#1GE first quarter 2022 performance Financial results & company highlights April 26, 2022 дв 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 be materially different than those expressed in our forward-looking statements, see https://www.ge.com/investor-relations/important-forward-looking-statement-information as 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. 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.#21Q'22 snapshot 90 90 (GE) RESULTS Organic orders growth 13% Organic revenue growth* Adjusted organic margin expansion* Adjusted EPS* Free cash flow* 1% +110 bps $0.24 +$0.11 y/y $(0.9)B +$1.7B-a) y/y DYNAMICS Services recovering, managing through challenges о о Total orders $18.9B, +13% org ... services +17% org, equipment +8%org; Aviation & Power up double-digits Adjusted revenues* $16.3B ... services +15% org* with all segments up; Aviation +12% org*, offset by significant supply chain constraints, Renewables & Power down. Driving profitability & cash through lean, services growth о о Adjusted profit margin* 5.8% ... solid expansion at Aviation & Power; Renewables & Healthcare pressured Significant FCF* improvement y/y but still negative driven by receivables, inventory build for 2H, supply chain constraints Improving services, orders & cash in a challenging environment * Non-GAAP Financial Measure (a- Excludes prior period CFOA impact from discontinued factoring programs of $(0.8)B 2#3GE: Taking action today & positioning for tomorrow NAVIGATING A DYNAMIC ENVIRONMENT GROWTH HIGHLIGHTS Heightened challenges Additional watch items Inflation Supply chain constraints • Russia/Ukraine war • China COVID impact 90 90 (GE) Renewable Energy FY'22 outlook... trending towards low-end of range Scaling lean to drive Growth... overall services... Aviation / Military ... supply chain component reconfiguration ... increased R&D investment to drive leading innovation & technologies Price ... raising list prices & price floors ... escalation clauses ... increased selectivity & disciplined underwriting ... Renewables defined international strike zones Cost out... productivity... sourcing actions ... working down product cost curve in AVI & REN ... value engineering in Gas Power... targeted cost actions Aviation began its latest test campaign of the XA100 adaptive cycle engine, designed to fit both the F-35A & F-35C Healthcare announced development of Edison Digital Health Platform to address staff burden & improve care coordination Photo Credit: American Electric Power Renewable Energy & Invenergy completed largest wind project constructed in North America Power secured order from Taiwan Power Company for six advanced LM2500XPRESS gas turbine packages Managing our businesses to drive growth, price & cost-out 3#4Earnings performance ($ in billions except EPS) EPS WALK y/y 1Q'22 1Q'22 y/y (org.) GAAP Continuing EPS $(0.74) Adjusted revenues* 16.3 0% 1% Less: Insurance 0.16 Less: Non-op pension & other benefits 0.10 Adjusted profit* 0.9 19% 22% Less: MTM & Gains (0.21) Less: Restructuring & other (0.02) Adjusted profit margin* 5.8% 90bps 110bps Less: Separation costs (0.13) GAAP Continuing EPS Less: Steam asset sale impairment (0.67) (0.74) U 0.24 85% Less: Russia and Ukraine charges Adjusted EPS* (0.20) $0.24 Adjusted EPS* Revenue pressured ... profit continues to improve despite macro headwinds * Non-GAAP Financial Measure 90 Gε وو 4#5Free cash flow* performance 90 90 ($ in billions) 1Q'22 yly Net earnings (loss)-a) (0.7) (0.8) • Depreciation & amortization 1.5 0.7 Operating working capital (1.0) (0.1) • Current