GENERAL ELECTRIC Business Summary

General Electric Company, operating as GE Aerospace (NYSE: GE), is a global leader in aviation propulsion and systems, having completed its transition into a pure-play aerospace entity in 2024. The company generates revenue through a "razor-and-blade" business model, leveraging an installed base of approximately 50,000 commercial and 30,000 military engines to drive high-margin, recurring aftermarket services, which constitute over 70% of its commercial revenue. Its primary segments include Commercial Engines & Services (CES), which manages the full lifecycle of engines like the LEAP and GE9X, and Defense & Propulsion Technologies (DPT), focusing on military combat, marine power, and autonomous systems. GE Aerospace maintains a dominant market share in the narrow-body segment through its CFM International joint venture, positioning it as a critical gatekeeper in the global aviation supply chain relative to direct competitors RTX Corporation (Pratt & Whitney), Rolls-Royce, and Safran. Founded in 1892 by Thomas Edison and Elihu Thomson, the company is currently led by Chairman and CEO H. Lawrence Culp, Jr., whose background as the former CEO of Danaher Corporation informed the firm’s "Flight Deck" lean operating model and successful three-way corporate split. Key leadership includes Mohamed Ali, who transitioned from Chief Technology Officer to President and CEO of Commercial Engines and Services in February 2026, and Amy Gowder, President and CEO of Defense & Systems. The board of directors is chaired by Culp and includes Lead Independent Director Thomas Horton (Partner at Global Infrastructure Partners) and Thomas Enders (former CEO of Airbus), providing deep aerospace and financial pedigree. The company is supported by a robust institutional investor base, including Vanguard and BlackRock, with recent capital allocation strategies emphasizing a return of over 100% of free cash flow to shareholders through 2026.