UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2024
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 Commission file number 001-41966

 GE Vernova Inc.
 (Exact name of registrant as specified in its charter)

 Delaware

 92-2646542

 (State or other jurisdiction of incorporation or organization)

 (I.R.S. Employer Identification No.)

 58 Charles Street,

 Cambridge,

 MA

 02141

 (Address of principal executive offices)

 (Zip Code)

 (Registrant's telephone number, including area code) ( 617) 674-7555
 Securities Registered Pursuant to Section 12(b) of the Act:

 Title of each class

 Trading Symbol(s)

 Name of each exchange on which registered

 Common stock, par value $0.01 per share

 GEV

 New York Stock Exchange

 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
 Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
 been subject to such filing requirements for the past 90 days. Yes No
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
 Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
 required to submit such files). Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
 company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and
 "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

 Large accelerated filer

 Accelerated filer

 Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
 with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of
 its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
 accounting firm that prepared or issued its audit report.
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
 included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based
 compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
 The aggregate market value of the outstanding common equity of the registrant not held by affiliates as of the last business day of the
 registrant's most recently completed second fiscal quarte r (June 28, 2024) was approximately $ 47.1 billion. There were 275,900,754 shares
 of common stock with a par value of $0.01 outstanding at January 15, 2025.
 DOCUMENTS INCORPORATED BY REFERENCE
 Portions of the definitive proxy statement relating to the registrant's 2025 Annual Meeting of Stockholders to be filed pursuant to Regulation
 14A within 120 days after the end of the registrant's fiscal year ended December 31, 2024, are incorporated by reference into Part III of this
 Annual Report on Form 10-K to the extent described therein.

 Page

 Forward-Looking Statements

 Item 1. Business

 Item 1A. Risk Factors

 Item 1B. Unresolved Staff Comments

 Item 1C. Cybersecurity

 Item 2. Properties

 Item 3. Legal Proceedings

 Item 4. Mine Safety Disclosures

 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities

 Item 6. [Reserved]

 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 7A. Quantitative and Qualitative Disclosures About Market Risk

 Item 8. Financial Statements and Supplementary Data

 Auditor's Report

 Consolidated and Combined Statement of Income (Loss)

 Consolidated and Combined Statement of Financial Position

 Consolidated and Combined Statement of Cash Flows

 Consolidated and Combined Statement of Comprehensive Income (Loss)

 Consolidated and Combined Statement of Changes in Equity

 Note

 Organization and Basis of Presentation

 Note

 Summary of Significant Accounting Policies

 Note

 Dispositions and Businesses Held for Sale

 Note

 Current and Long-Term Receivables

 Note

 Inventories, Including Deferred Inventory Costs

 Note

 Property, Plant, and Equipment

 Note

 Leases

 Note

 Acquisitions, Goodwill, and Other Intangible Assets

 Note

 Contract and Other Deferred Assets & Contract Liabilities and Deferred Income

 Note

 Current and All Other Assets

 Note

 Equity Method Investments

 Note

 Accounts Payable and Equipment Project Payables

 Note

 Postretirement Benefit Plans

 Note

 Current and All Other Liabilities

 Note

 Income Taxes

 Note

 Accumulated Other Comprehensive Income (Loss) (AOCI) and Common Stock

 Note

 Share-Based Compensation

 Note

 Earnings Per Share Information

 Note

 Other Income (Expense) – Net

 Note

 Financial Instruments

 Note

 Variable Interest Entities (VIEs)

 Note

 Commitments, Guarantees, Product Warranties, and Other Loss Contingencies

 Note

 Restructuring Charges and Separation Costs

 Note

 Related Parties

 Note

 Segment and Geographical Information

 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

 Item 9A. Controls and Procedures

 Item 9B. Other Information

 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 Item 10. Directors, Executive Officers, and Corporate Governance

 Item 11. Executive Compensation

 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13. Certain Relationships and Related Transactions and Director Independence

 Item 14. Principal Accountant Fees and Services

 Item 15. Exhibits and Financial Statement Schedules

 Item 16. Form 10-K Summary

 Signatures

 2024 FORM 10-K 3

 FORWARD-LOOKING STATEMENTS. This annual report contains forward-looking statements within the meaning of the Private
 Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include
 words such as "believe", "expect", "guidance", "anticipate", "intend", "plan", "estimate", "will", "may", and negatives or derivatives of these or
 similar expressions. These forward-looking statements include, among others, statements about the benefits GE Vernova Inc. (the
 Company, GE Vernova, our, we, or us) expects from our lean operating model; our expectations regarding the energy transition; the
 demand for our products and services; our expectations of future increased business, revenues, and operating results; our ability to
 innovate and anticipate and address customer demands; our ability to increase production capacity, efficiencies, and quality; our
 underwriting and risk management; the experiences we believe we are gaining across our Haliade-X backlog related to installation
 timelines and related remediation plans; benefits we expect to receive from the Inflation Reduction Act of 2022 (IRA); current and future
 customer orders and projects; our actual and planned investments, including in research and development, capital expenditures, joint
 ventures and other collaborations with third parties; our ability to meet our sustainability goals and targets; levels of global infrastructure
 spending; government policies that further or limit the global energy transition; our expected cash generation; our capital allocation
 framework, including share repurchases and dividends; our restructuring programs and strategies to reduce operational costs; our ability to
 novate or assign credit support provided by General Electric Company; disputes, litigation, arbitration, and governmental proceedings
 involving us; the sufficiency and expected uses of our cash, liquidity, and financing arrangements; and our credit ratings.
 Forward-looking statements reflect our current expectations, are based on judgments and assumptions, are inherently uncertain and are
 subject to risks, uncertainties, and other factors, which could cause our actual results, performance, or achievements to differ materially
 from current expectations. Some of the risks, uncertainties, and other factors that may cause actual results to differ materially from those
 expressed or implied by forward-looking statements include the following:
 • Our ability to successfully execute our l ean operating model;
 • Our ability to innovate and successfully identify and meet customer demands and needs;
 • Our ability to successfully compete;
 • Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products
 essential to our business;
 • Significant disruptions to our manufacturing and production facilities and distribution networks;
 • Changes in government policies and priorities that reduce funding and demand for energy equipment and services;
 • Shifts in demand, market expectations, and other dynamics related to energy, electrification, decarbonization, and sustainability;
 • Global economic trends, competition, and geopolitical risks, including conflicts, trade policies, and other constraints on economic
 activity;
 • Product quality issues or product or safety failures related to our complex and specialized products, solutions, and service s;
 • Our ability to obtain required permits, licenses, and registrations;
 • Our ability to attract and retain highly qualified personnel;
 • Our ability to develop, deploy, and protect our intellectual property rights;
 • Our capital allocation plans, including the timing and amount of any dividends, share repurchases, acquisitions, organic
 investments, and other priorities;
 • Our ability to successfully identify, complete, integrate, and obtain benefits from any acquisitions, joint ventures and other
 investments;
 • The price, availability, and trading volumes of our common stock;
 • Downgrades of our credit ratings or ratings outlooks;
 • The amount and timing of our cash flows and earnings;
 • Our ability to meet our sustainability goals;
 • The impact from cybersecurity or data security incidents;
 • Changes in law, regulation, or policy that may affect our businesses and projects, or impose additional costs;
 • Natural disasters, weather conditions and events, public health events, or other emergencies;
 • Tax law and policy changes;
 • Adverse outcomes in legal, regulatory, and administrative proceedings, actions, and disputes; and
 • Other changes in macroeconomic and market conditions and volatility.
 These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking
 statements, and these and other factors are more fully discussed elsewhere in this Annual Report on Form 10-K, including in Item 1A. "Risk
 Factors" and Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations," as may be updated from
 time to time in our Securities and Exchange Commission ( SEC) filings and as posted on our website at www.gevernova.com/investors/fls.
 We do not undertake any obligation to update or revise our forward-looking statements except as may be required by law or regulation.

 2024 FORM 10-K 4

 ITEM 1. BUSINESS.

 INTRODUCTION. 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 are a purpose-built company, positioned with a unique scope
 and scale of solutions to help accelerate the energy transition, while servicing and growing our installed base and strengthening our own
 profitability and stockholder returns. We have a strong history of innovation, which is a key strength enabling us to meet our customers'
 needs.
 The breadth of our portfolio also enables us to provide an extensive range of technologies and integrated solutions to help advance our
 customers' energy and sustainability goals. Our installed base generates approximately 25% of the world's electricity. We build, modernize,
 and service power systems to help our customers electrify their operations and economies, meet power demand growth, improve system
 reliability and resiliency, and navigate the energy transition through limiting and reducing emissions. The portfolio of equipment and
 services that we deliver is diversified across technology types and is adaptable based on electric power market conditions and demand.
 GE Vernova Inc. is a Delaware corporation with corporate headquarters in Cambridge, Massachusetts. On April 2, 2024, General Electric
 Company (GE), which now operates as GE Aerospace, completed the previously announced spin-off (the Spin-Off) of GE Vernova. In
 connection with the Spin-Off, GE distributed all of the shares of our common stock to its stockholders and we became an independent
 company. See Note 1 in the Notes to the consolidated and combined financial statements for further information regarding the Spin-Off.

 COMPANY STRATEGY. GE Vernova is positioned as an industry leader to fulfill the growing demand for electrical power, while driving
 the energy transition forward. Our focus is on supplying our customers with products and services necessary to deliver reliable, affordable,
 and sustainable electricity. We expect significant growth in demand for the offerings we provide to the electric power industry.
 Our company strategy is focused on:
 • Delivering on global sustainability, by developing, providing, and servicing technologies that enable electrification and
 decarbonization.
 • Maintaining and enhancing strong relationships with many of the leading and largest utilities, developers, governments, and
 electricity users.
 • Servicing the existing installed base and delivering new technologies and processes, which improve customer outcomes while
 driving increased profitability and cash flow.
 • Improving margins and lowering risk through better underwriting.
 • Streamlining our product portfolio to focus on core workhorse products, which will improve both cost and quality going forward.
 • Using Lean to improve our cost structure and productivity levels across our business and corporate functions.
 • Innovating and investing, along with third parties, in new offerings and technologies that will help customers electrify and
 decarbonize the world.
 • Allocating capital as a whole and within our various businesses – focused on generating cash flow to enable attractive stockholder
 returns, with a commitment to return at least 1/3 of our free cash flow* to our stockholders.

 SUSTAINABILITY. As a company whose technology base helps generate approximately 25% of the world's electricity, our integration of
 sustainability into our core business strategy and culture reflects our strategic imperative to electrify and decarbonize the world and to play
 a crucial role in the energy transition. Our s ustainability framework is guided by our commitment to help the energy sector address the
 energy trilemma of reliability, affordability, and sustainability.
 To operationalize this commitment, we have built the sustainability governance framework of "the Control Room." The Control Room is led
 by our Chief Sustainability Officer, who supervises a cross-functional, global team, and chairs our Sustainability Council. Further, we have a
 Safety and Sustainability Committee of the Board of Directors, which guides and oversees our sustainability goals, impacts, risks, and
 efforts. Our operational efforts are aligned with our business strategy, the priorities of our stakeholders, our commitments, and our aim to
 deliver innovative technologies to create a more sustainable electric power system.
 The four pillars of our sustainability framework: Electrify, Decarbonize, Conserve, and Thrive:
 • Electrify: Catalyze access to more secure, sustainable, reliable, and affordable electricity, while helping to drive global
 economic development. We seek to add power generation and grid capacity to strengthen current electricity infrastructure and
 provide critical redundancy, support electrification in underserved regions, and encourage economic development.
 • Decarbonize: Invent, deploy, and service technology to help decarbonize and electrify the world. We seek to advance both
 the near-term impact by improving the trajectory on carbon intensity and the long-term impact by deploying products that are
 increasingly capable of lower carbon emissions once supporting infrastructure is deployed at scale.
 • Conserve: Innovate more while using less. We are working to reduce both our direct and indirect greenhouse gas emissions
 and have set a goal to achieve carbon neutrality for our Scope 1 and Scope 2 emissions by 2030. We also support the transition
 to a more circular economy and recognize the importance of critical raw materials and nature in our mission. We are working to
 track 90% of our top products as part of our circularity framework by 2030, including principles such as eco-design.
 • Thrive: Advance safe, responsible, and inclusive working conditions in our operations and across our value chain. We
 are committed to prioritizing safety, building and fostering an inclusive workplace globally and in the communities in which we
 operate, promoting a culture of compliance and ethics, and advancing human rights across our supply chain.

 2024 FORM 10-K 5

 The global shift towards a variety of energy sources, evolving and increased environmental regulations and requirements, and climate
 change effects, present both challenges and opportunities that may impact our business. See Item 1A. "Risk Factors" for further information
 about these risks.

 COMPETITION. We believe GE Vernova's businesses' ability to supply the electric power industry with a broad array of advanced
 technologies for an intelligent, sustainable power system that help customers accelerate the energy transition is a key differentiator among
 various of our competitors. Due to increasing demand exceeding available capacity for products and services that supply the electrical
 power industry, we face growing competition from emerging threats. The continuing ability to reduce cycle times and ensure available
 capacity is expected to allow us to remain competitive as demand for our products and services grows significantly. In addition, continued
 investment in our products and services and emerging technologies is necessary for us to successfully compete and deliver economic
 value and performance to our customers through efficiency, reliability, and affordability.
 Our businesses operate in highly competitive markets. We compete based on product performance, quality, branding, service and/or price
 across the industries and geographies served. Various companies compete with us across single or multiple products and services.
 Key Power segment competitors include Siemens Energy, Mitsubishi Power, Westinghouse, Framatome, and Rolls-Royce.
 Key Wind segment competitors include Vestas, Siemens-Gamesa, and Nordex.
 Key Electrification segment competitors include Hitachi Energy, Siemens Energy, Siemens, Schneider Electric, Mitsubishi Electric, and
 ABB.

 SEGMENTS. We report three business segments that are aligned with the nature of equipment and services they provide, specifically
 Power, Wind, and Electrification.
 Power. Our Power segment serves power generation, industrial, government, and other customers worldwide with products and services
 related to energy production. Our products and technologies harness resources such as natural gas, oil, diesel, water, and nuclea r to
 produce electric power and include gas and steam turbines, full balance of plant, upgrade, and service solutions.
 Gas Power - offers a wide spectrum of heavy-duty and aeroderivative gas turbines for utilities, independent power producers, and
 numerous industrial applications, ranging from small, mobile power to utility scale power plants. Gas Power also delivers maintenance and
 service solutions across total plant assets and over their operational lifecycle.
 Nu clear Power - provides nuclear technology solutions for boiling water reactors including reactor design, reactor fuel and support services,
 and the design and development of small modular reactors through joint ventures with Hitachi, Ltd.
 Hydro Power - provides a portfolio of solutions and services for hydropower generation for both large hydropower plants and small
 hydropower solutions.
 Steam Power - offers a comprehensive range of steam turbine technologies and services primarily for nuclear power plants in North
 America and coal-fired power plants, helping our customers deliver reliable energy, and supporting coal-fired plant customers transitioning
 to a lower-carbon future.
 We believe that gas power plays an essential role in the energy transition, serving as a fundamental source of reliable and dispatchable
 power. Despite evolving market factors related to the energy transition, such as increased renewable energy penetration and new climate
 change-related legislation and policies, we anticipate the gas power industry will grow over the next decade. We expect gas power
 generation to increase at low-single digit rates, playing a critical role supporting load growth, maintaining grid stability, and energy security.
 During the year ended December 31, 2024, GE Vernova's gas turbine installed base utilization was flat compared to the same period last
 year. Growth in Asia from fewer outages and more HA units commissioned and higher utilization in the United States ( U.S.) were offset by
 Europe where increased nuclear, hydro, and renewable energy drove lower gas operations in the year. Global electricity demand increased
 by low-single digits.
 As of December 31, 2024, our fundamentals remained strong with approximately $73.4 billion in r emaining performance obligations (RPO)
 and a gas turbine installed base of approximately 7,000 units with approximately 1,700 units under long-term service agreements and an
 average remaining contract life of approximately 10 years. As of December 31, 2024, we had 32 HA-Turbines in RPO, 30 being installed
 and commissioned, and 115 HA-Turbines in our installed base with approximately 2.9 million operating hours.
 We maintain a strong focus on our underwriting discipline and risk management to secure deals that meet our financial hurdles and ensure
 we deliver confidently for our customers. Operating in emerging markets presents uncertainties in deal closures due to financing and other
 complexities. Given the long-cycle nature of our business and the ongoing challenges from inflationary pressures, our Power segment has
 proactively implemented lean initiatives to sustain cost productivity, collaborated closely with suppliers, and adjusted product and service
 pricing in line with market demand, inflation, and industry dynamics.
 We continue to invest in new product development. In Nuclear Power, we have an agreement with a customer for the deployment of small
 modular nuclear reactor (SMR) technology, making it the first commercial contract of its kind in North America. SMRs have the potential to
 reduce nuclear power plant costs and cycle times through their standardized and modularized design. In Gas Power, we are committed to
 long-term investments to meet our growing demand from our customers by enhancing production capacity at existing factories to address
 the increasing need for both equipment and services. We continue to invest in technologies and decarbonization pathways to deliver lower
 carbon-emitting and more reliable power. In the fourth quarter, we secured an agreement in the United Kingdom for one of the world's first
 commercial-scale gas-fired power stations with carbon capture, aiming to capture up to 2 million tons of CO 2 annually and contributing to
 the United Kingdom's net-zero goals. We are committed to advancing decarbonization technologies that we believe will provide our
 customers with options for more r enewable and more dependable energy.

 2024 FORM 10-K 6

 Wind. Our Wind segment includes our wind generation technologies, inclusive of onshore and offshore wind turbines and blades. In our
 Wind segment, we engineer, manufacture, and commercialize wind turbines, an important technology playing a role in the energy transition
 as we seek to decarbonize the world's energy sector.
 Onshore Wind - delivers wind turbines, technology, and services for the onshore wind power industry by focusing on work-horse products in
 select geographies, while continuing to innovate the technology to create wind turbines suitable for various markets and environmental
 conditions. Our workhorse products include our 2.8-127m, 3.6-154m, and 6.1-158m onshore units. Wind services assist customers in
 improving cost, capacity, and performance of their assets over the lifetime of their fleets, utilizing digital infrastructure to monitor, predict,
 and optimize wind farm energy performance.
 Offshore Wind - provides offshore wind power technologies and wind farm development for the offshore wind power sector. Our workhorse
 product in the offshore market is our Haliade-X 220m offshore unit.
 LM Wind Power - designs, produces, and tests wind turbine blades.
 As we focus on providing carbon-free electricity reliably and at scale, we have simplified our segment management structure and portfolio
 of product offerings, focusing on fewer and more reliable workhorse products. Our w orkhorse products account for approximately 70% of
 our equipment RPO at December 31, 2024. Included in our RPO are services agreements on approximately 23,000 of our onshore wind
 turbines, from an installed base of approximately 57,000 units.
 At Onshore Wind, we are focused on improving our overall fleet availability. We are reducing product variants and deploying repairs and
 other corrective measures across the fleet. Concurrently, we intend to operate in fewer geographies and focus on those geographic regions
 that a lign better with our products and supply chain footprin t, positioning our workhorse products to targeted countries. Our volume mix has
 shifted towards the U.S., currently representing approximately 75% of Onshore Wind's equipment RPO, while our international volume has
 become smaller and more profitable. Specifically in the U.S., the IRA introduced new, and extended existing, tax incentives, significantly
 improving project economics for our customers and tu rbine producers. Our projects in the U.S. generally benefit from incentives available to
 our customers and broadly available IRA incentives. We will continue to monitor government actions for any changes that could adversely
 impact the market for wind turbine manufacturers. Finally, we are continuing our restructuring program to reduce our operating costs and
 are seeing the benefits both operationally and financially.
 At Offshore Wind, we continue to experience pressure related to our product and project costs and execution timelines, as we deliver on
 our existing backlog. We are committed to driving quality improvements, installation efficiencies, and cost productivity. Similar to Onshore
 Wind, we have embarked on a restructuring program to reduce our operating costs.
 Electrification. Our Electrification segment includes grid solutions, power conversion, solar and storage solutions, which we collectively
 refer to as Electrification Systems, and Electrification Software, that provide products and services required for the transmission,
 distribution, conversion, storage, and orchestration of electricity from point of generation to point of consumption. Several of the key
 offerings in this segment, for example, include our high-voltage direct current transmission (HVDC) products, power transformers,
 switchgear, and our grid automation related products and services.
 Grid Solutions - enables power utilities and industries worldwide to effectively manage electricity from the point of generation to
 consumption, helping the reliability, efficiency, and resiliency of the grid. Offerings include a comprehensive portfolio of equipment,
 hardware, protection and control, automation, and digital services. Grid Solutions also addresses the challenges of the energy transition by
 safely and reliably connecting intermittent renewable energy generation to transmission networks.
 Power Conversion - applies the science and systems of power conversion to provide motors, generators, automation, and control
 equipment, and drives for energy intensive industries such as marine, oil and gas, mining, rail, metals, and test systems.
 Solar & Storage Solutions - provides integration of renewable energies that drive stability to the grid and integrates storage and renewable
 energy generation sources.
 Electrification Software - supports the transmission, distribution, conversion, storage, and orchestration of electricity from point of
 generation to point of consumption.
 We continue to experience robust demand for our systems, equipment, and services. Demand remains strong for large scale transmission-
 related equipment to interconnect renewables and move bulk power. We also continue to benefit from higher growth in orders from other
 transmission activities within our Grid Solutions business.
 Our Grid Solutions business is positioned to support grid expansion and modernization needs globally. We participate in the onshore
 interconnection sector and the rapidly growing offshore interconnection sector with new products and technology. We have developed and
 seek to continue developing new technologies with the intention of solving for a denser, more resilient, stable, and efficient electric grid with
 lower future greenhouse gas emissions.
 We adjust pricing and contractual terms of our products and services based on demand, inflation, and industry dynamics. Customer lead-
 times have increased as a result of demand outstripping supply, though we are proactively managing this by deploying lean initiatives to
 reduce lead-times and drive cost productivity. In addition, we are making investments to expand our capacity and capabilities to support this
 continued growth while benefiting from synergies across our Electrification businesses.

 RESEARCH AND DEVELOPMENT. GE Vernova's R&D efforts focus on driving the energy transition. We are engineering the
 technologies, forging the partnerships, and delivering innovations to electrify and decarbonize the world. We expect to invest approximately
 $5 billion of cumulative R&D from 2025 through 2028 across our businesses. Approximately half of this R&D is focused on continuously

 2024 FORM 10-K 7

 industrializing existing products and supporting our installed base for this decade. The other half is focused on long-term innovation to
 deliver our next generation of differentiated products.
 R&D is performed within each of our businesses, and at multiple locations around the world, including at our research facilities in
 Niskayuna, New York and Bangalore, India, which we refer to collectively as Advanced Research. Advanced Research partners with our
 businesses on programs to create the technology breakthroughs that will feed our future product roadmaps. They are guided by our
 customers' demands for sustainable, affordable, resilient, and secure energy. Additionally, Advanced Research partners with other
 established and start-up companies and educational institutions to incubate and commercialize new technology and launch new
 businesses in markets that are key to the energy transition but go beyond GE Vernova's core businesses.

 INTELLECTUAL PROPERTY. We have a substantial portfolio of intellectual property ( IP) assets, registered and unregistered, that
 protect both our investments in R&D across our businesses as well as our products and services. To protect our innovation, we rely on a
 variety of IP rights and data protection measures, as well as monitor the activities of third parties to ensure that unauthorized use of IP does
 not go unremedied.
 Patents are an important part of our IP strategy. They protect our inventions around the world. We shape and reposition our patent portfolio
 to cover emerging and other technologies that drive our core businesses. Software, which is important to all of our businesses, but is
 especially central to the IP position of the Electrification businesses, is protected by a combination of copyrights, patents, and contractual
 protections.
 We protect our trade secrets and confidential know-how by actively enforcing our internal policies for data classification and protection and
 by requiring and enforcing specific innovation and proprietary information agreements and non-disclosure agreements. We also utilize
 contemporary cybersecurity tools and systems, as well as physical security measures, that safeguard our most valuable data from insider
 threats and third-party concentrated efforts to misappropriate our IP. See Item 1C. "Cybersecurity" for further information.
 While our patents and other IP protections are important to our operations, we do not consider any single IP asset or group of assets to be
 of material significance to any of our financial segments or our businesses as a whole. However, we believe that we derive a sustained
 competitive advantage both from our IP portfolio as well as technical know-how embedded in our products and manufacturing techniques
 developed over decades. We further believe that our understanding of our customers' needs, technology expertise, and manufacturing
 know-how are critical to our business.
 In addition to our IP portfolio, we have a license to use certain IP from GE Aerospace, including the GE name and the GE Monogram. The
 license applies to our products and services, as well as to natural extensions and evolutions thereof. See "Certain Relationships and
 Related Person Transactions—Agreements with GE—Agreements Governing Intellectual Property" 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).

 GLOBAL SUPPLY CHAIN. Annually, we purchase approximately $20 billion in materials and components sourced from over 100
 countries. We face various supply chain challenges, many of which are industry-wide or arise from geopolitical and economic conditions
 beyond our control. These include global conflicts, global economic trends, geopolitical dynamics like sanctions, tariffs and other trade
 tensions, inflation, logistics issues, human rights landscape shifts, and regulatory changes. Additionally, potential disruptions such as
 natural disasters and other extreme weather conditions, global pandemics, and cyber-attacks could significantly impact our operations,
 financial performance, and ability to meet customer commitments.
 To address these challenges, we maintain strong supplier relationships and prioritize opportunities to localize our supply chain to serve our
 distinct geographies, while at the same time allowing us to maintain a globally diverse supply chain for operational resiliency. Our risk-
 based supplier onboarding process involves thorough due diligence, focusing on performance, labor standards, ethical sourcing, and
 human rights, supported by an audit program. We are expanding these efforts to consider environmental impact and environmental, social
 and governance ( ESG) regulations, along with alignment to our GE Vernova sustainability framework.
 Internally, we manage risks through cyber mitigation, business continuity planning, and crisis management. We have developed cross-
 business councils for supply chain and procurement to proactively share best practices around supply chain resiliency. We are also
 enhancing our risk management tools to leverage technology for better market trend analysis and risk mitigation concerning commodity
 pricing, availability, lead-times, country specific tariff impacts, and ESG compliance. Specifically, to minimize inflationary impacts, we have a
 sourcing process to monitor commodity price fluctuations across the ferrous, non-ferrous, precious metals, and energy commodities. We
 continue to employ and evolve lean practices across our operations to enhance safety, quality, and delivery performance, building new
 capabilities to scale our supply chain aligned to our business growth.

 HUMAN CAPITAL. GE Vernova is a global workforce of approximately 75,000 employees, with approximately 70% of our employees
 specializing in manufacturing, engineering, or services. In addition, we have approximately 1,800 employees in Quality or environmental,
 health, and safety (EHS) roles, critical disciplines for our success as a company. Our culture enables us to deliver on our purpose and drive
 performance. We operate according to a set of shared principles that guide how we aspire to speak, behave, interact, and make decisions.
 We call these five principles the GE Vernova Way:
 • We drive innovation in everything we do to electrify and decarbonize the world.
 • We serve our customers with pride and a focus on mutual success and long-term impact.
 • We challenge ourselves to be better every day; l ean is how we work.
 • We break boundaries and cross borders to win as one team.
 • We remain accountable individually and collectively to deliver on our purpose and commitments.

 2024 FORM 10-K 8

 As we strive to live the GE Vernova Way, we create a more respectful, inclusive culture where we can each contribute to meaningful work.
 Additional human capital priorities include:
 • Protecting the health and safety of our workforce and contractors.
 • Driving continuous improvement and eliminating waste through lean.
 • Operating as one GE Vernova.
 • Driving sustainable high performance.
 • Attracting and developing talent with the variety of skills to innovate and grow our business; fostering an inclusive culture.
 We trace our beginnings to the Edison General Electric Company, a manufacturer of electric lighting fixtures, sockets, and other electric
 lighting devices. We carry forward that legacy today as a developer, manufacturer, and service provider of power generating and
 decarbonizing solutions. GE Vernova's portfolio also includes Advanced Research with hundreds of technologists and cross-discipline
 experts focused on enabling ground-breaking innovations destined to shape the energy transition.
 Our footprint is tr uly global with ap proximately 24,000 employees in Europe, 19,000 employees in the U.S., 18,000 employees in Asia, and
 7,000 employees in Latin America. GE Vernova's relationship with employee-representative organizations around the world takes many
 forms.
 • Within the U.S., we have approximately 1,300 union-represented production and maintenance employees who are covered by a
 four-year collective bargaining agreement that was ratified for a two-year extension in 2023 and expires in June of 2025.
 • In Europe, we engage with approximately 100 representative organizations such as works councils and trade unions, in
 accordance with local law. Social dialogue, including information, consultation, and negotiation, is a key component of doing
 business in Europe and a driver of sustainable business growth for us in the region.
 • In addition to the U.S. and Europe, we also engage with employee representative bodies in China (2,200 employees), India (2,000
 employees), Canada (700 employees), Brazil (600 employees), and Mexico (150 employees).
 We strive to build and maintain productive relationships with all trade unions and employee-representative organizations with which we
 engage. More broadly, our relationship with every employee, regardless of functional discipline, geography or representation status, is a
 priority. The purpose, passion, and expertise our employees embody every day is fundamental to providing essential electricity around the
 world and for the future of our environment. It is our mission to inspire, engage, and develop our employees to their fullest potential.

 ENVIRONMENTAL, HEALTH, AND SAFETY MATTERS. GE Vernova is committed to providing and promoting a safe and healthy
 working environmen t, using natural resources and energy in a sustainable way, and avoiding an adverse impact to employees and
 contractors, our customers, the environment, and the communities where we do business. We support our customers by maintaining the
 highest standards in safeguarding our employees, our contracting partners, and the environment.
 In addition to our own internal e nterprise standards and core requirements on various EHS topics, we are subject to international, national,
 state, and local EHS laws, regulations, and industry and customer standards, including EHS licensing and authorization requirements.
 These EHS laws apply to a broad range of activities across our whole product lifecycle and our entire global organization, including those
 related to:
 • protection of the environment and use of natural resources;
 • occupational health and safety;
 • the use, management, release, storage, transportation, r emediation, and disposal of, and exposure to, hazardous substances and
 waste;
 • our products, including the use of certain chemicals in our products and production processes;
 • emissions to air and water; and
 • climate change and greenhouse gas emissions.
 EHS laws vary by jurisdiction and have become increasingly stringent over time. These requirements impose certain responsibilities on our
 business, including the obligation to install pollution control technologies and obtain and maintain various environmental permits, the cost of
 which may be substantial. Satisfying such local EHS requirements is often a minimum requirement for us, and we commit extensive
 resources to maintaining our compliance with these requirements. For example, by applying our enterprise standards and core
 requirements everywhere (except where local regulations are more stringent), we often go beyond local compliance requirements,
 especially where local standards are weak or lacking. Safety is incorporated into our lean operating method and we prioritize safeguarding
 our employees and contractors. We also enhance our internal enterprise standards and core requirements regularly through a culture of
 continuous improvement and documenting opportunities to improve through internal and external audits.
 Our EHS management system includes measures to verify that we are monitoring adherence to GE Vernova EHS standards and regulatory
 requirements through audits and inspections. Operations are assessed on a regular basis as part of our management of change (MOC)
 process to mitigate safety risks. EHS operational reviews at both the business and GE Vernova level address progress on program
 execution as well as strategy discussions related to emerging EHS risks.

 REGULATION. We are a manufacturer and servicer of energy products, a participant in the energy supply chain, a large publicly traded
 U.S. corporation that operates globally, a government contractor, and an employer of a large global workforce. As such, our businesses and
 operations are affected by global laws, regulations, and standards that impact each of these capacities.
 • Manufacturer and Servicer. Our production cycle and products are subject to global regulations, such as permitting, quality
 controls, environmental and eco-design regulations, health and safety regulations, export control laws, product specifications,
 market-related policies, and distribution regulations in countries in which our products are manufactured or sold. We maintain
 processes and procedures that comply with such applicable global laws and regulations as they pertain to the various stages of

 2024 FORM 10-K 9

 our production life cycle, including the development of our products. Our ability to design, market, sell, and distribute our products
 globally depends upon our compliance with laws and regulations in each jurisdiction.
 We design and manufacture sophisticated, innovative products and services for the energy sector, which are subject to EHS and
 sustainability regulations. These regulations, such as the Registration, Evaluation, Authorisation and Restriction of Chemicals
 ( REACH) regulation of the European Union (EU), include those governing chemicals and components used or generated by
 products or manufacturing processes, such as per/polyfluoroalkyl substances (PFAS), contained in components and products
 sourced in connection with manufacturing and services operations. In addition, some of our operations involve the handling, use,
 transportation, and disposal of radioactive and hazardous materials, including nuclear fuel, nuclear power devices and their
 components. We are subject to international, federal, state, and local regulations governing the handling, use, transportation, and
 disposal of such materials.
 Some of our businesses are subject to product regulatory regimes specific to their sector. In particular:
 Nuclear. Our nuclear products and technologies are regulated through country-specific laws and regulations and are
 subject to various safety-related requirements imposed by the U.S. Government, the Department of Energy, and the
 Nuclear Regulatory Commission ( NRC). In the U.S., the NRC oversees the licensing, permitting, and decommissioning of
 nuclear sites. Our Nuclear business's standard process is to work with the national regulatory commissions in order to
 comply with all aspects of regulations from permitting at the time of site selection to decommissioning requirements at the
 end of life.
 Offshore Wind. The U.S. Bureau of Safety and Environmental Enforcement (BSEE) is a U.S. federal agency that
 oversees the safe and environmentally responsible exploration and development of U.S. offshore energy resources. Our
 Offshore Wind business is subject to BSEE regulatory oversight and enforcement in connection with the Vineyard Wind
 offshore wind farm off the coast of Massachusetts. For Vineyard Wind, we are the manufacturer and supplier of our newly
 developed Haliade-X 220m wind turbines (Haliade-X). In July 2024, a wind turbine blade event occurred at the Vineyard
 Wind offshore wind farm as a result of a manufacturing deviation. See Item 7. "Management's Discussion and Analysis of
 Financial Condition and Results of Operations" for further information. The Health and Safety Executive (HSE) is the
 authority that oversees health and safety issues in the offshore energy sector in England, Wales, and Scotland. The
 Marine Management Organisation (MMO) oversees environmental issues affecting the offshore energy sector in the
 United Kingdom. Our Offshore Wind business is subject to HSE and MMO regulatory oversight and enforcement in
 connection with the Dogger Bank offshore wind farm off the coast of England. For Dogger Bank, we are the manufacturer
 and supplier of our Haliade-X.
 Electrification Software. Our Electrification Software business builds software and solutions that enable our customers to
 use data and technology to, among other things, orchestrate reliable and efficient power transmission and delivery.
 Beyond delivering innovative solutions that ensure grid resiliency such as GridOS, our Electrification Software business
 has made significant investments in compliance programs and security systems, allowing our products and services to
 comply with the applicable privacy, data, and cybersecurity regulations.
 Financial Services. In connection with certain business activities, an entity of our Financial Services business has
 registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (Advisers Act),
 and another entity has become a registered broker-dealer under the Securities Exchange Act, as amended (Exchange
 Act), and a Financial Industry Regulatory Authority ( FINRA) member firm. These registered entities are subject to a
 number of laws and regulations from the SEC, FINRA, and state securities regulators, as applicable, which impose
 various compliance, disclosure, qualification, recordkeeping, reporting, and other requirements. In addition, under the
 Advisers Act, our registered investment adviser entity has fiduciary duties to its clients, is subject to restrictions on its
 ability to engage in principal and agency cross transactions, and may be inspected by the SEC to determine whether we
 are conducting our activities in compliance with applicable law.
 • Participant in the Global Energy Supply Chain. As a participant in the global energy supply chain, our businesses and
 operations must comply with global sanctions regimes, as well as an increasing number of global laws and regulations that extend
 to our sourcing, purchasing, and life cycles. Our import activities are governed by the unique customs laws and regulations in each
 of the countries where we operate. Pursuant to their laws and regulations, governments may impose economic sanctions against
 certain countries, persons, and entities that may restrict or prohibit transactions involving such countries, persons, and entities,
 which may limit or prevent our conduct of business in certain jurisdictions. The scope of these regulations extends to product
 circularity and extended producer responsibility, sustainability disclosure requirements such as the EU Corporate Sustainability
 Reporting Directive (CSRD), carbon emissions (including the EU Carbon Board Adjustment Mechanism), labor and employment,
 deforestation (such as the EU Deforestation Act), human rights due diligence, modern slavery, forced labor, child labor, supply
 chain due diligence including the EU Corporate Sustainability Due Diligence Directive (CSDDD), and whistleblower directives. In
 addition to complying with such regulations with respect to our own operations, a growing number of sourcing regulations apply
 these regulatory requirements across our full value chain, including global regulations about human rights and environmental due
 diligence conducted with respect to suppliers.
 • Government Contractor. Many of our sales are made to U.S. or foreign governments, regulated entities such as public utilities,
 state-owned companies, and other public sector customers. These types of sales often entail additional compliance obligations,
 such as public procurement laws. For example, a bidder may be required to demonstrate that it has been active as a local
 registered company or has sufficient capitalization or technical qualifications. For contracts with the U.S. federal government, with
 certain exceptions, we must comply with the Federal Acquisition Regulation and applicable agency rules, regulations governing
 Federal Financial Assistance Agreements, rules and regulations issued by the Office of Federal Contract Compliance Programs,
 the Procurement Integrity Act, the Buy American Act, the Trade Agreements Act, and/or presidential executive orders. The U.S.
 federal government could invoke the Defense Production Act, requiring that we accept and prioritize contracts for materials
 deemed necessary for national defense, regardless of loss in revenue incurred on such contracts. From time to time, we may also
 need to comply with the EU's Foreign Subsidies Regulation, which imposes mandatory notification and approval requirements on
 companies bidding on large public tenders in the EU.

 2024 FORM 10-K 10

 • Global, Publicly Traded Energy Company. As a publicly traded company in the U.S, we are subject to the laws and regulations
 of the SEC as well as the rules of the New York Stock Exchange, on which our common stock is listed. As a global enterprise
 operating in over 100 countries, we must abide by laws and regulations applicable to entities across many jurisdictions, including
 those governing antitrust and competition, as well as:
 Cybersecurity, Data Privacy, and Artificial Intelligence. We are subject to rapidly evolving laws and regulations governing
 cybersecurity and data privacy in many jurisdictions, including those imposed by federal and state regulators in the U.S.,
 such as the Federal Trade Commission and state agencies, and the General Data Protection Regulation in Europe. As
 artificial intelligence (AI) is an emerging area, we expect to see increased legislation, such as the EU Artificial Intelligence
 Act, and additional regulatory obligations across the jurisdictions in which we operate.
 Anti-bribery and Anti-corruption. The U.S. Foreign Corrupt Practices Act ( FCPA), the United Kingdom ( U.K.) Bribery Act of
 2010, the Brazil Clean Companies Act, China's Unfair Competition Law, India's Prevention of Corruption Act, and similar
 anti-corruption and anti-bribery laws in other jurisdictions generally prohibit companies and their intermediaries from
 making improper payments to government officials for the purpose of obtaining or retaining business.
 • Employer. As an employer of full-time, part-time, seasonal, unionized and non-unionized labor, we are required to create
 compensation programs, employment policies, and other administrative programs that comply with the laws of multiple countries.
 In addition, there are diverse global regulations regarding our independent and third-party contractor workforce. Our operations
 are subject to global labor and employment laws, including minimum wage and living wage laws and directives, wage and hour
 laws, health and safety laws such as Occupational Safety and Health Administration ( OSHA), immigration laws, and laws relating
 to minimum age child labor, modern slavery, and forced labor. Federal and local labor laws also govern our interactions with
 employee-representative organizations around the world. We also have significant obligations and liabilities with respect to our
 postretirement benefit plans, including pension, healthcare, and life insurance benefits obligations, all of which are subject to
 applicable laws and regulations.
 These laws and regulations are subject to change at any time. We make the necessary adjustments to our processes in order to maintain
 compliance with the regulatory environment impacting all aspects of our businesses. Complying with requirements can impose significant
 costs, especially in jurisdictions where we do not have a significant physical presence. See Item 1A. "Risk Factors" for further information
 regarding risks and costs associated with such compliance.

 AVAILABLE INFORMATION. Our corporate headquarters is located at 58 Charles Street, Cambridge, Massachusetts 02141, and our
 telephone number is (617) 674-7555. Our website address is www.gevernova.com. Our Annual Report on Form 10-K, Quarterly Reports on
 Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the
 Exchange Act, are available, without charge, on our website, as soon as reasonably practicable after they are electronically filed with, or
 furnished to, the SEC. Information contained on, or that can be accessed through, our website is not part of, and is not incorporated into,
 this Annual Report on Form 10-K or any other filings we make with the SEC. Our website at www.gevernova.com/investors contains a
 significant amount of information about GE Vernova, including financial and other information for investors. We encourage investors to visit
 this website from time to time, as information is updated, and new information is posted.

 IT EM 1 A. R ISK FACT ORS.
 SUMMARY OF RISK FACTORS
 An investment in our company is subject to a number of risks. These risks relate to our business and strategy, industry dynamics, laws and
 regulations, the Spin-Off, our common stock, and the securities market. Any of these risks and other risks as more fully described below
 under this Item 1A. "Risk Factors" and elsewhere in this Annual Report on Form 10-K could materially and adversely affect our business,
 results of operations, cash flows, financial condition, and the actual outcome of matters as to which forward-looking statements are made in
 this Annual Report on Form 10-K. These risks include, but are not limited to, the following:
 • We provide complex and specialized products, solutions, and services, and we could be adversely affected by actual or perceived
 quality issues or safety failures.
 • If our ongoing efforts to achieve our anticipated operational cost savings and implement initiatives to control or reduce our
 operating costs are not successful, our financial results and cash flows may be adversely affected.
 • Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products
 essential to our business, and significant disruptions to our manufacturing and production facilities and distribution networks could
 adversely affect our future financial results and our ability to execute our operations on a timely basis.
 • Our failure to manage customer relationships and customer contracts could adversely affect our financial results.
 • Our ability to maintain our investment grade credit ratings could affect our ability to access capital, could increase our interest
 rates, and could limit our ability to secure new contracts or business opportunities.
 • The strategic priorities and financial performance of many of our businesses are subject to market and other dynamics related to
 decarbonization, which can pose risks in addition to opportunities.
 • Policies may alter the demand mix for our products in unfavorable ways, and any reductions or the elimination of governmental
 incentives or policies that support renewable energy could have a material adverse effect on our business, results of operations,
 cash flows, financial condition, and prospects.
 • Our business is exposed to risks associated with the volatile global economic environment and geopolitical conditions.
 • We operate in highly competitive environments. Our failure to compete successfully could adversely affect our results of
 operations, cash flows, and financial condition.
 • Our business strategy may include acquisitions, investments, joint ventures, partnerships, or divestitures to support our growth
 and financial performance, and our failure to successfully execute these transactions could adversely affect our business.
 • There are risks associated with our joint venture arrangements, consortiums, and similar collaborations with third parties for
 certain projects, which could impose additional costs and obligations on us.
 • Our future success will depend, in part, on our ability to develop and introduce new technologies.

