Slide 1: GE Aerospace Investor Update and Second Quarter 2025 Results
GE Aerospace Investor Update and Second Quarter 2025 Results July 17, 2025
Slide 2: Caution concerning forward-looking statements
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
Slide 3: Our purpose: we invent the future of flight
OUR PURPOSE We invent the future of flight, ~3.4B Passengers flew with GE Aerospace lift people up and bring them technology under wing in 2024 home safely ~950K People flying at any given time on GE Aerospace-powered aircraft 3 out of 4 Commercial flights powered by our engines Figures include equi
Slide 4: Bring them home safely enterprise framework
“Bring them home safely” ... enterprise framework SAFETY CONTINUUM REACTIVE PROACTIVE PREDICTIVE Organization Designation First voluntary Safety Strong open reporting Foundational: Authorization (ODA) Management System culture Decades of industry- leading safety culture consistently rated green on (
Slide 5: We were meant to fly
We were meant to fly A global aerospace Servicing and Leading defense leader in attractive growing the programs, propulsion, services industry’s most developing and systems sectors extensive commercial mission-critical tech installed base 2025 GE Aerospace Investor Update 5
Slide 6: A global leader in propulsion, services and systems
A global leader in propulsion, services and systems Commercial Engines & Defense & Propulsion Services (CES) Technologies (DPT) $26.9B revenue $35B $9.5B revenue ~50% Narrowbody, ~35% Widebody, ’24 adjusted revenue* ~65% Defense & Systems, ~35% ~15% Regional & Other Propulsion & Additive Technologie
Slide 7: Positive trajectory for commercial and defense sectors
Positive trajectory for commercial and defense sectors Continued commercial momentum Global defense budgets scaling ▪ 2Q departures-a) up nearly 4%; continue to ▪ Modernization and localization expect +LSD in ’25 given macro dynamics ▪ Domestic funding for key defense propulsion ▪ Longer-term air tr
Slide 8: Systematic approach to running our company
Systematic approach to running our company C U LT U R E T O D AY Ramping services and equipment Operational Financial results performance TOMORROW Expanding capacity and capabilities Breakthroughs Behaviors + Fundamentals (Hoshin FUTURE Kanri) Inventing the future of flight 2025 2025 GE GE Aerospace
Slide 9: Strengthening supply chain for today and tomorrow
in action: supporting multi-year services and equipment ramp Technology & Operations team is deepening A kaizen event in Celma, Brazil reduced Investing more than $1 billion in our MRO partnerships with suppliers, driving further CFM56 fan module lead time, enabling facilities over 5 years, and $1 b
Slide 10: Delivering operational outcomes with substantial momentum
Delivering operational outcomes with substantial momentum Commercial services revenue Total engine deliveries +29% y/y +45% y/y 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 ▪ 2Q internal shop visit revenue +22% … higher output, ▪ Priority suppliers material input +10% q/q … continued
Slide 11: Expanding leading installed base
Expanding leading installed base Secured new engine commitments with Qatar Airways for the U.S. Air Force awarded a $5B largest widebody deal in GE Aerospace history with 400+ engines contract for F110 engines and with IAG for 32 GEnx-powered Boeing 787s for British Airways. >16K commercial and defe
Slide 12: Over 2.3B flight hours and ~$3B in annual R&D spend
Over 2.3B flight hours and ~$3B in annual R&D spend Platforms Experience Evolution Breakthrough Foundational Current Generation Future CFM56 LEAP Narrowbody >1.3B flight hours -1A at CFM56 levels of time-on-wing, -1B to follow CFM RISE 20%+ better fuel burn by unlocking propulsive CF6 GEnx efficienc
Slide 13: Continuously improving durability throughout engine lifecycle
Continuously improving durability throughout engine lifecycle… GEnx-1B LEAP Boeing 787 Boeing 737MAX, Airbus 320neo TOW in harsh environment TOW in harsh environment-a) (cycles) (cycles) >2x ~8K cycles >2.5x ~4K cycles Pre-durability upgrade Fleet leader Current production Pre-durability upgrade Dur
Slide 14: Applying learnings to advance new programs
