The following discussion and analysis of our financial results should be read in conjunction with the condensed consolidated financial statements and corresponding notes (the “financial statements”) included elsewhere in this Quarterly Report on Form 10-Q. The following discussion and analysis provide information management believes to be relevant to understanding the financial results of GE HealthCare Technologies Inc. and its subsidiaries (“GE HealthCare,” the “Company,” “our,” “us,” or “we”) for the three and six months ended June 30, 2026 and 2025. For a full understanding of our financial condition and results of operations, the below discussion should be read alongside the Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. This discussion contains forward-looking statements that are based upon current expectations and are subject to uncertainty and changes in circumstances; see “Forward-Looking Statements.” Our actual results could differ materially from the results contemplated by these forward-looking statements due to a number of factors, including those discussed below and elsewhere in this Quarterly Report on Form 10-Q, and particularly in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The following tables are presented in millions of United States (“U.S.”) dollars unless otherwise stated, except for per-share amounts which are presented in U.S. dollars. Certain columns and rows may not sum due to the use of rounded numbers. Percentages presented are calculated from the underlying whole-dollar amounts and, unless otherwise stated, represent changes year-over-year. References to the “Spin-Off” are related to the spin-off of GE HealthCare Technologies Inc. from General Electric Company, which now operates as GE Aerospace (“GE”). In the second quarter of 2026, we made a strategic change to our executive leadership and to our segments, combining our Imaging and Advanced Visualization Solutions (“AVS”) businesses into a new operating and reportable segment, Advanced Imaging Solutions (“AIS”). Following this organizational change, GE HealthCare’s operations has three reportable segments: AIS, Pharmaceutical Diagnostics (“PDx”), and Patient Care Solutions (“PCS”), and we assessed their performance using Segment revenues and Segment EBIT. These segments have been identified based on the nature of the products sold and how the Company manages its operations. Historical segment financial information presented within this report has been recast to conform to the new reportable segment structure. For additional information on our segments, refer to Note 3, “Segment Information.” TRENDS AND FACTORS IMPACTING OUR PERFORMANCE We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and particularly in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. KEY TRENDS AFFECTING RESULTS OF OPERATIONS. Global Trade and Macroeconomic Environment Starting in February 2025, the U.S. imposed a variety of new tariffs on most imports from nearly all countries in the world. Tariffs by the U.S. and several other countries have materially impacted our financial results and should the tariffs continue at current levels, we expect to continue to see a material impact. Additional tariffs or other trade restrictions by the U.S. or by other countries where we do significant business could further materially impact our results in the future. While we are taking actions to mitigate the impact of tariffs, we do not expect that our mitigation actions will fully offset the additional costs or other negative impacts resulting from the tariffs. Tariffs negatively impacted our Operating income by $68 million and $156 million for the three and six months ended June 30, 2026, respectively, and $43 million and $52 million for the three and six months ended June 30, 2025, respectively. Our cash flows were negatively impacted by $63 million and $175 million for the three and six months ended June 30, 2026, respectively, and $87 million and $95 million for the three and six months ended June 30, 2025, respectively. These impacts are exclusive of any benefits from tariff refunds as disclosed below. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President to impose tariffs thereunder and in April 2026, U.S. Customs and Border Protection announced a new administrative process for importers to obtain refunds of certain tariffs imposed under IEEPA. In the second quarter of 2026, the Company submitted refund claims, received $107 million of refunds, and recorded a $38 million receivable for submitted claims not yet reimbursed within Receivables - net of allowances in the Condensed Consolidated Statements of Financial Position. In the second quarter of 2026, we recognized pre-tax benefits from tariff refunds of $106 million related to tariffs incurred in 2025 and $23 million related to tariffs incurred in 2026, all of which are recorded within Cost of products sold and Cost of services sold in the Condensed Consolidated Statements of Income. While the Company believes recovery of the submitted claims is probable, the ultimate amount and timing of recovery remain subject to validation and administrative processing procedures, as well as potential legal, regulatory, and administrative developments. Accordingly, actual recoveries could differ from recorded amounts. The Company intends to continue to file claims for additional tariff refunds, predominantly related to tariffs incurred in 2025. The timing and amount of any additional refunds remain uncertain and are subject to eligibility requirements, administrative processing, and other limitations. 