GE Vernova Inc.

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NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

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

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

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

progress and prosperity of the communities we serve. We report our financial results across three business segments:

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

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

•Our Electrification segment includes power transmission, grid systems integration, power conversion and storage, and grid

automation and software technologies required for the transmission, distribution, conversion, storage, and orchestration of

electricity from point of generation to point of consumption.

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

•Effective January 1, 2026, the Company realigned the reporting of certain of its business units. Historical financial information

presented within this report conforms to the new business unit structure within the Power, Electrification, and Wind segments.

◦Within our Power segment, our Steam Power business unit was realigned into Nuclear Power, Hydro Power, and Gas

Power. In addition, a component of our former Electrification Software business unit was realigned into Gas Power.

◦Within our Electrification segment, we revised our Grid Solutions business unit into three new business units, Power

Transmission, Grid Systems Integration, and Grid Automation & Software. In addition, a component of our former

Electrification Software business unit was realigned into Grid Automation & Software and another component was

realigned into Gas Power within our Power segment.

◦Within our Wind segment, we combined our Onshore Wind and LM Wind Power business units into Onshore Wind.

Basis of Presentation. We have prepared the accompanying unaudited consolidated financial statements pursuant to the rules and

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

related to our significant accounting policies and note disclosures normally included in financial statements prepared in accordance with

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

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

significant accounting policies in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We have reclassified

certain prior year amounts to conform to the current year’s presentation. The information presented in tables throughout the notes is

presented in millions of U.S. dollars unless otherwise stated. Certain columns and rows may not add due to the use of rounded numbers.

Percentages presented are calculated from the underlying numbers in millions. All intercompany balances and transactions within the

Company have been eliminated in the consolidated financial statements.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Estimates and Assumptions. The preparation of the consolidated financial statements in conformity with 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 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.

See Note 2 in the Notes to our audited consolidated and combined financial statementsin our Annual Report on Form 10-K for the fiscal

year ended December 31, 2025, for further information on our significant accounting policies.

NOTE 3. ASSETS AND LIABILITIES HELD FOR SALE. During the first quarter of 2026, we completed the sale of the Proficy

manufacturing software business (Proficy) within our Grid Automation & Software business. In connection with the disposition, we received

net cash proceeds of$604 million. Asa result, we recognized a pre-tax gain of$366 million (after-taxgain of$237 million), recorded in

Other income (expense) - net in our Consolidated Statement of Income (Loss). See Note 19 for further information.

Additionally, during the first quarter of 2026, we completed the sale of the issued and outstanding membership interests of Linden VFT LLC,

a merchant transmission facility within our Gas Power business. In connection with the disposition, we received net cash proceeds of

$138 million, subject to customary working capital and other post-close adjustments. As a result, we recognized a pre-tax gain of$1 million

(after-tax gain of$1 million), recorded in Other income (expense) - net in our Consolidated Statement of Income (Loss).

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The major components of assets and liabilities held for sale in the Company’s Consolidated Statement of Financial Position are

summarized as follows:

NOTE 4. CURRENT AND LONG-TERM RECEIVABLES

Activity in the allowance for credit losses related to current receivables for thenine months ended September 30, 2026 and 2025 consists

of the following:

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$1,042 million and $971 million in thenine months ended September 30, 2026 and

2025, respectively. Transactions under these arrangements are accounted for as sales, and the sold receivables are removed from the

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

NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS

(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

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Depreciation and amortization related to property, plant, and equipment was$200 million and$152 million in thethree months ended and

$548 million and$446 million in thenine months ended September 30, 2026 and 2025, respectively.

NOTE 7. LEASES. Our operating lease liabilities, included in All other current liabilities and All other liabilities in our Consolidated

Statement of Financial Position, were$852 million and$843 million as of September 30, 2026 and December 31, 2025, respectively.

Expense related to our operating lease portfolio, primarily from our long-term fixed leases, was$63 million and$59 million for thethree

months ended and$205 million and$175 million for thenine months ended September 30, 2026 and 2025, respectively. Our finance lease

liabilities, included in All other current liabilities and Long-term borrowings in our Consolidated Statement of Financial Position, were$271

million and$278 million as of September 30, 2026 and December 31, 2025, respectively.