receivables-b) (0.7) (1.5) • Inventory (1.0) (0.3) Accounts payable -b) 0.1 0.5 Progress collections 0.2 0.7 Current contract assets 0.4 0.5 O Other CFOA-b,c) (0.3) 2.6 1Q'22 DYNAMICS FCF* improvement y/y, up $1.7B ex disc. factoring* with majority as a result of debt reduction actions D&A includes $0.8B Steam asset sale impairment Working capital use driven by supply constraints & 2H ramp о Receivables use, higher AVI services billings, late deliveries in the quarter Inventory use, supply chain constraints delaying shipments coupled with building for 2H volume Gross CAPEX (0.4) (0.0) о Progress source, AVI & REN collections FCF* (0.9) 2.5 о Contract assets source, strong utilization billings FCF ex disc. factoring*d) (0.9) 1.7 * Non-GAAP Financial Measure Improved 1Q FCF*, supply chain constraints pressuring working capital (a-Aggregates the following: Net earnings (loss) and (earnings) loss from discontinued operations (b - Excludes CFOA impact from receivables factoring and supply chain finance eliminations in the prior year (c - Includes the following: (Gains) losses on sales of business interests, (Gains) losses on equity securities, principal pension plans (net), other post retirement benefit plans (net), income taxes (net), financial services derivatives and all other operating; excludes Insurance CFOA and separation cash expenditures (d - Excludes prior period CFOA impact from discontinued factoring programs of $(0.8)B 5 сл#61Q'22 Aviation results ($ in billions) 7.5 6.0 Revenues 30 3.0 4.5 1.5 QUARTERLY RESULTS DYNAMICS 90 90 25% 20% 15% 10% 5% Margin % • Orders: $7.2B, +32% org with services +36%org & equipment +25% org driven by commercial recovery • Revenue: $5.6B, +12% org* led by Commercial Services strength +37% org*; ; progress in Military; lower output in Commercial Engines due to supply chain challenges & lower GEnx • Margin: 16.2%, expanded 310bps org* driven by higher volume in Commercial Services, offsetting pressure from LEAP mix -% 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Rev. Growth°rg* Profit $ (27)% 10% 10% 4% 12% 0.6 0.2 0.8 1.2 0.9 * Non-GAAP Financial Measure • FY'22: demand remains strong, monitoring China ... managing supply chain headwinds to meet full year ramp commitments 6#71Q'22 Healthcare results ($ in billions) Revenues 5.0 4.0 3.0 2.0 1.0 QUARTERLY RESULTS DYNAMICS 90 90 20% 15% 10% 5% Margin % • Orders: $4.8B, +8%org; demand strong, driven by 12%org equipment growth & 3% org services growth • Revenue: $4.4B, +2% org*; continued challenges in supply chain, recent China COVID impact, & Russia/ Ukraine; Services +3% org* • Margin: 12.3%, contracted (260)bps org* largely due to current material & logistics inflation as well as continued R&D & commercial investments • FY'22: order demand strong, monitoring China, working to offset supply challenges with lean & pricing ―% 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Rev. Growth°rg* Profit $ 7% 10% (6)% (4)% 2% 0.7 0.8 0.7 0.8 0.5 * Non-GAAP Financial Measure 7#81Q'22 Renewable Energy results ($ in billions) 5.0 Revenues 4.0 3.0 2.0 1.0 QUARTERLY RESULTS 6% ―% (6)% (12)% Margin % DYNAMICS 90 90 • Orders: $2.8B, (19) %org, equipment (24) %org due to market driven Onshore U.S. decline; Services +5% org . • Revenue: $2.9B, (10)% org* equipment down from lower Onshore U.S. deliveries & Grid selectivity; Services +72% org* with higher Repower upgrades Margin: (15.1)%, contracted (820)bps org* driven by inflation across businesses, Onshore mix, volume & new product transitions • (18)% (24)% 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Rev. Growth°rg* Profit $ -% 9% (9)% (5)% (10)% (0.2) (0.1) (0.2) (0.3) (0.4) * Non-GAAP Financial Measure • FY'22: dependent on inflation, price & cost actions, U.S. Onshore demand... proven leaders transforming fundamentals 8#91Q'22 Power results ($ in billions) 5.0 4.0 Revenues 3.0 2.0 1.0 QUARTERLY RESULTS 8% 5% 3% -% Margin % (3)% (5)% 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 Rev. Growth°rg* Profit $ (4)% -% (1)% (10)% (6)% (0.1) 0.3 0.2 0.3 0.1 * Non-GAAP Financial Measure =D DYNAMICS 90 90 • Orders: $4.2B, +19% org on strong equipment +70% org with HDGT & Aero up ... services +3%org driven by Gas Services with both CSA & transactional up • Revenue: $3.5B, (6) % org* due to lower equipment with 3 fewer HA shipments offsetting 7 additional Aero shipments... Services +1% org* driven by Gas & PC Margin: 1.8%, expanded 360bps org" with continued. strength in Gas, Steam starting to stabilize • FY'22: Gas fleet outperforming, lower planned outage year, Aero growing, Steam improving ... expanding margins, monitoring Russia/Ukraine 9#10Progress on plan to launch three independent, investment grade, industry-leading companies AVIATION ~$21B HEALTHCARE revenue ~$18B revenue RENEWABLE ENERGY & POWER (GE) -$33B revenue-b) Youngest & largest commercial fleet ... most diversified services portfolio GE plans to be Aviation focused company) in early '24 At the nexus of most care pathways... diagnostics, therapeutics & monitoring Tax-free spin-off... planned in early 23 Leading wind technologies, world's most efficient gas turbines, modernizing the grid HEALTHCARE PLANNED SPIN MILESTONES Tax-free spin-off... planned in early 24 Nov '21 1Q'22 2Q'22 Planning 3Q'22 4Q'22 1Q'23 2Q'23 & beyond Execution Parallel run Spin Operating model & financials Operational separation Corporate governance Brand Capital structure Optimization Faster, more focused healthcare company Revenue figures are FY'21 (a - Includes any remaining stakes in AerCap and Baker Hughes and, upon close, expected 19.9% of go-forward Healthcare, as well as other assets and liabilities of GE today, including run-off Insurance operations which is not part of Adjusted revenues (b - Excludes GE Digital, EFS and Power-Renewables eliminations 10#11Wrap-up 90 (GE) 90 Improving services, orders & cash, while managing through current challenges CREATING VALUE TODAY & TOMORROW Taking action to drive growth, price & cost out On track to launch three independent, investment-grade, industry-leading companies Future of flight Borive BUILDING A WORLD THAT WORKS Precision health Λ Aviation: Partnering with Boeing on hybrid electric test demonstration program Healthcare: New partnership with AliveCor integrates remote ECGs into GE Healthcare's MUSE Cardiac Management System Energy transition Power: Collaborating with Uniper on decarbonization roadmap to lower emissions at Grain power plant in U.K. GE is leading in growing, critical sectors ... significant opportunities ahead in our businesses 11#12Q&A Gε 12#13Appendix 14 Orders $ 15 Orders units 16 Revenues $ 17 22 Outlook Gε 13#14Orders - supplemental information ($ in billions) 90 EQUIPMENT ORDERS SERVICE ORDERS TOTAL ORDERS 1Q'22 y/y (org.) 1Q'22 y/y (org.) 1Q'22 y/y (org.) Aviation $2.5 25% $4.7 36% $7.2 32% Healthcare $2.8 12% $2.1 3% $4.8 8% Renewable Energy $2.2 (24)% $0.6 5% $2.8 (19)% Power $1.4 70% $2.8 3% $4.2 19% Total Company $8.8 8% $10.1 17% $18.9 13% 14#15Orders - supplemental information, units (in units) Aviation Commercial Engines LEAP Engines a) Military Engines 1Q'22 1Q'21 553 298 442 141 19 181 Renewable Energy Wind Turbines‍b -b) 303 