Document

424B3 1 gev10-q3q24xprospectus.htm 424B3 Document

ルール424(b)(3)に基づく提出

ファイル番号333-277900

目論見書補足書2号

2024年5月23日付けの目論見書

GEヴェルノヴァ社

この目論見書補足は、2024年5月23日付の目論見書に含まれる情報を補足するものであり、GE Vernova Inc.（以下「会社」「当社」といいます）の普通株式の新規発行（GE Vernova老後生活貯蓄計画の下で発行されることができるもの）およびGE Vernova老後生活貯蓄計画の下で提供および販売される計画権利に関するものです。会社は、GE Vernova老後生活貯蓄計画の下で上記の新規発行に関連して会社の普通株式または計画権利の発行により一切の収益を受け取りません。この目論見書補足は、2024年5月23日付の目論見書に含まれる情報を補足するものであり、GE Vernova Inc.（以下「会社」「当社」といいます）の普通株式の新規発行（GE Vernova老後生活貯蓄計画の下で発行されることができるもの）およびGE Vernova老後生活貯蓄計画の下で提供および販売される計画権利に関するものです。会社は、GE Vernova老後生活貯蓄計画の下で上記の新規発行に関連して会社の普通株式または計画権利の発行により一切の収益を受け取りません。

この目論見書補足書は、目論見書と併読してお読みいただく必要があり、目論見書なしに提供または活用されるべきではありません。この目論見書補足書は、目論見書を参照してその有効性を持ちますが、この目論見書補足書に含まれている情報が目論見書に含まれている情報に優越する場合を除いてです。

この目論見書補足書には、2024年9月30日に終了した四半期に関する弊社が証券取引所に提出した10-Qフォームに記載されている情報が盛り込まれています。2024年10月23日に提出されました。

本文書で提供される証券にはリスクと不確実性が含まれています。これらのリスクは、目論見書の第27ページから始まる「リスク要因」の見出しの下に記載されていますおよび雇用主証券に関するあなたの権利に関する通知目論見書の223ページにある「」, 同じく目論見書の追加目論見書で更新される可能性があります

GEヴェルノバ老後生活貯蓄計画への関心とGEヴェルノバ普通株式の公開が、連邦準備制度理事会、証券取引委員会、その他の連邦または州の機関によって承認または非承認されていない。これに反する表明は犯罪です。

ここで提供される有価証券は入金や預金口座ではなく、連邦預金保険公社やその他の政府機関によって保険されたり保証されたりしていません。

この目論見書補足の日付は2024年10月23日です。

米国証券取引委員会
ワシントンDC20549

フォーム10-Q

（表1）

☑ 1934年証券取引所法第13条または第15条に基づく四半期報告書

報告期間が終了した2023年6月30日をもって2024年9月30日

証券取引法第13条または15(d)条に基づく移行報告書☐

____から____までの移行期間の報告書

委員会ファイル番号 001-41966

GEヴェルノヴァ社

（会社設立時の指定名）

デラウェア

92-2646542

（設立または組織の州または管轄区域）

（国税庁雇用者識別番号）

チャールズ・ストリート58番地

ケンブリッジ、

02141

(主要執行オフィスの住所)

（郵便番号）

(617) 674-7555

（登録者の電話番号（市外局番を含む））

法第12条（b）に基づく登録証券


各クラスの名称	取引シンボル	登録されている各取引所の名称
普通株式、株式一株あたりの帳簿価額0.01ドル	GEV	ニューヨーク証券取引所

証券取引法第13条または第15条（d）により、過去12か月間（または登録義務があった期間）に提出すべきすべてのレポートを提出し、さらに過去90日間、その提出要件の対象となっているかをチェックマークで示してください。はいþ いいえ¨

過去12か月間（または登録者がそのようなファイルを提出する必要があった短い期間）において、登録者が規則405（本章232.405条）に基づき提出する必要があるすべてのインタラクティブデータファイルを電子的に提出したかどうかをチェックマークで示してください。はいþ いいえ¨

大口規模の加速型ファイラー、加速型ファイラー、非加速型ファイラー、小規模報告会社、または新興成長企業であるかどうかをチェックマークで示してください。取引所法のRule 120億2における「大口規模の加速型ファイラー」、「加速型ファイラー」、「小規模報告会社」、「新興成長企業」の定義を参照してください。（いずれか1つを選択してください）:


大型加速ファイラー	☐	加速度的な申告者	☐
非加速度的な申告者	☑	小規模報告会社	☐
新興成長企業	☐

新興成長企業の場合、会計基準に関してセクション13(a)に基づいて提供される新しいまたは改訂された財務会計基準の遵守に対する拡張移行期間を使用しないことを選択した場合は、チェックマークで示してください。¨

登録者が取引所法第120億2条で定義されるシェル企業であるかどうかは、☐にチェックを入れて示してください。はい ☐ いいえ ☑

2024年10月16日には、1株当たり$0.01の普通株式が275,652,970株発行されていました。


			ページ

将来の見通しに関する記述			4
GE Vernovaについて			5
経営陣による財政状態と経営成績（MD&A）の議論と分析			5
独立企業への移行			5
処分活動			5
仲裁返金			6
洋上風力			6
業務結果			6
セグメントオペレーション			8

その他の情報			11
資本資源と流動性			12
最近発行された会計上の宣言			14
重要な会計上の見積もり			14

非GAAPベースの財務指標			14
統制と手続き			17




法的手続き			18
財務諸表とメモ			19
連結および複合損益計算書（損失）			19
連結および複合財政状態計算書			20
連結および複合キャッシュフロー計算書			21
包括利益（損失）の連結および複合計算書			22
連結および複合資本変動計算書			23
注記	1	プレゼンテーションの構成と基礎	25
注記	2	重要な会計方針の要約	26
注記	3	売却目的で保有している売却事業と事業	26
注記	4	現在および長期の売掛金	27
注記	5	棚卸資産（繰延在庫費用を含む）	27
注記	6	不動産、プラント、設備	27
注記	7	リース	28
注記	8	買収、のれんおよびその他の無形資産	28
注記	9	契約およびその他の繰延資産、契約負債、および繰延収益	28
注記	10	流動資産およびその他すべての資産	29
注記	11	持分法投資	29
注記	12	買掛金と設備プロジェクトの買掛金	29
注記	13	退職後の給付制度	29
注記	14	流動負債およびその他すべての負債	30
注記	15	所得税	30
注記	16	その他の包括利益（損失）（AOCI）と普通株式の累積	31
注記	17	株式ベースの報酬	31
注記	18	1株当たり利益情報	32
注記	19	その他の収益（費用）— 純額	33
注記	20	金融商品	33
注記	21	変動金利エンティティ	35
注記	22	コミットメント、保証、製品保証、およびその他の不測の事態	35
注記	23	リストラ費用と分離費用	36
注記	24	関連パーティ	37
注記	25	セグメント情報	38



展示品			40
フォーム10-Qクロスリファレンスインデックス			40
署名			41

未来に関する声明：. ゼネラルエレクトリック・ヴェルノバ株式会社（以下、当社、GE Vernova、弊社、私たち）の一般通信およびSEC提出書類には、将来に関連する声明が含まれる場合があります（過去ではなく）。これらの予見性のある声明は、しばしば、特定の仮定に基づいて我が社の現在の将来のビジネスおよび財務パフォーマンスおよび状態に関連するものであり、いかなる歴史的または現在の事実に直接関連しない声明を含むことがあります。予見性のある声明には、「期待する」「予測する」「意図する」「計画する」「信じる」「求める」「見る」「する」「したい」「見積もる」「予測する」「目標」「予備的」「範囲」などの言葉がしばしば含まれます。予見性のある声明には、我が社がリーンオペレーティングモデルから期待する利益、費用および運用上の効率性および改善、エネルギー移行に対する我々の期待、当社の製品およびサービスの需要、エネルギー移行におけるそれらの役割、およびその需要を満たす能力、将来のビジネス、収入および運用結果の増加を期待するポイントなど、異なる程度で不確かな問題を扱います。および、我々がHaliade-Xのバックログに関連するインストールのタイムラインと関連する改善計画において獲得していると信じている経験、インフレーション削減法（IRA）から予想される利益、弊社の取得および売却、新製品開発、第三者とのジョイントベンチャーおよびその他の協力関係への投資、持続可能性目標と目標の達成能力、革新的テクノロジの大規模展開能力、運用コストを削減するための再構築プログラム、ゼネラルエレクトリックカンパニーが提供する信用サポートを引き継いだり移管したりする能力、我々に関与している訴訟、仲裁および政府手続き、現金、流動性および資金調達取引の十分性および予想される使用方法、および信用格付けなどが含まれます。本レポートの中の予見性のある声明は、それがなされた日付のみを基準とします。本レポートに含まれる予見性のある声明は合理的な仮定に基づいていると信じていますが、実際の財務結果、キャッシュフロー、または運用結果に影響を及ぼす多くの要因があり、これらの予見性のある声明と異なる結果が生じる可能性があることに注意してください。

•マクロ経済と市場の状況の変化や市場の変動、景気後退のリスク、インフレ、サプライチェーンの制約や中断、金利、証券やその他の金融資産の価値、石油、天然ガス、他のベンチマーク価格、為替レートなどによる影響、その変化や変動が、会社のビジネス運営、財務成績および財務状況に与える影響;

•グローバル経済のトレンド、競争、地政学的リスク、ロシア・ウクライナ紛争や中東の紛争などの現在進行中の地政学的紛争からの影響、主要なテロ攻撃、自然災害、実際または脅威とされる公衆衛生パンデミックやその他の緊急事態からの需要や供給ショック、または制裁、関税、その他の取引緊張のエスカレーションからの関連する影響および当社のサプライチェーンや戦略に対する影響;

•私たちの複雑かつ専門的な製品、ソリューション、およびサービスに関連する実際のまたは想定される品質問題や製品または安全上の問題、それらに対処するために必要な時間、関連するプロジェクトの遅延、修理や交換に伴うコスト、さらにはそれらに関連して主張される損害賠償またはその他の法的請求の影響、その中には莫大な金額になる可能性があるものもあり、それが私たちの財務結果、競争力、または評判に与える影響。

•当社の予想される運用コスト削減と運用コストを管理または削減するための取り組みを達成する能力に影響を与える市場動向や顧客の行動。

•会社のサプライチェーンにおける重大な混乱、原材料、部品、およびビジネスに不可欠な製品の高コストや入手困難の状況、製造および生産施設、配送ネットワークへの重大な混乱;

•優秀な人材を引き付け、確保する能力；

•私たちが知的財産権を取得、維持、保護し、効果的に施行する能力；

•当社の資本配分計画には、配当のタイミングや金額、株式の買い戻し、買収、有機的投資、その他の優先事項が含まれています；

•当社の信用格付けや格付け展望のダウングレード、または格付け適用や方法論の変更、およびそれが会社の資金調達プロファイル、コスト、流動性、競争力に与える影響;

•市場の変化や電動化、脱炭素化、持続可能性に関連するその他のダイナミクス；

•私たちのキャッシュフローや収益の金額とタイミングは、マクロ経済、顧客、サプライヤー、競争相手、契約などのダイナミクスや状況に影響を受ける可能性があります。

•共同ベンチャー契約、コンソーシアム、および第三者との類似する協力体制による一部のプロジェクトでの行動により、追加の費用と義務が発生します。

•再生可能エネルギーやエネルギー移行の革新とテクノロジーを支える政府の補助金や政策の削減、変更、または廃止;

•市場の需要や変化する顧客ニーズに応えるために新しい技術を開発し導入する能力；

•必要な許可、ライセンス、登録の取得能力;

•取引政策や関税、持続可能性に関連する規制やインセンティブ、気候変動、環境、健康と安全法、そして税法の変更など、私たちの事業に影響を及ぼす可能性がある法律、規制、政策の変更；

•我々の能力と課題は、新たな単独の公開企業としての過渡期を管理すること、またはその過渡期から期待される利益の一部または全てを達成することです。

•私たちの証券のアクティブな取引市場が維持されないリスク、または株価の大幅な変動；および

•GE Vernovaまたは第三者における情報テクノロジーやサイバーセキュリティ、データセキュリティの影響。

これらまたはその他の不確実要因により、将来の実績が当社の先向き見通しに宣言されているものと実質的に異なる可能性があり、これらおよびその他の要因は、この四半期報告書のフォーム10-Qの他の場所で詳細に議論されており、2024年3月8日日付の情報開示書に含まれる「リスク要因」と「財務状態および業績の管理者による議論と分析」のセクションで、これは2024年3月8日付の有価証券取引委員会（SEC）への提出書類である現行報告書のフォーム8-kに付された99.1号展示物として添付されていました。当社のSECへの提出書類であるとともに、www.gevernova.com/investors/flsの当社のウェブサイトでポストされた情報にも随時更新されています。現時点で当社が知るか、現在は重要でないと見なしているほかの要因があるかもしれず、これらが当社の実績を前向き宣言された内容と実質的に異なるようにする可能性があります。当社は、法令または規制により要求される場合を除き、先んじて宣言された内容を更新または修正する義務を負いません。

2024年第3四半期の10-Qフォーム 4

GEヴェルノバについて. GE Vernova Inc.は、電力業種のグローバルリーダーであり、電力を生成し、転送し、組み立て、変換し、蓄積する製品やサービスを提供しています。より信頼性の高い持続可能な電力システムを創造し、電化および脱炭素化を可能にし、サービス対象のコミュニティの進歩と繁栄を支えています。私たちはエネルギー移行を加速し、設置済みベースをサービスし成長させ、自社の収益性および株主還元を強化するソリューションの範囲とスケールで特別な位置にあります。お客様のニーズに応えるために重要な強みであるイノベーションの豊富な歴史を持っています。GE Vernovaは、お客様が電力の需要増加に対応し、電力網と電力供給の炭素排出量を削減しつつ、システムの信頼性、コスト効率、持続可能性を維持または向上させるために、広範な技術ポートフォリオに革新し投資しています。現在、世界の電力の約25％がGE Vernovaの設置済みテクノロジーを使用して生成されています。

私たちは、装置やサービスの性質と連動する3つのビジネスセグメント、具体的には電力、風力、および電化に関する報告を行っています。電力セグメントには、ガス、原子力、水力、および蒸気技術が含まれ、切り替え可能で柔軟かつ安定した信頼性の高い電力の重要な基盤を提供しています。風力セグメントには、陸上および洋上風力タービンとブレードを含む風力発電技術が含まれています。電化には、変流装置、電力変換、電化ソフトウェア、ソーラーおよび蓄電ソリューション技術が含まれており、電気の発電地から消費地までの電力の変換、配電、蓄電、および調整に必要な技術が備わっています。

当社の本社は、マサチューセッツ州ケンブリッジのチャールズ通り58番地にあり、電話番号は（617）674-7555です。当社のウェブサイトのアドレスはwww.gevernova.comです。当社のウェブサイトに記載されている情報、またはそこからアクセスできる情報は、この形式10-Qの四半期報告書の一部ではなく、取り込まれていません。当社のウェブサイトwww.gevernova.com/investorsには、GE Vernovaに関する多くの情報が掲載されており、投資家向けの財務およびその他の情報が含まれています。情報は定期的に更新され、新しい情報が投稿されるため、投資家は定期的にこのウェブサイトを訪れることをお勧めします。

財務状態および業績の経営者による分析と議論（MD&A）. 次に示す財務状態および業績の分析と議論は、米国一般に受け入れられている会計原則（GAAP）に従って作成された当社の連結および合併財務諸表、およびそれ以外の場所に記載されている対応する注釈とともに読むべきです。次に示す議論と分析は、2024年9月30日および2023年の三か月および九か月にわたる同社の業績および財務状態を理解するために重要であると経営陣が考えている情報を提供しています。以下の議論は、2023年12月31日の年次報告書に掲載された米国ドルで表記された当社の監査済み合併財務諸表と対応する注釈とともに読むべきです。特記がない場合、表は百万米ドル、株主1株当たりの金額は米ドルで表示されています。表内の一部の列や行は、丸めた数字の使用により合計が一致しない場合があります。この報告書に掲載されている割合は、百万の基礎となる数字から計算されます。特記がない限り、営業結果の変化に関連する記述は、前年の対応期間と関連しています。

財務諸表の分析において、時折、全統合及び合算された財務データから得た情報を使用しますが、GAAPに従って作成された当社の財務諸表には示されていません。これらのデータの一部はSEC規則の下で「非GAAP財務指標」と見なされます。これらの非GAAP財務指標を使用する理由とその最も直接的なGAAP財務指標への調整については、「Non-GAAP財務指標」セクションを参照してください。

