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GE Aerospace third quarter 2025 performance Financial results & company highlights October 21, 2025
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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 Quarterly Report on Form 10-Q, 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 GP7200engine. 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.
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Delivering value to customers and shareholders 3 Customer-driven approach to LEAP durability and future of flight drives growth Demand remains robust with FLIGHT DECK accelerating delivery Exceptional 3Q and year-to-date results with strong growth across key metrics
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3Q’25 highlights 4 Defense & Propulsion Technologies (DPT) Very solid results with revenue +26% and profit +75% Commercial Engines & Services (CES) Robust services performance with orders +32% and revenue +28%, driving total CES profit +35% y/y GE Aerospace Adj. revenue* +26% with strong services and engine output, driving adj. EPS* +44% and FCF* +30% y/y … raising FY'25 guide across the board * Non-GAAP Financial Measure +26% Adjusted revenue growth* +2% Orders growth $2.3B…+26% y/y Operating profit* $1.66…+44% y/y Adjusted EPS* $2.4B…+30% y/y Free cash flow*
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▪ Internal shop visit revenue +33%, spare parts >25% y/y – LEAP volume: internal shop visits >30%, external ~2x y/y ▪ Commercial engine deliveries +33%, including LEAP +40% y/y … now expect LEAP >20% in '25 ▪ Defense engine deliveries +83% y/y 5 .... … supporting significant output growthPriority suppliers material input ... Chart is not to scale ▪ Kaizen with priority supplier delivering material input up >2x on targeted parts ▪ Suppliers continue to deliver >95% of committed volume ▪ Continued momentum with priority suppliers … material input +HSD q/q >35% y/y Commercial services revenue Engine deliveries +28% y/y +41%y/y Accelerating services and equipment output with
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Delivering reliability, predictability, time-on-wing and lower cost of ownership 6 Customer-driven approach to services and products Advancing durability across successive engine programs with the 2nd dust ingestion test for GE9X and first for RISE (pictured) underway. Secured an engine and servicing commitment with Korean Air for GEnx, GE9X and LEAP engines to power 103 Boeing 787, 777 and 737 aircraft.
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7 3Q'25 results: significant top and bottom line growth * Non-GAAP Financial Measure Adjusted revenue* $11.3B +26% y/y Operating profit* $2.3B +26% y/y Free cash flow* $2.4B +30% y/y Adjusted EPS* $1.66 +44% y/y Orders $12.8B +2% y/y Op profit margin* 20.3% $6.8B, +29% y/y+21% y/y $4.80, +46% y/y $5.9B, +27% y/y+13% y/y 3Q'25 YTD
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• Adjusted ETR* 15.0% vs 20.3% 8 3Q'25 results: growing adjusted earnings per share* * Non-GAAP Financial Measure Operating profit and interest impacts are tax effected Charts are not to scale • CES and DPT $0.58 • Corporate $(0.23) • Diluted share count down ~30M • Lower interest expense 3Q'25 YTD $1.10 $0.19 $0.23$3.28 $4.80 +44% y/y +46% y/y
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9 Commercial Engines & Services (CES): 3Q'25 performance Op profit margin 25.7% 27.9% 27.4% +27% y/y +35% y/y +170bps y/y Revenue Operating profit ▪ Services: +28% … internal shop visit revenue +33% from volume, workscopes and price; spare parts >25% ▪ Equipment: +22% … unit volume +33% and price offsetting product mix and lower spare engine ratio ▪ Op profit: +35% ... Op profit margin +170bps ▪ Services volume, mix and price more than offset investments and OE growth including 9X 9 3Q'25 YTD: revenue +24%; op profit $6.6B, +35%; op profit margin +210bps
