.2 billion and $(0.4) billion for the three months ended March 31, 2025 and 2024,

respectively.

Cash from (used for) operating activities increased by $1.6 billion in 2025 compared to 2024, primarily driven by: an increase in current

receivables of $0.6 billion, primarily due to higher collections, including a decrease in past dues, partially offset by higher billings; an

increase in accounts payable and equipment project payables of $0.4 billion, primarily due to the nonrecurrence of settlements of payables

with GE prior to the Spin-Off in the first quarter of 2024; higher net income (after adjusting for depreciation of PP&E, and amortization of

intangible assets) of $0.3 billion; an increase in inventories of $0.3 billion, due to higher liquidations in Power and lower purchases of

materials in Wind; and an increase in contract liabilities and current deferred income of $0.2 billion, primarily due to higher down payments

on orders and slot reservation agreements at Power, partially offset by lower collections on projects at Onshore Wind.

Cash from operating activities of $1.2 billion for the three months ended March 31, 2025 included a $1.0 billion inflow from changes in

working capital. The cash inflow from changes in working capital was primarily driven by: contract liabilities and current deferred income of

$1.1 billion, driven by down payments on orders and slot reservation agreements at Power, and down payments and collections at

Electrification, partially offset by revenue recognition at Wind; and current receivables of $0.9 billion, driven by collections outpacing billings

in Wind and Power and a decrease in past dues; partially offset by inventories of $(0.4) billion, primarily due to volume in Power and

Electrification to support fulfillment and deliveries expected in 2025; current contract assets of $(0.3) billion, driven by revenue recognition

exceeding billings, primarily in Power and Wind; and accounts payable and equipment project payables of $(0.3) billion, due to

disbursements outpacing purchases of materials, partially offset by a decrease in prepayments.

*Non-GAAP Financial Measure

2025 1Q2Q FORM 10-Q 2732

Cash ~~used~~from ~~for~~ operating activities ofwas $1.5 billion and $0.45 billion for the ~~three~~six months ended ~~March~~June 3130, ~~2024~~2025 ~~included~~and a2024, $0respectively.5 ~~billion outflow from changes in~~

~~working~~Cash ~~capital.~~from ~~The~~operating ~~cash~~activities ~~outflow~~increased ~~from~~by ~~changes~~$1.0 billion in ~~working~~2025 ~~capital~~compared ~~was~~to 2024, primarily driven by: ~~inventories~~an ofincrease ~~$(0.7)~~in ~~billion,~~accounts ~~primarily~~payable inand ~~Gas~~

~~Power~~equipment atproject ~~Power~~payables ~~and~~of ~~Onshore~~$0.5 ~~Wind~~billion, atprimarily ~~Wind,~~due to ~~support~~higher ~~fulfillment~~purchases ~~and~~of ~~deliveries~~materials, ~~expected~~partially inoffset ~~the~~by ~~second~~higher ~~half~~disbursements, ofinclusive ~~2024; accounts payable and~~

~~equipment project payables~~ of ~~$(0.7)~~a ~~billion~~higher ~~due~~impact related to ~~higher~~prepayments ~~disbursements~~compared ~~than~~to ~~volume~~the ~~across~~prior ~~all businesses~~year, and the nonrecurrence of settlements of payables with GE prior to

~~with~~the GESpin-Off in ~~preparation~~the ~~for~~first ~~the~~quarter ~~Spin-Off~~of 2024; ~~and~~an ~~current~~increase ~~contract~~in ~~assets~~inventories of $(0.3)4 billion, ~~driven~~primarily bydue ~~revenue~~to ~~recognition~~higher ~~exceeding~~liquidations ~~billings,~~partially offset by higher

~~primarily~~purchases inof ~~our~~materials ~~Offshore~~in ~~Wind business at Wind~~Power; ~~partially~~an ~~offset~~increase byin ~~contract liabilities and~~ current ~~deferred~~receivables ~~income~~ of $0.94 billion, asprimarily adue ~~result~~to higher collections, partially offset by

ofhigher ~~down~~billings; ~~payments~~higher ~~and~~net ~~collections~~income on(after ~~several~~adjusting ~~large~~for ~~projects~~depreciation inof ~~Onshore Wind at Wind~~PP&E, ~~Gas~~amortization ~~Power~~of atintangible ~~Power~~assets, and ~~Grid~~(gains) ~~Solutions~~losses aton

