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GE Aerospace Investor Update and Second Quarter 2025 Results July 17, 2025
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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 releases and our earnings presentations as applicable. Additional information: Amounts shown on subsequent pages may not add due to rounding. Charts shown on subsequent pages are not to scale. 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. CFM RISE is a technology demonstrator program, not a product for sale. 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. 2025 GE Aerospace Investor Update 2
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2025 GE Aerospace Investor Update Passengers flew with GE Aerospace technology under wing in 2024 ~3.4B People flying at any given time on GE Aerospace-powered aircraft ~950K Commercial flights powered by our engines 3 out of 4 OUR PURPOSE We invent the future of flight, lift people up and bring them home safely Figures include equipment made by GE Aerospace and JVs. 3
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2025 GE Aerospace Investor Update REACTIVE PROACTIVE PREDICTIVE “Bring them home safely” ... enterprise framework 4 Safety, quality and continuous improvement are cornerstones of GE Aerospace S A F E T Y C O N T I N U U M 2025 GE Aerospace Investor Update Foundational: Decades of industry- leading safety culture Organization Designation Authorization (ODA) consistently rated green on FAA’s ODA Scorecard First voluntary Safety Management System (SMS) in ’13 Strong open reporting culture Continuous improvement: Driving safety technology further up the value chain FLIGHT DECK driving improved efficiency in safety investigations and corrective actions Extend enhanced inspections to module level across engines and aftermarket AI-enabled next generation inspection technologies
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2025 GE Aerospace Investor Update A global aerospace leader in attractive propulsion, services and systems sectors Servicing and growing the industry’s most extensive commercial installed base Leading defense programs, developing mission-critical tech We were meant to fly 5
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2025 GE Aerospace Investor Update A global leader in propulsion, services and systems Commercial Engines & Services (CES) 74% service revenue $26.9B revenue ~50% Narrowbody, ~35% Widebody, ~15% Regional & Other 49K engines-a) 56% service revenue $9.5B revenue ~65% Defense & Systems, ~35% Propulsion & Additive Technologies 29K engines-a) *Non-GAAP Financial Measure Figures include equipment made by GE Aerospace and JVs. (a – Source: Cirium as of 12/31/24; includes fleet in service and parked aircraft. Defense & Propulsion Technologies (DPT) $35B ’24 adjusted revenue* 70% services 6
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2025 GE Aerospace Investor Update Positive trajectory for commercial and defense sectors ▪ Modernization and localization ▪ Domestic funding for key defense propulsion initiatives ▪ International growth higher than domestic in response to evolving geopolitical landscape Global defense budgets scaling ▪ 2Q departures-a) up nearly 4%; continue to expect +LSD in ’25 given macro dynamics ▪ Longer-term air traffic growing faster than GDP especially in Asia Pacific and Middle East ▪ Fleet renewal and expansion Continued commercial momentum Expecting market +MSD ’24-’28 7(a – GE Aerospace/CFM departures
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2025 GE Aerospace Investor Update Systematic approach to running our company Ramping services and equipment Expanding capacity and capabilities Inventing the future of flight TO D AY TO M O R R O W F U T U R E Operational results Breakthroughs (Hoshin Kanri) Financial performance CU LT U RE 8 Behaviors + Fundamentals 2025 GE Aerospace Investor Update
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2025 GE Aerospace Investor Update Driving sustainable improvements with suppliers Expanding capacity internally and externally Strengthening supply chain for today and tomorrow Technology & Operations team is deepening partnerships with suppliers, driving further alignment on output goals. in action: supporting multi-year services and equipment ramp 9 Removing waste to improve output and turnaround time A kaizen event in Celma, Brazil reduced CFM56 fan module lead time, enabling achieving turn around time <80 days in 2Q. Investing more than $1 billion in our MRO facilities over 5 years, and $1 billion in supply chain in 2026.
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2025 GE Aerospace Investor Update 10 Delivering operational outcomes with substantial momentum Commercial services revenue Total engine deliveries 10 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 ▪ Priority suppliers material input +10% q/q … continued joint kaizens and problem solving supporting stability ▪ 2Q units: Commercial +37% y/y including LEAP +38%; Defense +84%; all up >20% q/q-a) ▪ 2Q internal shop visit revenue +22% … higher output, workscopes and price ▪ 2Q spare parts revenue >25% … higher volume and price +45% y/y 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 +29% y/y (a – Commercial units +24% q/q including LEAP +29%; Defense units +22% q/q
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2025 GE Aerospace Investor Update >16K commercial and defense engines in backlog Expanding leading installed base U.S. Air Force awarded a $5B contract for F110 engines 11 Secured new engine commitments with Qatar Airways for the largest widebody deal in GE Aerospace history with 400+ engines and with IAG for 32 GEnx-powered Boeing 787s for British Airways.