スタンドアローン会社への移行

ゼネラルエレクトリック所有下の財務プレゼンテーション。私たちは2024年4月2日（スピンオフ）にゼネラルエレクトリックカンパニー（GE）からの分離を完了しました。この後、GEはGEエアロスペースとして運営しており、GEは普通株式の全株を株主に配布し、私たちは独立企業となりました。歴史的に、GEのビジネスとして、私たちはGEによる一部の業務の管理や特定のサービスの提供に依存しており、これらのコストは私たちに割り当てられたり直接請求されたりしていました。したがって、上記の歴史的な期間中に独立したスタンドアロンの企業であった場合に遭遇するであろう実際の経費を反映するとは限らず、また財務諸表、財務状態、およびキャッシュフローが反映されない可能性があります。さらなる情報については、連結財務諸表の注釈1を参照してください。

生産税額控除投資。当社の財務サービス事業は、当社のパワーおよび風力製品とサービスを利用する顧客やプロジェクトに幅広い範囲の金融ソリューションを提供しています。これらのソリューションには、歴史的には、プロジェクトに少数の投資を行うことが含まれており、一般にプロジェクトが商業運転を開始したらできるだけ早く撤退することを目指しています。そのような投資の多くは、様々な税額控除を生み出す再生可能エネルギーの米国税の利益車両への投資を含みます。これには、生産税額控除（PTCs）などが含まれ、これらは米国における出資者の税負債を相殺し、総合的な投資目標リターンをサポートすることができます。スピンオフに関連して、GEは$12億の再生可能エネルギー米国税の利益車両への投資を保有し、歴史的な税利資産採取活動からの税属性を保持しています。これらの投資は、GEとのフレームワーク投資契約の下で管理されています。さらに、第2四半期について再生可能エネルギー米国税の利益車両への投資を保持するGEに関連して、歴史的な装備販売に関する推移利益に起因する$1億の利益を認識し、費用の器材に計上しています。詳細については、合併決算および連結決算書のノート11、21、23を参照してください。

処分活動。 2024年第2四半期に、私たちのスチームパワービジネスは、その一部の原子力事業を電力会社Electricité de France S.A.（EDF）に売却しました。この処分に関連して、私たちは6億ドルの純現金収益を受け取りましたが、これは通常の運転資本およびその他の決算後の調整の対象となります。その結果、私たちは、連結損益計算書のその他の収益（費用）-純額に記載された9億ドルの税前利益を認識しました。詳細については、連結された財務諸表の注釈3、15、16、19を参照してください。

2024年第3四半期の10-Qフォーム 5

アービトレーションの払い戻し。 2024年6月、私たちは、貢献しているマルチエンプロイヤー年金基金（Fund）が発行した2件の一部引き出し責任評価に関連する以前に支払った現金306百万ドルを受け取りました。これにはその金額に対する利子も含まれます。私たちは評価をアービトレーションで争いましたが、1974年の雇用者年金所得保障法（ERISA）により、その間、2019年5月から2023年9月まで月々の支払いを行う義務がありました。2023年12月に、アービトレーターは私たちが主張された責任から免除されていると判決を下し、この判決は2024年1月に連邦裁判所で控訴されました。アービトレーション賞は、私たちに対する支払いと利子とともにその要件を果たさせるための法的義務をFundに課し、Fundはこれを2024年6月に行いました。2四半期には、以前Fundに支払った支払いを構成する現金254百万ドルが、売上費用、一般管理費に記録され、その金額に対する利子を構成する現金52百万ドルが、私たちの総合損益計算書において金利およびその他の金融費用として記録されました。この紛争がまだ解決されていないため、最終的な控訴のすべてが終わった後に、私たちが資金を保持するかどうか、追加の利子を受け取る権利があるかどうか、またはFundが勝訴した場合にFundが支払うべき利子があるかどうかを含む最終的な解決を予測することはできません。

オフショアウィンド。 2024年7月13日、製造の逸脱に関連する風力タービンブレードの出来事が、私たちが新たに開発したハリアードX 22000万風力タービン（Haliade-X）の製造業者およびサプライヤーであるVineyard Windのオフショア風力発電所で発生しました。2024年7月15日、米国安全環境強制局（BSEE）は、プロジェクト現場での電力生産と新しい風力タービンの設置を停止するように命令する停止命令を発行しました。2024年8月10日、BSEEは、一部の条件に従うことを条件として、私たちにタワーとナセルの設置を再開するよう許可する命令を発行しました。2024年10月22日、BSEEは、一部の条件に従うことを条件として、新しいブレードの設置を再開するよう私たちに許可する別の置換命令を発行しました。Vineyard Windオフショア風力発電所でのブレードイベントに加えて、Dogger Bankオフショア風力発電所での委託と設置に関連するブレードイベントが発生しています。

これらの問題に取り組みながら、口座可用性や製造業および品質管理プロセスなど、Haliade-Xの納期に関連する経験を積んでいます。この経験に基づいて、遅れる実行ペースを考慮して、プロジェクトのタイムラインを更新するなど、解決策を開発し実施しています。

上記の結果、第3四半期において約$7億の契約損失を記録しました。これには、実行タイムラインの変更の影響、品質問題の修復費用、プロジェクト関連の商業リスクの見積もりが含まれます。追加の変更やその他の展開が現れると、現金回収タイムラインや契約マージンに悪影響を及ぼし、さらなる損失が発生する可能性があります。その結果、その他の損失が重要なものになる可能性があります。

さらに、2024年9月12日に、以前に顧客によってキャンセルされたプロジェクトに関する和解契約を締結し、結果的に約3億ドルの利益を得た。この利益は収益と販売原価のそれぞれ5億ドルと2億ドルに計上された。和解には、キャンセルされたプロジェクトにかかった以前の費用の回収が含まれていました。

業績の結果

2024年第3四半期の業績概要. 残存業績義務（RPO）は2024年9月30日時点で1177億ドル、2023年は1122億ドルでした。2024年9月30日までの3ヶ月間における総収入は89億ドルで、前四半期比7億ドル増加しました。当期純利益（損失）は10億ドル、四半期における当期純損失が1億ドル減少しました。当期純利益（損失）率は（1.1）％でした。希薄化後1株当たり利益（損失）は2024年9月30日までの3ヶ月間で（0.35）ドルで、四半期における希薄化後1株当たり損失が0.27ドル減少しました。2024年9月30日までの9ヶ月間の営業活動に起因するキャッシュフローは17億ドルおよび2023年は（0.7）十億ドルでした。

2024年9月30日に終了した3か月間、調整後EBITDAは2億ドルで、前年比1億ドル未満の増加となりました。フリーキャッシュフローは、2024年と2023年にそれぞれ9か月間で、それぞれ11億ドルとマイナス12億ドルでした。

RPOは、未処理の装置やサービスに関する確かなお客様の注文を含みますが、お客様が実質的な違約金を支払わずにキャンセルまたは終了できる注文は除外されます。サービスRPOには、長期サービス契約に関連する契約期間中に満たされていない契約売上高が含まれますが、まだアクティブでない契約は除外されます。サービスRPOには、時間材料契約、物資提供契約、発注書に基づく予備部品、複数年の保守プログラム、その他のサービス契約に関連する満たされていない債務額が含まれますが、お客様が実質的な違約金を支払わずにキャンセルまたは終了できる注文は除外されます。詳細については、合併および連結財務諸表の注記9をご覧ください。



RPO	2024年9月30日		2023年12月31日		2023年9月30日
機器	$	42,069	$	40,478	$	39,105
サービス	75,678		75,120		73,082
総RPO	$	117,746	$	115,598	$	112,187

2024年9月30日現在、RPOは2023年12月31日から21億ドル（2％）増加しました。主に電化事業では、すべての事業で収益を上回った受注により56億ドル増加しました。電力部門では、蒸気発電の原子力事業の一部をEDFに売却したことによる約39億ドルの削減により、電力部門では一部相殺されました。風力発電部門では、引き続き契約を履行し、契約を履行し続けることによる洋上風力発電所の減少に関連して以前にキャンセルされたプロジェクトの決済。RPOは2023年9月30日から56億ドル（5％）増加しました。これは主に、すべての事業で受注が収益を上回ったため、電化事業で63億ドル増加しました。また、蒸気発電の原子力事業の一部をEDFに売却したことによる約39億ドルの削減により、電力部門では一部相殺されました。風力発電部門では、契約の履行が続いているため収益が新規受注を上回りました。また、2023年の第4四半期にプロジェクトがキャンセルされましたが、米国での大量注文による陸上風力発電によって一部相殺されました2023年の第4四半期です。

*非GAAP財務尺度

2024年第3四半期の10-Qフォーム 6


	2021年9月30日までの3か月間				2021年9月30日までの9か月間
収益	2024		2023		2024		2023
装置の売上高	$	5,290	$	4,869	$	13,101	$	12,746
サービスの収益	3,623		3,383		11,276		10,448
収益合計	$	8,913	$	8,253	$	24,376	$	23,194

2024年9月30日までの3ヶ月間における総売上高は7億ドル（8%）増加しました。サービス売上高は全セグメントで増加し、主にガス発電の出来高によるパワーで増加しました。機器売上高は、主にエレクトリフィケーションで増加し、グリッドソリューションズでの成長に牽引され、パワーではヘビーデューティガスタービンの出荷においてガス発電が増加しました。オフショア風力では遅延により売上が減少し、以前に取消されたプロジェクトの解決による売上を部分的に相殺されました。同期間には、オンショア風力ではより多くの再生可能ユニットが納品されたことにより売上が部分的に相殺されました。

オーガニック収入*は買収、譲渡、および外貨の影響を除外しています。これらの影響を除外すると、オーガニック収入*は8億ドル（10%）増加し、オーガニックサービス収入*は3億ドル（10%）増加し、オーガニック装置収入*は5億ドル（10%）増加します。オーガニック収入*はパワーと電力で増加しました。

2024年9月30日終了の9ヶ月間、総売上高は12億ドル（5%）増加しました。全セクターで売上高が増加し、特にGas Powerの成長によるガス発電量の増加や取引サービスの出来高が原因でPowerで顕著でした。設備売上高は、主にGrid Solutionsでの成長に牽引され、Powerではプロジェクトの竣工とAeroderivativesによって増加しました。一方、Onshore Windでは期間中に納入されたユニットが減少したことからWindで一部相殺され、Offshore Windでは過去にキャンセルされたプロジェクトの決済により売上高が増加しました。

オーガニック収入*には、買収、売却、および外貨の影響が含まれません。これらの影響を除くと、オーガニック収入*は13億ドル（6%）増加し、オーガニックサービス収入*は9億ドル（9%）増加し、オーガニック機器収入*は4億ドル（3%）増加しました。オーガニック収入*はパワーと電力で増加しましたが、風力で一部相殺されました。


	9月30日に終了した3か月間				9月30日に終了した9か月間
収益 (損失)	2024		2023		2024		2023
営業利益 (損失)	$	(359)	$	(307)	$	(122)	$	(1,118)
純利益 (損失)	(99)		(185)		1,075		(680)
GE Vernovaに帰属する純利益（損失）	(96)		(170)		1,068		(635)
調整後EBITDA*	243		205		957		223

希薄化後の1株当たり利益 (損失) (a)	(0.35)		(0.62)		3.85		(2.32)

すべての期間にわたる一株当たり利益（損失）の計算は、2024年4月1日までに引渡しによって発行された27400万株の普通株式を使用して行われました。非支配株主に帰属する純損失（利益）は除外されています。引渡し前の期間について、当社はさまざまなGE株式報酬プランに参加していました。引渡し前の期間には、GE Vernovaの発行前に優先株式がなかったため、希薄化する株主資本の計算はありませんでした。

2024年9月30日までの3ヶ月の決算において、営業利益（損失）は40億ドルの損失で、営業損失が1億ドル増加しました。これは、独立した公開企業として運営するために必要な企業コストおよび分離コストが増加したことに主に起因しています。これは、主に沖合風力で契約損失が増加したため、風力セグメントの業績が10億ドル減少し、以前にキャンセルされたプロジェクトの解決による利益と陸上風力の増加を部分的に相殺した結果です。これは、出来高、生産性、価格が要因であるガス発電およびスチーム発電サービスにおいて、インフレーションの影響を上回る増加により、パワーセグメントの業績が2億ドル増加し、エレクトリフィケーションセグメントの業績が10億ドル増加しました。これは、グリッドソリューションズにおける出来高、価格、生産性が主な要因です。

2024年9月30日に終了した3か月間の当期純利益(損失)および当期純利益(損失)率はそれぞれ10億ドルと(1.1)%であり、この四半期の当期純損失および当期純損失率はそれぞれ1億ドルと1.1%に減少しました。これは、所得税の利益の増加に2億ドルによるもので部分的には、運営損失の増加1億ドル、その他の収入（費用）の減少1億ドルによるものです。

2024年9月30日までの3か月間の調整後EBITDA*と調整後EBITDAマージン*はそれぞれ2億ドルと2.7%であり、主にパワーと電化製品セグメントの結果の増加によるもので、風力部門の一部相殺を受けた少なくとも1億ドル未満と0.2%未満の増加がありました。

2024年9月30日までの9か月間における営業利益（損失）は10億ドルの減少を記録し、主にガス発電における出来高、有利な価格設定、生産性の向上がインフレーションの影響を上回ったことによる、5億ドルのセグメント結果の増加である、営業損失は1億ドルでした。電動化部門における出来高、価格、および生産性の増加による、5億ドルのPowered 。グリッドソリューションズでは、出来高、価格、および生産性の向上による3億ドルの増加、風力部門では、改善された価格と原価削減活動の影響による、1億ドルの増加（主にオンショア風力で）、3四半期における増加契約の損失によるオフショア風力部門の減少を部分的に相殺し、以前にキャンセルされたプロジェクトの解決により記録された利益による一部相殺、及び再生可能エネルギー U.S. 税額資本を GE が第 2 四半期のスピンオフ時に保有することにより認識された一部相殺による、仲裁払い戻しに関連する3億ドルと、連結会社利益に関連する1億ドルの利益を受け取った。いくつかの部分的な損失を部分的に相殺するために第 3 四半期の追加契約損失の結果としてのオフショア風力部門の減少、その他、時報社の単独上場企業としての運営に必要な高い費用と分離コストに若干相殺されました。

当期純利益（損失）と当期純利益（損失）率は、2024年9月30日に終了した9か月間にそれぞれ$11億と4.4%であり、期間中にそれぞれ$18億と7.3%増加しました。これは、主に運営損失が$10億減少し、その他の収益が$7億増加したためです。これは、スチームパワー核活動の一部をEDFに売却したことによる$9億の税引前利益によって推進され、一部を相殺する形で所得税引当額が$1億増加しました。

*非GAAP財務尺度

2024年第3四半期の10-Qフォーム 7

2024年9月30日終了の第3四半期の調整後EBITDA*および調整後EBITDAマージン*はそれぞれ10億ドルと3.9%であり、主にPower、Electrification、およびWindのセグメント結果の増加によるもので、それぞれ7億ドルと3.0%増加しました。

セグメントの操作. セグメントEBITDAの決定に関する詳細は、情報文書を参照してください。


	9月30日に終了した3か月間						9月30日に終了した9か月間
報告対象セグメントの概要	2024		2023		V	%	2024		2023		V	%
パワー	$	4,206	$	3,893	8	%	$	12,696	$	11,845	7	%
風	2,891		2,887		—		6,592		7,239		(9)
電化	1,928		1,576		22		5,369		4,412		22
エリミネーションとその他	(112)		(103)		(9)		(281)		(302)		7
総収入	$	8,913	$	8,253	8	%	$	24,376	$	23,194	5	%



セグメントEBITDA
パワー	$	499	$	280	78	%	$	1,457	$	923	58	%
風	(317)		(225)		(41)		(607)		(744)		18
電化	201		65		F		396		66		F
企業とその他（a）	(140)		85		U		(290)		(21)		U
調整後EBITDA* (b)	$	243	$	205	19	%	$	957	$	223	F

(a) 当社の金融サービスビジネスおよびその他の一般的な企業費用を含み、スタンドアローンの上場企業として運営するために必要な費用を含みます。

（b）調整後のEBITDA*に関連する追加情報については、「―非GAAP財務指標」を参照してください。調整後のEBITDA*には、金利およびその他の財務費用、そのビジネスが税制配当投資に戦略的投資を行っているため、税引前ベースで管理されていることから、金融サービスの所得税の利益も含まれています。

POWER私たちは、ガス発電がエネルギー転換において重要な役割を果たしており、信頼性のあるディスパッチ可能な電力の基盤を提供しています。エネルギー転換に関連する市場要因、例えば再生可能エネルギーの普及や気候変動に関連する立法や政策の採用などが進展し続けていますが、ガス火力市場の成長を今後10年間に予想しています。私たちは、ガス火力発電の成長が低一桁率で続くことを見込んでおり、グリッドの安定性とエネルギーセキュリティの確保に不可欠な役割を果たします。私たちは、私たちの契約執行の原則とリスク管理に焦点を当て、金融的ハードルに適合する取引を確保しており、お客様のために提供することに対して高い信頼感があります。

