Today, GE Vernova released its financial results for the fourth quarter and full year ending December 31, 2024. We built a strong foundation in 2024, marked by solid growth, as well as significant margin expansion and cash generation. We also reaffirmed our 2025 financial guidance for revenue, adjusted EBITDA margin*, and free cash flow*.

We encourage you to review the earnings materials, which include new historical segment expense financial information, and listen to our earnings call, beginning at 7:30 AM ET. A replay of the webcast will be available on our website at https://www.gevernova.com/investors.

Key total company financial highlights for fourth quarter 2024:

• Record orders of $13.2B, +22% organically, approximately 1.3X revenue, led by Power and Electrification equipment
• Record revenue of $10.6B, +5%, +9% organically* with growth in both equipment and services
• Net income of $0.5B, +$0.3B; net income margin of 4.6%, +260 bps
• Adjusted EBITDA* of $1.1B and adjusted EBITDA margin* of 10.2%
• Cash from operating activities of $0.9B, down $(1.0)B; free cash flow* of $0.6B, down $(1.1)B due to lower down payments from customer orders and improved linearity

Key total company financial highlights for full year 2024:

• Orders of $44.1B, +7% organically, led by Power and Electrification equipment, and services in each segment
• Revenue of $34.9B, +5%, +7% organically* driven by Electrification and Power
• Net income of $1.6B, +$2.0B; net income margin of 4.5%, +590 bps
• Adjusted EBITDA* of $2.0B and adjusted EBITDA margin* of 5.8%
• Cash from operating activities of $2.6B, +$1.4B; positive free cash flow* of $1.7B, +$1.3B
• $8.2B cash balance up from $7.4B in the third quarter of 2024 and from $4.2B at spin-off on April 2, 2024
• Reaffirming 2025 financial guidance

GE Vernova CEO Scott Strazik said, “GE Vernova built a strong foundation in 2024 with solid orders and revenue growth, as well as significant margin expansion and cash generation. We saw strength in Power and Electrification and improvement in Wind, while growing our equipment backlog at better margins.

Our progress reinforces the important role we play in electrifying and decarbonizing the world as we deliver on accelerating demand for our equipment and services. Our lean culture is driving operational improvement across safety, quality, delivery, and cost. As we enter 2025, I’m grateful for our team’s dedication and optimistic about the future as we continue creating value for our stakeholders.”

GE Vernova CFO Ken Parks said, “We had a strong finish to 2024 as we execute our strategy to deliver disciplined revenue growth with increased profitability and positive cash generation. In the fourth quarter, we achieved record orders and revenue, and expanded margins in each segment. We closed the year with over $8 billion in cash, driven by positive free cash flow and several value-accretive portfolio actions. We will invest in growth and innovation, while returning capital to shareholders and maintaining our investment grade balance sheet. Today, we are also reaffirming our 2025 financial guidance.”

GE Vernova 2025 financial guidance:

We are reaffirming our 2025 GE Vernova guidance. We continue to expect revenue of $36-$37 billion, high-single digits adjusted EBITDA margin*, and free cash flow* of $2.0-$2.5 billion.

Overall, we are pleased with our financial performance in 2024 and are excited to build on our strong foundation as we continue delivering value for our stakeholders in 2025 and beyond. To stay in touch with future GE Vernova releases, please visit our website and sign up for email alerts. We thank you for your interest in GE Vernova and look forward to connecting with you in the first quarter.

Best,

Michael & team

*Non-GAAP Financial Measure. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our fourth quarter 2024 earnings release and presentation slides posted on our Investor Relations website at https://www.gevernova.com/investors.

This document contains forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions. Words such as “expects,” “intends,” “plans,” and similar expressions, may identify such forward-looking statements. Except as required by law, we disclaim any obligation to update any forward-looking statements.