Slide 1: GE Aerospace fourth quarter & full year 2024 performance
GE Aerospace fourth quarter & full year 2024 performance Financial Results & Company Highlights January 23, 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: Monumental first year as GE Aerospace
Monumental first year as GE Aerospace GE Aerospace 4Q’24 FY’24 Strong finish with '24 operating profit* +$1.7B & FCF* +$1.3B y/y … another year of substantial growth in '25 Orders growth +46% +32% Adjusted revenue +16% +10% Commercial Engines & Services (CES) growth* Significant 4Q revenue & operati
Slide 5: Driving continued growth in FY'25
Driving continued growth in FY'25 Total company guidance as of January 23, 2025 Adjusted revenue* Adjusted EPS* Free cash flow* $6.3 - $6.8B $5.10 - $5.45 +LDD +22% +10% +54% +56% +15% 146% 121% >100% (mid-point) conversion-a) conversion-a) conversion-a) * Non-GAAP Financial Measure (a – FCF* conver
Slide 6: Accelerating output in FY'25+
accelerating output in FY’25+ Priority suppliers material input +26% 1H to 2H … .... … more to do to meet robust demand CES services revenue ▪ 4Q CES services revenue +12%; 4Q total engine units +3%, including LEAP (5)% +17% $10.7B $9.1B – Deliveries remain constrained by material input ▪ Driving su
Slide 7: Building backlog with 46% orders growth in 4Q
Building backlog with 46% orders growth in 4Q TBU Royal Jordanian announced an order for 18 GEnx-1B engines plus GE Aerospace received orders under a contract with the U.S. Army valued spares to power their expanded Boeing 787-9 fleet. up to $1.1B for the continued production of T700 engines through
Slide 8: 4Q'24 performance: another strong quarter
4Q'24 performance: another strong quarter Adjusted Operating Free cash Orders revenue* profit* Adjusted EPS* flow* $15.5B $9.9B $2.0B $1.32 $1.5B +46% y/y +16% y/y +49% y/y +103% y/y +21% y/y Op profit margin* 20.1% FY'24 +32% y/y +10% y/y $7.3B, +30% y/y $4.60, +56% y/y $6.1B, +28% y/y Significant
Slide 9: Commercial Engines & Services (CES): 4Q'24 performance
Commercial Engines & Services (CES): 4Q'24 performance Revenue Operating Profit +19% y/y +44% y/y Op profit 23.3% 25.7% 28.2% +490bps y/y margin ▪ Services: +12% … ISV-a) revenue +DD as workscope & ▪ Op profit: +44%... spare parts volume, workscope, mix mix offset volume (3)%; higher spare parts and
Slide 10: Defense & Propulsion Technologies (DPT): 4Q'24 performance
Defense & Propulsion Technologies (DPT): 4Q'24 performance Revenue Operating Profit +4% y/y +2% y/y Op profit 9.8% 9.8% 9.6% (20)bps y/y margin ▪ Defense & Systems: +6% … Defense units +20% and ▪ Op profit: +2% … improved pricing and productivity, price, partially offset by lower services x partiall
Slide 11: FY'25: segment guidance
FY'25: segment guidance Total company guidance as of January 23, 2025 ($ in billions) Adjusted revenue* Operating profit* +Mid-teens +LDD- $7.1 $7.6 - $7.9 Commercial Engines & mid-teens $5.6 Services Services (CES) Equipment High-teens Defense & Propulsion $9.0 $9.5 +MSD - HSD Technologies (DPT) $0
Slide 12: FY'25: double digit adj. EPS growth, >100% FCF conversion
FY'25: double digit adj. EPS* growth, >100% FCF* conversion-a) Total company guidance as of January 23, 2025 Adjusted EPS* FCF* $5.10 - $5.45 $6.3 - $6.8B +15% >100% (mid-point) conversion-a) * Non-GAAP Financial Measure (a – FCF* conversion: FCF* / adjusted earnings* Operating profit and interest i
Slide 13: GE Aerospace: set to soar
GE Aerospace: set to soar 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 and
Slide 14: Q&A
- Q&A 14
Slide 15: Appendix
Appendix 16 2025 additional items 17 Orders and revenue 18 Supplemental KPIs 19 4Q EPS bridge 20 2024 quarterly P&L 21 2024 quarterfly FCF 15
Slide 16: Additional items as of January 23, 2025
