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 bematerially different than those expressed in our forward-looking statements, see https://www.ge.com/investor-relations/importantforward-looking-statement-information as well as our annual reports on Form 10-K and quarterly reports on Form 10-Q. We do notundertake to update our forward-looking statements. This document also includes certain forward-looking projected financial
information that is based on 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 an alternative to the GAAP measure. The reasons we use these
non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures are included in ourearnings releases and the appendix of this presentation, as applicable.
Except for reported 2023 financial information presented on page 83, all key 2023 metrics presented herein have been voluntarily
provided to reflect the reclassification of GE Vernova to discontinued operations, which we will report in our financials following theseparation of GE Vernova. Please see the Appendix for additional information.
GE’s Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE's LinkedIn
and other social media accounts, contain a significant amount of information about GE, including financial and other information forinvestors. GE encourages investors to visit these websites from time to time, as information is updated, and new information isposted.

2024 GE Aerospace Investor Day

2

Today’s agenda
8:00AM

Welcome

Steve Winoker

Safety moment & GE Aerospace overview

Larry Culp

Commercial Engines & Services▪ Assembly, Test & Services▪ Technology & Innovation

9:20AM

Q&A

9:40AM

Break

Defense & Propulsion Technologies

Russell Stokes, Farah Borges &Mohamed Ali
Team

Amy Gowder & Riccardo Procacci▪ Defense & Systems▪ Propulsion & Additive Technologies

10:40AM

Financial outlook

Rahul Ghai

Wrap + Q&A

Team2024 GE Aerospace Investor Day

3

Site safety
Exit routes

Today at Center415

38th street

In event of an emergency:▪ Please exit the building through same doors you
enteredIf you are unsure about anything, please ask

5th Avenue▪ Follow routes to emergency rally point

Stairs2024 GE Aerospace Investor Day

4

Safety moment &GE Aerospace overview
Larry Culp I CEO, GE Aerospace2024 GE Aerospace Investor Day

5

OUR PURPOSE

We invent the future of flight, lift people up andbring them home safely~3B
Passengers flew
with GE technology-a)under wing in 2023

~900K
People flying at any
given time on GE-a) powered
aircraft3 out of 4
Commercial flights
powered byour engines-a)(a – Includes equipment made by CFM & Engine Alliance Joint Ventures
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 Joint Venture between GE & Pratt & Whitney

2024 GE Aerospace Investor Day

6

Video: culture of safety2024 GE Aerospace Investor Day

7

“Bring them home safely”
GE Aerospace’s Safety Management System is a systematic approach to
managing employee & product safety – from design to manufacturing & services

1 Policy: senior management commitment to improve safety

2 Promotion: create a positive safety culture in workforce
3 Risk management: assessment of acceptable risk
4 Assurance: effectiveness of risk-controlled strategies

In Prestwick, Scotland, GE Aerospace employees in the engine
strip cell are participating in a daily management meeting todiscuss current status of the cell’s key performance indicators.

Safety & Quality Management Systems drive safety culture & quality products2024 GE Aerospace Investor Day

8

GE Aerospace: key messages

Global aerospace leader in attractive
propulsion, services & systems sectors
Industry’s largest & growing commercial propulsion fleet,with unrivaled technology & customer service
Rotorcraft & combat engine provider of choice,innovating next generation capabilities

2024 GE Aerospace Investor Day

9

Global leader in attractive, growing commercial & defense sectors

Commercial Engines & Services

Defense & Propulsion Technologies$23.9B revenue-a)
Largest & youngest fleet~44,000 engines-b)
Most complete value prop ...
safety, efficiency, reliability$9.0B revenue-a)-d)$32B

Large & diverse portfolio~26,000 engines

2023 adjusted revenue*-c)~70%
services

Rotorcraft & combat engine
provider of choice ... next gen
U.S. & international programs~70% services revenue …
extensive, open MRO network
means flexibility for customers*Non-GAAP Financial Measure(a – Represents anticipated GAAP segment measures to take effect post GE Vernova separation; amounts are unaudited and represent our current estimates; refer to page 101(b – Includes equipment made by CFM & Engine Alliance Joint Ventures(c – Amounts are unaudited and represent our current estimates; refer to page 101(d – Includes Defense & Systems and Propulsion & Additive Technologies, excluding the impact of eliminations reported in Corporate
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 Joint Venture between GE & Pratt & Whitney~55% services revenue …
engineering design throughfull product lifecycle support

2024 GE Aerospace Investor Day

10

Sustained momentum & growth across commercial & defense sectors
Commercial air travel demand

Global defense spending budget

Revenue passenger kilometers (RPK)

MSD-HSD%5-year CAGR

11.3B

+LSD%
5-year CAGR

8.0B

$2.1T

$1.8T

U.S.
Departmentof Defense-a)

International-b)

2023

2028F

Source: IATA for 2023, IATA & Oxford Economics for 2028F

2023

2028F

(a – Source: U.S. Dept of Defense; (b – Source: Aviation Week forecast & internal company estimate (GE addressable nations)

Secular growth drivers▪ Air traffic expected to grow faster than GDP▪ Heightened geopolitical tensions▪ Fleet renewal & expansion▪ Rising U.S. & international defense budgets▪ Positive airline & airframer dynamics▪ Modernization & next-gen technology
2024
2024 GE
GE Aerospace
Aerospace Investor
Investor Day
Day

11

GE Aerospace: our strategic priorities, with safety & quality firstT O D AYTOMORROW

FUTURE

Service &readiness

Delivering
the ramp

Inventing next-gen
flight technology

Defining flight with unrivaled technology & customer service
2024 GE Aerospace Investor Day

12

Introducing

GE Aerospace’s

proprietary lean operating model

A systematic approach to running our businessto deliver exceptional value as measured

through the eyes of our customers

Accelerating our lean progress to ensure
focused execution as a public company

2024 GE Aerospace Investor Day

13

Video:overview

2024 GE Aerospace Investor Day

14

Our roadmap: one team, one strategy, one operating model, one culture

T O D AY
Service & readiness

TOMORROW

Operational
results

Financialperformance

Delivering the ramp

FUTURE

HoshinKanri

Inventing next-gen
flight technology

2024 GE Aerospace Investor Day

15

fundamentals

Enterprise

IndividualStandard work

Continuous improvement (kaizen)

Daily & visual management

Respect for people

Value stream management

Customer-driven

Operating cadences

Action planning (manage vs. report)

Strategy ➔ Hoshin Kanri

Problem solving

How GE Aerospace comes together to implement strategy & drive results
2024 GE Aerospace Investor Day

16

in action: supply chain
T O D AY: Model lines in Terre Haute▪ Leveraged value stream management to launch & scale model lines▪ For the LEAP-1A & LEAP-1B turbine center frame:

100%

~50%

~50%

on-time delivery

labor productivity

capital investment

T O M O R R O W : Supplier ramp readiness▪ Identified top suppliers representing >80% of delivery gap▪ Problem solving key constraints to drive joint recovery plans:− Readiness process to ensure systems, processes, soft & hard resources in place− GE Aerospace facilities & external supplier investment− Daily & visual management to escalate key issues
Operators working in the model line are assembling
the LEAP turbine center frame at GE Aerospace inTerre Haute, Indiana.