~~Electrification;~~purchases and ~~current~~sales ~~receivables~~of business interests) of $0.3 billion, ~~driven~~including bythe ~~benefits~~nonrecurrence ~~arising~~of ~~from~~a ~~the~~$0.3 ~~IRA~~billion ~~related~~cash torefund ~~advanced~~received ~~manufacturing~~in ~~credits~~connection of

~~$0.2~~with ~~billion,~~an ~~and~~arbitration ~~collections~~proceeding ~~outpacing~~in ~~billings,~~the ~~primarily~~second quarter of 2024; and an increase in ~~Power~~contract liabilities and current deferred income of $0.3

~~Cash~~billion, ~~from~~primarily ~~(used~~due ~~for)~~to ~~investing~~higher ~~activities~~down ~~was~~payments ~~$(0.1)~~on ~~billion~~orders and ~~$(0.3)~~slot ~~billion~~reservation ~~for~~agreements ~~the~~at ~~three~~Power, ~~months~~partially ~~ended~~offset ~~March~~by ~~31,~~lower ~~2025~~collections ~~and~~on ~~2024,~~

projects at Onshore Wind; partially offset by a decrease in All other operating activities of $(0.3) billion, primarily due to an increase in long-

term receivables related to advanced manufacturing credits.

Cash from operating activities of $1.5 billion for the six months ended June 30, 2025 included a $1.6 billion inflow from changes in working

capital. The cash inflow from changes in working capital was primarily driven by: contract liabilities and current deferred income of $1.9

billion, driven by down payments on orders and slot reservation agreements at Power, and down payments and collections at

Electrification, partially offset by revenue recognition at Wind; and current receivables of $1.0 billion, driven by collections outpacing billings

in Power, including a decrease in past dues, and collections outpacing billings and a decrease in supplier advances at Wind; partially offset

by inventories of $(0.9) billion, primarily due to volume across all businesses to support fulfillment and deliveries expected in 2025 and

2026, and current contract assets of $(0.6) billion, driven by revenue recognition exceeding billings, primarily in Wind and Power.

Cash from operating activities of $0.5 billion for the six months ended June 30, 2024 included a $0.3 billion inflow from changes in working

capital. The cash inflow from changes in working capital was primarily driven by: contract liabilities and current deferred income of $1.6

billion, driven by down payments and collections on several large projects in Grid Solutions at Electrification, and net collections at Power;

current receivables of $0.7 billion, driven by collections outpacing billings, primarily at Wind and Power, and the benefits arising from the

IRA related to advanced manufacturing credits of $0.2 billion; accounts payable and equipment project payables of $(0.3) billion due to

higher volume than disbursements in Power, partially offset by Wind and Electrification; inventories of $(1.3) billion, primarily in Gas Power

at Power and Onshore Wind at Wind, to support fulfillment and deliveries expected in the second half of 2024; and current contract assets

of $(0.4) billion, driven by revenue recognition exceeding billings, primarily in our Offshore Wind business at Wind, and on our long-term

service agreements in Power.

Cash from (used for) investing activities was $(0.2) billion and $0.3 billion for the six months ended June 30, 2025 and 2024,

respectively.

Cash used for investing activities ~~decreased~~increased by $0.25 billion in 2025 compared to 2024 primarily driven by: ~~lower~~the ~~purchases~~nonrecurrence of ~~and~~the Steam

Power business sale of part of its nuclear activities to EDF in our Power segment of $0.6 billion; partially offset by lower purchases of and

contributions to equity method investments of $0.1 billion, primarily in our Financial Services business; and higher sales of and distributions

from equity method investments of $0.1 billion, driven by the sale of an approximately 2% equity interest in China XD Electric Co., Ltd. in

the first quarter of 2025. Cash used for additions to PP&E and internal-use software, which is a component of free cash flow*, was $0.24

billion for both the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024.

Cash from (used for) financing activities was $(1.39) billion and $12.9 billion for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024,

respectively. Cash used for financing activities increased by $34.28 billion in 2025 compared to 2024 primarily driven by: the nonrecurrence of

transfers from parent of $23.0 billion; and cash settlements for share repurchases of $1.16 billion in ~~the first quarter of~~ 2025.