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2025 GE Aerospace Investor Update GEnx 99.98% departure reliability GE9X Most tested engine with >30,000 cycles LEAP -1A at CFM56 levels of time-on-wing, -1B to follow T901 50% more power Over 2.3B flight hours and ~$3B in annual R&D spend 12 Narrowbody Widebody Defense CF6 Most produced widebody engine CFM56 >1.3B flight hours GE90 1st for composite fan T700 >100M flight hours in >40 years of service Platforms Experience Foundational Leveraging experience and investments to advance each generation of engine platforms Evolution Current Generation Breakthrough Future CFM RISE 20%+ better fuel burn by unlocking propulsive efficiency Adaptive cycle (a- XA100 25% better fuel efficiency resulting in 30% more range-a)
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2025 GE Aerospace Investor Update Pre-durability upgrade Fleet leader Current production - projected - GEnx-1B Boeing 787 ~4K cycles Continuously improving durability throughout engine lifecycle… 13 Supporting >90% win rate on 787 and >70% win rate on A320 family since ‘23 ▪ ’21 durability upgrade released ▪ Pre-durability upgrade: ~2 years to 1st shop visit ▪ Current configuration: ~5 years to 1st shop visit ▪ 4Q’24 LEAP-1A durability kit released, LEAP-1B expected 1H’26 ▪ Continuously improving current design: new HPT blade to further producibility 2H’25 TOW in harsh environment-a) (cycles) LEAP Boeing 737MAX, Airbus 320neo TOW in harsh environment (cycles) Pre-durability upgrade Durability kit CFM56 >2x ~8K cycles >2.5x (a- Low-thrust LEAP-1A
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2025 GE Aerospace Investor Update …and applying learnings to advance new programs 14 9X engine ice test ▪ Most tested engine in GE Aerospace history: >30K cycles of testing, including >8K endurance cycles ▪ ~1.6K cycles of dust ingestion tests, second iteration of HPT blade and CMC nozzle designs CFM RISE rendering GE9X Boeing 777X CFM RISE Technology demonstrator program ▪ >350 tests complete with early focus on durability, along with >3,000 endurance cycles ▪ Progressing new HPT blade cooling technology and full- size Open Fan blades
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2025 GE Aerospace Investor Update CFM RISE: prioritizing safety, durability and efficiency 15 Safe and improved flying experience >20% improvement in fuel efficiency Gains through fan vs coreLighter fan, slower speed Step-change in efficiency Durability similar to or better than today’s engines Slower fan speed supports safe flying experience and targeting quieter than LEAP Delivering equal or better durability and >20% improvement in fuel efficiency versus today’s engines Larger fan diameter enhances efficiency without pushing core to higher temperatures At least 20% reduction in fuel burn required to meet customer needs for next generation investment
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2025 GE Aerospace Investor Update Future of flight: well-positioned with next-generation defense capabilities Adaptive Cycle Engines increasing combat aircraft thrust up to 20% and improving fuel consumption by 25% Global Combat Air Program (GCAP) EU 6th generation fighter Image courtesy of © Leonardo 16 Uncrewed and CCA-a) partnering with Kratos on the GE1500 engine to advance propulsion technology Hypersonic propulsion exploring propulsion system architectures for civil and military applications (a- Collaborative Combat Aircraft
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2025 GE Aerospace Investor Update 2028 outlook: commercial services driving operating profit* >$3B vs 2025 17 Adjusted revenue* growth Adjusted EPS* Free cash flow* *Non-GAAP Financial Measure (a – ’24-’28 CAGR (b – FCF* conversion: FCF* / adjusted net income* ~$8.40+Double-digit CAGR-a) ~$8.5B Op profit* ~$11.5B FCF* conversion-b): ~100% Op margin* >21%