NOTE 8. ACQUISITIONS, GOODWILL, AND OTHER INTANGIBLE ASSETS

Acquisitions. On February 2, 2026, GE Vernova completed the acquisition of the remaining 50% stake of Prolec GE, our former

unconsolidated joint venture with Xignux, in exchange for cash consideration of$5,254 million. In the third quarter of 2026, we finalized the

purchase price consideration, resulting in a$42 million refundof the purchase price. Prolec GE is an electric industry leader in North

America, with approximately 10,000 employees across seven manufacturing sites in the Americas, including five in the U.S. It produces a

wide variety of transformers and transformer components for the generation, transmission, and distribution of electricity, complemented by

its broad transformer services offering. The acquisition increases our ability to serve the North American transformer market. Net assets

and results of operations of Prolec GE are included in our results commencing on February 2, 2026 and are reported within the

Electrification segment. As a result of this acquisition, we remeasured our previously held equity interest to fair value, with the resulting pre-

tax gain of$3,992 million recognized within Other income (expense) – net in our Consolidated Statement of Income (Loss) during the first

quarter of 2026 and was determined by using the implied total equity value from the transaction price, adjusted for an assumed control

premium. Pro forma results of operations are not presented because the acquisition is not material to the Company’s consolidated results

of operations for the three and nine months ended September 30, 2026 and 2025, respectively.

The following table summarizes the purchase consideration as well as the preliminary allocation to the assets acquired and liabilities

assumed based upon their estimated fair values at the date of acquisition:

Goodwill is calculated as the excess of the purchase consideration over the estimated fair value of net assets acquired and primarily

represents the value of the assembled workforce along with expected synergies from integrating Prolec GE’s operations with the

Company’s operations. The goodwill is recorded in our Electrification segment and approximately$400 million of the goodwill is expected to

be deductible for tax purposes.

We determined the fair value of assets acquired and liabilities assumed using available market information and various valuation methods

that require judgment related to estimates. The purchase accounting related to the acquisition, including the valuation of tangible and

intangible assets, is preliminary and likely to change in future reporting periods. During the nine months ended September 30, 2026, we

recognized measurement period adjustments to the identified net assets acquired with an offsetting$209 million reduction to goodwill. We

will complete our post-closing procedures and purchase price allocation as soon as practicable but no later than the first quarter of 2027.

See Notes 9, 11, and 19 for further information.

The preliminary fair value and weighted-average amortization period of identifiable intangible assets acquired as of the acquisition date is

as follows:

The fair values of the customer related and trademarks and other intangible assets were primarily determined using the multi-period excess

earnings method, and the fair values of the patents and technology intangible assets were valued using the relief-from-royalty method.

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Revenue and income (loss) before income taxes of Prolec GE were$944 million and$(5) million for the three months ended September

30, 2026, respectively, and from the acquisition date through September 30, 2026 were$2,287 million and$(171) million, respectively. The

income (loss) before income taxes includes the impact of inventory step-up amortization, intangible asset amortization, and integration

costs. Acquisition-related costs totaled zero and$44 million for the three and nine months ended September 30, 2026, respectively, and are

included in Selling, general, and administrative expenses in our Consolidated Statement of Income (Loss).

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 thenine months ended September 30, 2026, we did not identify any reporting

units that were impaired.

Intangible assets. All intangible assets are subject to amortization. Intangible assets increased$3,616 million during thenine months

ended September 30, 2026, primarily as a result of the acquisition of Prolec GE, partially offset by amortization. Amortization expense was

$239 million and$61 million for thethree months ended and$650 million and$177 million for thenine months ended September 30, 2026

and 2025, 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$120 million in thenine months ended September 30, 2026 primarily due to the timing of

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

increased$19,797 million in thenine months ended September 30, 2026 primarily due to new collections received in excess of revenue

recognition and as a result of the acquisition of Prolec GE. Net contractual service agreements decreased primarily due to billings of$3,711

million and net unfavorable changes in estimated profitability of$293 million, partially offset by revenues recognized of$3,906 million.

Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately$10,688 million and$9,754

million for thenine months ended September 30, 2026 and 2025, respectively.

(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.

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Remaining Performance Obligation (RPO). As of September 30, 2026, the aggregate amount of the contracted revenues allocated to our

unsatisfied (or partially unsatisfied) performance obligationswas $196,721 million. We expect to recognize revenue as we satisfy our RPO

as follows:

(1)Equipment-related RPO of$104,054 million of which 33%,60%, and 97% is expected to be recognized within 1,2, and 5 years,

respectively, and the remaining thereafter.

(2)Services-related RPO of$92,667 million of which 16%,54%,78%, and 91% is expected to be recognized within 1,5,10, and 15

years, respectively, and the remaining thereafter.

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

NOTE 10. CURRENT AND ALL OTHER ASSETS. All other current assets primarily include prepaid taxes and deferred charges, and

derivative instruments (see Note 20). All other current assets decreased$481 million for thenine months ended September 30, 2026

primarily due to the sale of our remaining shares in China XD Electric Co., Ltd. See Note 19 for further information. All other assets

primarily include long-term receivables (see Note 4), pension surplus, taxes receivable, and prepaid taxes and deferred charges. All other

assets increased$256 million in thenine months ended September 30, 2026 primarily due to increases in long-term receivables and

pension surplus, partially offset by a decrease in taxes receivable.

NOTE 11. EQUITY METHOD INVESTMENTS

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

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

$208 million and$206 million in thethree months ended and$685 million and$498 million in thenine months ended September 30,

2026 and 2025, respectively. The Company owed Aero Alliance$70 million and$55 million as of September 30, 2026 and December

31, 2025, respectively. These amounts have been recorded in Accounts payable and equipment project payables on the Consolidated

Statement of Financial Position.

(b)In the first quarter of 2026, we acquired the remaining 50% stake of our former equity method investment in Prolec GE from Xignux. As

a result, Prolec GE is now consolidated within our financial statements. See Note 8 for further information.

NOTE 12. ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES

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$3,166 million forboth thenine months ended September 30, 2026 and 2025.

NOTE 13. POSTRETIREMENT BENEFIT PLANS. GE Vernova-sponsored plans are presented in three categories: principal pension

plans, other pension plans, and principal retiree benefit plans. See Note 13 in the Notes to our audited consolidated and combined financial

statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for further information.

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

Consolidated Statement of Income (Loss).

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Principal Retiree Benefit. During the third quarter of 2026, the Company entered into agreements to transfer a portion of its principal

retiree benefit obligations to a third-party insurance carrier who will assume full legal and administrative responsibility for future benefit

obligations. The Company expects to pay a total of approximately$375 million within the next twelve months, of which$353 million was

paid during the three months ended September 30, 2026.

As a result of these transactions, the Company will accelerate the recognition of net actuarial gains/(losses) and prior service credits of

approximately$293 million, recorded in Accumulated other comprehensive income (AOCI) in our Consolidated Statement of Financial

Position that will be recognized as settlement gains recorded in Non-operating benefit income in our Consolidated Statement of Income

(Loss) within the next twelve months, of which we recognized a settlement gain of$84 million in the three months ended September 30,

2026, with the majority of the remainder to be recognized upon completion of the transfer. See Note 17 for further information.

Principal Pension Funding. The Employee Retirement Income Security Act (ERISA) establishes minimum funding requirements for U.S.

pension plans. GE Vernova's funding policy is to contribute amounts that satisfy these requirements, together with such additional amounts

as the Company may determine to be appropriate. In June 2026, GE Vernova made a voluntary contribution of$516 million to the GE

Energy Pension Plan. The Company does not anticipate having to make any additional required contributions to this plan for the

foreseeable future.

Defined Contribution Plan. GE Vernova sponsors a defined contribution plan for its eligible U.S. employees. Expenses associated with

their participation in the plan represent the employer contributions for GE Vernova employees and were$41 million and$33 million for the

three months ended and$139 million and$119 million for thenine months ended September 30, 2026 and 2025, respectively.

