- Q1 FY 2022: Revenue €3.159 billion, up 5 percent on preceding quarter and 20 percent year-on-year; Segment Result €717 million; Segment Result Margin 22.7 percent; Free Cash Flow €378 million

- Outlook for Q2 FY 2022: Based on an assumed exchange rate of US$1.15 to the euro, revenue of around €3.2 billion predicted. On this basis, Segment Result Margin likely to come in at around 22 percent

- Outlook for FY 2022: Based on an assumed exchange rate of US$1.15 to the euro (previously US$1.20), revenue of €13.0 billion, plus or minus €500 million, now forecast for 2022 fiscal year. At mid-point of guided revenue range, Segment Result Margin of about 22 percent predicted. Investments at about €2.4 billion planned. Free Cash Flow expected to reach about €1 billion

Neubiberg, Germany, 3 February 2022 - Today, Infineon Technologies AG is reporting results for the first quarter of its 2022 fiscal year (period ended 31 December 2021).

"Infineon has made a successful start into the 2022 fiscal year. We were able to significantly increase both our revenue and our Segment Result further," said Dr. Reinhard Ploss, CEO of Infineon. "Demand for our products and solutions remains very strong. Utilization of our manufacturing capacities is very high and we are expanding them step by step. This will help us improve the availability of products that we manufacture in-house over the course of the year. Overall, demand for semiconductors is outstripping supply by far. Electrification and digitalization continue to drive substantial growth in our target markets. We expect the supply situation in some application areas to remain tight well into the current calendar year."

¹ The calculation for earnings per share and for adjusted earnings per share is based on unrounded figures.

² The reconciliation of net income to adjusted net income and adjusted earnings per share as well as of cost of goods sold to adjusted cost of goods sold and adjusted gross margin can be found in the quarterly information at www.infineon.com.

GROUP PERFORMANCE IN FIRST QUARTER OF 2022 FISCAL YEAR
In the first quarter of the 2022 fiscal year, Group revenue grew by €152 million or 5 percent to €3,159 million, compared with €3,007 million in the previous three-month period. Revenue continued to grow in the Automotive (ATV), Power & Sensor Systems (PSS) and Connected Secure Systems (CSS) segments, while the Industrial Power Control (IPC) segment recorded a slight decrease.

The gross margin improved slightly to 41.5 percent, compared with 41.2 percent in the preceding quarter. The adjusted gross margin remained unchanged at 43.9 percent quarter on quarter.

The Segment Result increased from €616 million to €717 million, with the Segment Result Margin improving from 20.5 percent to 22.7 percent.

The first-quarter non-segment result was a net loss of €100 million, compared to a net loss of €138 million in the final quarter of the previous fiscal year. The non-segment result for the quarter included €76 million of cost of goods sold, €47 million of selling, general and administrative expenses and €6 million of research and development expenses. In addition, net other operating income amounted to €29 million.

Operating profit for the first quarter of the 2022 fiscal year increased to €617 million, compared with €478 million in the previous three-month period.

The financial result amounted to minus €45 million, compared with minus €37 million one quarter earlier.

The first-quarter tax expense amounted to €117 million, compared with tax income of €16 million in the final quarter of the previous fiscal year, which had seen a positive impact from the revaluation of deferred tax assets and the reduction of tax risk positions.

Mainly due to the significant increase in tax expense, profit from continuing operations decreased slightly from €465 million to €461 million quarter on quarter. The loss from discontinued operations in the first quarter was €4 million, compared with a loss of €1 million in the final quarter of the previous fiscal year. The profit for the period amounted to €457 million, down from €464 million in the previous three-month period.

The substantial quarter-on-quarter increase in tax expense also had a negative impact on earnings per share. Earnings per share from continuing operations decreased accordingly from €0.36 (basic and diluted) to €0.35, whereas adjusted earnings per share³ (diluted) remained unchanged at €0.41.

Investments - which Infineon defines as the sum of purchases of property, plant and equipment, purchases of other intangible assets and capitalized development costs - totaled €408 in the first quarter of the current fiscal year, compared with €596 million in the preceding three-month period. Depreciation and amortization decreased slightly from €397 million to €393 million quarter-over-quarter.

Free Cash Flow remained unchanged at €378 million. Net cash provided by operating activities from continuing operations amounted to €796 million, down from €971 million one quarter earlier.

The gross cash position at the end of the first quarter of the 2022 fiscal year rose further to €4,284 million, compared with €3,922 million at the end of the 2021 fiscal year. The stronger US dollar caused the carrying amount of financial debt held in that currency to rise. This development caused financial debt to increase by €72 million to €6,657 million at the end of the first quarter, compared with €6,585 million as of 30 September 2021. By contrast, net debt declined further from €2,663 million to €2,373 million over the course of the three-month period.

OUTLOOK FOR THE SECOND QUARTER OF THE 2022 FISCAL YEAR
Based on an assumed exchange rate of US$1.15 to the euro, Infineon expects to generate revenue of around €3.2 billion in the second quarter of the 2022 fiscal year. IPC segment revenue is forecast to grow by a high single-digit percentage and ATV revenue in the low single-digit range. CSS revenue is set to remain more or less stable, while PSS revenue is expected to decline seasonally by a low single-digit percentage. The Segment Result Margin should come in at around 22 percent at the forecast level of revenue.

