GE Vernova Inc. (GEV) Business

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 invest in our core

businesses, invest in targeted mergers and acquisitions (M&A), and return at least 1/3 of our cash generation 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 mission to electrify to thrive and decarbonize the world.

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.

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.

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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 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, Nordex, Envision, and Goldwind.

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 nuclear 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.

Nuclear 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 to support industrialization, grid stability needs, and rising electricity demand from hyperscalers and data centers.

As of December 31, 2025, our fundamentals remained strong with approximately $94.4 billion in remaining performance obligations (RPO)

and a gas turbine installed base of approximately 7,000 units with approximately 1,800 units under long-term service agreements and an

average remaining contract life of approximately 10 years. As of December 31, 2025, we had 51 HA-Turbines in RPO, 43 being installed

and commissioned, and 126 HA-Turbines in our installed base with approximately 3.6 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. We are also in discussion

with the U.S. Administration regarding the development of SMRs. 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,

launching our first commercial direct air capture deployment with a collaborator, using GE Vernova’s proprietary solid sorbent technology.

We are committed to advancing decarbonization technologies that we believe will provide our customers with options for more renewable

and more dependable energy.

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 workhorse 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, 6.1-158m, and 6.0-164m onshore units. Wind services assists

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.

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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 workhorse products account for approximately 75% of

our equipment RPO at December 31, 2025. Included in our RPO are services agreements on approximately 24,000 of our onshore wind

turbines, from an installed base of approximately 59,000 units.

At Onshore Wind, we are growing our installed base by focusing on customers and markets that best align with our product offering, design

philosophy, and supply chain footprint. The U.S. market currently represents approximately 60% of Onshore Wind's equipment RPO. This

market has seen various changes related to sector-specific tariffs and production tax credits, increasing short-term demand volatility. We

monitor government actions for any changes that could adversely impact wind turbine manufacturers, while making strategic investment

decisions that both preserve and enhance our competitive position in this market. In parallel, we are growing our international equipment

profitability by selling established workhorse products in markets where we have a competitive advantage. Finally, we continue to make

investments to improve our fleet availability and services profitability.

At Offshore Wind, we continue to experience pressure related to our project costs and execution timelines, as we deliver on our existing

backlog. On December 22, 2025, the United States Department of Interior announced that it is pausing the leases for all large-scale

offshore wind projects under construction in the United States, which had a direct impact on the Vineyard Wind project completion timeline.

Despite these challenges, we are focused on driving quality improvements, installation efficiencies, cost productivity, and working with

regulators to drive better outcomes for both our customers and businesses.

Electrification. Our Electrification segment includes grid solutions and power conversion & storage, 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) and alternating current substation solutions, power

transformers, switchgear, synchronous condensers, 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 improve the reliability, efficiency, and stability 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 & Storage - combines advanced energy conversion and storage systems to meet the electrification needs of utilities and

industries. With a focus on industrial electrification, power stability, and energy storage solutions, Power Conversion & Storage empowers

customers by addressing their most complex electrification challenges accelerating their transition to a sustainable, decarbonized future.

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 to connect new power sources, to electrify industries including data centers playing a key role in the development of

artificial intelligence (AI), and to modernize existing grid infrastructure.

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

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.

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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, 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

Transactions and Director Independence” in Part III, Item 13 of our annual report on Form 10-K for the year ended December 31, 2024,

which incorporated by reference the section titled "Agreements Governing Intellectual Property" that was included in the section titled

"Certain Relationships and Related-Party and Other Transactions" in GE Vernova's definitive proxy statement relating to our 2025 Annual

Meeting of Stockholders.

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. See "Risks Relating to Operations and Supply Chain" in Item 1A. "Risk

Factors" for additional information.

To address these challenges, we maintain strong supplier relationships and connected forecasting to identify and mitigate capacity risks as

early in the process as possible. We also prioritize opportunities to localize our supply chain to serve 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. To

mitigate the impact of tariffs, we are diversifying our supply chains, increasing U.S. manufacturing capabilities, and engaging with policy

makers and industry associations to advocate for more beneficial trade policies. 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 over 3,000 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: Electrify to Thrive

and Decarbonize. We operate according to a set of shared principles that guide how we create value for our customers, people,

stockholders, and planet. We call this 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; lean 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.

GE Vernova is strongly committed to attracting, developing, and retaining exceptional talent. This requires an environment where

employees can learn, experiment and grow, professionally and personally. Employees are empowered to own their own career

development through self-directed tools that facilitate career planning, growth experiences, and mentor connections. In parallel, we

continue to invest in world-class early career development programs, leadership learning, energy industry acumen, and hands-on lean

experiences. Clear expectations, ongoing feedback, and pay-for-performance are the essential elements of how we drive high

performance. We take a longer-term approach to developing future talent for critical roles while refreshing our succession plans on an

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ongoing basis. Our goal is to cultivate a work experience that engages our employees, drives focus on what matters most, empowers

timely, accountable decision-making, and builds impactful leaders for the future.

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 truly global with approximately 24,000 employees in Europe, 21,000 employees in the U.S., 19,000 employees in Asia, and

6,000 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 1,400 union-represented production and maintenance employees, of which approximately

1,350 are covered by a five-year collective bargaining agreement that expires in June 2030.

•In Europe, we have a European Works Council which represents all of our employees in European Union (EU) member states, the

United Kingdom (U.K.), Switzerland, and Norway. Additionally, we engage with approximately 100 representative organizations

such as works councils and trade unions, in accordance with local law. Social dialogue, including information and consultation, 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 (3,000 employees), India (2,000

employees), Canada (700 employees), Brazil (700 employees), and Mexico (175 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.

ENVIRONMENTAL, HEALTH, AND SAFETY MATTERS. GE Vernova is committed to providing and promoting a safe and healthy working

environment, 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 enterprise 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, remediation, 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 proactive approach to EHS matters requires assessing and managing potential EHS risks and preparing our teams accordingly. We

utilize data to provide teams with actionable insights, enabling us to make informed decisions and assist in reducing the likelihood of

incidents before they occur. We also utilize robotics and automation where appropriate to help keep our employees and contractors out of

harm's way.

Following the Spin-Off, we established our Life Saving Rules, instructions, and critical controls that define how work is performed safely. We

work continuously to operationalize these rules across manufacturing, project, and service teams, with the expectation that they are a core

component of daily business and operations management. We also systematically analyze potentially severe events to identify patterns,

escalate findings to leadership, and translate learnings into corrective and preventive actions. We reinforce safe start and mobilization

practices, and deepened collaboration through contractor and partner forums to drive alignment and shared accountability for safety.

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.

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•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 to comply with such applicable global laws and regulations as they pertain to the various stages of 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 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. In the U.S., the U.S. Nuclear Regulatory Commission (NRC) oversees the

licensing, permitting, and decommissioning of nuclear sites, and in Canada, the Canadian Nuclear Safety Commission

regulates the use of nuclear energy and materials to protect health, safety, and the environment. 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. 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 provide 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

2025 FORM 10-K 10

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.

•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 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 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

Securities Exchange Act of 1934, as amended (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.