GE Vernova, 8-K 보고서 제출: 영업 실적

Item 2.02 Results of Operations and Financial Condition.

On October 28, 2026, GE Vernova Inc. (the "Company") released its third-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.

• Cash from operating activities o f $6.1 B; free cash flow* of $ 5.4 B

• $16.8 B cash balance; $5.7B in capital returned to shareholders in the first nine months of 2026

• In October, the Board of Directors increased the share repurchase authorization to $20B, from $10B

CAMBRIDGE, Mass., (October 28, 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 third quarter ending September 30, 2026.

“ We delivered strong financial results in the third quarter as demand for electricity infrastructure increases around the world. We now expect our backlog to exceed $200 billion in the fourth quarter, with improved margins, and to exit 2026 with at least 130

GW of gas equipment under contract. Given our performance and confidence in our trajectory, we are raising our 2026 financial guidance ,” said GE Vernova CEO Scott Strazik. “ We continue to innovate and develop new solutions for utility and data center customers to meet growing demand , including electrification technologies that support integration and resiliency . Our opportunity to create value is accelerating and I’m proud of how our team is executing with discipline and focus. ”

In the quarter, orders of $29.3 billion increased + 96% organically, with robust equipment growth in Power and continued services strength. Revenue of $12.6 billion was up + 27% , + 18% organically*, led by equipment growth at Power and Electrification, along with higher services, partially offset by equipment at Wind . Margins expanded significantly from higher price, volume, and productivity . Free cash flow* of $ 5.4 billion increased $ 4.7 billion, primarily due to higher positive benefits from working capital and stronger adjusted EBITDA*, partially offset by higher taxes .

Power

• Orders of $21.8 billion increased + 178% organically and revenues of $6.1 billion increased + 25% on a U.S. GAAP basis and organically*, led by Gas Power equipment. Segment EBITDA margin grew + 800 basis points, + 830 basis points organically*.

• Signed 11 gigawatts (GW) of new gas equipment contracts, including 8 GW of slot reservation agreements and 3 GW of orders. Converted 13 GW of existing slot reservation agreements to orders and shipped 5 GW of equipment; resulting in backlog growth from 53 to 64 GW and a decrease in slot reservation agreements from 63 to 58 GW .

Electrification

• Orders of $5.4 billion decreased (9)% organically, given large synchronous condenser orders in the third quarter of last year, with continued strong demand for grid equipment and a book-to-bill ratio of approximately 1.4 . Revenues of $3.9 billion increased + 51% , + 16% organically*, driven by Grid Systems Integration and Power Transmission . Segment EBITDA margin grew + 400 basis points, + 470 basis points organically*.

• Increased equipment backlog to $ 42.2 billion, up $ 15.7 billion, or 60% year-over-year, including $5 billion from Prolec GE .

Wind

• Orders of $2.1 billion increased 16% organically due to Onshore Wind, primarily in North America . Revenues of $2.7 billion increased 4% , 3% organically*, primarily driven by Onshore Wind services and Offshore Wind equipment, partially offset by

Onshore Wind equipment. Segment EBITDA margin grew + 490 basis points , +420 basis points organically*.

• Resolved all outstanding litigation regarding the Vineyard Wind offshore wind project, providing reliable, affordable energy to more than 400,000 homes and businesses across Massachusetts.

Page 2 Company Updates:

In the third quarter of 2026, GE Vernova:

• Experienced zero fatalities; safety remains a top priority.

• Repurchased approximately 1.7 million shares for $1.6 billion. GE Vernova repurchased approximately 1.4 million shares for

$1.3 billion from October 1 to October 23, 2026 . Since the inception of its program in December 2024 , the company repurchased 15.6 million shares for $ 9.9 billion at an average price of approximately $ 635 per share. In October 2026, the

Board of Directors approved a share repurchase authorization increase to $20 billion, from the prior authorization of $10 billion, with $10.1 billion remaining.

• Paid a $0.50 per share quarterly dividend; on September 30, 2026, declared a $0.50 per share quarterly dividend, payable on November 24, 2026 to stockholders of record as of October 27, 2026 .

• Entered into agreements to transfer a portion of its retiree benefit obligations to an insurer, which will assume full legal and administrative responsibility, resulting in approximately $350 million paid in the quart er.

• Invested $0.6 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 $0.4 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.

• In August 2026, Fitch upgraded GE Vernova’s investment grade credit rating to A- from BBB+ with a stable rating outlook.

In October, GE Vernova announced it has signed an agreement to acquire Trench G roup , a global leader in high-voltage grid equipment, for $9.0 billion USD equivalent. The deal will create scale across GE Vernova’s Electrification product lines, expanding its capabilities to better serve customers, with close expected in late 2027, subject to customary regulatory approvals.

" We delivered another strong quarter with robust orders and revenue growth, margin expansion, and significant free cash flow generation. Our backlog continues to expand driven by equipment growth at Power and Electrification, at improved margins from favorable price and disciplined underwriting, and services growth at Power ,” said GE Vernova CFO Ken Park s. “ We ended the quarter with a cash balance of approximately $17 billion , up $4 billion sequentially, increasing our confidence in making high- growth, accretive investments and returning cash to shareholders through our dividend and increased share repurchase program. Based on our strong financial performance, we are raising our guidance for 2026 revenue, adjusted EBITDA margin, and free cash flow. ”

2026 Guidance GE Vernova is raising its 2026 financial guidance and now expects revenue of $46.5-$47.5 billion, up from $45.5-$46.5 billion, adjusted EBITDA margin* of 13.5%-14.5%, up from 12%-14%, and free cash flow* of $16-$ 17 billion, up from $11.5-$12.5 billion.

Segment guidance is:

• Power : 19%-21% organic revenue* growth, up from 18%-20%, and 19%-21% segment EBITDA margin, up from 17%-19%.

• Electrification : Revenue of $14.5-$15.0 billion, including approximately $3.1 billion from Prolec GE , and 18%-20% segment

EBITDA margin, now trending toward the higher end of the range.

• Wind : Organic revenue* down mid-single digits, versus prior guidance of down low-double digits, and $400-$500 million of segment EBITDA losses, versus prior guidance of 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. Effective 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.

Third Quarter 2026 Performance:

Orders of $21.8 billion increased + 178% organically, primarily from strength in Gas Power equipment, driven by higher volume and price, with 55 heavy-duty units, including 21 HA turbines, and 57 aeroderivative turbines . Services orders increased 12% organically, driven by Gas Power and Nuclear Power. Revenues of $6.1 billion increased + 25% on a U.S. GAAP basis and organically* , led by aeroderivative and he avy-duty deliveries and favorable price. Segment EBITDA was $1.3 billion and segment

EBITDA margin was 21.4% , up +800 basis points , +830 basis points organically*, primarily driven by favorable price and higher volume at Gas Power, partially offset by the impact of inflation.

Electrification

Third Quarter 2026 Performance: