Equity Research Company Update — March 31, 2026 Clean Energy GE V ernova Inc. Q1'26 Preview: All Segments Tracking Overweight Price Target: $896.00    Our Call We expect a solid Q1 print with strong gas turbine bookings and positive commentary on pricing. We update our GEV gas turbine backlog model. We're raising our PT to reflect higher LT revenue & margins in electrification and stay Overweight rated.   Tracking For Positive Q1. For Power, GEV expects to ship 3-4 GW of turbines in Q1'26 and is on track to deliver 17.5 GW in 2026. The company still expects to reach 100 GW of backlog by YE'26. Given an 83 GW backlog to start the year, this implies 35 GW of incremental orders in 2026 (83 GW starting backlog - 18 GW shipped + 35 GW of bookings = 100 GW ending backlog). GEV expects to book 12-24 GW in Q1.   Gas Turbine Demand Remains Strong – Pricing Trending Higher. GEV is sold out through 2028 and expects to sell out backlog through 2030 by year-end. The company is already in discussions with some customers for potential 2031-2035 orders. Pricing remains around $2,500/kW, but management noted it could reach $3,000/kW in the near-term (for plants completed in 2030+).   Middle East Impact Is Modest. GEV derives only 14% of revenue from the Middle East and Africa. Assuming a 50% split, this implies only 7% exposure to ME (mostly Saudi Arabia). GEV could see $75-100MM of revenue shift to later this year as the planned outages (service revenue) are moved to avoid the conflict.   Electrification Segment Upside Remains. GEV views Electrification as the least appreciated business within its portfolio. The segment is growing 20%/year (revenue) with 2-3%/year of margin expansion. Prolec acquisition will be additive to revenue growth in future years (not 2026). Electrification has margin expansion potential due to cost- cutting and efficiency initiatives still in progress. GEV has been gaining share in the US and expects this to continue.   Raising Price Target. We're raising our PT to $896/share from $831/share to reflect higher revenue and margins in electrification in 2028-2031. GEV continues to see strong demand and pricing for gas turbines; our recent US Gas Turbine S/D Analysis suggests strong demand for GEV HDGTs should persist to 2032+. Our price target is based on a 50/50 blend of a 3-stage discounted cash flow model and a P/E multiple (FY2030E) of 24x discounted back to FY2027. Notable Changes $ (Dec) Current Prior % Chg Price Target $896.00 $831.00 7.8% EPS 2027 22.00 21.84 0.7% Rev. (MM) 2026 44.25B 44.25B -0.0% Rev. (MM) 2027 49.24B 49.24B 0.0%   Ticker GEV Upside/(Downside) to Target 9.6% Price (03/30/2026) $817.35 52 Week Range $252.25 - 948.38 Market Cap (MM) $223,954 Enterprise Value (MM) $215,107 Average Daily Value (MM) $2,290 Dividend Yield 0.1%   $ (Dec) Q1 Q2 Q3 Q4 FY EPS 2026E 1.55 E 3.04 E 3.58 E 5.69 E 13.87 E Prior 1.61 E 3.00 E 3.59 E 5.66 E NC  2027E 4.06 E 4.94 E 5.38 E 7.62 E 22.00 E Prior 4.01 E 4.91 E 5.36 E 7.57 E 21.84 E   3 Yr EPS CAGR from current year (unless otherwise noted): Reflects 3 Yr EBITDA CAGR Source: Company Data, Wells Fargo Securities estimates, and Factset. NA = Not Available, NC = No Change, NE = No Estimate   Michael Blum Equity Analyst | Wells Fargo Securities, LLC Michael.J.Blum@wellsfargo.com | 212-214-5037 Praneeth Satish Equity Analyst | Wells Fargo Securities, LLC Praneeth.Satish@wellsfargo.com | 212-214-8056 Ned Baramov, CFA Equity Analyst | Wells Fargo Securities, LLC Ned.Baramov@wellsfargo.com | 212-214-8021 Eric Shiu Associate Equity Analyst | Wells Fargo Securities, LLC Eric.Shiu@wellsfargo.com | 212-214-5038 Jack Farrell, CFA Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012 All estimates/forecasts are as of 3/30/2026 unless otherwise stated. 3/31/2026 5:00:37EDT. Please see page 14 for rating definitions, important disclosures and required analyst certifications. Wells Fargo Securities, LLC does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the report and investors should consider this report as only a single factor in making their investment decision. This document is for aweinberg@btig.com and should not be distributed further. Clean Energy Equity Research Wells Fargo Express Takeaways GE Vernova Inc. (GEV) | Rating: Overweight | Price Target: $896.00 Analyst: Michael Blum   Financials FY (Dec) 2025A 2026E 2027E $ ESTIMATES EPS Q1 0.91 A 1.55 E 4.06 E Q2 1.87 A 3.04 E 4.94 E Q3 1.64 A 3.58 E 5.38 E Q4 2.81 A 5.69 E 7.62 E AN 7.23 A 13.87 E 22.00 E Rev. (MM) 37.82B A 44.25B E 49.24B E EBITDA (MM) 3.17B A 5.67B E 8.41B E FCF (MM) 4,039.0 A 4,941.0 E 6,073.0 E WELLS FARGO vs. CONSENSUS Consensus Estimate 7.23 A 14.24 E 22.30 E Difference from Consensus (3.0)%  (1.0)%  VALUATION P/E NM 58.9x 37.2x EV/Revenue 5.7x 4.9x 4.4x EV/EBITDA 67.9x 37.9x 25.6x EV/FCF 53.3x 43.5x 35.4x FCF Yield 1.8% 2.2% 2.7% Consensus Estimate: Consensus EBITDA Estimate; Source: FactSet. Source: Company Data, Wells Fargo Securities estimates, and Factset. NA = Not Available, NE = No Estimate Investment Thesis We rate GEV Overweight. We project high levels of demand for its suite of generation and grid products, and believe the company has strong potential to accrete margin through price raises and lean manufacturing.   Risk vs. Reward – Upside/Downside Price Target Scenarios $527$708$889$1070$1253 Upside Scenario Base Case Downside Scenario * $817.35 $1044.00 $896.00 $659.00 *As of 03/30/26 Source: Wells Fargo Securities, LLC estimates and Factset.     