32 Table of Contents We continue to monitor the global markets in which we operate for changes in customer behavior, changes in government procurement and reimbursement, and indirect impacts from the tariffs. Should these or other factors dampen economic growth, slow global trade, or impact inflation, we could see adverse impacts to our business as our customers adapt to the change in economic environment. We also continue to monitor potential impacts on purchasing decisions by both public and private customers in China and other markets as a result of the current trade environment, as well as other actions related to tariffs and trade frictions, investigations, or activities that could similarly increase our costs or otherwise impact our business. In addition, if negative sentiment towards U.S. companies influences the purchasing decisions of global customers, our business could be impacted materially. Other Geopolitical and Macroeconomic Uncertainties Global geopolitical instability, including the conflict in the Middle East, adversely impacted our costs, supply chains, and logistics during the second quarter of 2026. These conditions resulted in increased costs and challenges in maintaining service levels in affected areas. We continue to monitor impacts related to key raw materials directly and indirectly related to our products or delivery of our products, including memory chips, logistics (inclusive of freight), and other costs linked to the price of oil and other critical components. Sustained cost inflation or constrained availability of critical components could negatively impact our ability to both produce and deliver products to our customers in a timely manner. We continue to take action to mitigate the exposures under the current environment by securing supply and identifying opportunities to partially offset cost increases; however, if the current environment continues or deteriorates further we will continue to see adverse impacts to our results. China Market We believe the focus of government policy in China is on expanding access to healthcare. In addition, our investments to address clinical needs, localization, and commercial infrastructure should benefit our business in China in the long term. However, we continue to monitor developments in the China market, including increased competition from local companies and the prevalence of volume based procurement policies, both of which have impacted our orders and revenues and may continue to do so. Russia and Ukraine Conflict We had $190 million and $214 million of assets in, or directly related to, Russia and Ukraine as of June 30, 2026 and December 31, 2025, respectively, none of which are subject to sanctions that impact the carrying value of the assets. We generated revenues of $106 million and $123 million from customers in these two countries for the six months ended June 30, 2026 and 2025, respectively. The potential inability to repatriate earnings from these two countries will not have a material impact on our ability to operate. We continue to monitor the effects of Russia’s invasion of Ukraine, including the consideration of financial impact, cybersecurity risks, the applicability and effect of sanctions, and the employee base in Ukraine and Russia. Under the current U.S. Department of Commerce regulations, we are permitted to export, re-export, or transfer medical equipment and spare parts that meet stated criteria under a License Exception, which has eliminated the need for us to obtain individual U.S. licenses in most cases; however, licenses still may be needed for some transactions. The European Union and other countries have also expanded licensing requirements for certain spare parts, services, software, and other items. We will continue to apply for licenses to supply to these customers and to support our business in Russia, as required. The implementation of these measures affected our ability to supply customers in Russia during the six months ended June 30, 2026 and 2025 and is expected to continue to do so. There is no guarantee we will obtain all of the licenses for which we apply, that any approvals we obtain will be on a timely basis, will remain in effect, or that our business in Russia will not be further disrupted due to evolving legal or operational considerations. We will continue to assess whether developments related to the conflict have had, or are reasonably likely to have, a material impact on the Company. SUMMARY OF KEY PERFORMANCE MEASURES Management reviews and analyzes several key performance measures including Total revenues, Operating income, Net income attributable to GE HealthCare, Earnings per share, and Cash from (used for) operating activities. Management also reviews and analyzes Organic revenue*, Adjusted earnings before interest and taxes* (“Adjusted EBIT*”), Adjusted net income*, Adjusted tax expense*, Adjusted effective tax rate* (“Adjusted ETR*”), Adjusted earnings per share*, and Free cash flow*, which are non-GAAP financial measures. These measures are reviewed and analyzed in order to evaluate our business performance, identify trends affecting our business, allocate capital, and make strategic decisions, including those discussed below. See “Results of Operations” and “Liquidity and Capital Resources” below for further discussion on our key performance measures. The non-GAAP financial measures should be considered along with the most directly comparable U.S. GAAP financial measures. Definitions of these non-GAAP financial measures, a discussion of why we believe they are useful to management and investors as well as certain of their limitations, and reconciliations to their most directly comparable U.S. GAAP financial measures are provided below under “Non-GAAP Financial Measures.” ___________________ *Non-GAAP Financial Measure 33 Table of Contents RESULTS OF OPERATIONS The following tables set forth our results of operations for each of the periods presented. Condensed Consolidated Statements of Income (Unaudited) For the three months ended June 30 For the six months ended June 30 2026 2025 2026 2025 Sales of products $ 3,416 $ 3,263 $ 6,762 $ 6,380 Sales of services 1,878 1,743 3,664 3,404 Total revenues 5,295 5,007 10,425 9,784 Cost of products 2,217 2,160 4,500 4,122 Cost of services 898 863 1,769 1,665 Gross profit 2,180 1,985 4,157 3,997 Selling, general, and administrative 1,118 1,029 2,235 2,069 Research and development 323 302 668 646 Total operating expenses 1,441 1,331 2,903 2,714 Operating income 739 654 1,254 1,283 Interest and other financial charges – net 114 