NOTE 14. LONG-TERM BORROWINGS

On February 4, 2026, GE Vernova issued$2,600 million aggregate principal amount of senior notes, consisting of$600 million of 4.250%

senior notes due February 2031,$1,000 million of 4.875% senior notes due February 2036, and$1,000 million of 5.500% senior notes due

February 2056. The senior notes contain customary optional redemption provisions. Net proceeds from the offering were approximately

$2,543 million, net of the original issue discount, underwriting fees, and deferred issuance costs. The net proceeds from the debt issuance

were used for general corporate purposes, including financing a portion of the acquisition of the remaining 50% interest in Prolec GE, which

closed on February 2, 2026.

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The estimated fair value of our long-term borrowings, excluding finance leases, was$2,381 million and$11 million as of September 30,

2026 and December 31, 2025, respectively, compared to carrying values of$2,553 million and$11 million as of September 30, 2026 and

December 31, 2025, respectively. The fair value of the senior notes is classified as Level 2 within the fair value hierarchy.

Credit Facilities. As of September 30, 2026, we have$6,000 million of credit facilities consisting of (i) an unsecured revolving credit facility

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

amount of$3,000 million. Each of the credit facilities will mature on April 2, 2029. There wereno borrowings outstanding on these facilities

as of September 30, 2026. Fees related to the unused portion of the facilities were insignificant in both the three andnine months ended

September 30, 2026. See Note 22 in the Notes to our audited consolidated and combined financial statements in our Annual Report on

Form 10-K for the fiscal year ended December 31, 2025 for further information.

NOTE 15. 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), taxes payable, liabilities

related to business disposition activities, operating lease liabilities (see Note 7), and restructuring liabilities (see Note 23). All other current

liabilities decreased $298 million in thenine months ended September 30, 2026 primarily due to decreases in equipment projects and other

commercial liabilities and restructuring liabilities, partially offset by increases in derivative instruments and taxes payable. 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), deferred income (see Note 9), equipment projects and

other commercial liabilities, and indemnifications (see Note 22). All other liabilities decreased $362 million in thenine months ended

September 30, 2026 primarily due to decreases in uncertain and other income taxes and related liabilities, and deferred income.

NOTE 16. INCOME TAXES. Our effective tax rate was 27.7% for the three months ended September 30, 2026. The effective tax rate

was higher than the U.S. statutory rate of 21% primarily due to losses providing no tax benefit in certain jurisdictionsand U.S. tax effects of

income earned in foreign jurisdictions, partially offset by an income tax benefit from tax law changes.

Our effective tax rate was 14.4% for thenine months ended September 30, 2026. The effective tax rate was lower than the U.S. statutory

rate of 21% primarily due to a nontaxable gain on the acquisition of Prolec GE, income tax benefits from stock-based compensation and tax

law changes, partially offset by losses providing no tax benefit in certain jurisdictions and U.S. tax effects of income earned in foreign

jurisdictions.

Our effective tax rate was 39.2% and 29.8% for the threeand nine months ended September 30, 2025, respectively. The effective tax rate

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

finalization of the Company's pre-separation from GE tax attributes that increased the Company's current provision for income taxes,

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

NOTE 17. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (AOCI) AND COMMON STOCK

Common Stock. On September 30, 2026, there were 264,677,066 shares of GE Vernova common stock outstanding. Werepurchased 1.7

million shares and 6.0 million shares for$1,630 million and$5,274 million during thethree and nine months ended September 30, 2026,

respectively, excluding commission fees and excise taxes. On October 28, 2026, we announced that our Board of Directors increased our

share repurchase authorization to$20 billion of common stock. Cumulatively, as of September 30, 2026, we have repurchased$8,593

million of common stock over the life of the program.

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NOTE 18. EARNINGS PER SHARE INFORMATION. The dilutive effect of outstanding stock options, restricted stock units, and

performance share units is reflected in the denominator for diluted earnings per share using the treasury stock method.