 2024 FORM 10-K 11

 • Failure to meet ESG (including sustainability) expectations or standards or achieve our ESG goals could adversely affect our
 business, results of operations, cash flows, and financial condition.
 • Our operations are subject to various EHS laws and regulations, and potential litigation, and non-compliance with, or liabilities
 under, such laws and regulations could result in substantial costs, fines, sanctions, claims, additional regulatory oversight,
 suspension of operations, and reputational harm.
 • We are subject to laws and regulations governing government contracts, public procurement, and government reimbursements in
 many jurisdictions, and the failure to comply could adversely affect our business.
 • If we are unable to attract and retain highly qualified personnel, we may not be able to execute our business strategy effectively
 and our operations and financial results could be adversely affected.
 • We may be unable to obtain, maintain, protect, or effectively enforce our IP rights.
 • Increased cybersecurity requirements, vulnerabilities, threats, and more sophisticated and targeted computer crimes pose a risk to
 our systems, networks, products, solutions, services, and data, as well as our reputation, which could adversely affect our
 business.
 • Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal information
 in the jurisdictions in which we operate, may adversely impact our business and financial results.
 • Volatility in currency exchange rates may adversely affect our financial condition, results of operations, and cash flows.
 • We may be unable to achieve some or all of the benefits that we expect to achieve from the Spin-Off.
 • Our stock price may fluctuate significantly.
 You should carefully consider the following risks and other information set forth in this Annual Report on Form 10-K in evaluating GE
 Vernova and GE Vernova's common stock. The risks and uncertainties described below are not the only risks and uncertainties we face.
 Additional risks and uncertainties not presently known to us or that we presently deem less significant may also adversely affect our
 business.
 Risks Relating to Our Business and Our Industry
 Risks Relating to Operations and Supply Chain
 We provide complex and specialized products, solutions, and services, and we could be adversely affected by actual or
 perceived quality issues or safety failures. We produce highly sophisticated and leading-edge products and provide specialized
 solutions and services for complex technology and engineered products and projects, including both products and software. Many of our
 products, solutions, and services involve complex industrial machinery or infrastructure projects, such as gas turbines, onshore and
 offshore wind turbines, grid infrastructure, or nuclear power generation. A serious product or execution failure could result in a range of
 adverse outcomes, including injuries or death, widespread power outages, suspension of power production, installation or fleet delivery
 delays, environmental impacts, or similar systemic issues and could have a material adverse effect on our business, reputation, financial
 position, cash flows, and results of operations. Actual or perceived design, production, performance, or other quality issues related to new
 product introductions or existing product lines have resulted and can result in direct warranty, maintenance, and other claims for damages,
 including costs associated with project delays, repairs, or replacements, some of which have been and can in the future be for significant
 amounts. For example, during the summer of 2024, a wind turbine blade event occurred, related to a manufacturing deviation, at the
 Vineyard Wind offshore wind farm where we are the manufacturer and supplier of our newly developed Haliade-X 220m wind turbines
 (Halia de-X). See Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations — Offshore Wind" for
 additional information. Quality issues can also result in reputational harm to our business with a potential loss of attractiveness of our
 products, solutions, and services to new and existing customers. A widespread fleet issue could result in revenue loss while the associated
 product is suspended from operation. This risk is pronounced in connection with the introduction of new technology. For example, due to
 the difficulties associated with scaling up production of new products and components, the challenges of servicing our substantial installed
 fleet of onshore wind turbines and the difficulties of servicing our offshore wind turbines, a widespread fleet product quality issue with our
 wind turbines could cause us to incur substantial costs and could take significant time to address. Additionally, many of our products,
 solutions, and services function under demanding operating conditions and meet exacting certification, performance, and reliability
 standards that we, our customers, or regulators adopt. Developing and maintaining products, solutions, and services that meet or exceed
 these standards can be costly and technologically challenging and require extensive coordination of our suppliers and team members at
 our technology, manufacturing, and remote project sites in both developed and developing markets around the world. Failures to deliver
 products, solutions, and services that meet these standards, whether actual or perceived, have resulted and may in the future result in
 customers or other third parties asserting contractual or other claims, often for significant amounts, or regulators suspending installation or
 operations, which could have significant adverse financial, competitive, or reputational effects.
 Our products contain and are integrated with products from third parties. From time to time, the processes used to ensure the quality of
 those third-party products may fail to detect defects. Despite the operational processes around product design, manufacture, performance,
 and servicing that we and our customers or other third parties have developed to meet rigorous quality standards, the risk of operational
 process or product failures and other problems cannot be eliminated. Such problems could result in increased costs, delayed payments,
 lost products or services revenue, and product, safety, quality, regulatory, or environmental risks, which could have an adverse effect on our
 financial results.
 If our ongoing efforts to achieve our anticipated operational cost savings and implement initiatives to control or reduce our
 operating costs are not successful, our financial results and cash flows may be adversely affected. Achieving our long-term
 financial results and cash flow goals depends significantly on our ability to control and/ or reduce our operating costs. Generally, because
 many of our costs are affected by factors completely, or substantially outside our control, we must seek to control or reduce costs through
 productivity initiatives. We seek continued cost savings through lean operations and supply chain management. While controlling our cost
 base is important for our business and future competitiveness, there is no guarantee that we will achieve this goal. Additionally, cost
 savings anticipated by us are based on estimates and assumptions that are inherently uncertain and may be subject to significant business,
 economic and competitive uncertainties, and contingencies, all of which are difficult to predict and may be beyond our control. For example,
 the rapid pace of innovation among onshore and offshore wind turbine manufacturers in recent years has led to short product cycles, early
 market introductions, and faster time to market, all of which have and can lead to quality and execution issues, higher costs, or other

 2024 FORM 10-K 12

 challenges to achieving profitability for new products. Such risks are especially acute in the offshore wind industry, which is a nascent
 industry, with higher ramp up costs and the potential for new product introductions to result in losses both in the short-and in the long-run.
 See Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations — Offshore Wind" for a description
 of recent quality and execution issues we have experienced at our Offshore Wind projects. If we are not able to identify and implement
 initiatives that control and/or reduce costs and increase operating efficiency, or if the cost savings initiatives we have implemented to date
 do not generate expected cost savings, our financial results could be adversely affected.
 We enter into long-term service agreements in connection with significant contracts for the sale of products, particularly in our Gas Power
 business unit. In connection with these agreements, we estimate our products' durability and reliability, as well as our costs associated with
 delivering the products and the provision of services over time in order to be profitable and generate acceptable returns on our investments.
 Particularly for our long-cycle businesses and contracts like these, a failure to appropriately estimate, plan for, or execute our business
 plans may adversely affect our delivery of products, services, and outcomes in line with our projected financial performance or cost
 estimates, and ultimately may result in excess costs, build-up of inventory that becomes obsolete, lower profit margins and cash flows, and
 an erosion of our competitive position.
 Significant disruptions in our supply chain, including the high cost or unavailability of raw materials, components, and products
 essential to our business, and significant disruptions to our manufacturing and production facilities and distribution networks
 could adversely affect our future financial results, and our ability to execute our operations on a timely basis. Our reliance on third-
 party suppliers, contract manufacturers and service providers, and commodity markets to secure raw materials, parts, components, and
 sub-systems used in our products exposes us to volatility in the prices and availability of these materials, parts, components, systems, and
 services. As our supply chains extend into many different countries and regions of the world, including many developing economies, we are
 also subject to global economic and geopolitical dynamics, including tariffs, and risks associated with exporting or importing components
 and raw materials for completing the construction or incorporation process in other countries.
 We operate in a supply-constrained environment and have faced, are facing, and may in the future face, supply-chain shortages,
 inflationary pressures, shortages of skilled labor, transportation and logistics challenges and manufacturing disruptions that impact our
 revenues, profitability, cash flow, and timeliness in fulfilling customer orders. To manage the impact of supply chain shortages and
 inflationary pressures, we have sought, and may continue to seek, to negotiate long-term agreements with suppliers, develop relationships
 with alternative suppliers, drive productivity initiatives in our manufacturing operations, provide training to our employees, develop alternate
 transportation routes, modes, and providers, and share rising costs with our customers. While these measures have successfully mitigated
 against historical impact, we expect supply chain pressures across our businesses will continue to challenge and adversely affect our
 operations and financial performance for some period of time. In addition, some of our suppliers or their sub-suppliers are limited-or sole-
 source suppliers, and our ability to meet our obligations to customers depends on the performance, product quality, and stability of such
 suppliers. Generally, raw materials and components are available from a number of different suppliers, although we rely on a single
 supplier, a small number of suppliers, or suppliers located in a single country for certain materials and components, including for example
 some semiconductor chips, cobalt, certain steel, hafnium, and other rare earth metals. We have in the past experienced, and in the future
 may experience, disruptions related to availability of components and materials sourced from single suppliers, but the impact to our
 operations and financial results of such disruptions have not been material. However, if one of these suppliers were unable to provide us
 with a raw material or component we need, our ability to manufacture some of our products or provide some of our services could be
 adversely affected if and to the extent that we are unable to find a sufficient alternative supply channel in a reasonable period of time or on
 commercially reasonable terms in light of the circumstances.
 Disruptions in deliveries, capacity constraints, production disruptions up-or down-stream, price increases, cyber- related attacks, or
 decreased availability of raw materials or commodities, including as a result of war, natural disasters, actual or threatened public health
 emergencies, increased tariffs or import or export restrictions, or other business continuity events, adversely affect our operations and,
 depending on the length and severity of the disruption, could limit our ability to manufacture products on a timely basis and could harm our
 financial results. Additionally, nonperformance or underperformance by third-party suppliers could materially impact our ability to perform
 obligations to our customers, which could result in a customer terminating their contract with us, exposing us to liability, and substantially
 impairing our ability to compete for future contracts and orders.
 Furthermore, we depend on multiple routes and modes of transport to acquire components and materials used in our operations. We are
 vulnerable to disruptions in transport and logistics activities due to weather-related problems, strikes, lockouts, inadequacy of roadways,
 transportation infrastructure and port facilities, hostilities, acts of terrorism, or other events. We are also subject to fluctuations in the costs
 of transportation. We may be unable to store components and materials sufficient for more than a limited period of production, which
 increases our dependence on efficient logistics. In addition, during transport and shipping, our products and/or their components and
 materials may become damaged. Such factors could also result in liability and significant reputational harm. These factors could adversely
 impact our ability to deliver quality products, solutions, and services to our customers and may have a substantial adverse impact on our
 business activities, results of operations, cash flows, and financial condition.
 Any interruption in the operations of our manufacturing facilities may impair our ability to deliver or provide products, solutions,
 and services. We are dependent on our global production and operating network to develop, manufacture, assemble, supply, and service
 our offerings. A work stoppage, labor shortage, or other production limitation, including i mport or export restrictions, or transportation
 issues, among others, could adversely affect our manufacturing facilities and negatively impact our reputation and market position. In
 addition, manufacturing disruptions related to significant public health and safety events, severe weather, financial distress, unscheduled
 downtimes, manufacturing deviations, quality issues, production constraints, mechanical failures, cybersecurity attacks, and geopolitical
 dynamics and risks could interrupt our ability to deliver or provide certain products, solutions, and services. Such risks may be heightened
 in emerging market countries, which may be subject to varying degrees of economic, political, and social instability.
 We also have internal dependencies on certain key manufacturing or other facilities. For example, our Onshore and Offshore Wind
 businesses are, and may in the future be, reliant on our internal ability to manufacture blades for wind turbines through our LM Wind Power
 business, which accounts for a substantial percentage of our wind blade production. Similarly, we internally manufacture certain specialized
 transformers for our Grid Solutions business. If we are unable to produce or assemble these components internally in sufficient quantities,

 2024 FORM 10-K 13

 due to disturbances at a certain production location or for any other reason, we may be forced to increase the volume of wind turbine
 blades or transformers purchased from external suppliers which could lead to delays, quality control issues, or additional costs.
 Any significant event affecting one of our production or operating facilities may result in a disruption to our ability to supply customers. The
 impact of these risks is heightened if our production capacity is at or near full utilization (or if we lack alternative manufacturing sites) and
 could result in our inability to accept orders or deliver products in a timely manner. Additionally, significant capital investment to increase
 manufacturing capacity may be required to expand our business or meet increased demand for existing or newly introduced products in the
 future. Any of these risks could have a material adverse effect on our business results, cash flows, financial condition, or prospects.
 Our failure to manage customer relationships and customer contracts could adversely affect our financial results. An important
 element of our success is our ability to manage customer relationships, while delivering against our contractual requirements and
 anticipating changes in customer requirements and circumstances. Existing or potential customers may delay or cancel plans to purchase
 our products, solutions, and services, including large infrastructure projects, and may not be able to fulfill their obligations to us in a timely
 fashion or at all as a result of business deterioration, cash flow shortages, shifts in the availability of financing for certain types of projects or
 technologies (such as prohibitions on financing for fossil fuel-based projects or technologies), macroeconomic conditions, changes in law,
 disputes, or other delays. If a large customer was to experience difficulties in fulfilling its obligations to us, cease doing business with us,
 significantly reduce the amount of its purchases from us, favor competitors or new entrants, change its purchasing patterns, or impose
 unexpected fees on us, our business may be harmed. In addition, many of our customer contracts are complex and contain warranty and
 other provisions that could cause us to incur significant repair or replacement costs, penalties, liquidated or other damages, and/or
 unanticipated expenses with respect to the timely delivery, functionality, quality, deployment, operation, and availability of our products,
 solutions, and services. For example, we face risks in our Wind business related to our ability to assemble and deliver specific components
 such as nacelles on the timelines and schedules detailed and otherwise comply with our customer contracts. Failure to adhere to
 requirements under our customer agreements, whether such failure is actual or alleged, has resulted in and could in the future result in
 higher potential costs, present litigation risks, or expose us to liquidated or other damages.
 Our customers include numerous governmental owned or affiliated entities within and outside the U.S., including the U.S. federal
 government and state and local entities. Some of those contracts could be subject to the risk of delay, modification, or termination if future
 government funding or support is not available. We also at times face greater challenges with the timely collection of receivables with
 customers that are sovereign governments, government owned entities, or customers located in emerging markets.
 Our ability to maintain our investment grade credit ratings could affect our ability to access capital, could increase our interest
 rates, and could limit our ability to secure new contracts or business opportunities. The success of our commercial relationships is
 predicated on our ability to maintain our corporate investment grade ratings. Our credit risk is evaluated by major independent rating
 agencies. Any future downgrades of our credit ratings could increase our cost of borrowing of any indebtedness we may incur. Adverse
 changes in our investment grade credit ratings could affect our borrowing and bonding capacity and terms in the future, may increase our
 interest expense or other costs of capital, or capital may not be available to us on competitive terms, or at all, and may reduce our ability to
 secure new contracts or business opportunities with operating partners, suppliers, and customers, each of which would negatively impact
 our financial performance. There can be no assurance that we will be able to maintain our credit ratings, and any changes or downgrades
 related to our credit ratings, including any announcement that our ratings are under review for a downgrade, may have a negative impact
 on our liquidity, capital position, bonding capacity, and access to credit.
 We enter into fixed-price contracts with our customers and our failure to mitigate certain risks associated with such contracts
 may result in reduced operating margins. Some of our contracts have been established on a fixed-price basis which commit us to a
 specific price well before the completion of the applicable project. However, actual revenues or costs may be different from those we
 originally estimated and may result in reduced profitability or losses on projects. Some of these risks include:
 • difficulties encountered on our large-scale projects related to the procurement of materials or due to schedule disruptions, product
 performance failures, unforeseen site conditions, rejection clauses in customer contracts, or other factors that may result in
 additional costs to us, reductions in revenue, claims, or disputes;
 • our inability to obtain compensation for additional work we perform or expenses we incur as a result of unanticipated technical
 issues or our customers providing deficient design, engineering information, products, or materials;
 • reliance on historical cost and/or execution data that is not representative of current conditions, including as a result of inflation
 and increases in labor and material costs;
 • delays or productivity issues caused by weather conditions, or other force majeure events (e.g., pandemics);
 • requirements to pay liquidated or other damages, upon our failure to meet schedule or performance requirements of our contracts;
 • difficulties in engaging third-party subcontractors, product manufacturers, or materials suppliers or failures by third-party
 subcontractors, product manufacturers, or materials suppliers to perform could result in project delays and cause us to incur
 additional costs; and
 • modifications to projects that create unanticipated costs or delays.
 As a result of one or more of these factors, we may incur losses or contracts may not be as profitable as we expect, and this could
 materially and adversely affect our business, results of operations, cash flows, and financial condition.
 Risks Relating to Industry Dynamics
 The strategic priorities and financial performance of many of our businesses are subject to market and other dynamics related to
 decarbonization, which can pose risks in addition to opportunities. Given the nature of our businesses and the industries we serve,
 we must anticipate and respond to market, technological, regulatory, governmental policy, and other changes driven by broader trends
 related to decarbonization efforts in response to climate change and energy security. In particular, we provide products, solutions, and
 services to utilities and other customers in the power generation sector, which has historically been carbon intensive and has been in the
 midst of a transition with global efforts to lower greenhouse gas emissions. For example, the significant decreases in recent years in the
 cost of energy for renewable sources of power generation (such as wind and solar), along with ongoing changes in government, investor,

 2024 FORM 10-K 14

 customer and consumer policies, commitments, preferences, and considerations related to climate change, in some cases have adversely
 affected, and may continue to affect, the demand for and the competitiveness of products, solutions, and services related to fossil fuel-
 based power generation, including sales of new gas turbines and the utilization and servicing needs for existing gas power plants that are
 unmitigated with capabilities such as hydrogen or carbon capture. Conversely, increased government policy focus on fossil fuel generation
 and use, and reversion of existing policies to facilitate implementation of renewable energy sources in the various jurisdictions in which our
 products are sold, may result in reduced demand for our renewable energy products and services, including decarbonization.
 Continued shifts toward greater penetration by renewables in both new capacity additions and the proportionate share of power generation,
 particularly depending on the pace and timeframe for such shifts across different industries globally, could have a material adverse effect on
 the performance of our Power segment and our consolidated results. We also face risks and uncertainties for those businesses related to
 future levels and timeframes of government subsidies and credits (including the impact of the IRA in the U.S. and other U.S. and global
 policies), timeframes for negotiations with regulators, significant price competition among product manufacturers, competition with solar
 power-based and other sources of renewable energy, the risk that a segment of the renewable energy industry may be deprioritized, the
 pace at which power grids are modernized to maintain reliability with higher levels of renewables penetration, and industry-wide shifts in
 profitability levels.
 Our long-term success depends on our ability to effectively address both electrification and decarbonization, which over time will require
 adapting our technology portfolio to changing customer preferences and government policies and scaling innovative low-carbon and
 carbon-neutral technologies. If we fail or are perceived to not be adequately advancing decarbonization objectives, or if investors or
 financial institutions shift funding away from companies in fossil fuel-related industries, our and our customers' access to capital could be
 negatively impacted. Furthermore, governments may enact or implement policies that impact these dynamics as they pertain to us or our
 customers in unforeseeable ways. The achievement of decarbonization goals for the electric power industry over the coming decades is
 also likely to depend in part on technologies that are not yet deployed or widely adopted today but that may become more important over
 time (such as hydrogen-based power generation, carbon capture and sequestration technologies, small modular or other advanced nuclear
 power and grid-scale batteries or other storage solutions). Successfully navigating these changes will require significant investments in
 power grids and other infrastructure, R&D, and new technology and products, both by us and third parties. Our success in advancing
 decarbonization objectives across our businesses will also depend in part on the actions of governments, regulators and other market
 participants to invest in infrastructure, create appropriate market incentives and to otherwise support the development of new technologies
 in time to take advantage of existing or emerging market opportunities. Considering the above, there is no assurance that we will be
 successful in addressing effectively either electrification or decarbonization.
 The process of developing new high-technology products and enhancing existing products to address the impact of climate change is often
 complex, costly and uncertain, and we may pursue strategies or make investments that do not prove to be commercially successful in the
 timeframes expected or at all. If the decarbonization landscape changes faster than anticipated or in a manner that we do not anticipate,
 demand for our products, solutions, and services could be adversely affected.
 Demand for certain of our products, solutions, and services, particularly in our Power segment, depend on oil and gas regulatory
 policy, prices and global and regional supply and demand, and technological innovations and efficiencies, which are subject to
 factors beyond our control and may adversely affect our operating results. Demand for certain of our products, solutions, and
 services, particularly in our Power segment, is partially affected by oil and gas regulatory policy, prices, and demand for oil and, in
 particular, gas, which are subject to factors beyond our control. Several U.S. and international pledges, agreements, and initiatives, such as
 those adopted at the 2023 United Nations Climate Change Conference ( COP28), resulted in more stringent regulations on oil and gas
 operations, which could impact production costs, reduce oil and gas demand, and curtail future investments in gas turbine generation. The
 oil and gas segment could also experience a reduction in utilization by the switch away from gas to other sources of energy if prices for
 such alternative sources are lower than those for gas.
 Energy prices could impact many of our customers' cash flows and their ability to fund exploration and development activities. Because
 prices of oil and gas products are set on a commodity basis, the volatility in oil and gas prices and demand can impact our customers'
 activity levels and spending for our products, solutions, and services. Expectations about future prices and price volatility are important for
 determining future spending levels. Actual and anticipated increases in oil and gas prices (and corresponding low demand for oil and gas)
 have in the past contributed to, and may in the future contribute to, an overall economic recession, which may raise risks across our
 industries. During these periods, certain countries that are heavily dependent on income from oil and gas may curtail investments in capital
 intensive oil and gas, power generation and transmission projects due to insufficient funds, which would also lead to less demand for
 certain of our products, solutions, and services in our Power segment. Furthermore, persistently high gas prices as well as potential gas
 shortages, which may be further exacerbated by the conflicts in Ukraine and the Middle East, pose additional risks in particular for the
 market for large gas turbines, including the service market.
 Energy intensive technological innovations and efficiencies, such as artificial intelligence, may affect or may be perceived to affect
 electricity demand and the related demand for our equipment and services. The nature and extent of this impact on demand is uncertain.
 We may be unable to adjust our personnel and functional cost base fast enough to adapt to demand swings, which may result in under-or-
 overcapacities. This inefficiency as well as sustained low demand for our products, solutions, and services, particularly in our Power
 segment, could have a material adverse impact on our business, financial position, cash flows, and results of operations and could require
 us to record asset impairments.
 We could be subject to risks in connection with our ability to connect to power grids and our customers' ability to sell the
 electricity they generate or to establish grid connections efficiently. The connection or access to a power grid is essential when it
 comes to generating electricity. Factors beyond our control, such as regulatory constraints, permitting restrictions and delays, or system
 failures, could impair our ability to connect our power generation products to the grid. If our customers fail to obtain a connection or access
 to the transmission grids on a timely basis, or on economically reasonable terms and, as a result, they are delayed or prevented from
 entering into an agreement (whether on a statutory or contractual basis) concerning the purchase of the electrical energy generated, the
 timing of orders and/or project milestones could be impacted, and we could experience a material adverse effect on our business, results of

 2024 FORM 10-K 15

 operations, cash flows, and financial condition. Grid capacity constraints and the limited availability of land to build connection infrastructure
 could further exacerbate the risks to our business.
 There are statutory rules and regulations which govern the connection of power generation products to the power grid in the markets where
 we operate. This helps ensure that grids are safe and stable and that there is sufficient supply of electricity. Moreover, the full transmission
 and dispatch output of electricity may be curtailed as a result of various grid constraints, such as grid congestion, restrictions on
 transmission capacity of the grid and restrictions on electricity dispatch during certain periods. Electricity transmission lines may experience
 unplanned outages due to system failures, accidents and severe weather conditions, or planned outages due to repair and maintenance,
 construction work and other reasons beyond our control. For example, as electricity generated from wind farms today is currently often not
 stored and must be transmitted or used once it is generated, some of the wind turbines of a wind farm may be turned off during such period
 when electricity is unable to be transmitted due to grid congestion or other grid constraints. Such events could reduce the actual net power
 generation of the wind farms. In addition, a number of other factors may further decrease electricity output, including wind speed or wind
 direction or other severe weather condition.
 As a result, we and our customers may experience significant financial losses from inefficient electricity outputs, the inability to connect to
 power grids, or grid capacity constraints, which may in turn cause the decrease in the demand for our products and could lead to a material
 adverse effect on our business, results of operations, cash flows, and financial condition.
 Some of our operations involve the handling, use, transportation, and disposal of radioactive and hazardous materials, which
 subject us and our customers to regulations, related costs and delays and potential liabilities for injuries and claims. Our
 operations involve the handling, use, transportation, and disposal of radioactive and hazardous materials, including nuclear fuel, nuclear
 power devices and their components. The risks associated with radioactive materials and the public perception of those risks can affect our
 business. Failure to properly handle radioactive and hazardous materials could pose a health risk to humans or wildlife and could cause
 personal injury, property damage (including environmental contamination), and damage the health and safety of the surrounding
 community. If an accident were to occur, its severity could be significantly affected by the nature of the accident and the speed of corrective
 action taken by us and others, including emergency response personnel, as well as other factors beyond our control, such as weather and
 wind conditions. In addition to health risks, a release of these materials may cause damage to, or the loss of, property and may adversely
 affect property values. Actions taken in response to an accident could result in significant costs. Activities of our contractors, suppliers or
 other counterparties similarly may involve toxic, hazardous, and radioactive materials and we may be liable contractually, or under
 applicable law, to contribute to remedy damages or other costs arising from such activities.
 Adverse public reaction to developments in the use of nuclear power or nuclear radiation could directly affect our customers and indirectly
 affect our business. Adverse public reaction, increased regulatory scrutiny, and potential litigation and other legal challenges could
 contribute to a slowdown in, or in some cases, a complete halt to new construction of nuclear power plants, an early shut down of existing
 power plants, delays or resistance to reopening power plants that have been shut down, or a dampening of the favorable regulatory climate
 needed to introduce new nuclear technologies. Negative public perceptions could also lead to increased regulation or limitations on the
 activities of our customers, more onerous operating requirements, or other conditions that could have a material adverse impact on our
 customers and our business.
 We are subject to international, federal, state, and local regulations governing handling, use, transportation, and disposal of radioactive and
 hazardous materials. These requirements are complex and subject to frequent change. Our compliance with amended, new, or more
 stringent requirements, stricter interpretations of existing requirements, or the future discovery of contamination may require us to make
 material expenditures or subject us to liabilities that we currently do not anticipate. Such expenditures and liabilities may adversely affect
 our business, results of operations, cash flows, and financial condition.
 We seek to protect ourselves from liability associated with accidents through contractual precautions with our counterparties, but there can
 be no assurance that such contractual limitations on liability will be effective in all cases or that our or our counterparties' insurance will
 cover all the liabilities we have assumed under those contracts. While we maintain insurance coverage as part of our overall risk
 management strategy, these policies do not protect us against all liabilities associated with accidents or for unrelated claims. The costs of
 defending against a claim arising out of an incident involving radioactive or hazardous materials, such as a precautionary evacuation, and
 any damages awarded as a result of such a claim, could adversely affect our results of operations, cash flows, and financial condition.
 Wind energy is a variable source of electricity and is susceptible to the impacts of weather conditions and other seasonal factors
 and constraints. Due to the variable availability of wind energy, coupled with various transmission limitations, such as grid congestion
 caused by the underdevelopment of the local power grids and temporary transmission interruptions caused by system upgrades, wind
 power may not be a viable base load source of electricity. As such, while demand for wind power is expected to increase, there are
 challenges to wind power becoming a large-scale substitute for other energy sources unless special technologies (e.g., energy storage) are
 developed to ensure a more stable and reliable output of electricity generated by the wind power industry. We cannot be certain that our
 efforts to develop and introduce advanced wind technologies will be successful, or how successful wind power will be as a larger share of
 total power generation over a long horizon. If future developments or innovations in the wind power industry are less successful than those
 of other energy sources, there may be a negative impact on the future prospects of the wind power industry, which, in turn, could materially
 and adversely affect the demand for our products, solutions, services, and platforms.
 The generation of wind power depends on wind conditions and patterns, which are inherently uncertain and difficult to predict or anticipate.
 Sales of our wind turbines and the provision of related technical services are subject to seasonal variations since the delivery and
 installation of our wind turbines depend on the construction cycles of wind farm projects by our customers. The installation and
 maintenance of offshore wind turbines can be particularly impacted by weather-related scheduling delays due to their complex
 infrastructure, higher wind speeds, and the challenges of accessing offshore sites. Adverse events relating to our wind business operations
 during peak demand periods can create unpredictability in activity and utilization rates and affect demand for our support services.
 Furthermore, wind turbine specifications must be suitable for the wind conditions expected at a particular site. Therefore, unavailability of
 locations that are suitable for the wind turbines we offer would have a negative impact on our sales and thus materially adversely affect our
 business, results of operations, cash flows, and financial condition.

 2024 FORM 10-K 16

 Risks Relating to Macroeconomic and Geopolitical Conditions
 Our business is exposed to risks associated with the volatile global economic environment and geopolitical conditions. Adverse
 changes in economic or geopolitical conditions, particularly in locations where our customers, suppliers, or operations are located, as well
 as concerns about a range of other external factors including global trade and global supply chain, developments in energy prices, inflation,
 interest rates, changes in government monetary or fiscal policies, import or export restrictions, tariffs, labor market challenges, currenc y
 exchange rate volatility, could have a material adverse effect on our business, results of operations, cash flows, and financial condition and
 may adversely impact the demand for our products, solutions, and services. Rising inflation and interest rates may increase our cost of
 capital and could reduce the number of customers who purchase our products, solutions, and services as credit becomes more expensive
 or less available. The consequences of geopolitical conflicts, including the ongoing conflict between Russia and Ukraine, the conflicts in the
 Middle East, and possible conflicts that could emerge in other geopolitically sensitive areas, such as the Taiwan Strait and broader Asia
 Pacific region, which have resulted in sanctions and other measures imposed by the EU, the U.S., and other countries in response, have
 also caused and may continue to cause disruption and instability in global markets, supply chains and industries that negatively impact our
 businesses, results of operations, cash flows, financial condition, and pose reputational risks. In addition, our customers and suppliers
 could be affected directly by an economic downturn and some could face credit issues or cash flow problems that could give rise to
 payment delays, increased credit risk, bankruptcies, and other financial hardships, which could adversely impact customer demand for our
 products as well as our ability to manage normal commercial relationships with our customers and suppliers. Depending on their severity
 and duration, the effects and consequences of global economic and political conditions could have an adverse impact on our results of
 operations, cash flows, and financial condition.
 Unexpected events, such as natural disasters, geopolitical conflicts, pandemics, and other events beyond our control, may
 increase our cost of doing business or disrupt our operations. The occurrence of one or more unexpected events, including
 geopolitical conflicts (such as the Russia-Ukraine conflict and the conflicts in the Middle East), acts of terrorism or violence, civil unrest,
 fires, tornadoes, tsunamis, hurricanes, earthquakes, floods and other forms of severe weather in regions in which we operate or in which
 our suppliers are located could adversely affect our operations and financial performance. Natural disasters, product failures, power
 outages or other unexpected events could result in physical damage to and complete or partial closure of one or more of our manufacturing
 facilities or distribution centers, temporary or long-term disruption in the supply of component products from local and international
 suppliers, and disruption and delay in the transport of our products to project sites and distribution centers. A public health epidemic or
 pandemic poses the risk that our employees, contractors, suppliers, customers, and other business partners may be prevented from
 conducting business activities for an indefinite period of time, including due to shutdowns, travel restrictions, or other actions that may be
 requested or mandated by governmental authorities, or that such epidemic or pandemic may otherwise interrupt or impair business
 activities. Our operations and financial performance were negatively impacted by the COVID-19 pandemic that caused a slowdown of
 economic activity, disruptions in global supply chains, and significant volatility and disruption of financial markets. Existing insurance
 coverage may not provide protection for all the costs that may arise from such events, and any incidents may result in loss of, or increased
 costs of, such insurance. In addition, while we have disaster recovery and business continuity plans (including those relating to our
 information technology systems), they may not be fully responsive to, or capable of eliminating or materially minimizing losses associated
 with, catastrophic events. As a result, any business disruption could still negatively affect our business, operating results, cash flows, or
 financial condition.
 Political and economic instability, restrictive trade policies, restrictions on the repatriation of funds, and export and import restrictions may
 disrupt our supply chain and impact our ability to generate products, solutions, and services to meet customer demands. The prices of raw
 materials and other components that we use in production may increase and be susceptible to significant fluctuations due to trends in
 supply and demand, commodity prices, currency exchange rates, transportation costs, government regulations and tariffs, price controls,
 and economic conditions, among other factors. In addition, various geopolitical factors, including the level of economic activity in China, the
 conflict in Ukraine, and the conflicts in the Middle East, have added to the volatility in energy costs. These circumstances may have a
 substantial adverse impact on our business activities, results of operations, cash flows, and financial condition.
 Our business, results of operations, cash flows, and financial condition could be adversely affected by any negative impact on
 the global economy and financial markets resulting from the ongoing conflict between Russia and Ukraine. Global markets
 experienced volatility and disruption as a result of the ongoing conflict between Russia and Ukraine. Although the length and impact of the
 ongoing conflict is highly unpredictable, the conflict in Ukraine has contributed and could continue to contribute to volatility in global
 financial markets, energy costs, and commodity prices and exacerbate existing supply chain constraints. Additionally, the conflict in Ukraine
 has led to sanctions and other penalties being levied by the United States, European Union, and other countries against Russia. Additional
 potential sanctions and penalties have also been proposed and/or threatened. Our business and financial performance have been
 negatively impacted by the sanctions and penalties implemented in response to the conflict between Russia and Ukraine. For example, in
 2022 we recognized $0.2 billion of pre-tax charges primarily from impairments of receivables, inventory, contract assets, and equity method
 investments directly resulting from the sanctions relating to this conflict, predominantly related to our Power business. Due to the expansion
 of U.S. sanctions in 2023, we recognized an additional pre-tax charge of $0.1 billion primarily from impairments of inventory, receivables,
 and contract assets. While our remaining net asset exposure to Russia is not material, we continue to actively monitor the dynamic
 situation in Ukraine and applicable laws, sanctions, and trade control restrictions resulting from the conflict. The extent to which our
 operations and financial results may be affected by the ongoing conflict in Ukraine will depend on various factors, including the extent and
 duration of the conflict; the effects of the conflict on regional and global economic and geopolitical conditions; the effects of further laws,
 sanctions, and trade control restrictions on our business, the global economy, and global supply chains; and the impact of fluctuations in
 the exchange rate of the ruble. Continuation or escalation of the conflict may also magnify the impact of other risks identified in this
 Information Statement, including cybersecurity, regulatory, and reputational risks
 Risks Relating to Competition and Managing Growth
 We operate in highly competitive environments. Our failure to compete successfully could adversely affect our results of
 operations, cash flows, and financial condition. Our products, solutions, and services are subject to significant competitive pressures,
 and in many of the industries in which we operate we face intense competition from both international and domestic competitors. The
 continual development of advanced technologies, new and existing products and solutions including product enhancements, and high

 2024 FORM 10-K 17

 quality but cost-effective supply chain, production, and delivery methods are critical to remaining competitive by maintaining commercially
 attractive products, solutions, and services at acceptable pricing levels. A change in the strategic priorities of our business or a failure to
 anticipate or respond quickly to a number of factors including technological developments, evolving industry standards, new regulations or
 incentives, changing customer demands, supply chain issues, or innovations in production techniques in the industries we serve could
 cause us to experience lower revenues, price erosion, lower margins, and could result in forgone growth opportunities. Competition has
 also intensified as a result of international expansion by existing industry participants exploiting new markets and increasing pressure from
 competitors from other regions who strive to improve the quality and reliability of their technologies and expand beyond their existing
 markets. For example, China is a large manufacturer and developer of wind equipment and technology and Chinese wind turbine
 manufacturers may increasingly pursue selling their wind turbine products in markets outside of China. The entry of new market
 participants could further intensify competition. Moreover, some of our competitors receive financial and other assistance from their
 governments, which may allow them to have a longer-term investment approach and greater risk tolerance to realizing returns and other
 benefits from their investments and business strategies and execution than may be available to companies, such as us, that do not have
 similar governmental funding and assistance. If we are unable to respond successfully to these competitive pressures, our business, results
 of operations, cash flows, and financial condition may be adversely affected.
 Our business strategy may include acquisitions, investments, joint ventures, partnerships, or divestitures to support our growth
 and financial performance, and our failure to successfully execute these transactions could adversely affect our business. Our
 business strategy may include the acquisition, in part or in whole, of technologies and businesses that expand or complement our existing
 businesses. Successful growth through acquisitions depends upon our ability to identify suitable acquisition targets or assets, conduct due
 diligence, negotiate transactions on favorable terms, and ultimately complete such transactions and integrate the acquired target or asset
 successfully. Certain transactions may be subject, in certain circumstances, to the consent of GE under the Tax Matters Agreement, as
 discussed in "—Risks Relating to the Spin-Off."
 Transactions may expose us to significant risks and uncertainties, including:
 • competition for targets and assets, which may lead to substantial increases in purchase price or terms that are less attractive to
 us;
 • failure to timely integrate or separate acquired or divested companies' assets, people, and products;
 • failure to comply with laws and regulations, including any required disclosures and filings, in one or multiple jurisdictions in relation
 to a transaction;
 • expenses, delays, and difficulties in integrating acquired businesses into our existing businesses;
 • diversion of our management's attention from existing operations to the acquisition and integration process, as applicable;
 • dependence on external sources of capital, in particular to finance the purchase price of Transactions;
 • rulings by antitrust or other regulatory bodies;
 • acquired companies' previous failures to comply with applicable legal, regulatory or other governmental requirements;
 • inability to produce products at increased scale or loss of previously available distribution channels;
 • heightened external scrutiny on acquired IP rights, or lack of IP rights for the acquired portfolio;
 • a failure to accurately predict or to realize expected growth opportunities, cost savings, synergies, and market acceptance of
 acquired companies' products;
 • a failure to identify or appropriately assess material issues, problems or liabilities during due diligence review of acquisition targets
 (or its agents) prior to acquisition;
 • successor liability imposed by regulators for actions by the target (or its agents) prior to acquisition;
 • continued losses and exposures for liabilities not transferred to a buyer or otherwise divested in a divestiture;
 • difficulties in retaining key customers and personnel; and
 • adverse market reactions to a transaction.
 Various other assessments and assumptions regarding a transaction may prove to be incorrect, and actual developments may differ
 significantly from our expectations.
 In addition, we also regularly evaluate a variety of potential strategic transactions, including equity method investments, joint ventures and
 other strategic alliances that could further our strategic business objectives. We may not successfully identify, assess, or manage the risks
 presented by these strategic transactions, including those outlined above. Equity investments and other strategic alliances pose additional
 risks, as we could share ownership in both public and private companies and in some cases management responsibilities with one or more
 other parties whose objectives for the alliance may diverge from ours over time, who may not have the same priorities, strategies, or
 resources as we do, or whose interpretation of applicable policies may differ from our own.
 Our business strategy may also include the divestiture of certain assets or operating units in order to enable the redeployment of capital.
 We may encounter difficulty in finding buyers or face other limitations such as regulatory, governmental, or contractual requirements that
 could delay or prevent the accomplishment of our objectives and adversely affect our business. These limitations include the provisions of
 the Separation and Distribution Agreement described under "Certain Relationships and Related Person Transactions—Agreements with GE
 —Separation and Distribution Agreement—Credit Support" in the Information Statement.
 The occurrence of any of the above in connection with any transaction c ould have a material adverse effect on our business results, cash
 flows, financial condition, or prospects.
 There are risks associated with our joint venture arrangements, consortiums, and similar collaborations with third parties for
 certain projects, which could impose additional costs and obligations on us. We have entered and expect to continue to enter into
 joint venture arrangements for manufacturing and commercial operations and/or project development and funding. We also enter into
 agreements with third parties to act as a consortium to perform projects.
 Our joint venture arrangements may expose us to risks, including risks with respect to the economic, political, and regulatory environment
 of any foreign entities with which we partner, legal and regulatory violations committed by partners whose actions are outside of our control,

 2024 FORM 10-K 18

 and risks associated with contractual, governmental or certain exclusivity obligations with partners that may impose operational restrictions
 on us. Furthermore, these arrangements may require us to incur non-recurring and other charges, increase expenditures, or disrupt our
 ordinary business activities. If joint venture, consortium, or other strategic partners cannot meet their obligations due to financial or other
 difficulties, including if they declare bankruptcy or otherwise modify their capital structure, we could be required to provide additional
 investment or services or take responsibility for breaches of contracts or assume additional financial or operational obligations which could
 have a substantial adverse impact on our business, results of operations, cash flows, and financial condition.
 We currently have equity interests in multiple joint ventures and expect to enter into additional joint venture arrangements in the future. Our
 influence over these entities varies depending on the level and nature of ownership and/or rights agreed, and for some of these entities our
 influence may be limited. Even in joint ventures where we have greatest influence, we are usually required to reach consensus with our
 joint venture partners in connection with major decisions concerning the operations of the joint ventures. This could create the risk of
 impasses on decisions, given that our partners in these arrangements may have economic or business interests that diverge from our
 interests. Additionally, differences in views among the joint venture participants may result in delayed decisions or disputes. Conflicts may
 arise in these arrangements concerning the achievement of performance milestones or the interpretation of significant terms under any
 agreement (including financial obligations), termination rights, or the ownership or control of IP developed during the arrangement. We also
 cannot control the actions of our joint venture partners. We sometimes have joint and several liabilities with our joint venture partners under
 the applicable contracts for joint venture projects and we cannot be certain that our partners will be able to satisfy any potential liability that
 could arise. These factors could potentially harm the business and operations of a joint venture and, in turn, our business and operations.
 In addition, our arrangements involving joint ventures may restrict us from gaining access to the cash flows or assets of these entities. In
 some cases, our joint ventures have governmentally imposed restrictions on their abilities to transfer funds to us.
 In addition, success on consortium projects depends in part on whether our consortium partners fulfill their contractual obligations. Such
 projects are subject to the risk that our consortium partners may block or delay decisions which could be integral to the success of the
 project or investments in the project, or could implement strategies that are contrary to our economic interests, resulting in a lower return
 than expected. If any of these third parties fails to perform its contractual obligations satisfactorily, we may be required to provide or procure
 added services to compensate for such failure. Such third-party failures may also expose us to reputational harm as well as complaints
 from customers and other counterparties. Any of the foregoing could have a material adverse effect on our business results, cash flows,
 financial condition, or prospects.
 Our future success will depend, in part, on our ability to develop and introduce new technologies. In many of the industries in which
 we operate, technologies change rapidly, and customer needs evolve regularly. Our future growth will depend on our ability to continue to
 innovate by developing and commercializing new products, solutions, and services. The commercial success of new technologies, such as
 hydrogen-based power generation, carbon capture and sequestration technologies, small modular or other advanced nuclear power and
 grid-scale batteries or other storage solutions, depends on many factors, including the pace of innovation, the development costs and the
 availability of capital resources to fund those costs, the levels of competition from others developing similar or other competing
 technologies, our ability to obtain or maintain government permits or certifications, the effectiveness of our production, distribution, and
 marketing efforts, the availability of raw materials and components, and the costs to customers to deploy and provide support for the new
 technologies. Also, overall market demand, growth, and acceptance of our new innovations remain key to their success, as well as the
 timing of when we bring these offerings to market. If and to the extent these predictions are proved wrong, our investments in new
 products, solutions, and services may not achieve revenue or profits at all or the recovery of investments may be over an extended period.
 Unsuccessful efforts to develop and adapt our products, solutions, and services could ultimately result in lower revenue, lower margins,
 and/or higher costs, which could harm our competitive position and adversely impact our financial performance.
 We face a complex global operating environment, particularly in emerging markets. Due to our global nature, we deal with a range of
 legal and regulatory systems with varying requirements. Due to the nature of our projects and products, we face risks associated with
 engagements with foreign officials and government agencies, including the risks of complying with diverse procedures and standards
 imposed by (among others) the FCPA and similar anti-corruption and anti-bribery laws in other jurisdictions. We also face risks associated
 with compliance with global privacy and data security laws and regulations. Navigating a variety of legal and regulatory regimes may
 increase the difficulty of compliance, particularly as such laws change or are interpreted in unexpected ways. In addition, as an employer of
 permanent and fixed-term contract employees and contractors, we are required to create compensation programs, employment policies
 and other administrative programs that comply with the laws of multiple countries. We also must communicate, monitor, and uphold group-
 wide standards and directives across our global network, including in relation to our suppliers, subcontractors, and other relevant
 stakeholders. Our failure to manage our geographically diverse operations successfully could impair our ability to react quickly to changing
 business and market conditions and to enforce compliance with group-wide standards and procedures.
 Risks Relating to Government Regulations and Legal Matters
 Policies may alter the demand mix for our products in unfavorable ways. Any reductions or the elimination of governmental
 incentives or policies that support renewable energy could have a material adverse effect on our business, results of operations,
 cash flows, financial condition, and prospects. Parts of our business benefit significantly from government policies that support utility
 scale renewable energy and enhance the economic feasibility of such projects in regions in which we operate or plan to develop and
 operate renewable energy facilities. In a number of economic regions and countries, notably in the U.S., EU, Japan, and South Korea, the
 federal governments and some state and other local governments provide incentives, such as tax incentives, renewable portfolio
 standards, or feed-in-tariffs, that support or are designed to support the sale of energy from utility scale renewable energy facilities, such as
 wind, hydro, and solar energy facilities and support the manufacture of products to be used in these facilities. As a result of budgetary
 constraints, political factors or otherwise, governments from time to time may review such laws and policies and take actions that would be
 less conducive to the development and operation of renewable energy facilities or to the manufacture of products for these facilities. Any
 reductions or the elimination of governmental incentives or policies that support renewable energy, such as the imposition of additional
 taxes or other assessments on renewable energy, could result in the lack of a satisfactory market for the development and/or financing of
 new renewable energy projects, our abandoning the development of renewable energy projects, reduced return on the manufacture of
 products for these facilities, or a loss of our investments in such projects or reduced project returns from such projects. Additionally, a broad
 decline in public support or a rollback of policy support for renewable energy technologies could adversely impact our business.