Base Case | $896.00 Our price target of $896/share is based on a 50/50 blend of: • A three-stage discounted cash flow model (6.9% WACC, based on 9.5% cost of equity and 5.5% cost of debt), and • Target P/E multiple (FY2031E) of 24x discounted back to FY2027 at 9.5% cost of equity. We derived our P/E multiple from a regression of S&P 500 companies using EPS growth and gross margin as inputs. Upside Scenario | $1,044.00 • Our upside case scenario assumes +10% higher HDGT order prices (per MW) & 25% higher orders per year for Electrification equipment. Also, Gas Services & Electrification equipment EBITDA margins +200 bps in 2028 onward, and Wind EBITDA margins +400 bps in 2028 onward due to continued operational improvements. • This upside results in a 16.0% revenue CAGR (2025E-2030E) and 2031E EBITDA margins of 26.2%, resulting in a PT of $1,044/sh. Downside Scenario | $659.00 • Our downside case scenario assumes -30% lower HDGT order prices (per MW), Electrification equipment orders -30% lower, and EBITDA margins -300 bps below our base-case estimates in 2026 onward due to lower volumes & cost overruns. • We assume 2026-2031 revenue would increase at a CAGR of 10.5% (versus 12% in our published model) and 2031 EBITDA margins of 19.6% (versus 23.2% in our model), resulting in a PT of $659/ share.     Upcoming Catalysts • Expansion into new Electrification verticals, including through M&A • Wind business rebound in US or international markets • More nuclear uprates, expansions, or new SMR deals • Additional policy supporting transmission and distribution • Progress on fuel cell commercialization Company Description GEV is a global equipment supplier to the natural gas, wind, and power generation markets. GEV equipment generates ~25% of global electricity. The company also produces grid transmission and distribution equipment and software. GEV sells to a global customer base including utilities and independent power producers (IPPs). GEV also provides services, including maintenance and upgrades, to a portion of its installed base of gas, nuclear, wind, hydroelectric, and coal generation. 2 | Equity Research This document is for aweinberg@btig.com and should not be distributed further. GE Vernova Inc. Equity Research Raising Estimates And Price Target Raising Estimates We're raising our Electrification revenue and margin estimates to reflect continued progress for the Grid Systems business on orders, productivity, and margins. We're raising 2026-2027 Electrification orders by 4% on average, which in turn raises our 2028-2031E Electrification revenue estimates by an average of 3.9% per year. The higher revenue estimates also slightly raise EBITDA margins for the segment, given Grid Equipment contributions carry a higher margin. In 2031E, we project segment margins to be ~30 basis points higher than our previous estimate (25.1% vs 24.8% prior). Valuation Is The Primary Pushback From Investors. Given strong YTD performance (GEV is up +20% YTD vs -8% for the SPX), some investors have become more cautious on the stock. GEV trades at a 2027 P/E multiple of 37x but has a 4-year forward EPS CAGR (in earnings) of 25%. This is significantly higher than the 15-year historical average EPS growth of the S&P 500 of +10%. Given the long runway for future growth, we look to outer year multiples as a better marker for value. We estimate GEV trades at a 2030E P/E multiple of 17.5x, in line with the 15-year average forward P/E multiple for the SPX of 17x (2010-2024). However, in 2030, we project EPS growth of +15% (y/ y in 2031), significantly higher than the 15-year historical S&P 500 average of 10%. We expect GEV's elevated growth rate (vs. SPX on a prospective basis) can persist into the 2030's given (1) our view of continued strong demand for HDGT turbines in 2030+, and (2) high margin service revenues tied to turbine orders delivered in 2028+ will begin to impact revenue 5 years later (in 2033+), providing a sustainable tailwind of growth. Exhibit 1 - GEV Forward P/E Multiple Vs Historical S&P 500 Forward P/E Multiple 58.9x 37.1x 26.5x 20.3x 17.5x 15.2x 0x 10x 20x 30x 40x 50x 60x 70x 2026E 2027E 2028E 2029E 2030E 2031E P/E Multiple GEV P/E Multiple S&P 500 Historical Average Forward P/E (2010-2024) Source: Company reports, FactSet, and Wells Fargo Securities, LLC estimates FactSet historical forward 12-month P/E ratio is based on 15 years of historical data (2010-2024). Equity Research | 3 This document is for aweinberg@btig.com and should not be distributed further. Clean Energy Equity Research Exhibit 2 - GEV Estimates Versus Consensus and Guidance ($B, except per share & margins) 2026E 2027E 2028E 2029E 2030E 2031E GEV Total Revenue - Wells Fargo $44 $49 $57 $65 $72 $78 Revenue - Consensus $45 $51 $58 $66 $72 $84 Revenue - Guidance (midpt) $45 $56 EBITDA Margin - Wells Fargo 13% 17% 20% 22% 23% 23% EBITDA Margin - Consensus 13% 17% 20% 22% 24% 26% EBITDA Margin Guidance (midpt) 12% 20% EPS - Wells Fargo $13.87 $22.00 $30.89 $40.33 $46.65 $53.71 EPS - Consensus $14.24 $22.30 $32.33 $40.38 $46.55 $52.35 Power Power Revenue - Wells Fargo $23 $26 $31 $37 $40 $42 Power Revenue - Consensus $23 $27 $32 $37 $41 $52 Power Revenue - Guidance (midpt) $23 $32 Power EBITDA Margin - Wells Fargo 17% 20% 22% 24% 25% 25% Power EBITDA Margin - Consensus 17% 20% 23% 25% 27% 28% Power EBITDA Margin - Guidance (midpt)17% 22% Wind Wind Revenue - Wells Fargo $8 $7 $6 $6 $6 $6 Wind Revenue - Consensus $8 $8 $7 $6 $6 $6 Wind Revenue - Guidance (midpt) $8 $6 Wind EBITDA Margin - Wells Fargo (6%) (0%) 6% 6% 6% 6% Wind EBITDA Margin - Consensus (5%) 0% 5% 5% 5% 3% Wind EBITDA Margin - Guidance (midpt)(5%) 6% Electrification Electrification Revenue - Wells Fargo $14 $16 $20 $23 $27 $32 