geaerospace 3q 1014 investor relations results

geaerospace 3q 1014 investor relations results

• 1. GE Aerospace third quarter 2024 performance Financial results & company highlights October 22, 2024

• 2. 2 Caution concerning forward-looking statements: This document contains "forward-looking statements" – that is, statements related to future events that by their nature address matters that are, to different degrees, uncertain. For details on the uncertainties that may cause our actual future results to be materially different than those expressed in our forward-looking statements, see www.geaerospace.com/investor-relations/important-forward-looking-statement-information as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do not undertake to update our forward-looking statements. This document also includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially. Non-GAAP financial measures: In this document, we sometimes use information derived from consolidated financial data but not presented in our financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP). Certain of these data are considered “non-GAAP financial measures” under the U.S. Securities and Exchange Commission rules. These non-GAAP financial measures supplement our GAAP disclosures and should not be considered alternatives to the corresponding GAAP measures. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in our earnings release, our Form 10-Q and the appendix of this presentation, as applicable. Additional information: Amounts shown on subsequent pages may not add due to rounding. CFM International is a 50/50 JV that produces CFM56 and LEAP engine families. RISE is a program of CFM International. CFM RISE is a registered trademark. Engine Alliance is a 50/50 JV that produces the GP7200 engine. GE Aerospace’s Investor Relations website at www.geaerospace.com/investor-relations, as well as GE Aerospace's LinkedIn and other social media accounts, contain a significant amount of information about GE Aerospace, including financial and other information for investors. GE Aerospace encourages investors to visit these websites from time to time, as information is updated, and new information is posted.

• 3. O U R P U R P O S E We invent the future of flight, lift people up and bring them home safely 3 Passengers flew with GE Aerospace technology under wing in 2023 ~3B People flying at any given time on GE Aerospacepowered aircraft ~900K Commercial flights powered by our engines 3 out of 4 Figures include equipment made by GE and JVs.

• 4. GE Aerospace: 3Q'24 highlights 4 Results Orders growth +28% Adjusted revenue growth* +6% Operating profit* $1.8B, +14% y/y Adjusted EPS* $1.15, +25% y/y Free cash flow* $1.8B, +5% y/y Defense & Propulsion Technologies (DPT) Demand strong while continuing to focus on improving delivery … leading defense programs, developing mission critical technology Commercial Engines & Services (CES) Orders and profit up double-digits from services, OE output progress q/q … servicing and growing the industry's most extensive installed base GE Aerospace Delivered strong orders, earnings and substantial cash … raising FY'24 earnings and cash guidance * Non-GAAP Financial Measure

• 5. Problem solving to improve delivery across commercial and defense 5 enabling >20% sequential growth in engine deliveries Total engine units Dynamics • 3Q q/q: Commercial +25% including LEAP +23%, Defense +8% • Spare parts growth q/q supporting 3rd party MRO partners, internal shop visits lower q/q • Subset of priority sites constraining delivery grew material input +18% q/q • Daily management and joint problem solving to drive sustainable improvements • Expanding LEAP services capacity … internal LEAP shop visits >20% y/y; opening dedicated LEAP MRO shop +22% q/q

• 6. Growing installed base while advancing future of flight Robust demand for services & equipment: 3Q orders +28% The Polish Ministry of National Defense finalized an agreement for more than 200 T700 engines to support the anticipated acquisition of 96 Boeing AH-64E Apache Guardian helicopters. 6 EVA Air selected GE Aerospace's GEnx engine, known for high performance and efficiency, to power four new Boeing 787s.

• 7. 7 GE Aerospace: 3Q'24 performance * Non-GAAP Financial Measure Adjusted revenue* $8.9B +6% y/y Operating profit* $1.8B $5.3B, +25% y/y +14% y/y Free cash flow* $1.8B +5% y/y Significant adjusted earnings* growth & FCF* Adjusted EPS* $1.15 +25% y/y +8% y/y $3.28, +43% y/y $4.6B, +31% y/y Orders $12.6B +28% y/y +26% y/y Op profit margin* 20.3% Year-to-date