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2025 GE Aerospace Investor Update 18 2Q'25 results: significant growth across all key metrics * Non-GAAP Financial Measure Adjusted revenue* $10.2B +23% y/y Operating profit* $2.3B +23% y/y Free cash flow* $2.1B +92% y/y Adjusted EPS* $1.66 +38% y/y Orders $14.2B +27% y/y Op profit margin* 23.0% $4.5B, +30% y/y+18% y/y $3.14, +47% y/y $3.5B, +28% y/y+19% y/y 1H'25
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2025 GE Aerospace Investor Update Adjusted revenue growth* Adjusted revenue* +10% $35.1B +LDD +Mid-teens Operating profit* Op profit margin* $7.3B 20.7% $7.8-$8.2B $8.2-$8.5B Adjusted EPS* $4.60 $5.10-$5.45 $5.60-$5.80 Free cash flow* FCF* conversion-a) $6.1B ~121% $6.3B-$6.8B >100% $6.5-$6.9B >100% 19 Segment dynamics * Non-GAAP Financial Measure (a – FCF* conversion: FCF* / adjusted net income* 2024 Favorable 2Q’25 services volume supporting full-year guide Commercial Engines & Services ▪ Revenue: high-teens (prior: mid-teens) ‒ Services: high-teens (prior: LDD/mid-teens) ‒ Equipment: high-teens/20% (prior: high-teens) ▪ Op profit: $8.0-$ 8.2B (prior: $7.6-7.9B) Defense & Propulsion Technologies ▪ Revenue: MSD/HSD ▪ Operating profit: $1.1-$ 1.3B A 2025 Guide April 2025 Guide July Raising 2025 guidance
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2025 GE Aerospace Investor Update Increasing 2028 outlook on strong operational and services performance 20 Adj. revenue* +Mid-teens Adj. EPS* CAGR-a) +HSD FCF* CAGR-a) + LSD/MSD installed base-c) growth... GEnx up ~2x and LEAP ~3x by ’30 + Workscopes increasing … widebody revenue/shop visit +25% + Price +LSD-a) … MSD annual price increases net of discounts/caps + CapEx as % of revenue closer to ~3% + Continued billing opportunity + Inventory growth reduction − Cash taxes Double-digit CAGR-a) ~$8.5B +$1.5B from prior outlook FCF* conversion-b): ~100% + Volume and price + Productivity … executing cost reduction pipeline − Mix … OE > services, normalizing spare engine ratio + Lower share count from buybacks ~$8.40 Op profit*: ~$11.5B +$1.5B from prior outlook * Non-GAAP Financial Measure (a – ’24 – ’28 CAGR (b – FCF* conversion: FCF* / adjusted net income* (c – Commercial installed base
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2025 GE Aerospace Investor Update Volume/ mix Price/cost inflation Productivity Investment and other ~$11.5 2025E 2028F Delivering >10% annual operating profit* growth through 2028 ▪ CES revenue +LDD-a) ‒ Services +DD-a): nearly $8B revenue growth, margin ~flat ‒ OE +mid-teens-a): mix pressure from GE9X, lower spare engine ratio ▪ DPT revenue +MSD-a) with profit growth from volume, mix ▪ Price actions more than offset inflationary pressures ▪ Utilizing FLIGHT DECK to drive ~2 points gross productivity annually ▪ Continued investments to support current fleet and next-gen programs ($ in billions) *Non-GAAP Financial Measure (a – CAGR ’24-28 Operating profit* up >$3B ’25-’28 Growth dynamics 21 $8.2-$8.5 Driving margin expansion in 2028 largely from services growth $7.3 2024 Op profit* margin ~20.5%20.7% >21% 2024 Investor Day
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2025 GE Aerospace Investor Update 2024 2025E 2028F 2030F CFM56 LEAP Commercial Services: Double-digit revenue growth 22 ▪ ‘28 combined revenue trending ~15% higher vs. prior expectation ▪ LEAP growth and CFM56 stability supporting outlook … profit roughly equal by end of decade Narrowbody: +LDD CAGR-a) ~2x ~$10B 2024 Investor Day 2024 2025E 2028F 2030F GE90 GEnx Others ▪ 80% of widebody revenue generated from services ▪ GEnx driving growth with +LDD CAGR-a), with stability from CF6 and GE90 Widebody: +HSD CAGR-a) ~1.5x ~$7B 2024 Investor Day (a – CAGR ’24-30
