GE航空航天：董事长兼首席执行官Larry Culp在伯恩斯坦2026年战略决策会议上的发言

Douglas S. Harned, Ph.D.+1 917 344 8430douglas.harned@bernsteinsg.comAdrien Rabier+44 20 7676 6820adrien.rabier@bernsteinsg.comNestor Wester+44 20 7676 7067nestor.wester@bernsteinsg.com Specialist SalesSteve Song+1 917 344 8401steve.song@bernsteinsg.com GE Aerospace (GE) Presenter:Douglas S. Harned (Senior Analyst, Aerospace & Defense) Date & Time:27thWednesday 2026, 11:00AM Highlights: •Oil price impact in Q2’26.GE is confident that the aftermarket trends will remain strong well into 2026. Flight cycles have beenimpacted by the Middle East disruptions and the high jet fuel prices. But, GE will continue to benefit from its rich backlog for shop visits.GE indicated that their conversations with airlines are not indicating any weakness. They also mentioned that the number of parkedplanes (indicator on potential retirements) is coming down. Demand for aftermarket is accelerating. •Beyond 2026.The backlog should protect financials for 12-18 months, even in the current situation. At the time of Q1’26 results, thevisibility was not great enough for GE to upgrade the targets for 2026, but they have not seen it worsen since then. They are confidentaftermarket growth for 2027 should be in the double-digits too. They are also willing to support airlines in case of restructuring. But theyhaven’t seen airlines try to defer repairs. GE believe that, in case of financial distress for some airlines, then engines could be reallocatedto other airlines (directly or through lessors), which would also limit the financial impact. •CFM56 profile. The outlook for CFM56 aftermarket continues to be extended. Around 30% of theCFM56fleet still has not had a firstshop visit, with 2026 workscopes described as stable. GE expected the number of shop visits to start declining (“slight fade”) after 2028,but to be offset by pricing and scope. •LEAP profitability.LEAP demand is “extremely high,” with LEAP deliveries up 63%. The significant growth in the fleet’s size and theaging profile of the engine should continue to support profitability for LEAP. The engine became profitable in the aftermarket in 2024 andwill continue to see margins expand as the share of external shop visits grows. LEAP installed base should more than double from 2025to 2030. LEAP aftermarket profit in dollars is expected to match CFM56 by 2030. •Airbus bottlenecks. The issues from 2025 are now resolved and GE’s CEO noted a more constructive relationship between CFm AndAirbus, as both companies have interest in continuing to work together on capacity increases. •RISE. The focus from airlines is increasingly shifting to durability, in addition to fuel burn efficiency. GE noted that the RISE project shouldbe able to deliver significant durability improvement, driven by the open-rotor architecture, which should be an important selling point forthe program. The program wil continue to require increasing collaboration between CFM and the airframers. •Defenseis roughly two-thirds U.S. and allies, with growth framed as MSD to HSD and a very strong book-to-bill. If the company cankeep converting that backlog and getting product out the door, management believes it has a clear path to HSD, with an additional upliftexpected once sustainment spending moves higher, likely in the 2027 budget. International defense is at least in the HSD growth rangeand has been a great opportunity particularly for F110. BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY GE Aerospace We value GE by using a terminal value four years forward based on an EV/EBITDA multiple. We adjust for net debt to arrive at anequity value, discount that to our valuation date, add the discounted value of cash distributions to shareholders between now andthe terminal date, to reach our 12-month target of $405. Our absolute multiple for GE is 30.5x EV/EBITDA. RISKS GE Aerospace For GE, downside risks relate to supply chain, Airbus and Boeing production rates, and financial performance of airlines. Shorta