General Electric : 4Q 2022 Earnings Presentation

GE fourth quarter & full year 2022 performance

Financial results & company highlights

January 24, 2023

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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 https://www.ge.com/investor-relations/important-forward-looking-statement-informationas 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 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 our earnings release and the appendix of this presentation and prior earnings presentations, as applicable.

Amounts shown on subsequent pages may not add due to rounding. Unless otherwise stated, these financial results are shown including GE HealthCare in continuing operations as of December 31, 2022.

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A new era begins ...

Strong 4Q finish		Strong		GE Vernova: improving with
& successful		GE Aerospace		Power delivering &
GE HealthCare spin		results		Renewable Energy taking action

2022 snapshot

GE, including GE HealthCare

		4Q'22		FY'22
	RESULTS	Y/Y VARIANCE-a)	RESULTS	Y/Y VARIANCE-a)
Orders	$25.4B	+18%	$83.0B	+7%
Adjusted revenue*	$21.0B	+11%	$73.6B	+6%
Adjusted profit margin*	10.3%	+290 bps	7.9%	+160 bps
Adjusted EPS*	$1.24	+$0.42, +51%	$2.62	+$0.91, +53%
Free cash flow*	$4.3B	+$0.6B, +16%	$4.8B	+$2.1B-b), +81%

Significant growth, margin, EPS & FCF* improvement

* Non-GAAP Financial Measure	3
(a- Year-over-year variances for orders, revenue and margin are presented on an organic basis
(b- Excludes prior period CFOA impact from discontinued factoring programs

GE Aerospace

($ in billions)

4Q'22 RESULTS

Rev. Growthorg*	4%	12%	27%	25%	26%
Profit $	1.2	0.9	1.1	1.3	1.4

* Non-GAAP Financial Measure

(a- Year-over-year variances for orders, revenue and margin are presented on an organic basis (b- Excludes prior period CFOA impact from discontinued factoring programs

4Q'22 DYNAMICS-a)

• Orders: $9.7B, +26% … Commercial Services & Military equipment
• Revenue: $7.6B, +26%* ... services, notably Commercial, & equipment from higher LEAP engine deliveries
• Margin: 18.8%, (150)bps* ... volume & price offsetting negative engine mix, investment & other costs
• FY'22 FCF*: $4.9B … earnings & W/C; +$0.3B-b) y/y

FY'23 OUTLOOK

• Organic revenue growth*: mid to high teens
• Operating profit: $5.3B-$5.7B
• FCF*: up; earnings & W/C partially offset by ~$(0.5)B AD&A

4

Renewable Energy

part of GE Vernova, GE's portfolio of energy businesses

($ in billions)

4Q'22 RESULTS

Rev. Growthorg*	(5)%	(10)%	(20)%	(10)%	(13)%
Profit $	(0.3)	(0.4)	(0.4)	(0.9)	(0.5)

4Q'22 DYNAMICS-a)

• Orders: $5.0B, +7% ... equipment growth from Grid & Onshore in North America
• Revenue: $3.4B, (13)%* … lower Onshore deliveries
• Margin: (13.3)%, (260)bps* … Grid improvement offset by Onshore volume pressure & inflation across businesses
• FY'22 FCF*: $(2.0)B ... earnings; $(0.8)B-b) y/y

FY'23 OUTLOOK

• Organic revenue growth*: +MSD
• Operating profit: significantly better
• FCF*: flat to improving; earnings growth with flat W/C

* Non-GAAP Financial Measure	5
(a- Year-over-year variances for orders, revenue and margin are presented on an organic basis
(b- Excludes prior period CFOA impact from discontinued factoring programs