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2025 GE Aerospace Investor Update Commercial Services: significant contributor to profit 23 ▪ Growing installed base driving volume … both internal shop visits and LEAP spare parts ▪ Significantly improved price on new long-term service agreements ▪ MSD-a) catalog list price increase ▪ Increasing widebody workscopes ▪ Industrializing more repairs to alleviate pressure on new material and reduce cost ▪ Reducing TAT as we leverage FLIGHT DECK to maximize existing capacity 2024 2025E 2028F Profit increasing >50%... … while maintaining margin rate Narrowbody >70% Widebody >40% CFM56 (a – CAGR ’24-28 LEAP Widebody/ other
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2025 GE Aerospace Investor Update Foundational fleets flying longer Reliability, strong demand and slower retirements supporting CFM56 and GE90 outlook 24 CFM56-a) global shop visit forecast GE90-b) internal shop visit forecast 2025E 2026F 2027F 2028F (a – CFM-5B/7B (b – GE90-115B 2024 Investor Day ▪ ~600 additional shop visits expected through ’28 vs. prior ▪ Post ’27, pricing and workscope support stable revenue through end of decade 2025E 2026F 2027F 2028F 2024 Investor Day ▪ ~100 additional shop visits expected through ’28 vs. prior ▪ Workscope +30% over ’23-’25 and continuing to increase … ~70% of fleet has not had 2nd shop visit Retirements ~1.5% ~2-3% ~3-4% ~3-4%
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2025 GE Aerospace Investor Update 2024 2025E 2028F Growing LEAP aftermarket profit 25 ▪ LEAP installed base and internal shop visits growing ~3x by end of decade with better pricing ▪ External shop visits growing from ~10% of total in ’24 to ~30% of by end of decade Evolving LEAP shop visits Increasing LEAP repair parts 2024 2025E 2026F 2028F 2030F CFM Internal External ~25% CAGR >2x ▪ >1K repairs across portfolio in ’25 … repairs ~50% lower cost than new material, driving lower cost of ownership ▪ LEAP repairs expected to ramp over time … ~3,000 GE90 repair parts over life of program ~200
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2025 GE Aerospace Investor Update Continue to expect ~100% FCF* conversion-a) through 2028 26 ▪ ~$3B inventory growth within ’23 and ’24 … trapped inventory for shop visit and engine output ▪ Improved material flow and implementing pull with suppliers Increasing output driving ~1 point improvement in inventory turns ‘24 to ‘28 Improving inventory turns … … and favorable billing dynamics ▪ Consistent cash collections from +LSD departures growth … ~85% billings to-go on current contracts ▪ Increasing installed base and utilization driving billings 2024 2028F ~2.5x 2024 2028F LEAP GEnx ~1.5x * Non-GAAP Financial Measure (a – FCF* conversion: FCF* / adjusted net income* 2023 2024 2025E 2028F
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2025 GE Aerospace Investor Update Raising 2025 guidance and 2028 outlook 27*Non-GAAP Financial Measure (a – CAGR ’24-28 Adjusted revenue* Operating profit* Free cash flow* 2024 2025E 2028F $7.3B $8.2-$8.5B ~$11.5B 2024 2025E 2028F $35.1B +mid-teens +DD-a) 2024 2025E 2028F $6.1B $6.5-$6.9B ~$8.5B $4.60 $5.60-$5.80 ~$8.40Adj. EPS* Consistently growing adjusted revenue* DD-a), adjusted EPS* mid-teens-a) and free cash flow* HSD-a) 2024 Investor Day 2024 Investor Day 2024 Investor Day
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2025 GE Aerospace Investor Update Capital allocation: Returning >100% FCF* to shareholders through 2026 28 Invest in growth and innovation R&D and capex to support customers and provide industry-leading technology At least 70% of FCF* returned via dividend and buyback Disciplined approach … strategic, operational and financial Return cash to shareholders Focused M&A Total shareholder returns FrameworkGo-forward framework *Non-GAAP Financial Measure (a – Future dividends and increases to the share buyback authorization are subject to approval by the Board of Directors ‘24-‘26 capital deployment-a) Increased annual capital returns … ’24-’26 distribution ~20% higher than prior outlook Prior outlook Current outlook ~20% increase ~$24B ~$19B