Electrification Revenue - Consensus $14 $17 $20 $23 $27 $33 Electrification Revenue - Guidance (midpt)$14 $20 Electrification EBITDA Margin - Wells Fargo18% 22% 23% 25% 25% 25% Electrification EBITDA Margin - Consensus18% 21% 23% 24% 24% 24% Electrification EBITDA Margin - Guidance (midpt)18% 22% Source: Company reports, FactSet, and Wells Fargo Securities, LLC estimates See below for additional takeaways from our pre-quarter call. Heavy Duty Gas Turbine Pricing Remains Strong & Trending Higher The cost to build a combined cycle gas power plant continues to rise: in the US and other developed markets, costs are $2,500+/kW and trending toward $3,000/kW. In the US market, GEV earns roughly ~1/3 of that spend from sales of turbines, generators, controls, and other equipment (~$750-1,000 of revenue per kW). Further upside on pricing is possible if demand for power, particularly AI, continues to be robust. Data center costs are trending toward $30B/GW, of which less than 10% is for power. Per McCoy data, 38% of GEV orders received in 2025 were from international customers, including from emerging markets like Vietnam. In these markets, GEV sells equipment for the same prices as in the US. However, other costs such as EPC work and land are lower, so GEV equipment accounts for a larger percentage of a smaller total cost per kW. Hyperscalers were paying a premium for HDGT slots last year, but their demand has now "moved the market upward," so IPPs and utilities are paying the same price to secure slots. To note, hyperscalers (to our knowledge) do not plan to develop their own power plants. Instead, they are securing slots with up-front cash and bringing in IPP, utility or BTM partners to handle the construction and operations. GEV is expanding output of B & E class turbines (~60-100 MW each) by 2 GW per year (included in the rise from 20 GW/yr to 24 GW/yr by 2028). These turbines earn GEV the same revenue per kW as the HA turbines, but there is less opportunity to install combined cycle equipment (because they are usually used in simple cycle configurations) so total order dollars (per kW of turbines sold in simple cycle terms) will be lower on a per-kW basis than state-of-the-art HA turbines. HDGT Backlog Outlook Remains Strong 4 | Equity Research This document is for aweinberg@btig.com and should not be distributed further. GE Vernova Inc. Equity Research GEV continues to expect ~34 GW of HDGT bookings in 2026 (including orders and SRA). After ending 2025 with 40 GW of orders and 43 GW of SRA, GEV expects to (1) sell ~17 GW of turbines, (2) convert 24 GW of SRA to orders for 2029 delivery, (3) sign 13 GW of new orders for 2030+, and (4) sign 21 GW of new SRA to end 2026 with 100 GW total backlog. Including orders and SRA, GEV expects to be sold out through 2030 by YE26 (plus 8 GW booked for 2031+). Based on management comments we expect 12-24 GW booked in Q1'26, likely toward the lower end of this range as GEV continues to push pricing, which would set the table for a large surge in bookings during H2'26 (like in H2'25). GEV is also talking to several hyperscalers who are interested in "programmatic" deals to deliver multiple turbines per year over a 5+ year period. Limited Impact From War In Iran (For Now) GEV conducts essentially no business in Iran, but generates ~7% of revenues from the Middle East region. The majority is earned in Saudi Arabia, which has GEV's largest installed base in this region and has placed large orders for new power generation and grid equipment. Due to conditions in the region, GEV is shifting some planned power plant outage work to later in 2026. This could result in $75-100MM of top line revenue deferred to future quarters at most, which is not material to Q1'26 earnings (we project $9.4B revenue). There are no impacts to GEV orders from the Middle East scheduled to arrive in future quarters. However, if the war persists, more business may be disrupted. Equity Research | 5 This document is for aweinberg@btig.com and should not be distributed further. Clean Energy Equity Research Keep An Eye Out For Prolec Upside The acquisition of Prolec JV (completed in February 2026) unlocks increased flexibility for GEV to (1) expand capacity in North America, and (2) sell transformers made internationally into US market because Prolec no longer holds exclusive rights to US market. Additional upside could be found by selling low-voltage distribution transformers, which Prolec manufactures but GEV did not sell prior. Orders are already being booked for expanded business lines which should begin to generate revenue in 2027+. Prolec will not be broken out on financials but can be backed out from earnings releases and 10-Qs using the bridge from organic to reported financials. The impact will be visible in Q2'26 earnings onward. Electrification Business Riding Strong Tailwinds GEV's Electrification continues to have the most upside potential, in our view. GEV currently earns $200-300MM per GW of data center from its Electrification equipment and expects that metric to grow significantly due to new products under development including (1) solid state transformers, (2) power "stability blocks" with medium voltage transformers and battery storage, and (3) low voltage transformers (acquired in Prolec deal). Pricing remains strong due to underlying demand and long lead times. Also, significant opportunities for cost savings and efficiencies remain. During 2025, GEV raised 2028 guidance twice for the Electrification segment, and 2028 guidance could be raised again this year. Offshore Wind Remains On Track GEV has fully