 2024 FORM 10-K 19

 In the U.S., the IRA includes incentives for development and production of renewable energy. In particular, the IRA extends the availability
 of investment tax credits (ITCs) and production tax credits (PTCs) to certain renewable energy projects and provides a credit for the
 manufacture of qualifying products. We and our tax equity partners benefit from ITCs and PTCs with respect to qualifying renewable energy
 projects. In structuring tax equity partnerships and determining ITC and PTC eligibility, we have relied upon applicable tax law and
 published In ternal Revenue Service (IRS) guidanc e. However, the application of law and guidance regarding ITC and PTC eligibility to the
 facts of particular renewable energy projects is subject to a number of uncertainties. The IRS, Department of Treasury, and Congress may
 modify existing guidance with respect to the application of the IRA, possibly with retroactive effect. We may face uncertainties as a result of
 efforts to pass legislation to repeal, substantially modify, or invalidate some or all of the provisions of the IRA. Additionally, our operations
 and strategic plans may have to change if certain provisions of the IRA were to be repealed, modified, or invalidated. Furthermore, there
 can be no assurance that the IRS will agree with our approach in the event of an audit. Any of the foregoing items could reduce the amount
 of ITCs or PTCs available to us and our tax equity partners. In this event, we could be required to adjust the terms of future tax equity
 partnerships or seek alternative sources of funding for renewable energy projects, each of which could have a material adverse effect on
 our business, financial condition, cash flows, results of operations, and prospects. We expect to claim credits associated with the
 manufacture of qualified products. We rely on applicable tax law and guidance to determine the amount of these credits. However, the
 Department of the Treasury or IRS may issue additional guidance that may reduce our eligibility for credits or may disagree with our
 interpretation of the applicable tax law in the event of an audit. Our business could also be adversely affected by the loss or significant
 reduction in access to U.S. government technology grants and related funding programs. Beyond incentives policies, new environmental
 regulatory actions or significant modifications to existing policies of the U.S. Environmental Protection Agency (EPA), such as the EPA's
 announcement in April 2023 of proposed new air emissions standards for natural gas operators, could increase our operating costs or
 impede sales of our products, solutions, and services.
 In Europe, we benefit from a number of government-sponsored programs, incentives, and initiatives related to renewable energy. In
 December 2020, the EU agreed to reduce net EU greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In May
 2022, the EU announced the REPowerEU plan which seeks to rapidly reduce the EU's dependence on fossil fuels by 2027. Furthermore,
 the EU introduced the Green Deal Industrial Plan that is expected to further accelerate the expansion of renewable energy and green
 technologies including easing state aid rules to enable higher subsidies. A key component of the Green Deal Industrial Plan is the Net Zero
 Industry Act to simplify regulations, speed up permits and promote cross-border projects to accelerate climate neutrality. There can be no
 assurance that these EU regulations will remain in effect in their present form or at all, and the elimination, reduction, or modification of
 these regulations could materially harm our renewable energy programs.
 International, national, and state governments and agencies continue to evaluate and promulgate legislation and regulations that are
 focused on reducing greenhouse gas emissions. Caps or fees on carbon emissions have been and may continue to be established and the
 cost of such caps or fees could disproportionately affect the fossil- fuel sectors. While such legislation and regulations could boost demand
 for our technologies that contribute to the reduction of greenhouse gas emissions, such as hydrogen and carbon capture technologies,
 compliance with greenhouse gas emission legislation and regulations applicable to our or our customers' operations may have significant
 implications that could adversely affect our business and operating results.
 Failure to meet ESG (including sustainability) expectations or standards or achieve our ESG goals could adversely affect our
 business, results of operations, cash flows, and financial condition. There has been an increased focus from regulators and
 stakeholders on ESG matters. These include areas such as greenhouse gas emissions and climate-related risks that are particularly
 relevant for the industries we serve and our businesses, as well as inclusive employment practices and equal employment opportunities,
 responsible sourcing, human rights and social responsibility, and corporate governance. We have established sustainability goals aligned
 with certain ESG goals and targets. Our ability to accomplish them presents numerous operational, regulatory, financial, legal, and other
 challenges, several of which are outside of our control.
 Increasing focus on ESG factors has led to enhanced interest in the review of performance results by investors and other stakeholders and
 the potential for litigation and reputational risk. Some investors have used, and may continue to use, ESG criteria to guide their investment
 strategies, and may not invest in us, or divest their holdings of us, if they believe our policies relating to ESG matters are inadequate. Our
 voluntary disclosures of ESG data under standards such as the Global Reporting Initiative, the Sustainability Accounting Standards Board
 ( SASB), and recommendations issued by the Financial Stability Board's Task Force for Climate-related Financial Disclosures ( TCFD) are
 evaluated and rated by various organizations that assess corporate ESG performance. Unfavorable ESG ratings, or our inability to meet
 the ESG standards set by specific investors, may lead to unfavorable sentiment toward us, which could have a negative impact, among
 other things, on our stock price and cost of capital. Regulatory requirements related to ESG or sustainability reporting have been adopted in
 the EU that apply or will apply to us when effective, due to our revenues and employee populations in the EU, including the EU CSRD, EU
 Taxonomy, and the EU CSDDD. In the U.S., such regulations have been issued requiring carbon emissions and climate risk disclosures in
 California, related to pension investments in California, and for the responsible investment of public funds in Illinois. Additional regulation is
 pending at the SEC, at the federal level for government contractors, and in other states. Globally, we anticipate an increase in carbon
 emissions and climate risk disclosure requirements under the International Sustainability Standards Board framework, such as the recently
 adopted Australian climate-related financial disclosures legislation. We expect regulatory requirements related to ESG matters to continue
 to expand globally, particularly in the EU. We may be affected by our ability to meet evolving and expanding emissions reporting
 requirements and by investor and public perception of our reporting and performance related to voluntary climate standards. Given the
 increasing scrutiny on ESG matters as well as the increasing number of regulatory obligations relating to our business, there is also an
 increasing risk that we could be perceived as or accused of making inaccurate or misleading statements regarding our performance against
 ESG-related measures and/or ESG initiatives.
 Failure to achieve our ESG goals, commitments and targets or comply with emerging ESG regulations could adversely affect our business,
 results of operations, cash flows, and financial condition. Changes in ESG regulations could lead to additional operational restrictions and
 compliance requirements upon us or our products, require new or additional investment in product designs, result in carbon offset
 investments or otherwise could negatively impact our business and/or competitive position. Any such failure could harm our reputation,
 adversely impact our ability to attract and retain customers and talent and expose us to increased scrutiny from the investment community
 and enforcement authorities.

 2024 FORM 10-K 20

 International trade policies may impact demand for our products and our competitive position. Changes in government policies on
 foreign trade and investment can affect the demand for our products solutions, and services, impact our competitive position, subject us to
 escalating costs, or prevent us from being able to offer our products, solutions, and services in certain countries. The implementation of
 more restrictive trade policies, such as import or export controls, required licenses or authorizations to engage in business dealings with
 certain countries or entities, higher tariffs, restrictions on outbound investment, more detailed inspections, exchange controls, a
 government's adoption of "buy national" policies, local production requirements, or other barriers to entry, in countries where we sell large
 quantities of products, solutions, and services could be disruptive and costly to our business and could negatively impact our business,
 results of operations, cash flows, financial condition, and prospects.
 Failure to obtain or comply with federal, state and local government approvals, licenses, and permits may negatively affect our
 ability to produce, market, and sell our products, solutions, and services. Parts of our business are required to obtain, and to comply
 with, federal, state, and local government approvals, licenses, and permits. Any of these approvals, licenses, or permits may be subject to
 denial, revocation, or modification under various circumstances. Failure to obtain or comply with the conditions of approvals, licenses, or
 permits may adversely affect our operations by suspending our activities or curtailing our work and may subject us to penalties and other
 sanctions. For example, our nuclear operations in the U.S. are subject to regulation by the NRC. Failure to obtain approval or renewal of
 our NRC licenses could result in significant disruptions to our nuclear business. Obtaining licenses and permits can be subject to extended
 time delays due to governmental requirements and policies as well as local official processes and availability.
 Although existing licenses are routinely renewed by various regulators, renewal could be denied or jeopardized by various factors, including
 the failure to comply with EHS laws and regulations, the failure to comply with permit conditions, violations found during inspections or
 otherwise, or local community, political, or other opposition.
 In addition, concerns about climate change and increased environmental activism could slowdown regulatory approval of fossil fuel-based
 power generation activities that could negatively impact the related products, solutions, and services we provide to customers. If new
 legislation or regulations are enacted or implemented, or if existing laws or regulations are amended or are interpreted or enforced
 differently, we may be required to obtain additional operating approvals, licenses, or permits. Moreover, changes in industry standards and
 governmental regulations may cause us to incur substantial costs to adapt our products, solutions, and services. Our inability to obtain, and
 to comply with, the approvals, licenses, or permits required for our business could have a material adverse effect on us. In addition, our
 customers are often required to obtain, and comply with, approvals, licenses, or permits required for their businesses, and their failure to
 obtain, or comply with, those approvals, licenses, or permits may n egatively impact our ability to provide products and services to them and
 to execute our projects.
 The physical effects of climate change, including weather disruptions and related effects, could adversely impact our business.
 The physical effects of climate change can include extreme variability in weather patterns such as increased frequency and severity of
 significant weather events (e.g., flooding, hurricanes, and tropical storms), natural hazards (e.g., increased wildfire risk), rising mean
 temperature and sea levels, and long-term changes in precipitation patterns (e.g., drought, desertification, or poor water quality). Climate
 change may also produce general changes in weather or other environmental conditions, including temperature or precipitation levels, and
 thus may impact consumer demand for electricity generation. Such effects have the potential to affect business continuity and operating
 results, and could disrupt our operations or those of our customers or suppliers, including through direct damage to physical assets and
 indirect impacts from supply chain disruption and market volatility. These effects may negatively impact our business, results of operations,
 cash flows, and prospects.
 Our operations are subject to various EHS laws and regulations, and potential litigation, and non-compliance with or liabilities
 under such laws and regulations could result in substantial costs, fines, sanctions, claims, additional regulatory oversight,
 suspension of operations, and reputational harm. We are subject to extensive domestic and international EHS regulations. In addition
 to EHS regulatory compliance obligations, we may face liability arising out of the normal course of business, including alleged personal
 injury, property damage, and human health risks due to exposure to hazardous substances, processes, or working conditions at our current
 or former facilities. We may also face liability in connection with the actions or omissions of third-party contractors working at our project
 sites or facilities. Any perceived or actual employee safety issues could result in substantial costs to us that may exceed our reserves, harm
 our reputation, divert management's attention, and could potentially affect our ability to continue operating in certain jurisdictions.
 In addition, we may become subject to increased regulatory oversight and suspensions of our operations for events that may occur at our
 projects. For example, we experienced a blade event during 2024 at our Vineyard Wind project, which, among other things, resulted in our
 having to suspend operations at that project for an extended period and being subject to additional regulatory oversight at that project. See
 Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations — Offshore Wind" for further information.
 We may be impacted by material changes in EHS regulations or subject to substantial liability for environmental impacts, both of which may
 require increased capital expenditures. We may also be subject to increasingly stringent environmental standards in the future, particularly
 as greenhouse gas emissions, and climate change regulations and initiatives increase and EHS laws and regulations grow in number and
 complexity. Such laws and regulations may impose additional liability on industrial manufacturers for the use or generation of chemicals,
 such as per/polyfluoroalkyl substances (PFAS), contained in components and products sourced in connection with manufacturing and
 services operations, and if adopted, may create additional liability, impact product design, manufacturing, and/or servicing and negatively
 affect financial results. Environmental laws also generally impose liability for investigation, remediation, and removal of hazardous materials
 and other waste products on property owners and those who dispose of materials at waste sites, whether or not the waste was disposed of
 legally at the time in question. Some environmental laws provide for joint and several or strict liability for remediation of releases of
 hazardous substances, which could result in us incurring a liability for environmental damage without regard to our negligence or fault.
 Such laws and regulations could expose us to liability arising out of the conduct of operations or conditions caused by others, or for our acts
 which were in compliance with all applicable laws at the time the acts were performed.

 2024 FORM 10-K 21

 Our nuclear operations expose us to various additional environmental, regulatory, and financial risks, including:
 • potential liabilities relating to harmful effects on the environment and human health resulting from nuclear operations and the
 storage, handling and disposal of radioactive materials;
 • unplanned expenditures relating to maintenance, operation, security, defects, upgrades and repairs required by the NRC and
 other government agencies;
 • limitations on the amounts and types of insurance commercially available to cover losses that might arise in connection with
 nuclear operations; and
 • potential liabilities arising out of a nuclear, radiological or criticality incident, whether or not it is within our control.
 Our nuclear operations are subject to various safety-related requirements imposed by the U.S. Government, the Department of Energy, and
 the NRC. In the event of non-compliance, these agencies might increase regulatory oversight, impose fines or shut down our operations,
 depending upon the assessment of the severity of the situation. Revised security and safety requirements promulgated by these agencies
 could necessitate substantial capital and other expenditures. In addition, we must comply with and are affected by laws and regulations
 relating to the award, administration, and performance of U.S. Government contracts. Government contract laws and regulations affect how
 we do business with our customers and, in some instances, impose added costs on our business. A violation of specific laws and
 regulations could result in the imposition of fines and penalties or the termination of our contracts or debarment from bidding on contracts.
 We may be subject to periodic claims, litigation, regulatory proceedings, and enforcement actions, which may adversely affect
 our business and financial performance. From time to time, we are involved in claims, lawsuits, regulatory proceedings, investigations,
 and enforcement actions brought or threatened against us in the ordinary course of business. Our business is subject to the risk of claims
 involving current and former employees, affiliates, subcontractors, suppliers, competitors, stockholders, government regulatory agencies or
 others through private actions, class actions, whistleblower claims, administrative proceedings, regulatory actions, investigations, or other
 proceedings. Additionally, we have had, and expect in the future to have, customers who assert contractual or other claims related to the
 performance or design of our products, timeliness of delivery or other aspects of our commercial relationships. Given the nature of our
 business, which often involves large projects and long-term commercial relationships, such claims, whether asserted in commercial
 discussions, litigation or other types of proceedings, can be for significant amounts.
 Global enforcement of anti-corruption laws, such as the FCPA, has increased substantially in recent years, with more frequent voluntary
 self-disclosure by companies, aggressive investigations (including coordinated investigations across countries and governmental
 authorities) and enforcement proceedings by U.S. and non-U.S. governmental agencies, and assessment of significant civil and criminal
 fines, penalties, and other sanctions against companies and individuals. We may face liability under anti-corruption laws based upon
 actions or inactions even when they are not subject to our control. Our global activities can also subject us to legacy legal proceedings and
 legal compliance risks that relate to claimed anti-competitive conduct or improper payments of certain companies we acquire during the
 pre-acquisition periods. Such investigations or government scrutiny may also impact our ability to participate in various governmental
 financing programs and could limit our access to project financing from multilateral development banks and the World Bank.
 Due to the inherent uncertainties associated with the resolution of claims, litigation, regulatory proceedings, investigations, and
 enforcement actions, it is often difficult to accurately predict the ultimate outcome of any such actions or proceedings. The outcome of such
 claims, actions, lawsuits, investigations, and proceedings, is often difficult to assess or quantify, as plaintiffs or regulatory agencies may
 seek injunctive relief or recovery of very large or indeterminate amounts, and the magnitude of the potential loss may remain unknown for
 substantial periods of time or until the time of a final judgment, award, order or settlement. Given that our business involves large scale
 infrastructure projects and products and service contracts with a long duration, we are involved in commercial litigation or disputes from
 time to time where the initial amounts claimed by counterparties have been and may be large, even if ultimately our liability or settlement
 amounts to resolve such claims is significantly lower. In addition, plaintiffs in many types of actions may seek punitive damages, civil
 penalties, consequential damages or other losses, or injunctive or declaratory relief.
 Activist stockholders advocating for certain governance or strategic changes may also bring actions against us. These proceedings or
 actions could result in substantial cost and may require us to devote substantial resources to defend ourselves and distract our
 management from the operation of our business.
 While we maintain insurance for certain potential liabilities, such insurance does not cover all types and amounts of potential liabilities and
 is subject to various exclusions as well as caps on amounts recoverable. We may therefore incur significant expenses defending any such
 suit or government charge and may be required to pay amounts or otherwise change our operations in ways that could adversely affect our
 results of operations, and cash flows, and financial condition. For further information on material pending legal proceedings, see Note 22 in
 the Notes to the consolidated and combined financial statements.
 We are subject to antitrust and competition laws that can result in sanctions and conditions on the way we conduct our business.
 We are subject to antitrust and competition laws, which generally prohibit certain types of conduct deemed to be anti-competitive, including
 price fixing, bid rigging, cartel activities, price discrimination, market monopolization, tying arrangements, acquisitions of competitors,
 allocation schemes, and other practices that have, may have, or are perceived to have an adverse effect on competition. Regulatory
 authorities may have authority to impose fines and sanctions or to require changes or impose conditions on the way we conduct business
 in connection with alleged non-compliance with applicable law. Under certain circumstances, violations of antitrust laws could result in
 suspension or debarment of our ability to contract with certain parties or complete certain transactions. In addition, an increasing number of
 jurisdictions also provide private rights of action for competitors or consumers to seek damages asserting claims of anti-competitive
 conduct. Increased government scrutiny of our actions or enforcement or private rights of action could adversely affect our business or
 damage our reputation. In addition, as previously reported by GE, the power and grid businesses that GE acquired from Alstom in 2015
 were the subject of significant cases involving alleged anti-competitive conduct or improper payments by Alstom in the pre-acquisition
 period. A number of these matters remain ongoing as we seek to resolve them, and it is possible that additional claims from legacy Alstom
 conduct could arise in the future. Conducting internal investigations or responding to audits or investigations by government agencies could
 be costly and time-consuming. An adverse outcome under any such investigation or audit could subject us to fines or criminal or other
 penalties, which could have a material adverse effect on our business results, cash flows, financial condition, or prospects.

 2024 FORM 10-K 22

 We are subject to laws and regulations governing government contracts, public procurement, and government reimbursements
 in many jurisdictions, and the failure to comply could adversely affect our business. We have agreements relating to the sale of our
 offerings to government entities around the world. As a result, we are subject to various statutes and regulations in a variety of jurisdictions
 that apply to companies doing business with the government. The laws governing government contracts can differ from the laws governing
 private contracts and government contracts may contain terms and conditions that are not applicable to private contracts or that expose us
 to higher levels of risk and potential liability than non-government contracts. Similarly, most jurisdictions have public procurement laws and
 reimbursement policies that set out rules and regulations for purchases and reimbursements by governmental entities. Certain countries
 impose additional requirements on government suppliers as a prerequisite to doing business in the country including, among other things,
 local headcount requirements, local manufacturing and supplier requirements, and technology or IP transfers. These jurisdictions may
 modify their laws, policies, rules, or regulations, or impose new requirements that could adversely affect our business.
 For contracts with the U.S. federal government, with certain exceptions, we must comply with the Federal Acquisition Regulation and
 applicable agency rules, the Procurement Integrity Act, the Buy American Act, and/ or the Trade Agreements Act. Some governmental
 entities, including the U.S. federal government, can terminate contracts for their convenience or for our default. These governmental
 entities may also be subject to continued legislative funding approval. Early termination for convenience of one or more of our contracts, or
 a change in a government customer's funding levels, could impact our expected revenues. A termination for default of one or more of our
 contracts could subject us to penalties and damages resulting from the default, including costs for the governmental entity to reprocure the
 items under contract, in addition to other penalties previously listed. In addition, the U.S. federal government could invoke the Defense
 Production Act, requiring that we accept and prioritize contracts for materials deemed necessary for national defense, regardless of loss in
 revenue incurred on such contracts. In such circumstances, we may be required to reallocate time and resources away from our customers
 to fulfill U.S. federal government requests under the Defense Production Act. This could cause us to be unable to fulfill contractual
 obligations to non-U.S. federal government customers and harm long-term business relationships with our customers, suppliers, and
 channel partners, which could adversely affect our business.
 We are also subject to government audits, investigations, and oversight proceedings with respect to regulations governing government
 contracts, public procurement, and government reimbursements. Efforts to ensure our business arrangements comply with applicable laws
 involve substantial costs. It is possible that governmental and enforcement authorities will conclude that our business practices do not
 comply with current or future laws and regulations. If any such actions are instituted against us, defense can be costly, time-consuming,
 and may require significant financial and personnel resources. If we are not successful in defending ourselves or asserting our rights, those
 actions could have a significant impact on our business, including the imposition of civil, criminal, and administrative penalties, damages,
 disgorgement, monetary fines, individual imprisonment, possible exclusion from participation in certain government programs, contractual
 damages, reputational harm, delayed or reduced payments, diminished profits and future earnings, and curtailment or restructuring of our
 operations. In addition, any of our government contracts could be terminated or we could be suspended or debarred from all government
 contract work or participation in projects involving multilateral development banks. Any of these risks could have a material adverse effect
 on our business, results of operations, cash flows, financial condition, or prospects.
 Our failure to comply with financial services regulatory obligations could damage our reputation, result in regulatory action
 against us and adversely affect our business. Certain of our affiliates are or intend to become a broker-dealer or a registered investment
 adviser, as applicable, and will provide fee-based services in respect of the arranging and syndication of securities, transaction advisory
 and structuring, and investment management inclusive of tax equity investments. For the first two years of GE Vernova's existence, these
 services will be provided to GE on a cost-basis. In the future, such services may be provided to third parties on an arms-length basis. For
 more information, see "Certain Relationships and Related Person Transactions—Agreements with GE—Framework Investment Agreement "
 in the Information Statement. While we believe these kinds of transactions are beneficial to our business, the functions that these affiliates
 will perform may give rise to conflicts of interest, because these transactions will typically involve investments in large energy infrastructure
 projects to which GE Vernova's businesses will sell equipment and services. Such conflicts of interest, whether actual or perceived, may
 result in potential litigation or regulatory enforcement actions. Broker-dealers are registered with the SEC and are members of self-
 regulatory organizations such as FINRA. As such, they are subject to the regulations established under the Exchange Act and FINRA rules.
 Registered investment advisers are registered with the SEC and are subject to the requirements and regulations of the Advisers Act. The
 regulations to which broker-dealers and registered investment advisers are subject are extensive and evolving over time, and the level of
 financial regulation has generally increased in recent years. A failure to comply with the obligations imposed by the Advisers Act, Exchange
 Act or FINRA rules, including recordkeeping, advertising and operating requirements, disclosure obligations and prohibitions on fraudulent
 activities, could result in examinations, investigations, sanctions, and reputational damage, and could have a material adverse effect on our
 business, financial condition, and results of operations. See Item 1. "Business—Regulation—Manufacturer and Servicer—Financial
 Services" for further information.
 Risks Relating to Employee Matters
 If we are unable to attract and retain highly qualified personnel, we may not be able to execute our business strategy effectively
 and our operations and financial results could be adversely affected. Our operations and future success depend on our ability to
 recruit, develop, and retain highly qualified personnel, particularly our senior management team, key employees and technical personnel,
 and on our efficient utilization of our workforce. Our team members are the key resource to developing, manufacturing, and delivering our
 products and providing technical services to our customers around the world. Some of our project sites involve placing team members in
 geographically remote or high-risk locations, and we may expend significant efforts and incur substantial costs to satisfy employee safety
 criteria and retain highly skilled personnel. For example, the installation, operation, and maintenance of offshore wind turbines is difficult,
 labor intensive, and costly, and requires the availability of a highly skilled labor force. Notwithstanding our safety precautions and
 compliance with applicable laws and regulations, we have experienced safety incidents that resulted in serious injury and death, involving
 our employees and contractors, and we may be unable to avoid similar incidents in the future. Any safety concerns or incidents, regardless
 of fault, could adversely affect our ability to attract additional qualified employees or contractors. Factors that may affect our ability to attract
 and retain sufficient numbers of qualified employees and contractors include employee morale, our reputation, competition from other
 employers, our ability to manage attrition, and availability of qualified individuals. Difficulties in hiring or retaining highly qualified personnel,
 the failure to properly manage succession plans, or the unexpected loss of experienced employees resulting in the depletion of our
 institutional knowledge base as well as difficulties in efficient utilization of our workforce could have an adverse impact on our business

 2024 FORM 10-K 23

 performance, reputation, results of operations, liquidity, or financial condition. Failure to ensure that we have the depth and breadth of
 personnel with the necessary skill set and experience, or the loss of key employees, could impede our ability to deliver our growth
 objectives and execute our strategy.
 We have significant net liabilities with respect to our postretirement benefit plans, including pension, healthcare, and life
 insurance benefits obligations, and the actual costs of these obligations could exceed current estimates and asset returns could
 be less than current estimates. As of December 31, 2024, our total postretirement benefit plans' net liabilities for our employees, our
 former employees, and certain legacy former employees unrelated to our core business and allocated to us by GE was approximately $1.7
 billion. These net liabilities arise under multiple benefit plans and statutory obligations in various countries. Increases in pension,
 healthcare, and life insurance benefits obligations and costs and decreases in rate of return of associated assets can adversely affect our
 earnings, cash flows, and financial condition. In addition, there may be upward pressure on the cost of providing healthcare benefits to
 current and future retirees and there can be no assurance that the measures we have taken to control increases in these costs will succeed
 and this could have a material adverse effect on our business results, cash flows, and financial condition. Most of the liabilities arise under
 pension plans, including defined benefit pension plans, and include plans that are fully funded, partly funded, or unfunded.
 Our results of operations may be positively or negatively affected by the amount of income or expense we record for our defined benefit
 pension plans. U.S. generally accepted accounting principles ( GAAP) requires that we calculate income or expense for the plans using
 actuarial valuations, which reflect assumptions about financial markets, interest rates, discount rate, and the expected long-term rate of
 return on plan assets. We are also required to make an annual measurement of plan assets and liabilities, which may result in a significant
 reduction or increase in equity. The factors that impact our pension calculations are subject to changes in key economic indicators, and
 future decreases in the discount rate or low returns on plan assets can increase our funding obligations and adversely impact our financial
 results. In addition, although U.S. GAAP expense and pension funding contributions are not directly related, key economic factors that
 affect U.S. GAAP expense would also likely affect the amount of cash we would be required to contribute to pension plans under the
 Employee Retirement Income Security Act of 1974 ( ERISA). Failure to achieve expected returns on plan assets driven by various factors,
 including sustained market volatility, could also result in an increase in the amount of cash we would be required to contribute to pension
 plans.
 The defined benefit obligation is determined by actuarial assumptions such as the rate of compensation increase or pension progression
 rate and biometric factors (such as participant mortality), as well as the discount rate applied. The basis for determining the discount rate is
 in principle the yield on high-quality corporate bonds. A change of the discount rate and changes of the assessments of market yields used
 may result in significant changes to the defined benefit obligation. Differences between actual experience and the predicted actuarial
 assumptions, discount rates, and investment performance on plan assets can affect defined benefit plan liabilities.
 We assumed certain liabilities from GE in connection with the Spin-Off, including some liabilities unrelated to our core business. For
 example, we retained and assumed responsibility for certain liabilities for pension, healthcare, and life insurance benefits previously
 provided to GE employees, including our employees, our former employees, and certain other legacy former employees unrelated to our
 core business and allocated to us by GE. We currently partially rely on estimates and assumptions made by GE with respect to the scope,
 probability, and magnitude of these liabilities. Such estimates and assumptions involve complex judgments which are difficult to make.
 Actual developments may differ from estimates and assumptions, thereby resulting in an increase or decrease in our actual obligations for
 these liabilities. Changes in economic conditions, financial markets, investment performance, or legal conditions governing these liabilities
 can result in significant increases or decreases in the size of our actual obligations over time. Any of these factors and developments could
 have a material adverse effect on our business results, cash flows, financial condition, or prospects. Furthermore, accounting standards
 and legal conditions governing our pension obligations are subject to changes in applicable legislation, regulations, or case law. We cannot
 provide any assurance that we will not incur new or more extensive pension obligations in the future due to such changes.
 Any of these factors and developments could have a material adverse effect on our business results, cash flows, financial condition, or
 prospects. For a discussion regarding how our financial statements have been and can be affected by our pension and healthcare benefit
 obligation, see Note 13 in the Notes to the consolidated and combined financial statements.
 Disruptions caused by labor disputes or organized labor activities could harm our business. A significant number of our employees
 around the world are members of, or represented by, labor unions and are covered by collective bargaining agreements with varying
 durations and expiration dates. Many of our European employees belong to, or are represented by, works councils. Union and works
 council requirements may limit our flexibility in managing costs and responding to market changes. In addition, employees who are not
 currently members of, or otherwise represented by, labor organizations may seek such membership or representation, as applicable, in the
 future.
 We cannot ensure that existing collective bargaining agreements will prevent a strike or work stoppage at our facilities in the future, that we
 will be successful in negotiating new collective bargaining agreements, that such negotiations will not result in significant increases in the
 cost of labor, including healthcare, pensions, or other benefits, or that a breakdown in such negotiations will not result in the disruption of
 our operations, including by way of strikes or work stoppages. In addition, negotiations with labor unions, possible work stoppages and
 other labor problems could divert management attention, which could further harm our business. Furthermore, some of our customers and
 suppliers have unionized work forces. We may experience an adverse impact on our operating results, financial condition, cash flows, and
 competitive position if we are subject, directly or indirectly, to labor actions by our or our suppliers' or customers' employees, or as a result
 of general country strikes or work stoppages unrelated to our business or collective bargaining agreements.
 Our reputation and our ability to conduct business may be impaired by improper conduct by any of our employees, agents, or
 business partners. Misconduct, fraud, non-compliance with applicable laws and regulations, or other improper activities by any of our
 employees, agents, or business partners could have a significant negative impact on our business and reputation. Such misconduct could
 include payments to government officials, bribery, fraud, anti-kickback and false claims rules, competition, export and import compliance,
 money laundering, data privacy, and lobbying and similar activities. The FCPA, the U.K. Bribery Act of 2010, the Brazil Clean Companies
 Act, China's Unfair Competition Law, India's Prevention of Corruption Act, and similar anti-corruption and anti-bribery laws in other
 jurisdictions generally prohibit companies and their intermediaries from making improper payments to government officials for the purpose

 2024 FORM 10-K 24

 of obtaining or retaining business. We operate in parts of the world that have experienced governmental corruption to some degree. It is
 possible that the controls that we undertake to facilitate lawful conduct, which include training, internal control policies, and other
 safeguards to educate our employees and certain third parties, could be intentionally circumvented or become inadequate because of
 changed conditions. As a result, we cannot assure that our controls will protect us from reckless or criminal acts committed by our
 employees or agents. Any alleged or actual violations of these laws or regulations may subject us to government scrutiny, criminal, civil, or
 administrative sanctions, stockholder lawsuits, reputational damage, and other liabilities. In some instances, we make self-disclosures to
 relevant authorities who may pursue or decline to pursue enforcement proceedings against us. The costs associated with the investigation,
 remediation, and potential notification of any violation to customers, regulators, and counterparties could be material. Any of the foregoing
 could have a material adverse effect on our business results, cash flows, financial condition, or prospects.
 Risks Relating to Technology and Intellectual Property
 We may be unable to obtain, maintain, protect, or effectively enforce our IP rights. We cannot assure that our means of obtaining,
 maintaining, and enforcing our IP rights will be adequate to maintain a competitive advantage. The laws of many jurisdictions may not
 protect our IP rights or provide an adequate forum to effectively address situations where our IP rights have been compromised.
 Furthermore, protecting against the unauthorized use of proprietary technology is difficult and expensive and we may need to litigate with
 third parties to enforce or defend patents issued to us and our other IP rights or to determine the enforceability and validity of our
 proprietary rights or those of others. Determining whether an offering infringes, misappropriates, or otherwise violates a third party's IP
 rights involves complex legal and factual issues, and the outcome of this type of litigation is often uncertain and may not always be
 consistent. An adverse determination in any such litigation could materially impair our IP rights and may have a negative impact on our
 business.
 From time to time, we may receive notices from third parties alleging infringement, misappropriation, or violation of their IP rights. We are
 also subject to lawsuits alleging infringement, misappropriation, or other violation of third-party IP rights. When such claims are asserted
 against us (or to avoid such claims), we may sometimes seek to license the third party's IP rights, which may be costly. We may be unable
 to obtain necessary licenses on satisfactory terms, if at all. If we are unable to obtain an adequate license, we may be subject to lawsuits
 seeking damages or an injunction against the manufacture, import, marketing, sale, or operation of certain of our offerings or against the
 operation of part of our business as presently conducted. Any settlement payment or other compromise may have future repercussions on
 our ability to defend and protect certain of our IP rights. We do not maintain insurance for claims or litigation involving the infringement,
 misappropriation, or other violation of IP rights. Regardless of the merits or outcome, the resolution of any IP dispute could require
 significant financial and management resources.
 Adverse judicial rulings or our entry into any license or settlement agreement in connection with third-party claims could affect our ability to
 compete on certain offerings and have a material adverse effect on our business results, cash flows, financial condition, or prospects. Our
 agreements with our customers and other third parties typically include indemnification or other provisions under which we agree to
 indemnify or otherwise be liable to them for losses suffered or incurred as a result of certain third-party IP claims. We may not always be
 successful in limiting our liability with respect to such obligations and could become subject to large indemnity payments or damages claims
 from contractual breach, which could harm our business results, cash flows, financial condition, or prospects. Furthermore, protecting
 confidential information and trade secrets can be difficult and, even if a successful enforcement action is brought, such action may not be
 effective in protecting our confidential information and trade secrets. Additionally, the increased sharing of our data with third parties as a
 result of right to repair legislation could increase the risk of loss or damage to our confidential information and IP. If we cannot adequately
 obtain, maintain, protect, or enforce our IP rights, our competitors may be able to compete more successfully against us, which could have
 a material adverse effect on our business results, cash flows, financial condition, or prospects.
 We may not receive protection for pending or future applications relating to IP rights owned by or licensed to us and the scope of protection
 allowed under any issued IP rights may not be sufficiently broad to protect our products, services, solutions, and any associated
 trademarks. Products sold by our competitors may infringe, misappropriate, or otherwise violate IP rights owned or licensed by us. Any
 issued IP rights owned by or licensed to us may be challenged, invalidated, held unenforceable, or circumvented in litigation or other
 proceedings, and these limited IP rights may not provide us with effective competitive advantages. Intellectual property rights may also be
 unavailable, limited, unenforceable, or practically unenforceable in some countries, and some governments may require us to transfer our
 IP rights to local entities to do business in their jurisdiction, either of which could make it easier for competitors to capture increased market
 position. We may also incur substantial costs to protect ourselves in litigation or other proceedings involving the validity and enforceability
 of our IP rights. If claims against us are successful, we could lose valuable IP rights. An unfavorable outcome in any such litigation could
 have a material adverse effect on our business results, cash flows, financial condition, or prospects.
 We do not own the GE trademark or logo, and any elimination of our rights to use specified trademarks granted to us under our
 Trademark License Agreement with GE could have an adverse effect on our business results, cash flows, financial condition, or
 prospects. We do not own the GE trademark or logo, which we use in line with our Trademark License Agreement with GE and in
 combination with the "Vernova" trademark that is owned by us. GE owns and controls the GE brand, and the integrity and strength of the
 GE brand will depend in large part on the efforts and businesses of GE and other licensees of the GE brand and how the brand is used,
 promoted, and protected by them, which will be largely outside of our control.
 Furthermore, there are certain circumstances under which the Trademark License Agreement may be terminated. Termination of the
 Trademark License Agreement would eliminate our rights to use the specified trademarks granted to us under this agreement and may
 result in our having to negotiate a new or reinstated agreement with less favorable terms or cause us to lose our rights under the
 Trademark License Agreement, which would require us to change our corporate name and undergo significant rebranding efforts. These
 rebranding efforts may require significant resources and expenses and may affect our ability to attract and retain customers, all of which
 could have an adverse effect on our business results, cash flows, financial condition, or prospects. We own the "Vernova" trademark and
 have taken steps to protect it. We have filed trademark applications and have been issued registrations for this trademark around the world.
 We cannot be certain that, notwithstanding the legal protections, others do not or will not infringe or misappropriate our IP rights in this
 trademark.

 2024 FORM 10-K 25

 Increased cybersecurity requirements, vulnerabilities, threats, and more sophisticated and targeted computer crimes pose a risk
 to our systems, networks, products, solutions, services, and data, as well as our reputation, which could adversely affect our
 business. We manufacture and sell products that rely upon software and computer systems to operate properly and process and store
 confidential information. Our products often are connected to, and reside within, our customers' information technology (IT) infrastructures.
 In some jurisdictions, we are expected to design our products to include appropriate cybersecurity protections, and regulatory authorities
 review such protections when granting marketing authorizations. The measures we take to protect our products and IT systems from
 unauthorized access may not be effective, particularly because techniques used to obtain unauthorized access or to sabotage systems
 change frequently, increase in sophistication, and often are not recognized until launched against a target. These risks apply to our installed
 base of products, products we currently sell, new products we will introduce in the future, and older technology that we no longer sell or
 service but remains in use by customers.
 Increased global cybersecurity vulnerabilities, threats, computer viruses, and more sophisticated and targeted cyber-related attacks, such
 as ransomware, as well as cybersecurity failures resulting from human error and technological errors, pose a risk to our security. They also
 pose a risk to the security of our customers', partners', suppliers', and third-party service providers' infrastructure, products, systems, and
 networks and the confidentiality, availability, and integrity of our data and our customers' data, as well as associated financial risks. As
 attackers become more capable (including sophisticated state or state-affiliated actors), and as critical infrastructure increasingly becomes
 digitized, the risks in this area continue to grow. A significant cyber-related attack, such as an attack on power grids or power plants, could
 pose broader disruptions and adversely affect our business even if such an attack does not involve our products, solutions, services, or
 systems. We have also observed an increase in third-party cyber incidents and ransomware attacks on our suppliers, service providers and
 software providers, and our efforts to mitigate adverse effects on us if this trend continues may not be successful in the future. The large
 number of suppliers that we work with requires significant effort for the initial and ongoing verification of their implementation of effective
 cybersecurity requirements. The increasing degree of interconnectedness and shared liability between us and our partners, suppliers, and
 customers also poses a risk to the security of our network as well as the larger ecosystem in which we operate. There can be no assurance
 that our various cybersecurity measures - including employee training, monitoring and testing, performing security reviews and requiring
 business partners with connections to our network to appropriately secure their IT systems, and maintaining protective systems and
 contingency plans - will be sufficient to prevent, detect, and limit the impact of cyber-related attacks, and we remain vulnerable to known or
 unknown threats. For example, we outsource certain cybersecurity functions and will continue to look for opportunities to utilize managed
 security service providers. In addition, we collaborate with GE Aerospace on certain cybersecurity functions and will continue to do so
 during a transition period following our Spin-Off. These arrangements will increase our overall cyber risk given the degree of our
 interconnectedness with the provider and the potential impact on our outsourced functions that could be caused by an attack on such a
 provider.
 In addition to existing risks from the integration of digital technologies into our business portfolio, the adoption of new technologies in the
 future may also increase our exposure to cybersecurity incidents and failures. An unknown vulnerability or compromise could potentially
 impact the security of our software or connected products and lead to the misuse or unintended use of our products, loss of our IP,
 misappropriation of sensitive, confidential or personal information, safety risks or unavailability of products.
 We also have access to sensitive, confidential or personal information or information in our businesses that is subject to privacy and
 security laws, regulations or customer-imposed controls. We have vulnerability to security incidents, theft, misplaced, lost or corrupted data,
 programming errors, employee errors or malfeasance (including misappropriation by departing employees) that could potentially lead to the
 material compromise of sensitive, confidential or personal information, improper use of our systems, software solutions or networks,
 unauthorized access, use, disclosure, modification or destruction of or denial of access to information, defective products, production
 downtimes, and operational disruptions.
 Furthermore, we rely on software, hardware, and other material components from a number of third parties to manufacture our products. If
 a material cyber incident impacting a supplier were to result in its prolonged inability to manufacture and/or ship such components, this
 could impact our ability to manufacture our products. In addition, third-party sourced software components, malicious code, or a critical
 vulnerability emerging within such software could expose our customers to increased cyber risk. If we were to experience a significant
 cybersecurity incident impacting our information systems or data, the costs associated with the investigation, remediation, and potential
 notification of the incident to customers, regulators, and counterparties could be material. Any such impact could result in financial or
 reputational damage, as well as expose us to litigation and regulatory enforcement actions.
 Failure to comply with evolving data privacy and data protection laws and regulations or to otherwise protect personal
 information in the jurisdictions in which we operate, may adversely impact our business and financial results. We have access to
 sensitive, confidential, proprietary, or personal information (including employee information) in our businesses that is subject to a variety of
 jurisdiction specific data privacy and security laws, regulations, standards, contractual obligations, or customer-imposed controls. The legal
 and regulatory environment related to data privacy, data protection, and cyber security is increasingly complex and rigorous, with new and
 constantly evolving requirements applicable to our business. This evolution is further complicated by the adoption of new technologies,
 particularly generative AI, which raises novel privacy and security issues. Enforcement practices vary widely in the jurisdictions in which our
 businesses operate and are likely to remain uncertain for the foreseeable future.
 As a result of our worldwide operations, we are subject to rapidly shifting privacy and data protection laws and regulations. In the U.S.,
 various federal and state regulators, including the Federal Trade Commission, have adopted, or are considering adopting, laws,
 regulations, and standards concerning personal information, privacy, and data security. There are also U.S. state privacy laws that impose
 privacy and security obligations on companies that collect and process personal information. These state laws, and similar state or federal
 laws or regulations that may be enacted in the future, may require us to modify our data processing practices and policies and thus incur
 substantial compliance-related expenses or otherwise suffer adverse impacts on our business. Internationally, many of the jurisdictions in
 which we operate have adopted unique data privacy and cybersecurity legal frameworks with which we must comply. Violations of
 applicable data privacy or data protection laws or regulations could result in substantial fines, regulatory investigations, reputational
 damage, orders to cease processing or to change uses of data, sanctions, and enforcement notices, and raise the potential for civil claims
 and proceedings, including class action litigation.