▪ Total commercial engine deliveries

25% in ’23
2024 GE Aerospace Investor Day

17

A century of learning & sustained R&D …
Platforms

F O U N D AT I O N A L

Narrowbody

CFM56

D I F F E R E N T I AT E D T E C H N O L O G I E S

1980s → 2050s>1B flight hours

CF6
Most produced
widebody engine

Architecture &system integration

Aerodynamics

Materialscience

Widebody
GE90
1st for composite fan

Defense

T700
100M flight hours in
40 years of service

Validation testing &modeling

Advancedmanufacturing2024 GE Aerospace Investor Day18

… drive decades of product leadership & sustained competitive advantages
Platforms

Narrowbody

F O U N D AT I O N A L

N E X T G E N E R AT I O N

FUTURE

1980s → 2050s

2010s → 2070s

2030s → 2090+

CFM56

Revolutionary
Innovation for
Sustainable
Engines

LEAP>1B flight hours

15% better fuelefficiency vs. CFM56

CF6

GEnx

Most produced
widebody engine

15% better fuelefficiency vs. CF6▪

Open Fan targeting >20% better fuelefficiency vs. LEAP ... key to helping
the aviation industry achieve net zeroCO2 emissions by 2050▪

Supercomputing capability helping
target lower noise levels▪

Uncompromising commitment to safety

Widebody
GE90

DefenseGE9X

1st for composite fan

10% better fuelefficiency vs. GE90

T700

T901

100M flight hours in
40 years of service

25% better fuelconsumption vs. T700-a)

Adaptive cycle
engines(a – better Specific Fuel Consumption

2024 GE Aerospace Investor Day

192024 guidance & 2025 outlook($ billions)

Adjusted revenue*

Operating profit*

Free cash flow*

LDD
LDD+

$32.0-a)$7.1-7.5$5.6-a)$6.0-6.5$4.7-a)

2023

2024E

2025F

2023

2024E

2025F

2023

>$5

2024E

>100%
conversion-b)

2025F

Sustainable revenue, profit & FCF* growth, creating value now ...
*Non-GAAP Financial Measure(a – Amounts are unaudited and represent our current estimates; refer to page 101(b – FCF* conversion: FCF* / adjusted net income*

2024 GE Aerospace Investor Day

20

2028 outlook
Adjusted revenue* growth

Operating profit*

Free cash flow*

HSD

~$10B

~100%

CAGR-a)(LDD CAGR-a))conversion-b)... & higher profit growth & FCF* generation through 2028
*Non-GAAP Financial Measure(a – ’25-’28 CAGR(b – FCF* conversion: FCF* / adjusted net income*

2024 GE Aerospace Investor Day

21

Capital allocation: creating value & maximizing returns

Invest in growth &innovation

Return cash toshareholders

Focused
M&A

R&D & capex to support
customers & provide industry
leading technology

Large majority of available
funds to shareholders throughdividend & buy-backDisciplined approach …
strategic, operational & financial

Underpinned by a strong investment grade balance sheet

2024 GE Aerospace Investor Day

22

GE Aerospace is ready to soar

Customerpreferred
platforms

Most
extensive
installed baseHighestoperationalreliability

Breakthroughinnovation

Best products & services
underwing, balanced
across narrowbody,
widebody, rotorcraft &combat platforms

Unrivaled customer
service & flightsupport creates customer
intimacy & network
flexibility

Continuously
improving with thehighest levels ofsafety & quality as
our purpose

Leading engineering
talent developing
next-gen technology todecarbonize while driving
efficiency & reliability

GE Aerospace’s
proprietary lean operating
model to deliver
exceptional value tocustomers & shareholders

Consistently growing profit & generating FCF*, compounding with capital deployment & return opportunities*Non-GAAP Financial Measure2024 GE Aerospace Investor Day

23

Commercial Engines& Services (CES)
Russell Stokes | President & CEO, CES
Farah Borges | VP, Assembly, Test, Maintenance, Repair & Overhaul, CES

Mohamed Ali| VP, Engineering, GE Aerospace2024 GE Aerospace Investor Day

24

CES: industry’s largest & growing commercial propulsion fleet

CES 2023 revenue: $23.9B-b)’23-’28 revenue CAGR
low-double digits
Largest & youngest fleet~44,000 engines-a)
Most complete value prop ...
safety, efficiency, reliability~35%
Widebody~50%
Narrowbody

Platform
revenue~70% services revenue …
extensive, open MRO network
means flexibility for customers(a – Includes equipment made by CFM & Engine Alliance Joint Ventures; CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 Joint Venture between GE& Pratt & Whitney(b – Represents anticipated GAAP segment measures to take effect post GE Vernova separation; amounts are unaudited and represent our current estimates; refer to page 101~15%

Regional & other2024 GE Aerospace Investor Day

25

Positive commercial aerospace environment… with positive customer dynamics

Strong demand for air travel …
GE/CFM
departures

Passenger

Freight

Airlines▪ Record revenues & improving margins

19%

18%

▪ Continued APAC & China recoveries

HSD

MSD

MSD

▪ Strong demand & robust orderbooks
HSD

MSD

MSD
2023

2023

2024E 2025F

2023

2024E 2025F

2024E 2025F(LSD)(5)% (MSD)▪ Normalization post-COVID recovery, robust commercial
aerospace environment continues▪ Expect +MSD-HSD RPK CAGR from ’23 to ‘28

Airframers▪ Collaboration on rate readiness in ’25▪ Partnering to support LEAP & GEnx ramps▪ Advancing CFM RISE tech for next gen aircraft

Fundamental drivers of air travel are strong
Includes equipment made by CFM & Engine Alliance joint ventures. RISE is a program of CFM International. CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney

2024 GE Aerospace Investor Day

26

CES: our strategic priorities

T O D AYTOMORROW

FUTURE

Keep installed
fleet flying

Grow & optimize
emerging fleet

Launch & scale
next-gen technology▪ Ensure world-class safety &reliability▪ Deliver production ramp to
support demand▪ Achieve ground & flight test
demos for CFM RISE

▪ Deploy material solutions to
reduce cost

▪ Improve durability to meetcustomer expectations▪ Lead industry in sustainablepropulsion technology▪ Enhance MRO capabilities toimprove turnaround times▪ Expand GE & partner MRO
network for LEAP

Includes equipment made by CFM & Engine Alliance joint ventures. RISE is a program of CFM International. CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney

2024 GE Aerospace Investor Day

27

Commercial program flywheel(illustrative varies by program)Services: mature
Shop visit 3 = ~25%

1

4of lifecycle revenue-a)

New engine
development & sale~25%
of lifecycle revenue-a)

Mostly T&M-b) or external

Initial investment cost, installengines & spare engines~3.5x
services revenue
for every
fielded engine

Services: mid life

Services: early life

Shop visit 2 = ~30%

Shop visit 1 = ~20%of lifecycle revenue-a)3

Increasing portion of
T&M-b) & external

2of lifecycle revenue-a)

Customers typically seeking
CSAs-c), some T&M-b) & external

Each engine fielded has >20 years of services revenue, profit & cash flow to follow(a – Example for a widebody engine, varies across products; new engine revenue excludes initial investment(b – Time & Materials(c – Customized Service Agreements
Engine images represent: 1. GE9X; 2. LEAP; 3. CFM56; 4. CF62024 GE Aerospace Investor Day

28

Extensive portfolio of narrowbody & widebody offerings(illustrative)

Engine program lifecycle revenue-a)

Regional &Narrowbody
AircraftBoeing 737NG & Airbus A320CEO
CFM56

Widebody
AircraftBoeing 737Max,
Airbus A320neo &COMAC C919
CFM LEAP

Boeing 777X
GE9X

Bombardier CRJ 700/900
Embraer E170/190& COMAC ARJ21
CF34

CRJ200
CF34
Boeing 737 Classic
CFM56

Parts & services

40+ Years

New engines
Boeing 787
GEnx

Airbus A380
GP7200Boeing 777
GE90

Airbus A330
CF6

Legacy widebodies
CF6

Industry’s broadest portfolio spanning narrowbody, widebody, regional, business & turboprop aircraft(a – Includes equipment made by CFM & Engine Alliance joint ventures
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney

2024 GE Aerospace Investor Day

29

Narrowbody platforms: well-positioned with leading technology
Recent commercial wins-a)

Leadership on narrowbody platforms
CFM56: industry’s most utilized engine
Other

140 A320 / 70 A321 /190 737MAX

154 737MAX

150 737MAX

56 A320 / 101 A321

108 737MAX

73 A320 / 47 A321

1.2B

~19K

~45%

Flighthours

Enginesin service

Fleet has not yet
had a shop visit

LEAP: engine of choice across key aircraftSolesourceLEAP 1-A life of
program win rate
on A320

LEAP-1B on
737MAX

45M
Flighthours

85 737MAX~60%

Recent wins adding to large existing narrowbody platform installed base
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines(a –Firm CFM-powered aircraft wins in the trailing 12 months as of March 2024. Not exhaustive.