Material Cash Requirements. In the normal course of business, we enter into contracts and commitments that oblige us to make

payments in the future. See Notes 6 and 20 in the Notes to the consolidated and combined financial statements for further information

regarding our obligations under lease and guarantee arrangements as well as our investment commitments. See Note 12 in the Notes to

the consolidated and combined financial statements for further information regarding material cash requirements related to our pension

obligations.

Debt. WeTotal ~~had~~debt, ~~less~~excluding ~~than~~finance ~~$0.1~~leases, ~~billion~~was ~~and~~ $0.1 billion offor ~~total~~both ~~debt,~~June ~~excluding finance leases~~30, ~~as of March 31,~~ 2025 and December 31, 2024,. We have a $3.0 billion

~~respectively. We have a $3.0 billion~~ Revolving Credit Facility to fund near-term intra-quarter working capital needs as they arise. In addition, we have a $3.0 billion committed

~~we have a $3.0 billion committed~~ trade finance facility (Trade Finance Facility, and together with the Revolving Credit Facility, the Credit Facilities). The Trade Finance

~~Facilities). The Trade Finance~~ Facility has not been and is not expected to be utilized, and does not contribute to direct liquidity. We believe that our financing

~~that our financing~~ arrangements, future cash from operations, and access to capital markets will provide adequate resources to fund our future cash flow

~~future cash flow~~ needs. For more information about the Credit Facilities, refer to our Current Report on Form 8-K, filed with the SEC on April 2, 2024, and

~~2, 2024, and~~ see Note 20 in the Notes to the consolidated and combined financial statements.

Credit Ratings and Conditions. We have access to the Revolving Credit Facility to fund operations, and we may rely on debt capital

markets in the future to further support our liquidity needs. The cost and availability of any debt financing is influenced by our credit ratings

and market conditions. Standard and Poor's Global Ratings (S&P) and Fitch Ratings (Fitch) have issued credit ratings for the Company. On

March 12, 2025, Fitch affirmed GE Vernova Inc.'s long-term credit rating and revised its outlook to Positive from Stable. On ~~April~~May 923, 2025,

S&P ~~issued~~affirmed ~~an annual tear sheet with no change to~~ GE Vernova Inc.'s long-term credit rating orand revised its outlook to Positive from Stable. Our credit ratings as of the date of

this filing are set forth in the following table.

S&P Fitch Outlook ~~Stable~~Positive Positive Long-term BBB- BBB

2025 2Q FORM 10-Q 33

We are disclosing our credit ratings to enhance understanding of our sources of liquidity and the effects of our ratings on our costs of funds

and access to credit. Our ratings may be subject to a revision or withdrawal at any time by the assigning rating organization, and each

rating should be evaluated independently of any other rating. See Item 1A. "Risk Factors—Risks Relating to Our Business and Our Industry

—Risks Relating to Operations and Supply Chain" and Item 1A. "Risk Factors—Risks Relating to Financial, Accounting, and Tax Matters" in

our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a description of some of the potential consequences of a

reduction in our credit ratings.

If we are unable to maintain investment grade ratings, we could face significant challenges in being awarded new contracts, substantially

increasing financing and hedging costs, and refinancing risks as well as substantially decreasing the availability of credit. As of ~~March~~June 3130,

2025, we estimated an insignificant liquidity impact of a ratings downgrade below investment grade.

Parent Company Credit Support. Prior to the Spin-Off, to support GE Vernova businesses in selling products and services globally, GE

often entered into contracts on behalf of GE Vernova or issued parent company guarantees or trade finance instruments supporting the

performance of its subsidiary legal entities transacting directly with customers, in addition to providing similar credit support for non-

customer related activities of GE Vernova (collectively, the GE credit support). In connection with the Spin-Off, we are working to seek

novation or assignment of GE credit support, the majority of which relates to parent company guarantees, associated with GE Vernova

legal entities from GE to GE Vernova. For GE credit support that remained outstanding at the Spin-Off, GE Vernova is obligated to use

reasonable best efforts to terminate or replace, and obtain a full release of GE’s obligations and liabilities under, all such credit support. GE

~~Beginning in April 2025, GE~~ Vernova ~~will~~pays ~~pay a~~ quarterly ~~fee~~fees to GE ~~based~~which onare ~~amounts~~determined ~~related~~by toamounts ~~the~~associated with GE credit support. GE Vernova is subject to other

~~subject to other~~ contractual restrictions and requirements while GE continues to be obligated under such credit support on behalf of GE Vernova. In

~~Vernova. In~~ addition, while GE will remain obligated under the contract or instrument, GE Vernova will be obligated to indemnify GE for credit support

~~credit support~~ related payments that GE is required to make and possible related costs.

