GENERAL ELECTRIC CO

FIRST QUARTER 2024 RESULTS. Total revenues were $16.1 billion, up $1.6 billion for the quarter, driven by increases at all segments and Corporate.

Continuing earnings (loss) per share was $1.38. Excluding the results from our run-off Insurance operations, non-operating benefit income, gains (losses) on purchases and sales of business interests, gains (losses) on equity securities, restructuring costs and separation costs, Adjusted earnings per share* was $0.82. For the three months ended March 31, 2024, profit margin was 11.6% and profit was down $4.6 billion, primarily due to a decrease in gains on retained and sold ownership interests of $5.3 billion, primarily related to our GE HealthCare Technologies Inc. (GE HealthCare) equity position, and an increase in separation costs of $0.2 billion. These decreases were partially offset by an increase in segment profit of $0.5 billion, the nonrecurrence of preferred stock dividends of $0.1 billion, an increase in Adjusted total corporate operating profit* of $0.1 billion and an increase in Insurance profit of $0.1 billion. Adjusted organic profit* increased $0.6 billion, driven primarily by increases at all segments and higher Adjusted total Corporate operating profit*.

Cash flows from operating activities (CFOA) were $1.0 billion and $0.2 billion for the three months ended March 31, 2024 and 2023, respectively. CFOA increased primarily due to an increase in net income (after adjusting for depreciation of property, plant, and equipment, amortization of intangible assets and non-cash (gains) losses related to our retained and sold ownership interests in GE HealthCare, AerCap and Baker Hughes) and an increase in cash received in working capital, partially offset by a decrease in All other operating activities. Free cash flows* (FCF) were $0.9 billion and $0.1 billion for the three months ended March 31, 2024 and 2023, respectively. FCF* increased primarily due to the same reasons as noted for CFOA above. See the Capital Resources and Liquidity - Statement of Cash Flows section for further information.

2024 1Q FORM 10-Q 4

Remaining performance obligation (RPO) includes unfilled customer orders for equipment, excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. Services RPO includes the estimated life of contract sales related to long-term service agreements which remain unsatisfied at the end of the reporting period, the estimated amount of unsatisfied performance obligations for time and material agreements, material services agreements, spare parts under purchase order, multi-year maintenance programs and other services agreements, excluding any order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. See Note 8 for further information.

As of March 31, 2024, RPO decreased $1.4 billion (1%) from December 31, 2023, primarily at Aerospace, due to sales recognized in the period and changes in estimated contract sales for long-term services agreements; partially offset by increases at Renewable Energy, from new orders at Grid Solutions outpacing revenue; and at Power, driven by increases in Gas Power Heavy-Duty Gas Turbine and Aeroderivative orders outpacing revenue.

For the three months ended March 31, 2024, total revenues increased $1.6 billion (11%). Equipment revenues increased, primarily at Aerospace, due to higher prices and product mix; at Renewable Energy, due to higher equipment revenues at Grid Solutions and Offshore Wind; and at Power, due to increases at Gas Power and Power Conversion. Services revenues increased, primarily at Aerospace, due to increased commercial spare part shipments, heavier work scopes and higher prices; and at Power, due to higher outages and favorable price.

Excluding the change in Insurance revenues, the net effects of acquisitions, dispositions and foreign currency, organic revenues* increased $1.4 billion (10%), with equipment revenues up $0.6 billion (11%) and services revenues up $0.8 billion (10%). Organic revenues* increased at Aerospace, Power and Renewable Energy.

For the three months ended March 31, 2024, continuing earnings decreased $4.6 billion, primarily due to a decrease in gains on retained and sold ownership interests of $5.3 billion, primarily related to our GE HealthCare equity position, and an increase in separation costs of $0.2 billion. These decreases were partially offset by an increase in segment profit of $0.5 billion, an increase in Adjusted total corporate operating profit* of $0.1 billion and an increase in Insurance profit of $0.1 billion. Adjusted earnings* were $0.9 billion, an increase of $0.6 billion. Profit margin was 11.6%, a decrease from 44.8%. Adjusted profit* was $1.5 billion, an increase of $0.6 billion organically*, due to increases at Aerospace, Renewable Energy and Power. Adjusted profit margin* was 10.2%, an increase of 300 basis points organically*.

We continue to experience inflation pressure in our supply chain, as well as delays in sourcing key materials needed for our products. This has delayed our ability to convert RPO to revenue. While we expect the impact of inflation to continue to be challenging, we have taken and continue to take actions to limit this pressure, including lean initiatives to drive cost productivity, partnering with our suppliers and adjusting the pricing of our products and services. Also, because we operate in many countries around the world, we are subject to complex global geopolitical forces.

1Q 2024 FORM 10-Q 5