2024 GE Aerospace Investor Day

30

Narrowbody platforms: CFM56 fleet continues to outperform expectations
Shop visit forecast-a),-b)

Millions

Departures-a)
15

2500

12

2000

9

1500

6

1000

3

500

0

0
2023

2025F
'22 Forecast

2028F

2023

2025F

2028F

'23 Forecast▪ ‘23 above expectations … demand remains strong▪ Market dynamics driving favorable conditions forincreased utilization▪ ~200 shop visit increase through ‘25 vs. priorexpectations▪ Expecting price & workscope help stabilize revenue~45% of fleet yet to see first shop visit … focused on transition from CFM56 to LEAP
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines(a – CFM56-5B/7B commercial engines(b – Performance restoration shop visits only, excludes quick turns < 500 hours

2024 GE Aerospace Investor Day

31

Narrowbody platforms: LEAP becoming a big profit driver
Installed base growthServices revenue growth

+MSD

+LDD

CAGR

CAGR

Profit growth~25,500
LEAP

LEAP

~$8B
LEAP

CFM56

CFM56

2023

2025F

2028F

2023

2025F

2028F

CFM56

2023

2025F

2028F

Strong services growth as fleet transitions from CFM56 to LEAP
2024 GE Aerospace Investor Day

32

Narrowbody platforms: delivering on LEAP ramps to meet growing demand
LEAP engine production ramp

LEAP shop visit ramp

External & CBSA-b)
shop visits

2023

2024E

~1,700

845

815

1,570

1,136

~20-25%2025F

GE/Safranshop visits-a)

2024E

2026F

2025F

2026F

2027F

2028F

▪ Higher win rate in ’23▪ Fleet size more than doubles by end of decade▪ Aligned with airframers in ’24, working beyond▪ External network key for capacity & flexible service offerings

Delivering twin ramps across OE & services to drive significant profit growth(a – Includes all shop visits including quick turns > 500 hours, CFM parents (GE & Safran) each perform 50% of LEAP SVs(b – CFM Branded Service Agreements
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney

2024 GE Aerospace Investor Day

33

Narrowbody platforms: growing LEAP fleet with focus on reliability & durability
Reliability a differentiator for customers

HPT blade durability expectations
TOW indexed to technical requirement (cycles)

LEAP-1A

LEAP-1B

Current CFM56>1,700>29M>1,400>16M

aircrafthours

aircraft

hours

>90

>13M

>70

>6M

operators

cyclesoperators

cycles

99.95%

99.96%

departure reliability

departure reliability

Current
Fleet Leader

YE'23
YE'24
Production Production

YE'23
YE'24
Production Production

NeutralHarsh

Current LEAP-1A fleet leader in Europe, low thrust
LEAP-1A Neutral region projections as of 1Q’24 in Americas & Europe, low thrust, fleet avg
LEAP-1A Harsh region projections in 1Q’24 in Middle East, low thrust, fleet avg

Executing roadmap to reach CFM56 durability … delivering on customer & underwriting expectations
2024 GE Aerospace Investor Day

34

Video: LATAM Airlines

2024 GE Aerospace Investor Day

35

Widebody platforms: large & growing fleet in service
Recent commercial wins-a)

202 GE9X for 777X

10 GEnx for 787s

90 GEnx for 787s

16 GE9X for 777X

36 GEnx for 787s

16 GEnx for 787s

Leadership on widebody platforms~7,200>80%~50%

GE engines
powering world’s
widebody platforms

CF6 powering
767 & 747
freighters

GE90 fleet<10 years old~70%
GEnx life of
program win rate
on 787~60%~75%
GEnx engines
not yet seen first
shop visit

777X/GE9X life of
program win rate vs.
A350-b)

Widebody fleet is a significant differentiator(a –Firm GE-powered aircraft wins in the trailing 12 months as of March 2024. Not exhaustive.
(b –A350-1000/freighter

2024 GE Aerospace Investor Day

36

Widebody platforms: expect growth to continue
Installed base growthServices revenue growth
+MSD

+LSD

CAGR

CAGR

GE9X
GE9X

~7,200

~$7B

GEnx

GEnx
GP
GP
GE90

GE90

CF6

2023

2025F

2028F

CF6

2023

2025F

2028F

Maintain strong services revenue base from mature products as GEnx & GE9X ramp
2024 GE Aerospace Investor Day

37

Widebody platforms: GEnx poised for significant growth
GEnx services revenue growth

GEnx engine installed base

+MSD
+LDD

CAGR

CAGR

2023

2024E

2025F

2026F

2027F

2028F

2023

2025F

2028F

▪ 99% win rate of firm 787 orders in ’23, >400 engines▪ Shop visit content increasing▪ 4X ramp in output from ‘23 to ‘26▪ ~75% yet to see first performance restoration shop visit

GEnx delivering ~1.4% better fuel burn, best-in-class engine reliability & significant time-on-wing advantages
2024 GE Aerospace Investor Day

38

Widebody platforms: GE9X focused on entry into service & ramp
Wins & growthEngine costServices revenue>900
engines to deliver

EIS

50th

250th

by 2030‘31-’35

2035+▪ Ongoing campaign volume
expected through end of
decade▪ Strong pipeline of cost-out
activities underway to bend
cost curve▪ Services growth driven byincrease in shop visit count &content▪ Partnering with customers
through entry into service (EIS)& beyond▪ Volume ramp will amplify
productivity gains▪ Expanding MRO network tomeet future demand

GE9X profitable by early 2030s anchored by strong services growth2024 GE Aerospace Investor Day

39

Widebody platforms: long life remains on in-service platforms
CF6 shop visit forecast (EIS 1971)

2023

2024E

2025F

2026F

2027F

2028F

GE90 shop visit forecast (EIS 1995)

2023▪ Continuing to deliver new engines▪ ~1000 engines-a) have not seen shop visit 3

2025F

2026F

2027F

2028F

▪ Still in production... delivered 3,000th engine
in ’23▪ Long tail of shop visits due to longevity ofengine
CF6

2024E

GE90

▪ ~75% of fleet-b) has not seen shop visit 2 …
services remain robust through decadeServices revenue supported by in-service fleet(a – CF6-80C & 80E; (b – GE90-115B

2024 GE Aerospace Investor Day

40

CFM RISE program: enabling airlines to meet emissions reduction goals
Revolutionary
Innovation for
Sustainable
Engines

Higherefficiency

Sustainable
fuel

Passenger
experience

Airlineoperations

Open fan enables
efficiency goals bytargeting >20% better
fuel improvement vs.
today's engines

100% sustainableaviation fuels (SAF) &hydrogen compatibility

Same or better cabinnoise than today's ductedenginesSame speed & altitude
as today’s narrowbody
aircraft

CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; CFM RISE is a registered trademark

2024 GE Aerospace Investor Day

41

delivering safety, quality, delivery & cost in 2023
as the foundation

SafetyQuality

Delivery

Cost

>10%

15%

>25%

>75%

reduction of
injury & illness rate

improvement in
manufactured quality

new engines growthservices net
productivity growth>10%internal shop visits
growthDriving culture of continuous improvement in our CES shops
2024 GE Aerospace Investor Day

42

Video:in action (Rutland, Vermont)

2024 GE Aerospace Investor Day

43

in action: improving lead times in AssemblyCF34-10 model line lead time

Improved results over the last year

Days
70

Model line
implemented

Goal: 10 days
engine assembly
lead time

60
50

30

0

65%

20

injuriesin customer
disruptions

75%

30%

in lead timein labor
productivity

40

10
0

Executed kaizen roadmap inclusive of:▪ Standard work development▪ Current & future state value stream mapping▪ Line balancing to enable flow to takt time
▪ Daily management to drive sustainment

Scaling to LEAP, CFM56, Passport, GE90, LM2500
2024 GE Aerospace Investor Day

44

MRO transformation through
Overhaul turnaround time (TAT)

Improvement actions

Days

Narrowbody
~95

2023

Target70▪ Scale lean model lines across MRO network

Widebody
~130

>30%

▪ Transform material availability (new material & repair)targeted
reduction▪ Leverage lean to maximize existing capacity & drive
targeted capital deployment

90

Example: stage 2 nozzle model line (Singapore)
BeforeAfter

Delivering improved results:

40% injuries
50% customer disruptions
20% turnaround time
20% labor productivity

33% footprint utilization
2024 GE Aerospace Investor Day

45

Technology & innovation: our strategic priorities

T O D AYTOMORROW

FUTURE

Keep the fleet
flying safely

Support ramp & improve
LEAP & GE9X durability

Invent next-gen
technology▪ Safety philosophy:
proactively seek out
potential issues▪ Develop & field durable
designs to meetrequirements▪ Advance CFM RISE,
ensuring world-class safety &durability▪ Institutionalizing enhanced
inspection standard work

▪ Problem solving to support
suppliers & unlock key
constraints▪ Develop improvements in hot
section design utilizing
supercomputing
breakthroughs

RISE is a program of CFM International, a 50-50 joint company between GE & Safran Aircraft Engines.