installed all turbines at Vineyard Wind (MA) but some work remains on commissioning this year. The Dogger Bank project (United Kingdom) remains on track to be completed by the end of 2027. The Vineyard Wind install should drive higher margins because vessels and construction crews are no longer needed. We continue to project EBITDA losses for Offshore business line until end of 2027, in line with our prior estimates. US - Japan Trade Deal Positive For GEV But Light On Details In February 2026, US President Trump and Japan Prime Minister Takaichi announced the first tranche of the US - Japan Strategic Trade and Investment Agreement which included a 9.2 GW gas power plant near Portsmouth, Ohio. Key details about the plant, including turbine OEM, are not available. Last week, Trump and Takaichi announced a second tranche including (1) up to $40B in spending on GE Vernova Hitachi (GEH) SMR in AL & TN and (2) $33B of spending on new gas power plants in PA (South Mon) and TX (Anderson County) which will be operated by NextEra Energy (NEE, covered by Pourreza). NEE and GEV signed a strategic agreement last year to develop gas power plants, but the use of GEV equipment has not been confirmed. Given the lack of details on the gas power plant and the extended timeline to deploy SMR, we do not incorporate these announcements into our estimates. Separately, GEH is involved in restarting part of the Kashiwazaki-Kariwa Nuclear Power Plant in Japan and is exploring SMR deployment in SE Asia. We do not expect material contributions this quarter (or subsequent quarters) from the plant restart above our current Nuclear business line estimates ($1.0B in 2026). Also, just as for the US SMR deal above, it is too early (and details are too limited) to incorporate SMR deals in our estimates. GEV Backlog Analysis - 2030 Could Be >40% Sold Out We refreshed our prior gas turbine backlog analysis from January 2026 to incorporate new project announcements and industry data. Notably, we now project GEV will end Q1'26 more than 40% 6 | Equity Research This document is for aweinberg@btig.com and should not be distributed further. GE Vernova Inc. Equity Research sold out of available slots in 2030, up from ~5% at end of Q4'25. We assume 2029 is 90% sold out, 2026-2028 is now fully sold out. Management expects 12-24 GW to be booked during Q1'26, which implies GEV will end Q1'26 with at least 91 GW of orders and slot reservation agreements (SRA), up from 83 GW at end of Q4'25. We expect ~6 GW of orders (based on projected ~6 GW per quarter delivery rate in 2028 onward) and 6+ GW of slot reservations. As a reminder, GEV expects to reach ~60 GW orders and ~40 GW SRA (vs. 40 GW orders & 43 GW SRA at end of 2025) for total of 100 GW booked at end of 2026. For more details on our analysis, see our note AI Power Surge: US Gas Turbine S/D Analysis. Exhibit 3 - GEV Projected HDGT Deliveries By Year Year Named Backlog Unnamed Backlog Available Projected Capacity 2026 17.2 0.3 0.0 17.5 2027 17.1 2.9 0.0 20.0 2028 10.0 14.0 0.0 24.0 2029 5.8 15.8 2.4 24.0 2030 1.7 8.0 14.3 24.0 2031 0.0 1.2 22.8 24.0 17.2 17.1 10.0 5.8 1.7 0.3 2.9 14.0 15.8 2.4 14.3 22.8 17.5 20.0 24.0 24.0 24.0 24.0 0 5 10 15 20 25 2026 2027 2028 2029 2030 2031 HDGT Delivery Slots (GW - Simple Cycle) Named Backlog Unnamed Backlog Available Source: Company reports, McCoy, and Wells Fargo Securities, LLC estimates. (1) Projected backlog as of 3/31/26. (2) "Backlog" includes both orders and slot reservation agreements. (3) Delivery timing is based on McCoy estimates or our own estimates. (4) All orders are shown as simple cycle. (5) "Named" bookings indicate the customer's identity has been disclosed. "Unnamed" bookings are not disclosed. Who Are the Customers? Using a combo of McCoy data and public announcements, we can identify customers for ~52 GW of the 91 GW (55%) projected to be booked as of 3/31/26 (including orders & slot reservations). McCoy's YE2025 report identifies ~27 GW of GEV orders received during the year, up from 18 GW in their 9M'25 report. We also identified ~27 GW of projects outside of McCoy. The 3 new projects identified since our last backlog tracker was published in January 2026 and not included in McCoy data are: Maxim Power Corp (Canada), AEP - Pirkey (TX), and OG&E - Horseshoe Lake (OK). One project (Kozienice in Poland) has been removed since our January 2026 analysis because McCoy updated their dataset (to avoid double counting, we do not track projects in the McCoy data set). See the "Notes On Our Analysis" section at the end of the report for details on each project. Equity Research | 7 This document is for aweinberg@btig.com and should not be distributed further. Clean Energy Equity Research Exhibit 4 - GEV Identified Bookings By Type Delivery Year 2026E 2027E 2028E 2029E 2030E 2031E Utility 5.4 10.0 0.7 0.5 0.0 0.0 IPP 2.4 1.0 0.0 0.0 0.0 0.0 Industrial & Other 3.9 1.0 0.0 0.0 0.0 0.0 Named Backlog - McCoy1 11.8 11.9 0.7 0.5 0.0 0.0 Kilby - Chevron, Engine No. 1 & Crusoe (TX)2 3.0 0.0 0.0 0.0 0.0 0.0 ACWA Power - Qassim-1 (Saudi Arabia) 1.2 0.0 0.0 0.0 0.0 0.0 ACWA Power - Taiba-1 (Saudi Arabia) 0.8 0.8 0.0 0.0 0.0 0.0 AEP - Pirkey Power Plant (TX) 0.5 0.0 0.0 0.0 0.0 0.0 CPV - Shay Energy Center (WV) 0.0 1.3 0.0 0.0 0.0 0.0 Delta Offshore Energy - Bac Lieu (Vietnam) 0.0 1.1 1.1 0.0 0.0 0.0 Invenergy - Sycamore Riverside (IN)2 0.0 0.9 0.0 0.0 0.0 0.0 CFE - Mazatlan (Mexico) 0.0 0.4 0.0 0.0 0.0 0.0 CFE - Salamanca II (Mexico) 0.0 0.3 0.0 0.0 0.0 0.0 Invenergy - Foundry Ridge (WI) 0.0 0.3 0.0 0.0 0.0 0.0 Qurayyah Expansion (Saudi Arabia)2 0.0 0.0 2.1 0.0 0.0 0.0 