728 Wind Turbine Gigawatts-b),-c) 1.1 2.2 Repower units 177 121 Power GE Gas Turbines 15 18 Heavy-Duty Gas Turbines 7 10 HA-Turbinese) 1 2 Aeroderivatives d) 8 8 GE Gas Turbine Gigawatts" 1.7 1.7 (a - LEAP engines are a subset of commercial engines Includes Onshore and Offshore units (b (c - Gigawatts reported associated with orders in the periods presented (d - Heavy-Duty Gas Turbines and Aeroderivatives are subsets of GE Gas Turbines (e-HA-Turbines are a subset of Heavy-Duty Gas Turbines 90 90 15#16Revenues - supplemental information ($ in billions) 90 90 EQUIPMENT REVENUES SERVICE REVENUES TOTAL REVENUES 1Q'22 y/y (org.)* 1Q'22 y/y (org.)* 1Q'22 y/y (org.)* Aviation $1.7 (10)% $3.9 26% $5.6 12% Healthcare $2.3 ―% $2.1 3% $4.4 2% Renewable Energy $2.2 (22)% $0.7 72% $2.9 (10)% Power $1.0 (20)% $2.5 1% $3.5 (6)% Total Company $6.9 (14)% $9.4 15% $16.3 1% 16#172022 Outlook: Initiated on January 25, 2022 Organic revenue growth* Adjusted organic margin expansion* HSD KEY VARIABLES Heightened challenges: . Pace of inflation . Impact of Russia/Ukraine war (new since Jan) • 150+ bps Renewable Energy PTC policy, demand and execution Additional watch items: Adjusted EPS* $2.80 - $3.50 Free cash flow* * Non-GAAP Financial Measure 90 (Gε) • • Supply chain disruptions - material & labor availability and mitigation actions Duration & magnitude of COVID impact in China (new since Jan) Ongoing: • Aviation market recovery pace, timing of aircraft deliveries $5.5B - $6.5B • Working capital improvement, primarily inventory & progress Holding range initiated in late January ... currently trending to low end Expect '22 interest expense & cash ~$(1.5)B, adjusted tax rate* low-to-mid twenties w/ cash & book tax more closely aligned, and adjusted corporate cost* slightly better y/y vs $(1.2)B in '21 17#18Non-GAAP reconciliations 19 Equipment and services organic revenues by segment 20 Organic revenues by sub segment 21 Free cash flows (FCF) (including and excluding discontinued factoring) 22 Adjusted tax rate Gε 18#19Equipment and services organic revenues by segment EQUIPMENT AND SERVICES ORGANIC REVENUES (NON-GAAP) (Dollars in millions) Aviation revenues (GAAP) EQUIPMENT SERVICES 1Q'22 1Q'21 V% 1Q'22 1Q'21 V% $ 1,654 $ 1,847 (10)% $ 3,949 $ 3,145 26 % Less: acquisitions Less: business dispositions Less: foreign currency effect (3) (6) Aviation organic revenues (Non-GAAP) $ 1,657 $ 1,847 (10)% $ 3,955 $ 3,145 26 % Healthcare revenues (GAAP) SA $ 2,256 $ 2,227 1 % $ 2,107 $ 2,081 1 % Less: acquisitions 65 1 Less: business dispositions Less: foreign currency effect (42) (45) Healthcare organic revenues (Non-GAAP) $ 2,233 $ 2,227 % $ 2,150 $ 2,081 3 % Renewable Energy revenues (GAAP) $ 2,173 $ 2,844 (24)% $ 698 $ 404 73 % Less: acquisitions Less: business dispositions (11) Less: foreign currency effect (46) 1 (14) Renewable Energy organic revenues (Non-GAAP) $ 2,219 $ 2,842 (22)% $ 712 $ 415 72 % Power revenues (GAAP) SA 965 $ 1,241 (22)% $ 2,536 $ 2,679 (5)% Less: acquisitions Less: business dispositions Less: foreign currency effect Power organic revenues (Non-GAAP) 155 $ (38) 1,003 $ (8) (31) (8) 1,250 (20)% $ 2,567 $ 2,532 1 % 90 90 We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these activities can obscure underlying trends. * Non-GAAP Financial Measure 19#20Organic revenues by sub segment 1Q'22 1Q'21 V% $ 2,720 $ 1,988 37 % Less: foreign currency effect Aviation commercial services organic revenues (Non-GAAP) $ 2,720 $ 1,988 37 % ORGANIC REVENUES BY SUB SEGMENT (NON-GAAP) (Dollars in millions) Aviation commercial services revenues (GAAP) Less: acquisitions Less: business dispositions 90 90 * Non-GAAP Financial Measure activities can obscure underlying trends. We believe these measures provide management and investors with a more complete understanding of underlying operating results and trends of established, ongoing operations by excluding the effect of acquisitions, dispositions and foreign currency, which includes translational and transactional impacts, as these 20 20#2190 90 Free cash flows (FCF) (including and excluding discontinued factoring) 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 a) 1Q'22 1Q'21 V$ (535) $ (15) (2,640) $ 60 2,105 (75) $ (520) $ (2,699) $ 2,179 (340) (332) (8) Add: gross additions to internal-use software-a) (23) (24) 1 Less: separation costs cash expenditures (3) Less: CFOA impact from receivables factoring and supply chain finance eliminations Free cash flows (Non-GAAP) 306 (306) $ (880) $ (3,361) $ 2,481 Less: prior period CFOA impact from factoring programs discontinued in 2021-b) Free cash flows excluding discontinued factoring (Non-GAAP) $ (880) $ (778) (2,583) $ 778 1,703 * Non-GAAP Financial Measure (a Included in Gross CAPEX (b Represents the CFOA impact from cash that GE would have otherwise collected had customer receivables not been previously sold in factoring programs that have now been discontinued. We believe investors may find it useful to compare GE's free cash flows* performance without the effects of separation cash expenditure, the factoring program discontinuation and receivables factoring and supply chain finance eliminations. We believe this measure will better allow management and investors to evaluate the capacity of our operations to generate free cash flows. 21 21#22Adjusted tax rate ADJUSTED TAX RATE (NON-GAAP) (Dollars in millions) 1Q'22 1Q'21 V% Earnings (loss) from continuing operations before taxes (GAAP) (525) 238 Less: Insurance earnings 227 142 Earnings (loss) from continuing operations before taxes, excluding Insurance (Non-GAAP) Less: non-operating benefit (cost) income $ (752) $ 96 U 137 (430) Less: gains (losses) on purchases and sales of business interests 4 3 Less: gains (losses) on equity securities Less: restructuring & other Less: separation costs (219) 347 (35) (106) (119) Less: Steam asset sale impairment (824) Less: Russia and Ukraine charges (230) Adjusted earnings (loss) from continuing operations before income taxes (Non-GAAP) $ 534 $ 282 89 % Adjusted profit (loss) (Non-GAAP) $ 946 $ 798 19 % Add: interest and other financial charges (ex EFS, ex Insurance) (392) (489) Less: noncontrolling interests (28) (5) Less: EFS benefit from taxes 47 31 Adjusted earnings (loss) from continuing operations before income taxes (Non-GAAP) $ 534 $ 282 89% Provision (benefit) for income taxes (GAAP) Less: taxes on Insurance earnings Less: taxes on non-operating benefit (cost) income Less: taxes on gains (losses) on purchases and sales of business interests Less: taxes on gains (losses) on equity securities Less: taxes on restructuring & other Less: taxes on separation costs Less: taxes on Steam asset sale impairment Less: taxes on Russia and Ukraine charges Less: tax loss related to GECAS transaction Adjusted taxes (Non-GAAP) Effective tax rate (GAAP) Adjusted effective tax rate (Non-GAAP) 204 142 49 31 29 (90) 1 1 20 118 (8) (22) 20 (84) (15) 44 $ 192 $ 61 (38.9)% 36.0 % 59.7 % 21.6 % * Non-GAAP Financial Measure 90 90 22#23Upcoming calendar Annual Shareholders Meeting 2Q'22 earnings 3Q'22 earnings May 4, 2022 July 26, 2022 October 25, 2022 January 24, 2023 4Q'22 earnings GE Investor Day March 9, 2023 Gε 23