2024 GE Aerospace Investor Day

46

"Bring them home safely” ... enterprise framework

REACTIVE
Safety Project Management TeamNo decisions made alone

PROACTIVE
Safety & Quality Management Systems
Open reporting & increased awareness

PREDICTIVE
Next-gen enhanced inspection
Innovation in predictive safety measures

Be a part of the entire engine
lifecycle & embrace problem solving

Proactively seek out problems &mitigate risk

Transparency, talk about the issues… everyone has a voice

Strive for a zero-defect culture,
but don’t assume it

Safety, quality & continuous improvement are cornerstones of everything GE Aerospace does
2024 GE Aerospace Investor Day

47

Rotor safety & integrity … anticipate & catch material anomalies
Modeling &design phase

New make enhanced
inspection

MRO-enhanced
inspection

Partnership for
safety & quality

Consider material properties toenhance robustness when
designing for damage tolerance,
based on field experience

Leveraging technology toelevate inspection capability &anomaly detection

Opportunistic application of
inspection technology tomonitor fleet robustness

Driving culture ofshared ownership for
product safety & quality
rooted in mutual trust

HPT disk stress model

Enhanced ultrasonic

MRO inspection

Supplier visit

Working across product lifecycle to catch potential defects early in the process2024 GE Aerospace Investor Day

48

LEAP engine durability improvements ... execution on track
Durability roadmap achievements
ShroudReleased into production

Status2018: improved coating>50% of fleet
retrofitted-to-date

Accessory radial
drive shaft

2019: bearing update

Fuel nozzle

1Q’24: improved design(FAR 33 certified in Dec’23)

Updated HPT blade ...
2x durability improvement>95% of fleet
retrofitted-to-date
First production unit
delivered, retrofits
starting in ’24

HPT bladeExpect LEAP-1A to be at maturity by year-end …
LEAP-1B on test

Current blade: Turn-on

Updated blade: Turn-off▪ Field distress on
endurance engine
successfully replicated infactory at comparable
cycles▪ Test condition matchedfield observations &demonstrated robustnessof design improvements▪ 1:1 field to test severity
achieved▪ Historical CFM56 dust
testing informed test
methodology & capability

Continuous improvement 2024 & beyond … adapting technology to optimize customer operations
2024 GE Aerospace Investor Day

49

GE9X engine builds on learnings from fielded fleet driving incremental improvementwith each engine generation
Removal rate per 1,000 hours
First 5 years of service
High bypass engines

GE90

GE9X

1st bladeimprovement

+3
X

(2)
x

1st endurance
test

(1)
x

(4)
x

1st dust test

n/a

(4)

2nd dust test

n/a

(1)

Testing prior
to EIS

8K hours /16K cycles

19K hours /40K cycles

0.5
0.45

CF6-6

0.4
0.35

Years
Post-EIS(before)/after

0.3

0.25
0.2

GE90-100

0.15

GEnx-1B

0.1

LEAP-1A

0.05
0

1971

2004

2012

2016

Entry into service

Proven roadmap for continuous durability improvements over product generations
2024 GE Aerospace Investor Day

50

CFM RISE technology maturation plan required to achieve 20% fuel burn reduction
Core & advanced systems technology
3

Fan technology

1 High-pressure turbine (HPT) blade innovation•3

Engine-airframe integration

2 Hybrid electric ground & flight test demos•4Open Fan aerodynamics

1
2

4▪ Historically lower fuel burn through bigger
engines▪ Ducted engine requires higher temp for 20%
fuel burn reduction▪ Open Fan delivers fuel reduction with lesstemperature severity risk

Achieves fuelreduction at same
temp as ducted

Fan
technology

20% fuel burn
reduction
Cannot meet fuelburn without stepchange in core techCore
technology
Open Fan

Next gen ductedOpen fan provides lowest risk to achieve ~20% fuel burn improvement
RISE is a program of CFM International, a 50-50 joint company between GE & Safran Aircraft Engines.

2024 GE Aerospace Investor Day

51

CFM RISE program … real tests, real hardware, real progress
Installation

High-pressure turbine1▪ First full engine successfully
ran in 2023 with nextgeneration turbine blade
technology▪ Demonstrating advanced
cooling technology to enableimproved fuel efficiency

Hybrid electric23▪ Deploying supercomputing
capability combined with stateof-art system testing with
Airbus▪ Improving cabin noise
experience to exceed
passenger expectations

Open Fan▪ NASA Turbofan Engine Power
Extraction Demonstration (PEX)
to further advance state-of-theart for engine integration of
hybrid electric systems

4▪ Fan blades: static & dynamic
tests, including ingestion &vibration▪ First manufactured parts

RISE is a program of CFM International, a 50-50 joint company between GE & Safran Aircraft Engines.

2024 GE Aerospace Investor Day

52

CES: 2024 guidance
2023

2024E

2024
dynamics
2025
dynamics▪ Mid-high-teens growth, including:

Revenue$23.9B-a)+Mid-high-teens‒ Engines: High-teens growth‒ Services: Mid-teens growth▪ LEAP deliveries +20-25%

Operating profit$5.6B-a)$6.0B-$6.3B▪ Mix pressure as growth in OE (LEAP & GE9X)
outpaces departures/services growth▪ Increased investments to support GE9X
launch & CFM RISE

Strong top-line growth driving increased profit
RISE is a program of CFM International, a 50-50 joint company between GE & Safran Aircraft Engines.
(a – Represents anticipated GAAP segment measures to take effect post GE Vernova separation; amounts are unaudited and represent our current estimates; refer to page 101

2024 GE Aerospace Investor Day

53

CES: revenue growth
Revenue growth

Key2025
drivers
dynamics+HSD-b)$23.9B-a)+LDD-mid+Mid-high
teens
teens

▪ OE continues to grow faster than services as
departures normalize▪ OE growth driven by LEAP, GEnx & GE9X
▪ Growing installed base continues to fuel services▪ LEAP program revenue exceeds CFM56 by '26

2023

2024E

2025F

2028F

▪ Profit growing faster than revenue through '28(a – Represents anticipated GAAP segment measures to take effect post GE Vernova separation; amounts are unaudited and represent our current estimates; refer to page 101; (b – CAGR ’25-28

2024 GE Aerospace Investor Day

54

Industry’s largest engine portfolio, powering the world’s most successful &innovative aircraft platforms

Capitalizing on secular tailwinds to grow well above GDP for foreseeable future

Reliable product portfolio supports global customer base & free cash flow* generation

Leveraging FLIGHT DECK to deliver safety, quality, delivery & cost …
enabling breakthrough innovation for the future of flight*Non-GAAP Financial Measure2024 GE Aerospace Investor Day

55

Q&A

2024 GE Aerospace Investor Day

56

Break2024 GE Aerospace Investor Day

57

Defense & Propulsion
Technologies (D&PT)
Amy Gowder | President & CEO, D&S
Riccardo Procacci | President & CEO, P&AT

2024 GE Aerospace Investor Day

58

D&PT: leading provider of defense engines & critical aircraft systems

D&PT 2023 revenue: $9.0B-a)
~35%

~65%
Defense & Systems(D&S)

Business
revenue

Propulsion & Additive
Technologies (P&AT)’23-’28 revenue CAGR
mid to high-single digits
Diverse & growing portfolio~26,000 engines
Rotorcraft & combat engine
provider of choice ... next gen
U.S. & international programs~80%
DefenseD&S
revenue~20%
Electrical Power& Avionics~55% services revenue …
engineering design throughfull product lifecycle support(a – Represents anticipated GAAP segment measures to take effect post GE Vernova separation; amounts are unaudited and represent our current estimates; refer to page 101

2024 GE Aerospace Investor Day

59

Defense budget environment
International defense budget-b)

U.S. Department of Defense budget-a)
Anticipate +LSD CAGR in
FY25 President’s Budget

+3%

+MSD
CAGR

in FY24

817

841

2023

2024E

2025F

2026F

2027F

2028F

• Robust growth leveling off to ~LSD over Future Years
Defense Program (FYDP)• U.S. remains focused on great power competition