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2025 GE Aerospace Investor Update GE Aerospace: Climbing higher 29 Customer-Preferred Platforms Highest Operational Reliability Breakthrough Innovation Most Extensive Installed Base 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 Leading engineering inventing next-gen tech to drive efficiency, reliability and decarbonization along with advanced defense capabilities Unrivaled customer service and flight support creates customer intimacy, learning, and network flexibility across industry's largest fleets Consistently growing op profit* and generating FCF*, compounding with capital deployment and return opportunities *Non-GAAP Financial Measure
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2025 GE Aerospace Investor Update 2025 GE Aerospace Investor Update Q&A 30
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2025 GE Aerospace Investor Update 2025 GE Aerospace Investor Update Appendix 31
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2025 GE Aerospace Investor Update 32 Commercial Engines & Services (CES): 2Q'25 performance Op profit margin 27.4% 27.5% 27.9% +30% y/y +33% y/y +50bps y/y Revenue Operating Profit ▪ Services: +29% … from spare parts revenue growth >25% and internal shop visit revenue +22% ▪ Equipment: +35% … unit volume +37% and price more than offset customer mix ▪ Op profit: +33% ... Op profit margin +50bps ▪ Services volume, productivity and price more than offset investments and inflation 32 1H'25: revenue +22%; op profit $4.2B, +34%; op profit margin +240bps
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2025 GE Aerospace Investor Update ▪ Op profit: +5% … Op profit margin (20)bps ▪ Volume, productivity and price more than offset self- funding investments and inflation Defense & Propulsion Technologies (DPT): 2Q'25 performance +5% y/y (20)bps y/y +7% y/y 3333 Revenue Operating Profit ▪ Defense & Systems: +6% … Defense units +84% and price more than offset engine mix and services – Defense book-to-bill 1.2x x ▪ Propulsion & Additive Technologies: +9% … growth across all businesses Op profit margin 14.3% 12.7% 14.1% 1H'25: revenue +4%; op profit $0.7B, +10%; op profit margin +80bps
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2025 GE Aerospace Investor Update 34 Orders and revenue - supplemental information ($ in billions) ORDERS Services Equipment Total 2Q'25 y/y 1H'25 y/y 2Q'25 y/y 1H'25 y/y 2Q'25 y/y 1H'25 y/y Commercial Engines & Services $8.1 28% $15.0 30% $3.6 26% $6.2 6% $11.7 28% $21.3 22% Defense & Propulsion Technologies $1.4 (1)% $2.9 6% $1.5 61% $3.1 15% $2.9 24% $5.9 11% GE Aerospace $9.4 23% $17.8 25% $4.8 37% $8.7 9% $14.2 27% $26.5 19% REVENUE Services Equipment Total 2Q'25 y/y 1H'25 y/y 2Q'25 y/y 1H'25 y/y 2Q'25 y/y 1H'25 y/y Commercial Engines & Services $6.1 29% $11.2 23% $1.9 35% $3.8 21% $8.0 30% $15.0 22% Defense & Propulsion Technologies $1.3 0% $2.6 (1)% $1.2 15% $2.3 10% $2.6 7% $4.9 4% GE Aerospace $7.3 21% $13.7 17% $2.8 31% $5.5 20% $10.2 23% $19.2 18% -a) -a) Order units were 1,049 in 2Q’25 vs 808 in 2Q’24 for commercial engines, 860 in 2Q’25 vs 615 in 2Q’24 for LEAP engines, and 245 in 2Q’25 vs 62 in 2Q’24 for Defense engines. (a – Adjusted revenue* -a) -a)
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2025 GE Aerospace Investor Update Additional items as of July 17, 2025 Corporate cost*-a) $(257)M $(126)M <$(1.0)B in FY'25 Share buy-back-b) $1.7B $2.3B ~$7B in FY’25 Diluted share count 1,071 1,100 ~1,070M in FY'25 Dividend paid $0.4B $0.3B Dividend +30% y/y in FY'25 Cash balance $10.9B $12.1B NA Total borrowings $18.9B $19.7B No planned debt repayment, plan to refinance ‘25+ maturities Interest expense-c) $(152)M $(239)M ~Flat in FY'25 (FY'24: $(958)M) Adjusted ETR* 18.7% 20.3% <18% in FY'25 Separation cost $(47)M $(75)M Total post-spin spend $330M; Expecting ~$75M remaining Spin-related restructuring $(26)M $(77)M Total post-spin spend $104M; Expecting <$75M remaining * Non-GAAP Financial Measure (a – Adjusted Corporate & Other operating costs* (b –$1.9B in 2Q'24 under the $15B authorization announced in March 2024 (c – Interest represents Interest and other financial charges, including interest on tax deficiencies, and excludes Insurance and U.S. tax equity 3535 2Q'24 FY'25 dynamics2Q'25