2024年9月30日までの3カ月間、GE Vernovaのガスタービンの利用率は、前年同期と比較して横ばいでした。アジアの成長は、停止時間が少なく、より多くのHAユニットが稼働し、米国での利用率の増加が相殺され、ヨーロッパでは、原子力、水力、再生可能エネルギーの増加が、四半期のガス事業を低下させました。グローバルな電気需要は、低一桁で増加しました。

新興市場で業種を行っているため、ファイナンスやその他の複雑さに起因して意思決定のタイミングに不確実性が生じる可能性があります。パワーは、コスト生産性の施策を推進し、サプライヤーと協力して製品やサービスの価格を調整するなど、インフレーション圧力の影響を積極的に管理しています。ビジネスの新規買の性質を考慮すると、インフレーションの影響が依然として厳しいことが予想され、引き続き対策を講じていきます。需要、インフレーション、業種のダイナミクスに基づいて製品やサービスの価格を調整しています。

新製品開発への投資を継続しています。原子力発電では、北米で初めての商業契約となる小型モジュラー原子炉技術の導入に関する顧客との合意があり、原子力発電所のコストとサイクル時間の削減を可能にする潜在的な能力があります。ガス発電では、長期的な投資を続けており、顧客により少ない炭素排出量とより信頼性の高い電力を提供する脱炭素化技術を含んでいます。2024年9月30日現在、私たちの基本業績は強力で、約713億ドルのRPOがあり、約7,000台のガスタービンが設置されており、約1,700台が約10年の残存契約期間で長期サービス契約を結んでいます。2024年9月30日現在、私たちはRPOで36台のHAタービンを有し、そのうち31台が設置・起動中であり、導入された基地には約106台のHAタービンがあり、運転時間は約270万時間です。


	9月30日に終了した3か月間		9月30日に終了した9か月間

単位での注文	2024	2023	2024	2023
ガスタービン	29	20	78	59
大型ガスタービン	14	12	44	32
HA-タービン	9	4	21	8
エアロデリバティブ	15	8	34	27
ガスタービンギガワット	5.1	3.1	14.1	7.4


	9月30日に終了した3か月間		9月30日に終了した9か月間

売上（単位）	2024	2023	2024	2023
ガスタービン	18	19	50	56
大型ガスタービン	13	12	31	39
HA-タービン	5	2	7	9
エアロデリバティブ	5	7	19	17
ガスタービンギガワット	3.3	2.7	7.1	8.6

*非GAAP財務尺度

2024年第3四半期の10-Qフォーム 8


RPO	2024年9月30日		2023年12月31日		2023年9月30日
機器	$	11,392	$	13,636	$	13,865
サービス	59,911		59,338		57,916
総RPO	$	71,303	$	72,974	$	71,781

2024年9月30日時点のRPOは、2023年12月31日から$17億（2％）減少し、主にスチームパワー原子力事業の一部をEDFに売却したことに伴う約$39億の減少によるものであり、一部がガスパワー重責ガスタービンおよびガスパワーサービスへの注文が収益を上回ったことに部分的に相殺されました。RPOは、2023年9月30日から$5億（1％）減少し、主にスチームパワー原子力事業の一部をEDFに売却したことに伴う約$39億の減少と水力発電設備の縮小によるものであり、一部がガスパワーサービスおよび設備の成長に対して相殺されました。


	9月30日に終了した3か月間						9月30日に終了した9か月間
セグメント収益とEBITDA	2024			2023			2024			2023



ガスパワー	$	3,466		$	2,944		$	9,966		$	8,877
原子力	167			158			618			591
水力発電	181			220			544			617
スチームパワー	393			571			1,569			1,760
セグメントの総収益	$	4,206		$	3,893		$	12,696		$	11,845

装備	$	1,426		$	1,291		$	3,912		$	3,618
サービス	2,781			2,602			8,784			8,228
セグメントの総収益	$	4,206		$	3,893		$	12,696		$	11,845

セグメントEBITDA	$	499		$	280		$	1,457		$	923
セグメント EBITDA マージン	11.9		%	7.2		%	11.5		%	7.8		%

2024年9月30日を終了した3ヶ月間、セグメント収入は3億ドル（8%増）、セグメントEBITDAは2億ドル（78%増）と上昇しました。

セグメントの収入は、ガスパワーサービスの出来高の増加や重役用ガスタービンの出荷によるガスパワー機器の増加など、有機的な部分で5億ドル（13％）増加しました。

セグメントEBITDAは、出来高、生産性、価格がインフレの影響を上回り、Gas PowerとSteam Powerサービスで増加したことから、1億ドル（45%）有機的に増加しました。

2024年9月30日に終了した9か月間で、セグメントの収益は9億ドル（7％）増加し、セグメントのEBITDAは5億ドル（58％）増加しました。

セグメントの売上高は、特にガス発電サービスの需要の増加、取引量の増加、出来高およびプロジェクトの開始からのガス発電設備、およびエアロデリバティブスにより、10億ドル（9％）有機的に増加しました。

セグメントのEBITDAは、出来高が向上し、有利な価格設定と生産性の向上がインフレの影響を相殺したGas Powerの改善により、4億ドル(39%)有機的に増加しました。

風. 当社の風セグメントでは、風力タービンの設計、製造、販売を通じて価値を創造しており、エネルギー転換において重要な役割を果たしているテクノロジーとして、世界のエネルギーセクターの脱炭素化を目指しています。炭素フリーの電力を信頼性とスケールで提供することを焦点とし、シニアマネジメント体制と製品提供のポートフォリオを簡素化し、より少なくかつより信頼性の高いワークホース製品に重点を置いています。280-12700万、360-15400万、610-15800万の陸上ユニットおよびHaliade-X 22000万の洋上ユニットを含むワークホース製品は、2024年9月30日時点で陸上風力と洋上風力の装備RPOの約70%を占めています。当社のRPOには、約24,000台の陸上颩力タービンのサービス契約が含まれており、設置済みユニット数は約56,000台です。

オンショア風力事業では、総合的なフリートの稼働率向上に注力しています。製品バリアントを減らし、フリート全体で修理やその他の是正措置を展開しています。同時に、より少ない地理的範囲で運営し、製品やサプライチェーンの歩留まりにより適している地理的地域に焦点を合わせ、ワークホースグループ製品をターゲットとする国に位置付けています。当社の出来高ミックスは、現在、オンショア風力の装置RPOの約75%を占める米国にシフトしており、国際的な出来高はより少なく、より利益を上げるようになっています。特に米国では、IRAが少なくとも2033年まで新しい税制優遇措置を導入し、既存の優遇措置を拡大し、お客様や風力タービンメーカーのプロジェクト経済を大幅に改善しています。米国における当社のプロジェクトは、一般的にお客様や広く提供されているIRAの優遇措置を利用しています。最後に、運営コストを削減するための再編プログラムを継続し、運用上および財務上の双方で効果を確認しています。

オフショア風力ビジネスでは、製品およびプロジェクトのコストや納期に関連するプレッシャーを引き続き経験しており、既存のバックログに対応しています。品質向上、施工効率の向上、および事業の適正規模化を含む、コスト生産性の向上を推進することに取り組んでいます。

*非GAAP財務尺度

2024年第3四半期の10-Qフォーム 9


	2021年9月30日までの3か月間		2021年9月30日までの9か月間

ユニット単位の陸上および洋上風力発電発注	2024	2023	2024	2023
風力タービン	249	411	870	1,479
リパワーユニット	132	27	378	173
風力タービンおよびリパワーユニットのギガワット	1.2	1.8	3.8	6.4


	2021年9月30日までの3か月間		2021年9月30日までの9か月間

単位ごとの陸上および洋上風力販売	2024	2023	2024	2023
風力タービン	515	666	1,108	1,718
リパワーユニット	182	50	246	179
風力タービンおよびリパワーユニットギガワット	2.4	2.6	5.1	6.7


RPO	2024年9月30日		2023年12月31日		2023年9月30日
機器	$	12,182	$	13,709	$	12,561
サービス	12,788		13,240		12,831
総RPO	$	24,969	$	26,949	$	25,392

2024年9月30日現在、注文残高（RPO）は、主にOffshore Windでの減少に起因して、2023年12月31日から$20億（7%）減少しました。これは、契約の実行を続け、以前にキャンセルされたプロジェクトの決済を完了した結果です。RPOは2023年9月30日から$4億（2%）減少し、主にOffshore Windでの減少に起因しています。収益が新規受注を上回り、契約の実行を続ける中で、2023年第4四半期にプロジェクトのキャンセルがありました。これは、2023年第4四半期に記録された米国の大規模な注文によるOnshore Wind RPOの増加に部分的に相殺されました。


	2021年9月30日までの3か月間						2021年9月30日までの9か月間
セグメントの収益とEBITDA	2024			2023			2024			2023




陸上風力	$	2,355		$	2,281		$	4,974		$	5,878
オフショア風力発電機	388			455			1,183			989
Lm風力発電	148			151			436			372
セグメントの総収益	$	2,891		$	2,887		$	6,592		$	7,239

機器	$	2,494		$	2,527		$	5,394		$	6,186
サービス	397			360			1,198			1,052
セグメントの総収益	$	2,891		$	2,887		$	6,592		$	7,239

セグメントEBITDA	$	(317)		$	(225)		$	(607)		$	(744)
セグメントEBITDAマージン	(11.0)		%	(7.8)		%	(9.2)		%	(10.3)		%

2024年9月30日までの3か月間のセグメント収益は横ばいで、セグメントEBITDAは1億ドル（41%）減少しました。

セグメントの収益は、主にオフショア風力での遅れた実行の結果、有機的に（1％）減少しましたが、以前にキャンセルされたプロジェクトの解決による収益で部分的に相殺されました。一方、オンショア風力の収益は、期間中により多くのリパワーユニットが納入されたことで増加しました。

セグメントEBITDAは、オーガニックで1億ドル（60％）減少しました*。これは、洋上風力での契約損失の増加に起因していますが、以前にキャンセルされたプロジェクトの精算に伴う利益や陸上風力の増加により部分的に相殺されました。

2024年9月30日を終了した9ヶ月間、セグメントの収益は6億ドル（9％）減少し、セグメントのEBITDAは1億ドル（18％）増加しました。

セグメントの収入は、オンショア風力ではユニットの出荷が減少し、一方でオフショア風力では装備品の収益が上昇し、以前にキャンセルされたプロジェクトの清算による収益を記録するなど、主に器官的に$7億（9％）減少しました。

セグメントEBITDAは、主に改善された価格とコスト削減活動の影響により、オンショアウィンドで器官**で1億ドル（15％）増加しました。オフショアウィンドは、第3四半期にインクリメンタルな契約損失の結果として減少し、以前にキャンセルされたプロジェクトの決算における利益によって部分的に相殺されました。

電動化. 私たちは全セクターでシステム、機器、およびサービスに対する堅調な需要が続いています。再生可能エネルギーを連携させ、大規模な電力を移動させるための大型変電関連機器に対する需要は強力なままです。また、当社のグリッドソリューションビジネス内のその他の変電活動からの受注の成長も引き続き好調です。

私たちのグリッドソリューションズビジネスは、世界的なグリッドの拡張と近代化のニーズをサポートするためのポジションにあります。私たちは陸上接続市場と急速に成長するオフショア再生可能エネルギー接続市場に参加し、新製品やテクノロジーで2 GWのHVDCソリューション標準をサポートしています。私たちはグリッド形成静的同期コンデンサやSFをサポートするなど、より密集し、より耐久性があり、安定して効率的で将来の温室効果ガス排出量が低い電力グリッドのための新しいテクノロジーの開発を行ってきましたし、今後も開発を続ける予定です。6- 未来の温室効果ガス排出を低く抑えつつ、より密度が高く、より弾力があり、安定かつ効率的な電力グリッドのための解決策を意図して、新しい技術の開発、例えばグリッド形成静的同期コンデンサーやSFフリースイッチギアを行なっています。

*非GAAPベースの財務指標

2024年第3四半期の10-Qフォーム 10

需要、インフレ、および業種のダイナミクスに基づいて、製品およびサービスの価格設定および契約条件の調整を行っております。需要が供給を上回るため、顧客のリードタイムが増加しておりますが、リーンイニシアチブを展開してリードタイムを短縮し、コスト生産性を向上させることで積極的に対処しております。さらに、当社は電化製品事業全体でのシナジーを活用し、この持続的な成長を支援するために、能力および機能を拡大するための投資を行っております。


RPO	2024年9月30日		2023年12月31日		2023年9月30日
機器	$	18,624	$	13,233	$	12,774
サービス	3,288		3,109		2,881
総RPO	$	21,912	$	16,342	$	15,655

2024年9月30日時点のRPOは、すべての事業における受注が収益を上回っているため、2023年12月31日から$56億（34%）増加しました。RPOは、すべての事業における受注が収益を上回ることから、2023年9月30日から$63億（40%）増加しました。


	2021年9月30日までの3か月間						2021年9月30日までの9か月間
セグメントの収益とEBITDA	2024			2023			2024			2023




グリッドソリューションズ	$	1,270		$	979		$	3,521		$	2,780
電力変換	310			286			858			686
電化ソフトウェア	218			204			646			635
太陽光エネルギー＆蓄電ソリューションズ	130			108			344			311
セグメントの総収益	$	1,928		$	1,576		$	5,369		$	4,412

機器	$	1,451		$	1,116		$	3,967		$	3,102
サービス	477			461			1,402			1,310
セグメントの総収益	$	1,928		$	1,576		$	5,369		$	4,412

セグメントEBITDA	$	201		$	65		$	396		$	66
セグメントEBITDAマージン	10.4		%	4.1		%	7.4		%	1.5		%

2024年9月30日までの3ヶ月間、セグメントの収益は4億ドル（22%増）、セグメントのEBITDAは1億ドル増加しました。

セグメントの収入はオーガニックで4億ドル（24％）増加しました。この増加は、Grid SolutionsおよびPower Conversionの設備の成長によるものです。

セグメントEBITDAは全セクターでの出来高、価格、生産性の向上に主により、$1億有機的に増加しました。

2024年9月30日までの9か月間、セグメントの収入は10億ドル（22％）増加し、セグメントのEBITDAは3億ドル増加しました。

セグメントの売上高は、機器の成長に牽引され、有機的に9億ドル（21%）増加しました。Grid SolutionsおよびPower Conversion部門での成長が要因です。

セグメントEBITDAは全セクターでの出来高、価格、生産性の向上により$3億有機的に増加しました。

OTHER INFORMATION

Gross Profit and Gross Margin. Gross profit was $1.1 billion and $1.1 billion for the three months ended and $4.0 billion and $3.1 billion for the nine months ended September 30, 2024 and 2023, respectively. Gross margin was 12.4% and 12.7% for the three months ended and 16.3% and 13.4% for the nine months ended September 30, 2024 and 2023, respectively. The increase in gross profit for the quarter was due to an increase at Power due to Gas Power services from favorable volume, productivity, and price, which more than offset inflation; an increase at Electrification due to higher volume, price, and productivity at Grid Solutions; partially offset by a decrease at Wind, as a result of Offshore Wind incremental contract losses, partially offset by a gain recorded on the settlement of a previously canceled project and an increase in Onshore Wind through improved pricing. The increase in gross profit for the year was due to increases at Power and Electrification, due to the reasons described above, and at Wind, due to Onshore Wind through improved pricing and the impact of cost reduction activities, and a gain recorded on the settlement of a previously canceled project at Offshore Wind, partially offset by incremental contract losses at Offshore Wind.

Selling, General, and Administrative. Selling, general, and administrative costs were $1.2 billion and $1.1 billion for the three months ended and $3.4 billion and $3.6 billion for the nine months ended and comprised 13.8% and 13.8% of revenues for the three months ended and 13.8% and 15.5% of revenues for the nine months ended September 30, 2024 and 2023, respectively. The increase in costs for the quarter was attributable to labor inflation, higher corporate costs required to operate as a stand-alone public company, and separation costs, which more than offset cost reduction initiatives. The reduction in costs for the year was attributable to a $0.3 billion arbitration refund received in the second quarter of 2024, and cost reduction initiatives, partially offset by higher corporate costs required to operate as a stand-alone public company and separation costs.

*Non-GAAP Financial Measure

2024 3Q FORM 10-Q 11

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 incurred and will continue to incur certain one-time separation costs and recognized a benefit related to deferred intercompany profit upon GE retaining the renewable energy U.S. tax equity investments. See Note 23 in the Notes to the consolidated and combined financial statements for further information.