 2024 FORM 10-K 26

 International, federal, and state laws, regulations, and standards can differ significantly from one another and may be interpreted and
 applied differently over time and from jurisdiction to jurisdiction. It is not uncommon for there to be a period of uncertainty over how to
 practically apply the law, such as when there is a delay in regulators issuing supplementary guidance or implementing regulations to
 provide clarity on their expectations. We are also observing an increase in jurisdictional specific requirements related to the cross-border
 transfer of personal information, which can bring complexity to processing operations that are supported by external third parties located
 globally. Given our global footprint, this complexity may significantly complicate our compliance efforts and impose considerable costs, such
 as costs related to organizational changes, modification of our data processing practices and policies, implementation of additional
 protection technologies, or consultation with third parties who have jurisdictional expertise. In addition, compliance with applicable
 requirements may take time away from management of other issues and can divert resources from other initiatives and projects. Any failure
 or perceived failure by us to comply with applicable international, federal, or state laws, regulations, standards, contractual obligations, or
 customer-imposed controls relating to data privacy and security could adversely affect our business and result in damage to our reputation
 and our relationship with our customers.
 Risks Relating to Financial, Accounting, and Tax Matters
 Volatility in currency exchange rates may adversely affect our financial condition, results of operations and cash flows. As a
 result of our global operations, we generate and incur a significant portion of our revenues and expenses in currencies other that the U.S.
 d ollar. Our business is subject to foreign currency exchange rates fluctuations, particularly with respect to the Euro and the British pound
 sterling.
 Changes in the value of currencies of the countries in which we do business relative to the value of the U.S. dollar could affect our ability to
 sell products competitively and control our cost structure, which could have an adverse effect on our business, cash flows, financial
 condition, and results of operations. Additionally, we are subject to foreign exchange translation risk due to changes in the value of foreign
 currencies in relation to our reporting currency, the U.S. dollar. As the U.S. dollar fluctuates against other currencies in which we transact
 business, revenue and income can be impacted, including revenue decreases due to unfavorable foreign currency impacts. Strengthening
 of the U.S. dollar relative to the euro and the currencies of the other countries in which we do business, could materially and adversely
 affect our ability to compete in international markets and our sales growth in future periods. In addition, we may be unable to hedge the
 effects of foreign exchange rate and interest rate changes in a cost-effective manner. For a discussion of the ways and extent to which we
 attempt to mitigate the impact of foreign exchange risk, see Note 20 in the Notes to the consolidated and combined financial statements
 and Item 7A. "Quantitative and Qualitative Disclosures About Market Risk." Any of these risks could have a material adverse effect on our
 business results, cash flows, financial condition, or prospects.
 We may not be able to access the capital and credit markets on terms that are favorable to us, or at all, and we may be restricted
 or delayed in accessing our cash held overseas. Our business relies on the availability of financing for our products and services. The
 capital and credit markets may experience extreme volatility or disruptions that may lead to uncertainty and liquidity issues for both
 borrowers and investors. Certain customers and suppliers, as well as our business, may need access to credit and trade finance lines and
 other financing instruments for certain transactions. We have a $3.0 billion committed credit facility and a $3.0 billion committed trade
 finance facility, but there can be no assurance that these facilities will be sufficient to meet our future needs for such transactions.
 Additionally, we may need to access the capital markets to supplement our existing funds and cash generated from operations to satisfy
 our needs for example, for working capital or capital expenditure requirements. A variety of factors beyond our control could impact the
 availability or cost of capital, including domestic or international economic conditions, increases in key benchmark interest rates and/or
 credit spreads, the adoption of new or amended banking or capital market laws or regulations, and the repricing of market risks and
 volatility in capital and financial markets. In the event of adverse capital and credit market conditions, we may be unable to obtain capital
 market financing on favorable terms, or at all, and changes in credit ratings issued by nationally recognized credit-rating agencies could
 adversely affect our ability to obtain capital market financing and the cost of such financing. Additionally, a large portion of our total
 consolidated cash will be held overseas and may not be efficiently accessible to GE Vernova to finance or to otherwise support our capital
 market requirements. Such factors may impact our ability, or the ability of our customers or suppliers, to obtain debt financing, guarantees,
 or hedging from financial institutions which may negatively impact our business.
 In addition, large energy projects may require co-financing of projects through project development loans, structured debt financing or
 equity investments, including those done in collaboration with our Financial Services business. It is possible that such financing may not be
 available, or that the cost may be higher than anticipated, negatively impacting our ability to bid for certain projects, or negatively impacting
 our earnings, cash flows, and returns. The termination of, expiration of, or exhaustion of funding capacity or commitments available to us
 under our Framework Investment Agreement with GE, our inability to maintain sufficient balance sheet capacity to make future tax equity
 commitments, or an inability to generate sufficient U.S. tax base to allow us to monetize tax credits, could reduce our ability to make, or
 prevent us from making at all, future such investments, which could further negatively impact our financial condition. Any of these risks
 could have a material adverse effect on our business results, cash flows, financial condition, prospects, and the market price of our
 securities.
 Future material impairments in the value of our long-lived assets, including goodwill, could adversely affect our business. We
 review our long-lived assets, including identifiable intangible assets, goodwill, and property, plant, and equipment (PP&E), for impairment at
 least annually. All long-lived assets are reviewed when there is an indication that impairment may have occurred. Changes in market
 conditions or other changes in the outlook of value may lead to impairment charges in the future. In addition, we may sell assets that we
 determine are not critical to our strategy. Future events or decisions may lead to asset impairments or related charges. Certain non-cash
 impairments may result from a change in our strategic goals, business direction, or other factors relating to the overall business
 environment. Material impairment charges could negatively affect our results of operations.
 Changes in tax laws, tax rates, tariffs, adverse positions taken by taxing authorities, and tax audits could impact operating
 results. We are subject to income and other taxes (including sales, excise, and value-added) in the U.S. and numerous foreign
 jurisdictions. The determination of the Company's worldwide provision for income taxes and liability for income and other tax liabilities
 requires judgment and is based on diverse legislative and regulatory structures that exist in the various jurisdictions where the Company
 operates. These factors, together with changes in tax laws, tax rates, tariffs, changes in interpretation of tax laws, the resolution of tax

 2024 FORM 10-K 27

 assessments or audits by various tax authorities, and the ability to fully utilize tax loss carryforwards and tax credits, could impact our
 operating results, including additional valuation allowances for deferred tax assets. Potential changes to tax laws, including changes to
 taxation of global income, may have an effect on our subsidiaries structure, operations, sales, liquidity, cash flows, capital requirements,
 effective tax rate and performance. For example, legislative or regulatory measures by U.S. federal, state or non-U.S. governments such as
 newly adopted global minimum taxes or other changes to the treatment of global income could increase our cash tax costs and effective tax
 rate. We are unable to predict what tax reforms may be proposed or enacted in the future or what effect such changes would have on our
 business, but such changes could potentially result in higher tax expense and payments, along with increasing the complexity, burden, and
 cost of compliance.
 Our tax burden could increase as a result of ongoing or future tax audits. We are subject to periodic tax audits by tax authorities. Tax
 authorities may not agree with our interpretation of applicable tax laws and regulations. As a result, such tax authorities may assess
 additional tax, interest, and penalties. We regularly assess the likely outcomes of these audits and other tax disputes to determine the
 appropriateness of our tax provision and establish reserves for material, known tax exposures. However, the calculation of such tax
 exposures involves the application of complex tax laws and regulations in many jurisdictions. Therefore, there can be no assurance that we
 will accurately predict the outcomes of any tax audit or other tax dispute or that issues raised by tax authorities will be resolved at a
 financial cost that does not exceed our related reserves. As such, the actual outcomes of these disputes and other tax audits could have a
 material impact on our financial results.
 Our ability to use deferred tax assets may be subject to limitation. We have deferred tax assets in certain countries and our ability to
 use such assets will depend on taxable income generation in the relevant countries. Further, while the majority of these assets either do not
 currently have an expiration date or have an expiration date that is later than when we expect to use such assets, subsequent changes to
 applicable tax laws in these jurisdictions could impact our ability to fully benefit from the deferred tax assets.
 Risks Relating to the Spin-Off
 The Spin-Off could result in significant tax liability to GE and its stockholders if it is determined to be a taxable transaction. GE
 received a private letter ruling from the IRS to the effect that, among other things, the Spin-Off, qualifies as a transaction that is tax-free for
 U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Code. In connection with the completion of the Spin-Off, GE
 received a written opinion from each of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Ernst & Young, LLP to the effect that the Spin-
 Off qualifies for non-recognition of gain and loss under Section 355 and related provisions of the Code.
 The opinion of counsel and the opinion of Ernst & Young, LLP did not address any U.S. state or local or foreign tax consequences of the
 Spin-Off. Each opinion assumed that the Spin-Off would be completed according to the terms of the Separation and Distribution Agreement
 and relies on the facts as stated in the Separation and Distribution Agreement, the Tax Matters Agreement, the other ancillary agreements,
 the Information Statemen t and a number of other documents.
 In addition, the opinion of counsel, the opinion of Ernst & Young, LLP, and the private letter ruling relied on certain facts, assumptions,
 representations, and undertakings from GE and us regarding the past and future conduct of the companies' respective businesses and
 other matters. If any of these facts, assumptions, representations, or undertakings are incorrect or not otherwise satisfied, GE and its
 stockholders may not be able to rely on the opinion of counsel, the opinion of Ernst & Young, LLP, or the private letter ruling and could be
 subject to significant tax liabilities.
 The opinion of counsel and the opinion of Ernst & Young, LLP will not be binding on the IRS or the courts, and there can be no assurance
 that the IRS or a court will not take a contrary position. Notwithstanding the opinion of counsel, the opinion of Ernst & Young, LLP, or the
 private letter ruling, the IRS could determine on audit that the Spin-Off or any of certain related transactions is taxable if it determines that
 any of these facts, assumptions, representations, or undertakings are not correct or have been violated or if it disagrees with the
 conclusions in the opinion that are not covered by the private letter ruling, or for other reasons, including as a result of certain significant
 changes in the stock ownership of GE or us after the Spin-Off. If the conclusions expressed in the opinion of counsel or the opinion of Ernst
 & Young, LLP are challenged by the IRS, and if the IRS prevails in such challenge, the tax consequences of the Spin-Off (including the tax
 consequences to GE and the U.S. Holders (as defined in the Information Statement)) could be materially less favorable.
 If the Spin-Off were determined not to qualify for non-recognition of gain or loss under Section 355 and related provisions of the Code, each
 U.S. Holder who received our common stock in the Spin-Off would generally be treated as having received a distribution in an amount
 equal to the fair market value of our common stock received, which would generally result in: (i) a taxable dividend to the U.S. Holder to the
 extent of that U.S. Holder's pro rata share of GE's current or accumulated earnings and profits; (ii) a reduction in the U.S. Holder's basis
 (but not below zero) in GE common stock to the extent the amount received exceeds the stockholder's share of GE's earnings and profits;
 and (iii) taxable gain from the exchange of GE common stock to the extent the amount received exceeds the sum of the U.S. Holder's
 share of GE's earnings and profits and the U.S. Holder's basis in its GE common stock. See "Material U.S. Federal Income Tax
 Consequences of the Spin-Off" in the Information Statement.
 If the Spin-Off were determined not to qualify as tax-free for U.S. federal income tax purposes, we could have an indemnification
 obligation to GE, which could adversely affect our business, financial condition, cash flows, and results of operations. If, as a
 result of any of our representations being untrue or our covenants being breached, the Spin-Off were determined not to qualify for non-
 recognition of gain or loss under Section 355 and related provisions of the Code, we could be required by our Tax Matters Agreement with
 GE to indemnify GE for the resulting taxes and related expenses. Those amounts could be material. Any such indemnification obligation
 could adversely affect our business, financial condition, cash flows, and results of operations.
 For example, if we or our stockholders were to engage in transactions that resulted in a 50% or greater change by vote or value in the
 ownership of our stock during the four-year period beginning on the date that begins two years before the date of the Spin-Off, the Spin-Off
 would generally be taxable to GE, but not to GE stockholders, under Section 355(e), unless it were established that such transactions and
 the Spin-Off were not part of a plan or series of related transactions. If the Spin-Off were taxable to GE due to such a 50% or greater
 change by vote or value in the ownership of our stock, GE would recognize gain equal to the excess of the fair market value on the April 2,

 2024 FORM 10-K 28

 2024 (Distribution Date) of our common stock distributed to GE stockholders over GE's tax basis in our common stock, and we generally
 would be required to indemnify GE for the tax on such gain and related expenses. Those amounts could be material. Any such
 indemnification obligation could adversely affect our business, financial condition, cash flows, and results of operations. See "Certain
 Relationships and Related Person Transactions— Agreements with GE—Tax Matters Agreement" in the Information Statement.
 We agreed to numerous restrictions to preserve the non-recognition tax treatment of the Spin-Off, which may reduce our
 strategic and operating flexibility. To preserve the tax-free nature of the Spin-Off and related transactions, we agreed in the Tax Matters
 Agreement to covenants and indemnification obligations that address compliance with Section 355 and related provisions of the Code, as
 well as state, local and foreign tax law. These covenants include certain restrictions on our activity for a period of two years following the
 Spin-Off. Specifically, we are subject to certain restrictions on our ability to enter into acquisition, merger, liquidation, sale, and stock
 redemption transactions with respect to our stock or assets and we may be required to indemnify GE against any resulting tax liabilities
 even if we do not participate in or otherwise facilitate the acquisition. Furthermore, we are subject to specific restrictions on discontinuing
 the active conduct of our trade or business, the issuance or sale of stock or other securities (including securities convertible into our stock
 but excluding certain compensatory arrangements), and sales of assets outside the ordinary course of business. These covenants and
 indemnification obligations may limit our ability to pursue strategic transactions or engage in new businesses or other transactions that may
 maximize the value of our business, and might discourage or delay a strategic transaction that our stockholders may consider favorable.
 See "Certain Relationships and Related Person Transactions— Agreements with GE—Tax Matters Agreement" in the Information
 Statement.
 We may be unable to achieve some or all of the benefits that we expect to achieve from the Spin-Off. We may be unable to achieve
 the full strategic and financial benefits expected to result from the separation and distribution, or such benefits may be delayed or not occur
 at all. We believe that, as an independent, publicly traded company, we are able to, among other things, more effectively focus on our own
 distinct operating priorities and strategies, better address specific market dynamics and target innovation, create incentives for our
 management and employees that align more closely with our business performance and the interests of our stockholders, achieve
 operational simplification and cost savings, and articulate a clear investment proposition and tailored capital allocation policy to attract a
 long-term investor base best suited to our business needs. We may be unable to achieve some or all of the benefits that we expect to
 achieve as an independent company in the time we expect, if at all, for a variety of reasons, including: (i) compliance with the requirements
 of being an independent, publicly traded company require significant amounts of our management's time and effort, which may divert
 management's attention from operating and growing our business; (ii) we may be more susceptible to market fluctuations, actions by
 activist stockholders, and other adverse events than if we were still a part of GE; (iii) our businesses are less diversified than GE's
 businesses prior to the separation; (iv) the actions required to separate GE's and our respective businesses could disrupt our operations;
 and (v) under the terms of the Tax Matters Agreement, we are restricted from taking certain actions that could cause the Spin-Off to fail to
 qualify as a tax-free transaction and these restrictions may limit us for a period of time from pursuing strategic transactions and equity
 issuances or engaging in other transactions that may increase the value of our business. If we fail to achieve some or all of the benefits that
 we expect to achieve as an independent company, or do not achieve them in the time we expect, our business, financial condition, cash
 flows, and results of operations could be adversely affected.
 We could incur substantial additional costs and experience temporary business interruptions, and we may not be adequately
 prepared to meet the requirements of an independent, publicly traded company on a timely or cost-effective basis. Prior to the
 Spin-Off, we operated as part of GE, and GE provided us with various corporate functions. Following the Spin-Off, GE does not provide us
 with assistance other than the transition and other services described under "Certain Relationships and Related Person Transactions" in
 the Information Statement. These services do not include every service that we received from GE in the past, and GE is only obligated to
 provide the transition services for limited periods following completion of the Spin-Off. Following the cessation of any transition services
 agreements, we need to provide internally or obtain from unaffiliated third parties the services we will no longer receive from GE. Although
 we have made progress in providing and obtaining such services, we may be unable to replace all of these services in a timely manner or
 on terms and conditions as favorable as those we receive from GE.
 Since the Spin-Off, we have been installing and implementing IT infrastructure to support certain of our business functions, including
 accounting and financial reporting, human resources, legal and compliance, communications, and indirect sourcing. We may incur
 substantially higher costs than anticipated as we continue our transition from the existing transactional and operational systems and data
 centers we used as part of GE. If we are unable to complete our transition effectively, we may incur temporary interruptions in business
 operations. Any delay in implementing, or operational interruptions suffered while implementing, our new IT infrastructure could disrupt our
 business and have a material adverse effect on our results of operations.
 In addition, we are subject to reporting and other obligations under the Exchange Act. The Exchange Act requires that we file annual,
 quarterly, and current reports with respect to our business and financial condition. Beginning with our Annual Report on Form 10-K for the
 year ended December 31, 2025, we will be required to conduct an annual management assessment of the effectiveness of our internal
 control over financial reporting and include a report by our independent registered public accounting firm on the effectiveness of internal
 control over financial reporting. Under the Sarbanes Oxley Act of 2002, as amended (the Sarbanes Oxley Act), we are also required to
 maintain effective disclosure controls and procedures. These reporting and other obligations may place significant demands on
 management, administrative, and operational resources, including accounting systems and resources. If we fail to comply with financial
 reporting requirements and other rules that apply to reporting companies under the Exchange Act, we may be unable to conclude that our
 internal control over financial reporting is effective. If we are not able to comply with the requirements of Section 404 of the Sarbanes Oxley
 Act in a timely manner, or if we or our independent registered public accounting firm identify deficiencies in our internal control over
 financial reporting that are deemed to be material weaknesses, the market price of shares of our common stock could decline and we could
 be subject to sanctions or investigations by the SEC or other regulatory authorities, which would require additional financial and
 management resources.
 Moreover, we cannot be certain that these measures would ensure that we implement and maintain adequate controls over our financial
 processes and reporting in the future. Even if we were to conclude, and our auditors were to concur, that our internal control over financial
 reporting provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
 external purposes in accordance with U.S. GAAP, because of its inherent limitations, internal control over financial reporting might not

 2024 FORM 10-K 29

 prevent or detect fraud or misstatements. This, in turn, could have an adverse impact on trading prices for shares of our common stock,
 and could adversely affect our ability to access the capital markets.
 We have limited operating history as an independent, publicly traded company, and our historical combined financial information
 is not necessarily representative of the results we would have achieved as an independent, publicly traded company and may not
 be a reliable indicator of our future results. We derived the historical combined financial information for 2022 and 2023 included in this
 Annual Report on Form 10-K from GE's consolidated financial statements, and this information does not necessarily reflect the results of
 operations, cash flows, and financial position we would have achieved as an independent, publicly traded company during the periods
 presented, or those that we will achieve in the future. This is primarily because of the following factors:
 • Prior to the Spin-Off, we operated as part of GE, and GE performed various corporate functions for us. Our historical combined
 financial information for 2022 and 2023 reflects allocations of corporate expenses from GE for these functions. These allocations
 may not reflect the costs we have incurred or will incur for similar services as an independent, publicly traded company.
 • The agreements and transactions we entered into with GE in connection with the Spin-Off, such as GE's provision of transition
 and other services and indemnification obligations, have caused and will continue to cause us to incur new costs. See "Certain
 Relationships and Related Person Transactions—Agreements with GE" in the Information Statement.
 • Our historical combined financial information for 2022 and 2023 does not reflect changes that we have experienced and that we
 expect to continue to experience as a result of our separation from GE, including changes in the financing, cash management,
 operations, cost structure, and personnel needs of our business. As part of GE, we enjoyed certain benefits from GE's operating
 diversity, reputation, size, purchasing power, ability to borrow, and available capital for investments; following the Spin-Off, we no
 longer have those benefits.
 Following the Spin-Off, we have incurred and will continue to incur additional costs and demands on management's time associated with
 being an independent, publicly traded company, including costs and demands related to corporate governance, investor and public
 relations, and public financial reporting. Our success depends on our ability to continue to integrate our businesses that operate in various
 aspects of the power industry, which historically operated separately into one cohesive company. In addition, we depend on the successful
 cooperation of our leadership team, who have limited experience leading our business. For additional information about our past financial
 performance and the basis of presentation of our combined financial statements, see " Unaudited Pro Forma Condensed Combined
 Financial Statements" in the Information Statement and the "Management's Discussion and Analysis of Financial Condition and Results of
 Operations," and our combined and consolidated financial statements and the notes thereto included in the Information Statement and in
 this Annual Report on Form 10-K.
 Certain of our directors and employees may have actual or potential conflicts of interest because of their financial interests in, or
 because of their previous or continuing positions with, GE or other entities with which we have commercial arrangements.
 Because of their current or former positions with GE, certain of our executive officers and directors own equity interests in both us and GE.
 Continuing ownership of GE shares and equity awards could create, or appear to create, potential conflicts of interest if we and GE face
 decisions that could have implications for both us and GE. Our Board chair currently also serves on the board of directors of GE. Potential
 conflicts of interest could arise in connection with the resolution of any dispute between us and GE regarding the terms of the agreements
 governing the separation and distribution and our relationship with GE following the separation and distribution. See "Certain Relationships
 and Related Person Transactions" in the Information Statement for information about some of these agreements. Potential conflicts of
 interest may also arise out of any commercial arrangements that we or GE may enter into in the future. In addition, some of our
 independent directors serve on boards or management of companies with which we have commercial relationships, including investors.
 Similar potential conflicts of interest could arise as a result. A dispute regarding a potential or actual conflict of interest involving us and GE
 or any of such other companies could negatively impact our businesses, results of operations, cash flows, and financial condition. In
 addition, public perception of such an actual or apparent conflict of interest could pose reputational risks and expose us to increased
 scrutiny from investors and regulators. Although we have policies governing conflicts of interest, they may not sufficiently protect against
 these risks.
 Our written code of conduct applies to our directors and executive officers, as well as employees, and intends to promote honest and
 ethical conduct, including the handling of actual or apparent conflicts of interests between personal and professional relationships. Our
 governance principles assist with governance practices, including a requirement that directors disclose actual or potential conflicts of
 interest and recuse themselves from any discussion or decision affecting their personal, business, or professional interests. The
 governance principles also delegate the resolution of any conflict of interest question involving a director or an executive officer to the
 Nominating and Governance Committee and the resolution of any conflict of interest issue involving any other officer of the Company to the
 CEO. In addition, each of our officers and directors have confirmed their ongoing obligation to notify management of their outside activities,
 which enables management to monitor future potential conflicts of interest, whether with GE or other third parties.
 We may not be able to arrange for the termination or replacement of, and the release of GE and its subsidiaries from, the
 remaining parent company credit support obligations. To support GE Vernova in selling products and services globally, prior to the
 Spin-Off, GE entered into contracts on behalf of GE Vernova or issued parent company guarantees or trade finance instruments supporting
 the performance of what are subsidiary legal entities transacting directly with customers of GE Vernova, in addition to having provided
 similar credit support for some non-customer related activities of GE Vernova (collectively, "GE credit support"), which is further described
 in "Certain Relationships and Related Person Transactions— Agreements with GE—Separation and Distribution Agreement—Credit
 Support" section in the Information Statement. The Separation and Distribution Agreement requires us to use reasonable best efforts to
 arrange for the termination or replacement of, and the release of GE and its subsidiaries from, all GE credit support. See Item 7.
 "Management's Discussion and Analysis of Financial Condition and Results of Operations—Capital Resources and Liquidity—Parent
 Company Credit Support" for information about the amounts of the parent company guarantees. For the obligations that remain outstanding
 under GE credit support, we are required to indemnify GE against any amounts paid in connection with such GE credit support. Pursuant to
 the Separation and Distribution Agreement, we are subject to certain restrictions and covenants with respect to contracts underlying GE
 credit support under which GE or its subsidiaries remain liable, including a prohibition on certain amendments and on any disposition of
 such contracts (including indirectly through dispositions of our subsidiaries). These provisions may restrict us from extending contracts, or
 amending contracts in a manner which increases GE's obligations under, outstanding GE credit support, or require us to obtain third-party

 2024 FORM 10-K 30

 credit support with respect to such obligations. In each case, these provisions could delay or prevent the accomplishment of our objectives
 and adversely affect our business. In addition, so long as obligations remain outstanding under GE credit support, unless GE otherwise
 consents, it will be a condition to any acquisition or change of control of GE Vernova that the acquiring person have the financial and
 operational capacity to satisfy those obligations, have unsecured investment grade ratings, and agree to be bound by all the same
 provisions applicable to us under the Separation and Distribution Agreement with respect to the GE credit support, or we, or such acquiring
 person will be required to provide third-party credit support reasonably acceptable to GE with respect to such GE credit support. This
 condition may discourage, delay, or prevent certain types of transactions involving an actual or a threatened acquisition, or change in
 control of GE Vernova, including unsolicited takeover attempts, even though the transaction may offer our stockholders the opportunity to
 sell their shares of our common stock at a price above the prevailing market price. For more information on our obligations pertaining to the
 GE credit support, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity—Parent
 Company Credit Support" and "Certain Relationships and Related Person Transactions—Separation and Distribution Agreement—Credit
 Support" in the Information Statement.
 We or GE may fail to perform under various transaction agreements that were executed as part of the separation. In connection
 with the separation, we and GE entered into various transaction agreements related to the Spin-Off. All of these agreements govern our
 relationship with GE. We rely on GE to satisfy its performance obligations under these agreements. If we or GE are unable to satisfy our or
 its respective obligations under these agreements, including indemnification obligations, our business, results of operations, cash flows,
 and financial condition could be adversely affected. See "Certain Relationships and Related Person Transactions" in the Information
 Statement.
 Certain non-U.S. entities or assets that are part of our separation from GE were not transferred to us prior to the Spin-Off and
 may not be at all. Certain non-U.S. entities and assets that were part of our separation from GE were not transferred prior to the Spin-Off
 because the entities or assets, as applicable, were subject to foreign government or third-party approvals that we did not receive prior to
 the Spin-Off. Such approvals included, but are not limited to, approvals to merge or separate, to form new legal entities (including obtaining
 required registrations and/or licenses or permits), and to transfer assets and/or liabilities. Although most material transfers occurred without
 delays beyond the Distribution Date, we cannot offer any assurance that such transfers will ultimately occur or not be delayed for an
 extended period of time. Under the Separation and Distribution Agreement, the economic consequences of owning such assets and/or
 entities are, to the extent reasonably possible and permitted by applicable law, provided to us. In the event such transfers do not ultimately
 occur or are significantly delayed because we do not receive the required approvals, we may not realize all of the anticipated benefits of our
 separation from GE and we may be dependent on GE for transition services for a longer period of time than would otherwise be the case.
 Transfer or assignment to us of some contracts, joint ventures, and other assets required the consent of a third party. If such
 consent is not given or if its requirement is used to obtain more favorable contractual terms, we may not be entitled to some or
 all of the benefit of such contracts, joint ventures, investments, and other assets in the future. Transfer or assignment of some of
 the contracts, joint ventures, and other assets in connection with the Spin-Off and change of control in the ownership structure following the
 Spin-Off required the consent of a third party to the transfer or assignment. Similarly, in some circumstances, we are joint beneficiaries of
 contracts, and we need to enter into a new agreement with the third party to replicate the existing contract or assign the portion of the
 existing contract related to our business. While we endeavored to cause these contract and joint ventures transfers, assignments,
 consents, and new agreements to be obtained prior to the Spin-Off, we were not able to obtain all required consents, or enter into all such
 agreements, as applicable. Some parties may use the requirement of a consent to seek more favorable contractual terms from us, which
 could require us to accept a lower economic benefit from the contract or joint venture, or include our having to obtain letters of credit or
 other forms of credit support. If we are unable to obtain such consents or such credit support on commercially reasonable and satisfactory
 terms, we may be unable to obtain some of the benefits, assets, and contractual commitments that are intended to be allocated to us as
 part of the Spin-Off. In addition, where we do not intend to seek consent from third-party counterparties based on our understanding that no
 consent is required, the third-party counterparties may challenge the transaction on the basis that the terms of the applicable commercial
 arrangements require their consent. We may incur substantial litigation and other costs in connection with any such claims and, if we do not
 prevail, our ability to use these assets could be adversely impacted.
 We cannot provide assurance that all such required third-party consents and agreements will be procured or put in place. Consequently, we
 may not realize certain of the benefits that are intended to be allocated to us as part of the Spin-Off.
 Risks Relating to Our Common Stock and the Securities Market
 Our stock price may fluctuate significantly. The market price of our common stock may fluctuate widely depending on many factors,
 some of which may be beyond our control. The nature of our business and industry subject us, and our stock price, to volatility. Should the
 market price of our shares drop significantly, stockholders may institute securities class action lawsuits against us. A lawsuit against us
 could cause us to incur substantial costs and could divert the time and attention of our management and other resources.
 We may not achieve our target for returning our cash generation to our stockholders and the amounts we do return may be less
 than planned. In December 2024, we announced our plan to return at least one-third of our cash generation to our stockholders. In
 connection with that plan, our Board initiated a quarterly cash dividend of $0.25 per share of our common stock, which we paid in January
 2025, and a share repurchase authorization of up to $6 billion. Our ability to return cash to our stockholders will depend on our earnings,
 financial condition, cash requirements, other potential cash uses, prospects, and other factors. Further, the price, availability, and trading
 volumes of our common stock will affect the timing and size of any share repurchases. As a result, we may not achieve our targeted level
 for returning cash generation to our stockholders and any amounts we do return may be less than planned.
 Holders of our common stock may be diluted due to equity issuances. In the future, holders of our common stock may be diluted
 because of equity issuances for acquisitions, capital market transactions, or otherwise, including any equity awards that we will grant to our
 directors, officers, and employees. We award our directors, officers, certain of our employees and others with stock-based awards as part
 of our ongoing equity compensation program, and some of those persons also received stock-based awards from GE prior to the Spin-Off
 that converted to our stock-based awards. Such awards will have a dilutive effect on our earnings per share, which could adversely affect
 the market price of our common stock. We have and plan to issue additional stock-based awards, including annual awards, new hire

 2024 FORM 10-K 31

 awards, and periodic retention awards, as applicable, to our directors, officers, and other employees under our employee benefits plans as
 part of our ongoing equity compensation program.
 Certain provisions in our certificate of incorporation, bylaws, the Separation and Distribution Agreement, and Delaware law may
 discourage takeovers and limit the power of our stockholders. Several provisions of our certificate of incorporation, bylaws, the
 Separation and Distribution Agreement, and Delaware law may discourage, delay, or prevent a merger or acquisition. These include,
 among others, provisions that (i) classify our board of directors until 2029 whereby not all members are elected at one time, which could
 delay the ability of stockholders to change the membership of a majority of our board of directors; (ii) provide for the removal of directors
 only for cause during the time the Board is classified; (iii) establish advance notice requirements for stockholder nominations and
 proposals; (iv) limit the ability of stockholders to call special meetings or act by written consent; (v) provide the Board the right to issue
 shares of preferred stock without stockholder approval; and (vi) provide for the ability of our directors, and not stockholders, to fill vacancies
 on the Board (including those resulting from an enlargement of the Board). We are subject to Section 203 of the Delaware General
 Corporation Law (DGCL), which could have the effect of delaying or preventing a change of control that our stockholders may favor. In
 addition, we are subject to the restrictions on change of control transactions under the Separation and Distribution Agreement described
 under "Certain Relationships and Related Person Transactions—Agreements with GE—Separation and Distribution Agreement—Credit
 Support" in the Information Statement.
 These and other provisions of our certificate of incorporation, bylaws, the Separation and Distribution Agreement, and Delaware law, as
 well as the restrictions in our Tax Matters Agreement (see "Certain Relationships and Related Person Transactions—Agreements with GE
 —Tax Matters Agreement" in the Information Statement), may discourage, delay, or prevent certain types of transactions involving an actual
 or a threatened acquisition or change in control of GE Vernova, including unsolicited takeover attempts, even though the transaction may
 offer our stockholders the opportunity to sell their shares of our common stock at a price above the prevailing market price. Our Board
 believes these provisions will protect our stockholders from coercive or otherwise unfair takeover tactics by requiring potential acquirers to
 negotiate with the Board and by providing the Board with more time to assess any acquisition proposal.
 Our certificate of incorporation provides that certain courts in the State of Delaware or the federal district courts of the U.S. will
 be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our
 stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees. Our
 certificate of incorporation provides that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery located
 within the State of Delaware will be the sole and exclusive forum for any derivative action or proceeding brought on our behalf, any action
 asserting a claim of breach of a fiduciary duty owed by any current or former director, officer, employee, agent, or stockholder to us or our
 stockholders, any action asserting a claim arising pursuant to the DGCL, the certificate of incorporation or the bylaws, or any action
 asserting a claim governed by the internal affairs doctrine. However, if the Court of Chancery within the State of Delaware lacks jurisdiction
 over such action, the action may be brought in another court of the State of Delaware or, if no court of the State of Delaware has
 jurisdiction, then in the U.S. District Court for the District of Delaware. Additionally, our certificate of incorporation states that the foregoing
 provision will not apply to claims arising under the Securities Act of 1933, as amended (Securities Act). Unless we consent in writing to the
 selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of
 any complaint asserting a cause of action arising under the Securities Act. The exclusive forum provisions will be applicable to the fullest
 extent permitted by applicable law, subject to certain exceptions. Section 27 of the Exchange Act creates exclusive federal jurisdiction over
 all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. As a result, the
 exclusive forum provisions will not apply to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for
 which the federal courts have exclusive jurisdiction. There is, however, uncertainty as to whether a court would enforce the exclusive forum
 provisions, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. Furthermore,
 Section 22 of the Securities Act creates concurrent jurisdiction for state and federal courts over all suits brought to enforce any duty or
 liability created by the Securities Act or the rules and regulations thereunder.
 Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and, to
 the fullest extent permitted by law, to have consented to the provisions of our certificate of incorporation described above. The choice of
 forum provision may result in increased costs for investors to bring a claim. Further, the choice of forum provision may limit a stockholder's
 ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, other employees, or
 stockholders, which may discourage such lawsuits against us and our directors, officers, other employees, or stockholders. However, the
 enforceability of similar forum provisions in other companies' certificates of incorporation has been challenged in legal proceedings. If a
 court were to find the exclusive choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in
 an action, we may incur additional costs associated with resolving such action in other jurisdictions.

 ITEM 1B. UNRESOLVED STAFF COMMENTS. None.

 ITEM 1C. CYBERSECURITY. The description in this section addresses certain cybersecurity matters relating to GE Vernova following
 the Spin-Off.
 GE Vernova has processes for assessing, identifying, and managing cybersecurity risks that are built into our risk management program
 and IT functions. These processes are designed to help protect our information assets from internal and external cyber threats, protect
 employee information from unauthorized access or attack, and secure our networks, systems, and products. We have developed and
 implemented a cybersecurity framework intended to assess, identify, and manage risks from threats to the security of our information,
 systems, products, and networks using a risk-based approach. The framework is informed in part by industry standards such as the
 National Institute of Standards and Technology (NIST) Cybersecurity Framework and International Organization for Standardization 27001
 (ISO 27001) Framework. This approach does not imply that GE Vernova meets all technical standards, specifications, or requirements
 under the NIST Cybersecurity Framework or ISO 27001.

 2024 FORM 10-K 32

 Our key cybersecurity processes include:
 • Risk-based controls for information systems and information on our network. We seek to maintain an IT infrastructure that
 implements physical, administrative, and technical controls that are calibrated based on risk and designed to protect the
 confidentiality, integrity, and availability of our information systems and information stored on the Company's networks, including
 customer information, employee information, IP, and proprietary information.
 • Cybersecurity incident response plan and testing. We have a cybersecurity incident response plan and a dedicated team to
 respond to cybersecurity incidents. When a cybersecurity incident occurs or a vulnerability is identified, GE Vernova has cross-
 functional teams that are responsible for leading the initial assessment of priority and severity. External experts may also be
 engaged as appropriate. GE Vernova's cybersecurity team assists in responding to incidents depending on severity levels and
 seeks to improve our cybersecurity incident management plan through periodic tabletops or simulations at the enterprise and
 business levels.
 • Training. We provide security awareness training to help employees understand their information protection and cybersecurity
 responsibilities. We also provide additional role-based training to applicable employees based on customer requirements,
 regulatory obligations, and industry risks.
 • Supplier risk assessments. We have implemented a third-party risk management process that includes expectations regarding
 information protection and cybersecurity. That process, among other things, provides for GE Vernova to perform cybersecurity
 assessments on certain suppliers based on their risk profile and a related rating process. GE Vernova also seeks contractual
 commitments from key suppliers to appropriately secure and maintain their IT systems and protect our information that is
 processed on their systems.
 • Third-party assessments. We have third-party cybersecurity companies engaged to periodically assess GE Vernova's
 cybersecurity posture and assist in identifying and remediating risks from cybersecurity threats.
 GE Vernova considers cybersecurity, along with other top risks, within our enterprise risk management framework. The enterprise risk
 management framework includes internal reporting at the enterprise level with consideration of key risk indicators, trends, and
 countermeasures for cybersecurity and other types of significant risks. GE Vernova does not believe that there are currently any known
 incidents from cybersecurity threats that are reasonably likely to materially affect GE Vernova or its business strategy, results of operations,
 or financial condition. As is the case for all large, global companies, we face certain ongoing risks from cybersecurity threats that, if
 realized, are reasonably likely to materially affect the Company, including our operations, business strategy, results of operations, or
 financial condition. See Item 1A. "Risk Factors—Risks Relating to Technology and Intellectual Property" for further information about these
 risks. We outsource certain cybersecurity functions and will continue to look for opportunities to utilize managed security service providers.
 In addition, we collaborate with GE Aerospace on certain cybersecurity functions and will continue to do so during a transition period
 following our Spin-Off. These arrangements increase our overall cyber risk given the degree of our interconnectedness with these third
 parties and the potential impact on our outsourced functions that could be caused by an attack on them.
 The Audit Committee of the GE Vernova's Board of Directors is responsible for board-level oversight of cybersecurity risk, and the Audit
 Committee reports back to the full Board about this and other areas within its responsibility. As part of its oversight role, the Audit
 Committee receives reporting about GE Vernova's practices, programs, notable threats or incidents, and other developments related to
 cybersecurity throughout the year, including through periodic updates from our Chief Information Security Officer (CISO). The Audit
 Committee also receives information about cybersecurity risks as part of GE Vernova's enterprise risk management framework and
 reporting. In addition to receiving reports from the Audit Committee, the Board also periodically receives direct reports from the CISO on the
 Company's cybersecurity risk management.
 GE Vernova's CISO reports to GE Vernova's Chief Information Officer and leads our overall cybersecurity function. The CISO has over 20
 years of experience in managing and leading IT or cybersecurity teams and participates in various cyber security organizations. The CISO
 collaborates with business unit CISOs to identify and analyze cybersecurity risks to GE Vernova; consider industry trends; implement
 controls, as appropriate and feasible, to mitigate these risks; and enable business leaders to make risk-based business decisions that
 implicate cybersecurity considerations. The CISO meets with senior leadership to review and discuss GE Vernova's cybersecurity program,
 including emerging cyber risks, threats, and industry trends. The CISO also supervises efforts to prevent, detect, mitigate, and remediate
 cybersecurity risks and incidents through various means, including by collaborating with internal security personnel and business
 stakeholders, and incorporating threat intelligence and other information obtained from governmental, public, or private sources to inform
 our cybersecurity technologies and processes.

 ITEM 2. PROPERTIES. GE Vernova is headquartered in Cambridge, Massachusetts and occupies approximately 600 sites in 465 cities
 and 95 countries. Approximately 85% of the sites are leased and 15% are owned. GE Vernova periodically reviews the portfolio of facilities
 for opportunities to optimize and best align our footprint needs.
 Within this portfolio of properties, GE Vernova's subsidiaries operate 91 manufacturing sites, 18 of which are located in the U.S. and 73 are
 located internationally. The manufacturing facilities are used by GE Vernova's segments as follows:

 SEGMENT

 Number of Facilities

 Power

 Wind

 Total

 2024 FORM 10-K 33

 The locations of GE Vernova's manufacturing locations by geographic region are as follows:

 GEOGRAPHIC REGION

 Number of Facilities

 Americas

 Association of Southeast Asian Nations (ASEAN)

 Europe, the Middle East, and Africa (EMEA)

 Total

 In addition to the manufacturing facilities described above, GE Vernova maintains many offices, warehouses, and distribution facilities
 globally.
 Many of our facilities serve several of our businesses and may be used for multiple purposes, such as for administration, sales, research,
 laboratory matters, manufacturing, and service operations. We consider our facilities suitable and adequate for their respective purposes
 and do not anticipate difficulty in renewing existing leases as they expire or finding alternative facilities if necessary.

 ITEM 3. 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 $ 300,00 0 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 and related costs associated with such order may be more than $300,000. See Note 22 in the
 Notes to the consolidated and combined financial statements for additional information relating to legal matters.

 ITEM 4. MINE SAFETY DISCLOSURES. None.

 2024 FORM 10-K 34

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER
 PURCHASES OF EQUITY SECURITIES.
 GE Vernova common stock is listed on the New York Stock Exchange under the ticker symbol "GEV." As of January 15, 2025, there were
 approximately 175,000 stockholders of record.

 FOUR-QUARTER PERFORMANCE GRAPH

 The annual changes for the four-quarter period shown in the above graph are based on the assumption that $100 had been invested in GE
 Vernova common stock, the Standard & Poor's 500 Stock Index (S&P 500) and the Standard & Poor's 500 Industrials Stock Index (S&P
 Industrial) on A pril 2, 20 24, and that all quarterly dividends were reinvested. 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 cumulative dollar returns
 shown on the graph represent the value that such investments would have had on the date indi cated.
 On December 10, 2024, the Board of Directors declared a $0.25 per share quarterly dividend on the outstanding common stock of the
 Company, which we paid on January 28, 2025 to stockholders of record as of December 20, 2024. The Company currently expects
 quarterly dividends to continue in future periods, although they remain subject to determination and declaration by the Board of Directors.
 The payment of future dividends, if any, will be based on several factors, including the Company's financial performance, outlook and
 liquidity.
 PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS. On December 10, 2024, we
 announced that the Board of Directors had authorized up to $6 billion of common stock repurchases. We repurchased 8 thousand shares
 for $3 million during the three months ended December 31, 2024 under this authorization.

 Period (Dollars in millions, except per share amounts)

 Total number of
 shares purchased

 Average price paid
 per share

 Total number of
 shares purchased
 as part of our
 share repurchase
 authorization

 Approximate dollar
 value of shares
 that may yet be
 purchased under
 our share
 repurchase
 authorization

 December

 8,000

 $ 337.39

 8,000

 $ 5,997

 Total

 8,000

 $ 337.39

 8,000

 $ 5,997

 ITEM 6. [RESERVED].

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
 OPERATIONS. The following discussion and analysis of our financial condition and results of operations should be read in conjunction
 with our consolidated and combined financial statements, which are prepared in conformity with U.S. generally accepted accounting
 principles (GAAP), and corresponding notes included elsewhere in this Annual Report on Form 10-K. The following discussion and analysis
 provides information that management believes to be relevant to understanding the financial condition and results of operations of the
 Company for the years ended December 31, 2024 and 2023. Unless otherwise noted, tables are presented in U.S. dollars in millions,
 except for per-share amounts which are presented in U.S. dollars. Certain columns and rows within tables may not add due to the use of
 rounded numbers. Percentages presented in this report are calculated from the underlying numbers in millions. Unless otherwise noted,
 statements related to changes in operating results relate to the corresponding period in the prior year. Refer to the "Management's

 2024 FORM 10-K 35

 Discussion and Analysis of Financial Condition and Results of Operations" included in the Information Statement for discussions of results
 for the years ended December 31, 2023 versus 2022.
 In the accompanying analysis of financial information, we sometimes use information derived from consolidated and combined financial
 data but not presented in our financial statements prepared in accordance with GAAP. Certain of these data are considered "non-GAAP
 financial measures" under SEC rules. For the reasons we use these non-GAAP financial measures and the reconciliations to their most
 directly comparable GAAP financial measures, see " — Non-GAAP Financial Measures."

 TRENDS AND FACTORS IMPACTING OUR PERFORMANCE. We believe our performance and future success depends on a
 number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in
 Item 1A. "Risk Factors."
 Our worldwide operations are affected by regional and global factors impacting energy demand, including industry trends like
 decarbonization, an increasing demand for r enewable energy alternatives, and changes in broader economic and geopolitical conditions.
 These trends, along with the growing focus on the digitization and sustainability of the electricity infrastructure, drive growth across each of
 our business segments. We believe that our industry-defining technologies and commitment to innovation position us well to capitalize on
 these long-term trends:
 • Demand growth for electricity generation – Significant investment, infrastructure, and supply diversity will be essential to help meet
 forecasted energy demand growth arising from population and global economic growth.
 • Decarbonization – The urgency to combat climate change is fueling technology advancements that improve the economic viability and
 efficiency of r enewable energy alternatives and facilitate the transition to a more sustainable power sector.
 • Evolving generation mix – The power industry is shifting from coal generation to more electricity generated from zero- or low-carbon
 energy sources, and an evolving balance of generation sources will be necessary to maintain a reliable, resilient and affordable
 system.
 • Energy resilience & security – Threats and challenges from extreme weather events, cyber-attacks, and geopolitical tensions have
 increased focus on the strength and resilience of power generation and transmission and reinforced the need for a diversified mix of
 energy sources.
 • Grid modernization and investment – Increased demand and the integration of advanced generation and storage solutions drive the
 need to update aging infrastructure with new grid integration and automation solutions.
 • Regulatory and policy changes – Government policies and regulations, such as carbon pricing, renewable energy mandates, and
 subsidies for renewable energy technologies, can significantly impact the power generation landscape. Staying ahead of regulatory
 changes and adapting to new compliance requirements is crucial for maintaining a competitive advantage.
 • Financial and investment dynamics – Access to capital and investment trends in the energy sector can influence the development and
 deployment of new power generation projects. Understanding market dynamics and securing funding are key to progressing strategic
 initiatives.