• 8. 8 Commercial Engines & Services (CES): 3Q'24 performance ▪ Orders: $9.8B, +29% … services +24% and equipment +39% ▪ Revenue: $7.0B, +8% – Services: +10% … spare parts sales, workscope and price offset internal shop visits (1)% – Equipment: +5% … customer mix and price more than offset units (4)% ▪ Operating profit: $1.8B, +16% – Op profit margin: 25.7%, +180bps … services volume and price offset inflation and investments Results Dynamics Revenue Operating profit Op profit margin 23.9% 27.4% 25.7% +8% y/y +16% y/y 8

• 9. 9 Op profit margin 12.2% 14.3% 9.8% Defense & Propulsion Technologies (DPT): 3Q'24 performance ▪ Orders: $3.0B, +19% … primarily Defense and Systems – Defense book to bill: 3Q 1.6x; YTD 1.2x ▪ Revenue: $2.2B, +2% – Defense & Systems: (2)% … lower units and engine mix more than offset price – Propulsion & Additive Technologies: +9% … primarily Avio Aero ▪ Operating profit: $0.2B, (18)% – Op profit margin: 9.8%, (240)bps … inflation, engine mix and investments more than offset price improvement Results Dynamics +2% y/y (18)% y/y 9 Revenue Operating profit

• 10. GE Aerospace: FY'24 total company guidance as of October 22, 2024 Adjusted revenue growth* Adjusted revenue* +22% $32.0B HSD HSD Operating profit* Op profit margin* $5.6B 17.4% $6.5B-$6.8B $6.7B-$6.9B Adjusted EPS* $2.95 $3.95-$4.20 $4.20-$4.35 Free cash flow* FCF* conversion-a) $4.7B ~145% $5.3B-$5.6B >100% $5.6B-$5.8B >100% * Non-GAAP Financial Measure (a – FCF* conversion: FCF* / adjusted earnings* 10 2023 2024 guide (July) 2024 guide (October)

• 11. GE Aerospace: set to soar 11 Customer preferred platforms Best performing services and products underwing, balanced across narrowbody, widebody, rotorcraft, combat and mobility platforms Robust technologies and proven products ... continuous improvements prioritizing safety, quality, delivery, and cost – in that order GE Aerospace’s proprietary lean operating model to deliver exceptional value to customers and shareholders Highest operational reliability Breakthrough innovation Leading engineering inventing next-gen tech to drive efficiency, reliability & decarbonization along with advanced defense capabilities Consistently growing profit and generating FCF*, compounding with capital deployment and return opportunities * Non-GAAP Financial Measure Unrivaled customer service and flight support creates customer intimacy, learning, and network flexibility across industry's largest fleets Most extensive installed base

• 12. 12 Q&A

• 13. 13 Appendix 14 3Q EPS bridge 15 2024 segment guidance 16 2024 additional items 17 Orders and revenue

• 14. 14 3Q'24 adjusted earnings per share* bridge * Non-GAAP Financial Measure Interest represents Interest and other financial charges excluding Insurance and U.S. tax equity Operating profit and interest impacts are tax effected • Higher CES profit … from services • Lower Corporate cost • Interest expense ~flat • '23 Pref share redemption • Adjusted ETR* ~20% vs ~19% • Share count trending down $0.75 $(0.00) $0.02 $0.22 $(0.00) Year-to-date $2.30 $3.28

• 15. 15 GE Aerospace: FY'24 guidance as of October 22, 2024 ($ in billions) C O M M E R C I A L E N G I N E S & S E R V I C E S ( C E S ) D E F E N S E & P R O P U L S I O N T E C H N O L O G I E S ( D P T ) C O R P O R AT E & E L I M I N AT I O N S 23.9 LDD-midteens 9.0 MSD-HSD 5.6 6.3-6.5 0.9 1.0-1.3 Adjusted revenue* Operating profit* G E A E R O S PA C E 32.0 HSD 5.6 6.5-6.8 6.7-6.9 * Non-GAAP Financial Measure (a – Includes $(0.4)B for intercompany profit eliminations "Prior" refers to guidance issued in July 2024. "Current" is as of October 2024. 6.6-6.8 (1.0) <(0.9) -a) ~(0.85) LDD-midteens MSD-HSD HSD Lower end of 1.0-1.3