Invenergy - Red Oak Ridge (WI) 0.0 0.0 1.2 0.0 0.0 0.0 Dominion - Chesterfield (VA) 0.0 0.0 1.0 0.0 0.0 0.0 NRG - Project I2 0.0 0.0 0.8 0.0 0.0 0.0 NRG - Project II2 0.0 0.0 0.8 0.0 0.0 0.0 CFE - Francisco Perez Rios (Mexico) 0.0 0.0 0.6 0.0 0.0 0.0 OG&E - Horseshoe Lake (OK) 0.0 0.0 0.5 0.0 0.0 0.0 CFE - Altamira (Mexico) 0.0 0.0 0.4 0.0 0.0 0.0 Advanced Power - Maple Creek (IN)2 0.0 0.0 0.4 0.0 0.0 0.0 LG&E/KU - Brown 12 (KY) 0.0 0.0 0.4 0.0 0.0 0.0 CPV - Basin Ranch (TX) 0.0 0.0 0.0 0.9 0.0 0.0 Duke Energy - Anderson (SC) 0.0 0.0 0.0 0.9 0.0 0.0 Duke Energy Partnership 0.0 0.0 0.0 0.9 0.9 0.0 PV Power - Quynh Lap (Vietnam)2 0.0 0.0 0.0 0.8 0.0 0.0 VinEnergo - Hai Phong (Vietnam)2 0.0 0.0 0.0 0.8 0.0 0.0 Vietnam Electricity - Quang Trach II (Vietnam)2 0.0 0.0 0.0 0.8 0.0 0.0 LG&E/KU - Mill Creek 6 (KY) 0.0 0.0 0.0 0.4 0.0 0.0 JEA - Northside (FL) 0.0 0.0 0.0 0.0 0.5 0.0 Maxim Power Corp (Canada) 0.0 0.0 0.0 0.0 0.4 0.0 Additional Identified Backlog 5.5 5.2 9.3 5.3 1.7 0.0 Unnamed Backlog (WFS Estimate) 0.3 2.9 14.0 15.8 8.0 1.2 Capacity (WFS Estimate) 17.5 20.0 24.0 24.0 24.0 24.0 Available Slots (WFS Estimate) 0.0 0.0 0.0 2.4 14.3 22.8 Percentage booked 100% 100% 100% 90% 40% 5% Source: McCoy, company reports, and Wells Fargo Securities, LLC estimates Projected backlog as of 3/31/26. (1) McCoy order data as of Q4'25 includes 3.6 GW booked for 2026 & 3.4 GW booked for 2027 delivery with undisclosed customer names. We exclude these from "Named Bookings - McCoy" and instead include within ‘Unnamed Bookings (WFS estimate). (2) GEV has publicly confirmed these projects are in their backlog. 8 | Equity Research This document is for aweinberg@btig.com and should not be distributed further. GE Vernova Inc. Equity Research Notes on Our Analysis Combining Orders and SRA into Bookings We grouped orders and slot reservation agreements together as "bookings" to simplify the analysis and focus on identifying open slots. Orders differ from SRA in that they are more binding and all specifications have been finalized ahead of production. However, as demand for power increases and delivery slots become scarce, GEV has increased the requirements for customers to reserve a slot. Today, we estimate down payments for a slot reservation are $10+ million per HDGT . Additionally, GEV may charge cancellation fees and incremental progress fees on a monthly basis until delivery. Estimating Total Capacity of Chevron, Engine No.1 & Crusoe Booking In January, Chevron (covered by WFS Energy Analyst Sam Margolin), Engine No. 1 (private) and Crusoe (private) announced plans to utilize seven 7HA turbines (model undisclosed) to meet data center demand. We estimate these are the largest 7HA.03 model (430 MW each) and all seven are delivered in 2026. In November 2025, Chevron selected western Texas for the site of the first plant. As of March 2026, we believe this project is also being referred to by participants as "Kilby." However, we have not seen official filings for the project. Duke Energy Anderson (SC) Project and SRA Partnership In April, Duke Energy (covered by WFS Utility & Power analyst Shar Pourreza) announced a ~4.7 GW booking (we believe for 7HA.03 turbines). We assume 0.9 GW are delivered in 2028 for the Anderson (SC) plant, 0.9 GW in 2029, 0.9 GW in 2030, and remainder beyond 2030 (~2 GW) based on IRPs. We estimate Duke Energy will book the largest 7HA.03 model, as this model was previously booked for Duke's Cayuga (IN) and Roxboro (NC) plants. These plants are both scheduled to be in-service in 2028. Advanced Power Project Advanced Power's (private) planned Maple Creek project in Indiana announced that it would use a GEV 7HA.03 turbine in combined cycle format. The project has a target in service date of 2029, and we estimate a 2028 delivery date. Competitive Power Ventures (CPV) Projects Competitive Power Venture's (private) Shay Energy Center is under development in West Virginia and will feature 7HA.03 turbines (430 MW each). We estimate a delivery year of 2027 based on the timeline to start construction that year. CPV's Basin Ranch project is also under development in Texas and will use two 7HA.03 turbines in combined cycle format. We estimate delivery year of 2028 based on target in-service date in 2029 and potential staggering of the two projects by CPV for planning purposes. Dominion Project Dominion Energy (covered by Shar Pourreza) is developing the 1,000 MW simple cycle Chesterfield Energy Reliability Center in Virginia. We estimate 2028 delivery date ahead of target in service date in 2029. The application to the Virginia Department of Environmental Quality states that GEV 7FA turbines will be used. Invenergy Projects Invenergy (private) is developing two gas power plants. The Sycamore Riverside Energy Center is a 930 MW (simple cycle) gas power plant in Sullivan County, Indiana. The project is under construction and will use 4 x GEV 7FA.05 turbines (simple cycle). The target completion year is 2028, so we estimate 2027 delivery of turbines. The Red Oak Ridge Energy Center is a proposed 1.2 GW (simple cycle) gas plant in Paris, Wisconsin. The proposed timeline is to begin construction in mid-2027 and complete by 2030, so we estimate delivery of turbines in 2028. Although the project is still in the application process, the engineering plan specifies the use of GEV turbines and the project is one of ten on MISO ERAS list for expedited interconnection. The Foundry Ridge Energy Center is a proposed 324 MW peaker in Walworth County, Wisconsin. The proposed timeline is construction in 2026-2027 and operation in 2028. Although the