 TRANSITION TO STAND-ALONE CO MPANY
 Financial Presentation Under GE Ownership. We completed our separation from General Electric Company (GE), which now operates
 as GE Aerospace, on April 2, 2024 (the Spin-Off). In connection with the Spin-Off, GE distrib ute d all of the shares of our common stock to
 its stockholders and we became an independent company. Historically, as a business of GE, we relied on GE to manage certain of our
 operations and provide certain services, the costs of which were either allocated or directly billed to us. Accordingly, our historical costs for
 such services may not necessarily reflect the actual expenses we would have incurred, or will incur, as an independent company and may
 not reflect our results of operations, financial position, and cash flows had we been a separate, stand-alone company during the historical
 periods presented. See Note 1 in the Notes to the consolidated and combined financial statements for further information.
 Stand-Alone Company Expenses. As a result of the Spin-Off, we are subject to the requirements of the federal and state securities laws
 and stock exchange requirements. We have established additional procedures and practices as a stand-alone public company. As a result,
 we are incurring additional costs related to external reporting, internal audit, treasury, investor relations, corporate governance, and stock
 administration.
 Production Tax Credit Investments. Our Financial Services business offers a wide range of financial solutions to customers and projects
 that utilize our Power and Wind products and services. These solutions historically included making minority investments in projects, often
 through common or preferred equity investments where we generally seek to exit as soon as practicable once a project achieves
 commercial operation. Many such investments are in renewable energy U.S. tax equity vehicles that generate various tax credits, including
 production tax credits (PTCs), which can be used to offset an equity partner's tax liabilities in the U.S. and support the overall target return
 on investment. In connection with the Spin-Off, GE retained all renewable energy U.S. tax equity investments of $1.2 billion and any tax
 attributes from historical tax equity investing activity. We manage these investments under the Framework Investment Agreement with GE.
 Additionally, during the second quarter, in connection with GE retaining the renewable energy U.S. tax equity investments, we recognized a
 $0.1 billion benefit, recorded in Cost of equipment, related to deferred intercompany profit from historical equipment sales to the related
 investees. See Notes 11, 21 and 23 in the Notes to the consolidated and combined financial statements for further information.

 DISPOSITION ACTIVITY. During the second quarter of 2024, our Steam Power business completed the sale of part of its nuclear
 activities to Electricit de France S.A. (EDF). In connection with the disposition, we received net cash proceeds of $0.6 billion, which is
 s ubject to customary working capital and other post-closing adjustments. As a result, we recog nized a pre-tax gain of $1.0 billion recorded
 in Other income (expense) – net in our Consolidated and Combined Statement of Income (Loss). See Not es 3, 15, 16 and 19 in the Notes
 to the consolidated and combined financial statements for further information.

 ARBITRATION REFUND. In June 2024, we received $306 million in cash, which represented the return of cash payments we
 previously made relating to two partial withdrawal liability assessments issued by a multiemployer pension plan (Fund) to which we
 contribute, plus interest on such amounts. We challenged the assessments in arbitration, but under ERISA, we were required to make

 2024 FORM 10-K 36

 monthly payments from May 2019 to September 2023 while the matter was arbitrated. In December 2023, an arbitrator ruled that we were
 exempt from the alleged liability, a decision that was appealed in January 2024 in a U.S. district court. That court upheld the arbitration
 ruling in February 2025. The appeal period for that court's ruling has not expired. The arbitration ruling triggered a legal obligation for the
 Fund to return the payments to us with interest, which it did in June 2024. During the second quarter, $254 million of cash, constituting the
 payments previously made to the Fund, was recorded in Selling, general, and administrative expenses and $52 million of cash, constituting
 interest on such amounts, was recorded in Interest and other financial charges – net in our Consolidated and Combined Statement of
 Income (Loss). As this dispute is not yet resolved, we cannot predict its ultimate resolution, including whether we will retain the funds
 following all final appeals, whether we are entitled to additional interest, or whether the Fund may contend it is owed interest if it prevails.

 OFFSH ORE WIND. On July 13, 2024, a wind turbine blade event occurred, related to a manufacturing deviation, at the Vineyard Wind
 offshore wind farm where we are the manufacturer and supplier of our newly developed Haliade-X 220m wind turbines (Haliade-X). On July
 15, 2024, BSEE issued a suspension order to cease power production and the installation of new wind turbines at the project site. On
 August 10, 2024, BSEE issued a superseding order allowing us to resume the installation of towers and nacelles, subject to certain
 conditions. On October 22, 2024, BSEE issued another superseding order allowing us to resume the installation of new blades, subject to
 certain conditions. In December, the first new blade set was installed, and commercial power production by that turbine commenced. On
 January 17, 2025, BSEE terminated its suspension order. Going forward, the installation of new blades and the production of power are
 subject to specified conditions and we will be required to remove blades previously installed. In addition to the blade event at the Vineyard
 Wind offshore wind farm, there have been blade events in prior quarters related to commissioning and installation at the Dogger Bank
 offshore wind farm.
 As we work through these issues, we are gaining experience across our Haliade-X backlog related to installation timelines, including vessel
 availability, manufacturing and quality control processes, and various other project activities. Based on this experience, we are developing
 and implementing our remediation plans, which includes updates to our project timelines to account for the slower pace of execution.
 As a result of the above, we recorded incremental contract losses of approximately $0.9 billion in the third and fourth quarters for both
 projects which include the estimated impact of changes in execution timelines, project-related commercial liabilities, costs to remediate
 quality issues including the removal of previously installed blades at the Vineyard Wind project, and additional project-related supply chain
 and manufacturing costs. Additional changes or other developments could have an adverse effect on our cash collection timelines and
 contract margins and could result in further losses, which could be material.
 In addition, on September 12, 2024, we entered into a settlement agreement regarding a project that was previously canceled by a
 customer resulting in a gain of approximately $0.3 billion in the third quarter, which was recorded as $0.5 billion in revenues and $0.2 billion
 in cost of sales. The settlement included recovery of costs previously incurred on the canceled project.

 RESULTS OF OPERATIONS
 Summary of Results. RPO was $119.0 billion and $115.6 billion as of December 31, 2024 and 2023, respectively. For the year ended
 December 31, 2024, total revenues were $34.9 billion, an increase of $1.7 billion for the year. Net income (loss) was $1.6 billion, an
 in crease of $2.0 billion in net income for the year, and net income (loss) margin was 4.5%. Diluted earnings (loss) per share was $5.58 for
 the year ended December 31, 2024, an increase in diluted earnings per share of $7.18 for the year. Cash flows from (used for) operating
 activities were $2.6 billion and $1.2 billion for the years ended December 31, 2024 and 2023, respectively.
 For the year ended December 31, 2024, Adjusted EBITDA* was $2.0 billion, an increase of $1.2 billion. Free cash flow* was $1.7 billion
 and $0.4 billion for the years ended December 31, 2024 and 2023, respectively.
 RPO, a measure of backlog, includes unfilled firm and unconditional customer orders for equipment and services, excluding any purchase
 order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. Services RPO includes the
 estimated life of contract sales related to long-term service agreements which remain unsatisfied at the end of the reporting period,
 excluding contracts that are not yet active. Services RPO also includes the estimated amount of unsatisfied performance obligations for
 time and material agreements, material services agreements, spare parts under purchase order, multi-year maintenance programs, and
 other services agreements, excluding any order that provides the customer with the ability to cancel or terminate without incurring a
 substantive penalty. See Note 9 in the Notes to the consolidated and combined financial statements for further information.

 RPO December 31

 2024

 2023

 2022

 $ 43,047

 $ 40,478

 $ 31,902

 75,976

 75,120

 72,997

 Total RPO

 $ 119,023

 $ 115,598

 $ 104,899

 As of December 31, 2024, RPO increase d $3.4 billion ( 3%) from December 31, 2023, primarily at Electrification by $7.1 billion from orders
 outpacing revenues across all businesses; at Power, due to orders outpacing revenues for Gas Power equipment and services, partially
 offset by a reduction of approximately $3.9 billion related to the sale of a portion of Steam Power nuclear activities to EDF; partially offset at
 Wind, due to decreases at Offshore Wind as we continue to execute on our contracts and finalized the settlement of a previously canceled
 project in the third quarter, and decreases at Onshore Wind due to revenues outpacing orders.

 REVENUES

 2024

 2023

 2022

 Equipment revenues

 $ 18,952

 $ 18,258

 $ 15,819

 Services revenues

 15,983

 14,981

 13,835

 $ 29,654

 2024 FORM 10-K 37

 For the year ended December 31, 2024, total revenues increase d $1.7 billion ( 5%). Services revenues increased in all segments,
 primarily at Power due to growth in Gas Power and Steam Power from favorable price and volume. Equipment revenues increased at
 Electrification, led by growth at Grid Solutions and Power Conversion; and at Power from Heavy-Duty Gas Turbine deliveries and project
 commissioning; partially offset at Wind, from decreases at Offshore Wind, where revenue decreased as a result of slower execution which
 was partially offset by revenue recorded on the settlement of a previously canceled project in the third quarter and increased revenues at
 Onshore Wind.
 Organic revenues* exclude the effects of acquisitions, dispositions, and foreign currency. Excluding these effects, organic revenues*
 increase d $2.1 billion ( 7%), organic servic es revenues* increased $1.2 billion ( 8%), and organic equipment revenues* increased $1.0 billion
 ( 5%). Organic revenues * increased at Electrification and Power, partially offset by Wind.

 EARNINGS (LOSS)

 2024

 2023

 2022

 Operating income (loss)

 $ 471

 $ (923)

 $ (2,881)

 1,559

 (474)

 (2,722)

 Net income (loss) attributable to GE Vernova

 1,552

 (438)

 (2,736)

 Adjusted EBITDA*

 2,035

 (428)

 Diluted earnings (loss) per share(a)

 5.58

 (1.60)

 (10.00)

 (a) The computation of earnings (loss) per share for all periods through April 1, 2024 was calculated using 274 million common shares that
 were issued upon Spin-Off and excludes Net loss (income) attributable to noncontrolling interests. For periods prior to the Spin-Off, the
 Company participated in various GE stock-based compensation plans. 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 Spin-Off.
 For the year ended December 31, 2024, operating income (loss) was $0.5 billion, a $1.4 billion increase, primarily due to: an increase in
 segment results at Power of $0.5 billion, primarily attributable to Gas Power, where higher volume, favorable pricing, and increased
 productivity more than offset the impact of inflation; at Electrification of $0.4 billion, primarily due to higher volume, price, and productivity;
 at Wind of $0.4 billion, primarily at Onshore Wind as a result of improved pricing, market selectivity, and the impact of cost reduction
 activities, and a gain recorded on the settlement of a previously canceled project at Offshore Wind, which was partially offset by
 incremental contract losses at Offshore Wind; as well as $0.3 billion re ceived related to an arbitration refund and a $0.1 billion benefit
 related to deferred intercompany profit that was recognized upon GE retaining the renewable energy U.S. tax equity investments in
 connection with the Spin-Off in the second quarter; partially offset by higher corporate costs required to operate as a stand-alone public
 company and separation costs.
 Net income (loss) and Net income (loss) margin were $1.6 billion and 4.5%, respectively, for the year ended December 31, 2024, an
 increase of $2.0 billion and 5.9%, respectively, for the year, primarily due to an increase in operating income (loss) of $1.4 billion and an
 increase in other income of $1.0 billion, driven by a $1.0 billion pre-tax gain from the sale of a portion of Steam Power nuclear activities to
 EDF, partially offset by an increase in provision for income taxes of $0.6 billion.
 Adjusted EBITDA* and Adjusted EBITDA margin* were $2.0 billion and 5.8%, respectively, for the year ended December 31, 2024, an
 increase of $1.2 billion and 3.4%, respectively, primarily driven by increases in segment results at Power, Wind, and Electrification.

 SEGMENT OPERATIONS. Segment revenues include sales of equipment and services by our segments. Segment EBITDA is
 determined based on performance measures used by our Ch ief Operating Decision Maker, who is our Chief Executive Officer (CEO), to
 assess the performance of each business in a given period. In connection with that assessment, the CEO may exclude certain non-cash
 charges, such as depreciation and amortization, impairments and other matters, major restructuring programs, and certain gains and
 losses from purchases and sales of business interests. Certain corporate costs, including those related to shared services, employee
 benefits and IT, are allocated to our segments based on usage or their relative net cost of operations.

 SUMMARY OF REPORTABLE SEGMENTS

 2024

 2023

 2022

 Power

 $ 16,124

 Wind

 9,701

 9,826

 8,905

 7,550

 6,378

 5,076

 Eliminations and other

 (442)

 (401)

 (451)

 $ 29,654

 Power

 $ 2,268

 $ 1,722

 $ 1,655

 Wind

 (588)

 (1,033)

 (1,710)

 (164)

 Corporate and other(a)

 (323)

 (116)

 (209)

 Adjusted EBITDA*(b)

 $ 2,035

 $ 807

 $ (428)

 (a) Includes our Financial Services business and other general corporate expenses, including costs required to operate as a stand-alone
 public company.
 (b) See "—Non-GAAP Financial Measures" for additional information related to Adjusted EBITDA*. Adjusted EBITDA* includes interest and
 other financial charges and the benefit for income taxes of Financial Services as this business is managed on an after-tax basis due to
 its strategic investments in tax equity investments.

 2024 FORM 10-K 38

 POWER

 Orders in units

 2024

 2023

 2022

 Gas Turbines

 Heavy-Duty Gas Turbines

 HA-Turbines

 Aeroderivatives

 Gas Turbine Gigawatts

 20.2

 9.5

 9.8

 Sales in units

 2024

 2023

 2022

 Gas Turbines

 Heavy-Duty Gas Turbines

 HA-Turbines

 Aeroderivatives

 Gas Turbine Gigawatts

 11.9

 13.8

 11.1

 RPO December 31

 2024

 2023

 2022

 $ 12,461

 $ 13,636

 $ 13,579

 60,890

 59,338

 57,355

 Total RPO

 $ 73,351

 $ 72,974

 $ 70,934

 RPO as of December 31, 2024 increased $0.4 billion ( 1%) from December 31, 2023, primarily at Gas Power due to increases in services
 and equipment, partially offset by a reduction of approximately $3.9 billion related to the sale of a portion of Steam Power nuclear activities
 to EDF.

 SEGMENT REVENUES AND EBITDA

 2024

 2023

 2022

 Gas Power

 $ 14,465

 $ 13,220

 $ 12,079

 Nuclear Power

 Hydro Power

 Steam Power

 2,063

 2,502

 2,643

 $ 16,124

 $ 5,708

 $ 5,598

 $ 4,896

 12,419

 11,838

 11,228

 $ 16,124

 $ 2,268

 $ 1,722

 $ 1,655

 Segment EBITDA margin

 12.5

 %

 9.9

 %

 10.3

 %

 For the year ended December 31, 2024, segment revenues were up $0.7 billion ( 4%) and segment EBITDA was up $0.5 billion
 ( 32%).
 Segment revenues increased $1.2 billion ( 7%) organically*, primarily at Gas Power equipment from Heavy-Duty Gas Turbine deliveries and
 project commissioning, and an increase in Gas Power services from favorable price and volume in both contractual and non-contractual
 services, as well as in Steam Power services.
 Segment EBITDA increased $0.5 billion ( 24%) organically*, primarily at Gas Power where higher volume, favorable pricing, and increased
 productivity were partially offset by the impact of inflation, and increases in Steam Power primarily due to favorable impact of pricing and
 productivity partially offset by the impact of inflation.

 WIND

 Onshore and Offshore Wind orders in units

 2024

 2023

 2022

 Wind Turbines

 1,212

 2,290

 2,243

 Repower Units

 Wind Turbine and Repower Units Gigawatts

 5.3

 9.1

 8.5

 Onshore and Offshore Wind sales in units

 2024

 2023

 2022

 Wind Turbines

 1,778

 2,225

 2,190

 Repower Units

 Wind Turbine and Repower Units Gigawatts

 7.8

 8.8

 8.8

 2024 FORM 10-K 39

 RPO December 31

 2024

 2023

 2022

 $ 10,720

 $ 13,709

 $ 12,030

 11,962

 13,240

 13,595

 Total RPO

 $ 22,682

 $ 26,949

 $ 25,625

 R PO as of December 31, 2024 decreased $4.3 billion ( 16%) from December 31, 2023 primarily due to decreases at Offshore Wind as we
 continue to execute on our contracts and have finalized the settlement of a previously canceled project in the third quarter, and decreases
 at Onshore Wind as revenue outpaced new orders, specifically in the U.S. where a large order was booked in 2023 and the execution
 began in 2024, and continued selectivity in our international markets.

 SEGMENT REVENUES AND EBITDA

 2024

 2023

 2022

 Onshore Wind

 $ 7,781

 $ 7,761

 $ 7,941

 Offshore Wind

 1,377

 1,455

 LM Wind Power

 $ 9,701

 $ 9,826

 $ 8,905

 $ 8,047

 $ 8,335

 $ 7,600

 1,654

 1,491

 1,305

 $ 9,701

 $ 9,826

 $ 8,905

 $ (588)

 $ (1,033)

 $ (1,710)

 Segment EBITDA margin

 (6.1)

 %

 (10.5)

 %

 (19.2)

 %

 For the year ended December 31, 2024, segment revenues were down $0.1 billion ( 1%) and segment EBITDA was up $0.4 billion
 ( 43%).
 Segment revenues decreased $0.1 billion ( 1%) organically*, primarily at Offshore Wind due to slower execution, partially offset by revenues
 recorded on the settlement of a previously canceled project in the third quarter, and less demand for blades from external customers at LM.
 Onshore Wind revenues increased slightly due to improved pricing and delivery of more units in the U.S., partially offset by lower revenue
 in the international market as we continue our selectivity resulting in fewer unit deliveries.
 Segment EBITDA increased $0.4 billion ( 42%) organically*, due to improved pricing, market selectivity, and cost reduction activities at
 Onshore Wind, and a gain recorded on the settlement of a previously canceled project at Offshore Wind, partially offset by higher contract
 losses at Offshore Wind compared to the prior year of $0.6 billion.

 ELECTRIFICATION

 RPO December 31

 2024

 2023

 2022

 $ 20,005

 $ 13,233

 $ 6,384

 3,448

 3,109

 2,587

 Total RPO

 $ 23,453

 $ 16,342

 $ 8,971

 RPO as of December 31, 2024 increased $7.1 billion ( 44%) from December 31, 2023 primarily due to orders outpacing revenues across all
 businesses.

 SEGMENT REVENUES AND EBITDA

 2024

 2023

 2022

 Grid Solutions

 $ 4,957

 $ 3,955

 $ 3,133

 Power Conversion

 1,194

 1,027

 Electrification Software

 Solar & Storage Solutions

 $ 7,550

 $ 6,378

 $ 5,076

 $ 5,534

 $ 4,532

 $ 3,470

 2,015

 1,846

 1,606

 $ 7,550

 $ 6,378

 $ 5,076

 $ 679

 $ 234

 $ (164)

 Segment EBITDA margin

 9.0

 %

 3.7

 %

 (3.2)

 %

 For the year ended December 31, 2024, segment revenues were up $1.2 billion ( 18%) and segment EBITDA was up $0.4 billion.
 Segment revenues increased $1.2 billion ( 18%) organically*, led by growth in equipment at Grid Solutions and Power Conversio n.
 Segment EBITDA increased $0.4 billion organically*, primarily driven by higher volume, price, and productivity.

 2024 FORM 10-K 40

 OTHER INFORMATION
 Gross Profit and Gross Margin. Gross profit was $6.1 billion, $4.8 billion, and $3.5 billion and gross margin was 17.4%, 14.5%, and
 11.7% for the years ended De cember 31, 2024, 2023, and 2022, respectively. The increase in gross profit in 2024 was due to an increase
 at Power due to Gas Power Services driven from volume, mix, productivity, and price, which more than offset inflation; an increase at
 Electrification due to higher volume, price, and cost productivity at Grid Solutions and Electrification Software; and an increase at Wind, due
 to Onshore Wind through improved pricing, volume, market selectivity, 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. S elling, general, and administrative costs were $4.6 billion, $4.8 billion, and $5.4 billion and
 comprised 13.3%, 14.6%, and 18.1% of revenues for the years ended December 31, 2024, 2023, and 2022, respectively. The decrease in
 costs in 2024 was primarily 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.
 Restructuring and Other Charges. 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.
 Research and Development (R&D). We conduct R&D activities to continually enhance our existing products and services, develop new
 products and services to meet our customers' changing needs and demands, and address new market opportunities. In addition to funding
 R&D internally, we also receive funding externally from our customers, partners, and governments, which contributes to the overall R&D for
 the Company.

 GEV funded

 Customer and Partner funded(a)

 Total R&D

 2024

 2023

 2022

 2024

 2023

 2022

 2024

 2023

 2022

 Power

 $ 391

 $ 324

 $ 308

 $ 187

 $ 113

 $ 86

 $ 578

 $ 437

 $ 394

 Wind

 —

 —

 Other(b)

 —

 —

 Total

 $ 982

 $ 896

 $ 979

 $ 260

 $ 187

 $ 165

 $ 1,242

 $ 1,083

 $ 1,144

 (a) Primarily related to funding in our Nuclear Power business.
 (b) Includes Advanced Research.
 Interest and Other Financial Charges – Net. Interest and other financial charges – net was a $0.1 billion benefit for the year ended
 December 31, 2024 and a $0.1 billion and $0.2 billion charge for the years ended December 31, 2023 and 2022, respectively. The higher
 income in 2024 was primarily due t o a higher average balance of invested funds and interest received from an arbitration refund. T he
 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. The effective tax rate and provision (benefit) for income taxes for the years ended December 31, 2024, 2023, and 2022
 were as follows:

 2024

 2023

 2022

 Effective tax rate (ETR)

 37.6 %

 (264.1) %

 (10.0) %

 Provision (benefit) for income taxes

 $ 939

 $ 344

 $ 248

 The effective tax rate for year ended December 31, 2024 was impacted primarily by an increase in valuation allowances in the U.S. and in
 certain foreign jurisdictions with losses providing no tax benefit, 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 years ended December 31, 2023 and 2022 due to taxes in profitable
 jurisdictions and an increase in valuation allowances from losses providing no tax benefit in other jurisdictions.
 See Note 15 in the Notes to the consolidated and combined financial statements for further information.

 CAPIT AL RESOUR CES 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
 C ash, 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 $0.8 billion of
 cash from GE 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 December 31, 2024, our Cash, cash equivalents, and restricted cash was $8.2 billion,
 $0.4 billion of which was restricted use c ash. During the year ended December 31, 2024, we received proceeds of $0.9 billion, net of
 directly attributable taxes paid, from the sales of a portion of our equity interest in GE Vernova T&D India Ltd (formerly known as GE T&D
 India Ltd), proceeds of $0.2 billion from the sale of a portion of our investment in China XD Electric Co., Ltd., net cash proceeds of $0.6
 billion from our Steam Power business sale of part of its nuclear activities to EDF, and 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" for further information. We believe our unrestricted c ash, cash equivalents, future cash flows

 2024 FORM 10-K 41

 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.
 On December 10, 2024, the Board of Directors declared a $0.25 per share quarterly dividend on the outstanding common stock, which we
 paid on January 28, 2025, to stockholders of record as of December 20, 2024. In addition, on December 10, 2024, we announced that the
 Board of Directors had authorized up to $6 billion of common stock repurchases.

 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 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.

 FREE CASH FLOW (NON-GAAP)

 2024

 2023

 Cash from (used for) operating activities (GAAP)

 $ 2,583

 $ 1,186

 Add: Gross additions to property, plant, and equipment and internal-use software

 (883)

 (744)

 Free cash flow (Non-GAAP)

 $ 1,701

 $ 442

 Cash from (used for) operating activities was $2.6 billion and $1.2 billion for the years ended December 31, 2024 and 2023,
 respectively.
 Cash from (used for) operating activities increased by $1.4 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 $1.7 billion in accounts payable and equipment project payables, primarily due to lower disbursements, including a
 lower impact related to prepayments compared to the prior year, and higher purchases; partially offset by a decrease in current contract
 assets of $(0.5) billion, due to higher revenue recognition, partially offset by an unfavorable change in estimated profitability, in Gas Power;
 a decrease in current receivables of $(0.5) billion, primarily due to higher billings, an increase in past dues, and increases in supplier
 advances; a decrease in inventories of $(0.4) billion, primarily due to higher build in Power; and a decrease in due to related parties of
 $(0.3) billion, primarily due to settlements of payables with GE prior to the Spin-Off in 2024.
 Cash from operating activities of $2.6 billion for the year ended December 31, 2024 included a $1.1 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 $2.8
 billion, driven by net collections at Power, and down payments and collections on several large projects in Grid Solutions at Electrification,
 partially offset by liquidations and the settlement of a previously canceled project at Wind; accounts payable and equipment project
 payables of $1.1 billion, due to material purchases outpacing disbursements, including an increase in prepayments as we more closely
 align the timing of disbursements and collections; current receivables of $(1.3) billion, driven by billings outpacing collections, an increase in
 past dues, and increases in supplier advances in order to secure future volume, primarily in Power; inventories of $(0.6) billion, primarily in
 Gas Power, to support fulfillment and deliveries expected in 2025, partially offset by liquidations in Wind; current contract assets of $(0.4)
 billion, driven by revenue recognition exceeding billings on our equipment and other service agreements in Wind and Electrification, and on
 our contractual service agreements in Gas Power, partially offset by an unfavorable change in estimated profitability; and changes in due to
 related parties of $(0.4) billion, primarily due to settlements of payables with GE prior to the Spin-Off.
 Cash from operating activities of $1.2 billion for the year ended December 31, 2023 included a $1.1 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 $2.8
 billion as a result of project collections and down payments in Power, Wind and Electrification outpacing revenue recognition; partially offset
 by current receivables of $(0.8) billion, driven by billings outpacing collections across our businesses; and accounts payable and equipment
 project payables of $(0.7) billion, driven by higher disbursements, including prepayments of supply chain finance programs at Wind and
 Power.
 Cash from (used for) investing activities was less than $(0.1) billion and $(0.7) billion for the years ended December 31, 2024 and 2023,
 respectively.
 Cash from (used for) investing activities increased by $0.7 billion in 2024 compared to 2023 primarily driven by: net proceeds from principal
 business dispositions of $0.8 billion, primarily 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 an increase in additions to PP&E and internal-use software of $0.1 billion. Net sales of and distributions from equity
 method investments were flat, as t he sale of a 3% equity interest in China XD Electric Co., Ltd. in the fourth quarter of 202 4 was offset by
 lower sales in our Financial Services business. Cash used for additions to PP&E and internal-use software, which is a component of free
 cash flow*, was $0.9 billion and $0.7 billion fo r the years ended December 31, 2024 and 2023, respectively.

 2024 FORM 10-K 42

 Cash from (used for) financing activities was $3.7 billion and $(0.4) billion for the years ended December 31, 2024 and 2023,
 respectively. Cash from financing activities increased by $4.1 billion in 2024 compared to 2023 primarily driven by: higher transfers from
 parent of $3.3 billion; and proceeds from the sales of approximately 24% of our equity interest in GE Vernova T&D India Ltd, a power
 transmission and distribution solution provider, of $0.9 billion in 2024, net of directly attributable taxes paid, which is reflected in All other
 financing activities. After the sales, we continue to retain 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. See Notes 7 and 22 in the Notes to the consolidated and combined financial statements for further information
 regarding our obligations under lease and guarantee arrangements as well as our investment commitments. See Note 13 in the Notes to
 the consolidated and combined financial statements for further information regarding material cash requirements related to our pension
 obligations.
 Debt. As o f both December 31, 2024 and 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 the Credit Facilities, refer to our Current Report on Form 8-K, filed with the SEC on April 2, 2024, and see Note 22 in the
 Notes to the consolidated and combined financial statements.
 Credit Ratings and Conditions. We have access to the Revolving Credit Facility to fund operations, and we may rely on debt capital
 markets in the future to further su pport 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 the 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

 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. S ee Item 1A. "Risk Factors — Risks Relating to Our Business and Our Industry
 — Risks Relating to Operations and Supply Chain" and Item 1A. "Risk Factors — Risks Relating to Financial, Accounting, and Tax Matters"
 for a description of some of the potential consequences of a reduction in our credit ratings.
 If we are 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. As of December
 31, 2024, we estimated an insignificant liquidity impact of a ratings downgrade below investment grade.
 Parent Company Credit Support. Prior t o the Spin-Off, to support GE Vernova businesses 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.
 B eginning in 2025, GE Vernova will pay a quarterly fee to GE based on amounts related to the GE credit support. GE Vernova is subject to
 other contractual restrictions and requirements while GE continues to be obligated under such credit support on behalf of GE Vernova. In
 addition, w hile 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 and possible related costs.
 As of December 31, 2024, we estimated GE Vernova RPO and other obligations that relate to GE credit support to be approximately $17
 billion, an over 74% reduction since December 31, 2023 and over 52% reduction since the Spin-Off. We expect approximately $10 billion of
 the RPO related to GE credit support obligations to contractually mature within five years from December 31, 2024. 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. For a discussion of recently issued accounting standards, see Note 2
 in the Notes to the consolidated and combined financial statements for further information.

 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. The following are areas considered to be critical and
 require management's judgment: Allocations from GE, Revenue Recognition on Service Agreements, Revenue Recognition on Equipment
 on an Over-Time Basis, Goodwill, Income Taxes, Postretirement Benefit Plans, Loss Contingencies, and Environmental and Asset
 Retirement Obligations. See Note 2 in the Notes to the consolidated and combined financial statements for further information regarding
 our significant accounting policies.

 2024 FORM 10-K 43

 Allocations From GE. The consolidated and combined financial statements include expense allocations prior to the Spin-Off for certain
 corporate, infrastructure, and shared services expenses provided by GE on a centralized basis, including, but not limited to, finance, supply
 chain, human resources, IT, insurance, employee benefits, and other expenses that are either specifically identifiable or clearly applicable
 to GE Vernova. These expenses have been allocated to us on the basis of direct usage when identifiable, with the remainder allocated on a
 pro rata basis using an applicable measure of headcount, revenue, or other allocation methodologies that are considered to be a
 reasonable reflection of the utilization of services provided or the benefit received by GE Vernova during the periods presented.
 Management considers that such allocations have been made on a reasonable basis; however, these allocations may not be indicative of
 the actual expense that would have been incurred had we operated as an independent, stand-alone public entity.
 Revenue Recognition on Service Agreements. We have long-term service agreements with our customers within our Power and Wind
 segments that require us to maintain the customers' assets over the contract terms, which generally range from 5 to 25 years.
 Power. Within Power, these long-term service agreements, which we refer to as contractual service agreements, generally include
 maintenance associated with major outage events and revenues are recognized as we perform under the arrangements using the
 percentage of completion method, which is based on costs incurred relative to our estimate of total expected costs. This requires us to
 make estimates of customer payments expected to be received over the contract term as well as the costs to perform required
 maintenance services.
 Customers generally pay us based on the utilization of the asset (per hour of usage for example) or upon the occurrence of a major
 maintenance event within the contract. As a result, a significant estimate in determining expected revenues of a contract is estimating how
 customers will utilize their assets over the term of the agreement. The estimate of utilization, which can change over the contract life,
 impacts both the amount of customer payments we expect to receive and our estimate of future contract costs. Customers' asset utilization
 will influence the timing and extent of maintenance events over the life of the contract. We generally use historical utilization trends in
 developing our revenue estimates. To develop our cost estimates, we consider the timing and extent of future maintenance events,
 including the amount and cost of labor, spare parts and other resources required to perform the services.
 We routinely review estimates under long-term service agreements and regularly revise them to adjust for changes in outlook. These
 revisions are based on objectively verifiable information that is available at the time of the review. Contract modifications that change the
 rights and obligations, as well as the nature, timing and extent of future cash flows, are evaluated for potential price concessions, contract
 asset impairments and significant financing to determine if adjustments of earnings are required before effectively accounting for a modified
 contract as a new contract.
 We regularly assess expected billings adjustments and customer credit risk inherent in the carrying amounts of receivables and contract
 assets, including the risk that contractual penalties may not be sufficient to offset our accumulated investment in the event of customer
 termination. We gain insight into future utilization and cost trends, as well as credit risk, through our knowledge of the installed base of
 equipment and close interaction with our customers that comes with supplying critical services and parts over extended periods. Revisions
 may affect a long-term services agreement's total estimated profitability resulting in an adjustment of earnings.
 As of December 31, 2024, our net long-term service agreements balance of $3.5 billion represents approximately 5% of our total estimated
 life of contract billings. Our contracts (on average) are approximately 29% complete based on costs incurred to date and our estimate of
 future costs. Revisions to our estimates of future billings or costs that increase or decrease total estimated contract profitability by one
 percentage point would increase or decrease the long-term service agreements contract assets balance by $0.2 billion. Billings on these
 contracts were $5.0 billion during both the years ended December 31, 2024 and 2023. See Notes 2 and 9 in the Notes to the consolidated
 and combined financial statements for further information.
 Wind. The equipment within our Wind segment generally does not require major planned outages and revenues associated with service
 agreements are recognized on a straight-line basis consistent with the nature, timing and extent of these arrangements, which generally
 include planned and unplanned maintenance and may also include performance guarantees of the wind farm's availability to operate under
 adequate wind conditions. Availability is typically measured across the wind farm over a reference period of one year. Any forecasted
 shortfalls that may result in a payment to a customer are recorded as a reduction of revenues, while additional revenues are recognized
 when availability exceeds the contractual targets. During the years ended Decemb er 31, 2024, 2023, and 2022, t he reduction of revenues
 from availability shortfalls was $0.3 billion, $0.3 billion and $0.1 billion, respectively. A further 1% reduction in availability across the entire
 fleet would have resulted in an additional revenue reduction of less than $0.1 billion.
 Revenue Recognition on Equipment on an Over-Time Basis. We have agreements for the sale of customized goods, including power
 generation equipment such as gas and certain wind turbines. We recognize revenues 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. This
 requires us to make estimates of customer payments expected to be received over the contract term as well as the costs to complete the
 project. In addition, 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 liquidated damages related to milestones established for on-time delivery or meeting certain product specifications. On an
 ongoing basis, we evaluate the probability and magnitude of having to pay 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 billing terms for these agreements are generally based on achieving specified milestones and include billing adjustments for project
 delays and performance guarantees. As a result, a significant estimate in determining expected revenues of a contract is estimating project
 execution timelines that may be adjusted due to internal and external supply chain adjustments, overall project execution, and product
 performance. We generally use a combination of historical information as well as forward-looking information surrounding project execution
 timelines and product performance in developing our revenue estimates. To develop our revenue estimates, we start with the contract price
 and then make downward revisions based on historical trends. In addition, we also adjust as we become aware of new information.

 2024 FORM 10-K 44

 Our estimation of the total costs required to fulfill our promise to a customer is generally based on our history of manufacturing similar
 assets for customers. This estimation of cost is critical to our revenue recognition process and is updated routinely to reflect changes in
 quantity or cost of the inputs. In certain projects, 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. The
 estimation of costs is subject to increased subjectivity when we introduce new products and technologies, and actual costs may differ from
 estimates more widely at this stage of development due to lack of historical experience.
 We routinely review estimates and regularly revise them to adjust for changes in outlook. These revisions are based on objectively
 verifiable information that is available at the time of the review.
 Goodwill. We test goodwill for impairment at the reporting unit level annually in the fourth quarter of each year using October 1st as the
 measurement date. We also test goodwill for impairment when an event occurs or circumstances change that would more likely than not
 reduce the fair value of a reporting unit below its carrying value. An impairment charge is recognized if the carrying amount of a reporting
 unit exceeds its fair value.
 We determine fair value for each of the reporting units using the market approach, when available and appropriate, or the income
 approach, or a combination of both. We assess the valuation methodology based upon the relevance and availability of the data at the time
 we perform the valuation. If multiple valuation methodologies are used, the results are weighted appropriately.
 Under the market approach fair value is derived from metrics of publicly traded companies or historically completed transactions of
 comparable businesses, when available. The selection of comparable businesses is based on the markets in which the reporting units
 operate giving consideration to risk profiles, size, geography, and diversity of products and services. A market approach is limited to
 reporting units for which there are publicly traded companies that have characteristics similar to our businesses.
 Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an
 appropriate risk-adjusted rate. We use discount rates that are commensurate with the risks and uncertainty inherent in the respective
 businesses and in our internally developed forecasts.
 Based on the results of the impairment tests as of October 1, 2024, the fair values of our reporting units substantially exceeded their
 carrying values. Estimating the fair value of reporting units involves the use of significant judgments that are based on a number of factors
 including actual operating results, internal forecasts, such as forecasts of costs, margins, investments and capital expenditures, market
 observable pricing multiples of similar businesses and comparable transactions, possible control premiums, determining the appropriate
 discount rate and long-term growth rate assumptions, and, if multiple approaches are being used, determining the appropriate weighting
 applied to each approach. It is reasonably possible that the judgments and estimates described above could change in future periods. See
 Note 8 in the Notes to the consolidated and combined financial statements for further information.
 Income Taxes. Prior to the Spin-Off, GE Vernova was included in the consolidated U.S. federal, state and foreign income tax returns of
 GE, where eligible, through April 2, 2024. We have adopted the separate return method in preparing a provision for income taxes for the
 periods prior to the Spin-off. The calculation of income taxes on a separate return basis requires considerable judgment and use of both
 estimates and allocations. As a result, our provision for income taxes and deferred tax assets and liabilities reflected in our consolidated
 and combined financial statements for the periods 2022, 2023, and the first quarter of 2024 have been estimated as if we were a separate
 taxpayer. Following the Spin-off, GE Vernova will file tax returns independently and our provision for income taxes is prepared on a stand-
 alone basis.
 We only recognize the tax benefits from income tax positions that have a greater than 50 percent likelihood of being sustained upon
 examination by the taxing authorities. A liability is recorded for uncertain tax positions when there is a 50 percent or less likelihood such tax
 position would be sustained based on its technical merits. Significant judgement is required when evaluating tax positions for uncertainty.
 We re-evaluate uncertain tax positions upon changes in facts and circumstances, changes in tax law or guidance, and upon effective
 settlement of issues with tax authorities. Changes in the recognition or measurement of uncertain tax positions could result in material
 increases or decreases in our provision (benefit) for income taxes in the period such determination is made.
 We record deferred taxes on the future tax consequences of differences between the financial statement carrying value of our assets and
 liabilities and their respective tax basis. The realization of deferred tax assets depends on sufficient sources of taxable income. Possible
 sources of taxable income include taxable income in carry-back periods, the future reversal of existing taxable temporary differences
 recorded as a deferred tax liability, tax-planning strategies that generate future income, and projected future taxable income. If, based upon
 all available evidence, both positive and negative, it is more likely than not such deferred tax assets will not be realized, a valuation
 allowance is recorded to adjust the deferred tax assets to the net amount which is more likely than not to be realized. Significant weight is
 given to evidence that is objectively verifiable such as cumulative losses in recent years; however, some evidence may be based on
 estimates and assumptions regarding potential sources of future taxable income. Changes in these estimates and assumptions may result
 in a change in judgement regarding the realizability of deferred tax assets.
 Based on our assessment of the realizability of our deferred tax assets as of December 31, 2024, we continue to maintain valuation
 allowances against our deferred tax assets in the U.S. and certain foreign jurisdictions, primarily due to cumulative losses in those
 jurisdictions. Given the current year profit and anticipated future profitability in the U.S., it is reasonably possible that the continued
 improvement in our U.S. operations could result in the positive evidence necessary to warrant the release of a significant portion of our U.S.
 valuation allowance as early as the second half of 2025. A release of the valuation allowance would result in the recognition of certain U.S.
 deferred tax assets and a corresponding benefit in our provision for income taxes in the period the release occurs. See Note 15 in the
 Notes to the consolidated and combined financial statements for further information.
 Postretirement Benefit Plans. We engage third-party actuaries to assist in the determination of pension obligations and related plan
 costs. We develop significant long-term assumptions including discount rates and the expected rate of return on assets in connection with

 2024 FORM 10-K 45

 our pension accounting. We recognize differences between the expected long-term return on plan assets, the actual return, and net
 actuarial gains and losses for the pension plan liabilities annually in the fourth quarter of each fiscal year and whenever a plan is
 determined to qualify for a remeasurement within the Consolidated and Combined Statement of Comprehensive Income (Loss).
 Accounting requirements necessitate the use of assumptions to reflect the uncertainties and the length of time over which the pension
 obligations will be paid. The actual amount of future benefit payments will depend upon when participants retire, the amount of their benefit
 at retirement, and how long they live. We discount the future payments using a rate that matches the time frame over which the payments
 will be made. We also assume a long-term rate of return that will be earned on investments used to fund these payments.
 We evaluate these assumptions annually. We periodically evaluate other assumptions, such as compensation, retirement age, mortality,
 and turnover, and update them as necessary to reflect our actual experience and expectations for the future.
 We determine the discount rate using the weighted-average yields on high-quality fixed-income securities that have maturities consistent
 with the timing of benefit payments. Lower discount rates increase the size of the benefit obligations and generally increase pension
 expense in the following year; higher discount rates reduce the size of the benefit obligation and generally reduce subsequent-year pension
 expense.
 The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the
 pension obligations. To determine this rate, we consider the current and target composition of plan investments, our historical returns
 earned, and our expectation about the future.
 As of the measurement date of December 31, 2024, net periodic benefit income for 2025 is estimated to be $0.5 billion. The components of
 net periodic benefit costs, other than the service component, are included in Non-operating benefit income in our Consolidated and
 Combined Statement of Income (Loss).
 Fluctuations in discount rates can significantly impact pension costs and obligations. A 25 basis point decrease in the discount rate would
 increase our principal pension plan cost in the following year by less than $0.1 billion and would also expect an increase in the principal
 pension plan projected benefit obligation at year-end by approximately $0.2 billion. A 50 basis point decrease in the expected return on
 assets would increase principal pension plan cost in the following year by approximately $0.1 billion. See Note 13 in the Notes to the
 consolidated and combined financial statements for further information.
 Loss Contingencies. Loss contingencies are existing conditions, situations or circumstances involving uncertainty as to possible loss that
 will ultimately be resolved when future events occur or fail to occur. Such contingencies include, but are not limited to, warranties,
 environmental obligations, litigation, regulatory investigations and proceedings, and losses resulting from other events and developments.
 When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss.
 We consider many factors in making these assessments, including historical experience and matter specifics. Estimates are developed in
 consultation with legal counsel and are based on an analysis of potential results.
 When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low end of such range. However, the
 likelihood of a loss with respect to a particular contingency is often difficult to predict and determining a meaningful estimate of the loss or a
 range of loss may not be practicable based on the information available and the potential effect of future events and negotiations with or
 decisions by third parties that will determine the ultimate resolution of the contingency. Moreover, it is not uncommon for such matters to be
 resolved over many years, during which time relevant developments and new information must be continuously evaluated to determine
 both the likelihood of potential loss and whether it is possible to reasonably estimate a range of possible loss. Disclosure is provided for
 material loss contingencies when a loss is probable, but a reasonable estimate cannot be made, and when it is reasonably possible that a
 loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to determine whether the
 likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be made. See Note 22 in the
 Notes to the consolidated and combined financial statements 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 or as a result of any restructuring
 actions taken in future periods. 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.
 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 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. See Note 22 i n the Notes to the
 consolidated and combined financial statements for further information.

 NON-GAAP FINANCIAL MEASURES. The non-GAAP financial measures presented in this Annual Report on Form 10-K 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 the 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

 2024 FORM 10-K 46

 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.
 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, EBITDA, AND EBITDA MARGIN BY SEGMENT (NON-GAAP)

 Revenue(a)

 Segment EBITDA margin

 2024

 2023

 V%

 2024

 2023

 V%

 2024

 2023

 V pts

 Power (GAAP)

 4 %

 $ 2,268

 $ 1,722

 32 %

 12.5 %

 9.9 %

 2.6pts

 —

 —

 (21)

 (19)

 (35)

 (118)

 Power organic (Non-GAAP)

 $ 17,947

 $ 16,791

 7 %

 $ 2,310

 $ 1,859

 24 %

 12.9 %

 11.1 %

 1.8pts

 Wind (GAAP)

 $ 9,701

 $ 9,826

 (1) %

 $ (588)

 $ (1,033)

 43 %

 (6.1) %

 (10.5) %

 4.4pts

 —

 —

 —

 —

 —

 —

 —

 —

 (40)

 (52)

 (52)

 (112)

 Wind organic (Non-GAAP)

 $ 9,741

 $ 9,878

 (1) %

 $ (536)

 $ (922)

 42 %

 (5.5) %

 (9.3) %

 3.8pts

 Electrification (GAAP)

 $ 7,550

 $ 6,378

 18 %

 $ 679

 $ 234

 F

 9.0 %

 3.7 %

 5.3pts

 (3)

 —

 —

 —

 —

 —

 (16)

 (27)

 Electrification organic (Non-GAAP)

 $ 7,525

 $ 6,361

 18 %

 $ 698

 $ 261

 F

 9.3 %

 4.1 %

 5.2pts

 (a) Includes intersegment sales of $483 million and $414 million for the years ended December 31, 2024 and 2023, respectively. See Note
 25 in the Notes to the consolidated and combined financial state ments for further information.