113 210 224 Non-operating benefit (income) costs (45) (73) (96) (148) Other (income) expense – net (22) 1 (58) (98) Income before income taxes 693 613 1,198 1,304 Benefit (provision) for income taxes (119) (113) (213) (216) Net income 573 500 985 1,088 Net (income) loss attributable to noncontrolling interests (13) (14) (35) (39) Net income attributable to GE HealthCare $ 561 $ 486 $ 950 $ 1,049 TOTAL REVENUES. Revenues by Segment For the three months ended June 30 For the six months ended June 30 2026 2025 % change % organic* change 2026 2025 % change % organic* change Segment revenues AIS $ 3,771 $ 3,493 7.9% 5.0% $ 7,410 $ 6,872 7.8% 4.5% PDx 843 729 15.6% 14.6% 1,612 1,362 18.4% 12.3% PCS 675 778 (13.3)% (13.5)% 1,379 1,531 (10.0)% (10.9)% Other(1) 6 6 24 19 Total revenues $ 5,295 $ 5,007 5.7% 3.5% $ 10,425 $ 9,784 6.6% 3.2% (1) Financial information not presented within the reportable segments, shown within the Other category, represents HealthCare Financial Services, which does not meet the definition of an operating segment. Revenues by Region For the three months ended June 30 For the six months ended June 30 2026 2025 % change 2026 2025 % change United States and Canada (“USCAN”) $ 2,476 $ 2,340 5.8% $ 4,838 $ 4,577 5.7% Europe, the Middle East, and Africa (“EMEA”) 1,348 1,268 6.3% 2,688 2,442 10.1% China region 582 563 3.4% 1,149 1,156 (0.6)% Rest of World 888 836 6.3% 1,751 1,609 8.8% Total revenues $ 5,295 $ 5,007 5.7% $ 10,425 $ 9,784 6.6% For the three months ended June 30, 2026 Total revenues were $5,295 million, growing 5.7% as reported and 3.5% organically*. Sales of products increased 4.7% or $153 million primarily driven by strong growth in PDx and AIS revenues, partially offset by declines in PCS revenues. Sales of services increased 7.7% or $135 million primarily driven by the acquisition of Intelerad and growth in new and existing customer contractual agreements. ____________________ *Non-GAAP Financial Measure 34 Table of Contents The segment revenues were as follows: •AIS segment revenues were $3,771 million, growing 7.9% or $277 million as reported due to an increase in Organic revenue* and the acquisition of Intelerad. Organic revenue* grew 5.0% driven by strong growth in CardioVascular & Interventional Solutions, Computed Tomography (“CT”), and Molecular Imaging (“MI”) product lines; •PDx segment revenues were $843 million, growing 15.6% or $114 million as reported, driven by growth in volume and price in contrast media and radiopharmaceutical products; and •PCS segment revenues were $675 million, decreasing 13.3% or $104 million, primarily driven by operational and fulfillment challenges. The regional revenues were as follows: •USCAN revenues were $2,476 million, growing 5.8% or $136 million, with growth across PDx and AIS, inclusive of Intelerad revenues, partially offset by a decline in PCS revenues; •EMEA revenues were $1,348 million, growing 6.3% or $80 million, primarily driven by growth in AIS revenues as well as favorable foreign currency impacts; •China region revenues were $582 million, growing 3.4% or $19 million, primarily driven by favorable foreign currency impacts, partially offset by a decline in PCS revenues; and •Rest of World revenues were $888 million, growing 6.3% or $52 million, primarily due to growth in AIS and PDx revenues. For the six months ended June 30, 2026 Total revenues were $10,425 million, growing 6.6% as reported and 3.2% organically*. Sales of products increased 6.0% or $381 million primarily driven by growth in PDx and AIS revenues, as well as favorable foreign currency impacts, partially offset by declines in PCS revenues. Sales of services increased 7.6% or $260 million primarily driven by growth in new and existing customer contractual agreements and the acquisition of Intelerad, as well as favorable foreign currency impacts. The segment revenues were as follows: •AIS segment revenues were $7,410 million, growing 7.8% or $538 million as reported due to an increase in Organic revenue*, favorable foreign currency impacts, and the acquisition of Intelerad. Organic revenue grew 4.5% driven by strong growth in CT and CardioVascular & Interventional Solutions product lines; •PDx segment revenues were $1,612 million, growing 18.4% or $251 million as reported, largely driven by an increase in Organic revenue* and the acquisition of Nihon Medi-Physics Co., Ltd. (“NMP”). Organic revenue* grew 12.3% driven by growth in volume and price in contrast media and radiopharmaceutical products; and •PCS segment revenues were $1,379 million, decreasing 10.0% or $153 million, primarily driven by operational and fulfillment challenges. The regional revenues were as follows: •USCAN revenues were $4,838 million, growing 5.7% or $261 million, largely driven by growth across AIS, inclusive of Intelerad revenues, and PDx revenues, partially offset by a decline in PCS revenues; •EMEA revenues were $2,688 million, growing 10.1% or $246 million with favorable foreign currency impacts as well as growth in AIS revenues; •China region revenues were $1,149 million, decreasing 0.6% or $7 million with declines in AIS and PCS revenues largely offset by favorable foreign currency impacts as well as growth in PDx revenues; and •Rest of World revenues were $1,751 million, growing 8.8% or $142 million with growth in AIS and PDx, inclusive of NMP revenues, as well as favorable foreign currency impacts. ____________________ *Non-GAAP Financial Measure 35 Table of Contents OPERATING INCOME, NET INCOME ATTRIBUTABLE TO GE HEALTHCARE, ADJUSTED EBIT*, AND ADJUSTED NET INCOME*. For the three months ended June 30 For the six months ended June 30 2026 % of Total revenues 2025 % of Total revenues % change 2026 % of Total revenues 2025 % of Total revenues % change Operating income $ 739 14.0% $ 654 13.1% 13.1% $ 1,254 12.0% $ 1,283 13.1% (2.3)% Net income attributable to GE HealthCare 561 10.6% 486 9.7% 15.5% 950 9.1% 1,049 10.7% (9.5)% Adjusted EBIT* 750 14.2% 729 14.6% 2.9% 1,440 13.8% 1,443 14.8% (0.2)% Adjusted net income* 515 9.7% 487 9.7% 5.6% 967 9.3% 951 9.7% 1.7% For the three months