…and applying learnings to advance new programs GE9X CFM RISE Boeing 777X Technology demonstrator program CFM RISE 9X engine ice test rendering ▪ Most tested engine in GE Aerospace history: >30K cycles ▪ >350 tests complete with early focus on durability, along of testing, including >8K endurance cy
Slide 15: CFM RISE: prioritizing safety, durability and efficiency
CFM RISE: prioritizing safety, durability and efficiency Safe and improved Durability similar to or >20% improvement flying experience better than today’s engines in fuel efficiency Lighter fan, slower speed Gains through fan vs core Step-change in efficiency Slower fan speed supports Larger fan dia
Slide 16: Next-generation defense capabilities
Future of flight: well-positioned with next-generation defense capabilities Adaptive Cycle Engines Global Combat increasing combat aircraft thrust Air Program (GCAP) up to 20% and improving fuel consumption by 25% Image courtesy of © Leonardo EU 6th generation fighter Uncrewed and CCA-a) Hypersonic
Slide 17: 2028 outlook: commercial services driving operating profit
2028 outlook: commercial services driving operating profit* >$3B vs 2025 Adjusted revenue* growth Adjusted EPS* Free cash flow* +Double-digit ~$8.40 ~$8.5B CAGR-a) Op profit* Op margin* FCF* conversion-b): ~$11.5B >21% ~100% *Non-GAAP Financial Measure (a – ’24-’28 CAGR 2025 GE Aerospace Investor Up
Slide 18: 2Q'25 results: significant growth across all key metrics
2Q'25 results: significant growth across all key metrics Adjusted Operating Adjusted Free cash Orders revenue* profit* EPS* flow* $14.2B $10.2B $2.3B $1.66 $2.1B +27% y/y +23% y/y +23% y/y +38% y/y +92% y/y Op profit margin* 23.0% 1H'25 +19% y/y +18% y/y $4.5B, +30% y/y $3.14, +47% y/y $3.5B, +28% y
Slide 19: Raising 2025 guidance
Raising 2025 guidance A 2025 Guide 2025 Guide 2024 April July Segment dynamics Adjusted Commercial Engines & Services revenue growth* +10% +LDD +Mid-teens Adjusted revenue* $35.1B ▪ Revenue: high-teens (prior: mid-teens) ‒ Services: high-teens (prior: LDD/mid-teens) Operating profit* $7.3B $7.8-$8.2
Slide 20: Increasing 2028 outlook on strong operational and services performance
Increasing 2028 outlook on strong operational and services performance Adj. revenue* +Mid-teens Adj. EPS* CAGR-a) +HSD FCF* CAGR-a) Double-digit ~$8.40 ~$8.5B CAGR-a) Op profit*: +$1.5B from prior outlook ~$11.5B FCF* conversion-b): +$1.5B from prior outlook ~100% + LSD/MSD installed base-c) growth.
Slide 21: Delivering >10% annual operating profit growth through 2028
Delivering >10% annual operating profit* growth through 2028 ($ in billions) Operating profit* up >$3B ’25-’28 Growth dynamics ▪ CES revenue +LDD-a) ~$11.5 ‒ Services +DD-a): nearly $8B revenue growth, 2024 margin ~flat Investor Day ‒ OE +mid-teens-a): mix pressure from GE9X, lower $8.2-$8.5 spare e
Slide 22: Commercial Services: double-digit revenue growth
Commercial Services: Double-digit revenue growth Narrowbody: +LDD CAGR-a) Widebody: +HSD CAGR-a) ~2x ~1.5x 2024 2024 Investor ~$7B Investor Day Day ~$10B 2024 2025E 2028F 2030F 2024 2025E 2028F 2030F CFM56 LEAP GE90 GEnx Others ▪ ‘28 combined revenue trending ~15% higher vs. prior ▪ 80% of widebody
Slide 23: Commercial Services: significant contributor to profit
Commercial Services: significant contributor to profit Profit increasing >50%... … while maintaining margin rate Narrowbody >70% ▪ Growing installed base driving volume … both internal Widebody >40% shop visits and LEAP spare parts ▪ Significantly improved price on new long-term service Widebody/ ag
Slide 24: Foundational fleets flying longer
Foundational fleets flying longer CFM56-a) global shop visit forecast GE90-b) internal shop visit forecast 2024 Investor 2024 Day Investor Day Retirements ~1.5% ~2-3% ~3-4% ~3-4% 2025E 2026F 2027F 2028F 2025E 2026F 2027F 2028F ▪ ~600 additional shop visits expected through ’28 vs. prior ▪ ~100 addit
Slide 25: Growing LEAP aftermarket profit
Growing LEAP aftermarket profit Evolving LEAP shop visits Increasing LEAP repair parts ~25% CAGR External >2x CFM ~200 Internal 2024 2025E 2026F 2028F 2030F 2024 2025E 2028F ▪ LEAP installed base and internal shop visits growing ▪ >1K repairs across portfolio in ’25 … repairs ~50% lower ~3x by end o
Slide 26: Continue to expect ~100% FCF conversion through 2028
Continue to expect ~100% FCF* conversion-a) through 2028 Improving inventory turns … … and favorable billing dynamics LEAP GEnx ~2.5x ~1.5x 2023 2024 2025E 2028F 2024 2028F 2024 2028F ▪ ~$3B inventory growth within ’23 and ’24 … trapped ▪ Consistent cash collections from +LSD departures inventory fo