 ORGANIC REVENUES (NON-GAAP)

 2024

 2023

 V%

 Total revenues (GAAP)

 5 %

 (6)

 (33)

 Organic revenues (Non-GAAP)

 $ 34,771

 $ 32,630

 7 %

 EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP)

 2024

 2023

 V%

 Total equipment revenues (GAAP)

 $ 18,952

 $ 18,258

 4 %

 —

 (13)

 (36)

 Equipment organic revenues (Non-GAAP)

 $ 18,880

 $ 17,912

 5 %

 Total services revenues (GAAP)

 $ 15,983

 $ 14,981

 7 %

 Services organic revenues (Non-GAAP)

 $ 15,890

 $ 14,717

 8 %

 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*,

 2024 FORM 10-K 47

 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.

 ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN (NON-GAAP)

 2024

 2023

 V%

 2022

 Net income (loss) (GAAP)

 $ (474)

 F

 $ (2,722)

 Add: Restructuring and other charges(a)

 Add: Steam Power asset sale impairment

 —

 —

 Add: Purchases and sales of business interests(b)

 (1,024)

 (92)

 (55)

 Add: Russia and Ukraine charges(c)

 —

 Add: Separation costs (benefits)(d)

 (9)

 —

 —

 Add: Arbitration refund(e)

 (254)

 —

 —

 Add: Non-operating benefit income(f)

 (536)

 (567)

 (188)

 Add: Depreciation and amortization(g)

 1,008

 Add: Interest and other financial charges – net(h)(i)

 (130)

 Add: Provision (benefit) for income taxes(i)

 Adjusted EBITDA (Non-GAAP)

 $ 2,035

 $ 807

 F

 $ (428)

 Net income (loss) margin (GAAP)

 4.5 %

 (1.4) %

 5.9 pts

 (9.2) %

 Adjusted EBITDA margin (Non-GAAP)

 5.8 %

 2.4 %

 3.4 pts

 (1.4) %

 (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. I n addition, includes $136 million benefit related to deferred intercompany profit that was recognized upon
 GE retaining the renewable energy U.S. tax equity in vestments at the time of the Spin-Off in the second quarter of 2024.
 (e) Represents cash refund received in connection with an arbitration proceeding, constituting the payments previously made to a
 multiemployer pension plan, 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 of 2024.
 (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) - net.
 (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 $10 million, $45 million, and $54 million and benefit (provision) for income taxes of $56 million,
 $168 million, and $(1) million for the years ended December 31, 2024, 2023, and 2022, 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.

 ADJUSTED ORGANIC EBITDA AND ADJUSTED ORGANIC EBITDA MARGIN
 (NON-GAAP)

 2024

 2023

 V%

 Adjusted EBITDA (Non-GAAP)

 $ 2,035

 $ 807

 F

 —

 (21)

 (19)

 (114)

 (257)

 Adjusted organic EBITDA (Non-GAAP)

 $ 2,160

 $ 1,084

 99 %

 Adjusted EBITDA margin (Non-GAAP)

 5.8 %

 2.4 %

 3.4 pts

 Adjusted organic EBITDA margin (Non-GAAP)

 6.2 %

 3.3 %

 2.9 pts

 See " — Capital Resources and Liquidity" for discussion of free cash flow*.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES 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 activities.
 Foreign Exchange Risk. 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 and British pound sterling. We are also exposed to the risk
 of changes in foreign exchange rates due to our net investment in foreign operations. The effects from the foreign currency exchange rate
 fluctuations on the translation of net amounts to the U.S. dollar, the reporting currency, are reflected in our equity position. See Note 2 in the
 Notes to the consolidated and combined financial statements for further information regarding our net gains (losses) from foreign currency
 transactions.

 2024 FORM 10-K 48

 Foreign exchange rate risk is managed with a variety of techniques, including selective use of derivatives. It is our policy to minimize
 currency exposures by conducting operations either within functional currencies or using the protection of hedging strategies. A 10%
 increase in exchange rates against the U.S. dollar would have decreased our net income for the year ended December 31, 2024 by
 approximately $0.1 billion. This analysis considered the net currency exposure of foreign currency denominated monetary items and
 hedging instruments.
 Interest Rate Risk. We are subject to interest rate risks in the ordinary course of our business. The level of our interest rate risk is
 dependent on our debt exposure and capital structure and is sensitive to changes in the general level of interest rates. Historical
 fluctuations in interest rates have not been significant for us; however, this may vary in the future as our capital structure changes.
 Commodity Risk. Our operations require the use of various commodities. Fluctuations in the prices and availability of these commodities
 can impact our cost of equipment sold and thus our profitability. To mitigate this risk, we have implemented various strategies, including
 commercial actions, diversification of supplier base, and derivative instruments. We continuously monitor our exposure to commodity price
 fluctuations and adjust our risk management strategies as necessary.
 See Note 20 in the Notes to the consolidated and combined financial statements for further information regarding our risk exposures, our
 use of derivatives, and the effects of this activity on our consolidated and combined financial statements.

 2024 FORM 10-K 49

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

 AUDITOR'S REPORT
 Report of Independent Registered Public Accounting Firm
 To the stockholders and the Board of Directors of GE Vernova Inc.
 Opinion on the Financial Statements
 We have audited the accompanying consolidated and combined statements of financial position of GE Vernova Inc. and subsidiaries (the
 "Company") as of December 31, 2024, and 2023, the related consolidated and combined statements of income (loss), comprehensive
 income (loss), changes in equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes
 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the
 financial position of the Company as of December 31, 2024, and 2023, and the results of its operations and its cash flows for each of the
 three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of
 America.
 Basis for Opinion
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the
 Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting
 Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.
 federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to
 obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The
 Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our
 audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an
 opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
 Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
 fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the
 amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
 estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
 provides a reasonable basis for our opinion.
 Critical Audit Matter
 The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was
 communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to
 the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit
 matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical
 audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
 Sales of services - Revenue recognition on certain Power long-term service agreements - Refer to Note s 2 and 9 t o the financial
 statements
 Critical Audit Matter Description
 The Company enters into long-term service agreements with customers within its Power segment. These agreements require the Company
 to provide preventative and routine maintenance services, outage services, and stand-by "warranty-type" services, which generally range
 from 5 to 25 years. Revenue for these agreements is recognized using the percentage of completion method, based on costs incurred
 relative to total estimated costs over the contract term. As part of the revenue recognition process, the Company estimates both customer
 payments that are expected to be received and costs to perform maintenance services over the contract term. Key assumptions within
 those estimates that require significant judgment from management include: (a) how the customer will utilize the assets covered over the
 contract term, (b) the expected timing and extent of future maintenance and outage services, (c) the future cost of materials, labor, and
 other resources, and (d) forward looking information concerning market conditions.
 Given the complexity involved with evaluating the estimates, which includes significant judgment necessary to estimate future costs,
 auditing management's key assumptions within the estimates required a high degree of auditor judgment and extensive audit effort,
 including the involvement of professionals with specialized skills and industry knowledge.
 How the Critical Audit Matter Was Addressed in the Audit
 Our auditing procedures over the estimates and key assumptions described above related to the amount and timing of revenue recognition
 of the long-term service agreements, within the Power segment, included the following, among others:
 • We evaluated management's risk assessment process through observation of key meetings, including inspection of
 documentation, addressing contract status and current market conditions.
 • We evaluated the appropriateness and consistency of management's methods and key assumptions to develop cost estimates,
 including expected timing and extent of future maintenance and outage services as well as the future cost of materials, labor and
 other resources, all of which impact contract margin.
 • We tested management's utilization assumptions for timing and extent of future maintenance and overhaul services projected for
 the contract term by comparing current estimates to historical information and forward-looking market conditions.

 2024 FORM 10-K 50

 • We tested management's process for estimating the timing and amount of costs associated with maintenance, outage, and other
 major events throughout the contract term, including comparing estimates to historical cost experience, performing a retrospective
 review, performing analytical procedures, and utilizing specialists to evaluate engineering studies used by the Company to
 estimate the useful life of capital parts of certain installed equipment.

 /s/

 DELOITTE & TOUCHE LLP

 Boston, Massachusetts

 We have served as the Company's auditor since 2022.

 2024 FORM 10-K 51

 CONSOLIDATED AND COMBINED STATEMENT OF INCOME (LOSS)

 For the years ended December 31 (In millions, except per share amounts)

 2024

 2023

 2022

 Sales of equipment

 $ 18,952

 $ 18,258

 $ 15,819

 Sales of services

 15,983

 14,981

 13,835

 34,935

 33,239

 29,654

 Cost of equipment

 17,989

 18,705

 16,972

 Cost of services

 10,861

 9,716

 9,224

 Gross profit

 6,085

 4,818

 3,458

 Selling, general, and administrative expenses

 4,632

 4,845

 5,360

 Research and development expenses

 Operating income (loss)

 ( 923)

 ( 2,881)

 Interest and other financial charges – net

 ( 98)

 ( 151)

 Non-operating benefit income

 Other income (expense) – net (Note 19)

 1,372

 Income (loss) before income taxes

 2,498

 ( 130)

 ( 2,474)

 Provision (benefit) for income taxes (Note 15)

 1,559

 ( 474)

 ( 2,722)

 Net loss (income) attributable to noncontrolling interests

 ( 7)

 ( 14)

 Net income (loss) attributable to GE Vernova

 $ 1,552

 $ ( 438)

 $ ( 2,736)

 Earnings (loss) per share attributable to GE Vernova (Note 18):

 Basic

 $ 5.65

 $ ( 1.60)

 $ ( 10.00)

 Diluted

 $ 5.58

 $ ( 1.60)

 $ ( 10.00)

 Weighted-average number of common shares outstanding:

 Basic

 Diluted

 2024 FORM 10-K 52

 CONSOLIDATED AND COMBINED STATEMENT OF FINANCIAL POSITION

 December 31 (In millions, except share and per share amounts)

 2024

 2023

 Cash, cash equivalents, and restricted cash

 $ 8,205

 $ 1,551

 Current receivables – net (Note 4)

 8,174

 7,409

 Due from related parties (Note 24)

 Inventories, including deferred inventory costs (Note 5)

 8,587

 8,253

 Current contract assets (Note 9)

 8,621

 8,339

 All other current assets (Note 10)

 Assets of business held for sale (Note 3)

 —

 1,444

 Current assets

 34,153

 27,428

 Property, plant, and equipment – net (Note 6)

 5,150

 5,228

 Goodwill (Note 8)

 4,263

 4,437

 Intangible assets – net (Note 8)

 1,042

 Contract and other deferred assets (Note 9)

 Equity method investments (Note 11)

 2,149

 3,555

 Deferred income taxes (Note 15)

 1,639

 1,582

 All other assets (Note 10)

 2,763

 2,228

 Total assets

 $ 51,485

 $ 46,121

 Accounts payable and equipment project payables (Note 12)

 $ 8,578

 $ 7,900

 Due to related parties (Note 24)

 Contract liabilities and deferred income (Note 9)

 17,587

 15,074

 All other current liabilities (Note 14)

 5,496

 4,352

 Liabilities of business held for sale (Note 3)

 —

 1,448

 Current liabilities

 31,685

 29,306

 Deferred income taxes (Note 15)

 Non-current compensation and benefits

 3,264

 3,273

 All other liabilities (Note 14)

 5,116

 4,780

 Total liabilities

 40,892

 37,741

 Commitments and contingencies (Note 22)

 Common stock, par value $ 0.01 per share, 1,000,000,000 shares authorized, 275,880,314 shares
 outstanding as of December 31, 2024

 —

 Additional paid-in capital

 9,733

 —

 Retained earnings

 1,611

 —

 Treasury common stock, 226,290 shares at cost

 ( 43)

 —

 Net parent investment

 —

 8,051

 Accumulated other comprehensive income (loss) – net attributable to GE Vernova (Note 16)

 ( 1,759)

 ( 635)

 Total equity attributable to GE Vernova

 9,546

 7,416

 Noncontrolling interests

 1,047

 Total equity

 10,593

 8,380

 Total liabilities and equity

 $ 51,485

 $ 46,121

 2024 FORM 10-K 53

 CONSOLIDATED AND COMBINED STATEMENT OF CASH FLOWS

 For the years ended December 31 (In millions)

 2024

 2023

 2022

 $ ( 474)

 $ ( 2,722)

 Adjustments to reconcile net income (loss) to cash from (used for) operating
 activities

 Depreciation and amortization of property, plant, and equipment (Note 6)

 Amortization of intangible assets (Note 8)

 1,018

 (Gains) losses on purchases and sales of business interests

 ( 1,147)

 ( 209)

 ( 21)

 Principal pension plans – net (Note 13)

 ( 376)

 ( 405)

 —

 Other postretirement benefit plans – net (Note 13)

 ( 290)

 ( 313)

 ( 206)

 Provision (benefit) for income taxes (Note 15)

 Cash recovered (paid) during the year for income taxes

 ( 623)

 ( 2)

 ( 91)

 Changes in operating working capital:

 Decrease (increase) in current receivables

 ( 1,289)

 ( 837)

 ( 870)

 Decrease (increase) in due from related parties

 ( 8)

 ( 2)

 ( 4)

 Decrease (increase) in inventories, including deferred inventory costs

 ( 641)

 ( 240)

 ( 949)

 Decrease (increase) in current contract assets

 ( 409)

 Increase (decrease) in accounts payable and equipment project payables

 1,066

 ( 663)

 Increase (decrease) in due to related parties

 ( 398)

 ( 53)

 Increase (decrease) in contract liabilities and current deferred income

 2,799

 2,812

 1,282

 All other operating activities

 Cash from (used for) operating activities

 2,583

 1,186

 ( 114)

 Additions to property, plant, and equipment and internal-use software

 ( 883)

 ( 744)

 ( 513)

 Dispositions of property, plant, and equipment

 Purchases of and contributions to equity method investments

 ( 114)

 ( 83)

 ( 393)

 Sales of and distributions from equity method investments

 Proceeds from principal business dispositions

 —

 —

 All other investing activities

 ( 122)

 ( 199)

 Cash from (used for) investing activities

 ( 37)

 ( 734)

 ( 322)

 Net increase (decrease) in borrowings of maturities of 90 days or less

 ( 23)

 Transfers from (to) Parent

 2,933

 ( 361)

 All other financing activities

 ( 63)

 ( 151)

 Cash from (used for) financing activities

 3,652

 ( 408)

 Effect of currency exchange rate changes on cash, cash equivalents, and
 restricted cash

 ( 147)

 ( 87)

 Increase (decrease) in cash, cash equivalents, and restricted cash,
 including cash classified within businesses held for sale

 6,051

 Less: Net increase (decrease) in cash classified within businesses held for sale

 ( 603)

 Increase (decrease) in cash, cash equivalents, and restricted cash

 6,654

 ( 516)

 Cash, cash equivalents, and restricted cash at beginning of year

 1,551

 2,067

 1,800

 Cash, cash equivalents, and restricted cash as of December 31

 $ 8,205

 $ 1,551

 $ 2,067

 Supplemental disclosure of cash flows information

 Cash paid during the year for interest

 $ ( 74)

 $ ( 83)

 $ ( 77)

 2024 FORM 10-K 54

 CONSOLIDATED AND COMBINED STATEMENT OF COMPREHENSIVE INCOME (LOSS)

 For the years ended December 31 (In millions)

 2024

 2023

 2022

 Net income (loss) attributable to GE Vernova

 $ 1,552

 $ ( 438)

 $ ( 2,736)

 Net loss (income) attributable to noncontrolling interests

 ( 7)

 ( 14)

 $ ( 474)

 $ ( 2,722)

 Other comprehensive income (loss):

 Currency translation adjustments – net of taxes

 ( 397)

 ( 254)

 Benefit plans – net of taxes

 ( 730)

 Cash flow hedges – net of taxes

 ( 22)

 Other comprehensive income (loss)

 $ ( 1,120)

 $ 823

 $ ( 198)

 Comprehensive income (loss)

 $ 439

 $ 349

 $ ( 2,920)

 Comprehensive loss (income) attributable to noncontrolling interests

 ( 11)

 ( 16)

 Comprehensive income (loss) attributable to GE Vernova

 $ 428

 $ 383

 $ ( 2,936)

 2024 FORM 10-K 55

 CONSOLIDATED AND COMBINED STATEMENT OF CHANGES IN EQUITY

 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

 —

 —

 —

 —

 —

 —

 —

 Issuance of common stock in
 connection with the Spin-Off and
 reclassification of net parent
 investment

 8,712

 —

 —

 ( 8,715)

 —

 —

 —

 Issuance of shares in connection with
 equity awards(a)

 —

 —

 ( 40)

 —

 —

 —

 Share-based compensation expense

 —

 —

 —

 —

 —

 —

 —

 Dividends declared ( $ 0.25 per
 common share)

 —

 —

 —

 ( 70)

 —

 —

 —

 —

 ( 70)

 Repurchase of common stock

 —

 —

 —

 —

 ( 3)

 —

 —

 —

 ( 3)

 —

 —

 —

 1,682

 —

 ( 130)

 —

 1,559

 Currency translation adjustments –
 net of taxes

 —

 —

 —

 —

 —

 —

 ( 399)

 ( 397)

 Benefit plans – net of taxes

 —

 —

 —

 —

 —

 —

 ( 732)

 ( 730)

 Cash flow hedges – net of taxes

 —

 —

 —

 —

 —

 —

 —

 Changes in equity attributable to
 noncontrolling interests(b)

 —

 —

 —

 —

 —

 —

 Balances as of December 31, 2024

 $ 3

 $ 9,733

 $ 1,611

 $ ( 43)

 $ —

 $ ( 1,759)

 $ 1,047

 $ 10,593

 Balances as of January 1, 2023

 —

 $ —

 $ —

 $ —

 $ —

 $ 12,106

 $ ( 1,456)

 $ 957

 $ 11,607

 —

 —

 —

 —

 —

 ( 438)

 —

 ( 36)

 ( 474)

 Currency translation adjustments –
 net of taxes

 —

 —

 —

 —

 —

 —

 Benefit plans – net of taxes

 —

 —

 —

 —

 —

 —

 ( 2)

 Cash flow hedges – net of taxes

 —

 —

 —

 —

 —

 —

 —

 Transfers from (to) Parent

 —

 —

 —

 —

 —

 ( 3,617)

 —

 —

 ( 3,617)

 Changes in equity attributable to
 noncontrolling interests

 —

 —

 —

 —

 —

 —

 —

 Balances as of December 31, 2023

 —

 $ —

 $ —

 $ —

 $ —

 $ 8,051

 $ ( 635)

 $ 964

 $ 8,380

 Balances as of January 1, 2022

 —

 $ —

 $ —

 $ —

 $ —

 $ 13,996

 $ ( 1,256)

 $ 989

 $ 13,729

 —

 —

 —

 —

 —

 ( 2,736)

 —

 ( 2,722)

 Currency translation adjustments –
 net of taxes

 —

 —

 —

 —

 —

 —

 ( 253)

 ( 1)

 ( 254)

 Benefit plans – net of taxes

 —

 —

 —

 —

 —

 —

 Cash flow hedges – net of taxes

 —

 —

 —

 —

 —

 —

 ( 22)

 —

 ( 22)

 Transfers from (to) Parent

 —

 —

 —

 —

 —

 —

 —

 Changes in equity attributable to
 noncontrolling interests

 —

 —

 —

 —

 —

 —

 —

 ( 48)

 ( 48)

 Balances as of December 31, 2022

 —

 $ —

 $ —

 $ —

 $ —

 $ 12,106

 $ ( 1,456)

 $ 957

 $ 11,607

 (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 sales of an approximately 24 % equity interest in GE Vernova T&D India Ltd, a power transmission
 and distribution solution provider, in the year ended December 31, 2024, net of directly attributable taxes of $ 245 million.

 2024 FORM 10-K 56

 NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION
 Organization. On April 2, 2024, General Electric Company, which now operates as GE Aerospace (GE or Parent) completed the previously
 announced spin-off (the Spin-Off) of GE Vernova Inc. (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.
 GE Vernova 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 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 design, manufacture, and servicing of gas, nuclear, hydro, and steam technologies, providing a
 critical foundation of dispatchable, flexible, stable, and reliable power.
 • Our Wind segment includes our wind generation technologies, inclusive of onshore and offshore wind turbines and blades.
 • Our Electrification segment includes grid solutions, power conversion, electrification software, and solar and storage solutions
 technologies required for the transmission, distribution, conversion, storage, and orchestration of electricity from point of
 generation to point of consumption.
 Basis of Presentation. For periods prior to the Spin-Off, the combined financial statements have been 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. These 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.
 The consolidated and combined financial statements have been prepared in accordance with U.S. generally accepted accounting principles
 (U.S. GAAP) and present the historical results of operations, comprehensive income and losses, and cash flows for the years ended
 December 31, 2024, 2023, and 2022 and the financial position as of December 31, 2024 and 2023. We have reclassified certain prior-year
 amounts to conform to the current-year's presentation. The information 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 FORM 10-K 57

 For periods prior to the Spin-Off, GE used a centralized approach to cash management and financing of its operations. These
 arrangements may not be reflective of the way the Company would have financed its operations had it been a separate, stand-alone entity
 during the periods prior to the Spin-Off. The GE centralized cash management arrangements are excluded from the asset and liability
 balances in the Consolidated and Combined Statement of Financial Position for periods prior to the Spin-Off. These amounts have instead
 been included in Net parent investment as a component of equity. GE's third-party debt and, unless specifically attributable, the related
 interest expense, has not been attributed to the Company because the Company is not the legal obligor of the debt and the borrowings are
 not specifically identifiable to the Company. See Note 24 for further information.
 For periods prior to the Spin-Off, the Consolidated and Combined Statement of Income (Loss) includes expense allocations for certain
 corporate, infrastructure, and shared services expenses provided by GE on a centralized basis (GE Corporate Costs), including, but not
 limited to, finance, supply chain, human resources, IT, insurance, employee benefits, and other expenses that are either specifically
 identifiable or clearly applicable to the Company. These expenses have been allocated to the Company on the basis of direct usage when
 identifiable, with the remainder allocated on a pro rata basis using an applicable measure of headcount, revenue, or other allocation
 methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by GE
 Vernova during the periods prior to the Spin-Off. However, the GE Corporate Costs allocations may not be indicative of the actual expense
 that would have been incurred had the Company operated as an independent, stand-alone public entity. See Note 24 for further
 information.

 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 revenue 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, product warranties and environmental, asset retirement obligations,
 actuarial assumptions used to determine costs of pension and postretirement benefits, valuation and recoverability of receivables, valuation
 of derivatives, and valuation of assets acquired, liabilities assumed, and contingent consideration as a result of acquisitions.
 Revenues from the Sale of Equipment. Sales of equipment include the sales of gas turbines, wind turbines and repower units, and other
 power generation equipment related to energy production as well as substation solutions, high-voltage direct current (HVDC) solutions,
 transformers, and switchgears for the transmission and distribution of electricity.
 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. V ariable
 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 years ended December 31, 2024 and 2023, primarily as a result of c hanges in product and project cost estimat es, we recorded
 incremental contract losses for certain Offshore Wind contracts of $ 1,005 million and $ 379 million, respectively. The incremental contract
 losses in 2024 primarily relate to the estimated impact of changes in execution timelines, project-related commercial liabilities, costs to
 remediate quality issues including the removal of previously installed blades at the Vineyard Wind project, and additional project-related
 supply chain and manufacturing costs. 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.
 Performance Obligations Satisfied at a Point in Time. We recognize revenue on agreements for non-customized equipment and other
 goods we manufacture on a standardized basis for sale to the market at the point in time that the customer obtains control of the product,
 which is generally no earlier than when the customer has physical possession. We recognize revenue based on the transaction price to
 which we expect to be entitled based on our history and estimates regarding variable consideration such as performance and delivery

 2024 FORM 10-K 58

 commitments. We use proof of delivery for certain large equipment with more complex logistics, whereas the delivery of other equipment is
 estimated based on historical averages of in-transit periods (i.e., time between shipment and delivery).
 Where arrangements include customer acceptance provisions based on seller or customer-specified objective criteria, we recognize
 revenue when we have concluded that the customer has control of the equipment, and that acceptance is likely to occur. We do not
 provide for anticipated losses on point-in-time transactions prior to transferring control of the equipment to the customer.
 Our billing terms for these point-in-time equipment contracts generally coincide with delivery to the customer; however, we receive progress
 collections from customers for large equipment purchases to generally reserve production slots.
 Revenues from the Sale of Services. Sales of services include sales from contracts that include the sales of parts and labor associated
 with servicing customers' installed base in addition to software related offerings, extended warranties, equipment upgrades, and other
 service-type activities. Consistent with the way we manage our businesses and interact with customers, we refer to sales under service
 agreements, which includes both goods (such as spare parts and equipment upgrades) and related services (such as monitoring,
 maintenance and repairs) as sales of "services," which is an important part of our operations. See Note 9 for further information.
 Performance Obligations Satisfied Over Time. We enter into long-term service agreements, which we refer to as contractual service
 agreements, with our customers within our Power segment. These agreements require us to provide preventative and routine maintenance,
 outage services, and standby "warranty type" services that include certain levels of assurance regarding asset performance and uptime
 throughout the contract periods, which generally range from 5 to 25 years. We account for items that are integral to the maintenance of the
 equipment as part of our performance obligation unless the customer has a substantive right to make a separate purchasing decision for
 services such as equipment upgrades. When determined to be a separate performance obligation, revenue for equipment upgrades is
 r ecognized over time as our performance enhances the customer's asset.
 We recognize revenue as we perform under these 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 under the terms
 of the contract. Throughout the life of a contract, this measure of progress captures the nature, timing and extent of our underlying
 performance activities as our stand-ready services often fluctuate between routine inspections and maintenance, unscheduled service
 events and major outages at predetermined usage intervals. We provide for a potential loss on these agreements when it is expected that
 we will incur such loss.
 Our billing terms for these arrangements are generally based on the customers' utilization of the equipment (e.g., per hour of usage) and
 upon the occurrence of a major maintenance event within the contract, such as an outage. The differences between the timing of our
 revenue recognized (based on costs incurred) and customer billings (based on contractual terms) result in changes to our contract asset or
 contract liability positions. See Note 9 for further information.
 We also enter into long-term service agreements, which we refer to as flexible service agreements, in our Wind segment. Revenues are
 recognized for these arrangements on a straight-line basis consistent with the nature, timing and extent of our services, which primarily
 relate to routine maintenance and as needed equipment repairs. We generally invoice periodically as services are provided.
 Performance Obligations Satisfied at a Point in Time. We sell certain tangible products, largely spare parts, through our services
 businesses. We recognize revenues and bill our customers at the point in time that the customer obtains control of the good, which is at the
 point in time we deliver the spare part to the customer.
 Cash, Cash Equivalents and Restricted Cash. Short-term investments and money market instruments with original maturities of three
 months or less are included in Cash, cash equivalents, and restricted cash. Restricted cash primarily relates to funds restricted in
 connection with contractual and legal restrictions and amounted to $ 438 million and $ 50 million as of December 31, 2024 and 2023,
 respectiv ely. See Note 22 for further information.
 Customer Receivables. Amounts due from customers arising from the sales of equipment and services are recorded at the outstanding
 amount, less allowance for losses. We regularly monitor the recoverability of our receivables. See Note 4 for further information.
 Allowance for Credit Losses. When we record customer receivables, contract assets, and financing receivables, as well as financial
 guarantees and certain commitments, we record an allowance for credit losses for the current expected credit losses inherent in the asset
 over its expected life. The allowance for credit losses is a valuation account deducted from the amortized cost basis of the assets to
 present the assets' net carrying value at the amount expected to be collected. In each period, the allowance for credit losses is adjusted
 through earnings to reflect expected credit losses over the remaining lives of the assets.
 We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions,
 and reasonable and supportable forecasts that affect the collectability of the reported amount. When measuring expected credit losses, we
 pool assets with similar country risk and credit risk characteristics. Changes in the relevant information may significantly affect the
 estimates of expected credit losses.
 Inventories. All inventories are stated at lower of cost or realizable values. Cost of inventories is primarily determined on a first-in, first-out
 basis. Write-downs for excess, slow moving, and obsolete inventory are recorded as necessary. To determine these amounts, inventory
 quantities on-hand are regularly reviewed and compared to historical utilization and estimates of future product demand, market conditions,
 and technological developments. See Note 5 for further information.
 Property, Plant, and Equipment. The cost of property, plant, and equipment is generally depreciated on a straight-line basis over its
 estimated economic life. See Note 6 for further information.

 2024 FORM 10-K 59

 Leases. At lease commencement, we record a lease liability and corresponding right-of-use (ROU) asset, included in Property, plant, and
 equipment. Options to extend the lease are included as part of the ROU asset and liability when it is reasonably certain the Company will
 exercise the option. We have elected to include lease and non-lease components in determining our lease liability for all leased assets
 except our vehicle leases. Non-lease components are generally services that the lessor performs for the Company associated with the
 leased asset. As the Company's leases typically do not provide an implicit rate, the present value of our lease liability is determined using
 the Company 's incremental collateralized borrowing rat e at lease commencement. For leases with an initial term of 12 months or less, an
 ROU asset and lease liability are not recognized and lease expense is recognized on a straight-line basis over the lease term. Certain of
 our leases include provisions for variable lease payments which are based on, but not limited to, maintenance, insurance, taxes, index
 escalations, and usage based amounts. The Company recognizes variable lease payments not included in its lease liabilities in the period
 in which the obligation for those payments is incurred. We test ROU assets whenever events or changes in circumstance indicate that the
 asset may be impaired. See Notes 6 and 7 for further information.
 Goodwill and Other Intangible Assets. We test goodwill for impairment at the reporting unit level annually in the fourth quarter of each
 year using October 1st as the measurement date. We also test goodwill for impairment when an event occurs or circumstances change that
 would more likely than not reduce the fair value of a reporting unit below its carrying value. We recognize an impairment charge if the
 carrying amount of a reporting unit exceeds its fair value.
 For other intangible assets, cost is generally amortized on a straight-line basis over the asset's estimated economic life. Amortizable
 intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts
 may not be recoverable. In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written
 down to estimated fair value based on either discounted cash flows or appraised values. See Note 8 for further information.
 Derivatives and Hedging. We use derivatives to reduce the earnings, equity, and cash flow volatility associated with risks related to
 foreign currency and commodity prices. We use derivatives solely for managing risks and do not use derivatives for speculative purposes.
 Accounting for derivatives as hedges requires that, at inception and over the term of the arrangement, the hedged item and related
 derivative meet the requirements for hedge accounting. In evaluating whether a particular relationship qualifies for hedge accounting, we
 test effectiveness at inception and each reporting period thereafter by determining whether changes in the fair value of the derivative
 instrument offset, within a specified range, changes in the fair value of the hedged item. If fair value changes fail this test, we discontinue
 the application of hedge accounting to that relationship prospectively. Fair value of both the derivative instrument and the hedged item are
 calculated using internal valuation models incorporating market-based assumptions.
 We use economic hedges when we have exposures to foreign exchange and commodity risk for which we are unable to meet the
 requirements for hedge accounting. These derivatives are not designated as hedges from an accounting standpoint but otherwise serve the
 same economic purpose as other hedging arrangements. Although derivatives may be effective economic hedges, there may be a net
 effect on earnings in each period due to differences in the timing of earnings recognition between the derivatives and the hedged items.
 See Note 20 for further information.
 Equity Method Investments. Investments in which we have the ability to exercise significant influence, but do not control, are accounted
 for under the equity method of accounting. While a voting percentage of 20% is generally presumed to demonstrate significant influence,
 other indicators such as board representation or participation in policy-making processes are considered in determining whether significant
 influence exists. Equity method investments are assessed for other-than-temporary impairment when events occur or circumstances
 change that indicate it is more likely than not the fair value of the asset is below its carrying value. Our proportionate interest in any intra-
 entity profits or losses of an equity method investment are eliminated until the related profit and losses are realized by the investee. Our
 share of the results of equity method investments is recognized within Other (income) expense – net in the Consolidated and Combined
 Statement of Income (Loss). See Note 11 for further information.
 Variable Interest Entities. Arrangements in which voting or similar rights may not be indicative of control are reviewed under the guidance
 for variable interest entities (VIEs). We consolidate VIEs for which we are the primary beneficiary, and if we are not the primary beneficiary
 and an ownership interest is held, the VIE is generally accounted for under the equity method of accounting. When assessing the
 determination of the primary beneficiary, we consider all relevant facts and circumstances, including our power to direct the activities of the
 VIE that most significantly impact its economic performance and the obligation to absorb the expected losses and/or the right to receive the
 expected returns of the VIE. See Note 21 for further information.
 Income Taxes. Prior to the Spin-off, GE Vernova was included in the consolidated U.S. federal, state, and foreign income tax returns of
 GE, where eligible, through April 2, 2024. The Company's provision for income taxes for the periods 2022, 2023, and the first quarter of
 2024 was prepared using the separate return method. On a separate return basis, actual transactions included in the consolidated and
 combined financial statements of GE may not be included in the GE Vernova consolidated and combined financial statements. Similarly,
 the tax treatment of certain items reflected in the consolidated and combined financial statements of GE Vernova may not be reflected in
 the consolidated and combined financial statements and tax returns of GE. Therefore, items such as tax loss carryforwards, tax credit
 carryforwards, and valuation allowances may exist in the separate GE Vernova consolidated and combined financial statements that may
 or may not exist in GE's consolidated and combined financial statements. Following the Spin-off, GE Vernova will file tax returns
 independently and the Company's provision for income taxes is prepared on a stand-alone basis. As a result, the deferred income taxes
 and effective tax rate reported in 2024 may differ from those reported in the historical periods prior to the Spin-off.
 We only recognize the tax benefits from income tax positions that have a greater than 50 percent likelihood of being sustained upon
 examination by the taxing authorities. A liability is recorded for uncertain tax positions when there is a 50 percent or less likelihood such tax
 position would be sustained based on its technical merits. We re-evaluate uncertain tax positions upon changes in facts and circumstances,
 changes in tax law or guidance, and upon effective settlement of issues with tax authorities. We classify interest on tax deficiencies or
 overpayments as interest expense or income in Interest and other financial charges – net and income tax penalties as a Provision (benefit)
 for income taxes in the Consolidated and Combined Statement of Income (Loss).

 2024 FORM 10-K 60

 We record deferred taxes on the future tax consequences of differences between the financial statement carrying value of our assets and
 liabilities and their respective tax basis. The realization of deferred tax assets depends on sufficient sources of taxable income. Possible
 sources of taxable income include taxable income in carry-back periods, the future reversal of existing taxable temporary differences
 recorded as a deferred tax liability, tax-planning strategies that generate future income, and projected future taxable income. If, based upon
 all available evidence, both positive and negative, it is more likely than not such deferred tax assets will not be realized, a valuation
 allowance is recorded to adjust the deferred tax assets to the net amount which is more likely than not to be realized.
 See Note 15 for further information.
 Postretirement Benefit Plans. Certain employees, former employees, and retirees of the Company participate in postretirement benefit
 plans sponsored by the Company.
 Management presents these plans sponsored by the Company in three categories: principal pension plans, other pension plans, and
 principal retiree benefit plans. Plan assets are categorized for disclosure purposes in accordance with the fair value hierarchy. Benefits are
 calculated using significant inputs to the actuarial models that measure benefit obligations and related effects on operations. The Company
 evaluates critical assumptions, including discount rates and expected return on assets, at least annually on a plan and country-specific
 basis. Actual results in any given year often will differ from actuarial assumptions because of economic and other factors.
 Projected benefit obligations are measured as the present value of expected payments. We discount those cash payments using the
 weighted average of market-observed yields for high-quality fixed-income securities with maturities that correspond to the expected timing
 of benefit payments. Generally, lower discount rates increase present values and increase subsequent-year pension expense, while higher
 discount rates decrease present values and decrease subsequent-year pension expense. The components of net periodic benefit costs,
 other than the service cost component, are recognized within Non-operating benefit income in the Consolidated and Combined Statement
 of Income (Loss). The Company delays recognition of gains and losses and subsequently amortizes these amounts into earnings over the
 remaining average future service of active employees or the expected life of inactive participants, as applicable, who participate in the plan.
 For the principal pension plans, gains and losses are amortized using a straight-line method with a separate layer for each year's gains and
 losses. For most other pension plans and principal retiree benefit plans, gains and losses are amortized using a straight-line or a corridor
 amortization method. See Note 13 for further information.
 Loss Contingencies. Loss contingencies are existing conditions, situations or circumstances involving uncertainty as to possible loss that
 will ultimately be resolved when future events occur or fail to occur. Such contingencies include, but are not limited to warranties,
 environmental obligations, litigation, regulatory investigations and proceedings, and losses resulting from other events and developments.
 When a loss is considered probable and reasonably estimable, we record a liability in the amount of our best estimate for the ultimate loss.
 When there appears to be a range of possible costs with equal likelihood, liabilities are based on the low end of such range. Disclosure is
 provided for material loss contingencies when a loss is probable but a reasonable estimate cannot be made, and when it is reasonably
 possible that a loss will be incurred or the amount of a loss will exceed the recorded provision. We regularly review contingencies to
 determine whether the likelihood of loss has changed and to assess whether a reasonable estimate of the loss or range of loss can be
 made See Note 22 for further information.
 Supply Chain Finance Programs. We evaluate supply chain finance programs to ensure where we use a third party intermediary to settle
 our trade payables, their involvement does not change the nature, existence, amount, or timing of our trade payables and does not provide
 the Company with any direct economic benefit. If any characteristics of the trade payables change or we receive a direct economic benefit,
 we reclassify the trade payables as borrowings.
 Accounts Payable and Equipment Project Payables. Accounts payable and equipment project payables include amounts due to
 suppliers and liabilities for costs and expenses incurred or accrued for which invoices have not been received.
 Fair Value Measurements. The following sections describe the valuation methodologies we use to measure financial and non-financial
 instruments accounted for at fair value, including certain assets within our pension plans and retiree benefit plans. Observable inputs reflect
 market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These inputs establish a fair
 value hierarchy:
 Level 1 - Quoted prices for identical instruments in active markets;
 Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that
 are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable; and
 Level 3 - Significant inputs to the valuation model are unobservable.
 Recurring Fair Value Measurements. For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price
 we would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market participant at the measurement date. In
 the absence of active markets for the identical assets or liabilities, such measurements involve developing assumptions based on market
 observable data and, in the absence of such data, internal information that is consistent with what market participants would use in a
 hypothetical transaction that occurs at the measurement date.
 Derivatives. Derivative assets and liabilities primarily represent foreign currency and commodity forward contracts. The majority of our
 derivatives are valued using internal models. The models maximize the use of market observable inputs including interest rate curves and
 both forward and spot prices for currencies and commodities and therefore are considered Level 2. See Note 20 for further information.
 Nonrecurring Fair Value Measurements. Certain assets and liabilities are measured at fair value on a nonrecurring basis. These assets
 and liabilities may include loans and long-lived assets reduced to fair value upon classification as held for sale, impaired equity method
 investments, loans, and long-lived assets, assets acquired and liabilities assumed in connection with business combinations, and
 remeasured retained investments in formerly combined subsidiaries upon a change in control that results in the deconsolidation of that

 2024 FORM 10-K 61

 subsidiary and retention of a noncontrolling stake in the entity. Assets written down to fair value when impaired and retained investments
 are not subsequently adjusted to fair value unless further impairment occurs.
 Equity Method Investments. Equity method investments are initially recorded at cost and are adjusted in each period for the Company's
 share of the investee's income or loss and dividends paid. In instances of impairment, equity method investments are written down to fair
 value using market observable data such as quoted prices when available. When market observable data is unavailable, investments are
 valued using either a discounted cash flow model, comparative market multiples, third-party pricing sources or a combination of these
 approaches, as appropriate. These investments are generally valued using Level 3 inputs.
 Financing Receivables. When financing receivables are held for sale, we generally use market data, including pricing on recently closed
 market transactions, to value financing receivables. Such financing receivables are valued using Level 2 inputs. When the data is
 unobservable, we use valuation methodologies using current market interest rate data adjusted for inherent credit risk. Such financing
 receivables are valued using Level 3 inputs.
 Long-lived Assets. Fair values of long-lived assets are primarily derived internally and are corroborated by available external appraisal
 information as applicable. These assets are generally valued using Level 3 inputs.
 Restructuring Cost s. We record liabilities for costs associated with exit or disposal activities in the period in which the liability is incurred.
 Employee termination costs are accrued when the restructuring actions are probable and estimable. Costs for one-time termination benefits
 in which the employee is required to render service until termination in order to receive the benefits are recognized ratably over the future
 service period. See Note 23 for further information.
 Research and Developmen t. The Company conducts research and development (R&D) activities to continually enhance our existing
 products and services, develop new products and services to meet our customers' changing needs and requirements, and address new
 market opportunities. This includes internal R&D expenses as well as expenses incurred for R&D s ervices from third parties. R&D costs are
 expensed as incurred.
 Government Assistance. We receive grants, incentives, and refundable tax credits from various federal, state, local, and foreign
 governments in exchange for compliance with certain conditions relating to our activities in a specific jurisdiction which encourage
 investment, job creation and retention, and environmental objectives including renewable energy production and emissions reductions. We
 recognize government incentives as a reduction to the related expense or asset when there is reasonable assurance that the Company will
 comply with the conditions of the incentive, the incentive is received or is probable of receipt, and the amount is determinable. Government
 grants resulted in reductions of $ 52 million, $ 71 million, and $ 56 million to r esearch and development expenses for the years ended
 December 31, 2024, 2023, and 2022, respectively. As a result of the advanced manufacturing credits provided by the Inflation Reduction
 Act, which went into effect in 2023, our Wind business also recognized a $ 319 million and $ 234 million reduction to c ost of equipment for
 the years ended December 31, 2024 and 2023, respectively, and recorded $ 301 million and $ 230 million as of December 31, 2024 and
 2023, respectively, in Current receivables - net and All other assets in our Consolidated and Combined Statement of Financial Position.
 Foreign Currency. We determine the functional currency of foreign subsidiaries based on their primary operations that generate and
 expend cash. The functional currency for many of our international operations is the local currency, and for other international operations,
 the functional currency is the U.S. d ollar. When the functional currency is not the U.S. dollar, asset and liability accounts are translated at
 period-end exchange rates, and the Company translates functional currency income and expense amounts to their U.S. dollar equivalents
 using average exchange rates for the period. The U.S. dollar effects that arise from changing translation rates from functional currencies
 are recorded in Accumulated other comprehensive income (loss) – net attributable to GE Vernova (AOCI) in the Consolidated and
 Combined Statement of Financial Position.
 Gains and losses from foreign currency transactions, such as those resulting from the settlement of monetary items in the non-functional
 currency and those resulting from remeasurements of monetary items, are included in Cost of equipment, Cost of services and Selling,
 general, and administrative expenses depending on the underlying nature of the item. Net gains (losses) from foreign currency transactions
 were $ 20 million, $ 80 million, and $ 57 million for the years ended December 31, 2024, 2023, and 2022, respectively.
 Recently Issued Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board (FASB) issued ASU No.
 2024-03, Disaggregation of Income Statement Expenses ( DISE). The new standard requires disclosure about specific types of expenses
 included in the expense captions presented on the face of the income statement as well as disclosure about selling expenses. The ASU is
 effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, 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.
 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.

