GE Vernova files 8-K: results of operations

Item 2.02 Results of Operations and Financial Condition.

On July 22, 2026, GE Vernova Inc. (the "Company") released its second-quarter 2026 financial results on its investor relations website at www.gevernova.com/investors. A copy of these is attached as Exhibit 99 and incorporated by reference herein.

• Adjusted EBITDA* of $1.2 B ; adjusted EBITDA margin* of 11.3% , up + 340 basis points organically*

• Cash from operating activities o f $5.5 B; free cash flow* of $ 5.1 B , more than all of 2025

• $13.1 B cash balance; $3.9B in capital returned to shareholders year-to-date

CAMBRIDGE, Mass., (July 22, 2026) – GE Vernova Inc. (NYSE: GEV), a unique industry leader enabling the world to electrify to thrive and decarbonize , today reported financial results for the second quarter ending June 30, 2026.

“ We delivered strong financial results in the second quarter as global demand for our products and solutions continues to grow.

With a backlog of $ 176 billion , continued revenue growth and margin expansion, and significant free cash flow generation, GE

Vernova’s momentum is building, and we are raising our 2026 financial guidance ,” said GE Vernova CEO Scott Strazik. “ We now expect to have at least 125 GW of gas equipment under contract by year-end 2026. To meet this demand, we remain on track to deliver 20 GW of annual gas turbine output in the third quarter of 2026, with 24 GW in 2028, and we are implementing actions to produce 30 GW in 2030 . We are also seeing continued demand growth in Electrification, with data center orders reaching over $5 billion year-to-date , more than double our 2025 total. I am proud of how our team is executing with discipline, and I am confident there is substantial value creation ahead. ”

In the quarter, orders of $24.2 billion increased + 88% organically, with robust equipment growth in Power and Electrification, and services growth in all segments . Revenue of $11.1 billion was up + 22% , + 12% organically*, led by equipment growth at

Electrification and Power, along with higher services , partially offset by equipment at Wind . Margins expanded significantly from higher volume, price, and productivity. Free cash flow* of $ 5.1 billion increased $ 4.9 billion , primarily due to higher positive benefits from working capital and stronger adjusted EBITDA*.

Power

• Orders of $16.7 billion increased + 134% organically and revenues of $5.5 billion increased + 14% on a U.S. GAAP basis and organically* led by Gas Power equipment . Segment EBITDA margin grew + 240 basis points, + 320 basis points organically* .

• Signed 20 gigawatts (GW) of new gas equipment contracts, including 18 GW of slot reservation agreements and 2 GW of orders. Converted 10 GW of existing slot reservation agreements to orders and shipped 3 GW of equipment; resulting in backlog growth from 44 to 53 GW and an increase in slot reservation agreements from 56 to 63 GW.

Electrification

• Orders of $6.3 billion increased + 66% organically , driving a book-to-bill ratio of approximately 1.7, with continued strong demand for grid equipment. Revenues of $3.6 billion increased + 68% , + 29% organically*, driven by Power Transmission and Grid Systems Integration. Segment EBITDA margin grew + 390 basis points, + 700 basis points organically* .

• Increased equipment backlog to $ 40.6 billion, up $ 16.6 billion, or 69% year-over-year, including $5 billion from Prolec GE.

Wind

• Orders of $1.2 billion decreased (40)% organically due to lower equipment at Onshore Wind. Revenues of $2.0 billion decreased (10)% , (11)% organically*, primarily driven by equipment at Onshore Wind as a result of soft orders in the first half of 2025 . Segment EBITDA losses grew from lower Onshore Wind equipment volume and higher Offshore Wind project costs, partially offset by Onshore Wind services.

• SunZia, an onshore wind farm in New Mexico powered by GE Vernova’s 3.8 MW-154m wind turbines, and the largest renewable energy infrastructure project in U.S. history, became operational.

Page 2 Company Updates:

In the second quarter of 2026, GE Vernova:

• Experienced zero fatalities ; safety remains a top priority.

• Released its 2025 Sustainability Report , outlining progress against its four-pillar sustainability framework.