(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

(a)Includes financial interest related to our normal business operations primarily with customers. Includes a pre-tax realized gain of

$264 million related to the sale of our remaining shares in China XD Electric Co., Ltd in the nine months ended September 30, 2026.

Also includes a pre-tax unrealized gain of$73 million related to our former interest in China XD Electric Co., Ltd in the three and nine

months ended September 30, 2025. See Note 10 for further information.

(b) Includes a pre-tax gain of$3,992 million related to the acquisition of the remaining 50% stake in Prolec GE from Xignux as a result of

the remeasurement of our previously held equity interest to fair value, a pre-tax gain of$366 million related to the sale of our Proficy

business in our Electrification segment, and a pre-tax gain of$86 million related to the sale of an equity method investment at our

Financial Services business in the nine months ended September 30, 2026. See Notes 3, 8, and 11 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

noncurrent customer and other receivables. The net carrying amount was$204 million and$229 million as of September 30, 2026 and

December 31, 2025, respectively. The estimated fair value was$204 million and$225 million as of September 30, 2026 and December 31,

2025, 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 generallyone to 9 months in duration but with maximum remaining maturities of up to 9 years as of September 30,

Cash Flow Hedges. The total amount in AOCI related to cash flow hedges was a net$51 million loss and a net$100 million gain as of

September 30, 2026 and December 31, 2025, respectively, of which a net$7 million gain and a net$26 million gain, respectively, related to

our share of AOCI recognized at our non-consolidated joint ventures. We expect to reclassify$21 million of pre-tax netlosses 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$13 million and$(4) million for thethree months

ended and$36 million and$(22) million for thenine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026,

the maximum length of time over which we are hedging forecasted transactions was approximately 9 years.

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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-U.S.

dollar functional equity method investees. The total amount in AOCI related to net investment hedges was a net gain of$31 million as of

September 30, 2026 and December 31, 2025.

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

(a) Total gross notional amount of foreign currency exchange contracts represents the volume of derivatives activity. When foreign currency

exchange contracts with the same currency pair and maturity date are netted across different counterparties, the notional amount

reduces to approximately$22,047 million and$24,740 million as of September 30, 2026 and December 31, 2025, respectively.

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

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

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

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

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The amount excluded for cash flow hedges was a gain (loss) of$5 million and$10 million for thethree months ended and $21 million and

$30 million for thenine months ended September 30, 2026 and 2025, respectively. These amounts are recognized in Sales of equipment,

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

NOTE 21. VARIABLE INTEREST ENTITIES (VIEs). In our Consolidated Statement of Financial Position, we have assets of$83

million and$128 million and liabilities of$101 million and$132 million as of September 30, 2026 and December 31, 2025, respectively,

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

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

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

Our investments in unconsolidated VIEs were$138 million and$85 million as of September 30, 2026 and December 31, 2025, respectively.

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$130 million and no unfunded lending commitmentsat September 30, 2026. The

commitments primarily consist of obligations to make investments or provide funding by our Financial Services business. See Note 21 for

further information.

Guarantees. As of September 30, 2026, we were committed under the following guarantee arrangements:

Credit support. We have provided$731 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 $8 million.

Indemnification agreements. We have $1,008 million of indemnification commitments, includingour commercial contracts and

agreements governing the sale of business assets, for which we recorded a liability of$671 million. The liability is primarily associated with

cash and deposits and includes a$404 million liability at September 30, 2026 related to cash transferred to the Company from General

Electric Company (GE) as part of the separation 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$170 million of indemnifications in connection with agreements entered into

with GE related to the separation, including a tax matters agreement (TMA). The IRS is currently auditing the consolidated GE U.S. income

tax returns for 2016 through 2020, during which years the GE Vernova businesses were part of the consolidated filing. In the first and third

quarters of 2026, we were informed by GE of updates to this IRS audit. The resolution could result in additional tax obligations and potential

penalties that may be allocated to GE Vernova by GE, in accordance with the TMA. GE has stated the resolution of this matter could be

time-consuming and is not likely in the near term. If the resolution is unfavorable, then it could result in material indemnification obligations

due from GE Vernova to GE, which are not reasonably estimable at this time and for which no liability has been accrued.