 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 Electricit de France S.A. ( EDF). In connection with the disposition, we received net
 cash proceeds of $ 639 million, s ubject to customary working capital and other post-close adjustments. As a res ult, we recognized a pre-tax
 gain of $ 964 million (after-tax gain of $ 956 million), recorded in Other income (expense) – net in our Consolidated and Combined
 Statement of Income (Loss) for the year ended December 31, 2024. See Notes 15, 16 and 19 for further information.
 The major components of assets and liabilities of the business held for sale in th e Company's Consolidated and Combined Statement of
 Financial Position are summarized as follows:

 2024 FORM 10-K 62

 ASSETS AND LIABILITIES OF BUSINESS HELD FOR SALE December 31

 2024

 2023

 Cash and cash equivalents

 $ —

 $ 603

 Current receivables, inventories, and contract assets

 —

 Property, plant, and equipment and intangibles – net

 —

 Other assets

 —

 Assets of business held for sale

 $ —

 $ 1,444

 Contract liabilities and deferred income

 $ —

 $ 1,001

 Accounts payable and equipment project payables

 —

 Other liabilities

 —

 Liabilities of business held for sale

 $ —

 $ 1,448

 NOTE 4. CURRENT AND LONG-TERM RECEIVABLES

 CURRENT RECEIVABLES – NET December 31

 2024

 2023

 Customer receivables

 $ 6,310

 $ 5,952

 Non-income based tax receivables

 1,048

 Supplier advances and other receivables

 1,514

 Other receivables

 $ 2,328

 $ 1,972

 Allowance for credit losses

 ( 464)

 ( 515)

 Total current receivables – net

 $ 8,174

 $ 7,409

 Activity in the allowance for credit losses related to current receivables for the years ended December 31, 2024, 2023, and 2022 consists of
 the following:

 ALLOWANCE FOR CREDIT LOSSES

 2024

 2023

 2022

 Balance as of January 1

 $ 515

 $ 674

 $ 771

 Net additions (releases) charged to costs and expenses

 ( 7)

 Write-offs, net

 ( 36)

 ( 163)

 ( 11)

 Foreign exchange and other (a)

 ( 48)

 ( 95)

 Balance as of December 31

 $ 464

 $ 515

 $ 674

 (a) Includes a r eclassification of $ 73 million fr om current to long-term allowance due to a revised customer settlement schedule for the year
 ended December 31, 2022.
 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 $ 1,647 million, $ 1,590 million, and $ 1,624 million in the years ended December 31,
 2024, 2023, and 2022, 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 year ended
 December 31, 2023 was $ 82 million in our Gas Power business within our Power segment, primarily for risk mitigation purposes.

 LONG-TERM RECEIVABLES – NET December 31

 2024

 2023

 Long-term customer receivables

 $ 282

 $ 316

 Supplier advances

 Non-income based tax receivables

 Other receivables

 Allowance for credit losses

 ( 142)

 ( 184)

 Total long-term receivables – net

 $ 745

 $ 701

 NOTE 5. INVENTORIES, INCLUDING DEFERRED INVENTORY COSTS

 2024

 2023

 Raw materials and work in process

 $ 5,328

 $ 4,685

 Finished goods

 2,490

 2,514

 Deferred inventory costs(a)

 1,054

 Inventories, including deferred inventory costs

 $ 8,587

 $ 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.

 2024 FORM 10-K 63

 NOTE 6. PROPERTY, PLANT, AND EQUIPMENT

 Depreciable
 lives
 (in years)

 Original Cost

 Net Carrying Value

 2024

 2023

 2024

 2023

 Land and improvements

 $ 337

 $ 352

 $ 323

 $ 341

 Buildings, structures, and related equipment

 8 - 40

 3,171

 3,278

 1,339

 1,494

 Machinery and equipment(a)

 4 - 20

 7,938

 7,763

 2,284

 2,399

 Leasehold costs and manufacturing plant under construction

 1 - 10

 ROU operating lease assets(b)

 Property, plant, and equipment – net

 $ 12,207

 $ 11,907

 $ 5,150

 $ 5,228

 (a) Includes equipment we own that is leased to customers and is stated at cost less accumulated depreciation with a carrying value of
 $ 374 million and $ 422 million as of December 31, 2024 and 2023, respectively.
 (b) See Note 7 for further information.
 Depreciation and a mortization related to property, plant, and equipment was $ 895 million, $ 724 million, and $ 779 million for the years
 ended December 31, 2024, 2023, and 202 2, respectively.
 In the third quarter of 2024, 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.
 In the first quarter of 2022, we signed a non-binding memorandum of understanding to sell part of the nuclear activities in our Steam Power
 business to EDF, which resulted in a reclassificatio n of that busi ness to held for sale. As a result, we recognized a non-cash pre-tax
 impairment charge of $ 59 million related to property, plant, and equipment at our remaining Steam Power business, of which $ 41 million is
 included in depreciation and amortization. We determined the fair value of these assets using an income approach when testing for
 impairment. This charge was recorded in Selling, general, and administrative expenses in our Consolidated and Combined Statement of
 Income (Loss).

 NOTE 7. LEASES
 Operating Lease Liabilities. The Company leases certain logistics, office, and manufacturing facilities, as well as vehicles and other
 equipment. Certain of the Company's leases may include options to extend. Our operating lease liabilities are included in All other current
 liabilities and All other liabilities in our Consolidated and Combined Statement of Financial Position, as detailed below.

 2024

 2023

 Current portion of operating lease liability

 $ 163

 $ 193

 Noncurrent portion of operating lease liability

 Total operating lease liability

 $ 725

 $ 718

 OPERATING LEASE EXPENSE

 2024

 2023

 2022

 Long-term (fixed)

 $ 194

 $ 205

 $ 225

 Long-term (variable)

 Short-term

 Total operating lease expense

 $ 265

 $ 317

 $ 340

 MATURITY OF LEASE LIABILITIES

 2025

 2026

 2027

 2028

 2029

 Thereafter

 Total

 Undiscounted lease payments

 $ 188

 $ 146

 $ 114

 $ 86

 $ 60

 $ 256

 $ 850

 Less: Imputed interest

 ( 125)

 Total lease liability as of December 31, 2024

 $ 725

 SUPPLEMENTAL INFORMATION RELATED TO OPERATING LEASES

 2024

 2023

 2022

 Operating cash flows used for operating leases

 $ 242

 $ 214

 $ 229

 Right-of-use assets obtained in exchange for new lease liabilities

 Weighted-average remaining lease term as of December 31

 7.3 years

 7.1 years

 6.7 years

 Weighted-average discount rate as of December 31

 4.4 %

 4.0 %

 3.5 %

 Finance Lease Liabilities. Our finance lease liabilities are included in All other current liabilities and All other liabilities in our Consolidated
 and Combined Statement of Financial Position, as detailed below. Our finance leases have a weighted-average remaining lease term of
 13.1 years and a weighted-average discount rate of 2.9 % as of December 31, 2024.

 2024 FORM 10-K 64

 2024

 2023

 Current portion of finance lease liability

 $ 18

 $ 27

 Noncurrent portion of finance lease liability

 Total finance lease liability

 $ 266

 $ 311

 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.

 CHANGES IN GOODWILL BALANCES

 Power

 Wind

 Total

 Balance at December 31, 2022

 $ 144

 $ 3,118

 $ 902

 $ 4,164

 Acquisitions(a)

 —

 Currency exchange and other

 —

 Balance at December 31, 2023

 $ 308

 $ 3,204

 $ 925

 $ 4,437

 Currency exchange and other

 ( 170)

 ( 7)

 ( 174)

 Balance at December 31, 2024

 $ 310

 $ 3,035

 $ 918

 $ 4,263

 (a) Includes Gas Power's acquisition of Nexus Controls.
 In the fourth quarter of 2024, we performed our annual impairment test. Based on the results of this test, the fair values of each of our
 reporting units significantly exceeded their carrying values. Determining the fair values of reporting units requires the use of estimates and
 significant judgments that are based on a number of factors including actual operating results. It is reasonably possible that estimates and
 significant judgements could change in future periods.

 INTANGIBLE ASSETS SUBJECT TO AMORTIZATION

 2024

 2023

 Useful lives
 (in years)

 Gross
 carrying
 amount

 Accumulated
 amortization

 Net

 Gross
 carrying
 amount

 Accumulated
 amortization

 Net

 Customer-related

 3 - 23

 $ 2,292

 $ ( 1,974)

 $ 318

 $ 2,356

 $ ( 1,953)

 $ 403

 Patents and technology

 5 - 15

 2,869

 ( 2,587)

 2,924

 ( 2,558)

 Capitalized software

 3 - 10

 1,035

 ( 871)

 1,015

 ( 800)

 Trademarks & other

 3 - 25

 ( 160)

 ( 145)

 Total

 $ 6,404

 $ ( 5,592)

 $ 813

 $ 6,498

 $ ( 5,456)

 $ 1,042

 All intangible assets are subject to amortization. Intangible assets decreased $ 230 million in 2024, primarily as a result of amortization.
 Amortization expense was $ 277 million, $ 240 million, and $ 1,018 million for th e years ended December 31, 2024, 2023, and 2022,
 respectively.
 In the first quarter of 2022, we signed a non-binding memorandum of understanding to sell part of the nuclear activities in our Steam Power
 business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax
 impairment charge of $ 765 million related to intangible assets at our remaining Steam Powe r business, which is included in amortization.
 We determined the fair value of these intangible assets using an income approach when testing for impairment. This charge was recorded
 in Selling, general, and administrative expenses in our Consolidated and Combined Statement of Income (Loss). See Note 3 for further
 information.
 Estimated annual pre-tax amortization for intangible assets over the next five calendar years are as follows:

 ESTIMATED 5 YEAR CONSOLIDATED AMORTIZATION

 2025

 2026

 2027

 2028

 2029

 Estimated annual pre-tax amortization

 $ 236

 $ 228

 $ 175

 $ 85

 $ 21

 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 increase d $ 216 million in the year ended December 31, 2024 primarily due to the timing of revenue
 recognition ahead of billing milestones on equipment and other service agreements. Contract liabilities and deferred income increase d
 $ 2,497 million in the year ended December 31, 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 increase d primarily due to revenues recognized of $ 5,473 million, partially offset by billings of $ 5,021
 million and net unfavorable changes in estimated profitability of $ 319 million due primarily to higher costs.
 Revenue recognized related to the contract liabilities balance at the beginning of the year was approximately $ 9,933 million and $ 8,331
 million for the years ended December 31, 2024 and 2023, respectively.

 2024 FORM 10-K 65

 CONTRACT AND OTHER DEFERRED ASSETS

 Power

 Wind

 Total

 Contractual service agreement assets

 $ 5,321

 $ —

 $ —

 $ 5,321

 Equipment and other service agreement assets

 1,622

 1,139

 3,300

 Current contract assets

 $ 6,944

 $ 538

 $ 1,139

 $ 8,621

 Non-current contract and other deferred assets(a)

 Total contract and other deferred assets

 $ 7,479

 $ 546

 $ 1,150

 $ 9,176

 Power

 Wind

 Total

 Contractual service agreement assets

 $ 5,201

 $ —

 $ —

 $ 5,201

 Equipment and other service agreement assets

 1,679

 1,067

 3,138

 Current contract assets

 $ 6,880

 $ 392

 $ 1,067

 $ 8,339

 Non-current contract and other deferred assets(a)

 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

 Power

 Wind

 Total

 Contractual service agreement liabilities

 $ 1,789

 $ —

 $ —

 $ 1,789

 Equipment and other service agreement liabilities

 7,879

 3,684

 3,946

 15,511

 Current deferred income

 Contract liabilities and current deferred income

 $ 9,674

 $ 3,877

 $ 4,034

 $ 17,587

 Non-current deferred income

 Total contract liabilities and deferred income

 $ 9,703

 $ 3,989

 $ 4,050

 $ 17,744

 Power

 Wind

 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

 Contract liabilities and current deferred income

 $ 7,562

 $ 5,047

 $ 2,465

 $ 15,074

 Non-current deferred income

 Total contract liabilities and deferred income

 $ 7,610

 $ 5,137

 $ 2,500

 $ 15,247

 Remaining Performance Obligation (RPO). As of December 31, 2024, the aggregate amount of the contracted revenues allocated to our
 unsatisfied (or partially unsatisfied) performance obligations were $ 119,023 million. We expect to recognize revenue as we satisfy our
 remaining performance obligations as follows:
 (1) Equipment-related RPO of $ 43,047 million of which 44 %, 69 %, and 93 % is expected to be recognized within 1, 2, and 5 years,
 respectively, and the remaining thereafter.
 (2) Services-related RPO of $ 75,976 million of which 18 %, 53 %, 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 OTH ER ASSETS

 2024

 2023

 $ 168

 $ 76

 Financing receivables – net

 —

 Prepaid taxes and deferred charges

 Other

 All other current assets

 $ 562

 $ 352

 Long-term receivables – net (Note 4)

 $ 745

 $ 701

 Long-term financing receivables - net

 —

 Pension surplus (Note 13)

 Taxes receivable

 Prepaid taxes and deferred charges

 Other

 All other assets

 $ 2,763

 $ 2,228

 2024 FORM 10-K 66

 NOTE 11. EQUITY METHOD INVESTMENTS

 Ownership
 percentage at

 Equity method investment balance

 Equity method income (loss)

 2024

 2023

 2022

 Renewable energy tax equity
 investments(a)

 —

 $ —

 $ 1,227

 $ ( 38)

 $ ( 132)

 $ ( 93)

 China XD Electric(b)

 12 %

 Aero Alliance(c)

 50 %

 Hitachi-GE Nuclear Energy(d)

 20 %

 ( 12)

 Prolec GE(e)

 50 %

 Other(f)

 ( 54)

 ( 78)

 Total

 $ 2,149

 $ 3,555

 $ 53

 $ ( 64)

 $ 60

 (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 generated 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 in the first quarter of 2024 and $ 183 million and $ 164 million were
 recognized during the years ended December 31, 2023 and 2022, respectively, in Provision (benefit) for income taxes in our
 Consolidated and Combined Statement of Income (Loss), for which we received cash o f $ 183 million from GE for these credits in
 2023. 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 our Consolidated and
 Combined Statement of Income (Loss) during the second quarter of 2024. See Note 25 for further information.
 (b) China XD Electric Co., Ltd. is publicly traded on the Shanghai Stock Exchange, and the market value was $ 640 million as of December
 31, 2024 based on the quoted market value. While the Company holds a 12 % ownership interest, we account for the investment under
 the equity method given our participation on the investee's board of directors. In the fourth quarter of 2024, we sold a portion of our
 shares decreasing our ownership percentage by 3 %. See Note 19 for further information.
 (c) Aero Alliance is o ur 50 - 50 joint venture with Baker Hughes Company. See Note 24 for further information.
 (d) Hitachi-GE Nuclear Energy is a non-consolidated joint venture that is part of the joint venture structu re with Hitachi, Ltd. that forms our
 Nuclear Power business.
 (e) Prolec GE refers to our joint venture with Xignux, which manufactures a wide range of transformers available for generation,
 transmission and distribution applications and is focused on serving utilities, renewable and industrial customers.
 (f) Primarily other investments made by our Financial Services business in commercial energy projects and investments with strategic
 partners by our segments. For the years ended December 31, 2024, 2023, and 2022, includes imp airment charges of $ 55 million,
 $ 108 million, and $ 43 million, respectively.

 Equity method investment balance

 Equity method income (loss)

 2024

 2023

 2022

 Power

 $ 919

 $ 1,003

 $ ( 11)

 $ 78

 $ 17

 Wind

 ( 2)

 Corporate(a)

 1,718

 ( 64)

 ( 217)

 Total

 $ 2,149

 $ 3,555

 $ 53

 $ ( 64)

 $ 60

 (a) Includes the investments owned by our Financial Services business.
 The following tables present summarized financial information of the Company's equity method investments (for the period of the
 Company's investment):

 SUMMARIZED EARNINGS INFORMATION

 2024

 2023

 2022

 Revenues

 $ 9,811

 $ 10,030

 $ 8,931

 Gross profit

 2,010

 1,945

 1,699

 Net income

 SUMMARIZED ASSETS AND LIABILITIES December 31

 2024

 2023

 Current

 $ 10,647

 $ 10,810

 Noncurrent

 9,294

 15,819

 Total assets

 $ 19,941

 $ 26,629

 Current

 $ 6,906

 $ 7,203

 Noncurrent

 3,725

 5,466

 Total liabilities

 $ 10,631

 $ 12,669

 Noncontrolling interests

 $ 542

 $ 381

 2024 FORM 10-K 67

 NOTE 12. ACCOUNTS PAYABLE AND EQUIPMENT PROJECT PAYABLES

 2024

 2023

 Trade payables

 $ 4,942

 $ 4,701

 Supply chain finance programs

 2,051

 1,642

 Equipment project payables

 1,211

 1,096

 Non-income based tax payables

 Accounts payable and equipment project payables

 $ 8,578

 $ 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 $ 3,650 million and $ 5,442 million for the years ended December 31, 2024 and 2023, respectively. Total
 new supplier invoices entered into through these third party programs were $ 4,071 million and $ 4,521 million for the years ended
 December 31, 2024 and 2023, respectively. Foreign exchange and other was not significant for both the years ended December 31, 2024
 and 2023.

 NOTE 13. POSTRETIREMENT BEN EFIT PLANS
 Pension Benefits and Retiree Health and Life Benefits Sponsored by GE, Allocated to GE Vernova in Connection with the Spin-
 Off. On January 1, 2023, in advance of the Spin-Off, principal and other pension plans sponsored by GE, which were previously accounted
 for as multiemployer plans, were legally split and allocated to GE Vernova beginning in 2023. Liabilities related to the retiree health and life
 benefit plans sponsored by GE were allocated to GE Vernova as a participating employer and are accounted for as multiple employer plans
 starting in 2023.
 Prior to the separation of these plans, certain GE Vernova employees were covered under various pension and retiree health and life plans
 sponsored by GE, including the GE Pension Plan and GE Supplementary Pension Plan, the retiree benefit plans, and other pension plans.
 Relevant participation costs for certain GE-sponsored employee benefit plans were allocated to the Company and recognized in the
 Combined Statement of Income (Loss) for the year ended December 31, 2022. These included service costs for active employees in the
 GE Pension Plan, the GE Supplementary Pension Plan, the retiree benefit plans, and other pension plans. We did not record any assets or
 liabilities associated with our participation in these plans in our Combined Statement of Financial Position as of December 31, 2022.
 Expenses associated with our employees' participation in the principal pension plans and principal retiree benefit plans, which represent
 the majority of related expense, were $ 61 million for the year ended December 31, 2022.
 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 for the year ended December 31, 2024 beginning on April 2, 2024 and in GE's plan through
 April 1, 2024, and for the years ended December 31, 2023 and 2022, represent the employer contributions for GE Vernova employees, and
 were $ 144 million, $ 130 million, and $ 135 million, respectively.
 Pension Benefits and Retiree Health and Life Benefits Sponsored by GE Vernova, Including Those Allocated to GE Vernova in
 Connection with the Spin-Off. 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. Certain of these pension
 plans, including the principal pension plans, are closed to new participants. Smaller pension plans with pension assets or obligations that
 have not reached $ 50 million and other retiree benefit plans are not presented. Information in this Note is as of a December 31
 measurement date for these plans. Plans that were allocated to GE Vernova on January 1, 2023 are included in the plan disclosures below
 beginning in 2023.

 2024 FORM 10-K 68

 DESCRIPTION OF OUR PLANS

 Plan Category

 Participants

 Funding

 Comments

 Pension
 Plans

 GE Energy
 Pension Plan

 Covers U.S.
 participants ~ 37,000
 retirees and
 beneficiaries, ~ 11,000
 vested former
 employees and ~ 5,500
 active employees

 Our funding policy is to contribute
 amounts sufficient to meet
 minimum funding requirements
 under employee benefit and tax
 laws. We may decide to
 contribute additional amounts
 beyond this level.

 This plan is closed to new participants.
 Benefits for employees with salaried benefits
 are frozen. These employees receive
 increased Company contributions in the
 company sponsored defined contribution plan
 in lieu of participation in a defined benefit
 plan.

 GE Energy
 Supplementary
 Pension Plan

 Provides
 supplementary benefits
 to higher-level, longer-
 service U.S.
 employees

 Unfunded. We pay benefits from
 Company cash.

 This plan is closed to new participants.
 Annuity benefits for employees who became
 executives before 2011 are frozen. All
 participants accrue an installment benefit.

 Other
 Pension
 Plans(a)

 predominantly
 non-U.S.
 pension plans
 with pension
 assets or
 obligations that
 have reached
 $ 50 million.

 Covers ~ 31,800
 retirees and
 beneficiaries, ~ 16,000
 vested former
 employees and ~ 5,300
 active employees

 Our funding policy is to contribute
 amounts sufficient to meet
 minimum funding requirements
 under employee benefit and tax
 laws in each country. We may
 decide to contribute additional
 amounts beyond this level. We
 pay benefits for some plans from
 Company cash.

 In certain countries, benefit accruals have
 ceased and/or have been closed to new hires
 as of various dates.

 Retiree
 Benefit Plans

 Provides health
 and life
 insurance
 benefits to
 certain eligible
 participants.

 Covers U.S.
 participants ~ 31,100
 retirees and
 dependents and
 ~ 5,200 active
 employees

 We fund retiree health benefit
 plans on a pay-as-you-go basis.

 Participants share in the cost of the
 healthcare benefits.

 (a) Disclosed plans that fall below $ 50 million are not removed from the presentation unless part of a disposition or plan termination.
 Funding. The Employee Retirement Income Security Act ( ERISA) determines minimum funding requirements in the U.S. No contributions
 were required or made for the GE Energy Pension Plan during 2024, and based on our current assumptions, we do not anticipate having to
 make additional required contributions to the plan in the near future.
 As of the measurement date of December 31, we would expect to pay approxima tely $ 33 million for benefit payments under our GE Energy
 Supplementary Pension Plan and administrative expenses of our principal pension plans and would expect to contribute approximately $ 74
 million to other pens ion plans in 2025. We fund retiree benefit plans on a pay-as-you-go basis. As of the measurement date of December
 31, we would expect to contribute approximately $ 77 million in 2025 to fund such benefits.

 PLAN OBLIGATIONS IN EXCESS OF PLAN ASSETS

 2024

 2023

 retiree benefit

 retiree benefit

 Projected/Accumulated postretirement benefit
 obligation(a)

 $ 10,274

 $ 1,064

 $ 752

 $ 10,780

 $ 1,048

 $ 766

 Fair value of plan assets

 8,920

 —

 9,491

 —

 Funded status - surplus (deficit)

 $ ( 1,354)

 $ ( 488)

 $ ( 752)

 $ ( 1,289)

 $ ( 638)

 $ ( 766)

 (a) Represents projected benefit obligation for pension plans and accumulated postretirement benefit obligation for principal retiree benefit
 plans.

 2024 FORM 10-K 69

 COMPONENTS OF EXPENSE (INCOME)

 2024

 2023

 2022

 Other

 Other

 Other

 Service cost - operating(a)

 $ 29

 $ 32

 $ 6

 $ 24

 $ 31

 $ 6

 $ 30

 Interest cost

 Expected return on plan assets

 ( 743)

 ( 334)

 —

 ( 756)

 ( 349)

 —

 ( 281)

 Amortization of net loss (gain)

 ( 183)

 ( 42)

 ( 210)

 ( 45)

 Amortization of prior service cost (credit)

 ( 8)

 ( 59)

 ( 6)

 ( 59)

 ( 7)

 Curtailment / settlement loss (gain)

 —

 —

 —

 ( 6)

 —

 ( 7)

 Non-operating benefit costs (income)

 $ ( 372)

 $ ( 80)

 $ ( 65)

 $ ( 401)

 $ ( 109)

 $ ( 63)

 $ ( 192)

 Net periodic expense (income)

 $ ( 344)

 $ ( 48)

 $ ( 59)

 $ ( 377)

 $ ( 78)

 $ ( 57)

 $ ( 162)

 Weighted-average benefit obligations assumptions

 Discount rate

 5.67 %

 3.79 %

 5.47 %

 5.19 %

 3.51 %

 5.08 %

 3.93 %

 Compensation increases

 3.38 %

 2.22 %

 3.35 %

 3.85 %

 2.12 %

 3.24 %

 1.88 %

 Initial healthcare trend rate(b)

 N/A

 N/A

 7.00 %

 N/A

 N/A

 6.50 %

 N/A

 Weighted-average benefit cost assumptions

 Discount rate

 5.19 %

 3.51 %

 5.08 %

 5.53 %

 3.93 %

 5.43 %

 1.42 %

 Expected rate of return on plan assets

 7.00 %

 5.07 %

 — %

 7.00 %

 5.65 %

 — %

 4.70 %

 (a) Service cost - operating is an operating expense included in Selling, general, and administrative expenses and Cost of equipment and
 Cost of services in our Consolidated and Combined Statement of Income (Loss).
 (b) For 2024, ultimately declining to 5.00 % for 2034 and thereafter.

 PLAN FUNDED STATUS

 2024

 2023

 Other

 Other

 Change in Projected Benefit Obligations

 Balance at January 1

 $ 10,780

 $ 6,712

 $ 766

 $ —

 $ 4,756

 $ —

 Service cost

 Interest cost

 Participant contributions

 Plan amendments

 —

 —

 —

 —

 —

 Actuarial loss (gain) – net(a)

 ( 451)

 ( 312)

 ( 5)

 Benefits paid

 ( 767)

 ( 372)

 ( 86)

 ( 766)

 ( 424)

 ( 87)

 Curtailments/settlements

 —

 ( 145)

 —

 —

 ( 11)

 —

 Transfers and other - net(b)

 ( 29)

 10,641

 1,343

 Exchange rate adjustments

 —

 ( 210)

 —

 —

 —

 Balance at December 31

 $ 10,274

 (c)

 $ 5,921

 $ 752

 (d)

 $ 10,780

 (c)

 $ 6,712

 $ 766

 (d)

 Change in Plan Assets

 Balance at January 1

 $ 9,491

 $ 6,851

 $ —

 $ —

 $ 4,805

 $ —

 Actual gain (loss) on plan assets

 —

 —

 Employer contributions

 Participant contributions

 Benefits paid

 ( 767)

 ( 372)

 ( 86)

 ( 766)

 ( 424)

 ( 87)

 Curtailments/settlements

 —

 ( 137)

 —

 —

 ( 11)

 —

 Transfers and other - net(b)

 —

 —

 9,624

 1,569

 —

 Exchange rate adjustments

 —

 ( 210)

 —

 —

 —

 Balance at December 31

 $ 8,920

 $ 6,329

 $ —

 $ 9,491

 $ 6,851

 $ —

 Funded status - surplus (deficit)

 $ ( 1,354)

 $ 409

 $ ( 752)

 $ ( 1,289)

 $ 139

 $ ( 766)

 (a) Primarily due to the impact of discount rates.
 (b) Primarily relates to plans allocated to GE Vernova on January 1, 2023.
 (c) The benefit obligation for the GE Energy Supplementary Pension Plan, which is an unfunded plan, was $ 533 million and $ 541 million at
 December 31, 2024 and 2023, respectively.
 (d) The benefit obligation for retiree health plan was $ 429 million and $ 447 million at December 31, 2024 and 2023, respectively.

 2024 FORM 10-K 70

 AMOUNTS RECORDED IN THE CONSOLIDATED AND COMBINED STATEMENT OF FINANCIAL POSITION

 2024

 2023

 Other

 Other

 All other non-current assets

 $ —

 $ 896

 $ —

 $ —

 $ 775

 $ —

 All other current liabilities

 ( 31)

 ( 15)

 ( 75)

 ( 30)

 ( 18)

 ( 77)

 Non-current compensation and benefits liabilities

 ( 1,322)

 ( 472)

 ( 677)

 ( 1,259)

 ( 581)

 ( 689)

 Current liabilities of business held for sale

 —

 —

 —

 —

 ( 37)

 —

 Net amount recorded

 $ ( 1,354)

 $ 409

 $ ( 752)

 $ ( 1,289)

 $ 139

 $ ( 766)

 AMOUNTS RECORDED IN AOCI

 2024

 2023

 Other

 Other

 Prior service cost (credit)

 $ 5

 $ ( 22)

 $ ( 306)

 $ 12

 $ ( 25)

 $ ( 366)

 Net loss (gain)

 ( 315)

 ( 404)

 ( 375)

 Total recorded in AOCI

 $ 15

 $ 592

 $ ( 621)

 $ ( 392)

 $ 694

 $ ( 741)

 Assumptions Used in Calculations. Our defined benefit pension plans are accounted for on an actuarial basis, which requires the
 selection of various assumptions, including a discount rate, a compensation assumption, an expected return on assets, mortality rates of
 participants and expectation of mortality improvement.
 Projected benefit obligations are measured as the present value of expected benefit payments. We discount those cash payments using a
 discount rate. We determine the discount rate using the weighted-average yields on high-quality fixed-income securities with maturities that
 correspond to the payment of benefits. Lower discount rates increase present values and generally increase subsequent-year pension
 expense; higher discount rates decrease present values and generally reduce subsequent-year pension expense.
 The compensation assumption is used to estimate the annual rate at which pay of plan participants will grow. If the rate of growth assumed
 increases, the size of the pension obligations will increase, as will the amount recorded in AOCI in our Statement of Financial Position and
 amortized into earnings in subsequent periods.
 The expected return on plan assets is the estimated long-term rate of return that will be earned on the investments used to fund the benefit
 obligations. To determine the expected long-term rate of return on pension plan assets, we consider our asset allocation, as well as
 historical and expected returns on various categories of plan assets. In developing future long-term return expectations for our principal
 benefit plans' assets, we formulate views on the future economic environment, both in the U.S. and abroad. We evaluate general market
 trends and historical relationships among a number of key variables that impact asset class returns such as expected earnings growth,
 inflation, valuations, yields and spreads, using both internal and external sources. We also take into account expected volatility by asset
 class and diversification across classes to determine expected overall portfolio results given our asset allocation. B ased on our analysis, we
 have assumed a 7.0 % long-term expected return on the GE Energy Pension Plan assets for cost recognition in 2024 and 2025.
 The healthcare trend assumptions primarily apply to our pre-65 retiree medical plans. Most participants in our post-65 retiree plan have a
 fixed subsidy and therefore are not subject to healthcare inflation.
 We evaluate these critical assumptions at least annually on a plan and country-specific basis. We periodically evaluate other assumptions
 involving demographics factors such as retirement age and turnover, and update them to reflect our actual experience and expectations for
 the future. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors. Differences
 between our actual results and what we assumed are recorded in AOCI each period and are amortized into earnings over the remaining
 average future service of active participating employees or the expected life of inactive participants, as applicable.

 2024 FORM 10-K 71

 Composition of our Plan Assets. The fair value of our pension plans' investments is presented below. The inputs and valuation
 techniques used to measure the fair value of these assets are described in Note 2 and have been applied consistently.

 COMPOSITION OF PLAN ASSETS

 2024

 2023

 Principal pension

 Principal pension

 Global equity securities

 $ 2,524

 $ 932

 $ 634

 $ 943

 Debt securities(a)

 4,383

 3,182

 4,598

 2,759

 Real estate

 Other investments

 Plan assets measured at fair value

 $ 7,320

 $ 4,410

 $ 5,676

 $ 3,875

 Global equities

 $ —

 $ 163

 $ 1,013

 $ 391

 Debt securities

 —

 1,050

 1,554

 Real estate

 Other investments

 1,260

 1,853

 Plan assets measured at net asset value

 $ 1,600

 $ 1,919

 $ 3,815

 2,976

 Total plan assets

 $ 8,920

 $ 6,329

 $ 9,491

 $ 6,851

 (a) GE Energy Pension Plan assets as of December 31, 2024 and 2023 include $ 1,299 million and $ 2,105 million, respectively, of U.S.
 corporate debt securities, primarily made up of investment-grade bonds of U.S. issuers from diverse industries, and $ 1,646 million and
 $ 1,932 million, respectively, of other debt securities, primarily made up of investments in residential and commercial mortgage-backed
 securities, non-U.S. corporate and government bonds and U.S. government, federal agency, state, and municipal debt. Other pension
 plan assets as of December 31, 2024 and 2023 include debt securities primarily made up of fixed income and cash investment funds.
 Those investments that were measured at Net Asset Value (NAV) as a practical expedient were excluded from the fair value hierarchy.
 GE Energy Pension Plan investments with a fair value of $ 399 million and $ 383 million at December 31, 2024 and 2023, respectively, were
 classified within Level 3 and primarily relate to private equities and real estate. The remaining investments were substantially all considered
 Level 1 and 2. Investments with a fair value of $ 1,667 million and $ 1,272 million at December 31, 2024 and 2023, respectively, were
 classified within Level 1 and primarily relate to global equities and debt securities. Investments with a fair value of $ 5,254 million and
 $ 4,050 million at December 31, 2024 and 2023, respectively, were classified within Level 2 and primarily relate to debt securities.
 Other pension plan investments with a fair value of $ 256 million and $ 18 million at December 31, 2024 and 2023, respectively, were
 classified within Level 3 and primarily relate to private equities and real estate. The increase in the Level 3 category during 2024 was
 primarily due to hierarchy reassessment. The remaining investments were substantially all considered Level 1 and 2. Investments with a
 fair value of $ 498 million and $ 757 million at December 31, 2024 and 2023, respectively, were classified within Level 1 and primarily relate
 to global equities and debt securities. Investments with a fair value of $ 3,656 million and $ 2,766 million at December 31, 2024 and 2023,
 respectively, were classified within Level 2 and primarily relate to debt securities.

 ASSET ALLOCATION OF PENSION PLANS

 2024 Target allocation

 2024 Actual allocation

 Principal Pension

 Other Pension
 (weighted
 average)

 Principal Pension

 Other Pension
 (weighted
 average)

 Global equity securities

 %

 %

 %

 %

 Debt securities (including cash equivalents)

 Real estate

 Other investments

 Plan fiduciaries set investment policies and strategies for the assets held in the pension plans and oversee their investment allocations,
 which includes selecting investment managers and setting long-term strategic targets.
 GE secu rities represented 0.2 % of the GE Energy Pension Plan assets at December 31, 2023.

 EXPECTED FUTURE BENEFIT PAYMENTS OF OUR BENEFIT PLANS(a)

 Principal pension

 Principal retiree

 2025

 $ 786

 $ 417

 $ 77

 2026

 2027

 2028

 2029

 2030-2034

 3,867

 1,857

 (a) As of the measurement date of December 31, 2024.

 2024 FORM 10-K 72

 PRE-TAX COST OF POSTRETIREMENT BENEFIT PLANS AND CHANGES IN OTHER COMPREHENSIVE INCOME

 2024

 2023

 2022

 Other

 Other

 Other

 Cost (income) of postretirement benefit plans

 $ ( 344)

 $ ( 48)

 $ ( 59)

 $ ( 377)

 $ ( 78)

 $ ( 57)

 $ ( 162)

 Changes in other comprehensive loss (income)

 Prior service cost (credit) – current year

 —

 —

 —

 —

 —

 —

 Net loss (gain) - current year

 ( 76)

 ( 5)

 ( 28)

 Reclassifications out of AOCI

 Transfers and other - net(a)

 ( 21)

 —

 ( 1,069)

 ( 840)

 —

 Curtailment/settlement gain (loss)

 —

 ( 2)

 —

 —

 —

 Amortization of net gain (loss)

 ( 34)

 ( 4)

 ( 9)

 Amortization of prior service credit (cost)

 ( 7)

 ( 4)

 Total changes in other comprehensive loss
 (income)

 ( 102)

 ( 392)

 ( 741)

 ( 23)

 Cost (income) of postretirement benefit plans and
 changes in other comprehensive loss (income)

 $ 64

 $ ( 151)

 $ 60

 $ ( 769)

 $ 553

 $ ( 798)

 $ ( 185)

 (a) Primarily relates to plans allocated to GE Vernova on January 1, 2023.

 NOTE 14. CURRENT AND ALL OTHER LIABILITIES

 2024

 2023

 Employee compensation and benefit liabilities

 $ 1,824

 $ 1,619

 Equipment projects and other commercial liabilities

 1,616

 1,126

 Product warranties (Note 22)

 Operating lease liabilities (Note 7)

 Restructuring liabilities (Note 23)

 Short-term borrowings

 Taxes payable

 Other(a)

 All other current liabilities

 $ 5,496

 $ 4,352

 Equipment projects and other commercial liabilities

 $ 362

 $ 531

 Legal liabilities (Note 22)

 Product warranties (Note 22)

 Operating lease liabilities (Note 7)

 Uncertain and other income taxes and related liabilities

 1,170

 Asset retirement obligations (Note 22)

 Environmental, health and safety liabilities (Note 22)

 Finance lease liabilities and other long-term borrowings

 Deferred income (Note 9)

 Other(b)

 All other liabilities

 $ 5,116

 $ 4,780

 (a) Primarily included liabilities related to business disposition activities, dividends payable, and asset retirement obligations.
 (b) Primarily included indemnification liabilities in connection with agreements entered into with GE related to the Spin-Off. See Note 22 for
 further information.

 NOTE 15. INCOME TAXE S
 Components of Income Taxes. The components of income (loss) before income taxes and the provision (benefit) for income taxes,
 excluding other comprehensive income (loss) and changes in equity attributable to noncontrolling interests recorded after-tax, for the years
 ended December 31 were as follows:

 INCOME (LOSS) BEFORE INCOME TAXES

 2024

 2023

 2022

 U.S.

 $ 1,285

 $ ( 357)

 $ ( 1,081)

 1,213

 ( 1,393)

 Total

 $ 2,498

 $ ( 130)

 $ ( 2,474)

 2024 FORM 10-K 73

 PROVISION (BENEFIT) FOR INCOME TAXES

 2024

 2023

 2022

 Current

 U.S. Federal

 $ 272

 $ ( 184)

 $ ( 2)

 U.S. State and Local

 —

 —

 Deferred

 U.S. Federal

 ( 10)

 —

 —

 U.S. State and Local

 ( 1)

 —

 —

 ( 13)

 ( 176)

 Total

 $ 939

 $ 344

 $ 248

 Effective Tax Rate Reconciliation. A reconciliation of the U.S. federal statutory income tax rate to the effective tax rate was as follows:

 2024

 2023

 2022

 Amount

 Rate

 Amount

 Rate

 Amount

 Rate

 U.S. federal statutory income tax rate

 $ 525

 21.0 %

 $ ( 27)

 21.0 %

 $ ( 520)

 21.0 %

 State taxes, net of federal benefit

 1.7

 ( 46)

 35.3

 ( 31)

 1.3

 Tax on global activities including exports

 3.2

 ( 83)

 64.0

 ( 24)

 1.0

 Tax on undistributed foreign earnings

 4.1

 —

 —

 —

 —

 Share-based compensation

 ( 37)

 ( 1.5)

 —

 —

 —

 —

 Uncertain tax positions

 ( 101)

 ( 4.0)

 ( 61)

 47.2

 ( 33)

 1.3

 U.S. business credits and incentives(a)

 ( 126)

 ( 5.0)

 ( 208)

 160.0

 ( 187)

 7.6

 Valuation allowances

 25.9

 ( 594.5)

 ( 38.5)

 Business disposition(b)

 ( 193)

 ( 7.7)

 —

 —

 —

 —

 All other – net

 ( 2)

 ( 0.1)

 ( 5)

 2.9

 ( 3.7)

 Effective tax rate

 $ 939

 37.6 %

 $ 344

 ( 264.1) %

 $ 248

 ( 10.0) %

 (a) U.S. business credits and incentives primarily includes the tax benefit of the advanced manufacturing credit, tax credits for energy
 produced from renewable sources, and tax credits for research performed in the U.S. The Company uses the flow-through method to
 account for investment tax credits. Under this method, the investment tax credits are recognized as a reduction to income tax expense.
 (b) Business disposition resulted from a pre-tax gain with an insignificant tax impact from the sale of a portion of Steam Power nuclear
 activities to EDF.
 The Organization for Economic Co-operation and Development has proposed a global minimum tax of 15% of reported profits (Pillar Two)
 that has been agreed upon in principle by over 140 countries. During 2023, many countries took steps to incorporate Pillar Two model rule
 concepts into their domestic laws. Although the model rules provide a framework for applying the minimum tax, countries may enact Pillar
 Two slightly differently than the model rules and on different timelines and may adjust domestic tax incentives in response to Pillar Two.
 Accordingly, we continue to evaluate the potential consequences of Pillar Two on our longer-term financial position as related tax laws are
 enacted. In 2024, we incurred insignificant tax expenses in connection with Pillar Two.

 2024 FORM 10-K 74

 Deferred Income Taxes. The components of the net deferred tax asset (liability) for the years ended December 31 were as follows:

 2024

 2023

 Deferred tax assets

 Contract liabilities, contract assets and deferred income

 $ 2,633

 $ 2,005

 Principal pension plans

 Other compensation and benefits

 Accrued expenses

 Intangible assets

 Tax loss carryforwards(a)(b)

 5,722

 6,775

 Tax credit carryforwards(a)(c)

 Other

 Total deferred tax assets

 $ 10,335

 $ 11,737

 Valuation allowances(d)

 ( 8,420)

 ( 9,706)

 Total deferred tax assets after valuation allowances

 $ 1,915

 $ 2,031

 Deferred tax liabilities

 Property, plant, and equipment

 $ —

 $ ( 97)

 Global investments, partnerships, joint ventures and non-consolidated

 ( 709)

 ( 588)

 Other(e)

 ( 394)

 ( 146)

 Total deferred tax (liabilities)

 $ ( 1,103)

 $ ( 831)

 Net deferred tax asset (liability)

 $ 812

 $ 1,200

 (a) Certain U.S. tax attributes, primarily tax loss carryforwards and tax credit carryforwards, were retained by GE following the Spin-off.
 See Note 1 for further information regarding the Tax Matters Agreement.
 (b) Tax loss carryforwards as of December 31, 2024 are primarily related to Switzerland and other foreign jurisdictions, which if unused,
 approximately $ 2,349 million will expire between 2025-2044 and $ 3,373 million do not expire.
 (c) Tax credit carryforwards as of December 31, 2024 are primarily related to U.S. foreign tax credits and research performed in the U.S.,
 which if unused, will expire in various years through 2034.
 (d) Valuation allowances decreased by $ 1,286 million in 2024 primarily due to a reduction in deferred tax assets related to certain U.S. tax
 attributes retained by GE following the Spin-off and a $ 140 million net decrease resulting from a change in judgement regarding the
 realizability of deferred tax assets in certain foreign jurisdictions, partially offset by additional tax loss carryforwards in certain foreign
 jurisdictions where it is more likely than not the tax benefits will not be realized.
 (e) We recognized $ 287 million of foreign deferred tax l iabilities transferred from GE in 2024 related to separation activities. See Note 1 for
 further information regarding the Tax Matters Agreement.
 We regularly assess the realizability of our deferred tax assets based on all available evidence both positive and negative. Based on our
 assessment of the realizability of our deferred tax assets as of December 31, 2024, we continue to maintain valuation allowances against
 our deferred tax assets in the U.S. and certain foreign jurisdictions, primarily due to cumulative losses in those jurisdictions. Given the
 current year profit and anticipated future profitability in the U.S., it is reasonably possible that the continued improvement in our U.S.
 operations could result in the positive evidence necessary to warrant the release of a significant portion of our U.S. valuation allowance as
 early as the second half of 2025. A release of the valuation allowance would result in the recognition of certain U.S. deferred tax assets and
 a corresponding benefit in our provision for income taxes in the period the release occurs.
 As of December 31, 2024, we recognized a $ 103 million deferred tax liability, primarily related to withholding taxes, on undistributed
 earnings we anticipate repatriating from certain highly -i nflationary or currency restricted foreign jurisdictions. N o deferred tax liability has
 been provided on undistributed earnings of approximately $ 6,500 million from all other foreign subsidiaries which are considered to be
 permanently reinvested. It is not practicable to determine the applicable income taxes payable on the permanently reinvested earnings if
 fully repatriated to the U.S.
 Income Taxes Paid. 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. Cash paid directly to tax authorities for income taxes was $ 872 million in 2024 and was no t significant in
 2022 and 2023.

 2024 FORM 10-K 75

 Uncertain Tax Positions. A reconciliation of the beginning and ending liability for uncertain tax positions was as follows:

 UNCERTAIN TAX POSITIONS RECONCILIATION

 2024

 2023

 Balance at January 1

 $ 643

 $ 763

 Additions for tax positions of the current year

 Additions for tax positions of prior years

 Reductions for tax positions of prior years

 ( 133)

 ( 92)

 Settlements with tax authorities

 ( 10)

 ( 55)

 Expiration of statutes of limitation

 ( 55)

 ( 51)

 Foreign currency effect

 ( 24)

 Balance at December 31

 $ 452

 $ 643

 Accrued interest on uncertain tax positions

 Accrued penalties on uncertain tax positions

 Balance at December 31, including interest and penalties

 $ 638

 $ 886

 Of the $ 638 million and $ 886 million liability for uncertain tax positions including interest and penalties at December 31, 2024 and 2023,
 respectively, $ 434 million and $ 651 million, respectively, are recorded in All other liabilities and $ 204 million and $ 235 million, respectively,
 are recorded as a net offset to Deferred income taxes on our Combined Statement of Financial Position. If recognized, $ 318 million and
 $ 251 million of the liability for uncertain tax positions at December 31, 2024 and 2023, respectively, would impact our effective tax rate.
 As a result of tax audit closings, settlements with tax authorities, and the expiration of applicable statutes of limitation in various
 jurisdictions, it is reasonably possible that the liability for uncertain tax positions could be reduced by approximately $ 37 million in the next
 12 months.
 For the years ended December 31, 2024, 2023, and 2022, net interest expense (income) of $( 19) million, $ 20 million, and $ 6 million,
 respectively, was recognized in Interest and other financial charges – net and penalty expense of $( 21) million, $ 8 million, and $( 11) million,
 respectively, was recognized in our Provision for income taxes on our Combined Statement of Income (Loss).
 Annually, we file over 2,600 income tax returns in over 270 global taxing jurisdictions. We are under examination or engaged in tax litigation
 in many of these jurisdictions. The IRS is currently auditing the combined GE U.S. income tax returns for 2016-2021. In December 2020,
 the IRS completed the audit of the combined GE U.S. income tax returns for 2014-2015. The Company has provided for its potential tax
 exposure from uncertain tax positions as part of the combined GE U.S. income tax returns as an indemnification obligation with GE in
 accordance with the Tax Matters Agreement.