ended June 30, 2026 Operating income was $739 million, an increase of $86 million and 90 basis points as a percent of Total revenues. The increase was due to the following factors: •Gross profit increased $195 million or 150 basis points as a percent of Total revenues primarily due to tariff refunds, a growth in sales volume, and an increase in price, partially offset by cost inflation. Cost of products sold increased $57 million, but decreased 130 basis points as a percent of Sales of products. The decrease as a percent of sales was driven primarily by tariff refunds and a growth in volume, partially offset by cost inflation and investment in design follow-through. Cost of services sold increased $35 million but decreased 170 basis points as a percent of Sales of services. The decrease as a percent of sales was driven by an increase in the pricing of our service offerings and tariff refunds, partially offset by cost inflation. Included in our total cost of revenues as part of our product investment was $139 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $128 million for the prior year comparable period; and •Total operating expenses increased $110 million primarily due to an increase in Selling, general, and administrative (“SG&A”) expense of $89 million, primarily driven by expenses related to our recent acquisitions and increased employee benefit costs, and an increase in Research and development (“R&D”) of $21 million, due to investments including those related to recent acquisitions, partially offset by certain programs achieving development milestones resulting in costs to be reported under cost of revenues. SG&A as a percentage of Total revenues increased by 60 basis points and R&D as a percentage of Total revenues increased by 10 basis points. Net income attributable to GE HealthCare and Net income margin were $561 million and 10.6%, an increase of $75 million and 90 basis points, respectively, primarily due to the following factors: •Operating income increased $86 million, as discussed above; •Non-operating benefit income decreased $28 million primarily due to lower current year amortization of postretirement benefit plan other comprehensive income; •Other income – net increased $23 million primarily driven by an increase in Other items, net, and lower Change in fair value of assumed obligations, as disclosed in Note 16, “Supplemental Financial Information”; and •Provision for income taxes increased $7 million primarily due to higher earnings in 2026 offset by reconciling adjustments to recorded tax account balances. For additional detail regarding our income taxes, see Note 10, “Income Taxes.” Adjusted EBIT* and Adjusted EBIT margin* were $750 million and 14.2%, an increase of $21 million, but a decrease of 40 basis points as a percent of Total revenues. The decrease as a percent of Total revenues was primarily due to cost inflation and planned investments, partially offset by a growth in sales volume. The impact of incremental year-over-year tariff expense was offset by tariff refunds relating to 2026. Adjusted net income* was $515 million, an increase of $27 million primarily due to an increase in Adjusted EBIT*, as discussed above. For the six months ended June 30, 2026 Operating income was $1,254 million, a decrease of $29 million and 110 basis points as a percent of Total revenues. The decrease was due to the following factors: ____________________ *Non-GAAP Financial Measure 36 Table of Contents •Gross profit increased $160 million but decreased 100 basis points as a percent of Total revenues. The decrease as a percent of Total revenues was primarily due to an increase in Cost of products. Cost of products sold increased $378 million or 190 basis points as a percent of Sales of products. The increase as a percent of sales was largely driven by cost inflation, investment in design follow-through, and a now resolved PDx supplier issue, partially offset by tariff refunds. Cost of services sold increased $104 million but decreased 60 basis points as a percent of Sales of services. The decrease as a percent of sales was largely driven by an increase in pricing of our service offerings, partially offset by cost inflation, with tariff refunds offsetting the incremental year-over-year tariff expense. Included in our total cost of revenues as part of our product investment was $267 million in engineering costs for design follow-through on new product introductions and product lifecycle maintenance subsequent to the initial product launch, compared to $224 million for the prior year comparable period; and •Total operating expenses increased $189 million, with an increase in SG&A expense of $166 million primarily driven by expenses related to recent acquisitions and foreign currency movements, and an increase in R&D investments of $23 million, primarily driven by foreign currency movements and investments including those related to recent acquisitions, partially offset by certain programs achieving development milestones resulting in costs to be reported under cost of revenues. SG&A as a percentage of Total revenues increased by 30 basis points and R&D as a percentage of Total revenues decreased by 20 basis points. Net income attributable to GE HealthCare and Net income margin were $950 million and 9.1%, a decrease of $100 million and 160 basis points respectively, primarily due to the following factors: •Operating income decreased $29 million, as discussed above; •Interest and other financial charges – net decreased $14 million primarily driven by efficient management of the debt profile; •Non-operating benefit income decreased $52 million primarily related to lower current year amortization of postretirement benefit plan other comprehensive income; •Other income – net decreased $39 million primarily driven by the non-repeat of the prior year remeasurement of the Company’s 50% interest in NMP based on the cash consideration exchanged for acquiring the remaining 50% equity interest, partially offset by income from contract settlements in the first quarter. For additional detail refer to Note 