RTX : Q1 2024 RTX Earnings Conference Call Presentation

1Q 2024 Earnings Conference Call

April 23, 2024

© 2024 RTX Corporation. All rights reserved.

Forward-Looking Statements

Note: All results and expectations in the presentation reflect continuing operations unless otherwise noted.

This press release contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward- looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide RTX Corporation ("RTX") management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid and are not statements of historical fact. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "goals," "objectives," "confident," "on track," "designed to" and other words of similar meaning. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax payments and rates, research and development spending, cost savings, other measures of financial performance, potential future plans, strategies or transactions, credit ratings and net indebtedness, the Pratt powder metal matter and related matters and activities, including without limitation other engine models that may be impacted, anticipated benefits to RTX of its segment realignment, pending disposition Collins' actuation and flight control business, the merger (the "merger") between United Technologies Corporation ("UTC") and Raytheon Company ("Raytheon") or the spin-offs by UTC of Otis Worldwide Corporation and Carrier Global Corporation into separate independent companies (the "separation transactions") in 2020, targets and commitments (including for share repurchases or otherwise), and other statements that are not solely historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, we claim the protection of the safe harbor for forward- looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of changes in economic, capital market and political conditions in the U.S. and globally, such as from the global sanctions and export controls with respect to Russia, and any changes therein, including related to financial market conditions, banking industry disruptions, fluctuations in commodity prices or supply (including energy supply), inflation, interest rates and foreign currency exchange rates, disruptions in global supply chain and labor markets, and geopolitical risks; (2) risks associated with U.S. government sales, including changes or shifts in defense spending due to budgetary constraints, spending cuts resulting from sequestration, a continuing resolution, a government shutdown, the debt ceiling or measures taken to avoid default, or otherwise, and uncertain funding of programs; (3) risks relating to our performance on our contracts and programs, including our ability to control costs, and our inability to pass some or all costs on fixed price contracts through to the customer; (4) challenges in the development, production, delivery, support, and performance of RTX advanced technologies and new products and services and the realization of the anticipated benefits (including our expected returns under customer contracts), as well as the challenges of operating in RTX's highly-competitive industries; (5) risks relating to RTX's reliance on U.S. and non-U.S. suppliers and commodity markets, including the effect of sanctions, delays and disruptions in the delivery of materials and services to RTX or its suppliers and price increases; (6) risks relating to RTX international operations from, among other things, changes in trade policies and implementation of sanctions, foreign currency fluctuations, economic conditions, political factors, sales methods, and U.S. or local government regulations; (7) the condition of the aerospace industry; (8) the ability of RTX to attract, train and retain qualified personnel and maintain its culture and high ethical standards, and the ability of our personnel to continue to operate our facilities and businesses around the world; (9) the scope, nature, timing and challenges of managing acquisitions, investments, divestitures and other transactions, including the realization of synergies and opportunities for growth and innovation, the assumption of liabilities and other risks and incurrence of related costs and expenses, and risks related to completion of announced divestitures; (10) compliance with legal, environmental, regulatory and other requirements, including, among other things, export and import requirements such as the International Traffic in Arms Regulations and the Export Administration Regulations, anti-bribery and anticorruption requirements, such as the Foreign Corrupt Practices Act, industrial cooperation agreement obligations, and procurement and other regulations in the U.S. and other countries in which RTX and its businesses operate; (11) the outcome of pending, threatened and future legal proceedings, investigations and other contingencies, including those related to U.S. government audits and disputes; (12) factors that could impact RTX's ability to engage in desirable capital-raising or strategic transactions, including its credit rating, capital structure, levels of indebtedness and related obligations, capital expenditures and research and development spending, and capital deployment strategy including with respect to share repurchases, and the availability of credit, borrowing costs, credit market conditions, and other factors; (13) uncertainties associated with the timing and scope of future repurchases by RTX of its common stock, including the ability to complete the accelerated share repurchase ("ASR"), the purchase price of the shares acquired pursuant to the ASR agreement, and the timing and duration of the ASR program or declarations of cash dividends, which may be discontinued, accelerated, suspended or delayed at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (14) risks relating to realizing expected benefits from, incurring costs for, and successfully managing, the Company's segment realignment effective July 1, 2023, and other RTX strategic initiatives such as cost reduction, restructuring, digital transformation and other operational initiatives; (15) risks of additional tax exposures due to new tax legislation or other developments, in the U.S. and other countries in which RTX and its businesses operate; (16) risks relating to addressing the identified rare condition in powder metal used to manufacture certain Pratt & Whitney engine parts requiring accelerated removals and inspections of a significant portion of the PW1100G-JM Geared Turbofan (GTF) fleet, including, without limitation, the number and expected timing of shop visits, inspection results and scope of work to be performed, turnaround time, availability of new parts, available capacity at overhaul facilities, outcomes of negotiations with impacted customers, and risks related to other engine models that may be impacted by the powder metal matter, and in each case the timing and costs relating thereto, as well as other issues that could impact RTX product performance, including quality, reliability or durability; (17) changes in production volumes of one or more of our significant customers as a result of business or other challenges, and the resulting effect on its or their demand for our products and services; (18) risks relating to a RTX product safety failure or other failure affecting RTX's or its customers' or suppliers' products or systems; (19) risks relating to cybersecurity, including cyber-attacks on RTX's information technology infrastructure, products, suppliers, customers and partners, and cybersecurity-related regulations; (20) threats to RTX facilities and personnel, as well as other events outside of RTX's control such as public health crises, damaging weather or other acts of nature; (21) the effect of changes in accounting estimates for our programs on our financial results; (22) the effect of changes in pension and other postretirement plan estimates and assumptions and contributions; (23) risks relating to an impairment of goodwill and other intangible assets; (24) the effects of climate change and changing climate-related regulations, customer and market demands, products and technologies; and (25) the intended qualification of (i) the merger as a tax-free reorganization and (ii) the separation transactions and other internal restructurings as tax-free to UTC and former UTC shareowners, in each case, for U.S. federal income tax purposes. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the reports of RTX, UTC and Raytheon on Forms S-4,10-K,10-Q and 8-K filed with or furnished to the Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and RTX assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