project is still in the development phase, the CPCN application specifies the use of GEV turbines. Equity Research | 9 This document is for aweinberg@btig.com and should not be distributed further. Clean Energy Equity Research LG&E/KU Projects PPL (covered by Shar Pourreza) subsidiaries LG&E and KU announced plans to build the 645 MW (each) Brown 12 and Mill Creek 6 CCGT units in Kentucky. The application to the Kentucky Public Service Commission specifies using GEV turbines. Based on the units' target in-service years of 2030 and 2031, we estimate delivery years of 2028 and 2029, respectively. NRG Plans for Future Bookings On 2/26/25, NRG (covered by Shar Pourreza) announced an agreement to secure 2 7HA gas turbines from GEV with an SRA to build a 1.2 GW CCGT in-service by 2029. This SRA was included in the backlog at the end of Q1'25 (to our knowledge). We estimate the ~0.8 GW of turbines will deliver in mid-to-late 2027 ahead of 2029 in-service date based on our estimates of a ~12-18 month lag between delivery and in-service. On 5/12/25, NRG signed a second SRA with GEV to build a second 1.2 GW CCGT in-service in 2030. We estimate this SRA reserves another ~0.8 GW of turbines for delivery in mid to late 2028 (based on the same ~12-18 month lag between delivery and in-service). Turbine model was not disclosed. NRG also plans to build additional 3 GW of CCGTs to come online in 2030-2032, again using GEV turbines. We do not believe these ~2 GW of simple-cycle slots have been reserved yet and do not include them in our analysis. Given the in-service dates of 2030-2032, we estimate the majority of the ~2 GW SRA will be delivered by GEV beyond 2028. In NRG's Q2'25 earnings presentation the company details their Texas Energy Fund (TEF) development portfolio (slide 17), which includes Greens Bayou 6. Although the application is still pending, a GEV 7HA.03 has been selected for the project, and we include because 1) the project could get built to meet rising power demand even without the TEF loan and 2) the slot has been secured for a GEV 7HA.03 and NRG could utilize that turbine in another project if Greens Bayou 6 is not completed. Qurayyah Power Plant Expansion Project GEV announced three 7HA.03 turbines (430 MW each) and two 7HA.02 turbines (384 MW each) will be installed at the Qurayyah Independent Power Plant. The delivery date was not announced, but we estimate the turbines will ship in 2028 due to 1) the timing of the order in 2025 (three-year book-to- bill assumption) and the facility's role in Vision 2030 (we assume it will be operating roughly by 2030). NextEra Partnerships In January 2025, NextEra (covered by Shar Pourreza) announced a partnership with GEV to build "multiple gigawatts" of gas-fired generation. In March 2025, NextEra and GEV announced they are joining the "AI Infrastructure Partnership" initiative with BlackRock, Global Infrastructure Partners, Microsoft, MGX, NVIDIA and xAI. However (to our knowledge) no specific booking details or timing have been announced to date. Due to the limited information, we do not yet include any NextEra bookings in our model. In December 2025, NextEra announced plans to build a 1.45 GW (1.2 GW net after carbon capture) gas power plant with ExxonMobil (covered by Sam Margolin). Although we assume GEV will be the leading candidate to develop this power plant, we do not include in our tracker as there is no target completion date and the companies plan to market the site to developers in Q1'26. JEA - Northside (FL) JEA, the community-owned utility for Jacksonville, Florida, approved a new combined cycle gas power plant in August 2025 which will replace Northside Generating Station Unit 3. The project will use a GEV turbine and be installed by 2031. We estimate the turbine is a 430 MW GEV 7HA.03 based on the combined cycle plant capacity of 675 MW and that the unit will ship in 2029 ahead of the 2031 retirement of Northside Unit 3. Delta Offshore Energy - Bac Lieu (Vietnam) Delta Offshore Energy is developing the Bac Lieu gas power plant in Vietnam. The project will use GEV 9HA.02 turbines and is currently planned to be completed in phases in 2028 and 2029. We estimate the turbines will be delivered in 2027 and 2028 ahead of project completion. 10 | Equity Research This document is for aweinberg@btig.com and should not be distributed further. GE Vernova Inc. Equity Research ACWA Power ACWA Power, an IPP based in Saudi Arabia, is developing the Qassim-1 and Taiba-1 projects. Each project is 1,800 MW (combined cycle) and will use GEV turbines. Both projects are scheduled for Q2'2027 commercial operation date, so we assume the turbines will be delivered in 2026. CFE Power Plants CFE, Mexico's state-owned utility, is planning to develop four combined cycle gas plants by 2028: Francisco Perez Rios (912 MW), Altamira (581 MW), Mazatlan (575 MW), and Salamanca II (498 MW). At a press conference in December 2025, Mexico's President Claudia Sheinbaum said the turbines are all sourced from GEV. Because all projects have a commercial operation date of 2028, we assume deliveries will occur in 2027. OG&E - Horseshoe Lake OG&E (OGE, covered by Pourreza) is upgrading its Horseshoe Lake Power Plant in Oklahoma by adding two additional GE 7F5 turbines by 2028. We estimate a 2027 delivery (because the configuration is simple cycle). AEP - Pirkey (TX) AEP (covered by Pourreza) subsidiary SWEPCO is transitioning the Pirkey Power Plant from coal to natural gas using two GE turbines totaling 450 MW of output. Maxim Power Corp Maxim Power Corporation (TSE: MXG, not covered) entered into an agreement