16, “Supplemental Financial Information”; and •Provision for income taxes decreased $3 million primarily due to reconciling adjustments to recorded tax account balances booked in the current year, and non-recurring prior year benefits from the release of foreign income tax reserves and a nontaxable remeasurement gain in connection with the NMP acquisition. For additional detail regarding our income taxes, see Note 10, “Income Taxes.” Adjusted EBIT* and Adjusted EBIT margin* were $1,440 million and 13.8%, a decrease of $3 million and 90 basis points, respectively, primarily due to a decrease in operating income, as discussed above. Adjusted net income* was $967 million, an increase of $16 million primarily due to lower Interest and other financial charges – net. RESULTS OF OPERATIONS – SEGMENTS We exclude from Segment EBIT certain corporate-related expenses and certain transactions or adjustments that our Chief Operating Decision Maker considers to be non-operational, such as Interest and other financial charges – net, Benefit (provision) for income taxes, restructuring costs, acquisition and disposition-related benefits (charges), Spin-Off and separation costs and other adjustments, Non-operating benefit (income) costs, gain (loss) on business and asset dispositions, amortization of acquisition-related intangible assets, Net (income) loss attributable to noncontrolling interests, Income (loss) from discontinued operations, net of taxes, investment revaluation gain (loss), and other non-recurring items such as refunds for tariffs incurred in prior years. See Note 3, “Segment Information” for additional information on our reportable segments, and “Results of Operations” above for discussion on segment revenue performance. Segment EBIT For the three months ended June 30 For the six months ended June 30 2026 % of segment revenues 2025 % of segment revenues % change 2026 % of segment revenues 2025 % of segment revenues % change AIS $ 525 13.9 % $ 455 13.0 % 15.4 % $ 1,004 13.5 % $ 914 13.3 % 9.8 % PDx 250 29.6 % 213 29.3 % 16.9 % 446 27.7 % 418 30.7 % 6.7 % PCS (26) (3.8) % 60 7.7 % (143.0) % (16) (1.2) % 108 7.0 % (114.8) % ____________________ *Non-GAAP Financial Measure 37 Table of Contents For the three months ended June 30, 2026 •AIS Segment EBIT was $525 million, an increase of $70 million due to a growth in sales volume and an increase in price, partially offset by cost inflation. The impact of incremental year-over-year tariff expense was offset by tariff refunds relating to 2026; •PDx Segment EBIT was $250 million, an increase of $36 million due to a growth in sales volume and an increase in price, partially offset by planned investments; and •PCS Segment EBIT was $(26) million, a decrease of $85 million due to a decline in sales volume and cost inflation. For the six months ended June 30, 2026 •AIS Segment EBIT was $1,004 million, an increase of $89 million due to a growth in sales volume and contract settlements, partially offset by cost inflation, including the impact of incremental tariffs; •PDx Segment EBIT was $446 million, an increase of $28 million due to a growth in sales volume and an increase in price, partially offset by a now resolved supplier issue and planned investments; and •PCS Segment EBIT was $(16) million, a decrease of $124 million due to a decline in sales volume and cost inflation. NON-GAAP FINANCIAL MEASURES The non-GAAP financial measures presented in this Quarterly Report on Form 10-Q are supplemental measures of our performance and our liquidity that we believe will help investors understand our financial condition, cash flows, and operating results, and assess our future prospects. When read in conjunction with our U.S. GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as one basis for making financial, operational, and planning decisions. Descriptions of the reported non-GAAP measures are included below. We report Organic revenue and Organic revenue growth rate to provide management and investors with additional understanding and visibility into the underlying revenue trends of our established, ongoing operations, as well as provide insights into overall demand for our products and services. To calculate these measures, we exclude the effect of acquisitions, dispositions, and foreign currency rate fluctuations. We report EBIT, Adjusted EBIT, Adjusted EBIT margin, Adjusted net income, and Adjusted earnings per share to provide management and investors with an additional understanding of our business by highlighting the results from ongoing operations and the underlying profitability factors, on a normalized basis. To calculate these measures we exclude, and reflect in the detailed reconciliations below, the following adjustments as applicable: Interest and other financial charges – net, Net (income) loss attributable to noncontrolling interests, Non-operating benefit (income) costs, Benefit (provision) for income taxes and certain tax related adjustments, and certain non-recurring and/or non-cash items. We may from time to time consider excluding other non-recurring items to enhance comparability between periods. Adjusted EBIT margin is calculated by taking Adjusted EBIT divided by Total revenues for the same period. We report Adjusted tax expense and Adjusted ETR to provide management and investors with a better understanding of the normalized tax rate applicable to our business and provide more consistent comparability across periods. Adjusted tax expense excludes the income tax related to the pre-tax income adjustments included as part of Adjusted net income and certain income tax adjustments, such as adjustments to deferred tax assets or liabilities. We may from time to time consider excluding other non-recurring tax items to enhance comparability between periods. Adjusted ETR is Adjusted tax expense divided by income before income taxes less the pre-tax income adjustments referenced above. We report Free cash flow to provide management and investors with an important measure of our ability to generate cash on a normalized basis and provide insight into our flexibility to allocate capital. Free cash flow is Cash from (used for) operating activities – continuing operations including cash flows related to the additions and dispositions of property, plant, and equipment (“PP&E”) and additions of internal-use software. Free cash flow does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the capital required for debt repayments. Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes. In order to compensate for the discussed limitations, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with U.S. GAAP. The detailed reconciliations of each non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure are provided below, and no single financial measure should be relied on to evaluate our business. ____________________ *Non-GAAP Financial Measure 38 Table of Contents Organic Revenue* For the three months ended June 30 For the six months ended June 30 2026 2025 % change 2026 2025 % change AIS revenues $ 3,771 $ 3,493 7.9% $ 7,410 $ 6,872 7.8% Less: Acquisitions(1) 62 — 72 — Less: Dispositions(2) — — — — Less: Foreign currency exchange 41 — 156 — AIS Organic revenue* $ 3,668 $ 3,493 5.0% $ 7,182 $ 6,872 4.5% PDx revenues $ 843 $ 729 15.6% $ 1,612 $ 1,362 18.4% Less: Acquisitions(1) — — 50 1 Less: Dispositions(2) — — — — Less: Foreign currency exchange 8 — 35 — PDx Organic revenue* $ 835 $ 729 14.6% $ 1,527 $ 1,360 12.3% PCS revenues $ 675 $ 778 (13.3)% $ 1,379 $ 1,531 (10.0)% Less: Acquisitions(1) — — — — Less: Dispositions(2) — — — — Less: Foreign currency exchange 2 — 14 — PCS Organic revenue* $ 673 $ 778 (13.5)% $ 1,365 $ 1,531 (10.9)% Other revenues $ 6 $ 6 3.8% $ 24 $ 19 27.1% Less: Acquisitions(1) — — — — Less: Dispositions(2) — — — — Less: Foreign currency exchange — — — — Other Organic revenue* $ 6 $ 6 3.8% $ 24 $ 19 27.1% Total revenues $ 5,295 $ 5,007 5.7% $ 10,425 $ 9,784 6.6% Less: Acquisitions(1) 62 — 122 1 Less: Dispositions(2) — — — — Less: Foreign currency exchange 51 — 205 — Organic revenue* $ 5,182 $ 5,007 3.5% $ 10,098 $ 9,783 3.2% (1) Represents revenues attributable to acquisitions from the date the Company completed the transaction through the end of four quarters following the transaction, excluding the impact of Foreign currency exchange already captured in lines elsewhere. (2) Represents revenues attributable to dispositions for the four quarters preceding the disposition date. __________________ *Non-GAAP Financial Measure 39 Table of Contents Adjusted EBIT* For the three months ended June 30 For the six months ended June 30 2026 2025 % change 2026 2025 % change Net income attributable to GE HealthCare $ 561 $ 486 15.5% $ 950 $ 1,049 (9.5)% Add: Interest and other financial charges – net 114 113 210 224 Add: Non-operating benefit (income) costs (45) (73) (96) (148) Less: Benefit (provision) for income taxes (119) (113) (213) (216) Less: Net (income) loss attributable to noncontrolling interests (13) (14) (35) (39) EBIT* 761 653 16.7% 1,312 1,380 (5.0)% Add: Restructuring costs(1) 27 18 76 40 Add: Acquisition and disposition-related charges (benefits)(2) 11 7 46 15 Add: Spin-Off and separation costs and other adjustments(3) (5) 5 (2) 29 Add: (Gain) loss on business and asset dispositions(4) — 5 — (5) Add: Amortization of acquisition-related intangible assets 61 40 108 75 Add: Investment revaluation (gain) loss(5) — 1 8 (92) Less: Tariff refunds(6) 106 — 106 — Adjusted EBIT* $ 750 $ 729 2.9% $ 1,440 $ 1,443 (0.2)% Net income margin 10.6% 9.7% 90 bps 9.1% 10.7% (160) bps Adjusted EBIT margin* 14.2% 14.6% (40) bps 13.8% 14.8% (90) bps (1) Consists of severance, facility closures, and other charges associated with restructuring programs. (2) Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions. (3) Costs and other adjustments related to the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. (4) Consists of gains and losses resulting from the sale of assets and investments. (5) Primarily relates to valuation adjustments for equity investments and for the six months ended June 30, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction. (6) Consists of the pre-tax impact of refunds pertaining to IEEPA tariffs incurred in the year ended December 31, 2025. __________________ *Non-GAAP Financial Measure 40 Table of Contents Adjusted Net Income* For the three months ended June 30 For the six months ended June 30 2026 2025 % change 2026 2025 % change Net income attributable to GE HealthCare $ 561 $ 486 15.5% $ 950 $ 1,049 (9.5)% Add: Non-operating benefit (income) costs (45) (73) (96) (148) Add: Restructuring costs(1) 27 18 76 40 Add: Acquisition and disposition-related charges (benefits)(2) 11 7 46 15 Add: Spin-Off and separation costs and other adjustments(3) (5) 5 (2) 34 Add: (Gain) loss on business and asset dispositions(4) — 5 — (5) Add: Amortization of acquisition-related intangible assets 61 40 108 75 Add: Investment revaluation (gain) loss(5) — 1 8 (92) Less: Tariff refunds(6) 106 — 106 — Add: Tax effect of reconciling items(7) 11 (1) (8) (1) Add: Spin-Off and other tax adjustments(8) — — (7) (18) Adjusted net income* $ 515 $ 487 5.6% $ 967 $ 951 1.7% (1) Consists of severance, facility closures, and other charges associated with restructuring programs. (2) Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions. (3) Costs and other adjustments related to the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. For the six months ended June 30, 2025, an adjustment is included to eliminate the associated impact on Net (income) loss attributable to noncontrolling interests for applicable costs that impact earnings attributable to noncontrolling interests. (4) Consists of gains and losses resulting from the sale of assets and investments. (5) Primarily relates to valuation adjustments for equity investments and for the six months ended June 30, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction. (6) Consists of the pre-tax impact of refunds pertaining to IEEPA tariffs incurred in the year ended December 31, 2025. The associated tax effect is presented on the Tax effect of reconciling items line. The net of tax impact of tariff refunds