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2025 GE Aerospace Investor Update • Adjusted ETR* 18.7% vs 20.3% 36 2Q'25 adjusted earnings per share* bridge * Non-GAAP Financial Measure Operating profit and interest impacts are tax effected Charts are not to scale • Primarily CES • Diluted share count down 30M • Lower interest expense 1H'25 $0.75 $0.08 $0.18$2.13 $3.14
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2025 GE Aerospace Investor Update 2025 GE Aerospace Investor Update Non-GAAP reconciliations 37
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2025 GE Aerospace Investor Update 38 * Non-GAAP Financial Measure (a – Net income (loss) from continuing operations available to common shareholders, diluted (b – Other adjustments include interest and other financial charges, non-operating benefit cost (income), noncontrolling interest, gains (losses) on retained and sold ownership interests and other equity securities, gains (losses) on purchases and sales of business interests Second quarter adjusted revenue*, costs*, other income*, operating profit*, adjusted net income*, EPS*, and ETR* (Dollars in millions) 2Q'25 GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 2Q'25 Adjusted (Non-GAAP) 2Q'24 GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 2Q'24 Adjusted (Non-GAAP) Revenues $ 11,023 $ 872 $ — $ — $ 10,151 $ 9,094 $ 871 $ — $ — $ 8,223 Less: Costs and expenses 8,932 730 73 (31) 8,161 7,584 706 152 42 6,684 Add: Other income 298 (53) — 3 347 (63) (38) — (383) 359 Profit (loss) $ 2,389 $ 90 $ (73) $ 34 $ 2,337 $ 1,447 $ 127 $ (152) $ (425) $ 1,897 Less: Interest and other financial charges — 6 — (158) 152 — 9 — (248) 239 Less: Provision (benefit) for income taxes 388 (46) (15) 41 408 125 (24) (233) 45 337 Less: Dilution 0 — — — 0 — — — — — Less: Net income (loss) attributable to noncontrolling interests (7) — — (7) — 2 — — 2 — Net income (loss) $ 2,007 $ 129 $ (58) $ 159 $ 1,777 $ 1,320 $ 143 $ 80 $ (224) $ 1,321 EPS $ 1.87 $ 0.12 $ (0.05) $ 0.15 $ 1.66 $ 1.20 $ 0.13 $ 0.07 $ (0.20) $ 1.20 Net income from cont ops before income taxes $ 2,389 $ 84 $ (73) $ 200 $ 2,177 $ 1,447 $ 119 $ (152) $ (179) $ 1,660 Less: Provision (benefit) for income taxes 388 (46) (15) 41 408 125 (24) (233) 45 337 Effective income tax rate 16.2 % 18.7 % 8.6 % 20.3 % -a) -b) -b)
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2025 GE Aerospace Investor Update 39 Second quarter year-to-date adjusted revenue*, costs*, other income*, operating profit*, adjusted net income* and EPS* (Dollars in millions) 2Q'25 YTD GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 2Q'25 YTD Adjusted (Non-GAAP) 2Q'24 YTD GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 2Q'24 YTD Adjusted (Non-GAAP) Revenues $ 20,957 $ 1,806 $ — $ — $ 19,151 $ 18,048 $ 1,750 $ — $ — $ 16,298 Less: Costs and expenses 16,924 1,463 125 (17) 15,353 15,558 1,384 481 85 13,608 Add: Other income 600 (94) — 9 685 944 (73) — 261 756 Profit (loss) $ 4,634 $ 248 $ (125) $ 27 $ 4,483 $ 3,434 $ 292 $ (481) $ 176 $ 3,447 Less: Interest and other financial charges — 12 — (368) 356 — 16 — (511) 495 Less: Provision (benefit) for income taxes 671 (132) (26) 80 749 369 (39) (281) 85 605 Less: Dilution 0 — — — 0 0 — — — 0 Less: Net income (loss) attributable to noncontrolling interests (13) — — (13) — 4 — — 4 — Net income (loss) $ 3,975 $ 369 $ (99) $ 328 $ 3,378 $ 3,061 $ 316 $ (200) $ 597 $ 2,347 EPS $ 3.70 $ 0.34 $ (0.09) $ 0.30 $ 3.14 $ 2.78 $ 0.29 $ (0.18) $ 0.54 $ 2.13 -b) -b) -a) * Non-GAAP Financial Measure (a – Net income (loss) from continuing operations available to common shareholders, diluted (b – Other adjustments include interest and other financial charges, non-operating benefit cost (income), noncontrolling interest, gains (losses) on retained and sold ownership interests and other equity securities, gains (losses) on purchases and sales of business interests