2023

2024E

2025F

2026F

2027F

2028F

• NATO & allies driving force structure reassessment• Increased demand for U.S. export fighters & rotorcraft• Increased focus on domestic indigenous aircraft capability• Prioritized towards readiness, deterrence & modernization

Defense departments focused on modernizing & scaling their forces(a – Source: U.S. Dept of Defense; (b – Source: Aviation Week forecast & internal company estimate (GE addressable nations)2024 GE Aerospace Investor Day

60

D&S: our strategic priorities

T O D AYTOMORROW

FUTURE

Service & growexisting fleet

Deliver & ramp
new products

Develop next-gen tech
for advanced programs▪ FLIGHT DECK improvements
in components & assembly▪ Material input availability &supplier partnership▪ Structured approach to reduce
product costs▪ Execute NPIs in rotorcraft &Modular Open System
Architecture▪ Integrate & deliver oninternational platforms▪ Expand fleet management
service offering to drive growth▪ Lead in adaptive cycle engine
technology▪ Develop in hypersonic &uncrewed applications▪ Execute hybrid electric
technology roadmap

2024 GE Aerospace Investor Day

61

Delivering improved operational performance throughFocused on safety & quality

Delivering for our customers▪ Robust safety systems for employees & products▪ Daily management systems in place▪ Foster a culture of open communication▪ Deployed a “plan for every part” approach▪ Continuous improvement through robust root cause &corrective action▪ Key performance indicators used to track progress

Reduction in # of quality disruptions
300

F414 engine readinessEngine readiness goal

(6%)

(13%)

250
200
150
2021

2022

2023

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

Jan

Driving a step change in execution & efficiency across the business2024 GE Aerospace Investor Day

62

Video:in action (Lynn, Massachusetts)

2024 GE Aerospace Investor Day

63

Defense: improving performance & building advanced programs for future growthManaging through a volatile period

Defense overview▪ Inflationary pressure in parts & raw materials

~40%

~25%

CombatRotorcraft▪ Defense contract mix: ~50% fixed price, ~40% commercial,~10% cost plus

▪ Industry capacity limited in critical areas▪ Contraction in lower tier supply base

$4.7B
2023 Defense
revenue▪ Edison Works remains a key growth driver~20%

Focused actions to reduce cost

Marine &Mobility▪ Productivity objectives: material, labor, overhead▪ Strategic management of contract mix

~15%
Other

▪ Expanding supply base in constraint areas▪ Targeting >200 bps. from productivity through ‘28

unlocking a step
XXXchange in execution & productivity
2024 GE Aerospace Investor Day

64

Powering a wide range of defense aircraft globally(illustrative)

Engine program lifecycle revenue-a)
Improved Turbine Air Force T-7A
Engine Program
F404
T901

USMC CH-53K
T408

P-8/E-7
CFM56

U.S. platforms

Next Gen

F-16
F110

Apache/Black Hawk
T700

F/A-18F404/F414

Sustainment

New engines

Development
International Platforms

Air Force F-15EX
F110

40+ Years

Turkey Hurjet
F404

Korea KF-21
F414

Turkey TF-X
F110

India Tejas Mk 1/2
F404/F414

Korea Surion
T700

Leonardo AW189
CT7

Sweden Gripen
F414$11.5B RPO, 2.4x ’23 revenue-b) … 1.2x book to bill ratio ’22-’23(a- Includes equipment made by CFM; (b- $4.7B Defense Engines revenue only; CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines.

2024 GE Aerospace Investor Day

65

Combat: proven engines across customer thrust requirements
Demand drivers:▪ U.S. trainer recapitalization▪ Indigenous trainers & fighters
F110 (pictured above), F404, F414

U.S.

2023
actuals'24E-'28F
outlook400-500
T-7A

F-15

units

F-16

International

106
units

500-600
units

KF-21

T-50

TF-X

Tejas
2024 GE Aerospace Investor Day

66

Rotorcraft: reliable & durable engines in most demanding operating environments

Demand drivers:▪ U.S. Army modernization▪ Int’l fleet recapitalization
T408 (pictured above), T700, T901

U.S.

2023
actuals

1,200-1,300
units
AH-64

International'24E-'28F
outlook

CH-53K

H-60

402
units

1,200-1,300
units
AW-249AW-1892024 GE Aerospace Investor Day

67

Mobility & Marine: commercial derivatives driving performance & dependability for
Defense engine applications
Demand drivers:▪ Special mission requirements▪ Surface navy fleet growth
F108 (pictured above) & LM2500

2023
actuals
U.S.

125-175
P-8International'24E-'28F
outlook

E-7

DDG
Destroyers

units

48
units

125-175
units
Indian NavySouth Korea KDX
2024 GE Aerospace Investor Day

68

Edison Works: technology innovation
Developing building blocks
for advanced products

Edison Works▪ Well-positioned on critical advanced combat campaigns(e.g., NGAD / NGAP)

Revenue outlook>3x▪ Advanced materials: enhancing platform capability▪ Hypersonics: demonstrating groundbreaking tech thatdelivers value to customers

$0.3B
'21

'24E

'28F

▪ Uncrewed applications: expanding into smaller engines▪ Model-based enterprise: delivering efficiency & customeralignment

Domain expertiseCommitment to innovation~750>$250M

engineersof investment ’21-’24F

Edison Works … supporting the warfighter with advanced technology & products2024 GE Aerospace Investor Day

69

D&S beyond propulsion
Electrical PowerSilicon Carbide technology▪ Diverse portfolio of power generation, conversion, distribution & control▪ World-class system integration facility EPISCenter (Dayton, Ohio)
Growth & profitability drivers▪ Defense: leader in high voltage DC platform applications▪ Civil: hybrid electric synergy with engines portfolio

Revenue % in '23

70% defense

Avionics▪ Broad offerings in navigation, control, networking & computing systems▪ Leader in adaptable open architecture computing systems
Growth & profitability drivers

Digital Backbone

Revenue % in '23▪ Defense: positioned to lead transition to open architecture▪ Civil: TrueCourse™ flight management system

55% defense

2024 GE Aerospace Investor Day

70

Rotorcraft & combat engine provider of choice, innovating next generation
capabilities

Focused on driving a step change in performance today

Growing in both core & next-generation products tomorrow

Differentiated technology & products for future of defense

2024 GE Aerospace Investor Day

71

Propulsion & Additive
Technologies (P&AT)
Riccardo Procacci | President & CEO, P&AT

2024 GE Aerospace Investor Day

72

P&AT: creating value for GE Aerospace & external customers across the industry
P&AT overview

Technology leadership & European presence▪ Four recognized independent business units with HQs in
Europe & North America~60%▪ Avio Aero: leader for gearboxes & low-pressure turbines,
small turboprop engines & propulsion champion for Italian
Military

$3.0B
2023
revenue~40%▪ A native European-technology leader for key sustainability
development initiatives▪ Unison & Dowty: leaders for permanent magnet
generators, ignition systems, heavy duty propellers▪ GE Additive: only OEM in metal additive manufacturingwith a fully end-to-end solution

Extensive set of technologies critical for propulsion & sustainable future of flight2024 GE Aerospace Investor Day

73

P&AT: our strategic priorities

T O D AYTOMORROW

FUTURE

Supportexisting fleet

Ramp newproducts & techSupportsustainable flight▪ Catalyst turboprop setting new
standard for General Aviation &UAVs-a)▪ Developing technology acrossthe full spectrum of sustainableaviation▪ GE Additive a competitive
advantage for future products▪ Well-positioned with European
defense native technology▪ Align NPI & technology
development to customer
needs▪ Develop long-term
partnerships with customers▪ Continue driving industryleading safety standards▪ Apply FLIGHT DECK to
improve quality, create
capacity & improve cost
▪ Further embed with strategic
suppliers(a – UAV Unmanned Aerial Vehicle2024 GE Aerospace Investor Day

74

Avio Aero: a major player in Europe
Avio Aero overview

European defense native technology player▪ GCAP-a): 6th generation fighter, backbone of UK, Italy,
Japan air forces … engine program value >€40B~55%
Externalcustomers▪ EU funded defense programs for technological autonomy(EDF)~$1.8B
2023
revenue~45%
GE Aerospace▪ Avio Aero selected as a partner for development ofindigenous, classified engine technology▪ Future opportunities for drones, adjuncts