is $81 million for the three and six months ended June 30, 2026. (7) The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction. (8) Consists of certain income tax adjustments, including foreign income tax reserve releases and discrete tax impacts resulting from the Spin-Off and separation from GE and for the six months ended June 30, 2025, includes tax impacts of the NMP acquisition. ___________________ *Non-GAAP Financial Measure 41 Table of Contents Adjusted Earnings Per Share* For the three months ended June 30 For the six months ended June 30 (In dollars, except shares outstanding presented in millions) 2026 2025 $ change 2026 2025 $ change Diluted earnings per share $ 1.24 $ 1.06 $ 0.18 $ 2.08 $ 2.29 $ (0.20) Add: Non-operating benefit (income) costs (0.10) (0.16) (0.21) (0.32) Add: Restructuring costs(1) 0.06 0.04 0.17 0.09 Add: Acquisition and disposition-related charges (benefits)(2) 0.02 0.02 0.10 0.03 Add: Spin-Off and separation costs and other adjustments(3) (0.01) 0.01 (0.01) 0.07 Add: (Gain) loss on business and asset dispositions(4) — 0.01 — (0.01) Add: Amortization of acquisition-related intangible assets 0.13 0.09 0.24 0.16 Add: Investment revaluation (gain) loss(5) — 0.00 0.02 (0.20) Less: Tariff refunds(6) 0.23 — 0.23 — Add: Tax effect of reconciling items(7) 0.02 (0.00) (0.02) (0.00) Add: Spin-Off and other tax adjustments(8) — — (0.02) (0.04) Adjusted earnings per share* $ 1.13 $ 1.06 $ 0.07 $ 2.12 $ 2.07 $ 0.05 Diluted weighted-average shares outstanding 454 458 456 459 (1) Consists of severance, facility closures, and other charges associated with restructuring programs. (2) Consists of legal, consulting, and other transaction and integration fees, and adjustments to contingent consideration, as well as other purchase accounting related charges and other costs directly related to the transactions. (3) Costs and other adjustments related to the Spin-Off and separation from GE, including system implementations, audit and advisory fees, legal entity separation, Founders Grant equity awards, separation agreements with GE, and other one-time costs. For the six months ended June 30, 2025, an adjustment is included to eliminate the associated impact on Net (income) loss attributable to noncontrolling interests for applicable costs that impact earnings attributable to noncontrolling interests. (4) Consists of gains and losses resulting from the sale of assets and investments. (5) Primarily relates to valuation adjustments for equity investments and for the six months ended June 30, 2025, includes the impact from the revaluation of our existing 50% interest in NMP as part of the acquisition transaction. (6) Consists of the pre-tax impact of refunds pertaining to IEEPA tariffs incurred in the year ended December 31, 2025. The associated tax effect is presented on the Tax effect of reconciling items line. The net of tax impact of tariff refunds is $0.18 for the three and six months ended June 30, 2026. (7) The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction. (8) Consists of certain income tax adjustments, including foreign income tax reserve releases and discrete tax impacts resulting from the Spin-Off and separation from GE and for the six months ended June 30, 2025, includes tax impacts of the NMP acquisition. Adjusted Tax Expense* and Adjusted ETR* For the three months ended June 30 For the six months ended June 30 2026 2025 2026 2025 Benefit (provision) for income taxes $ (119) $ (113) $ (213) $ (216) Add: Tax effect of reconciling items(1) 11 (1) (8) (1) Add: Spin-Off and other tax adjustments(2) — — (7) (18) Adjusted tax expense* $ (108) $ (114) $ (229) $ (235) Effective tax rate 17.2% 18.4% 17.8% 16.6% Adjusted effective tax rate* 17.1% 18.5% 18.6% 19.3% (1) The tax effect of reconciling items is calculated using the statutory tax rate, taking into consideration the nature of the items and the relevant taxing jurisdiction. (2) Consists of certain income tax adjustments, including foreign income tax reserve releases and discrete tax impacts resulting from the Spin-Off and separation from GE and for the six months ended June 30, 2025, includes tax impacts of the NMP acquisition. Free Cash Flow* For the six months ended June 30 2026 2025 % change Cash from (used for) operating activities $ 458 $ 344 33.0% Add: Additions to PP&E and internal-use software (278) (238) Add: Dispositions of PP&E — — Free cash flow* $ 180 $ 106 70.0% ___________________ *Non-GAAP Financial Measure 42 Table of Contents LIQUIDITY AND CAPITAL RESOURCES As of June 30, 2026, our Cash, cash equivalents, and restricted cash balance in the Condensed Consolidated Statements of Financial Position was $2,105 million. We have historically generated positive cash flows from operating activities. Additionally, we have access to revolving credit facilities of $3,500 million in aggregate, described in detail in Note 8, “Borrowings.” We believe that our existing balance of Cash, cash equivalents, and restricted cash, future cash generated from operating activities, access to capital markets, and existing credit facilities will be sufficient to meet the needs of our current and ongoing operations, pay taxes due, service our existing debt, and fund investments in our business for at least the next 12 months. The following table summarizes our cash flows for the periods presented: Cash Flow For the six months ended June 30 2026 2025 Cash from (used for) operating activities $ 458 $ 344 Cash from (used for) investing activities (2,615) (630) Cash from (used for) financing activities (215) 1,075 Free cash flow* 180 106 Operating Activities Cash generated from operating activities in the six months ended June 30, 2026 was $458 million and included Net income of $985 million, non-cash charges for depreciation and amortization expense of $313 million, and $840 million in net outflows from changes in assets and liabilities. The changes in assets and liabilities are primarily driven by an increase in inventories to meet business demand, compensation and benefit payments, and company-funded payments for postretirement benefit