Slide 27: Raising 2025 guidance and 2028 outlook
Raising 2025 guidance and 2028 outlook Adjusted revenue* Operating profit* Free cash flow* +DD-a) ~$11.5B 2024 Investor 2024 Investor +mid-teens Day $8.2-$8.5B Day ~$8.5B $35.1B $7.3B $6.5-$6.9B 2024 $6.1B Investor Day 2024 2025E 2028F 2024 2025E 2028F 2024 2025E 2028F Adj. $4.60 $5.60-$5.80 ~$8.40
Slide 28: Capital allocation: returning >100% FCF to shareholders through 2026
Capital allocation: Returning >100% FCF* to shareholders through 2026 ‘24-‘26 capital deployment -a) Framework Go-forward framework Total shareholder returns ~20% increase Invest in growth R&D and capex to support ~$24B and innovation customers and provide industry-leading technology ~$19B Return ca
Slide 29: GE Aerospace: Climbing higher
GE Aerospace: Climbing higher Customer-Preferred Highest Operational Most Extensive Breakthrough Platforms Reliability Installed Base Innovation Best-performing services Robust technologies Unrivaled customer Leading engineering GE Aerospace’s and products underwing, and proven products ... service
Slide 30: Q&A
Q&A 2025 GE Aerospace Investor Update 30
Slide 31: Appendix
Appendix 2025 GE Aerospace Investor Update 31
Slide 32: Commercial Engines & Services: 2Q'25 performance
Commercial Engines & Services (CES): 2Q'25 performance Revenue Operating Profit +30% y/y +33% y/y Op profit 27.4% 27.5% 27.9% +50bps y/y margin ▪ Services: +29% … from spare parts revenue growth ▪ Op profit: +33% ... Op profit margin +50bps >25% and internal shop visit revenue +22% ▪ Services volume
Slide 33: Defense & Propulsion Technologies: 2Q'25 performance
Defense & Propulsion Technologies (DPT): 2Q'25 performance Revenue Operating Profit +7% y/y +5% y/y Op profit 14.3% 12.7% 14.1% (20)bps y/y margin ▪ Defense & Systems: +6% … Defense units +84% and ▪ Op profit: +5% … Op profit margin (20)bps price more than offset engine mix and services – Defense bo
Slide 34: Orders and revenue - supplemental information
Orders and revenue - supplemental information ($ in billions) Services Equipment Total ORDERS 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 & $8.1 28% $15.0 30% $3.6 26% $6.2 6% 28% $21.3 22% Services $11.7 Defense & Propulsion $1.5 Technologies $1.4 (1)% $2.9 6% 61%
Slide 35: Additional items as of July 17, 2025
Additional items as of July 17, 2025 2Q'25 2Q'24 FY'25 dynamics 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 b
Slide 36: 2Q'25 adjusted earnings per share bridge
2Q'25 adjusted earnings per share* bridge • Adjusted ETR* • Diluted share count 18.7% vs 20.3% down 30M • Lower interest • Primarily CES expense 1H'25 $2.13 $0.75 $0.08 $0.18 $3.14 * Non-GAAP Financial Measure Operating profit and interest impacts are tax effected Charts are not to scale 2025 GE Aer
Slide 37: Non-GAAP reconciliations
Non-GAAP reconciliations 2025 GE Aerospace Investor Update 37
Slide 38: Second quarter adjusted revenue, costs, operating profit, net income, EPS and ETR
Second quarter adjusted revenue*, costs*, other income*, operating profit*, adjusted net income*, EPS*, and ETR* Less: Less: Less: Less: Insurance Separation, 2Q'25 Insurance Separation, 2Q'24 and US tax restructuring Less: Other-b) Adjusted and US tax restructuring Less: Other-b) Adjusted (Dollars
Slide 39: Second quarter year-to-date adjusted revenue, costs, net income and EPS
Second quarter year-to-date adjusted revenue*, costs*, other income*, operating profit*, adjusted net income* and EPS* Less: Less: Less: Less: Insurance Separation, 2Q'25 YTD Insurance Separation, 2Q'24 YTD 2Q'25 YTD and US tax restructuring Less: Other-b) Adjusted 2Q'24 YTD and US tax restructuring
Slide 40: Second quarter free cash flow
Second quarter free cash flow* (Dollars in millions) 2Q'25 2Q'24 V% 2Q'25 YTD 2Q'24 YTD V% Net income (loss) (GAAP) -a) $ 2,000 $ 1,322 51 % $ 3,962 $ 3,065 29 % Depreciation & amortization -b) 312 283 611 573 Operating working capital (572) (246) (469) 8 Current receivables (831) (309) (1,157) (48)
Slide 41: Adjusted 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 p
Slide 42: Upcoming calendar
Upcoming calendar 3Q'25 Earnings October 21, 2025 4Q’25 Earnings January 22, 2026 2025 2025 GE GE Aerospace Aerospace Investor Investor Update Update 42