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1Q 2024 Highlights

Sales up 12% organically* year-over-year with 10% adjusted segment operating profit* growth

Commercial OE sales up 33% year-over-year

Commercial aftermarket sales up 11% year-over-year;

Collins up 14% and Pratt up 9%

Defense sales up 7% year-over-year

Record RTX backlog of $202B; Received over $25B of new awards; 1.34 Q1 book-to-bill

Completed the previously announced divestiture of our

Cybersecurity business in Q1 with gross proceeds of $1.3B

Pratt & Whitney executing fleet management plans; financial and operational impact remains consistent with prior guidance

Strong topline with organic sales growth* across all three businesses

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*See Appendix for additional information regarding these non-GAAP financial measures

CORE in Action

In Focus - Customer Oriented Results and Excellence

Collins Aerospace	Raytheon		Pratt & Whitney

Drove 8% improvement in on-time	Achieved 40% reduction in	Reduced preliminary design
delivery via 100 CORE projects across seven	manufacturing hours per unit on circuit	review execution by 3 months
A320neo nacelle factories.	cards for the TPY-2 program leveraging CORE.	with implementation of Agile methods.

Opportunity: 25M assembly and test hours | 14,000 product suppliers | 167 manufacturing sites

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1Q 2024

Sales

EPS

Cash Flow

12% organic

growth*

$19.3B

$17.2B

GAAP

Up 32%

$1.28

Adjusted*

Up 10%

$1.34

$1.22

Operating	CapEx	Free Cash
Cash Flow		Flow*

20232024

$0.97

2023	2024	2023	2024
			2023	2024
		Excludes:
		Acq. Accounting Adj.	($0.26)	($0.29)
		Restructuring	($0.02)	($0.02)
		Other	$0.03	$0.25

$342M

($467M) ($125M)

Strong backlog of $202B, up 12% year-over-year

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*See Appendix for additional information regarding these non-GAAP financial measures.