Interest and Other Financial Charges – Net. Interest and other financial charges – net was less than $0.1 billion and $0.1 billion in income for the three and nine months ended September 30, 2024, respectively, and less than $0.1 billion and $0.1 billion in expense for the three and nine months ended September 30, 2023, respectively. The higher income in 2024 was primarily driven by a higher average balance of invested funds interest received from an arbitration refund during the nine months ended September 30, 2024. The primary components of net interest and other financial charges are fees on cash management activities, interest on borrowings, and interest earned on cash balances and short-term investments.

Income Taxes. We recorded an income tax benefit on a pre-tax loss with an effective tax rate of 18.9% for the three months ended September 30, 2024. The effective tax rate was lower than the U.S. statutory rate of 21% primarily due to a portion of the pre-tax loss providing no tax benefit in certain jurisdictions.

We recorded an income tax expense on pre-tax income with an effective tax rate of 22.4% for the nine months ended September 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 recorded an income tax expense on a pre-tax loss in the three and nine months ended September 30, 2023 due to taxes in profitable jurisdictions and losses providing no tax benefit in other jurisdictions.

See Note 15 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. In connection with the Spin-Off, we received cash from GE of $0.8 billion through a cash contribution of $0.5 billion to fund future GE Vernova operations and a cash transfer of $0.3 billion restricted in connection with certain legal matters associated with legacy GE operations, such that our cash balance on the date of the completion of the Spin-Off was approximately $4.2 billion. As of September 30, 2024, our Cash, cash equivalents, and restricted cash was $7.4 billion, approximately $1.4 billion of which was held in countries where access to cash may be delayed due to various regulations (including $0.1 billion in Russia and Ukraine) and $0.5 billion was restricted use cash. During the third quarter of 2024, we received proceeds of $0.7 billion from the sale of a portion of our equity interest in GE Vernova T&D India Ltd (formerly known as GE T&D India Ltd). During the second quarter of 2024, our Steam Power business completed the sale of part of its nuclear activities to EDF. In connection with the disposition, we received net cash proceeds of $0.6 billion. During the second quarter of 2024, we also received a cash refund of $0.3 billion in connection with an arbitration proceeding. In addition, we have access to a $3.0 billion committed revolving credit facility (Revolving Credit Facility). See “—Capital Resources and Liquidity—Debt” below for additional information. We believe our 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.

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.


	Nine months ended September 30
FREE CASH FLOW (NON-GAAP)		2024		2023
Cash from (used for) operating activities (GAAP)		$	1,662	$	(745)
Add: Gross additions to property, plant, and equipment and internal-use software		(533)		(464)
Free cash flow (Non-GAAP)		$	1,129	$	(1,209)

*Non-GAAP Financial Measure

2024 3Q FORM 10-Q 12

Cash from (used for) operating activities was $1.7 billion and $(0.7) billion for the nine months ended September 30, 2024 and 2023, respectively.

Cash from (used for) operating activities increased by $2.4 billion in 2024 compared to 2023 primarily driven by: higher net income (after adjusting for depreciation of PP&E, amortization of intangible assets, and (gains) losses on purchases and sales of business interests) of $1.3 billion, including the impact of a $0.3 billion cash refund we received in connection with an arbitration proceeding in the second quarter of 2024; an increase of $1.2 billion in accounts payable and equipment project payables, primarily due to lower disbursements, including reductions in prepayments; and an increase of $0.7 billion in contract liabilities and current deferred income, due to higher collections at Electrification and Power, and lower liquidations, including the settlement of a previously canceled project in 2024, at Wind; partially offset by a decrease in due to related parties of $(0.5) billion, primarily due to settlements of payables with GE prior to the Spin-Off in 2024.

Cash from operating activities of $1.7 billion for the nine months ended September 30, 2024 included a $0.9 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 $1.7 billion, driven by down payments and collections on several large projects in Grid Solutions at Electrification, and net collections at Power, partially offset by liquidations and the settlement of a previously canceled project at Wind; accounts payable and equipment project payables of $1.0 billion, due to material purchases outpacing disbursements, and reductions in prepayments; inventories of $(1.2) billion, primarily in Gas Power, to support fulfillment and deliveries expected in the fourth quarter of 2024 and in 2025; changes in due to related parties of $(0.4) billion, primarily due to settlements of payables with GE prior to the Spin-Off; and current contract assets of $(0.2) billion, driven by revenue recognition exceeding billings on our equipment and other service agreements in Electrification and Power.

Cash used for operating activities of $0.7 billion for the nine months ended September 30, 2023 included a less than $0.1 billion outflow from changes in working capital. The cash outflow from changes in working capital was primarily driven by: inventories of $(1.1) billion, primarily due to inventory build in Gas Power at Power; a decrease in accounts payable and equipment project payables of $(0.2) billion, driven by higher disbursements in Onshore Wind at Wind; contract liabilities and current deferred income of $1.0 billion as a result of project collections and down payments in Power and Electrification outpacing revenue recognition, partially offset by lower collections and higher revenue recognition in Wind; and current receivables of $0.2 billion, driven by collections outpacing billings primarily in Power and Wind.

Cash from (used for) investing activities was $0.1 billion and $(0.5) billion for the nine months ended September 30, 2024 and 2023, respectively.

Cash from (used for) investing activities increased by $0.6 billion in 2024 compared to 2023 primarily driven by: net proceeds from principal business dispositions of $0.6 billion in the second quarter of 2024, as a result of our Steam Power business sale of part of its nuclear activities to EDF in our Power segment; and the nonrecurrence of the net impact of our acquisition of Nexus Controls and other investment sales of $0.2 billion in 2023; partially offset by a decrease in sales of and distributions from equity method investments of $(0.2) billion, primarily driven by our Financial Services business. Cash used for additions to PP&E and internal-use software, which is a component of free cash flow*, was $0.5 billion for both the nine months ended September 30, 2024 and 2023.

Cash from financing activities was $3.5 billion and $0.7 billion for the nine months ended September 30, 2024 and 2023, respectively. Cash from financing activities increased by $2.8 billion in 2024 compared to 2023 primarily driven by: higher transfers from parent of $2.3 billion; and proceeds from the sale of an approximately 16% equity interest in GE Vernova T&D India Ltd, a power transmission and distribution solution provider, of $0.7 billion in the third quarter of 2024, which is reflected in All other financing activities. After the sale, we retained a controlling interest in GE Vernova T&D India Ltd.

Material Cash Requirements. In the normal course of business, we enter into contracts and commitments that oblige us to make payments in the future. Information regarding our obligations under lease and guarantee arrangements as well as our investment commitments is provided in Note 7 and Note 22 in the Notes to the consolidated and combined financial statements included elsewhere in this Quarterly Report on Form 10-Q as well as in Note 7 and Note 20 in the Notes to the audited combined financial statements included in the Information Statement. Additionally, we have material cash requirements related to our pension obligations as described in Note 13 to the audited combined financial statements included in the Information Statement.

Debt. As of both September 30, 2024 and December 31, 2023, we had $0.1 billion of total debt, excluding finance leases. 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 trade finance facility (Trade Finance Facility, and together with the Revolving Credit Facility, the Credit 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 arrangements, future cash from operations, and access to capital markets will provide adequate resources to fund our future cash flow needs. For more information about these Credit Facilities, refer to our Current Report on Form 8-K, filed with the SEC on April 2, 2024.

Credit Ratings and Conditions. GE historically relied on the debt capital markets to fund, among other things, a significant portion of its operations. We may continue to rely on capital markets in the future, and we have access to the Revolving Credit Facility to fund operations, as described above, 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 our Company. Our credit ratings as of the date of this filing are set forth in the following table.


	S&P	Fitch
Outlook	Stable	Stable
Long term	BBB-	BBB

*Non-GAAP Financial Measure

2024 3Q FORM 10-Q 13

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. For a description of some of the potential consequences of a reduction in our credit ratings, see the Risks Relating to Financial, Accounting, and Tax Matters section of Risk Factors in the Information Statement.

If GE Vernova is 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. The estimated liquidity impact in the event of a downgrade below investment grade was immaterial as of September 30, 2024.

Quantitative and Qualitative Disclosure About Market Risk. We are exposed to market risk primarily from the effect of fluctuations in foreign currency exchange rates, interest rates, and commodity prices. These exposures are managed and mitigated with the use of financial instruments, including derivatives contracts. We apply policies to manage these risks, including prohibitions on speculative trading activities. As a result of our global operations, we generate and incur a significant portion of our revenues and expenses in currencies other than the U.S. dollar. Such principal currencies include the euro, the British pound sterling, the Brazilian real, and the Indian rupee. The effects of foreign currency fluctuations on earnings were less than $0.1 billion and $(0.1) billion for the three and nine months ended September 30, 2024, respectively. The effects of foreign currency fluctuations on earnings were $(0.1) billion and $(0.2) billion for the three and nine months ended September 30, 2023, respectively. See Note 20 in the Notes to the consolidated and combined financial statements for further information. For more information about foreign exchange risk, interest rate risk, and commodity risk see the "Quantitative and Qualitative Disclosure About Market Risk" section of the Information Statement.

Parent Company Credit Support. To support GE Vernova 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. Beginning in 2025, GE Vernova will pay a quarterly fee to GE based on amounts related to the GE credit support. GE Vernova will face other contractual restrictions and requirements while GE continues to be obligated under such credit support on behalf of GE Vernova. While GE will remain obligated under the contract or instrument, GE Vernova will be obligated to indemnify GE for credit support related payments that GE is required to make.

As of September 30, 2024, we estimated GE Vernova RPO and other obligations that relate to GE credit support to be approximately $21 billion, an over 60% reduction since year end and over 40% reduction since the Spin-Off, of which approximately $1 billion are financial guarantees. We expect approximately $12 billion of the RPO related to GE credit support obligations to contractually mature within five years from the date of the Spin-Off and credit support on financial guarantees to not exceed a year beyond separation. 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 of 2023, the Financial Accounting Standards Board (FASB) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments are intended to increase reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The ASU is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods with fiscal years beginning after December 15, 2024. We have evaluated the impact of this guidance and do not expect a significant impact to our 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, 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.

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. Refer to the Critical Accounting Estimates and Note 2 to the audited combined financial statements included in the Information Statement 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.

2024 3Q FORM 10-Q 14

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.

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.


ORGANIC REVENUES(a), EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)
	Revenue						Segment EBITDA						Segment EBITDA margin
Three months ended September 30	2024		2023		V%		2024		2023		V%		2024		2023		V pts
Power (GAAP)	$	4,206	$	3,893	8	%	$	499	$	280	78	%	11.9	%	7.2	%	4.7pts
Less: Acquisitions	—		—				—		—
Less: Business dispositions	—		172				—		(10)
Less: Foreign currency effect	(3)		—				36		(30)
Power organic (Non-GAAP)	$	4,210	$	3,721	13	%	$	463	$	320	45	%	11.0	%	8.6	%	2.4pts

Wind (GAAP)	$	2,891	$	2,887	—	%	$	(317)	$	(225)	(41)	%	(11.0)	%	(7.8)	%	(3.2)pts
Less: Acquisitions	—		—				—		—
Less: Business dispositions	—		—				—		—
Less: Foreign currency effect	(1)		(32)				(11)		(34)
Wind organic (Non-GAAP)	$	2,892	$	2,919	(1)	%	$	(306)	$	(191)	(60)	%	(10.6)	%	(6.5)	%	(4.1)pts

Electrification (GAAP)	$	1,928	$	1,576	22	%	$	201	$	65	F		10.4	%	4.1	%	6.3pts
Less: Acquisitions	—		1				(3)		—
Less: Business dispositions	—		—				—		—
Less: Foreign currency effect	(4)		12				6		8
Electrification organic (Non-GAAP)	$	1,932	$	1,564	24	%	$	198	$	57	F		10.2	%	3.6	%	6.6pts

(a) Includes intersegment sales of $120 million and $106 million for the three months ended September 30, 2024 and 2023, respectively. See the table titled Total Segment Revenues by Business Unit in Note 25 in the Notes to the consolidated and combined financial statements.


ORGANIC REVENUES(a), EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)
	Revenue						Segment EBITDA						Segment EBITDA margin
Nine months ended September 30	2024		2023		V%		2024		2023		V%		2024		2023		V pts
Power (GAAP)	$	12,696	$	11,845	7	%	$	1,457	$	923	58	%	11.5	%	7.8	%	3.7pts
Less: Acquisitions	41		—				14		—
Less: Business dispositions	127		360				(21)		(34)
Less: Foreign currency effect	13		(2)				(21)		(112)
Power organic (Non-GAAP)	$	12,515	$	11,487	9	%	$	1,485	$	1,069	39	%	11.9	%	9.3	%	2.6pts

Wind (GAAP)	$	6,592	$	7,239	(9)	%	$	(607)	$	(744)	18	%	(9.2)	%	(10.3)	%	1.1pts
Less: Acquisitions	—		—				—		—
Less: Business dispositions	—		—				—		—
Less: Foreign currency effect	(15)		(42)				(44)		(85)
Wind organic (Non-GAAP)	$	6,607	$	7,280	(9)	%	$	(563)	$	(659)	15	%	(8.5)	%	(9.1)	%	0.6pts

Electrification (GAAP)	$	5,369	$	4,412	22	%	$	396	$	66	F		7.4	%	1.5	%	5.9pts
Less: Acquisitions	3		1				(3)		—
Less: Business dispositions	—		—				—		—
Less: Foreign currency effect	31		9				3		(23)
Electrification organic (Non-GAAP)	$	5,336	$	4,403	21	%	$	396	$	89	F		7.4	%	2.0	%	5.4pts

(a) Includes intersegment sales of $317 million and $311 million for the nine months ended September 30, 2024 and 2023, respectively. See the table titled Total Segment Revenues by Business Unit in Note 25 in the Notes to the consolidated and combined financial statements.

2024 3Q FORM 10-Q 15


	Three months ended September 30						Nine months ended September 30
ORGANIC REVENUES (NON-GAAP)	2024		2023		V%		2024		2023		V%
Total revenues (GAAP)	$	8,913	$	8,253	8	%	$	24,376	$	23,194	5	%
Less: Acquisitions	—		1				44		1
Less: Business dispositions	—		172				127		360
Less: Foreign currency effect	(8)		(20)				29		(35)
Organic revenues (Non-GAAP)	$	8,921	$	8,100	10	%	$	24,177	$	22,868	6	%


	Three months ended September 30						Nine months ended September 30

EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP)	2024		2023		V%		2024		2023		V%
Total equipment revenues (GAAP)	$	5,290	$	4,869	9	%	$	13,101	$	12,746	3	%
Less: Acquisitions	—		—				20		—
Less: Business dispositions	—		93				66		184
Less: Foreign currency effect	(7)		(20)				24		(35)
Equipment organic revenues (Non-GAAP)	$	5,296	$	4,797	10	%	$	12,992	$	12,597	3	%

Total services revenues (GAAP)	$	3,623	$	3,383	7	%	$	11,276	$	10,448	8	%
Less: Acquisitions	—		1				24		1
Less: Business dispositions	—		79				61		176
Less: Foreign currency effect	(2)		—				5		—
Services organic revenues (Non-GAAP)	$	3,625	$	3,303	10	%	$	11,185	$	10,271	9	%

We believe that Adjusted EBITDA* and Adjusted EBITDA margin*, which are adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations, provide management and investors with meaningful measures of our performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. We believe Adjusted organic EBITDA* and Adjusted organic EBITDA margin* provide management and investors with, when considered with Adjusted EBITDA* and Adjusted EBITDA margin*, a more complete understanding of underlying operating results and trends of established, ongoing operations by further excluding the effect of acquisitions, dispositions, and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends.

We believe these measures provide additional insight into how our businesses are performing on a normalized basis. However, Adjusted EBITDA*, Adjusted organic EBITDA*, Adjusted EBITDA margin* and Adjusted organic EBITDA margin* should not be construed as inferring that our future results will be unaffected by the items for which the measures adjust.