OUTLOOK FOR THE FULL 2022 FISCAL YEAR
Based on an assumed exchange rate of US$1.15 to the euro (previously US$1.20), revenue of €13.0 billion, plus or minus €500 million, is now forecast for the 2022 fiscal year as a whole. ATV and CSS segment revenue is predicted to increase at a higher percentage rate than Group revenue overall. The revenue growth rate in the PSS segment is forecast to be at a similar level to that of the Group. IPC segment revenue is expected to grow by a high single-digit percentage. At the mid-point of the guided revenue range, the Segment Result Margin should come in at about 22 percent.

Investments - which Infineon defines as the sum of investments in property, plant and equipment, investments in other intangible assets and capitalized development costs - are planned at around €2.4 billion for the full 2022 fiscal year. The main focus is on expanding front-end manufacturing capacities with a view to enabling Infineon to continue meeting the expected growth in customer demand in the medium term.
Depreciation and amortization are predicted to be between €1.6 billion and €1.7 billion in the 2022 fiscal year, of which approximately €400 million is attributable to depreciation and amortization from purchase price allocations arising mainly in connection with the acquisition of Cypress and to a lesser extent with the acquisition of International Rectifier. Free Cash Flow is forecast at around €1 billion.

³ Adjusted net income and adjusted earnings per share (diluted) should not be seen as a replacement or superior performance indicator, but rather as additional information to the net income and earnings per share (diluted) determined in accordance with IFRS.

Infineon's segments' performance in the first quarter of the 2022 fiscal year can be found in the quarterly information at www.infineon.com.

All figures in this quarterly information are preliminary and unaudited.

ANALYST TELEPHONE CONFERENCE AND TELEPHONE PRESS CONFERENCE
The Management Board of Infineon will host a telephone conference call including a webcast for analysts and investors (in English only) on 3 February 2022 at 9:30 am (CET), 3:30 am (EST). During the call, the Infineon Management Board will present the Company's results for the first quarter of the 2022 fiscal year as well as the outlook for the second quarter and the 2022 fiscal year. In addition, the Management Board will host a telephone press conference with the media at 11:00 am (CET), 5:00 am (EST). It can be followed over the Internet in both English and German. Both conferences will also be available live and for download on Infineon's website at www.infineon.com/investor.

The Q1 Investor Presentation is available (in English only) at:
https://www.infineon.com/cms/en/about-infineon/investor/reports-and-presentations/

INFINEON FINANCIAL CALENDAR (* preliminary)

- 17 Feb 2022 Annual General Meeting (virtual)

- 22 Feb 2022 Goldman Sachs Technology & Internet Conference (virtual)

- 1 Mar 2022 dbAccess ESG Conference (virtual)

- 8 Mar 2022 Morgan Stanley Tech Conference, San Francisco

- 9 Mar 2022 Bernstein Tech Tour 2022 (virtual)

- 17 Mar 2022 Kepler Cheuvreux One Stop Shop Conference, Madrid

- 24 Mar 2022 Citi EMEA TMT Conference (virtual)

- 24 Mar 2022 J.P. Morgan Fireside Chat (virtual)

- 31 Mar 2022 Stifel German Corporate Conference, Copenhagen

- 9 May 2022* Earnings Release for the Second Quarter of the 2022
Fiscal Year

- 11 May 2022 IPC Call along with PCIM trade show

- 16 May 2022 Equita 17^th European Conference (virtual)

- 17 May 2022 J.P. Morgan European Technology, Media and Telecoms Conference, London

- 23 May 2022 J.P. Morgan Global Technology, Media and Communications Conference, Boston

- 24 May 2022 Berenberg Conference USA 2022, Tarrytown

- 21 Jun 2022 BofA TMT Conference, London

- 3 Aug 2022* Earnings Release for the Third Quarter of the 2022
Fiscal Year

- 15 Nov 2022* Earnings Release for the Fourth Quarter and the 2022
Fiscal Year

ABOUT INFINEON
Infineon Technologies AG is a world leader in semiconductor solutions that make life easier, safer and greener. Microelectronics from Infineon are the key to a better future. With around 50,280 employees worldwide, Infineon generated revenue of about €11.1 billion in the 2021 fiscal year (ending 30 September) and is one of the ten largest semiconductor companies worldwide.

Infineon is listed on the Frankfurt Stock Exchange (ticker symbol: IFX) and in the USA on the over-the-counter market OTCQX International Premier (ticker symbol: IFNNY). Further information is available at www.infineon.com
This press release is available online at www.infineon.com/press

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D I S C L A I M E R
This press release contains forward-looking statements about the business, financial condition and earnings performance of the Infineon Group.

These statements are based on assumptions and projections resting upon currently available information and present estimates. They are subject to a multitude of uncertainties and risks. Actual business development may therefore differ materially from what has been expected.

Beyond disclosure requirements stipulated by law, Infineon does not undertake any obligation to update forward-looking statements.

Due to rounding, numbers presented throughout this press release and other reports may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

All figures mentioned in this press release are preliminary and unaudited.