Additional items as of January 23, 2025 4Q'24 FY'24 Details Share buy-back $1.7B $5.4B $4.9B in FY'24 under current $15B authorization; ~$7B in FY’25 Share count 1,086M 1,094M ~1,070M in FY'25 Dividend paid $0.3B $1.0B Dividend +30% y/y in FY'25 … subject to BOD approval Cash balance — $13.6B NA Tot
Slide 17: Orders and revenue - supplemental information
Orders and revenue - supplemental information ($ in billions) Services Equipment Total ORDERS 4Q'24 y/y FY'24 y/y 4Q'24 y/y FY'24 y/y 4Q'24 y/y FY'24 y/y Commercial Engines & $7.3 40% $25.1 30% $5.7 65% $15.1 55% 50% $40.2 38% Services $12.9 Defense & Propulsion $1.4 Technologies $1.4 14% $5.8 4% 33
Slide 18: 2024 Supplemental KPIs
2024 Supplemental KPIs 4Q'24 4Q'23 FY24 FY23 Orders (units) Commercial Engines-a) 1,229 1,269 3,919 3,224 LEAP Engines-b) 1,091 1,053 3,014 2,508 Defense Engines 373 88 732 731 Sales (units) Commercial Engines 519 531 1,911 2,075 LEAP Engines-b) 378 396 1,407 1,570 Defense Engines 184 153 490 556 In
Slide 19: 4Q'24 adjusted earnings per share bridge
4Q'24 adjusted earnings per share* bridge • Share count down 14M • Adjusted ETR* 19% • Slightly lower vs 34% interest expense • Primarily higher CES op profit FY'24 $2.95 $1.17 $0.22 $0.26 $4.60 * Non-GAAP Financial Measure Operating profit and interest impacts are tax effected 19 Charts are not to
Slide 20: 2024 operating profit and adjusted earnings details
2024 operating profit* and adjusted earnings* details ($ in billions except adjusted EPS*, share count in millions) 1Q'24 2Q'24 3Q'24 4Q'24 2024 Adjusted revenues* $8.1 $8.2 $8.9 $9.9 $35.1 Adjusted costs* 6.9 6.7 7.5 8.3 29.3 Adjusted other income* 0.4 0.4 0.4 0.4 1.5 Operating profit* $1.5 $1.9 $1
Slide 21: 2024 free cash flow details
2024 free cash flow* details ($ in billions) 1Q'24 2Q'24 3Q'24 4Q'24 2024 Net earnings (loss)-a) $1.7 $1.3 $1.7 $1.9 $6.7 Depreciation & amortization-b) 0.3 0.3 0.3 0.3 1.2 Operating working capital 0.3 (0.2) (0.6) 0.1 (0.4) AD&A (0.1) 0.0 0.4 (0.6) (0.3) Other CFOA-c) (0.6) (0.4) 0.1 (0.4) (1.3) CF
Slide 22: Non-GAAP reconciliations
Non-GAAP reconciliations 23 Fourth quarter adjusted revenue, adjusted costs, adjusted other income, operating profit and adjusted earnings 24 2024 adjusted revenue, adjusted costs, adjusted other income, operating profit and adjusted earnings 25 Free cash flow 26 Adjusted corporate costs 22
Slide 23: Fourth quarter adjusted revenue, costs, other income, operating profit and adjusted earnings
Fourth quarter adjusted revenue*, costs*, other income*, operating profit* and adjusted earnings* Less: Less: Less: Less: Insurance Separation, 4Q'24 Insurance Separation, 4Q'23 and US tax restructuring Less: Other-b) Adjusted and US tax restructuring Less: Other-b) Adjusted (Dollars in millions) 4Q
Slide 24: 2024 adjusted revenue, costs, other income, operating profit and adjusted earnings
2024 adjusted revenue*, costs*, other income*, operating profit* and adjusted earnings* Less: Less: Less: Less: Insurance Separation, 2024 Insurance Separation, 2023 and US tax restructuring Less: Other-b) Adjusted and US tax restructuring Less: Other-b) Adjusted (Dollars in millions) 2024 GAAP equi
Slide 25: Free cash flow
Free cash flow* (Dollars in millions) 4Q'24 4Q'23 V% 2024 2023 V% Net earnings (loss) (GAAP) -a) $ 1,897 $ 1,176 61 % $ 6,657 $ 9,448 (30) % Depreciation & amortization -b) 297 309 1,184 1,179 Operating working capital 141 335 (431) 623 Current receivables (326) (98) (1,076) (210) Inventories, inclu
Slide 26: Adjusted Corporate costs
Adjusted Corporate costs* CORPORATE REVENUES AND PROFIT (COST) (Dollars in millions) 4Q'24 4Q'23 V% 2024 2023 V% Insurance revenue $ 933 $ 909 $ 3,581 $ 3,389 Eliminations and other (294) (297) (1,239) (857) Corporate & Other revenue $ 639 $ 611 5%$ 2,343 $ 2,532 (7)% Gains (losses) on purchases and
Slide 27: Upcoming calendar
Upcoming calendar 1Q'25 Earnings April 22, 2025 Investor Day at Paris Air Show June 17, 2025 2Q'25 Earnings July 22, 2025 3Q'25 Earnings October 21, 2025 27