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▪ Op profit: +75% … Op profit margin +380bps ▪ Volume, customer mix and price partially offset by investments and inflation Defense & Propulsion Technologies (DPT): 3Q'25 performance +75% y/y +380bps y/y +26% y/y 1010 Revenue Operating profit ▪ Defense & Systems: +24% … Defense units +83% and price – Defense book-to-bill 1.1x x ▪ Propulsion & Additive Technologies: +29% … >20% growth across all businesses Op profit margin 9.8% 14.1% 13.6% 3Q'25 YTD: revenue +11%; op profit $1.0B, +27%; op profit margin +170bps
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Adjusted revenue growth* Adjusted revenue* +10% $35.1B +Mid-teens +High-teens Operating profit* Op profit margin* $7.3B 20.7% $8.2-$8.5B $8.65-$8.85B Adjusted EPS* $4.60 $5.60-$5.80 $6.00-$6.20 Free cash flow* FCF* conversion-a) $6.2B 123% $6.5-$6.9B >100% $7.1-$7.3B >100% 11 Segment dynamics * Non-GAAP Financial Measure (a – FCF* conversion: FCF* / adjusted net income* 2024 Commercial Engines & Services ▪ Revenue: Low 20s (prior: high-teens) ‒ Services: Low/mid 20s (prior: high-teens) ‒ Equipment: High-teens/20% (prior: high-teens/20%) ▪ Op profit: $8.45-$8.65B (prior: $8.0-8.2B) Defense & Propulsion Technologies ▪ Revenue: +HSD (prior: +MSD - HSD) ▪ Op profit: $1.2-$ 1.3B (prior: $1.1 - $1.3) 2025 Guide Prior 2025 Guide Current Raising 2025 guidance across the board
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Unrivaled customer service and proven products deliver reliability, predictability, time on wing and lower cost of ownership Fleet of 78K engines and over 2.3B flight hours creates customer intimacy and unmatched insights GE Aerospace: Climbing higher 12 Highest Operational Reliability Breakthrough Innovation GE Aerospace’s proprietary lean operating model to deliver safety, quality, delivery, and cost – in that order ~$3B annual R&D and leading engineering talent inventing next-gen technology to drive durability, efficiency, turnaround times and defense capabilities * Non-GAAP Financial Measure Consistently growing op profit* & FCF*, compounding with capital deployment and return opportunities Most Extensive Installed Base Customer Preferred Platforms Best performing products underwing across narrowbody, widebody, regional, rotorcraft, combat and mobility platforms
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13 Q&A
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14 Appendix 15 2025 additional items 16 Orders and revenue
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Additional items as of October 21, 2025 Corporate cost*-a) $(523)M $(850)M ~$(1.0)B in FY'25 Share buy-back $1.8B $5.4B ~$7B in FY’25 Diluted share count 1,065M 1,071M ~1,070M in FY'25 Dividend paid $0.4B $1.1B Dividend +30% y/y in FY'25 Cash balance $12.5B - NA Total borrowings $20.8B - Issued $2.0B debt in 3Q'25, primarily to refinance maturities Interest expense-b) $(219)M $(575)M ~$850M in FY'25, down from prior guide of ~flat y/y (FY'24: $(958)M) Adjusted ETR* 15.0% 17.1% ~17.5% in FY'25, down from prior guide of <18% Separation cost $(53)M $(150)M Total post-spin spend $383M; Expecting ~$50M remaining in '25 Spin-related restructuring $(22)M $(42)M Total post-spin spend $126M; spend mostly complete * Non-GAAP Financial Measure (a – Adjusted Corporate & Other operating costs* (b – Interest represents Interest and other financial charges excluding Insurance and U.S. tax equity 1515 3Q'25 YTD FY'25 dynamics3Q'25
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16 Orders and revenue - supplemental information ($ in billions) ORDERS Services Equipment Total 3Q'25 y/y 3Q'25 YTD y/y 3Q'25 y/y 3Q'25 YTD y/y 3Q'25 y/y 3Q'25 YTD y/y Commercial Engines & Services $8.2 32% $23.3 31% $2.1 (42)% $8.3 (12)% $10.3 5% $31.6 16% Defense & Propulsion Technologies $1.4 (14)% $4.3 (1)% $1.5 6% $4.6 12% $2.9 (5)% $8.8 5% GE Aerospace $9.5 22% $27.3 24% $3.2 (32)% $12.0 (6)% $12.8 2% $39.2 13% REVENUE Services Equipment Total 3Q'25 y/y 3Q'25 YTD y/y 3Q'25 y/y 3Q'25 YTD y/y 3Q'25 y/y 3Q'25 YTD y/y Commercial Engines & Services $6.8 28% $18.0 25% $2.1 22% $5.8 21% $8.9 27% $23.8 24% Defense & Propulsion Technologies $1.4 7% $4.0 1% $1.4 53% $3.7 23% $2.8 26% $7.7 11% GE Aerospace $8.1 25% $21.8 20% $3.2 29% $8.7 23% $11.3 26% $30.5 21% -a) -a) Order units were 279 in 3Q’25 vs 1,090 in 3Q’24 for commercial engines, 209 in 3Q’25 vs 714 in 3Q’24 for LEAP engines, and 163 in 3Q’25 vs 138 in 3Q’24 for Defense engines. (a – Adjusted revenue* -a) -a)