*Non-GAAP Financial Measure

2024 3Q FORM 10-Q 16


	Three months ended September 30								Nine months ended September 30
ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)	2024			2023			V%		2024		2023		V%
Net income (loss) (GAAP)	$	(99)		$	(185)		46	%	$	1,075	$	(680)	F
Add: Restructuring and other charges(a)	209			105					419		308

Add: Purchases and sales of business interests(b)	—			(6)					(842)		(92)
Add: Russia and Ukraine charges(c)	—			—					—		95
Add: Separation costs (benefits)(d)	27			—					(64)		—
Add: Arbitration refund(e)	—			—					(254)		—
Add: Non-operating benefit income(f)	(130)			(134)					(399)		(415)
Add: Depreciation and amortization(g)	289			206					734		628
Add: Interest and other financial charges – net(h)(i)	(35)			11					(93)		27
Add: Provision (benefit) for income taxes(i)	(17)			208					380		353
Adjusted EBITDA (Non-GAAP)	$	243		$	205		19	%	$	957	$	223	F

Net income (loss) margin (GAAP)	(1.1)		%	(2.2)		%	1.1 pts		4.4%		(2.9)%		7.3 pts
Adjusted EBITDA margin (Non-GAAP)	2.7		%	2.5		%	0.2 pts		3.9%		1.0%		2.9 pts

(a) Consists of severance, facility closures, acquisition and disposition, and other charges associated with major restructuring programs. (b) Consists of gains and losses resulting from the purchases and sales of business interests and assets. (c) Related to recoverability of asset charges recorded in connection with the ongoing conflict between Russia and Ukraine and resulting sanctions primarily related to our Power business. (d) 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, includes $136 million benefit related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investments at the time of the Spin-Off in the second quarter. (e) Represents a cash refund received related to an arbitration proceeding with a multiemployer pension plan, constituting the payments previously made to the Fund, and excludes $52 million related to the interest on such amounts that was recorded in Interest and other financial charges – net in the second quarter. (f) Primarily related to the expected return on plan assets, partially offset by interest cost. (g) 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). (h) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business operations primarily with customers. (i) Excludes interest expense (income) of $(1) million and $11 million and benefit for income taxes of $6 million and $39 million for the three months ended September 30, 2024 and 2023, respectively, as well as interest expense of $11 million and $36 million and benefit for income taxes of $70 million and $131 million for the nine months ended September 30, 2024 and 2023, respectively, related to our Financial Services business which, because of the nature of its investments, is measured on an after-tax basis due to its strategic investments in renewable energy tax equity investments.


	Three months ended September 30								Nine months ended September 30
ADJUSTED ORGANIC EBITDA AND ADJUSTED ORGANIC EBITDA MARGIN (NON-GAAP)	2024			2023			V%		2024			2023			V%
Adjusted EBITDA (Non-GAAP)	$	243		$	205		19	%	$	957		$	223		F
Less: Acquisitions	(3)			—					11			—
Less: Business dispositions	—			(10)					(21)			(34)
Less: Foreign currency effect	14			(53)					(70)			(220)
Adjusted organic EBITDA (Non-GAAP)	$	231		$	269		(14)	%	$	1,037		$	477		F

Adjusted EBITDA margin (Non-GAAP)	2.7		%	2.5		%	0.2 pts		3.9		%	1.0		%	2.9 pts
Adjusted organic EBITDA margin (Non-GAAP)	2.6		%	3.3		%	(0.7) pts		4.3		%	2.1		%	2.2 pts

Refer to “Capital Resources and Liquidity” for discussion of free cash flow*.

CONTROLS AND PROCEDURES. Under the direction of our Chief Executive Officer and Chief Financial Officer, we evaluated our disclosure controls and procedures and internal control over financial reporting and concluded that (i) our disclosure controls and procedures were effective as of September 30, 2024, and (ii) no change in internal control over financial reporting occurred during the quarter ended September 30, 2024, that has materially affected, or is reasonably likely to materially affect, such internal control over financial reporting.

Prior to April 2, 2024, GE Vernova relied on certain business processes and internal controls over financial reporting performed by GE. In connection with the Spin-Off, responsibility for these processes and internal controls were transferred from GE to GE Vernova personnel, including internal controls and processes related to information technology, treasury, human resources (including payroll and benefit plan administration), taxes, external financial reporting, legal, and oversight functions such as corporate governance. The Company has revised and adopted policies, procedures, and processes, as needed, to meet regulatory requirements applicable to a standalone public company and will continue to identify, document, and evaluate key controls to provide reasonable assurance that our internal control over financial reporting is effective.

*Non-GAAP Financial Measure

2024 3Q FORM 10-Q 17

LEGAL PROCEEDINGS. We are reporting the following matter in compliance with SEC requirements to disclose administrative proceedings arising under laws that regulate the discharge of materials into the environment where a governmental authority is a party and that involve potential monetary sanctions of $300,000 or greater. In March 2024, one of our Australian subsidiaries received notice from the Australian Department of Climate Change, Energy, the Environment and Water (DCCEEW) of its intention to issue infringement notices imposing administrative fines on the subsidiary for importing equipment containing SF6 gas without an equipment license, as required by local law related to synthetic greenhouse gas management and seek a court order to impose civil penalties for delinquent reporting under such law. The applicable local law regulates the import to Australia of synthetic greenhouse gases in equipment, including certain of our switchgear products, and our subsidiary had neglected to renew the import license required under the law. We responded to DCCEEW, and following discussions with the agency, paid approximately $0.3 million in fines in connection with the infringement notices during the three months ended June 30, 2024. Discussions with DCCEEW regarding a court-issued civil penalty order are pending and we expect additional fines associated with such order may be more than $300,000. Refer to Legal Matters in Note 22 to the consolidated and combined financial statements for additional information relating to legal matters.

2024 3Q FORM 10-Q 18


CONSOLIDATED AND COMBINED STATEMENT OF INCOME (LOSS) (UNAUDITED)	Three months ended September 30				Nine months ended September 30
(In millions, except per share amounts)	2024		2023		2024		2023

Sales of equipment	$	5,290	$	4,869	$	13,101	$	12,746
Sales of services	3,623		3,383		11,276		10,448
Total revenues	8,913		8,253		24,376		23,194

Cost of equipment	5,076		5,005		12,621		13,201
Cost of services	2,728		2,196		7,794		6,876
Gross profit	1,109		1,051		3,962		3,116

Selling, general, and administrative expenses	1,226		1,135		3,366		3,593
Research and development expenses	243		223		717		641
Operating income (loss)	(359)		(307)		(122)		(1,118)

Interest and other financial charges – net	36		(21)		82		(63)
Non-operating benefit income	130		134		399		415
Other income (expense) – net (Note 19)	71		179		1,025		307

Income (loss) before income taxes	(122)		(16)		1,385		(458)
Provision (benefit) for income taxes (Note 15)	(23)		169		310		222
Net income (loss)	(99)		(185)		1,075		(680)
Net loss (income) attributable to noncontrolling interests	3		15		(7)		45
Net income (loss) attributable to GE Vernova	$	(96)	$	(170)	$	1,068	$	(635)


Earnings (loss) per share attributable to GE Vernova (Note 18):
Basic	$	(0.35)	$	(0.62)	$	3.90	$	(2.32)
Diluted	$	(0.35)	$	(0.62)	$	3.85	$	(2.32)

Weighted-average number of common shares outstanding:
Basic	275		274		274		274
Diluted	275		274		277		274

2024 3Q FORM 10-Q 19


CONSOLIDATED AND COMBINED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

(In millions, except share and per share amounts)	September 30, 2024		December 31, 2023

Cash, cash equivalents, and restricted cash	$	7,395	$	1,551
Current receivables – net (Note 4)	7,221		7,409
Due from related parties (Note 24)	5		80
Inventories, including deferred inventory costs (Note 5)	9,377		8,253
Current contract assets (Note 9)	8,592		8,339
All other current assets (Note 10)	550		352
Assets of business held for sale (Note 3)	—		1,444
Current assets	33,141		27,428

Property, plant, and equipment – net (Note 6)	5,148		5,228
Goodwill (Note 8)	4,444		4,437
Intangible assets – net (Note 8)	869		1,042
Contract and other deferred assets (Note 9)	618		621
Equity method investments (Note 11)	2,376		3,555
Deferred income taxes (Note 15)	1,499		1,582
All other assets (Note 10)	2,758		2,228

Total assets	$	50,853	$	46,121

Accounts payable and equipment project payables (Note 12)	$	8,942	$	7,900
Due to related parties (Note 24)	58		532
Contract liabilities and deferred income (Note 9)	16,908		15,074
All other current liabilities (Note 14)	5,324		4,352
Liabilities of business held for sale (Note 3)	—		1,448
Current liabilities	31,233		29,306

Deferred income taxes (Note 15)	823		382
Non-current compensation and benefits	3,233		3,273
All other liabilities (Note 14)	5,047		4,780

Total liabilities	40,336		37,741


Commitments and contingencies (Note 22)
Common stock, par value $0.01 per share, 1,000,000,000 shares authorized, 275,627,753 shares outstanding as of September 30, 2024	3		—
Additional paid-in capital	9,374		—
Retained earnings	1,198		—
Treasury common stock, 218,290 shares at cost	(40)		—
Net parent investment	—		8,051
Accumulated other comprehensive income (loss) – net attributable to GE Vernova (Note 16)	(1,031)		(635)
Total equity attributable to GE Vernova	9,504		7,416
Noncontrolling interests	1,014		964
Total equity	10,517		8,380
Total liabilities and equity	$	50,853	$	46,121

2024 3Q FORM 10-Q 20



CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS (UNAUDITED)	Nine months ended September 30
(In millions)	2024		2023
Net income (loss)	$	1,075	$	(680)



Adjustments to reconcile net income (loss) to cash from (used for) operating activities
Depreciation and amortization of property, plant, and equipment (Note 6)	715		531
Amortization of intangible assets (Note 8)	188		181
(Gains) losses on purchases and sales of business interests	(859)		(210)
Principal pension plans – net (Note 13)	(280)		(304)
Other postretirement benefit plans – net (Note 13)	(189)		(235)
Provision (benefit) for income taxes (Note 15)	310		222
Cash recovered (paid) during the year for income taxes	(299)		28
Changes in operating working capital:
Decrease (increase) in current receivables	28		160
Decrease (increase) in due from related parties	(5)		12
Decrease (increase) in inventories, including deferred inventory costs	(1,151)		(1,051)
Decrease (increase) in current contract assets	(234)		(68)
Increase (decrease) in accounts payable and equipment project payables	970		(210)
Increase (decrease) in due to related parties	(366)		110
Increase (decrease) in contract liabilities and current deferred income	1,660		1,008

All other operating activities	98		(240)


Cash from (used for) operating activities	1,662		(745)

Additions to property, plant, and equipment and internal-use software	(533)		(464)
Dispositions of property, plant, and equipment	16		54
Purchases of and contributions to equity method investments	(110)		(77)
Sales of and distributions from equity method investments	32		220
Proceeds from principal business dispositions	639		—
All other investing activities	94		(209)


Cash from (used for) investing activities	138		(477)

Net increase (decrease) in borrowings of maturities of 90 days or less	(23)		30
Transfers from (to) Parent	2,933		681
All other financing activities	579		(54)


Cash from (used for) financing activities	3,489		656
Effect of currency exchange rate changes on cash, cash equivalents, and restricted cash	(48)		(22)
Increase (decrease) in cash, cash equivalents, and restricted cash, including cash classified within businesses held for sale	5,241		(587)
Less: Net increase (decrease) in cash classified within businesses held for sale	(603)		(7)

Increase (decrease) in cash, cash equivalents, and restricted cash	5,844		(581)
Cash, cash equivalents, and restricted cash at beginning of year	1,551		2,067


Cash, cash equivalents, and restricted cash as of September 30	$	7,395	$	1,486

2024 3Q FORM 10-Q 21


CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
	Three months ended September 30				Nine months ended September 30
(In millions)	2024		2023		2024		2023


Net income (loss) attributable to GE Vernova	$	(96)	$	(170)	$	1,068	$	(635)
Net loss (income) attributable to noncontrolling interests	3		15		(7)		45
Net income (loss)	$	(99)	$	(185)	$	1,075	$	(680)

Other comprehensive income (loss):
Currency translation adjustments – net of taxes	99		(48)		(7)		74
Benefit plans – net of taxes	(79)		(94)		(418)		1,481
Cash flow hedges – net of taxes	(20)		39		30		58


Other comprehensive income (loss)	$	—	$	(103)	$	(395)	$	1,613

Comprehensive income (loss)	$	(98)	$	(287)	$	680	$	933
Comprehensive loss (income) attributable to noncontrolling interests	3		14		(9)		48
Comprehensive income (loss) attributable to GE Vernova	$	(96)	$	(274)	$	672	$	981

2024 3Q FORM 10-Q 22


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 July 1, 2024	275	$	3	$	8,801	$	1,294	$	—	$	—	$	(1,031)	$	982	$	10,049
Issuance of shares in connection with equity awards(a)	1	—		9		—		(40)		—		—		—		(31)
Share-based compensation expense	—	—		50		—		—		—		—		—		50

Net income (loss)	—	—		—		(96)		—		—		—		(3)		(99)

Currency translation adjustments – net of taxes	—	—		—		—		—		—		99		—		99
Benefit plans – net of taxes	—	—		—		—		—		—		(79)		—		(79)
Cash flow hedges – net of taxes	—	—		—		—		—		—		(20)		—		(20)
Changes in equity attributable to noncontrolling interests(b)	—	—		514		—		—		—		—		34		548
Balances as of September 30, 2024	276	$	3	$	9,374	$	1,198	$	(40)	$	—	$	(1,031)	$	1,014	$	10,517


Balances as of July 1, 2023	—	$	—	$	—	$	—	$	—	$	9,611	$	264	$	927	$	10,802
Net income (loss)	—	—		—		—		—		(170)		—		(15)		(185)
Currency translation adjustments – net of taxes	—	—		—		—		—		—		(50)		1		(48)
Benefit plans – net of taxes	—	—		—		—		—		—		(94)		—		(94)
Cash flow hedges – net of taxes	—	—		—		—		—		—		39		—		39
Transfers from (to) Parent	—	—		—		—		—		(71)		—		—		(71)
Changes in equity attributable to noncontrolling interests	—	—		—		—		—		—		—		10		10
Balances as of September 30, 2023	—	$	—	$	—	$	—	$	—	$	9,371	$	160	$	924	$	10,454

(a) During the third quarter, restrictions lapsed on 435,719 shares of GE Vernova common stock in connection with the vesting of performance shares originally awarded by General Electric Company, now operating as GE Aerospace. We withheld 218,290 shares of GE Vernova common stock to satisfy tax withholding obligations, resulting in $40 million of Treasury common stock.

(b) Primarily relates to proceeds from the sale of an approximately 16% equity interest in GE Vernova T&D India Ltd, a power transmission and distribution solution provider, in the third quarter of 2024, net of directly attributable taxes.

2024 3Q FORM 10-Q 23


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, 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(a)	2	—		45		—		(40)		—		—		—		4
Share-based compensation expense	—	—		104		—		—		—		—		—		104

Net income (loss)	—	—		—		1,198		—		(130)		—		7		1,075

Currency translation adjustments – net of taxes	—	—		—		—		—		—		(7)		—		(7)
Benefit plans – net of taxes	—	—		—		—		—		—		(420)		1		(418)
Cash flow hedges – net of taxes	—	—		—		—		—		—		30		—		30
Changes in equity attributable to noncontrolling interests(b)	—	—		514		—		—		—		—		41		555
Balances as of September 30, 2024	276	$	3	$	9,374	$	1,198	$	(40)	$	—	$	(1,031)	$	1,014	$	10,517


Balances as of January 1, 2023	—	$	—	$	—	$	—	$	—	$	12,106	$	(1,456)	$	957	$	11,607
Net income (loss)	—	—		—		—		—		(635)		—		(45)		(680)
Currency translation adjustments – net of taxes	—	—		—		—		—		—		75		(1)		74
Benefit plans – net of taxes	—	—		—		—		—		—		1,483		(2)		1,481
Cash flow hedges – net of taxes	—	—		—		—		—		—		58		—		58
Transfers from (to) Parent	—	—		—		—		—		(2,100)		—		—		(2,100)
Changes in equity attributable to noncontrolling interests	—	—		—		—		—		—		—		14		14
Balances as of September 30, 2023	—	$	—	$	—	$	—	$	—	$	9,371	$	160	$	924	$	10,454

2024 3Q FORM 10-Q 24

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

Organization. On April 2, 2024 (the Distribution Date), General Electric Company, which now operates as GE Aerospace (GE or Parent) completed the previously announced spin-off (the Spin-Off) of GE Vernova (the Company, GE Vernova, our, we, or us). The Spin-Off was completed through a distribution of all the Company's outstanding common stock to holders of record of GE's common stock as of the close of business on March 19, 2024 (the Distribution), which resulted in the issuance of approximately $274 million shares of common stock. As a result of the Distribution, the Company became an independent public company. Our common stock is listed under the symbol “GEV” on the New York Stock Exchange. In connection with the Spin-Off, GE contributed cash of $515 million to GE Vernova to fund future operations and transferred restricted cash of $325 million to us such that the Company’s cash balance upon completion of the Spin-Off was approximately $4,200 million. See Note 22 for further information.