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 $1,665 million and$1,573 million as of September 30, 2026 and December 31, 2025,

respectively.

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

investigations, and other legal, regulatory, or governmental actions. See Note 22 in the Notes to our audited consolidated and combined

financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for further information.

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

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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$132 million and$135 million as of

September 30, 2026 and December 31, 2025, 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$554 million and$541 million as of September 30, 2026 and December 31, 2025, respectively, and are

recorded in All other current liabilities and All other liabilities in our Consolidated Statement of Financial Position. Of these amounts,$474

million and$459 million, respectively, were related to nuclear decommissioning obligations.

NOTE 23. RESTRUCTURING CHARGES AND SEPARATION COSTS

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

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

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

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

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

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

and external purposes; those excluded amounts are reported in Restructuring and other charges. See Note 24 for further information.

(a) Includes$15 million and$14 million for thethree months ended and$111 million and$56 million for thenine months ended September

30, 2026 and 2025, respectively, primarily of non-cash impairment, accelerated depreciation, and other charges not reflected in the

liability table below.

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

liabilities, All other liabilities, and Non-current compensation and benefits in our Consolidated Statement of Financial Position.

Total restructuring and other charges incurredfor the three andnine months ended September 30, 2026 and 2025 primarily relate to

programs to simplify the organizational structure of, reduce operating costs in, and to right-size the businesses. The costs for the three and

nine months ended September 30, 2026 also include costs of$9 million and$77 million, respectively, related to the acquisition and

integration of the remaining 50% stake of Prolec GE in our Electrification segment. On July 21, 2025, we approved a restructuring plan (the

Plan) accelerating previously announced enterprise transformation activities to reduce general and administrative costs. We have incurred

$172 million of costs in connection with the Plan primarily consisting of termination benefits associated with a reduction in the workforce,

with$134 million of the costs resulting in cash expenditures. In the three andnine months ended September 30, 2026, we incurred$(8)

million and$28 million, respectively, of costs related to the Plan, which is now substantially complete.

2026 3Q FORM 10-Q 22

Separation Costs. In connection with the separation from GE, the Company recognized separation costs of$31 million and$43 million for

thethree months ended and $92 million and$122 million for thenine months ended September 30, 2026 and 2025, respectively, in our

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

and other one-time costs, which are primarily recorded in Selling, general, and administrative expenses.

NOTE 24. SEGMENT INFORMATION. Operating segments include components of an enterprise about which separate financial

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

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

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

services sold and how the Company manages its operations.

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

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

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

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

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

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

segments.

2026 3Q FORM 10-Q 23

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

Intersegment expenses are included within the amounts shown.

(b) Excludes depreciation and amortization expenses.

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

(a) Includes interest (income) expense ofzero andzero and (provision) benefit for income taxes of$3 million andzero for thethree months

ended September 30, 2026 and 2025, respectively, as well as interest (income) expense ofzero and$(1) million and (provision) benefit

for income taxes of$(3) million and$(4) million for thenine months ended September 30, 2026 and 2025, respectively, related to our

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

(b) Includes a pre-tax gain of$3,992 million in the nine months ended September 30, 2026 related to the acquisition of the remaining 50%

stake in Prolec GE from Xignux as a result of the remeasurement of our previously held equity interest to fair value and an expense of

$106 million for the impact of a fair value adjustment to Prolec GE inventory that was recorded in Cost of equipment in thenine months

ended September 30, 2026. Includes a pre-tax gain of$366 million related to the sale of our Proficy business in our Electrification

segment in thenine months ended September 30, 2026. Also includes unrealized and realized gains related to our interest in China XD

Electric Co., Ltd, which we sold the remainder of in 2026 and was recorded in Net interest and investment income (loss) which is part of

Other income (expense) - net. See Note 19 for further information.

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

time costs.

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

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

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

operations primarily with customers.

2026 3Q FORM 10-Q 24

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

(a)Includes$949 million of Property, plant, and equipment acquired with Prolec GE in thenine months ended September 30, 2026.

2026 3Q FORM 10-Q 25