• Repurchased approximately 2.5 million shares for $2.3 billion, with a total of 4.3 million shares repurchased year-to-date through June 30 at an average price of $854 .

• Paid a $0.50 per share quarterly dividend; on May 19, 2026, declared a $0.50 per share quarterly dividend, which was paid on July 14, 2026, to stockholders of record as of June 16, 2026.

• Voluntarily c ontributed approximately $0.5 billion to the GE Energy Pension Plan to reduce future funding requirements and annual plan premiums.

• Announced the acquisition of Robotech Automation to accelerate robotics and automation capabilities; the transaction closed in July.

• Monetized its remaining ownership stake in China XD Electric Co Ltd., resulting in approximately $ 0.6 billion of pre-tax proceeds.

• Invested $0.4 billion in capital expenditures, including to increase production in Power and Electrification, as part of its commitment to invest $ 6 billion in capex from 2025 through 2028, including $ 1 billion from Prolec GE from 2026 to 2028.

• Funded $0.3 billion in research and development (R&D) spending, to advance breakthrough energy tr ans ition technologies, as part of its commitment to invest $5 billion in R&D from 2025 through 2028.

" We had a strong first half of 2026 as we executed our financial strategy. Our backlog continued to expand driven by equipment growth at Power and Electrification, with healthy margins from favorable price and disciplined underwriting, and services growth at Power ,” said GE Vernova CFO Ken Park s. “ Given our significant free cash flow generation, we ended the quarter with a cash balance of $ 13.1 billion, up $4.3 billion in the year, even as we returned more capital to shareholders so far this year than in the full year of 2025 through our share repurchase actions and quarterly dividend payment . Based on our strong financial performance, we have increased our full year expectations for revenue and free cash flow. ”

2026 Guidance GE Vernova is raising its 2026 financial guidance and now expects revenue of $45.5-$46.5 billion, up from $44.5-$ 45.5 billion, and free cash flow* of $11.5-$12.5 billion, up from $6.5-$7.5 billion; adjusted EBITDA margin* guidance remains 12%-14%.

Segment guidance is:

• Power : 18%-20% organic revenue* growth, up from 16%-18%, and 17%-19% segment EBITDA margin.

• Electrification : Revenue of $14.5-$15.0 billion, inclusive of approximately $3.1 billion from Prolec GE, up from

$14.0-$14.5 billion, inclusive of approximately $3.0 billion from Prolec GE, and 18%-20% segment EBITDA margin.

• Wind : Organic revenue* down low-double digits and approximately $400 million of segment EBITDA losses.

Total Company Results

*Non-GAAP Financial Measure

Page 3 Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results. E ffective January 1, 2026, GE Vernova realigned the reporting of certain of its business units within the Power, Electrification, and Wind segments. 2025 segment financial information can be accessed here .

Power

(a) Excludes depreciation and amortization expenses.

(b) Primarily includes equity method investment income and other interest and investment income.

Second Quarter 2026 Performance:

Orders of $16.7 billion increased + 134% organically, primarily from strength in Gas Power equipment, driven by higher volume and price, with 52 heavy-duty units, including 15 HA turbines, and 61 aeroderivative turbines. Services orders increased 1 2% organically, primarily driven by Nuclear Power and continued growth at Gas Power. Revenues of $5.5 billion increased + 14% on a U.S. GAAP basis and organically*, led by aeroderivative volume and price, with services revenue growth at Nuclear Power and Gas Power. Segment EBITDA was $1.0 billion and segment EBITDA margin was 18.8% , up +240 basis points , +320 basis points organically*, primarily driven by higher volume and favorable price at Gas Power , partially offset by the impact of inflation .

Electrification

Second Quarter 2026 Performance:

Orders of $6.3 billion increased +66% organically , due to continued strong demand for grid equipment with strength in North

America. Revenues of $3.6 billion grew +68% on a U.S. GAAP basis, inclusive of Prolec GE , + 29% organically *, primarily due to increased volume in switchgear and transformers at Power Transmission and in alternating current substation solutions and high voltage direct current solutions at Grid Systems Integration. Segment EBITDA was $0.7 billion and segment EBITDA margin was