Summary of Key Financial Highlights

• Net income of \$4.7 billion for Q1 2026, with a net income margin of 50.9%, which includes \$4.5 billion in pre-tax M&A net gains, primarily from the Prolec GE transaction.
• Adjusted EBITDA nearly doubled year-over-year to \$0.9 billion, with an adjusted EBITDA margin of 9.6% (up 390 basis points).
• Free cash flow reached \$4.8 billion, more than quadrupling from the prior year and already surpassing the full-year 2025 figure.
• Revenue up 16% year-over-year to \$9.3 billion, with organic growth of 7%.
• Cash balance of \$10.2 billion as of quarter-end.
• \$1.4 billion returned to shareholders through share repurchases and dividends.

Strategic and Price-Sensitive Developments

• Prolec GE Transaction: The company realized significant M&A gains from the Prolec GE transaction, bolstering bottom-line results. This is a major development and may impact future earnings patterns and capital allocation.
• Aggressive Capital Return: GE Vernova repurchased approximately 1.8 million shares for \$1.3 billion (average price: \$720 per share) and paid a \$0.50 quarterly dividend on April 14, 2026, with another \$0.50 dividend declared for the next quarter.
• Acquisition Activity: The company completed an acquisition on February 2, 2026, and issued \$2.6 billion in senior notes, strengthening its capital position and flexibility for further growth initiatives.
• R&D Investment: \$0.3 billion invested in R&D in Q1, as part of a \$5 billion commitment from 2025-2028 to drive next-generation energy transition technologies.

Segment Performance and Guidance

Power Segment

• Revenue: \$5.0 billion, up 12% year-over-year.
• Segment EBITDA Margin: 11.6%, up 470 basis points.
• Growth driven by price and volume in Gas Power, with continued investments in Nuclear and Gas Power.
• 2026 Guidance: Organic revenue growth of 16%-18% and segment EBITDA margin of 17%-19% (up from prior guidance of 16%-18%).

Electrification Segment

• Revenue: \$2.3 billion (organic), up 111% year-over-year due to the Prolec GE integration.
• Segment EBITDA Margin: 17.8%, up 670 basis points.
• Strong equipment growth and improved margin profile.
• 2026 Guidance: Revenue of \$14.0-\$14.5 billion (up from \$13.5-\$14.0 billion) including \$3 billion from Prolec GE, segment EBITDA margin of 18%-20% (up from 17%-19%).

Wind Segment

• Revenue: \$1.4 billion (organic), down from \$1.9 billion in Q1 2025.
• Segment EBITDA Margin: -26.7%, down 1,880 basis points, reflecting ongoing challenges and drag on profitability.
• Wind remains a drag on overall results, highlighting the importance of Electrification and Power segments in driving overall performance.

Other Notable Items

• Order Book: Orders reached \$18.3 billion, up 71% organically from the prior year, with notable strength in equipment for Electrification and Power.
• Balance Sheet: \$10.2 billion cash balance, enhanced by the Prolec GE divestiture and senior note issuance.
• Emerging Growth Company Status: GE Vernova is not classified as an emerging growth company, indicating full compliance with all SEC financial reporting requirements.

Implications for Shareholders and Potential Share Price Impact

• The substantial M&A gains, boosted guidance, and aggressive capital returns are likely to be viewed positively by the market and could drive the share price higher.
• Integration of Prolec GE and higher R&D investments signal confidence in long-term growth and innovation, which may attract long-term investors.
• Continued weakness in Wind remains a risk factor, but is currently offset by strong performance in Power and Electrification.
• The upward revision in segment guidance for revenue and EBITDA margins in key businesses is a material, price-sensitive event and could lead to positive share price momentum.