General Electric : GE ANNOUNCES FOURTH QUARTER 2022 RESULTS

Fourth quarter 2022:

• Total orders $25.4B, +15%; organic orders +18%
• Total revenues (GAAP) $21.8B, +7%; adjusted revenues* $21.0B, +11% organically^*
• Profit margin (GAAP) of 10.3%, +2,740 bps; adjusted profit margin* 10.3%, +290 bps organically^*
• Continuing EPS (GAAP) of $1.99, +$5.23; adjusted EPS* $1.24, +$0.42
• Cash from Operating Activities (GAAP) $4.6B, +$2.2B; free cash flow^* $4.3B, +$0.6B

Full year 2022:

• Total orders $83.0B, +4%; organic orders +7%
• Total revenues (GAAP) $76.6B, +3%; adjusted revenues* $73.6B, +6% organically^*
• Profit margin (GAAP) of 1.8%, +680 bps; adjusted profit margin* 7.9%, +160 bps organically^*
• Continuing EPS (GAAP) of $0.53, +$3.78; adjusted EPS^* $2.62, +$0.91
• Cash from Operating Activities (GAAP) $5.9B, +$5.0B; free cash flow^* $4.8B, +$2.1B¹

BOSTON - January 24, 2023 - GE (NYSE:GE) announced results today for the fourth quarter ending December 31, 2022. The results include the operations of GE HealthCare Technologies Inc. ("GE HealthCare"), which successfully separated in a spin-off by distributing approximately 80.1 percent of shares to GE shareholders on January 3, 2023.

GE Chairman and CEO and GE Aerospace CEO H. Lawrence Culp, Jr. said, "2022 marked the beginning of a new era for GE. We successfully launched GE HealthCare, delivered strong financial performance, made significant operational progress, and continued our steadfast commitment to our customers. Thanks to the high-quality work of our team, GE ended the year with solid revenue growth and margin expansion, and $4.8 billion of free cash flow. In the fourth quarter, this was led by strong results at GE Aerospace with order and revenue growth above 20 percent, as well as Power with double-digit growth. In addition, we further strengthened our foundation, surpassing $100 billion in debt retired since 2018 and improving our operations by more deeply embedding lean and decentralization across GE."

Culp continued, "Looking ahead, GE is positioned to drive growth, profit, and cash, and our outlook reflects our confidence in our businesses. In GE Aerospace, we are executing on an unprecedented ramp, and our best-in-class technology is powering more efficient and sustainable flight. In GE Vernova, Power is delivering with Gas Power stable, and Renewable Energy is taking action to drive operational improvements as it also begins to benefit from external catalysts like the Inflation Reduction Act. As a result, we expect high-single-digit revenue growth and strong free cash flow generation in 2023 for GE. We are making good progress on our plans to launch these independent, investment-grade, industry-leaders that will unlock greater value for our customers and shareholders."

GE continued to strengthen GE Aerospace and GE Vernova²:

GE Aerospace

• Delivered strong orders, revenue, and operating profit growth in the fourth quarter and full year, driven by continued commercial momentum, strength in services, and improved execution from the team.
• Achieved key business wins, including entering an equipment and long-term support agreement with Cargolux for their GE-powered Boeing freighter fleet and expansion of CFM's LEAP Maintenance, Repair, and Overhaul services to Air France Industries KLM Engineering and Maintenance as a LEAP engine service provider.

GE Vernova²

• Improved earnings and cash at Power with orders up double digits in the fourth quarter while Renewable Energy organic orders increased high single digits and Grid achieved profitability.
• Drove commercial execution, including Power's order from the Swiss Federal Office of Energy to provide a reserve power plant through 2026 and an agreement with Shell for LNG decarbonization solutions.

Please visit our investor website for full information:

• Full press release
• Presentation

Caution Concerning Forward Looking Statements:

This release and certain of our other public communications and SEC filings may contain statements related to future, not past, events. These forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "estimate," "forecast," "target," "preliminary," or "range." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about planned and potential transactions, including our plan to pursue a spin-off of our portfolio of energy businesses that are planned to be combined as GE Vernova (Renewable Energy, Power, Digital and Energy Financial Services); the impacts of macroeconomic and market conditions and volatility on our business operations, financial results and financial position and on the global supply chain and world economy; our expected financial performance, including cash flows, revenues, organic growth, margins, earnings and earnings per share; impacts related to the COVID-19 pandemic; our de-leveraging plans, including leverage ratios and targets, the timing and nature of actions to reduce indebtedness and our credit ratings and outlooks; our funding and liquidity; our businesses' cost structures and plans to reduce costs; restructuring, goodwill impairment or other financial charges; or tax rates.