1Q 2024 Collins Aerospace Results

($ millions)

Highlights

• Organic sales* up 9%
• Adjusted sales* up 9%

• 1. Commercial aftermarket up 14%
  1. Commercial OE up 14%
  1. Defense up 1%
• Adjusted operating profit* up 16%
• 1. Higher commercial aftermarket volume
  1. Unfavorable OE mix
  1. Higher space program costs
  1. Higher R&D expense

	Reported	Adjusted*	YOY Var.*
Sales	$6,673	$6,673	9%
Operating Profit	$849	$1,048	16%
ROS	12.7%	15.7%	90 bps

Collins Aerospace was selected by HNA Aviation Group to provide nacelle maintenance, repair, and overhaul (MRO) services to the air service providers' subsidiaries. Each agreement between the HNA Aviation Group airlines and Collins' MRO facility in Tianjin, China, includes preferred nacelle MRO services for A320 and A320neo aircraft including the Pratt & Whitney V2500 and 1100G engines.

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*See Appendix for additional information regarding these non-GAAP financial measures

1Q 2024 Pratt & Whitney Results

($ millions)

Highlights

• Organic sales* up 23%
• Adjusted sales* up 23%

• 1. Commercial OE up 64%
  1. Military up 21%
  1. Commercial aftermarket up 9%
• Adjusted operating profit* down 1%
• 1. Favorable commercial OE mix and increased deliveries

1. Higher commercial aftermarket volume and unfavorable mix

1. Higher military volume and favorable mix

1. Absence of a prior year favorable contract matter

1. Higher R&D and SG&A expenses

	Reported	Adjusted*	YOY Var.*
Sales	$6,456	$6,456	23%
Operating Profit	$412	$430	(1%)
ROS	6.4%	6.7%	(160 bps)

In March, Pratt & Whitney announced Icelandair selected GTF engines to power up to 35 Airbus A320neo family aircraft, making it a first-time GTF customer. During the quarter, the GTF engine garnered over 200 orders and commitments from customers, including Breeze Airways, Cebu Pacific, JetSMART and Vietjet.

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*See Appendix for additional information regarding these non-GAAP financial measures

1Q 2024 Raytheon Results

Highlights

• Organic sales* up 6%
• Adjusted sales* up 6%

• 1. Higher volume on land and air defense systems and advanced technology programs
• Adjusted operating profit* up 8%
• 1. Higher volume

• 1. Improved net productivity
  1. Unfavorable mix
• 1Q book-to-bill ratio 1.23
• 1. $1.7B Three GEM-T awards
  1. $1.6B Classified bookings
  1. $1.2B Germany Patriot
• Backlog $53 billion**
• Completed the divestiture of the Cybersecurity business

			($ millions)
	Reported	Adjusted*	YOY Var.*
Sales	$6,659	$6,659	6%
Operating Profit	$996	$630	8%
ROS	15.0%	9.5%	20 bps

Germany has awarded Raytheon a $1.2 billion contract for new Patriot radars, launchers, command and control stations, associated spares, and support. These systems will augment Germany's existing air defense infrastructure with additional Patriot equipment. Patriot is the backbone of air defense for 19 countries, including Germany, the U.S. and Ukraine.

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*See Appendix for additional information regarding these non-GAAP financial measures

**Included in the backlog is a $1.1 billion reduction related to the divestiture of the Cybersecurity business

Strong and Balanced A&D Portfolio

Collins Aerospace	Pratt & Whitney	Raytheon

Full Year Outlook

Sales

$78.0B - $79.0B

Organic sales growth %* 7% - 8%

Adjusted EPS*

$5.25 - $5.40

Free Cash Flow*

~$5.7B

Reaffirming full year 2024 outlook

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*See Appendix for additional information regarding these non-GAAP financial measures