Supporting EU sustainability roadmap▪ 5,700 people, 7 plants, 6 R&D centers, 2 MRO sites▪ OFELIA for CFM RISE … Open Fan architecture▪ End-to-end value proposition ... components topropulsion systems, design to service▪ AMBER hybrid electric demo … fuel cell technology▪ HYDEA for Airbus ZEROe… H2 combustion/fuel system

State-of-the-art technology for a safer & sustainable future
RISE is a program of CFM International, a 50-50 joint company between GE & Safran Aircraft Engines.
(a –GCAP: Global Combat Air Programme

2024 GE Aerospace Investor Day

75

Avio Aero: reliably deliver today to support growth across business

2023

Commercial revenue

Defense revenue

~1.9x

~1.6x

2024E

2025F

2028F

▪ Growth in commercial platforms across:

2023

2024E

2025F

2028F

▪ Avio Aero serves diversified customer needs:‒ GE: LEAP, GEnx, GE9X

‒ GE: T700, T901

‒ External customers‒ Europe: Eurofighter new campaigns, GCAP

▪ FLIGHT DECK & lean to ramp & expand margins▪ Continued strategic de-risking on critical suppliers‒ Other programs: H80 turboprop on Turkiye’s Akinci
UAV, transmissions for Korea’s Surion helicopter

Solid execution strengthening partnerships with GE Aerospace & external customers
2024 GE Aerospace Investor Day

76

Avio Aero: Catalyst defining next level of efficiency & performance
Sole clean sheet design in 40 years▪ ITAR/EAR free design and technology, easier to
globally export for commercial and military applications▪ Selected for Beechcraft Denali and ADS Eurodrone,>800 engines already signed up
The Catalyst™ engine features an industrybest 16:1 overall pressure ratio enabling theengine to achieve lower fuel burn & 10%
higher cruise power compared tocompetitors in the same size class.

1,000-1,600 SHP~(18)%

4Q certification

power range

mission fuel burnon-track▪ Well-positioned for hybrid electric propulsion▪ Applicability in several UAV applications▪ Leveraging additive manufacturing

A bold investment to set a new performance standard in the industry
2024 GE Aerospace Investor Day

77

GE Additive: enabling new design opportunities for the industry

Differentiators▪ Components with improved fuel efficiency,
lower emission & extended range▪ On CFM RISE, LEAP, GE9X, T901, XA100 & Eurodrone▪ EBM point-melt technology & multi-laser M Line
▪ Specialty aviation-grade powder with growing demand▪ 50% faster M Line printing vs. current printers

GE Additive’s M Line design allows for time &cost savings and the ability to manufacturehigh-quality production parts at scale.

Keeping tight control over distinctive capabilities
RISE is a program of CFM International, a 50-50 joint company between GE & Safran Aircraft Engines.

2024 GE Aerospace Investor Day

78

P&AT: delivering & investing now for customers’ needs tomorrow

Reliably deliver today to support growth across businessDistinctive technologies for tomorrow customer’s successDefining & supporting the future of sustainable flight2024 GE Aerospace Investor Day

79

D&PT: 2024 guidance
2023

2024E

2024
dynamics
2025
dynamics▪ Mid-to-high-single digit revenue growth$9.0B-a)

Revenue

Operating profit$0.9B-a)+MSD-HSD$1.0B-$1.3B‒ Increasing Defense engine deliveries▪ Volume & price, net of inflation ... morethan offsetting engine mix & investments▪ Continued investment in Additivetechnology & Catalyst engine

Profitable growth driven by increased engine volume & margin expansion actions(a – Represents anticipated GAAP segment measures to take effect post GE Vernova separation; amounts are unaudited and represent our current estimates; refer to page 101

2024 GE Aerospace Investor Day

80

D&PT: revenue growth
Revenue growth

Key2025
drivers
dynamics+MSD-b)$9.0B-a)▪ HSD CAGR for defense engine unit deliveries
through ’28F
− U.S. & Int’l combat & rotorcraft platforms+MSD-HSD+MSD-HSD▪ Increasing revenue from Edison Works− Advanced programs & next-gen technologies▪ Propulsion & Additive Technologies growth− LEAP & GEnx volume + external customers
2023

2024E

2025F

2028F

▪ Profit growing faster than revenue through '28(a – Represents anticipated GAAP segment measures to take effect post GE Vernova separation; amounts are unaudited and represent our current estimates; refer to page 101(b – CAGR ’25-28

2024 GE Aerospace Investor Day

81

Financial outlook
Rahul Ghai | CFO, GE Aerospace2024 GE Aerospace Investor Day

82

GE Aerospace delivering consistent long-term growth through market cycles($ in billions)

Adjusted revenue*

3x

31.8

3x

>60%

6.1

70K

51K

17.6

42K

3.3

10.8

2000

Installed base-a) growth

Operating profit*

2.0

2010

2023

2000

2010

*Non-GAAP Financial Measure(a – Number of commercial & military engines in-service; includes equipment made by CFM & Engine Alliance Joint Ventures
Financials reflect GE Aerospace as a segment of GE
CFM is a 50/50 Joint Venture between GE & Safran Aircraft Engines; Engine Alliance is a 50/50 JV between GE & Pratt & Whitney

2023

2000

2010

2023

2024 GE Aerospace Investor Day832023 standalone adjustments($ in billions)Operating profit*

Free cash flow*

6.1
5.6

EHS

(0.5)

5.7

(0.1)

0.2

4.7

(1.1)

2023 GE
Aerospacereported

GE Corporate
reported

Separation
adjustments -b)

2023 GE
Aerospacerebaselined -a)

2023 GE
Aerospacereported

GE Corporate
reported

Separation
adjustments -b)

2023 GE
Aerospacerebaselined -a)

GE Aerospace operating profit* of $5.6B & FCF* of $4.7B in 2023-a)*Non-GAAP Financial Measure
Numbers may not add due to rounding(a – Amounts are unaudited & represent our current estimates; refer to page 101(b – Adjustments reflect the retained allocation of certain Corporate balances, the reclassification of GE Vernova to discontinued operations assuming the GE Vernova
separation, the gross-up of intercompany positions and other presentation changes. Amounts are unaudited and represent our current estimates; refer to page 101

2024 GE Aerospace Investor Day

84

GE Aerospace future business reporting($ in billions)

Adjusted revenue*
COMMERCIAL ENGINES &SERVICES (CES)

DEFENSE & PROPULSIONTECHNOLOGIES (D&PT)

23.9

C O R P O R AT E &E L I M I N AT I O N S

Mid-high teens

2023

2024E

9.0

MSD-HSD

2023

Operating profit*

2024E

5.6

6.0-6.3

2023

2024E

0.9

1.0-1.3

2023

2024E

(1.0) -a)~(1.0)

2023

2024E

2023

2024E

32.0

LDD+

5.6

6.0-6.5

G E A E R O S PA C E
2023
2024E
2023
2024E
*Non-GAAP Financial Measure2023 amounts are unaudited and represent our current estimates. Segment information represents anticipated GAAP segment measures to take effect post GE Vernova separation. Refer to page 101.
2024 GE Aerospace Investor Day(a – Includes $(0.4)B for intercompany profit eliminations
Expect 2024 interest expense ~$(1)B, adjusted tax rate* low-20s

852024 guidance: on track to deliver significant profit growth($ in billions)Operating profit*

2024 dynamics▪ LDD+ revenue growth$6.0-$6.5‒ Services: mid-teens revenue growth;internal SV up low to mid-teens$5.6‒ OE: high-teens revenue growth ...
LEAP units +20-25% … spare engine
mix expected to decrease from 2023
▪ Price actions address inflationary pressures

2023 -a)Volume / mix

Price / cost
inflation

Productivity

Investment /otherMargin* 17.4%

2024E~17.4%▪ LEAP OE, spare engine to install mix,
services shop visits & GE9X units driving mix
pressure▪ Continued investments in next-gen programs*Non-GAAP Financial Measure; (a – Amounts are unaudited and represent our current estimates; refer to page 101

2024 GE Aerospace Investor Day

862024 guidance: FCF* conversion-a) >100%($ in billions)Free cash flow* bridge

2024 dynamics▪ Earnings improvement driving FCF* growth
>$5

$4.7

▪ Working capital improvement of $0.6B …
in-line with ‘23▪ AD&A $(0.3)B; aligns to airframer delivery
schedules▪ Capex growing with revenue to support
growth & GE9X launch2023 -b)