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2025 GE Aerospace Investor Update 40 * Non-GAAP Financial Measure (a – Net income (loss) from continuing operations, which aggregates Net income (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, employee benefit liabilities, income taxes (net), goodwill impairments and all other operating; includes separation cash expenditures and Corporate restructuring cash expenditures (d – FCF* conversion: FCF* / adjusted net income* Second quarter free cash flow* (Dollars in millions) 2Q'25 2Q'24 V% 2Q'25 YTD 2Q'24 YTD V% Net income (loss) (GAAP) $ 2,000 $ 1,322 51 % $ 3,962 $ 3,065 29 % Depreciation & amortization 312 283 611 573 Operating working capital (572) (246) (469) 8 Current receivables (831) (309) (1,157) (48) Inventories, including deferred inventory costs (670) (697) (1,394) (1,201) Current contract assets (111) (5) (65) 155 Contract liabilities and current deferred income 114 363 384 386 Progress collections 137 150 269 290 Accounts payable 789 253 1,495 427 Sales discounts and allowances 367 4 447 (102) Other CFOA 242 (406) (660) (958) Cash flows from operating activities (CFOA) (GAAP) $ 2,349 $ 957 F $ 3,891 $ 2,586 50 % Add: gross additions to property, plant and equipment and internal-use software (327) (295) (535) (499) Less: separation cash expenditures (70) (407) (146) (572) Less: Corporate & Other restructuring cash expenditures (14) (29) (45) (108) Free cash flow (FCF) (Non-GAAP) $ 2,105 $ 1,098 92 % $ 3,547 $ 2,767 28 % Free cash flow (Non-GAAP) conversion % 118 % 83 % 105 % 118 % -a) -c) -b)
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2025 GE Aerospace Investor Update 41 * Non-GAAP Financial Measure Adjusted Corporate & Other operating costs* excludes gains (losses) on purchases and sales of business interests, gains (losses) on retained and sold ownership interests and other equity securities, higher-cost restructuring programs, separation costs, our run-off insurance operations, U.S. tax equity profit (loss) and goodwill impairments. We believe that adjusting Corporate & Other costs to exclude the effects of items that are not closely associated with ongoing operations provides management and investors with a meaningful measure that increases the period-to-period comparability of our ongoing corporate costs. Adjusted Corporate costs* CORPORATE REVENUES AND PROFIT (COST) (In millions) 2Q'25 2Q'24 V% 2Q'25 YTD 2Q'24 YTD V% Insurance revenue (Note 12) $ 872 $ 871 $ 1,806 $ 1,750 Eliminations and other (402) (310) (702) (642) Corporate & Other revenue $ 470 $ 561 (16)% $ 1,104 $ 1,108 — % Gains (losses) on purchases and sales of business interests $ — $ 10 $ — $ 20 Gains (losses) on retained and sold ownership interests and other equity securities (Note 18) 3 (393) 9 241 Restructuring and other charges (Note 19) (26) (77) (27) (147) Separation costs (Note 19) (47) (75) (98) (334) Insurance profit (loss) (Note 12) 147 170 353 370 U.S. tax equity profit (loss) (57) (43) (104) (78) Adjusted Corporate & Other operating costs (Non-GAAP) (257) (126) (327) (251) Corporate & Other operating profit (cost) (GAAP) $ (237) $ (534) $ (194) $ (179) Less: gains (losses), impairments, Insurance, and restructuring & other 20 (409) 133 72 Adjusted Corporate & Other operating costs (Non-GAAP) $ (257) $ (126) U $ (327) $ (251) (30)% Corporate & Other profit (costs) $ (120) $ 16 $ (82) $ 13 Eliminations $ (137) $ (142) $ (245) $ (264) Adjusted Corporate & Other operating costs (Non-GAAP) $ (257) $ (126) U $ (327) $ (251) (30)%
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2025 GE Aerospace Investor Update Upcoming calendar 3Q'25 Earnings October 21, 2025 4Q’25 Earnings January 22, 2026 422025 GE Aerospace Investor Update