For us, particular areas where risks or uncertainties could cause our actual results to be materially different than those expressed in our forward-looking statements include:

• our success in executing planned and potential transactions, including our plan to pursue a spin-off of GE Vernova, and sales or other dispositions of our equity interests in AerCap Holdings N.V. (AerCap) and GE HealthCare, the timing for such transactions, the ability to satisfy any applicable pre-conditions, and the expected proceeds, consideration and benefits to GE;
• changes in macroeconomic and market conditions and market volatility, including impacts related to the COVID-19 pandemic, risk of recession, inflation, supply chain constraints or disruptions, rising interest rates, the value of securities and other financial assets (including our equity interests in AerCap and GE HealthCare), oil, natural gas and other commodity prices and exchange rates, and the impact of such changes and volatility on our business operations, financial results and financial position;
• global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between Russia and Ukraine and the related sanctions and other measures, decreases in the rates of investment or economic growth globally or in key markets we serve, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and China or other countries, and related impacts on our businesses' global supply chains and strategies;
• the continuing severity, magnitude and duration of the COVID-19 pandemic, including impacts of virus variants and resurgences, and of government, business and individual responses, such as continued or new government-imposed lockdowns and travel restrictions, and in particular any adverse impacts to the aviation industry and its participants;
• our capital allocation plans, including de-leveraging actions to reduce GE's indebtedness, the capital structures of the public companies that we plan to form from our businesses with the planned spin-offs, the timing and amount of dividends, share repurchases, acquisitions, organic investments, and other priorities;
• downgrades of our current short- and long-term credit ratings or ratings outlooks, or changes in rating application or methodology, and the related impact on our funding profile, costs, liquidity and competitive position;
• the amount and timing of our cash flows and earnings, which may be impacted by macroeconomic, customer, supplier, competitive, contractual and other dynamics and conditions;
• capital and liquidity needs associated with our financial services operations, including in connection with our run-off insurance operations and mortgage portfolio in Poland (Bank BPH), the amount and timing of any required capital contributions and any strategic actions that we may pursue;
• market developments or customer actions that may affect demand and the financial performance of major industries and customers we serve, such as demand for air travel and other aviation industry dynamics related to the COVID-19 pandemic; pricing, cost, volume and the timing of investment by customers or industry participants and other factors in renewable energy markets; conditions in key geographic markets; technology developments; and other shifts in the competitive landscape for our products and services;
• operational execution by our businesses, including the success at our Renewable Energy business in improving product quality and fleet availability, executing on cost reduction initiatives and other aspects of operational performance, as well as the performance of GE Aerospace amidst the ongoing market recovery;
• changes in law, regulation or policy that may affect our businesses, such as trade policy and tariffs, regulation and incentives related to climate change (including the impact of the Inflation Reduction Act and other policies), and the effects of tax law changes;
• our decisions about investments in research and development, and new products, services and platforms, and our ability to launch new products in a cost-effective manner;
• our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction measures;
• the impact of regulation and regulatory, investigative and legal proceedings and legal compliance risks, including the impact of Alstom, Bank BPH and other investigative and legal proceedings;
• the impact of actual or potential quality issues or failures of our products or third-party products with which our products are integrated, and related costs and reputational effects;
• the impact of potential information technology, cybersecurity or data security breaches at GE or third parties; and
• the other factors that are described in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as such descriptions may be updated or amended in any future reports we file with the SEC.

These or other uncertainties may cause our actual future results to be materially different than those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. This document includes certain forward-looking projected financial information that is based on current estimates and forecasts. Actual results could differ materially.

GE's Investor Relations website at www.ge.com/investor and our corporate blog at www.gereports.com, as well as GE's Facebook page and Twitter accounts, contain a significant amount of information about GE, including financial and other information for investors. GE encourages investors to visit these websites from time to time, as information is updated and new information is posted.

Additional Financial Information

Additional financial information can be found on the Company's website at: www.ge.com/investor under Events and Reports.

Conference Call and Webcast

GE will discuss its results during its investor conference call today starting at 8:00 a.m. ET. The conference call will be broadcast live via webcast, and the webcast and accompanying slide presentation containing financial information can be accessed by visiting the Events and Reports page on GE's website at: www.ge.com/investor. An archived version of the webcast will be available on the website after the call.

About GE

GE (NYSE:GE) rises to the challenge of building a world that works. For more than 130 years, GE has invented the future of industry, and today the company's dedicated team, leading technology, and global reach and capabilities help the world work more safely, efficiently, and reliably. GE's people are diverse and dedicated, operating with the highest level of integrity and focus to fulfill GE's mission and deliver for its customers. www.ge.com

^* Non-GAAP Financial Measure

¹Excludes prior period CFOA impact from discontinued factoring programs

² GE's portfolio of energy businesses

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GE
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GE
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