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17 Non-GAAP reconciliations 18 Third quarter adjusted revenue*, costs*, other income*, operating profit* and adjusted net income* 19 Third quarter year-to-date adjusted revenue*, costs*, other income*, operating profit* and adjusted net income* 20 Third quarter free cash flow
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* 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 Third quarter adjusted revenue*, costs*, other income*, operating profit*, adjusted net income* and EPS* (Dollars in millions) 3Q'25 GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'25 Adjusted (Non-GAAP) 3Q'24 GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'24 Adjusted (Non-GAAP) Revenues $ 12,181 $ 875 $ — $ — $ 11,305 $ 9,842 $ 899 $ — $ — $ 8,943 Less: Costs and expenses 9,951 519 75 29 9,328 8,970 733 452 305 7,481 Add: Other income 285 (48) — 11 322 1,021 (48) — 712 356 Profit (loss) $ 2,515 $ 309 $ (75) $ (18) $ 2,299 $ 1,893 $ 119 $ (452) $ 408 $ 1,818 Less: Interest and other financial charges — 6 — (225) 219 — 6 — (251) 245 Less: Provision (benefit) for income taxes 344 5 (16) 43 311 198 (33) (140) 53 318 Less: Dilution 5 — — — 5 — — — — — Less: Net income (loss) attributable to noncontrolling interests (3) — — (3) — (10) — — (10) — Net income (loss) $ 2,170 $ 297 $ (59) $ 167 $ 1,764 $ 1,705 $ 146 $ (312) $ 616 $ 1,255 EPS $ 2.04 $ 0.28 $ (0.06) $ 0.16 $ 1.66 $ 1.56 $ 0.13 $ (0.29) $ 0.56 $ 1.15 -a) -b) -b) 18
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Third quarter year-to-date adjusted revenue*, costs*, other income*, operating profit*, adjusted net income* and EPS* (Dollars in millions) 3Q'25 YTD GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'25 YTD Adjusted (Non-GAAP) 3Q'24 YTD GAAP Less: Insurance and US tax equity Less: Separation, restructuring and other Less: Other adjustments 3Q'24 YTD Adjusted (Non-GAAP) Revenues $ 33,138 $ 2,681 $ — $ — $ 30,457 $ 27,890 $ 2,649 $ — $ — $ 25,241 Less: Costs and expenses 26,874 1,982 199 12 24,681 24,529 2,117 933 390 21,089 Add: Other income 885 (142) — 21 1,007 1,965 (121) — 973 1,112 Profit (loss) $ 7,149 $ 557 $ (199) $ 8 $ 6,783 $ 5,327 $ 411 $ (933) $ 584 $ 5,265 Less: Interest and other financial charges — 18 — (593) 575 — 22 — (762) 740 Less: Provision (benefit) for income taxes 1,015 (127) (41) 123 1,061 567 (73) (422) 137 923 Less: Dilution 6 — — — 6 0 — — — 0 Less: Net income (loss) attributable to noncontrolling interests (16) — — (16) — (5) — — (5) — Net income (loss) $ 6,143 $ 666 $ (158) $ 494 $ 5,141 $ 4,766 $ 462 $ (511) $ 1,213 $ 3,602 EPS $ 5.73 $ 0.62 $ (0.15) $ 0.46 $ 4.80 $ 4.34 $ 0.42 $ (0.47) $ 1.10 $ 3.28 -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 19
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* 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* Third quarter free cash flow* (Dollars in millions) 3Q'25 3Q'24 V% 3Q'25 YTD 3Q'24 YTD V% Net income (loss) (GAAP) $ 2,171 $ 1,695 28 % $ 6,133 $ 4,760 29 % Depreciation & amortization 302 314 913 887 Operating working capital (441) (580) (910) (572) Current receivables (113) (702) (1,270) (750) Inventories, including deferred inventory costs (392) (214) (1,787) (1,416) Current contract assets (51) (162) (116) (7) Contract liabilities and current deferred income 209 373 593 759 Progress collections (97) (7) 173 283 Accounts payable 3 133 1,498 560 Sales discounts and allowances 107 433 554 331 Other CFOA 416 51 (244) (907) Cash flows from operating activities (CFOA) (GAAP) $ 2,556 $ 1,913 34 % $ 6,447 $ 4,499 43 % Add: gross additions to property, plant and equipment and internal-use software (307) (266) (842) (765) Add: dispositions of property, plant and equipment 51 15 76 102 Less: separation cash expenditures (56) (144) (202) (716) Less: Corporate & Other restructuring cash expenditures (6) (14) (51) (123) Free cash flow (FCF) (Non-GAAP) $ 2,362 $ 1,820 30 % $ 5,933 $ 4,674 27 % Free cash flow (Non-GAAP) conversion % 134 % 145 % 115 % 130 % -a) -c) -b) -d) 20
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Upcoming calendar 4Q'25 Earnings January 22, 2026 1Q'26 Earnings April 21, 2026 2Q'26 Earnings July 16, 2026 21