Earnings

Working
capitalAD&A*Non-GAAP Financial Measure(a – FCF* conversion: FCF* / adjusted net income*(b – Amounts are unaudited and represent our current estimates; refer to page 101

CapEx & other

2024E

2024 GE Aerospace Investor Day

872025 outlook: ~$1B profit growth & >100% FCF* conversion-a)($ in billions)Operating profit*

2025 dynamics
2025 dynamics▪ LDD revenue growth:~$1B ...
Mid-teens %profit growth‒ CES: LDD-mid-teens with OE outpacing Services$7.1-$7.5‒ D&PT: MSD-HSD driven by Defense units▪ Mid-teens profit growth:‒ LEAP contributing to profit growth… mix neutral$6.0-$6.5‒ MSD price increases, reduction in inflation headwind‒ Productivity driven by FLIGHT DECK & focused cost out‒ Increasing GE9X headwind with volume growth‒ R&D investments in-line with revenue growth

2024E

2025F

▪ FCF* conversion-a) >100%

Driving ~$1B in profit growth year-over-year*Non-GAAP Financial Measure; (a – FCF* conversion: FCF* / adjusted net income*

2024 GE Aerospace Investor Day

88

Pricing to cover investments, risks & inflationary pressures
Price impact to offset inflation

Pricing trend

Price
Inflation

2022

LEAP

2023

2024E

▪ Remain price / cost positive through ’25▪ Inflation peaking in ’24 … MSD price increases
in ’25 estimates; will be finalized in ’25

Pre '18

GEnx'22-'23

Pre '18'22-'23▪ Improved pricing on new engine orders & services
given customer value generated▪ Improvement since EIS driven from technology &TOW benefits

2024 GE Aerospace Investor Day

89

Utilizing

to simplify processes & reduce costs

Improving factory productivity

Alt 1

Opportunities in SG&A spend
SG&A % of revenue-a)

~10%

2022

2023

2024E

2025F

2023

▪ Driving more effective training to improve employee
flexibility▪ Blocking & tackling to manage expense, overtime &non-productive time
▪ Enhancing processes & controls for discretionary spend
with preferred vendors across network

VolumeActions

2025F▪ Disciplined additions to support higher revenue▪ Rationalize & modernize IT environment to consolidate
systems▪ Opportunities to offset incremental standalone costs byimproving processes & consolidating vendors

Driving a leaner, more efficient cost base*Non-GAAP Financial Measure; (a – 2023 adjusted SG&A* as a % of adjusted revenue*, excluding the impact of EHS

2024 GE Aerospace Investor Day

902028 outlook
Adjusted revenue* growth

Operating profit*

Free cash flow*

HSD

~$10B

~100%

CAGR-a)(LDD CAGR-a))conversion-b)+ Volume: MSD-a)+ Volume / priceAir traffic growth, equipment ramp,
defense budgets

Higher revenue, LEAP growth+ Price: LSD-a)+ Productivity

MSD price increases,
net of discounts & caps

Securing pipeline for cost reduction

Working capital opportunity

Managing capex+ Scope / Share: LSD-a)- Mix

Increasing workscope

Higher GE9X shipments

Continued strong revenue, profit & FCF* growth*Non-GAAP Financial Measure(a – ’25-’28 CAGR(b – FCF* conversion: FCF* / adjusted net income*

2024 GE Aerospace Investor Day

91

LEAP: a significant contributor to profit growth & FCF* generation
Profit growth …

… supporting FCF* generation
CSA-a) billings growth

Shop visit growth

~3x
LEAP

~2x
CFM56

2023

2024E

2025F

2028F

2024E

2028F

2024E

2028F

▪ LEAP contributing to profit growth in ’25 … LEAP profit
exceeds CFM56 by 2030

▪ Growing installed base & higher utilization driving
increased CSA-a) billings & shop visits▪ Leveraging GEnx learnings… services volume, improving
time on wing & productivity driving profit growth▪ Billings growth outpacing SV growth from ‘24 to’28… ~30% CAGR in billings growth from ’24 to ’28*Non-GAAP Financial Measure; (a – Customized Service Agreements

2024 GE Aerospace Investor Day

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Working capital opportunities supporting sustainable FCF* growth
Positive net contract assets flow

Decreasing inventory outflow

Inventory turns

CSA-a) billings

Net contract
assets flow
Inventory outflow
2023

2024E

2025F

2028F

2023

2024E

2025F

2028F

▪ 85% of billings to go from existing CSA-a) contracts▪ Managing inventory balances during volume growth▪ Billings outpace shop visits & drive positive cash flow

▪ ~2 turns of inventory improvement from ‘23 to ’28
with supply chain improvements

Focused working capital opportunities drives FCF* conversion-b) ~100%* Non-GAAP Financial Measure
Inventory turns calculated on a 2pt basis to best reflect current operating performance. Average balance across 2 most recent quarters, annualizing current quarter volume(a – Customized Service Agreements(b – FCF* conversion: FCF* / adjusted net income*

2024 GE Aerospace Investor Day

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Increasing dividend & share buy-back by more than 4x
Framework
Framework’24 to ’26 available cash

FCF*
generation

Equity stake-a)

Available for
return &deployment~$25B

Invest in growth& innovation

R&D-c) 6%-8% of revenue & capex ~3% ofrevenue … supporting growth & innovation

Return cash toshareholders

Return ~70-75% of available funds:▪ Initial dividend 30% of net income …
subject to BOD approval▪ $15B share buy-back authorization▪ Return >100% FCF* over next 3 years

Focused M&A

Strategic, operational, financial synergies

Maintain strong
balance sheet

Investment grade rating … no planned debt
repayment beyond 2024~$34 to 36B

Post-spin
pro-forma cash
$13B
Sources

Operating cash,
separation &other-b)
Insurance
Potential Uses

Maintaining capital allocation framework beyond ’26* Non-GAAP Financial Measure(a – Includes ~$1B note from AerCap maturing in 2025(b – Includes operating cash of ~$3-4B(c – includes GE Aerospace & customer-funded R&D

2024 GE Aerospace Investor Day

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Attractive financial profile with services representing ~70% of revenue& sustainable cash generation

Strong revenue trajectory fueled by growing installed base & higher utilization

Operating profit* ~$10B in 2028

Higher FCF* creates opportunities to return cash to shareholders

Growing profit & cash flow + capital allocation = compounding shareholder returns* Non-GAAP Financial Measure2024 GE Aerospace Investor Day

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Q&A

2024 GE Aerospace Investor Day

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Wrap
Larry Culp I CEO, GE Aerospace2024 GE Aerospace Investor Day

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GE Aerospace is ready to soar

Customerpreferred
platforms

Most
extensive
installed baseHighestoperationalreliability

Breakthroughinnovation

Best products & services
underwing, balanced
across narrowbody,
widebody, rotorcraft &combat platforms

Unrivaled customer
service & flightsupport creates customer
intimacy & network
flexibility

Continuously
improving with thehighest levels ofsafety & quality as
our purpose

Leading engineering
talent developing
next-gen technology todecarbonize while driving
efficiency & reliability

GE Aerospace’s
proprietary lean operating
model to deliver
exceptional value tocustomers & shareholders

Consistently growing profit & generating FCF*, compounding with capital deployment & return opportunities*Non-GAAP Financial Measure2024 GE Aerospace Investor Day