• 16. GE Aerospace: additional items as of October 22, 2024 ($ in millions, unless otherwise noted) Share buy-back $1.3B-a) $3.7B-a)'24-'26 $15B share buy-back authorization Dividend paid $0.3B $0.7B Dividend ($0.28/share), ~30% of net income Interest expense-b) $(245) $(740) Slightly below ~$(1)B in '24 Adjusted tax rate* 20.3% 20.4% About 20% in '24 Separation cost $(74) $(408)-c) Post-spin spend YTD $(149); Expecting ~$(250) remaining over next couple of years Spin-related restructuring $(6) $(153)-c) Post-spin spend YTD $(83); Expecting ~$(100) remaining Non-op. benefit income (cost) $207 $628 Positive in '24 driven by lower amortization of historical losses & investment gains GEHC stake/AER note N/A N/A ~2.9% ownership GEHC / ~$1B AerCap note as of September 30, 2024 Insurance net income $135 $427 Expecting net income improvement y/y in '24 * Non-GAAP Financial Measure (a – $1.3B in 3Q'24 and $3.3B in 3Q'24 YTD under the $15B authorization announced in March 2024 (b – Interest represents Interest and other financial charges excluding Insurance and U.S. tax equity (c – Includes pre-spin separation cost & restructuring 16 3Q'24 YTD 3Q'24 Outlook

• 17. 17 Orders and revenue - supplemental information ($ in billions) ORDERS Services Equipment Total 3Q'24 y/y 3Q'24 YTD y/y 3Q'24 y/y 3Q'24 YTD y/y 3Q'24 y/y 3Q'24 YTD y/y Commercial Engines & Services $6.2 24% $17.8 26% $3.6 39% $9.4 50% $9.8 29% $27.3 33% Defense & Propulsion Technologies $1.6 (7)% $4.3 1% $1.4 79% $4.1 12% $3.0 19% $8.4 6% GE Aerospace $7.8 18% $22.0 21% $4.8 51% $12.7 37% $12.6 28% $34.7 26% REVENUE Services Equipment Total 3Q'24 y/y 3Q'24 YTD y/y 3Q'24 y/y 3Q'24 YTD y/y 3Q'24 y/y 3Q'24 YTD y/y Commercial Engines & Services $5.3 10% $14.4 12% $1.7 5% $4.8 7% $7.0 8% $19.2 10% Defense & Propulsion Technologies $1.3 (2)% $3.9 7% $0.9 7% $3.0 5% $2.2 2% $7.0 6% GE Aerospace $6.5 5% $18.2 10% $2.4 7% $7.0 4% $8.9 6% $25.2 8% -a) -a) Order units were 1,090 in 3Q'24 vs 798 in 3Q'23 for Commercial engines, 714 in 3Q'24 vs 713 in 3Q'23 for LEAP engines, and 138 in 3Q'24 vs 132 in 3Q'23 for Defense engines. Prior period quantity updated for CES. (a – Adjusted revenue* -a) -a)

• 18. 18 Non-GAAP reconciliations 19 QTD adjusted revenue, adjusted costs, adjusted other income, operating profit and adjusted earnings 20 YTD adjusted revenue, adjusted costs, adjusted other income, operating profit and adjusted earnings 21 Free cash flow

• 19. * Non-GAAP Financial Measure (a – Earnings (loss) from continuing operations available to common shareholders, diluted (b – Other adjustments include interest and other financial charges, non-operating benefit cost (income), goodwill impairments, noncontrolling interest, gains (losses) on retained and sold ownership interests and other equity securities, gains (losses) on purchases and sales of business interests QTD adjusted revenue*, adjusted costs*, adjusted other income*, operating profit* and adjusted earnings* (Dollars in millions) 3Q'24 GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'24 Adjusted (Non-GAAP) 3Q'23 GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'23 Adjusted (Non-GAAP) Revenues 9,842 899 — — 8,943 9,302 842 — — 8,461 Less: Costs and expenses 8,970 733 452 305 7,481 8,124 742 191 25 7,166 Add: Other income 1,021 (48) — 712 356 (845) (34) — (1,110) 299 Profit (loss) 1,893 119 (452) 408 1,818 333 65 (191) (1,135) 1,594 Less: Interest and other financial charges — 6 — (251) 245 — 12 — (270) 258 Less: Provision (benefit) for income taxes 198 (33) (140) 53 318 26 (32) (256) 57 257 Less: Preferred stock dividends and other — — — — — 91 — — 28 63 Less: Dilution — — — — — — — — — — Less: Net earnings (loss) attributable to noncontrolling interests (10) — — (10) — 1 — — 1 — Earnings (loss) 1,705 146 (312) 616 1,255 215 85 66 (951) 1,016 -a) -b) -b) 19