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

 Currency
 translation
 adjustment

 Benefit plans

 Cash flow
 hedges

 Total AOCI

 Balance as of January 1, 2024

 $ ( 1,335)

 $ 674

 $ 26

 $ ( 635)

 Transfer or allocation of benefit plans – net of taxes of $ 49, $( 203), and $ —

 —

 ( 182)

 —

 ( 182)

 AOCI before reclasses – net of taxes of $( 16), $( 7), and $ — (a)

 ( 285)

 ( 225)

 ( 14)

 ( 524)

 Reclasses from AOCI – net of taxes of $ —, $( 61), and $ 1 (b)

 ( 111)

 ( 323)

 ( 414)

 Less: AOCI attributable to noncontrolling interests

 —

 Balance as of December 31, 2024

 $ ( 1,734)

 $ ( 58)

 $ 33

 $ ( 1,759)

 Balance as of January 1, 2023

 $ ( 1,445)

 $ 32

 $ ( 43)

 $ ( 1,456)

 Transfer or allocation of benefit plans – net of taxes of $ —, $ 70, and $ —

 —

 1,702

 —

 1,702

 AOCI before reclasses – net of taxes of $ —, $ 48, and $( 1)

 ( 735)

 ( 595)

 Reclasses from AOCI – net of taxes of $ —, $( 2), and $ —

 ( 327)

 ( 284)

 Less: AOCI attributable to noncontrolling interests

 ( 2)

 —

 Balance as of December 31, 2023

 $ ( 1,335)

 $ 674

 $ 26

 $ ( 635)

 Balance as of January 1, 2022

 $ ( 1,192)

 $ ( 43)

 $ ( 21)

 $ ( 1,256)

 AOCI before reclasses – net of taxes of $ 8, $ 12, and $( 1)

 ( 254)

 ( 46)

 ( 194)

 Reclasses from AOCI – net of taxes of $ —, $ 4, and $ —

 —

 ( 28)

 ( 4)

 Less: AOCI attributable to noncontrolling interests

 ( 1)

 —

 Balance as of December 31, 2022

 $ ( 1,445)

 $ 32

 $ ( 43)

 $ ( 1,456)

 (a) Currency translation adjustment includes $ 39 million of AOCI allocated to us in connection with the Spin-Off.
 (b) The total reclassification of AOCI 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 outsta nding. On
 December 31, 2024, there were 275,880,314 shares of GE Vernova common stock outstanding. On December 10, 2024, we announced
 that the Board of Directors had authorized up to $ 6 billion of common stock repurchases.

 2024 FORM 10-K 76

 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). 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 (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 under the 2024 LTIP to employees
 during the nine months ended December 31, 2024 and the related stock option valuation assumptions used in the Black-Scholes model.

 WEIGHTED AVERAGE GRANT DATE FAIR VALUE (In dollars)

 Stock options

 $ 69.56

 RSUs

 167.57

 PSUs

 182.85

 KEY ASSUMPTIONS USED IN THE BLACK-SCHOLES VALUATION FOR STOCK OPTIONS

 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

 Shares (in
 thousands)

 Weighted average
 exercise price (in
 dollars)

 Weighted average
 contractual term
 (in years)

 Intrinsic value (in
 millions)

 Outstanding at April 2, 2024(a)

 2,514

 $ 101.32

 Granted

 1,450

 170.03

 Exercised

 ( 1,155)

 114.48

 Forfeited

 ( 19)

 169.36

 Expired

 ( 54)

 128.95

 Outstanding at December 31, 2024

 2,737

 $ 131.16

 6.6

 $ 541

 Exercisable at December 31, 2024

 1,201

 $ 90.45

 3.2

 $ 286

 Expected to vest

 1,171

 $ 161.30

 9.3

 $ 196

 RSUs

 PSUs

 Shares (in
 thousands)

 Weighted
 average
 grant date
 fair value
 (in dollars)

 Weighted
 average
 vesting
 period (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)

 3,797

 $ 59.34

 $ 75.35

 Granted

 167.57

 123.12

 Vested(b)

 ( 1,294)

 45.70

 ( 436)

 —

 Forfeited

 ( 157)

 82.25

 ( 18)

 150.68

 Expired

 N/A

 N/A

 N/A

 N/A

 Outstanding at December 31, 2024

 3,008

 $ 89.06

 1.2

 $ 989

 1,076

 $ 128.74

 1.6

 $ 354

 Expected to vest

 2,811

 $ 88.04

 1.2

 $ 924

 $ 126.25

 1.5

 $ 312

 (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 beginning shares outstanding pertain to GE equity-based awards issued by GE in prior periods 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 not significant.
 (b) Vesting of PSUs associated with performance shares originally awarded and recognized by GE.

 2024 FORM 10-K 77

 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).

 SHARE-BASED COMPENSATION EXPENSE

 2024

 Share-based compensation expense (pre-tax)

 $ 155

 Income tax benefits

 ( 59)

 Share-based compensation expense (after-tax)

 $ 96

 OTHER SHARE-BASED COMPENSATION DATA

 Unrecognized compensation expense as of December 31, 2024 (a)

 $ 255

 Cash received from stock options exercised for the year ended December 31, 2024 (b)

 Intrinsic value of stock options exercised and RSU/PSUs vested in the year ended December 31, 2024 (b)

 (a) Amortized over a weighted average period of 1.1 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.

 (In millions, except per share amounts)

 2024

 2023

 2022

 Numerator:

 $ ( 474)

 $ ( 2,722)

 Net loss (income) attributable to noncontrolling interests

 ( 7)

 ( 14)

 Net income (loss) attributable to GE Vernova

 $ 1,552

 $ ( 438)

 $ ( 2,736)

 Denominator:

 Basic weighted-average shares outstanding

 Dilutive effect of common stock equivalents

 —

 —

 Diluted weighted-average shares outstanding

 Basic earnings (loss) per share

 $ 5.65

 $ ( 1.60)

 $ ( 10.00)

 Diluted earnings (loss) per share

 $ 5.58

 $ ( 1.60)

 $ ( 10.00)

 Antidilutive securities(a)

 —

 —

 (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

 2024

 2023

 2022

 Equity method investment income (loss) (Note 11)

 $ 53

 $ ( 64)

 $ 60

 Net interest and investment income (loss)

 Purchases and sales of business interests(a)

 1,147

 ( 5)

 ( 25)

 Licensing income

 Other – net

 Total other income (expense) – net

 $ 1,372

 $ 324

 $ 370

 (a) 2024 i ncludes a pre-tax gain of $ 964 million related to the sale of a portion of Steam Power nuclear activities to EDF and a pre-tax gain
 of $ 66 million related to the sale of a portion of our China XD Electric Co., Ltd. equity method investment in our Electrification segment.
 2023 includes a pre-tax gain of $ 90 million related to the sale of an equity method investment at Financial Services. See Notes 3, 11,
 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
 noncurrent customer and other receivables. The net carrying amount was $ 318 million and $ 328 million as of December 31, 2024 and
 2023, respectively. The estimated fair value was $ 315 million and $ 324 million as of December 31, 2024 and 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.

 2024 FORM 10-K 78

 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 11 months in duration but with maximum remaining maturities of up to 15 years as of December 31,
 2024. The objective of the foreign currency contracts is to ultimately reduce the extent to which functional currency or U.S. dollar-equivalent
 cash flows are affected by changes in the applicable foreign currency exchange rates. We evaluate the effectiveness of our foreign
 currency contracts designated as cash flow hedges on a quarterly basis.
 The embedded derivatives the Company recognizes primarily consist of foreign currency related features in our purchase or sales contracts
 where the currency is not the functional currency of either party to the contract.
 Cash Flow Hedges. For derivative instruments designated as cash flow hedges, changes in the fair value of designated hedging
 instruments are initially recorded as a component of AOCI and subsequently reclassified to earnings in the period in which the hedged
 transaction occurs and to the same financial statement line item impacted by the hedged forecasted transaction.

 The total amount in AOCI related to cash flow hedges was a net $ 33 million gain and a net $ 26 million gain as of December 31, 2024 and
 2023, respectively, of which a net $ 22 million gain and a net $ 12 million gain, respectively, related to our share of AOCI recognized at our
 non-consolidated joint ventures. We expect to reclassify $ 45 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 $( 21) million, $( 24) million and $( 24) million for the years ended December 31,
 2024, 2023, and 2022, respectively. As of December 31, 2024, the maximum length of time over which we are hedging forecasted
 transactions was approximately 10 years. The cash flows associated with cash flow hedges are recorded through the operating activities
 section of the Consolidated and Combined Statement of Cash Flows. The Company assesses effectiveness for foreign currency cash flow
 hedges related to long-term projects based on spot-to-spot foreign currency movements and excludes forward points from the assessment
 of effectiveness.
 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
 $ 33 million and $ 225 million as of December 31, 2024 and 2023, respectively.
 The Company uses the spot method to assess hedge effectiveness for its net investment hedges. As such, for derivative instruments
 designated as net investment hedges, changes in fair value of the designated hedging instruments attributable to fluctuations in foreign
 currency spot exchange rates only are initially recorded as a component of the cumulative translation adjustments in AOCI until the hedged
 investment is either sold or substantially liquidated. All other changes in the fair value of the hedging instrument are recognized in current
 earnings.
 Non-Designated Hedges. The Company also executes derivative instruments, such as foreign currency forward contracts and commodity
 swaps, that are not designated in qualifying hedging relationships under U.S. GAAP. These derivatives are intended to serve as economic
 hedges of foreign currency and commodity price risk, and depending on the derivative type, hedges of monetary assets and liabilities,
 including intercompany balances subject to remeasurement.
 The changes in fair value of non-designated hedges are recorded in line items in the Consolidated and Combined Statement of Income
 (Loss) based on the nature of the derivative contract and the underlying item being economically hedged. The cash flows associated with
 non-designated hedges are recorded in the same category as the cash flows from the items being economically hedged and are thus
 primarily through investing and operating activities of the Consolidated and Combined Statement of Cash Flows.
 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

 Gross Notional

 All other current
 assets

 All other assets

 All other current
 liabilities

 All other
 liabilities

 Foreign currency exchange contracts accounted for
 as hedges

 $ 5,789

 $ 61

 $ 144

 $ 58

 $ 65

 34,244

 Derivatives not accounted for as hedges

 $ 34,681

 $ 491

 $ 179

 $ 495

 $ 146

 Total gross derivatives

 $ 40,469

 $ 552

 $ 323

 $ 552

 $ 211

 Netting adjustment(a)

 $ ( 383)

 $ ( 166)

 $ ( 381)

 $ ( 166)

 Net derivatives recognized in the Consolidated and
 Combined Statement of Financial Position

 $ 168

 $ 158

 $ 171

 $ 46

 (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.

 2024 FORM 10-K 79

 Gross Notional

 All other current
 assets

 All other assets

 All other current
 liabilities

 All other
 liabilities

 Foreign currency exchange contracts accounted for
 as hedges

 $ 5,035

 $ 39

 $ 91

 $ 28

 $ 41

 33,832

 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 AOCI RELATED TO CASH FLOW AND NET INVESTMENT HEDGES

 2024

 2023

 2022

 Cash flow hedges

 $ 7

 $ 34

 $ ( 111)

 Net investment hedges

 ( 8)

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

 For the year ended December 31, 2024

 Sales of
 equipment and
 services

 Cost of equipment
 and services

 Selling, general,
 and administrative
 expenses

 Other income
 (expense) – net

 Total amount of income (expense) in the Consolidated and
 Combined Statement of Income (Loss)

 $ 28,850

 $ 4,632

 $ 1,372

 ( 6)

 —

 —

 Interest rate contracts

 —

 —

 —

 —

 Effects of cash flow hedges

 $ ( 6)

 $ 14

 $ —

 $ —

 ( 2)

 ( 4)

 —

 ( 24)

 —

 Effect of derivatives not designated as hedges

 $ ( 2)

 $ 26

 $ 64

 $ ( 5)

 For the year ended December 31, 2023

 Sales of
 equipment and
 services

 Cost of equipment
 and services

 Selling, general,
 and administrative
 expenses

 Other income
 (expense) – net

 Total amount of income (expense) in the Consolidated and
 Combined Statement of Income (Loss)

 $ 28,421

 $ 4,845

 $ 324

 ( 20)

 —

 —

 Interest rate contracts

 —

 —

 —

 ( 2)

 Effects of cash flow hedges

 $ ( 20)

 $ 1

 $ —

 $ ( 2)

 —

 ( 24)

 —

 ( 7)

 —

 Effect of derivatives not designated as hedges

 $ —

 $ 156

 $ ( 6)

 $ ( 24)

 For the year ended December 31, 2022

 Sales of
 equipment and
 services

 Cost of equipment
 and services

 Selling, general,
 and administrative
 expenses

 Other income
 (expense) – net

 Total amount of income (expense) in the Consolidated and
 Combined Statement of Income (Loss)

 $ 29,654

 $ 26,196

 $ 5,360

 $ 370

 ( 22)

 —

 —

 —

 Interest rate contracts

 —

 —

 —

 ( 1)

 Effects of cash flow hedges

 $ ( 22)

 $ —

 $ —

 $ ( 1)

 —

 ( 25)

 —

 —

 Effect of derivatives not designated as hedges

 $ 5

 $ 104

 $ 3

 $ 47

 The amount excluded for cash flow hedges was a gain (loss) of $ 20 million, $( 13) million, and $ 26 million for the years ended December
 31, 2024, 2023, and 2022, 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).

 2024 FORM 10-K 80

 Counterparty Credit Risk. The Company would be exposed to credit-related losses in the event of non-performance by counterparties on
 executed derivative instruments. The credit exposure of derivative contracts is represented by the fair value of contracts as of the reporting
 date. The fair value of the Company's derivatives can change significantly from period to period based on, among other factors, market
 movements, and changes in our positions.
 We manage concentration of counterparty credit risk by limiting acceptable counterparties to major financial institutions with investment
 grade credit ratings, by limiting the amount of credit exposure to individual counterparties, and by actively monitoring counterparty credit
 ratings and the amount of individual credit exposure.
 We also employ master netting arrangements that limit the risk of counterparty non-payment on a particular settlement date to the net gain
 that would have otherwise been received from the counterparty. Although not completely eliminated, we do not consider the risk of
 counterparty default to be significant as a result of these protections. Further, none of our derivative instruments are subject to collateral or
 other security arrangements, nor do they contain provisions that are dependent on our credit ratings from any credit rating agency.

 NOTE 21. VARIABLE INTEREST ENTITIES (VIEs). In our Consolidated and Combined Statement of Financial Position, we have
 assets of $ 111 million and $ 122 million and liabilities of $ 134 million and $ 156 million as of December 31, 2024 and 2023, respectively, from
 consolidated 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 $ 90 million and $ 1,323 million as of December 31, 2024 and 2023, respectively. Of these
 investments, $ 37 million and $ 1,272 million as of December 31, 2024 and 2023, respectively, were owned by our Financial Services
 business. At December 31, 2023, these investments w ere 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 $ 73 million and unfunded lending commitments of $ 96 million at December 31,
 2024. The commitments primarily consist of obligations to make investments in or provide funding by our Financial Services and Gas
 Power businesses. See Note 21 for further information.
 Guarantees. As of December 31, 2024, we were committed under the following guarantee arrangements:
 Credit support. We have provided $ 699 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 $ 882 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 $ 514 million. The liability
 is primarily associated with cash 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 $ 140 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. An analysis of changes in the liability for product warranties follows.

 2024

 2023

 2022

 Balance at January 1

 $ 1,414

 $ 1,430

 $ 1,197

 Current-year provisions(a)

 Expenditures

 ( 686)

 ( 719)

 ( 617)

 Other changes

 ( 45)

 ( 78)

 Balance at December 31

 $ 1,370

 $ 1,414

 $ 1,430

 (a) The increase in current- and prior-year provisions is primarily related to our Wind segment, which, in 2022, was substantially all due to
 changes in estimates on pre-existing warranties and related to the deployment of repairs and other corrective measures in Onshore
 Wind.
 Credit Facilities. We have $ 6,000 million of credit facilities consisting of (i) a five -year unsecured revolving credit facility in an aggregate
 committed amount of $ 3,000 million (the "Revolving Credit Facility") provided pursuant to a credit agreement, dated as of March 26, 2024
 and (ii) a standby letter of credit and bank guarantee facility in an aggregate committed amount of $ 3,000 million (the "Trade Finance
 Facility" and, together with the Revolving Credit Facility, the "Credit Facilities"). The Revolving Credit Facility is available for borrowings in
 U.S. dollars and euros. Up to $ 500 million of the Revolving Credit Facility is available for the issuance of letters of credit. There were no
 borrowings outstanding on this facility as of December 31, 2024. The Trade Finance Facility will be available for the issuance of standby
 letters of credit and bank guarantees in U.S. dollars, euros and various other currencies. The Trade Finance Facility has not been utilized
 as of December 31, 2024. Each of the Credit Facilities will mature on April 2, 2029. We may voluntarily prepay borrowings under the
 Revolving Credit Facility without premium or penalty, subject to customary breakage costs with respect to loans bearing interest by
 reference to the applicable adjusted Term Secured Overnight Financing Rate (Term SOFR) or the Euro Interbank Offered Rate (Euribor).

 2024 FORM 10-K 81

 We may also voluntarily reduce the commitments under the Credit Facilities, in whole or in part, subject to certain minimum reduction
 amounts. The Credit Facilities include various customary covenants that limit, among other things, our incurrence of liens and our entry into
 certain fundamental change transactions. Fees related to the unused portion of the facilities were not material in the year ended December
 31, 2024.
 Legal Matters. I n the normal course of our business, we are regularly involved in various arbitrations, class actions, commercial litigation,
 investigations, or 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 $ 236 million
 and $ 393 million at December 31, 2024 and 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 anticompetitive 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. The entire cash settlement of $ 141 million has been paid as of December 31, 2024.
 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
 December 31, 2024 and 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 December 31, 2024 and 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, $ 546 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 during the year ended December 31, 2024.
 Expenditures for nuclear decommissioning, site remediation, and worker exposure claims we re $ 11 million, $ 14 million, and $ 19 million, for
 the years ended December 31, 2024, 2023, and 2022, respectively. We presently expect that such expenditures will be approximately $ 13
 million and $ 11 million in 2025 and 2026, respectively.

 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

 2024 FORM 10-K 82

 termination benefits associated with workforce reductions, facility exit costs, asset write-down s, an d cease-use costs. We expect the
 majority of costs to be incurred within two 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 25 for further information.

 RESTRUCTURING AND OTHER CHARGES

 2024

 2023

 2022

 Workforce reductions

 $ 147

 $ 224

 $ 119

 Plant closures and associated costs and other asset write-downs

 Acquisition/disposition net charges and other

 Total restructuring and other charges

 $ 421

 $ 443

 $ 314

 Cost of equipment and services

 $ 256

 $ 147

 $ 192

 Selling, general, and administrative expenses

 Total restructuring and other charges

 $ 421

 $ 443

 $ 314

 Power

 $ 266

 $ 124

 $ 141

 Wind

 Other

 ( 5)

 Total restructuring and other charges(a)

 $ 421

 $ 443

 $ 314

 (a) Includes $ 248 million, $ 227 million, and $ 203 million for the years ended December 31, 2024, 2023, and 2022, 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

 2022

 Balance as of January 1

 $ 276

 $ 283

 $ 434

 Additions

 Payments

 ( 238)

 ( 222)

 ( 240)

 Foreign exchange and other

 ( 1)

 ( 22)

 Balance as of December 31

 $ 308

 $ 276

 $ 283

 In addition to the continued impacts of ongoing initiatives, restructuring primarily included exit activities associated with previously
 announced plans in October 2022 primarily reflecting the selectivity strategy to operate in fewer markets and to simplify and standardize
 product variants across our Wind businesses. The estimated cost of this multi-year restructuring program was approximately $ 600 million.
 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 of which we recogn ized $ 155 million of charges, which is the vast
 majority of the estimated cost of this program. The costs incurred in the year ended December 31, 2024 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 s eparation costs (benefits) of $( 9) million for the year ended
 December 31, 2024 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. I n 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
 $ 651 million, $ 656 million, and $ 521 million for the years ended December 31, 2024, 2023, and 2022, respectively. The Company owed
 Aero Alliance $ 24 million and $ 34 million as of December 31, 2024 and 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 $ 4 million, $ 168 million, and $ 810 million for the years ended December 31, 2024, 2023, and 2022, respectively, for sales to
 these entities. Revenues for sales to these entities for the year ended December 31, 2024 were no t significant as GE retained the
 renewable energy U.S. tax equity investments. See Note 11 for further information.
 Allocations From GE. 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 FORM 10-K 83

 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 $ 67 million and $ 70 million for the years ended December 31, 2023 and 2022, respectively,
 were recorded in our Consolidated and Combined Statement of Income (Loss). Costs allocated to the Company for the three
 months ended March 31, 2024 were no t 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 $ 711 million and
 $ 772 million were charged to the Company for the years ended December 31, 2023 and 2022, 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 our Consolidated and
 Combined Statement of Income (Loss).
 c. Costs associated with employee medical insurance totaling $ 133 million and $ 114 million were charged for the years ended
 December 31, 2023 and 2022, 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 our Consolidated and Combined Statement of Income (Loss) based on the employee population.
 Prior to January 1, 2023, employees of the Company participated in pensions and benefits plans that were sponsored by GE. The
 Company was charged $ 64 million for the year ended December 31, 2022. These costs are charged directly to the Company based on
 specific employee eligibility for those benefits. On January 1, 2023, these pension plans were legally split and allocated to GE Vernova and
 are accounted for as multiemployer plans starting in 2023. See Note 13 for further information.
 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 $ 118 million and $ 123 million for the years ended December 31, 2023 and 2022, 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 our 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 $ 35 million and $ 46 million for the years
 ended December 31, 2023 and 2022, 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 our 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.
 Tran sfer 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. During the
 first quarter of 2024, we received cash of $ 249 million from GE for credits generated prior to the Spin-Off. See Note 11 f or further
 information regarding production tax credits transferred to GE.

 NOTE 25. SEGMENT AND GEOGRAPHICAL 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 Dec ision 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, Wind, and
 Electrification. 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.

 2024 FORM 10-K 84

 TOTAL SEGMENT REVENUES BY BUSINESS UNIT

 2024

 2023

 2022

 Gas Power

 $ 14,465

 $ 13,220

 $ 12,079

 Nuclear Power

 Hydro Power

 Steam Power

 2,063

 2,502

 2,643

 Power

 $ 16,124

 Onshore Wind

 $ 7,781

 $ 7,761

 $ 7,941

 Offshore Wind

 1,377

 1,455

 LM Wind Power

 Wind

 $ 9,701

 $ 9,826

 $ 8,905

 Grid Solutions

 $ 4,957

 $ 3,955

 $ 3,133

 Power Conversion

 1,194

 1,027

 Electrification Software

 Solar & Storage Solutions

 $ 7,550

 $ 6,378

 $ 5,076

 $ 35,377

 $ 33,640

 $ 30,105

 SEGMENT EBITDA

 For the year ended December 31, 2024

 Power

 Wind

 Total

 Equipment revenues

 $ 5,509

 $ 8,018

 $ 5,412

 $ 18,939

 Services revenues

 12,391

 1,642

 1,923

 15,955

 Intersegment revenues

 Segment revenues

 18,127

 9,701

 7,550

 35,377

 Other revenues and elimination of intersegment revenues

 ( 442)

 34,935

 Less:(a)

 Cost of revenues(b)

 13,608

 9,513

 5,359

 Selling, general, and administrative expenses(b)

 2,022

 1,295

 Research and development expenses(b)

 Other segment items(c)

 ( 155)

 ( 12)

 ( 128)

 $ 2,268

 $ ( 588)

 $ 679

 $ 2,358

 For the year ended December 31, 2023

 Power

 Wind

 Total

 Equipment revenues

 $ 5,535

 $ 8,327

 $ 4,385

 $ 18,246

 Services revenues

 11,758

 1,488

 1,733

 14,979

 Intersegment revenues

 Segment revenues

 17,436

 9,826

 6,378

 33,640

 Other revenues and elimination of intersegment revenues

 ( 401)

 33,239

 Less:(a)

 Cost of revenues(b)

 13,425

 10,006

 4,690

 Selling, general, and administrative expenses(b)

 2,124

 1,213

 Research and development expenses(b)

 Other segment items(c)

 ( 149)

 ( 6)

 ( 79)

 $ 1,722

 $ ( 1,033)

 $ 234

 $ 923

 For the year ended December 31, 2022

 Power

 Wind

 Total

 Equipment revenues

 $ 4,855

 $ 7,595

 $ 3,369

 $ 15,819

 Services revenues

 11,039

 1,302

 1,494

 13,835

 Intersegment revenues

 Segment revenues

 16,124

 8,905

 5,076

 30,105

 Other revenues and elimination of intersegment revenues

 ( 451)

 29,654

 Less:(a)

 Cost of revenues(b)

 12,346

 9,664

 3,767

 Selling, general, and administrative expenses(b)

 2,048

 1,226

 Research and development expenses(b)

 Other segment items(c)

 ( 225)

 ( 92)

 ( 51)

 $ 1,655

 $ ( 1,710)

 $ ( 164)

 $ ( 219)

 (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.

 2024 FORM 10-K 85

 RECONCILIATION OF SEGMENT EBITDA TO NET INCOME (LOSS)

 2024

 2023

 2022

 $ 2,358

 $ 923

 $ ( 219)

 Corporate and other(a)

 ( 323)

 ( 116)

 ( 209)

 Restructuring and other charges(b)

 ( 426)

 ( 433)

 ( 288)

 Purchases and sales of business interests

 1,024

 Separation costs (benefits)(c)

 —

 —

 Arbitration refund(d)

 —

 —

 Non-operating benefit income

 Depreciation and amortization(e)

 ( 1,008)

 ( 847)

 ( 893)

 Interest and other financial charges – net(f)

 ( 53)

 ( 97)

 Russia and Ukraine charges(g)

 —

 ( 95)

 ( 188)

 Steam Power asset sale impairment

 —

 —

 ( 824)

 Benefit (provision) for income taxes

 ( 995)

 ( 512)

 ( 247)

 $ ( 474)

 $ ( 2,722)

 (a) Includes interest expense (income) of $ 10 million, $ 45 million, and $ 54 million and benefit (provision) for income taxes of $ 56 million,
 $ 168 million and $( 1) million for the years ended December 31, 2024, 2023, and 2022, 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.
 (c) 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 of 2024.
 (d) Represents cash refund received in connection with an arbitration proceeding, constituting the payments previously made to a
 multiemployer pension plan, 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 of 2024.
 (e) 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.
 (f) Consists of interest and other financial charges, net of interest income, other than financial interest related to our normal business
 operations primarily with customers.
 (g) 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.

 ASSETS BY SEGMENT December 31

 2024

 2023

 Power

 $ 24,161

 $ 25,003

 Wind

 9,970

 10,898

 7,402

 6,607

 Other(a)

 9,952

 3,613

 Total assets

 $ 51,485

 $ 46,121

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

 Property, plant, and equipment additions

 Depreciation and amortization

 2024

 2023

 2022

 2024

 2023

 2022

 Power

 $ 380

 $ 319

 $ 203

 $ 519

 $ 494

 $ 508

 Wind

 Other(a)

 1,006

 Total

 $ 877

 $ 738

 $ 487

 $ 1,172

 $ 964

 $ 1,797

 (a) Depreciation and amortization includes impairments related to our Hydro Power business of $ 108 million for the year ended December
 31, 2024 and impairments related to our remaining Steam Power business of $ 806 million for the year ended December 31, 2022. See
 Notes 6 and 8 for further information.
 Revenues are classified according to the region to which equipment and services are sold. For purposes of this analysis, the U.S. is
 presented separately from the remainder of the Americas.

 REVENUES BY GEOGRAPHY

 2024

 2023

 2022

 U.S.

 $ 14,679

 $ 12,467

 $ 11,590

 Europe

 8,325

 8,417

 6,583

 Asia

 4,698

 5,259

 4,942

 Americas

 3,038

 3,177

 3,090

 Middle East and Africa

 4,194

 3,919

 3,449

 Total Non-U.S.

 $ 20,256

 $ 20,772

 $ 18,064

 Total geographic revenues

 $ 29,654

 2024 FORM 10-K 86

 LONG LIVED ASSETS BY GEOGRAPHY December 31

 2024

 2023

 U.S.

 $ 1,940

 $ 1,757

 Europe

 1,811

 1,942

 Asia

 Americas

 Middle East and Africa

 Total Non-U.S.

 $ 3,210

 $ 3,471

 Total long-lived assets

 $ 5,150

 $ 5,228

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
 DISCLOSURE. None.

 ITEM 9A. CONTROLS AND PROCEDURES.
 Management's Discussion of Financial Responsibility. Management is responsible for the preparation of the consolidated and
 combined financial statements and related information that are presented in this report. The consolidated and combined financial
 statements, which include amounts based on management's estimates and judgments, have been prepared in conformity with U.S.
 generally accepted accounting principles.
 The Company designs and maintains accounting and internal control systems to provide reasonable assurance that assets are
 safeguarded against loss from unauthorized use or disposition, and that the financial records are reliable for preparing consolidated and
 combined financial statements and maintaining accountability for assets. These systems are enhanced by policies and procedures, an
 organizational structure providing division of responsibilities, careful selection and training of qualified personnel, and a program of internal
 audits.
 The Board of Directors, through its Audit Committee, which consists entirely of independent directors, meets periodically with management,
 internal auditors, and our independent registered public accounting firm to ensure that each is meeting its responsibilities and to discuss
 matters concerning internal controls and financial reporting. Deloitte and Touche LLP and the internal auditors each have full and free
 access to the Audit Committee.
 Management's Annual Report on Internal Control Over Financial Reporting. This Annual Report does not include a report of
 management's assessment regarding internal control over financial reporting or an attestation report of our registered public accounting
 firm due to a transition period established by rules of the U.S. Securities and Exchange Commission for newly public companies.
 Disclosure Controls. Under the direction of our Chief Executive Officer and Chief Financial Officer, we evaluated our disclosure controls
 and procedures as of December 31, 2024 and concluded that our disclosure controls and procedures were effective as of December 31,
 2024.
 Changes in Internal Control Over Financial Reporting. T here have been no changes in the Company's internal control over financial
 reporting during the three months ended December 31, 2024, that have materially affected, or are reasonably likely to materially affect, its
 internal control over financial reporting.

 ITEM 9B. OTHER INFORMATION.
 Disclosure provided pursuant to Item 5.02 of Form 8-K. Departure of Directors or Certain Officers; Election of Directors;
 Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 31, 2025, GE Vernova Inc. (the
 "Company") and Rachel Gonzalez, Executive Vice President, General Counsel, and Secretary, entered into a Separation Agreement and
 Release (the "Separation Agreement"). The Separation Agreement provides that Ms. Gonzalez will depart from the Company on May 16,
 2025. She will continue to receive her current compensation and benefits until her separation.
 The Separation Agreement further provides that if Ms. Gonzalez remains employed by the Company through May 16, 2025, or if prior to
 May 16, 2025, the Company terminates her employment without cause, Ms. Gonzalez's departure shall be treated as a termination without
 cause, and subject to her timely execution upon her cessation of employment of a supplemental release of claims, Ms. Gonzalez will be
 entitled to (i) a lump sum payment equal to eighteen (18) months of Ms. Gonzalez's current base salary, (ii) contributions to the cost of
 COBRA continuation for a period of eighteen (18) months, (iii) reimbursement of expenses reasonably incurred for relocation not to exceed
 $150,000, (iv) consistent with Ms. Gonzalez's employment offer letter with the Company, a pro-rated annual bonus for calendar year 2025
 based on Company performance, and (v) consistent with the Company's long-term incentive good leaver program: (x) continued vesting of
 a pro-rated portion of each outstanding equity award over Company common stock held by Ms. Gonzalez, other than any award
 designated as a one-time stock option grant, for at least one year from the applicable date of grant and (y) the right to exercise outstanding
 options until the applicable option expiration date.
 The preceding summary of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement, which is filed as
 Exhibit 10.30 to this Annual Report on Form 10-K and is incorporated herein by reference.
 Director and Officer Trading Arrangements. 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 December 31, 2024.

 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. Not applicable.

 2024 FORM 10-K 87

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE. Information required by this item with
 respect to executive officers, directors, corporate governance, code of ethics, insider trading policies and procedures, and compliance with
 Section 16(a) of the Exchange Act will be presented in the 2025 Proxy Statement in the sections titled "Election of Directors." "Corporate
 Governance," "Executive Officers," and "Section 16(a) Beneficial Ownership Reporting Compliance," and such information is incorporated
 herein by reference.

 ITEM 11. EXECUTIVE COMPENSATION. Information required by this item regarding executive and director compensation will be
 presented in the 2025 Proxy Statement under the section titled "Executive Compensation" and the section titled "Director Compensation,"
 and such information (other than the subsection titled "Compensation Committee Report," which is deemed furnished herein by reference,
 and the subsection "Pay Versus Performance") is incorporated herein by reference.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
 STOCKHOLDER MATTERS. Information required by this item regarding security ownership of certain beneficial owners and
 management and related stockholder matters, as well as equity compensation plan information, will be presented in the 2025 Proxy
 Statement under the sections titled "Stock Ownership Information" and "Equity Compensation Plan Information," and such information is
 incorporated herein by reference.

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE. Information
 required by this item regarding certain relationships and related transactions and director independence will be presented in the 2025 Proxy
 Statement under the sections titled "Certain Relationships and Related-Party and Other Transactions" and "Other Governance Policies and
 Practices," and such information is incorporated herein by reference.

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Information required by this item regarding principal accounting fees
 and services of our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34), will be presented in the 2025 Proxy Statement under
 the sections titled "Independent Auditor," and such info rmatio n is incorporated herein by reference.

 2024 FORM 10-K 88

 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.
 FINANCIAL STATEMENTS. See Item 8. "Financial Statements and Supplementary Data" for a listing of our financial statements.
 FINANCIAL SCHEDULES. Schedules required by Regulation S-X (17 CFR 210) are omitted because they are either not applicable or
 the financial information is already included within the financial statements or notes thereto.

 EXHIBITS.

 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). +

 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).

 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).

 4.1 Description of Securities Registered Pursuant to Section 12 of the Exchange Act (filed herewith).

 10.1 Credit Agreement, dated as of March 26, 2024, among GE Vernova Inc., GE Albany Funding Unlimited Company and GE Funding
 Operations Co., Inc., as borrowers, the other subsidiary borrowers from time to time party thereto, the lenders from time to time party
 thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 of the registrant's Quarterly
 Report on Form 10-Q for the quarter ended March 31, 2024, File No. 001-41966).+

 10.2 Standby Letter of Credit and Bank Guarantee Agreement dated as of March 26, 2024, among GE Vernova Inc., as the borrower, the
 issuing banks party thereto and HSBC Bank USA, National Association, as administrative agent (incorporated by reference to Exhibit 10.2
 of the registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, File No. 001-41966).+

 10.3 Transition Services Agreement, dated April 1, 2024, by and between General Electric Company and GE Vernova Inc. (incorporated
 by reference to Exhibit 10.1 of the registrant's Current Report on Form 8-K filed with the SEC on April 2, 2024, File No. 001-41966).+

 10.4 Tax Matters Agreement, dated April 1, 2024, by and between General Electric Company and GE Vernova Inc. (incorporated by
 reference to Exhibit 10.2 of the registrant's Current Report on Form 8-K filed with the SEC on April 2, 2024, File No. 001-41966). +

 10.5 Employee Matters Agreement, dated April 1, 2024, by and between General Electric Company and GE Vernova Inc. (incorporated by
 reference to Exhibit 10.3 of the registrant's Current Report on Form 8-K filed with the SEC on April 2, 2024, File No. 001-41966).

 10.6 Trademark License Agreement, dated March 31, 2024, by and between General Electric Company and GE Infrastructure Technology
 LLC (incorporated by reference to Exhibit 10.4 of the registrant's Current Report on Form 8-K filed with the SEC on April 2, 2024, File No.
 001-41966). +

 10.7 Real Estate Matters Agreement, dated April 1, 2024, by and between General Electric Company and GE Vernova Inc. (incorporated
 by reference to Exhibit 10.5 of the registrant's Current Report on Form 8-K filed with the SEC on April 2, 2024, File No. 001-41966).+

 10.8 Framework Investment Agreement, dated April 1, 2024, by and between General Electric Company and GE Vernova Investment
 Advisers, LLC (incorporated by reference to Exhibit 10.6 of the registrant's Current Report on Form 8-K filed with the SEC on April 2,
 2024, File No. 001-41966). +

 10.9 Form of Indemnification Agreement (incorporated by reference to Exhibit 10.6 of the registrant's Registration Statement on Form 10
 filed with the SEC on March 5, 2024, File No. 001-41966).

 10.10 GE Vernova Inc. 2024 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.10 of the registrant's Quarterly Report on
 Form 10-Q for the quarter ended June 30, 2024, File No. 001-41966).*

 10.11 GE Vernova Inc. Mirror 2022 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.2 of the registrant's Registration
 Statement on Form S-8 filed with the SEC on April 3, 2024, File No. 001-41966).*

 10.12 GE Vernova Inc. Mirror 2007 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.3 of the registrant's Registration
 Statement on Form S-8 filed with the SEC on April 3, 2024, File No. 001-41966).*

 10.13 Offer Letter with Kenneth Parks (incorporated by reference to Exhibit 10.11 of the registrant's Registration Statement on Form 10
 filed with the SEC on March 5, 2024, File No. 001-41966).*

 10.14 Offer Letter with Rachel Gonzalez (incorporated by reference to Exhibit 10.12 of the registrant's Registration Statement on Form 10
 filed with the SEC on March 5, 2024, File No. 001-41966). *

 10.15 Offer Letter with Steven Baert (incorporated by reference to Exhibit 10.13 of the registrant's Registration Statement on Form 10 filed
 with the SEC on March 5, 2024, File No. 001-41966). *

 10.16 Employment Agreement with Mav Zingoni (incorporated by reference to Exhibit 10.14 of the registrant's Registration Statement on
 Form 10 filed with the SEC on March 5, 2024, File No. 001-41966.) *

 10.17 Offer Letter with Jessica Uhl (incorporated by reference to Exhibit 10.16 of the registrant's Quarterly Report on Form 10-Q for the
 quarter ended March 31, 2024, File No. 001-41966). *

 10.18 Offer Letter with Victor Abate (incorporated by reference to Exhibit 10.17 of the registrant's Quarterly Report on Form 10-Q for the
 quarter ended March 31, 2024, File No. 001-41966).*

 10.19 Amended GE Energy Supplementary Pension Plan (filed herewith).*

 10.20 GE Energy Excess Benefits Plan (incorporated by reference to Exhibit 10.17 of the registrant's Registration Statement on Form 10
 filed with the SEC on March 5, 2024, File No. 001-41966).*

 2024 FORM 10-K 89

 10.21 Amended GE Vernova Annual Executive Incentive Plan (incorporated by reference to Exhibit 10.18 of the registrant's Registration
 Statement on Form 10 filed with the SEC on March 5, 2024, File No. 001-41966).*

 10.22 GE Vernova Restoration Plan (incorporated by reference to Exhibit 10.19 of the registrant's Registration Statement on Form 10 filed
 with the SEC on March 5, 2024, File No. 001-41966).*

 10.23 GE Vernova U.S. Executive Severance Plan (incorporated by reference to Exhibit 10.20 of the registrant's Registration Statement
 on Form 10 filed with the SEC on March 5, 2024, File No. 001-41966).*

 10.24 Form of Agreement for Restricted Stock Unit Grants to Nonemployee Directors under the Company's 2024 Long-Term Incentive
 Plan, as of May 2024 (incorporated by reference to Exhibit 10.1 of the registrant's Current Report on Form 8-K filed with the SEC on May
 17, 2024, File No. 001-41966).+*

 10.25 Form of Agreement for Restricted Stock Unit Grants for Employees at or above Executive Director level under the Company's 2024
 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10.2 of the registrant's Current Report on Form 8-K filed
 with the SEC on May 17, 2024, File No. 001-41966).+*

 10.26 Form of Agreement for Stock Option Grants for Employees at or above Executive Director level under the Company's 2024 Long-
 Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10.3 of the registrant's Current Report on Form 8-K filed with
 the SEC on May 17, 2024, File No. 001-41966).+*

 10.27 Form of Agreement for Performance Stock Unit Grants for Employees at or above Executive Director level under the Company's
 2024 Long-Term Incentive Plan, as of May 2024 (incorporated by reference to Exhibit 10.4 of the registrant's Current Report on Form 8-K
 filed with the SEC on May 17, 2024, File No. 001-41966).+*

 10.28 Form of Agreement for Stock Option Grants for Employees at or above Executive Director level under the Company's 2024 Long-
 Term Incentive Plan, as of June 2024 (incorporated by reference to Exhibit 10.28 of the registrant's Quarterly Report on Form 10-Q for the
 quarter ended June 30, 2024, File No. 001-41966).+*

 10.29 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).*

 10.30 Separation Agreement with Rachel Gonzalez (filed herewith). *

 19.1 GE Vernova Inc. Insider Trading Policy (filed herewith).

 21.1 Subsidiaries of the Registrant (filed herewith).

 23.1 Consent of Independent Registered Public Accounting Firm (filed herewith).

 31.1 Certification pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended (filed herewith).

 31.2 Certification pursuant to Rules 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended (filed herewith).

 32.1 Certification pursuant to 18 U.S.C. Section 1350 (furnished herewith).

 97.1 GE Vernova Inc. Clawback Policy (filed herewith).

 99.1 Supplement to Present Required Information in Searchable Format (filed herewith).

 101 The following materials from GE Vernova's Annual Report on Form 10-K for the year ended December 31, 2024, formatted as Inline
 2022, (ii) Statement of Financial Position at December 31, 2024 and 2023, (iii) Statement of Cash Flows for the years ended December
 31, 2024, 2023, and 2022, (iv) Statement of Comprehensive Income (Loss) for the years ended December 31, 2024, 2023, and 2022, (v)
 Statement of Changes in Equity for the years ended December 31, 2024, 2023, and 2022, and (vi) the Notes to Combined Financial
 Statements (filed herewith).

 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.

 ITEM 16. FORM 10-K SUMMARY. None.

 2024 FORM 10-K 90

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) 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.
 GE Vernova Inc.

 By:

 /s/ Kenneth Parks

 Kenneth Parks
 Chief Financial Officer
 (Principal Financial Officer)

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf
 of the registrant and in the capacities and on the dates indicated.

 Signer

 Title

 Date

 /s/ Scott Strazik

 Chief Executive Officer and Director

 Scott Strazik

 (Principal Executive Officer)

 /s/ Kenneth Parks

 Chief Financial Officer

 Kenneth Parks

 (Principal Financial Officer)

 /s/ Matthew Potvin

 Vice President, Controller and Chief Accounting Officer

 Matthew Potvin

 (Principal Accounting Officer)

 /s/ Stephen Angel

 Non-Executive Chair of the Board

 Stephen Angel

 /s/ Nicholas K. Akins

 Nicholas K. Akins

 /s/ Arnold W. Donald

 Arnold W. Donald

 /s/ Matthew Harris

 Matthew Harris

 /s/ Martina Hund-Mejean

 Martina Hund-Mejean

 /s/ Kim K.W. Rucker

 Kim K.W. Rucker

 /s/ Jesus Malave

 Jesus Malave

 /s/ Paula Rosput Reynolds

 Paula Rosput Reynolds