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Appendix

2024 GE Aerospace Investor Day

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99

GE Aerospace team available after today’s meeting

Larry Culp

Mohamed Ali

Farah Borges

Karin Burns

Darin DiTommaso

CEO

VP, Engineering& Technology

VP, Assembly, Test,
Maintenance, Repair& Overhaul

Head of Marketing,Commercial Engines& Services

VP, Engineering,
Defense & Systems

Tara DiJulio

Rahul Ghai

Chief Corporate Affairs Senior Vice President &Officer
Chief Financial Officer

Chris Lorence

Germaine Hunter

Mike Kauffman

Tom Levin

GM, Advanced
Technologies

Chief Diversity Officer

VP, Global
Supply Chain

VP, CFM Commercial
Programs

Allen Paxson

Carlos Perez

Jake Phillips

Riccardo Procacci

Russell Stokes

Jason Tonich

VP & GM, Commercial
Programs Strategy

GM, Services
Engineering

Senior Vice President& General Counsel

President & CEO,
Propulsion & Additive
Technologies

President & CEO,Commercial Engines &Services

VP & GM, Global Sales &Marketing

Chief Human Resources
Senior Executive, Chief
OfficerEngineer & General Manager

Jen Griffin
FP&A Leader

Mahendra Nair

Martin O’Neill

Group Vice President,
GE Commercial Programs

VP, Product Management,
Strategy & Operations, Commercial
Engines & Services

Christian Meisner

Arjan Hegeman

Amy Gowder
President & CEO,Defense & Systems

Joseph Vinciquerra
Senior Director,
Research

Phil Wickler

Steve Winoker

Chief Transformation
Officer

Chief Investor Relations
Officer

2024 GE Aerospace Investor Day

1002023 GE Aerospace rebaselined financial information
In advance of the GE Vernova separation (“the Separation”) expected on April 2, 2024, except for reported 2023 financial
information presented on page 83, all key 2023 metrics presented herein have been voluntarily provided to reflect the reclassification of
GE Vernova to discontinued operations, which we will report in our financials following completion of the Separation, for informational
purposes only (“rebaselined 2023 data”). Any rebaselined 2023 data should be considered preliminary unaudited supplemental
consolidated financial information based on current estimates, which may be subject to change pending final Separation adjustments.
Any rebaselined 2023 data presented herein in no way revises or restates the previously filed Consolidated Statement of
Financial Position, Consolidated Statements of Earnings, Consolidated Statements of Cash Flows or Non-GAAP Financial Measures for
the Company for any period presented. Effective during the second quarter of 2024, historical results of GE Vernova and certain assets
and liabilities included in the Separation will be required to be reported in GE Aerospace's consolidated financial statements as
discontinued operations, as well as recast segment data for GE Aerospace's new segment structure.
This preliminary unaudited supplemental consolidated financial information, Non-GAAP Financial Measures and the notes thereto
should be read together with GE’s audited consolidated financial statements and the notes thereto as of and for the year ended December
31, 2023, and Management’s Discussion and Analysis included in GE’s Annual Report on Form 10-K for the year ended December 31,
2023.

2024 GE Aerospace Investor Day

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Non-GAAP reconciliations

2024 GE Aerospace Investor Day

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Adjusted revenues & Adjusted profit
ADJUSTED REVENUES (NON-GAAP)(Dollars in millions)
Total revenues (GAAP)
Less: Insurance revenues
Adjusted revenues (Non-GAAP)
Less: Renewable Energy revenues
Less: Power revenues
Less: Separation adjustments (a)GE Aerospace rebaselined adjusted revenues (Non-GAAP)
ADJUSTED PROFIT (NON-GAAP)(Dollars in millions)
Total revenues (GAAP)
Less: Insurance revenues
Adjusted revenues (Non-GAAP)

$
$

$

$
$

2023
67,954
3,389
64,565
15,05017,731(175)
31,9592023
67,954
3,389
64,565

Total costs and expenses (GAAP)
Less: Insurance cost and expenses
Less: interest and other financial charges
Less: non-operating benefit cost (income)Less: restructuring & otherLess: separation costs
Less: Russia and Ukraine charges
Add: noncontrolling interests
Add: EFS benefit from taxes
Adjusted costs (Non-GAAP)$

Other income (loss) (GAAP)
Less: gains (losses) on retained and sold ownership interests and other equity securities
Less: restructuring & otherLess: gains (losses) on purchases and sales of business interests
Adjusted other income (loss) (Non-GAAP)

$

$

7,129
5,773
—
(9)
1,365

Profit (loss) (GAAP)
Adjusted profit (loss) (Non-GAAP)$$

10,191
5,662

Adjusted profit (loss) (Non-GAAP)
Less: Renewable Energy profit
Less: Power profit
Less: Separation adjustments (a)GE Aerospace rebaselined adjusted profit (Non-GAAP)

$

5,662
(1,437)
1,449
90
5,560

$

$

64,891
3,057
1,073(1,585)
679
978
190
(38)
(195)
60,268* Non-GAAP Financial Measure(a) Adjustments reflect the retained allocation of certain Corporate balances, the reclassification of GE Vernova to disconti nued operations assuming the GE Vernova separation,
the gross-up of intercompany positions and other presentation changes. Amounts are unaudited and represent our current estimates; refer to page 101

2024 GE Aerospace Investor Day

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Adjusted Corporate costs & Adjusted SG&A
ADJUSTED CORPORATE OPERATING PROFIT (COST) (NON-GAAP)(Dollars in millions)
Gains (losses) on retained and sold ownership interests
Gains (losses) on other equity securities
Gains (losses) on purchases and sales of business interests
Restructuring and other charges
Separation costs
Russia and Ukraine charges
Insurance profit (loss)
Adjusted total Corporate operating costs (Non-GAAP)
Total Corporate operating profit (cost) (GAAP)
Less: gains (losses), impairments, Insurance, and restructuring & other
Adjusted total Corporate operating costs (Non-GAAP)
Less: Separation adjustments (a)GE Aerospace rebaselined adjusted total Corporate costs (Non-GAAP)

$

2023
5,778
(5)
(9)
(679)
(978)
(190)
332
(464)
3,785
4,249
(464)
526
(990)

ADJUSTED SG&A (NON-GAAP)(Dollars in millions)
Selling, general and administrative expenses (GAAP)

$

2023
9,195

Selling expenses (GAAP)

$

1,412

General and administrative expenses (GAAP)
Less: Insurance general and administrative expenses
Less: Restructuring and other charges
Less: Russia and Ukraine charges
Adjusted general and administrative expenses (Non-GAAP)

$

7,783
175
524
190
6,894

Adjusted selling, general and administrative expenses (Non-GAAP)
Less: Power & Renewable Energy selling, general and administrative expenses
Less: Separation adjustments (a)GE Aerospace rebaselined selling, general and administrative expenses (Non-GAAP)
Less: Environmental, health and safety (EHS)
GE Aerospace rebaselined selling, general and administrative expenses after management adjustments (Non-GAAP)$* Non-GAAP Financial Measure(a) Adjustments reflect the retained allocation of certain Corporate balances, the reclassification of GE Vernova to disconti nued operations assuming the GE Vernova separation, thegross-up of intercompany positions and other presentation changes. Amounts are unaudited and represent our current estimates; refer to page 101

$

$

$

$

$
$

8,306
4,249
427
3,630
338
3,291

2024 GE Aerospace Investor Day

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Free cash flows (FCF)
FREE CASH FLOWS (FCF) (NON-GAAP)(Dollars in millions)
CFOA (GAAP)
Less: Insurance CFOA
CFOA excluding Insurance (Non-GAAP)
Add: gross additions to property, plant and equipment and internal-use software
Less: separation cash expenditures
Less: Corporate restructuring cash expenditures
Less: taxes related to business sales
Free cash flows (Non-GAAP)
Less: Renewable Energy FCF (Non-GAAP)
Less: Power FCF (Non-GAAP)
Less: Separation adjustments (a)GE Aerospace rebaselined FCF (Non-GAAP)

$

$

$

$

2023
5,570
191
5,378
(1,595)(1,060)
(177)
(130)
5,150
(1,455)
2,049
(188)
4,744

* Non-GAAP Financial Measure(a) Adjustments reflect the retained allocation of certain Corporate balances, the reclassification of GE Vernova to discontinued operations assuming the GE Vernova separation, the gross-up
of intercompany positions and other presentation changes. Amounts are unaudited and represent our current estimates; refer to page 101

2024 GE Aerospace Investor Day

1052024, 2025 AND 2028 OPERATING PROFIT (NON-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for GE Aerospace operating profit* in 2024, 2025 and 2028
without unreasonable effort due to the uncertainty of timing of any gains or losses related to acquisitions & dispositions, the timing and magnitude of the financial impact related to the markto-market of our remaining investment in GE HealthCare and the timing and magnitude of restructuring expenses. Although we have attempted to estimate the amount of gains andrestructuring charges for the purpose of explaining the probable significance of these components, this calculation involves a number of unknown variables, resulting in a GAAP range that we
believe is too large and variable to be meaningful.

2024 AND 2025 FREE CASH FLOWS (NON-GAAP)
We cannot provide a reconciliation of the differences between the non-GAAP expectations and corresponding GAAP measure for GE Aerospace free cash flows* in 2024 and 2025 without
unreasonable effort due to the uncertainty of timing for separation related cash expenditures.

* Non-GAAP Financial Measure2024 GE Aerospace Investor Day

106