In connection with the Spin-Off, GE Vernova entered into several agreements with GE, including a separation and distribution agreement that sets forth certain agreements with GE regarding the principal actions to be taken in connection with the Spin-Off, including the transfer of assets and assumption of liabilities, and establishes certain rights and obligations between the Company and GE, including procedures with respect to claims subject to indemnification and related matters. Other agreements we entered into that govern aspects of our relationship with GE following the Spin-Off include:

•Transition Services Agreement – governs all matters relating to the provision of services between the Company and GE on a transitional basis. The services the Company receives include support for digital technology, human resources, supply chain, finance, and real estate services, among others, that are generally intended to be provided for a period no longer than two years following the Spin-Off.

•Tax Matters Agreement – governs the respective rights, responsibilities, and obligations between the Company and GE with respect to all tax matters (excluding employee-related taxes covered under the Employee Matters Agreement), in addition to certain restrictions which generally prohibit us from taking or failing to take any action in the two-year period following the Distribution that would prevent the Distribution from qualifying as tax-free for U.S. federal income tax purposes, including limitations on our ability to pursue certain strategic transactions. The agreement specifies the portion of tax liability for which the Company will bear contractual responsibility, and the Company and GE will each agree to indemnify each other against any amounts for which such indemnified party is not responsible.

•Certain other agreements related to employee matters, trademark license, intellectual property, real estate matters, and framework investments.

Unless the context otherwise requires, references to the Company, GE Vernova, our, we, and us, refer to (i) GE’s renewable energy, power, and digital businesses prior to the Spin-Off and (ii) GE Vernova Inc. and its subsidiaries following the Spin-Off.

Basis of Presentation. For periods prior to the Spin-Off, the unaudited combined financial statements were 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 footnote 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 combined financial statements, corresponding footnotes, and significant accounting policies for the year ended December 31, 2023, included in our information statement dated March 8, 2024, which was attached as Exhibit 99.1 to a Current Report on Form 8-K furnished with the SEC on March 8, 2024 (the Information Statement). The information presented in tables throughout the footnotes 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. As described in Note 24, 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.

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.

2024 3Q FORM 10-Q 25

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.

Revenues from the Sale of Equipment. Sales of equipment includes the sales of gas turbines, wind turbines and repower units, and other power generation equipment related to energy production.

Performance Obligations Satisfied Over Time. We recognize revenue on agreements for the sale of customized goods including power generation equipment and long-term construction contracts on an over-time basis as we customize the customer’s equipment during the manufacturing or integration process and obtain right to payment for work performed.

We recognize revenue as we perform under the arrangements using the percentage of completion method, which is based on our costs incurred to date relative to our estimate of total expected costs and the transaction price to which we expect to be entitled. Variable consideration is included in the transaction price if, in our judgment, it is expected that a significant future reversal of cumulative revenue under the contract will not occur. Some of our contracts with customers for the sale of equipment contain clauses for the payment of liquidated damages related to milestones established for on-time delivery or meeting certain performance specifications. On an ongoing basis, we evaluate the probability and magnitude of liquidated damages. This is factored into our estimate of variable consideration using the expected value method taking into consideration progress towards meeting contractual milestones, specified liquidated damages rates, if applicable, and history of paying liquidated damages to the customer or similar customers. Our estimate of costs to be incurred to fulfill our promise to a customer is based on our history of manufacturing or constructing similar assets for customers and is updated routinely to reflect changes in quantity or cost of the inputs. In certain projects, such as new product introductions, the underlying technology or promise to the customer is unique to what we have historically promised and reliably estimating the total cost to fulfill the promise to the customer requires a significant level of judgment. Where the profit from a contract cannot be estimated reliably, revenue is only recognized equaling the cost incurred to the extent that it is probable that the costs will be recovered. We provide for a potential loss on these agreements when it is expected that we will incur such loss.

During the third quarter of 2024, primarily as a result of changes in product and project cost estimates, we recorded incremental contract losses for certain Offshore Wind contracts of $676 million. Further changes in our execution timelines or other adverse developments could result in further losses beyond the amounts that we currently estimate.

Our billing terms for these over-time contracts are generally based on achieving specified milestones. The differences between the timing of our revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to our contract asset or contract liability positions. See Note 9 for further information.

For further information on our significant accounting policies, please refer to the Information Statement.

NOTE 3. DISPOSITIONS AND BUSINESSES HELD FOR SALE. During the second quarter of 2024, our Steam Power business completed the sale of part of its nuclear activities to Electricité de France S.A. (EDF). In connection with the disposition, we received net cash proceeds of $639 million, subject to customary working capital and other post-close adjustments. As a result, we recognized a pre-tax gain of $853 million (after-tax gain of $845 million), recorded in Other income (expense) – net in our Consolidated and Combined Statement of Income (Loss). See Notes 15, 16 and 19 for further information.

The major components of assets and liabilities of the business held for sale in the Company’s Consolidated and Combined Statement of Financial Position are summarized as follows:


ASSETS AND LIABILITIES OF BUSINESS HELD FOR SALE	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	—	$	603
Current receivables, inventories, and contract assets	—		551
Property, plant, and equipment and intangibles – net	—		237
Other assets	—		53
Assets of business held for sale	$	—	$	1,444

Contract liabilities and deferred income	$	—	$	1,001
Accounts payable and equipment project payables	—		177
Other liabilities	—		270
Liabilities of business held for sale	$	—	$	1,448

2024 3Q FORM 10-Q 26

NOTE 4. CURRENT AND LONG-TERM RECEIVABLES




CURRENT RECEIVABLES – NET	September 30, 2024		December 31, 2023




Customer receivables	$	5,965	$	5,952
Non-income based tax receivables	946		1,048
Supplier advances and other receivables	811		924
Other receivables	$	1,757	$	1,972
Allowance for credit losses	(501)		(515)
Total current receivables – net	$	7,221	$	7,409

Activity in the allowance for credit losses related to current receivables for the nine months ended September 30, 2024 and 2023 consists of the following:


ALLOWANCE FOR CREDIT LOSSES	2024		2023
Balance as of January 1	$	515	$	674
Net additions (releases) charged to costs and expenses	34		5
Write-offs, net	(15)		(55)
Foreign exchange and other	(33)		2
Balance as of September 30	$	501	$	626

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 $1,073 million and $1,132 million in the nine months ended September 30, 2024 and 2023, respectively. Within these programs, primarily related to our participation in customer-sponsored supply chain finance programs in Wind, the Company has no continuing involvement, fees associated with the transferred receivables are covered by the customer, and cash is received at the original invoice due date. Included in the sales of customer receivables in the nine months ended September 30, 2023 was $82 million in our Gas Power business within our Power segment, primarily for risk mitigation purposes.



LONG-TERM RECEIVABLES	September 30, 2024		December 31, 2023

Long-term customer receivables	$	260	$	316
Supplier advances	276		243
Non-income based tax receivables	103		136
Other receivables	384		190
Allowance for credit losses	(168)		(184)
Total long-term receivables – net	$	854	$	701

NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS


	September 30, 2024		December 31, 2023
Raw materials and work in process	$	5,589	$	4,685
Finished goods	2,677		2,514
Deferred inventory costs(a)	1,111		1,054
Inventories, including deferred inventory costs	$	9,377	$	8,253

(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 6. PROPERTY, PLANT, AND EQUIPMENT


	September 30, 2024		December 31, 2023
Original cost	$	12,440	$	11,907
Less: Accumulated depreciation and amortization	(7,932)		(7,347)
Right-of-use operating lease assets	640		668
Property, plant, and equipment – net	$	5,148	$	5,228

Depreciation and amortization related to property, plant, and equipment was $336 million and $184 million in the three months ended and $715 million and $531 million in the nine months ended September 30, 2024 and 2023, respectively.

In the third quarter, we recognized a non-cash pre-tax impairment charge of $108 million related to property, plant, and equipment due to restructuring at our Hydro Power business, which is included in depreciation and amortization. This charge was recorded in Cost of sales in our Consolidated and Combined Statement of Income (Loss). See Note 23 for further information.

2024 3Q FORM 10-Q 27

NOTE 7. 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 $693 million and $718 million as of September 30, 2024 and December 31, 2023, respectively. Expense related to our operating lease portfolio, primarily from our long-term fixed leases, was $58 million and $79 million for three months ended and $193 million and $238 million for the nine months ended September 30, 2024 and 2023, respectively. Our finance lease liabilities, included in All other current liabilities and All other liabilities in our Consolidated and Combined Statement of Financial Position, were $290 million and $311 million as of September 30, 2024 and December 31, 2023, respectively.

NOTE 8. ACQUISITIONS, GOODWILL, AND OTHER INTANGIBLE ASSETS

Acquisitions. In the second quarter of 2023, our Gas Power business acquired Nexus Controls, a business specializing in aftermarket control system upgrades and controls field services.


GOODWILL	Power		Wind		Electrification		Total
Balance as of January 1, 2024	$	308	$	3,204	$	925	$	4,437


Currency exchange and other	4		2		—		7


Balance as of September 30, 2024	$	312	$	3,207	$	925	$	4,444

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 third quarter of 2024, we did not identify any reporting units that required an interim impairment test.

Intangible assets. All intangible assets are subject to amortization. Intangible assets decreased $173 million during the nine months ended September 30, 2024, primarily as a result of amortization. Amortization expense was $63 million and $58 million in the three months ended and $188 million and $181 million in the nine months ended September 30, 2024 and 2023, respectively.

NOTE 9. 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 $250 million in the nine months ended September 30, 2024 primarily due to the timing of revenue recognition ahead of billing milestones on equipment and other service agreements. Contract liabilities and deferred income increased $1,860 million in the nine months ended September 30, 2024 primarily due to new collections received in excess of revenue recognition at Power and Electrification, partially offset by revenue recognition and the settlement of a previously cancelled contract at Wind of $402 million. Net contractual service agreements decreased primarily due to billings of $3,673 million and net unfavorable changes in estimated profitability of $135 million, partially offset by revenues recognized of $3,710 million.

Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $7,761 million and $6,911 million for the nine months ended September 30, 2024 and 2023, respectively.


CONTRACT AND OTHER DEFERRED ASSETS
As of September 30, 2024	Power		Wind		Electrification		Total


Contractual service agreement assets	$	5,218	$	—	$	—	$	5,218
Equipment and other service agreement assets	1,788		412		1,174		3,374
Current contract assets	$	7,006	$	412	$	1,174	$	8,592


Non-current contract and other deferred assets(a)	594		10		14		618
Total contract and other deferred assets	$	7,600	$	422	$	1,188	$	9,210


As of December 31, 2023	Power		Wind		Electrification		Total


Contractual service agreement assets	$	5,201	$	—	$	—	$	5,201
Equipment and other service agreement assets	1,679		392		1,067		3,138
Current contract assets	$	6,880	$	392	$	1,067	$	8,339


Non-current contract and other deferred assets(a)	602		14		5		621
Total contract and other deferred assets	$	7,482	$	406	$	1,072	$	8,960

(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
As of September 30, 2024	Power		Wind		Electrification		Total
Contractual service agreement liabilities	$	1,914	$	—	$	—	$	1,914
Equipment and other service agreement liabilities	7,134		4,067		3,500		14,700
Current deferred income	3		201		89		293
Contract liabilities and current deferred income	$	9,051	$	4,268	$	3,589	$	16,908
Non-current deferred income	35		144		21		199
Total contract liabilities and deferred income	$	9,085	$	4,412	$	3,610	$	17,107

2024 3Q FORM 10-Q 28


As of December 31, 2023	Power		Wind		Electrification		Total
Contractual service agreement liabilities	$	1,810	$	—	$	—	$	1,810
Equipment and other service agreement liabilities	5,732		4,819		2,352		12,903
Current deferred income	20		228		113		361
Contract liabilities and current deferred income	$	7,562	$	5,047	$	2,465	$	15,074
Non-current deferred income	48		90		35		173
Total contract liabilities and deferred income	$	7,610	$	5,137	$	2,500	$	15,247

Remaining Performance Obligation. As of September 30, 2024, the aggregate amount of the contracted revenues allocated to our unsatisfied (or partially unsatisfied) performance obligations were $117,746 million. We expect to recognize revenue as we satisfy our remaining performance obligations as follows:

(1)Equipment-related remaining performance obligations of $42,069 million of which 46%, 70%, and 91% is expected to be recognized within 1, 2, and 5 years, respectively, and the remaining thereafter.

(2)Services-related remaining performance obligations of $75,678 million of which 17%, 52%, 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 remaining performance obligations.

NOTE 10. CURRENT AND ALL OTHER ASSETS. All other current assets primarily include prepaid taxes and deferred charges, derivative instruments (see Note 20), and assets held for sale. All other current assets increased $198 million for the nine months ended September 30, 2024, primarily due to an increase in assets held for sale. All other assets primarily include pension surplus, long-term receivables (see Note 4), taxes receivable, and prepaid taxes and deferred charges. All other assets increased $530 million in the nine months ended September 30, 2024, primarily due to increases in long-term receivables and pension assets.

NOTE 11. EQUITY METHOD INVESTMENTS


	Equity method investment balance				Equity method income (loss)
					Three months ended September 30				Nine months ended September 30
	September 30, 2024		December 31, 2023		2024		2023		2024		2023
Power	$	1,006	$	1,003	$	(11)	$	23	$	29	$	68
Wind	47		46		—		—		1		(3)
Electrification	848		788		36		24		78		61
Corporate(a)	475		1,718		(26)		(51)		(64)		(192)
Total	$	2,376	$	3,555	$	(1)	$	(4)	$	44	$	(66)

(a) In connection with the Spin-Off, GE retained renewable energy U.S. tax equity investments of $1,244 million in limited liability companies, which generate renewable energy tax credits, and any tax attributes from historical tax equity investing activity. Tax benefits related to these investments of $53 million were recognized during the three months ended March 31, 2024 and $44 million and $144 million were recognized during the three and nine months ended September 30, 2023, respectively, in Provision (benefit) for income taxes in the Consolidated and Combined Statement of Income (Loss). In connection with GE retaining the renewable energy U.S. tax equity investments, we recognized a $136 million benefit related to deferred intercompany profit from historical equipment sales to the related investees in Cost of equipment in the Consolidated and Combined Statement of Income (Loss) during the second quarter of 2024. See Note 23 for further information.

NOTE 12. ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES


	September 30, 2024		December 31, 2023
Trade payables	$	5,396	$	4,701
Supply chain finance programs	2,045		1,642
Equipment project payables	1,083		1,096
Non-income based tax payables	417		461
Accounts payable and equipment project payables	$	8,942	$	7,900

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 $2,642 million and $3,787 million for the nine months ended September 30, 2024 and 2023, respectively.

NOTE 13. 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. Refer to Note 13 in the audited combined financial statements included in the Information Statement for further information for the year ended December 31, 2023.

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).

2024 3Q FORM 10-Q 29


	2024						2023
Three months ended September 30	Principal pension		Other pension		Principal retiree benefit		Principal pension		Other pension		Principal retiree benefit
Service cost – operating	$	6	$	8	$	1	$	6	$	8	$	2
Interest cost	137		57		9		140		63		10
Expected return on plan assets	(186)		(84)		—		(189)		(89)		—
Amortization of net loss (gain)	(46)		8		(11)		(53)		1		(11)
Amortization of prior service cost (credit)	2		(2)		(15)		1		(2)		(15)
Curtailment/settlement gain	—		—		—		—		(2)		—
Non-operating benefit costs (income)	$	(93)	$	(21)	$	(16)	$	(100)	$	(29)	$	(16)
Net periodic expense (income)	$	(87)	$	(13)	$	(15)	$	(94)	$	(21)	$	(14)


	2024						2023
Nine months ended September 30	Principal pension		Other pension		Principal retiree benefit		Principal pension		Other pension		Principal retiree benefit
Service cost – operating	$	20	$	24	$	4	$	19	$	24	$	5
Interest cost	411		170		28		421		187		31
Expected return on plan assets	(557)		(250)		—		(567)		(262)		—
Amortization of net loss (gain)	(138)		24		(32)		(158)		3		(34)
Amortization of prior service cost (credit)	5		(5)		(45)		3		(5)		(45)
Curtailment/settlement gain	—		(11)		—		—		(7)		—
Non-operating benefit costs (income)	$	(279)	$	(71)	$	(49)	$	(301)	$	(84)	$	(48)
Net periodic expense (income)	$	(260)	$	(47)	$	(44)	$	(282)	$	(60)	$	(43)

Defined Contribution Plan. Following the Spin-Off, GE Vernova now 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 and during 2023 represent the employer contributions for GE Vernova employees and were $29 million and $27 million for the three months ended and $110 million and $98 million for the nine months ended September 30, 2024 and 2023, respectively.