to procure a 7HA.02 gas turbine from GEV for 2030 delivery. PV Power - Quynh Lap (Vietnam) GEV disclosed in a press release the planned delivery of two 9HA.02 turbines and generators to Vietnam for PV Power's Quynh Lap LNG power project in 2029. VinEnergo - Hai Phong (Vietnam) GEV disclosed in a press release the planned delivery of two 9HA.02 turbines and generators to Vietnam for VinEnergo's Hai Phong LNG power project. The plant is reportedly scheduled to be operational by 2030, so we estimate a 2029 delivery date. Vietnam Electricity - Quang Trach II (Vietnam) GEV disclosed in a press release that is it delivering two 9HA.02 turbines and generators to Vietnam for Vietnam Electricity's Quang Trach II LNG power project. The plant is scheduled to be operational by 2030, so we estimate a 2029 delivery date. Equity Research | 11 This document is for aweinberg@btig.com and should not be distributed further. Clean Energy Equity Research   Financials GE Vernova (GEV) Summary 2025 3/2026 6/2026 9/2026 122026 2026 3/2027 6/2027 9/2027 122027 2027 2029 2030 2031 Year ended December 31 ($ in millions, except per share data) FY2025A 3/31/26E 6/30/26E 9/30/26E 12/31/26E FY2026E 3/31/27E 6/30/27E 9/30/27E12/31/27E FY2027E FY2028E FY2029E FY2030E FY2031E Summary Operating Metrics Total orders $59,315 $16,389 $17,595 $19,513 $23,915 $77,412 $18,077 $19,203 $19,775 $23,662 $80,717 $80,269 $86,712 $92,995 $99,494 Total RPO $150,238 $157,419 $164,753 $172,443 $183,224 $183,224 $190,632 $198,535 $205,150 $214,114 $214,114 $237,205 $258,135 $278,550 $298,939 Year/year growth (%) 26% 28% 28% 27% 22% 22% 21% 21% 19% 17% 17% 11% 9% 8% 7% Revenue Breakdown Power 19,672 5,351 5,119 5,774 6,827 23,070 6,088 5,720 6,602 7,772 26,182 31,441 36,686 39,587 41,575 Wind 9,096 1,533 1,984 2,329 2,063 7,910 1,394 1,800 2,105 1,849 7,148 6,033 5,834 5,836 5,937 Electrification 9,500 2,669 3,158 3,720 4,245 13,792 3,188 3,780 4,453 5,076 16,497 19,705 23,262 27,157 31,592 Revenue $37,818 $9,413 $10,157 $11,686 $12,991 $44,247 $10,512 $11,186 $13,006 $14,538 $49,242 $56,508 $65,002 $71,720 $78,168 Year/year growth (%) 9% 15% 12% 19% 20% 17% 12% 10% 11% 12% 11% 15% 15% 10% 9% Adjusted EBITDA Breakdown Revenue $37,818 $9,413 $10,157 $11,686 $12,991 $44,247 $10,512 $11,186 $13,006 $14,538 $49,242 $56,508 $65,002 $71,720 $78,168 Cost of revenue 30,258 7,381 7,486 8,641 9,009 32,517 7,581 7,837 9,271 9,806 34,494 38,493 43,225 47,542 51,515 Selling, general and administrative 4,949 1,391 1,482 1,616 1,791 6,279 1,385 1,470 1,674 1,863 6,393 6,542 7,080 7,430 7,672 Research and development 1,197 307 334 385 432 1,458 349 377 438 493 1,657 1,927 2,231 2,497 2,770 Stock-based compensation 257 78 79 79 80 316 81 82 83 83 329 342 356 370 385 Depreciation and amortization 847 207 206 216 235 864 211 210 221 239 881 899 917 935 954 Adjusted EBITDA $3,167 $784 $1,239 $1,425 $2,225 $5,673 $1,630 $1,864 $2,037 $2,879 $8,410 $11,391 $14,445 $16,341 $18,166 Year/year growth (%) 44% 79% 68% 71% 92% 79% 108% 50% 43% 29% 48% 35% 27% 13% 11% Power EBITDA 2,902 812 961 924 1,331 4,028 1,123 1,244 1,231 1,704 5,302 6,925 8,815 9,703 10,420 % margin 14.7% 15.2% 18.8% 16.0% 19.5% 17.5% 18.5% 21.8% 18.6% 21.9% 20.3% 22.0% 24.0% 24.5% 25.1% Wind EBITDA (597) (394) (136) (63) 146 (447) (78) (61) (4) 139 (4) 362 350 350 356 % margin (6.6%) (25.7%) (6.9%) (2.7%) 7.1% (5.7%) (5.6%) (3.4%) (0.2%) 7.5% (0.1%) 6.0% 6.0% 6.0% 6.0% Electrification EBITDA 1,434 463 550 701 826 2,541 682 816 952 1,118 3,567 4,569 5,784 6,817 7,935 % margin 15.1% 17.4% 17.4% 18.9% 19.5% 18.4% 21.4% 21.6% 21.4% 22.0% 21.6% 23.2% 24.9% 25.1% 25.1% Adjusted EBITDA $3,167 $784 $1,239 $1,425 $2,225 $5,673 $1,630 $1,864 $2,037 $2,879 $8,410 $11,391 $14,445 $16,341 $18,166 % margin 8.4% 8.3% 12.2% 12.2% 17.1% 12.8% 15.5% 16.7% 15.7% 19.8% 17.1% 20.2% 22.2% 22.8% 23.2% Margins Gross margin 20.7% 21.6% 26.3% 26.1% 30.7% 26.5% 27.9% 29.9% 28.7% 32.5% 29.9% 31.9% 33.5% 33.7% 34.1% Operating margin 3.7% 4.5% 9.4% 9.9% 14.6% 10.0% 12.4% 14.5% 13.5% 17.4% 14.7% 18.0% 20.3% 21.0% 21.9% Adjusted EBITDA margin 8.4% 8.3% 12.2% 12.2% 17.1% 12.8% 15.5% 16.7% 15.7% 19.8% 17.1% 20.2% 22.2% 22.8% 23.2% Net profit margin 5.3% 4.5% 8.2% 8.4% 11.9% 8.5% 10.5% 12.0% 11.2% 14.2% 12.1% 14.7% 16.5% 17.1% 17.9% Adjusted FCF margin 10.7% (17.0%) 16.4% 14.8% 24.2% 11.2% (22.7%) 20.4% 17.6% 26.7% 12.3% 9.4% 14.4% 13.6% 13.9% Metrics Revenue 38,068 9,413 10,157 11,686 12,991 44,247 10,512 11,186 13,006 14,538 49,242 56,508 65,002 71,720 78,168 Net income 4,883 424 832 977 1,550 3,783 1,103 1,341 1,457 2,058 5,959 8,293 10,721 12,268 13,968 Adjusted free cash flow (FCF) 4,039 (1,597) 1,670 1,729 3,139 4,941 (2,385) 2,285 2,286 3,888 6,073 5,327 9,365 9,736 10,859 Adjusted earnings per share (EPS) $7.23 $1.55 $3.04 $3.58 $5.69 $13.87 $4.06 $4.94 $5.38 $7.62 $22.00 $30.89 $40.33 $46.65 $53.71 Year/year growth (%) 401% 70% 63% 118% 103% 92% 162% 62% 50% 34% 59% 40% 31% 16% 15% Adjusted FCF per share $14.63 ($5.84) $6.11 $6.33 $11.53 $18.09 ($8.78) $8.42 $8.44 $14.40 $22.41 $19.83 $35.21 $37.01 $41.74 FCF after dividend 442 (661) 821 968 572 1,700 906 124 666 1,741 3,764 4,402 5,485 4,686 8,667 Diluted average shares outstanding 276 274 273 273 272 273 272 271 271 270 271 269 266 263 260 Valuation P/E multiple 113.1x 131.8x 67.1x 57.1x 35.9x 58.9x 50.3x 41.4x 38.0x 26.8x 37.1x 26.5x 20.3x 17.5x 15.2x EV/Sales multiple 5.6x 5.6x 5.3x 4.5x 4.0x 4.8x 5.0x 4.7x 4.0x 3.5x 4.2x 3.6x 3.0x 2.6x 2.3x EV/EBITDA multiple 67.5x 67.8x 43.2x 37.3x 23.6x 37.1x 32.5x 28.2x 25.6x 17.8x 24.5x 17.7x 13.5x 11.4x 9.8x FCF yield (market cap) 2% (1%) 1% 1% 1% 2% (1%) 