• 20. YTD adjusted revenue*, adjusted costs*, adjusted other income*, operating profit* and adjusted earnings* (Dollars in millions) 3Q'24 YTD GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'24 YTD Adjusted (Non-GAAP) 3Q'23 YTD GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'23 YTD Adjusted (Non-GAAP) Revenues 27,890 2,649 — — 25,241 25,893 2,480 — — 23,412 Less: Costs and expenses 24,529 2,117 933 390 21,089 22,883 2,247 604 28 20,003 Add: Other income 1,965 (121) — 973 1,112 5,755 (108) — 5,047 817 Profit (loss) 5,327 411 (933) 584 5,265 8,765 125 (604) 5,018 4,226 Less: Interest and other financial charges — 22 — (762) 740 — 32 — (767) 735 Less: Provision (benefit) for income taxes 567 (73) (422) 137 923 493 (120) (271) 156 728 Less: Preferred stock dividends and other — — — — — 295 — — 58 237 Less: Dilution — — — — — 3 — — — 3 Less: Net earnings (loss) attributable to noncontrolling interests (5) — — (5) — 7 — — 7 — Earnings (loss) 4,766 462 (511) 1,213 3,602 7,966 212 (333) 5,564 2,523 * Non-GAAP Financial Measure (a – Earnings (loss) from continuing operations available to common shareholders, diluted (b – Other adjustments include interest and other financial charges, non-operating benefit cost (income), goodwill impairments, noncontrolling interest, gains (losses) on retained and sold ownership interests and other equity securities, gains (losses) on purchases and sales of business interests -b) -b) -a) 20

• 21. * Non-GAAP Financial Measure (a – Earnings (loss) from continuing operations, which aggregates Net earnings (loss) and (earnings) loss from discontinued operations (b – Depreciation and amortization of property, plant & equipment and amortization of intangible assets (c – Includes the following: (Gains) losses on retained and sold ownership interests and other equity securities, principal pension plans (net), other post retirement benefit plans (net), income taxes (net), goodwill impairments and all other operating; includes separation cash expenditures and Corporate restructuring cash expenditures (d – FCF* conversion: FCF* / adjusted earnings* Free cash flows* (Dollars in millions) 3Q'24 3Q'23 V% 3Q'24 YTD 3Q'23 YTD V% Net earnings (loss) (GAAP) 1,695 307 F 4,760 8,272 (42)% Depreciation & amortization 314 292 887 870 Operating working capital (580) 378 (572) 288 Current receivables (702) 229 (750) (112) Inventories, including deferred inventory costs (214) (531) (1,416) (1,198) Current contract assets (162) (64) (7) (1) Contract liabilities and current deferred income 373 140 759 757 Progress collections (7) 66 283 119 Accounts payable 133 538 560 724 Sales discounts and allowances 433 (179) 331 (147) Other CFOA 51 993 (907) (5,929) Cash flows from operating activities (CFOA) (GAAP) 1,913 1,790 7 % 4,499 3,354 34 % Add: gross additions to property, plant and equipment and internal-use software (266) (222) (765) (612) Less: separation cash expenditures (144) (127) (716) (617) Less: Corporate & Other restructuring cash expenditures (14) (21) (123) (128) Free cash flows (FCF) (Non-GAAP) 1,805 1,716 5 % 4,572 3,487 31 % Free cash flows (Non-GAAP) conversion % 144 % 169 % 127 % 138 % -a) -c) -b) -d) 21

• 22. Upcoming calendar 4Q'24 Earnings January 23, 2025 1Q'25 Earnings April 22, 2025 2Q'25 Earnings July 22, 2025 3Q'25 Earnings October 21, 2025 22