NOTE 14. 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 22), liabilities related to business disposition activities, and restructuring liabilities (see Note 23). All other current liabilities increased $973 million in the nine months ended September 30, 2024 primarily due to liabilities related to business disposition activities, equipment projects and other commercial liabilities as a result of incremental contract losses at Wind, and increases in employee compensation and benefit liabilities. All other liabilities primarily include liabilities related to uncertain and other income taxes, product warranties (see Note 22), legal liabilities (see Note 22), asset retirement obligations (see Note 22), operating lease liabilities (see Note 7), equipment projects and other commercial liabilities, and indemnifications in connection with the Spin-Off (see Note 22). All other liabilities increased $268 million in the nine months ended September 30, 2024, primarily due to an increase in indemnification liabilities.

NOTE 15. 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.

We recorded an income tax benefit on a pre-tax loss with an effective tax rate of 18.9% for the three months ended September 30, 2024. The effective tax rate was lower than the U.S. statutory rate of 21% primarily due to a portion of the pre-tax loss providing no tax benefit in certain jurisdictions.

The Company's portion of income taxes for U.S. and certain foreign jurisdictions prior to the separation were deemed settled at the date of the Spin-Off. We recognized $287 million of foreign deferred tax liabilities transferred from GE related to separation activities. Refer to Note 1 for further information relating to the Tax Matters Agreement.

The OECD (Organization for Economic Co-operation and Development) has proposed a global minimum tax of 15% of reported profits (Pillar 2) that has been agreed upon in principle by over 140 countries. During 2023, many countries took steps to incorporate Pillar 2 model rule concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar 2 slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar 2. Accordingly, we continue to evaluate the potential consequences of Pillar 2 on our longer-term financial position. In 2024, we expect to incur insignificant tax expenses in connection with Pillar 2.

2024 3Q FORM 10-Q 30

NOTE 16. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) AND COMMON STOCK


	Currency translation adjustment		Benefit plans		Cash flow hedges		Total AOCI
Balance as of July 1, 2024	$	(1,441)	$	333	$	77	$	(1,031)
Transfer or allocation of benefit plans – net of taxes of $—, $—, and $—	—				—		—
AOCI before reclasses – net of taxes of $—, $4, and $—	99		(12)		(18)		69
Reclasses from AOCI – net of taxes of $—, $—, and $—	—		(66)		(2)		(68)
Less: AOCI attributable to noncontrolling interests	—		—		—		—
Balance as of September 30, 2024	$	(1,342)	$	254	$	57	$	(1,031)

Balance as of July 1, 2023	$	(1,320)	$	1,608	$	(24)	$	264
Transfer or allocation of benefit plans – net of taxes of $—, $1, and $—	—		5		—		5
AOCI before reclasses – net of taxes of $—, $(23), and $—	(48)		(18)		20		(46)
Reclasses from AOCI – net of taxes of $—, $(1), and $—	—		(81)		19		(62)
Less: AOCI attributable to noncontrolling interests	1		—		—		1
Balance as of September 30, 2023	$	(1,370)	$	1,514	$	15	$	160





Balance as of January 1, 2024	$	(1,335)	$	674	$	26	$	(635)
Transfer or allocation of benefit plans – net of taxes of $—, $(207), and $—	—		(207)		—		(207)
AOCI before reclasses – net of taxes of $33, $14, and $— (a)	105		(4)		10		111
Reclasses from AOCI – net of taxes of $—, $(2), and $— (b)	(111)		(207)		20		(298)
Less: AOCI attributable to noncontrolling interests	—		1		—		2
Balance as of September 30, 2024	$	(1,342)	$	254	$	57	$	(1,031)

Balance as of January 1, 2023	$	(1,445)	$	32	$	(43)	$	(1,456)
Transfer or allocation of benefit plans – net of taxes of $—, $69, and $—	—		1,703		—		1,703
AOCI before reclasses – net of taxes of $6, $(43), and $—	55		15		28		99
Reclasses from AOCI – net of taxes of $—, $(2), and $—	18		(238)		30		(190)
Less: AOCI attributable to noncontrolling interests	(1)		(2)		—		(3)
Balance as of September 30, 2023	$	(1,370)	$	1,514	$	15	$	160

(a) Currency translation adjustment includes $39 million of accumulated other comprehensive income (loss) allocated to us in connection with the Spin-Off.

(b) The total reclassification of accumulated other comprehensive income (loss) included $111 million of currency translation adjustment related to the sale of a portion of Steam Power nuclear activities to EDF. See Notes 3 and 19 for further information.

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 September 30, 2024, there were $275,627,753 shares of GE Vernova common stock outstanding.

NOTE 17. SHARE-BASED COMPENSATION. We grant stock options, restricted stock units (RSUs), and performance share units (PSUs) to employees under the 2024 Long-Term Incentive Plan (LTIP). The Compensation and Human Capital Committee of the Board of Directors approves grants under the LTIP. Under the LTIP, we are authorized to issue up to approximately 25 million shares. We record compensation expense for awards expected to vest over the vesting period. We estimate forfeitures based on experience and adjust expense to reflect actual forfeitures. When options are exercised, RSUs vest, and PSUs are earned, we issue shares from authorized unissued common stock.

Stock options provide awardees the opportunity to purchase shares of GE Vernova common stock in the future at the market price of our common stock on the date the award is granted (the strike price). The options become exercisable over the vesting period, typically becoming fully vested in either 3 or 4 years from the date of grant, and generally expire 10 years from the grant date if not exercised. RSUs entitle the awardee to receive shares of GE Vernova common stock upon vesting. PSUs entitle an awardee to receive shares of GE Vernova common stock upon certification by the Company's Compensation and Human Capital Committee of the level of performance achievement of the applicable performance metrics over a defined performance period. We value stock options using a Black-Scholes option pricing model, RSUs using the market price of our common stock on the grant date, and PSUs using the market price of our common stock on the grant date and a Monte Carlo simulation as needed based on performance metrics.

The following tables provide the weighted average fair value of options, RSUs, and PSUs granted to employees during the nine months ended September 30, 2024 and the related stock option valuation assumptions used in the Black-Scholes model.

WEIGHTED AVERAGE GRANT DATE FAIR VALUE


(In dollars)	September 30, 2024
Stock options	$	69.56
RSUs	166.65
PSUs	160.85

2024 3Q FORM 10-Q 31


KEY ASSUMPTIONS USED IN THE BLACK-SCHOLES VALUATION FOR STOCK OPTIONS	September 30, 2024
Risk-free interest rate	4.3	%
Dividend yield	—
Expected volatility	30	%
Expected term (in years)	6.8
Strike price (in dollars)	$170.03

For new awards granted in 2024, the expected volatility was derived from a peer group’s blended historical and implied volatility as GE Vernova does not have sufficient historical volatility based on the expected term of the underlying options. The expected term of the stock options was determined using the simplified method. The risk-free interest rate was determined using the implied yield currently available for zero-coupon U.S. government issues with a remaining term approximating the expected life of the options.


SHARE-BASED COMPENSATION ACTIVITY	Stock options						RSUs
	Shares (in thousands)	Weighted average exercise price (in dollars)		Weighted average contractual term (in years)	Intrinsic value (in millions)		Shares (in thousands)	Weighted average grant date fair value (in dollars)		Weighted average vesting period (in years)	Intrinsic value (in millions)
Outstanding at April 2, 2024(a)	2,514	$	101.32				3,797	$	59.34
Granted	1,450	170.03					659	166.65
Exercised	(967)	116.55					(1,182)	43.44
Forfeited	(13)	168.91					(115)	78.60
Expired	(53)	128.91					N/A	N/A
Outstanding at September 30, 2024	2,931	$	129.48	6.6	$	368	3,159	$	87.64	1.4	$	805
Exercisable at September 30, 2024	1,390	$	92.28	3.3	$	226	N/A	N/A		N/A	N/A
Expected to vest	1,147	$	161.39	9.5	$	107	2,895	$	86.67	1.4	$	738

(a) 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. The shares outstanding as of April 2, 2024 pertain to GE equity-based awards issued by GE in prior periods to employees of the Company that were converted to GE Vernova equity-based awards as part of the Spin-Off. The conversion to GE Vernova awards was considered a modification of the original award. Incremental fair value recognized was immaterial.

Total outstanding PSUs as of September 30, 2024 were 1,080 thousand shares with a weighted average fair value of $120.33. The intrinsic value, and weighted average vesting period of PSUs outstanding were $275 million and 1.8 years, respectively.

Share-based compensation expense is recognized within Cost of equipment, Cost of services, Selling, general, and administrative expenses, and Research and development expenses, as appropriate, in the Consolidated and Combined Statement of Income (Loss). Pre-tax share based compensation expense since the Spin-Off for the nine months ended September 30, 2024 was $104 million.


OTHER SHARE-BASED COMPENSATION DATA	September 30, 2024
Unrecognized compensation expense as of September 30, 2024(a)	$	291

Cash received from stock options exercised for the nine months ended September 30, 2024(b)	111

Intrinsic value of stock options exercised and RSU/PSUs vested in the nine months ended September 30, 2024(b)	349

(a) Amortized over a weighted average period of 1.2 years.

(b) Represents data after the Spin-Off as employees participated in GE equity-based awards prior to separation.

NOTE 18. 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 using the treasury stock method.

2024 3Q FORM 10-Q 32


	Three months ended September 30				Nine months ended September 30
(In millions, except per share amounts)	2024		2023		2024		2023
Numerator:
Net income (loss)	$	(99)	$	(185)	$	1,075	$	(680)
Net loss (income) attributable to noncontrolling interests	3		15		(7)		45
Net income (loss) attributable to GE Vernova	$	(96)	$	(170)	$	1,068	$	(635)

Denominator:
Basic weighted-average shares outstanding	275		274		274		274
Dilutive effect of common stock equivalents	—		—		3		—
Diluted weighted-average shares outstanding	275		274		277		274

Basic earnings (loss) per share	$	(0.35)	$	(0.62)	$	3.90	$	(2.32)
Diluted earnings (loss) per share	$	(0.35)	$	(0.62)	$	3.85	$	(2.32)
Antidilutive securities(a)	6		—		1		—

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

NOTE 19. OTHER INCOME (EXPENSE) – NET


	Three months ended September 30				Nine months ended September 30
	2024		2023		2024		2023
Equity method investment income (loss) (Note 11)	$	(1)	$	(4)	$	44	$	(66)
Net interest and investment income (loss)	21		23		48		48
Purchases and sales of business interests(a)	7		115		859		210
Derivative instruments (Note 20)	7		21		(6)		(5)
Licensing income	20		17		34		88
Other – net	17		7		48		32
Total other income (expense) – net	$	71	$	179	$	1,025	$	307

(a)Included a pre-tax gain of $853 million related to the sale of a portion of Steam Power nuclear activities to EDF in the nine months ended September 30, 2024. See Notes 3, 15, and 16 for further information.

NOTE 20. FINANCIAL INSTRUMENTS

Loans and Other Receivables. The Company’s financial assets not carried at fair value primarily consist of loan receivables and non-current customer and other receivables. The net carrying amount was $265 million and $328 million as of September 30, 2024 and December 31, 2023, respectively. The estimated fair value was $265 million and $324 million as of September 30, 2024 and December 31, 2023, 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 ten months in duration but with maximum remaining maturities of up to 15 years as of September 30, 2024.

Cash Flow Hedges. The total amount in AOCI related to cash flow hedges was a net $57 million gain as of September 30, 2024, of which a net gain of $35 million related to our share of AOCI recognized at our non-consolidated joint ventures. We expect to reclassify $61 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 $2 million and $(19) million for the three months ended and $(20) million and $(30) million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the maximum length of time over which we are hedging forecasted transactions was approximately 11 years.

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 $29 million as of September 30, 2024.

2024 3Q FORM 10-Q 33

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


As of September 30, 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	$	5,813	$	48	$	141	$	40	$	72

Foreign currency exchange contracts	38,401		362		126		343		147
Commodity and other contracts	448		20		19		5		1
Derivatives not accounted for as hedges	$	38,849	$	382	$	145	$	348	$	148
Total gross derivatives	$	44,662	$	430	$	285	$	388	$	220
Netting adjustment(a)			$	(279)	$	(138)	$	(277)	$	(138)
Net derivatives recognized in the Consolidated and Combined Statement of Financial Position			$	151	$	147	$	111	$	82

As of December 31, 2023
Foreign currency exchange contracts accounted for as hedges	$	5,035	$	39	$	91	$	28	$	41

Foreign currency exchange contracts	33,832		361		169		364		142
Commodity and other contracts	476		10		8		16		1
Derivatives not accounted for as hedges	$	34,308	$	371	$	177	$	380	$	143
Total gross derivatives	$	39,343	$	410	$	268	$	408	$	184
Netting adjustment(a)			$	(334)	$	(150)	$	(334)	$	(150)
Net derivatives recognized in the Consolidated and Combined Statement of Financial Position			$	76	$	118	$	74	$	34

(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 OCI RELATED TO CASH FLOW AND NET INVESTMENT HEDGES


	Three months ended September 30				Nine months ended September 30
	2024		2023		2024		2023
Cash flow hedges	$	(17)	$	14	$	19	$	24
Net investment hedges	(6)		(3)		(2)		(6)

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











Three months ended September 30, 2024	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)	$	8,913	$	7,804	$	1,226	$	71
Foreign currency exchange contracts	2		—		—		—
Interest rate contracts	—		—		—		—
Effects of cash flow hedges	$	2	$	—	$	—	$	—
Foreign currency exchange contracts	6		(16)		(48)		6
Commodity and other contracts	—		(1)		(6)		—
Effect of derivatives not designated as hedges	$	6	$	(17)	$	(55)	$	6



Three months ended September 30, 2023	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)	$	8,253	$	7,201	$	1,135	$	179
Foreign currency exchange contracts	(19)		—		—		—
Interest rate contracts	—		—		—		—
Effects of cash flow hedges	$	(19)	$	—	$	—	$	—
Foreign currency exchange contracts	—		32		31		21
Commodity and other contracts	—		5		—		—
Effect of derivatives not designated as hedges	$	—	$	37	$	31	$	21

2024 3Q FORM 10-Q 34


Nine months ended September 30, 2024	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)	$	24,376	$	20,415	$	3,366	$	1,025
Foreign currency exchange contracts	(5)		14		—		—
Interest rate contracts	—		—		—		—
Effects of cash flow hedges	$	(5)	$	14	$	—	$	—
Foreign currency exchange contracts	—		1		(92)		(7)
Commodity and other contracts	—		(7)		(21)		—
Effect of derivatives not designated as hedges	$	—	$	(6)	$	(113)	$	(7)


Nine months ended September 30, 2023	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)	$	23,194	$	20,078	$	3,593	$	307
Foreign currency exchange contracts	(25)		3		—		—
Interest rate contracts	—		—		—		(2)
Effects of cash flow hedges	$	(25)	$	3	$	—	$	(2)
Foreign currency exchange contracts	—		113		—		(5)
Commodity and other contracts	—		30		—		1
Effect of derivatives not designated as hedges	$	—	$	143	$	—	$	(4)

The amount excluded for cash flow hedges was a gain (loss) of $1 million and $1 million for the three months ended and $12 million and $(8) million for the nine months ended September 30, 2024 and 2023, respectively. This amount is recognized in Sales of equipment, Sales of services, Cost of equipment, and Cost of services in our Consolidated and Combined Statement of Income (Loss).

NOTE 21. VARIABLE INTEREST ENTITIES. In our Consolidated and Combined Statement of Financial Position, we have assets of $70 million and $122 million and liabilities of $127 million and $156 million as of September 30, 2024 and December 31, 2023, respectively, from consolidated variable interest entities (VIEs). These entities were created to help our customers facilitate or finance the purchase of GE Vernova equipment and services, and to manage our insurance exposure through an insurance captive, 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 $115 million and $1,323 million as of September 30, 2024 and December 31, 2023, respectively. Of these investments, $59 million and $1,272 million as of September 30, 2024 and December 31, 2023, respectively, were owned by our Financial Services business. At December 31, 2023, these investments were substantially all related to renewable energy U.S. tax equity investments that were subsequently retained by GE in connection with the Spin-Off. See Note 11 for further information. 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 22.

NOTE 22. COMMITMENTS, GUARANTEES, PRODUCT WARRANTIES, AND OTHER LOSS CONTINGENCIES

Commitments. We had total investment commitments of $71 million and unfunded lending commitments of $108 million at September 30, 2024. The commitments primarily consist of obligations to make investments or provide funding by our Financial Services and Gas Power businesses. See Note 21 for further information.

Guarantees. As of September 30, 2024, we were committed under the following guarantee arrangements:

Credit support. We have provided $654 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. In addition, prior to the Spin-Off, GE provided parent company guarantees to GE Vernova in certain jurisdictions. See Note 24 for further information.

Indemnification agreements. We have $755 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 $555 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 $151 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 $1,342 million and $1,414 million as of September 30, 2024 and December 31, 2023, respectively.

2024 3Q FORM 10-Q 35

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.