1% 1% 2% 3% 2% 4% 5% 5% EV/FCF multiple 52.9x -33.3x 32.1x 30.7x 16.7x 42.6x -22.2x 23.0x 22.8x 13.2x 33.9x 37.9x 20.8x 19.2x 16.5x Financing Capex spending 950 242 229 303 401 1,175 227 214 284 375 1,100 1,050 1,205 1,330 1,450 Common equity issuance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Share repurchases 3,316 0 416 436 902 1,754 0 607 607 1,136 2,350 2,872 3,413 3,833 4,142 Dividends per share $1.00 $0.50 $0.50 $0.50 $0.50 $2.00 $0.55 $0.55 $0.55 $0.55 $2.20 $2.42 $2.66 $2.93 $3.22 Credit Metrics Total debt 0 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 (-) Cash and cash equivalents 8,847 10,316 8,735 9,893 11,996 11,995 9,464 10,995 12,526 15,131 15,130 16,944 22,198 27,341 33,232 Net debt (8,847) (7,716) (6,135) (7,293) (9,396) (9,395) (6,864) (8,395) (9,926) (12,531) (12,530) (14,344) (19,598) (24,741) (30,632) Debt / Adjusted organic EBITDA 0.0x 0.7x 0.6x 0.6x 0.5x 0.5x 0.4x 0.4x 0.3x 0.3x 0.3x 0.2x 0.2x 0.2x 0.1x Net debt / Adjusted organic EBITDA0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x Covenant (Net debt / TTM EBITDA) 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x 3.8x Note: GEV's fiscal year ends on December 31st. Source: Company reports and Wells Fargo Securities, LLC estimates Pricing data as of: 3/30/2026 12 | Equity Research This document is for aweinberg@btig.com and should not be distributed further. GE Vernova Inc. Equity Research Investment Thesis, Valuation and Risks GE Vernova Inc. (GEV) Investment Thesis We rate GEV Overweight. We project high levels of demand for its suite of generation and grid products, and believe the company has strong potential to accrete margin through price raises and lean manufacturing. Target Price Valuation for GEV Our price target of $896/share is based on a 50/50 blend of: • A three-stage discounted cash flow model (6.9% WACC, based on 9.5% cost of equity and 5.5% cost of debt), and • Target P/E multiple (FY2031E) of 24x discounted back to FY2027 at 9.5% cost of equity. We derived our P/E multiple from a regression of S&P 500 companies using EPS growth and gross margin as inputs. Risks to Our Price Target and Rating for GEV Key Risks. (1) Power demand boom fizzles and reduces gas turbine and services demand. (2) Efficiency gains & cost-cutting are slower than anticipated. (3) Gas turbine capacity expansion by GEV or peers leads to collapse in orders and/or price.   Companies Mentioned in Report Company Name Ticker Last Price (03/30/26) GE Vernova Inc. GEV $817.35   Source: Wells Fargo Securities LLC Estimates, FactSet Equity Research | 13 This document is for aweinberg@btig.com and should not be distributed further. Clean Energy Equity Research Required Disclosures I, Michael Blum, certify that: 1) All views expressed in this research report accurately reflect my personal views about any and all of the subject securities or issuers discussed; and 2) No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by me in this research report. Wells Fargo Securities, LLC does not compensate its research analysts based on specific investment banking transactions. Wells Fargo Securities, LLC’s research analysts receive compensation that is based upon and impacted by the overall profitability and revenue of the firm, which includes, but is not limited to investment banking revenue. Additional Information Available Upon Request GE Vernova Inc. Rating History as of 03-27-2026powered by: BlueMatrix 1,0008006004002000Apr 23Jul 23Oct 23Jan 24Apr 24Jul 24Oct 24Jan 25Apr 25Jul 25Oct 25Jan 26 I:BUY:$385.0011/21/2024BUY:$411.0012/13/2024BUY:$474.0001/23/2025BUY:$697.0007/24/2025BUY:$717.0010/23/2025BUY:$831.0012/16/2025 Closing PricePrice TargetInitiation (I); Drop Coverage (D); Overweight (BUY); Equal Weight (HOLD); Underweight (SELL); Suspended (SR); Not Rated (NR); No Estimate (NE) Wells Fargo Securities, LLC, maintains a market in the common stock of GE Vernova Inc.. Wells Fargo Securities, LLC, or its affiliates has a significant financial interest in GE Vernova Inc.. STOCK RATING OW=Overweight: Total return on stock expected to be 10%+ over the next 12 months. (BUY) EW=Equal Weight: Total return on stock expected to be -10% to +10% over the next 12 months. (HOLD) UW=Underweight: Total return on stock expected to lag the Overweight- and Equal Weight-rated stocks within the analyst's coverage universe over the next 12 months. (SELL) NR=Not Rated: The rating and price target has been removed due to lack of fundamental basis to support the recommendation or due to legal, regulatory or company policy considerations. FINRA regulation requires member firms to assign ratings to one of three rating categories: Buy, Hold and Sell. In accordance with FINRA regulation and solely to satisfy those disclosure requirements in the ratings distribution table and ratings history chart contained in these Required Disclosures, our rating of Overweight corresponds to a Buy rating; Equal Weight corresponds to a Hold rating; and Underweight corresponds to a Sell rating. As of March 30, 2026 53.5% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Overweight. (BUY) 39.4% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Equal Weight. (HOLD) 7.1% of companies covered by Wells Fargo Securities, LLC Equity Research are rated Underweight. (SELL) Wells Fargo Securities, LLC has provided investment banking services for 42.6% of its Equity Research Overweight-rated companies. (BUY) Wells Fargo Securities, LLC has provided investment banking services for 39.3% of its Equity Research Equal Weight-rated companies. 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