plans. Cash generated from operating activities includes a negative impact, net of refunds received, of $68 million from incremental tariffs. Cash generated from operating activities in the six months ended June 30, 2025 was $344 million and included Net income of $1,088 million, adjusted for non-cash items including depreciation and amortization expense of $284 million, the gain on remeasurement of NMP equity method investment of $97 million, and $930 million in net outflows from changes in assets and liabilities. The changes in assets and liabilities are primarily driven by compensation and benefit payments, company-funded benefit payments for postretirement benefit plans, an increase in inventories to meet business demand, and a decrease in accounts payable, partially offset off by a decrease in current receivables primarily from collections. Investing Activities Cash used for investing activities in the six months ended June 30, 2026 was $2,615 million and primarily included purchases of businesses, net of cash acquired, of $2,293 million related to the acquisition of Intelerad and Additions to PP&E and internal-use software of $278 million related mostly to investments in facilities, including manufacturing capacity expansion, and new product introductions. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the Intelerad acquisition. Cash used for investing activities in the six months ended June 30, 2025 was $630 million and primarily included purchases of businesses, net of cash acquired, of $279 million largely related to the acquisition of the remaining 50% interest in NMP, additions to PP&E and internal-use software of $238 million related mostly to new product introductions and manufacturing capacity expansion, and a payment of $178 million for settlement of cross-currency swaps that were designated in net investment hedges. Refer to Note 7, “Acquisitions, Goodwill, and Other Intangible Assets” for additional information on the NMP acquisition. Financing Activities Cash used for financing activities in the six months ended June 30, 2026 was $215 million and primarily included $300 million for repurchases of common stock, partially offset by a net increase in borrowings of $150 million. The net increase in borrowings was primarily driven by $1,150 million of net proceeds from borrowings of $650 million under our Delayed Draw Term Loan and $500 million under our 364-day senior unsecured revolving credit facility, partially offset by $1,000 million from repayments of $500 million of our Term Loan Facility upon maturity and $500 million under our 364-day senior unsecured revolving credit facility. Refer to Note 8, “Borrowings” and Note 11, “Shareholders' Equity” for further information. Cash generated from financing activities in the six months ended June 30, 2025 was $1,075 million and primarily included $1,487 million of net proceeds from the issuance of $650 million aggregate principal amount of senior unsecured notes due in 2031 and $850 million aggregate principal amount of senior unsecured notes due in 2035, partially offset by repayment of $250 million of our outstanding Term Loan Facility, and repurchase of common stock for total consideration of $100 million. ___________________ *Non-GAAP Financial Measure 43 Table of Contents Material Cash Requirements In the normal course of business, we enter into contracts and commitments that obligate us to make payments in the future. Information regarding our obligations under lease and other commitments is provided in Note 7, “Leases” and Note 14, “Commitments, Guarantees, Product Warranties, and Other Loss Contingencies” to the consolidated financial statements contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. We also have material cash requirements related to our debt commitments as described in Note 8, “Borrowings” and our pension obligations as described in Note 9, “Postretirement Benefit Plans.” Debt and Credit Facilities As part of our capital structure, we have incurred debt. The servicing of this debt is supported by cash flows from our operations. As of June 30, 2026, we had $10,093 million of total debt compared to $10,003 million as of December 31, 2025. The net increase in debt was due primarily to the $650 million drawdown of the Delayed Draw Term Loan Facility, partially offset by the $500 million repayment of the Term Loan Facility upon maturity. Our Credit Facilities include a five-year senior unsecured revolving facility that provides borrowings of up to $3,000 million expiring in March 2030, a 364-day senior unsecured revolving facility that provides borrowings of up to $500 million expiring in February 2027, and a Delayed Draw Term Loan Facility with an aggregate committed amount of $650 million maturing in March 2029. As of June 30, 2026, there were no outstanding borrowings on either of the senior unsecured revolving credit facilities and $650 million outstanding on the Delayed Draw Term Loan Facility. Additional information on our debt and Credit Facilities, including definitions of the terms used above, is included in Note 8, “Borrowings.” The Credit Facilities include various customary covenants that limit, among other things, the incurrence of liens securing debt, the entry into certain fundamental change transactions by GE HealthCare, and the maximum permitted consolidated net leverage ratio. As of June 30, 2026, we were in compliance with the covenant requirements, including the maximum permitted consolidated net leverage ratio. Access to Capital and Credit Ratings We plan to continue to rely on capital markets, and we expect to have access to credit facilities to fund our operations. The cost and availability of debt financing will be influenced by our credit ratings and market conditions. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS For a discussion of recently issued accounting standards, see Note 1, “Organization and Basis of Presentation.” CRITICAL ACCOUNTING ESTIMATES There have been no material changes to the critical accounting estimates disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.