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 $327 million and $393 million at September 30, 2024 and December 31, 2023, 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.

In June 2024, we executed a settlement agreement with the Government of the Kingdom of Saudi Arabia, represented by The Ministry of Energy (MOE) in connection with certain Alstom steam power construction projects with Saudi Electric Company (SE) won between 1998 and 2008. In November 2015, prior to its acquisition by GE, Alstom had paid a fine and pled guilty to charges brought by the U.S. Department of Justice under the U.S. Foreign Corrupt Practices Act, including in relation to conduct related to two of these SE steam power projects. In December 2015, following the acquisition of Alstom by GE, SE contacted GE seeking recompense for alleged reputational damage and in December 2021, the Saudi Arabia National Anti-Corruption Commission became involved and initiated an investigation. The settlement of approximately $267 million consists of $141 million in cash payments to the MOE and the remainder as a credit note to SE, and releases GE Vernova, GE and their respective affiliates from civil and criminal liabilities related to this matter after the settlement obligations are met. Approximately $62 million of the cash settlement was paid in the second quarter and the remainder will be payable through September 2026.

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 $138 million and $127 million as of September 30, 2024 and December 31, 2023, 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 $622 million and $581 million as of September 30, 2024 and December 31, 2023, respectively, and are recorded in All other current liabilities and All other liabilities in our Consolidated and Combined Statement of Financial Position. Of these amounts, $544 million and $519 million were related to nuclear decommissioning obligations. Changes in the liability balance due to settlement, accretion, and revisions in fair value were not material for the nine months ended September 30, 2024.

NOTE 23. RESTRUCTURING CHARGES AND SEPARATION COSTS

Restructuring and Other Charges. 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 25 for further information.

2024 3Q FORM 10-Q 36


RESTRUCTURING AND OTHER CHARGES	Three months ended September 30				Nine months ended September 30
	2024		2023		2024		2023
Workforce reductions	$	48	$	46	$	159	$	151
Plant closures and associated costs and other asset write-downs	160		40		251		124
Acquisition/disposition net charges and other	(1)		19		7		41
Total restructuring and other charges	$	207	$	105	$	417	$	316

Cost of equipment and services	$	148	$	49	$	268	$	107
Selling, general, and administrative expenses	59		56		149		209

Total restructuring and other charges	$	207	$	105	$	417	$	316

Power	$	192	$	42	$	289	$	84
Wind	15		44		117		165
Electrification	—		13		17		48
Other	—		6		(6)		19
Total restructuring and other charges(a)	$	207	$	105	$	417	$	316

(a) Includes $144 million and $64 million for the three months ended and $237 million and $170 million for the nine months ended September 30, 2024 and 2023, respectively, primarily of non-cash impairment, accelerated depreciation, and other charges not reflected in the liability table below.

Liabilities associated with restructuring activities were recorded in All other current liabilities, All other liabilities, and Non-current compensation and benefits.



RESTRUCTURING LIABILITIES	2024		2023
Balance as of January 1	$	276	$	283
Additions	180		146
Payments	(198)		(167)

Foreign exchange and other	108		5
Balance as of September 30	$	366	$	267

In addition to the continued impacts of ongoing initiatives, restructuring primarily included exit activities associated with previously announced plans across our Wind businesses, primarily reflecting the selectivity strategy to operate in fewer markets and to simplify and standardize product variants. The estimated cost of this multi-year restructuring program was approximately $600 million, with the majority recognized in 2023. This plan was expanded during the third quarter of 2023 to include the consolidation of the global footprint and related resources at our Power businesses to better serve our customers. In the third quarter of 2024, in order to transform and optimize our global footprint, we announced the restructuring of our Hydro Power business, as a result we recognized $146 million of charges, which primarily relates to a non-cash pre-tax impairment charge of property, plant and equipment. See Note 6 for further information.

Separation Costs. In connection with the Spin-Off, the Company recognized separation costs (benefits) of $27 million and $(64) million for the three months and nine months ended September 30, 2024, respectively, in our Consolidated and Combined Statement of Income (Loss). Separation costs (benefits) 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 in the second quarter related to deferred intercompany profit from historical equipment sales to the related investees, recorded in Cost of equipment. See Note 11 for further information.

NOTE 24. RELATED PARTIES

Aero Alliance. Aero Alliance is 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 $131 million and $108 million for the three months ended and $494 million and $382 million for the nine months ended September 30, 2024 and 2023, respectively. The Company owed Aero Alliance $58 million and $34 million as of September 30, 2024 and December 31, 2023, respectively. These amounts have been recorded in Due to related parties on the Consolidated and Combined Statement of Financial Position.

Financial Services Investments. Our Financial Services business invests in project infrastructure entities where we do not hold a controlling financial interest. These entities generally purchase equipment from our Wind and Power segments, and we have recognized revenues of $34 million for the three months ended September 30, 2023 and $4 million and $176 million for the nine months ended September 30, 2024 and 2023, respectively, for sales to these entities. Revenues for sales to these entities for the three months ended September 30, 2024 were not significant as GE retained the renewable energy U.S. tax equity investments. See Note 11 for further information.

Corporate Allocations. Prior to the Spin-Off, GE historically provided the Company with significant corporate, infrastructure, and shared services. Some of these services continue to be provided by GE to the Company on a temporary basis following the Spin-Off under the Transition Services Agreement. Accordingly, for periods prior to the Spin-Off, certain GE corporate costs have been charged to the Company based on allocation methodologies as follows:

2024 3Q FORM 10-Q 37

a.Centralized services such as public relations, investor relations, treasury and cash management, executive management, security, government relations, community outreach, and corporate internal audit services were charged to the Company on a pro rata basis of GE’s estimates of each business’s usage at the beginning of the fiscal year and were recorded in Selling, general, and administrative expenses. Costs of $14 million and $52 million for the three and nine months ended September 30, 2023, respectively, were recorded in the Consolidated and Combined Statement of Income (Loss). Costs allocated to the Company for the three months ended March 31, 2024 were not significant as GE Vernova had established standalone capabilities for such services.

b.Information technology, finance, insurance, research, supply chain, human resources, tax, and facilities activities were charged to the Company based on headcount, revenue, or other allocation methodologies. Costs for these services of $175 million and $539 million were charged to the Company for the three and nine months ended September 30, 2023, respectively. Costs for these services of $100 million were charged to the Company for the three months ended March 31, 2024. Such costs are primarily included in Selling, general, and administrative expenses and Research and development expenses in the Consolidated and Combined Statement of Income (Loss).

c.Costs associated with employee medical insurance totaling $33 million and $92 million were charged for the three and nine months ended September 30, 2023, respectively. Costs associated with employee medical insurance totaling $30 million were charged to the Company for the three months ended March 31, 2024. Costs were charged to the Company based on employee headcount and are recorded in Cost of equipment, Cost of services, Selling, general, and administrative expenses, or Research and development expenses in the Consolidated and Combined Statement of Income (Loss) based on the employee population.

Additionally, GE granted various employee benefits to its employees, including prior to the Spin-Off to those of the Company, under the GE Long-Term Incentive Plan. These benefits primarily included stock options and restricted stock units. Compensation expense associated with this plan was $29 million and $88 million for the three and nine months ended September 30, 2023, respectively. Compensation expense associated with this plan was $34 million for the three months ended March 31, 2024. Such expense is included primarily in Selling, general, and administrative expenses in the Consolidated and Combined Statement of Income (Loss). These costs were charged directly to the Company based on the specific employees receiving awards.

Finally, while GE’s third-party debt had not been attributed to the Company, GE allocated a portion of interest expense related to its third-party debt for funding provided by GE to the Company for certain investments held by Financial Services. The interest was allocated based on the GE-funded ending net investment position each reporting period. Interest allocated was $9 million and $28 million for the three and nine months ended September 30, 2023, respectively. Interest allocated was $7 million for the three months ended March 31, 2024. Such expense is included in Interest and other financial charges – net in the Consolidated and Combined Statement of Income (Loss).

Management believes that the expense and cost allocations were determined on a basis that is a reasonable reflection of the utilization of services provided or the benefit received by the Company. The amounts that would have been, or will be incurred, on a stand-alone basis could materially differ from the amounts allocated due to economies of scale, difference in management judgment, a requirement for more or fewer employees, or other factors. Management does not believe, however, that it is practicable to estimate what these expenses would have been had the Company operated as an independent entity, including any expenses associated with obtaining any of these services from unaffiliated entities. In addition, the future results of operations, financial position, and cash flows could differ materially from the historical results presented herein.

Parent Company Credit Support. GE provided the Company with parent credit support in certain jurisdictions. To support the Company 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 what were subsidiary legal entities transacting directly with customers, in addition to providing similar credit support for some non-customer related activities of GE Vernova. There are no known instances historically where payments or performance from GE were required under parent company guarantees relating to GE Vernova customer contracts.

Transfer of Tax Credits to GE. Under the Inflation Reduction Act of 2022, which went into effect in 2023, we generate advanced manufacturing credits in our Wind business. These credits are transferable and are not reliant on a tax liability to be realized. We recognized advance manufacturing credits of $91 million and $82 million for the three months ended and $165 million and $174 million for the nine months ended September 30, 2024 and 2023, respectively. During the first quarter of 2024, we received cash of $249 million from GE for credits generated since the credits became available in 2023.

NOTE 25. SEGMENT INFORMATION. The following table disaggregates total revenues to external customers for sales of equipment and sales of services by segment:


	2024						2023
Three months ended September 30	Equipment		Services		Total		Equipment		Services		Total
Power	$	1,378	$	2,773	$	4,151	$	1,276	$	2,593	$	3,870
Wind	2,488		391		2,880		2,523		359		2,882
Electrification	1,419		457		1,876		1,066		430		1,496
Other	4		2		6		4		1		4
Total revenues	$	5,290	$	3,623	$	8,913	$	4,869	$	3,383	$	8,253


	2024						2023
Nine months ended September 30	Equipment		Services		Total		Equipment		Services		Total
Power	$	3,847	$	8,725	$	12,571	$	3,574	$	8,170	$	11,744
Wind	5,375		1,191		6,566		6,180		1,050		7,230
Electrification	3,868		1,335		5,203		2,985		1,226		4,212
Other	10		25		35		8		1		9
Total revenues	$	13,101	$	11,276	$	24,376	$	12,746	$	10,448	$	23,194

2024 3Q FORM 10-Q 38

Intersegment sales were $120 million and $106 million for the three months ended and $317 million and $311 million for the nine months ended September 30, 2024 and 2023, respectively. Intersegment revenues are recognized on the same basis of accounting as such revenue is recognized on a consolidated and combined basis.


TOTAL SEGMENT REVENUES BY BUSINESS UNIT	Three months ended September 30				Nine months ended September 30
	2024		2023		2024		2023
Gas Power	$	3,466	$	2,944	$	9,966	$	8,877
Nuclear Power	167		158		618		591
Hydro Power	181		220		544		617
Steam Power	393		571		1,569		1,760
Power	$	4,206	$	3,893	$	12,696	$	11,845

Onshore Wind	$	2,355	$	2,281	$	4,974	$	5,878
Offshore Wind	388		455		1,183		989
LM Wind Power	148		151		436		372
Wind	$	2,891	$	2,887	$	6,592	$	7,239

Grid Solutions	$	1,270	$	979	$	3,521	$	2,780
Power Conversion	310		286		858		686
Electrification Software	218		204		646		635
Solar & Storage Solutions	130		108		344		311
Electrification	$	1,928	$	1,576	$	5,369	$	4,412

Total segment revenues	$	9,025	$	8,356	$	24,657	$	23,496


SEGMENT EBITDA	Three months ended September 30				Nine months ended September 30
	2024		2023		2024		2023
Power	$	499	$	280	$	1,457	$	923
Wind	(317)		(225)		(607)		(744)
Electrification	201		65		396		66
	$	383	$	119	$	1,247	$	244
Corporate and other(a)	(140)		85		(290)		(21)
Restructuring and other charges(b)	(209)		(105)		(419)		(308)

Purchases and sales of business interests(c)	—		6		842		92
Russia and Ukraine charges(d)	—		—		—		(95)
Separation (costs) benefits(e)	(27)		—		64		—
Arbitration refund(f)	—		—		254		—
Non-operating benefit income	130		134		399		415
Depreciation and amortization(g)	(289)		(206)		(734)		(628)
Interest and other financial charges – net(h)	35		(11)		93		(27)
Benefit (provision) for income taxes	17		(208)		(380)		(353)
Net income (loss)	$	(99)	$	(185)	$	1,075	$	(680)

(a) Includes interest expense (income) of $(1) million and $11 million and benefit for income taxes of $6 million and $39 million for the three months ended September 30, 2024 and 2023, respectively, as well as interest expense of $11 million and $36 million and benefit for income taxes of $70 million and $131 million for the nine months ended September 30, 2024 and 2023, respectively, related to the Financial Services business which, because of the nature of its investments, is managed on an after-tax basis due to its strategic investments in renewable energy tax equity investments.

(b) Consists of severance, facility closures, acquisition and disposition, and other charges associated with major restructuring programs.

(d) Related to recoverability of asset charges recorded in connection with the ongoing conflict between Russia and Ukraine and resulting sanctions primarily related to our Power business.

(e) 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, includes $136 million benefit related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investments at the time of Spin-Off in the second quarter.

(f) Represents cash refund received in connection with an arbitration proceeding, constituting the payments previously made to the Fund, and excludes $52 million related to the interest on such amounts that was recorded in Interest and other financial charges – net in the second quarter.

(g) 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).

(h) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business operations primarily with customers.

2024 3Q FORM 10-Q 39

EXHIBITS



			Exhibit 2.1. Separation and Distribution Agreement, dated April 1, 2024, by and between General Electric Company and GE Vernova Inc. (incorporated by reference to Exhibit 2.1 of the registrant’s Current Report on Form 8-K filed with the SEC on April 2, 2024, File No. 001-41966).†+
			Exhibit 3.1. Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of the registrant’s Current Report on Form 8-K filed with the SEC on April 2, 2024, File No. 001-41966).
			Exhibit 3.2. Bylaws (incorporated by reference to Exhibit 3.2 of the registrant’s Current Report on Form 8-K filed with the SEC on April 2, 2024, File No. 001-41966).
			Exhibit 10.1. GE Vernova Inc. Executive Change in Control Severance Benefits Policy (incorporated by reference to Exhibit 10.1 of the registrant’s Current Report on Form 8-K filed with the SEC on September 10, 2024, File No. 001-41966).*
			Exhibit 31(a). Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended (filed herewith).
			Exhibit 31(b). Certification Pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as Amended (filed herewith).
			Exhibit 32. Certification Pursuant to 18 U.S.C. Section 1350 (filed herewith).
			Exhibit 101. The following materials from GE Vernova Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in XBRL (eXtensible Business Reporting Language); (i) Consolidated and Combined Statement of Income (Loss) for the three and nine months ended September 30, 2024 and 2023, (ii) Consolidated and Combined Statement of Financial Position at September 30, 2024 and December 31, 2023, (iii) Consolidated and Combined Statement of Cash Flows for the nine months ended September 30, 2024 and 2023, (iv) Consolidated and Combined Statement of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023, (v) Consolidated and Combined Statement of Changes in Equity for the three and nine months ended September 30, 2024 and 2023, and (vi) Notes to Consolidated and Combined Financial Statements.
			Exhibit 104. Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

			†			Certain portions of this exhibit have been redacted pursuant to Item 601(b)(2)(ii) and Item 601(b)(10)(iv) of Regulation S-K, as applicable. The Company agrees to furnish supplementally an unredacted copy of the exhibit to the Commission upon its request.
			+			Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the Commission upon its request.
			*			Management contract or compensatory plan or arrangement.

FORM 10-Q CROSS REFERENCE INDEX

Page(s)

Part I – FINANCIAL INFORMATION

Item 1.

Financial Statements

19-38

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

5-16

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

13, 33

Item 4.

Controls and Procedures

Part II – OTHER INFORMATION

Item 1.

Legal Proceedings

18, 35

Item 1A.

Risk Factors

(a)

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.

Defaults Upon Senior Securities

None

Item 4.

Mine Safety Disclosures

None

Item 5.

Other Information

(b)

Item 6.

Exhibits

Signatures

(a) For a discussion of our risk factors, refer to "Risk Factors" included in the Information Statement dated March 8, 2024, which was attached as Exhibit 99.1 to a Current Report on Form 8-K furnished with the Securities and Exchange Commission on March 8, 2024.

(b) None of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the three months ended September 30, 2024.

2024 3Q FORM 10-Q 40

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


October 23, 2024						/s/ Matthew J. Potvin
Date						Matthew J. Potvin Vice President, Chief Accounting Officer and Controller Principal Accounting Officer

2024 3Q FORM 10-Q 41