*Non-GAAPAs ~~Financial~~of ~~Measure~~June 30, 2025, we estimated GE Vernova RPO and other obligations that relate to GE credit support to be approximately $12 billion,

~~2025~~an 1Qover ~~FORM~~65% 10reduction since the Spin-QOff. 28We expect approximately $8 billion of the RPO related to GE credit support obligations to

As of March 31, 2025, we estimated GE Vernova RPO and other obligations that relate to GE credit support to be approximately $15 billion,

an over 59% reduction since the Spin-Off. We expect approximately $9 billion of the RPO related to GE credit support obligations to

contractually mature by December 31, 2029. The underlying obligations are predominantly customer contracts that GE Vernova performs in

the normal course of its business. We have no known instances historically where payments or performance from GE were required under

parent company guarantees relating to GE Vernova customer contracts.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS. In November 2024, the Financial Accounting Standards Board (FASB) issued

ASU No. 2024-03, Disaggregation of Income Statement Expenses (DISE). The new standard requires disclosure about specific types of

expenses included in the expense captions presented on the face of the income statement as well as disclosure about selling expenses.

The ASU is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027,

with early adoption permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our consolidated

and combined financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The

amendments require disclosure of specific categories in the rate reconciliation and provide additional information for reconciling items that

meet a quantitative threshold and further disaggregation of income taxes paid for individually significant jurisdictions. The ASU is effective

for fiscal years beginning after December 15, 2024. We are currently evaluating the impact that this guidance will have on the disclosures

within our consolidated and combined financial statements. The Company will adopt the new annual disclosures as required for the fiscal

year ended December 31, 2025.

CRITICAL ACCOUNTING ESTIMATES. To prepare our consolidated and combined financial statements in accordance with U.S. GAAP,

management makes estimates and assumptions that may affect the reported amounts of our assets and liabilities, including our contingent

liabilities, as of the date of our financial statements and the reported amounts of our revenues and expenses during the reporting periods.

Our actual results may differ from these estimates. We consider estimates to be critical (i) if we are required to make assumptions about

material matters that are uncertain at the time of estimation or (ii) if materially different estimates could have been made or it is reasonably

likely that the accounting estimate will change from period to period. See Item 7. "Management’s Discussion and Analysis of Financial

Condition and Results of Operations—Critical Accounting Estimates" and Note 2 in the Notes to the audited consolidated and combined

financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for additional discussion of

accounting policies and critical accounting estimates.

NON-GAAP FINANCIAL MEASURES. The non-GAAP financial measures presented in this Quarterly Report on Form 10-Q are

supplemental measures of our performance and our liquidity that we believe help investors understand our financial condition and operating

results and assess our future prospects. We believe that presenting these non-GAAP financial measures, in addition to the corresponding

U.S. GAAP financial measures, are important supplemental measures that exclude non-cash or other items that may not be indicative of or

are unrelated to our core operating results and the overall health of our company. We believe that these non-GAAP financial measures

provide investors greater transparency to the information used by management for its operational decision-making and allow investors to

see our results “through the eyes of management.” We further believe that providing this information assists our investors in understanding

our operating performance and the methodology used by management to evaluate and measure such performance. When read in

conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying

businesses and can be used by management as one basis for financial, operational, and planning decisions. Finally, these measures are

often used by analysts and other interested parties to evaluate companies in our industry.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by

other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from

company to company. In order to compensate for these and the other limitations discussed below, management does not consider these

measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. Readers

should review the reconciliations below, and above with respect to free cash flow, and should not rely on any single financial measure to

evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable

U.S. GAAP financial measures follow.

2025 2Q FORM 10-Q 34

We believe the organic measures presented below provide management and investors with a more complete understanding of underlying

operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency,

which includes translational and transactional impacts, as these activities can obscure underlying trends.

2025 1Q FORM 10-Q 29


ORGANIC REVENUES, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)
	Revenue(a)			Segment EBITDA			Segment EBITDA margin
For the three months ended June 30	2025	2024	V%	2025	2024	V%	2025	2024	V pts
Power (GAAP)	$4,758	$4,455	7%	$778	$613	27%	16.4%	13.8%

Filing Compare · GE Vernova Inc.