GENERAL ELECTRIC CO

SECOND QUARTER 2024 RESULTS. Total revenues were $9.1 billion, up $0.3 billion for the quarter, driven primarily by an increase at Commercial Engines & Services.

Continuing earnings (loss) per share was $1.20. Excluding the results from our run-off Insurance business, separation, restructuring, and non-operating benefit costs and gains on retained and sold ownership interests, Adjusted earnings per share* was $1.20. For the three months ended June 30, 2024, profit margin was 15.9% and profit was down $0.1 billion, primarily due to a decrease in gains on retained and sold ownership interests of $0.8 billion, partially offset by an increase in segment profit of $0.4 billion, an increase in Insurance profit of $0.1 billion and decreases of $0.1 billion in both separation costs and Adjusted Corporate & Other operating costs*. Operating profit margin* was 23.1% and operating profit* was up $0.5 billion, driven by increased segment profit of $0.4 billion and lower Adjusted Corporate & Other operating costs*.

Cash flows from operating activities (CFOA) were $2.6 billion and $1.6 billion for the six months ended June 30, 2024 and 2023, respectively. Cash flows from operating activities 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), partially offset by a decrease in All other operating activities. Free cash flows* (FCF) were $2.8 billion and $1.8 billion for the six months ended June 30, 2024 and 2023, respectively. FCF* increased primarily due to the same reasons as noted for CFOA above after adjusting for an increase in separation cash expenditures, which are excluded from FCF*. See the Capital Resources and Liquidity - Statement of Cash Flows section for further information.

Remaining performance obligation (RPO) is unfilled customer orders for products and product services (expected life of contract sales for product services) excluding any purchase order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty. See Note 23 for further information.

As of June 30, 2024, RPO increased $5.8 billion (4%) from December 31, 2023, primarily at Commercial Engines & Services, as a result of engines contracted under long-term service agreements that have now been put into service and from equipment orders outpacing revenues recognized, and at Defense & Propulsion Technologies, driven by Defense & Systems equipment orders outpacing revenues recognized.

2024 2Q FORM 10-Q 4

For the three months ended June 30, 2024, total revenues increased $0.3 billion (4%). Equipment revenues decreased driven by lower deliveries of new engines. Services revenues increased, primarily due to an increase in internal shop visit volume and higher prices.

For the six months ended June 30, 2024, total revenues increased $1.5 billion (9%). Equipment revenues increased, driven by higher prices and favorable mix. Services revenues increased, primarily due to an increase in internal shop visit volume and spare parts, and higher prices.

For the three months ended June 30, 2024, continuing earnings increased $0.1 billion primarily due to an increase in segment profit of $0.4 billion, a decrease in provision for income taxes of $0.1 billion, an increase in Insurance profit of $0.1 billion, and decreases of $0.1 billion in both separation costs and Adjusted Corporate & Other operating costs*. These increases were partially offset by a decrease in gains on retained and sold ownership interests of $0.8 billion. Adjusted earnings* were $1.3 billion, an increase of $0.5 billion, due to an increase in segment profit of $0.4 billion and lower Adjusted Corporate & Other operating costs*.

Profit was $1.4 billion, a decrease of $0.1 billion. Profit margin was 15.9%, a decrease of 130 basis points. Operating profit* was $1.9 billion, an increase of $0.5 billion. Operating profit margin* was 23.1%, an increase of 560 basis points.

For the six months ended June 30, 2024, continuing earnings decreased $4.7 billion primarily due to a decrease in gains on retained and sold ownership interests of $6.0 billion, primarily related to our retained stake from the spin-off of GE HealthCare. This decrease was partially offset by an increase in segment profit of $0.7 billion, an increase in Insurance profit of $0.2 billion, decreases of $0.1 billion in both provision for income taxes and Adjusted Corporate & Other operating costs*. Adjusted earnings* were $2.3 billion, an increase of $0.8 billion, due to an increase in segment profit of $0.7 billion and lower Adjusted Corporate & Other operating costs*.

Profit was $3.4 billion, a decrease of $5.0 billion. Profit margin was 19.0%, a decrease from 50.8%. Operating profit* was $3.4 billion, an increase of $0.8 billion. Operating profit margin* was 21.1%, an increase of 350 basis points.