Infineon Technologies AG — Investor Presentation 2020

Mar 26, 2020

First Quarter FY 2020 Quarterly Update

Infineon Technologies AG Investor Relations

Agenda

1	Infineon at a glance
2	Planned acquisition of Cypress
3	Quarterly highlights
4	Automotive
5	Industrial Power Control
6	Power Management & Multimarket
7	Digital Security Solutions
8	Selected financial figures

Infineon at a glance

FY19 revenue by segment FY19 revenue by product category

Infineon is a long-standing member of Europe's leading sustainability indices

Our strategy is targeted at value creation through sustainable organic growth

› Focus on fastest growing › Leverage core competencies › Create value for customers segments of semi market in different end markets to through system under maximize ROI standing › Tackle global megatrends Auto Power RF & Sensors Security System leader #1; system and Broad RF and sensor	Focus		Technology leadership			System understanding
	in automotive	technology leader		technology portfolio		#2 in Security Solutions

	Target operating model: average-cycle targets
Revenue growth	Segment Result margin	Investment-to-sales
9%	17%+	15%
	Continued value creation for shareholders
›	›	›
Organic RoCE ≙	Paying at least an unchanged dividend	continuous EPS
~2x WACC	even in a year of slower or no growth	increase

FY19 revenue of €8,029m by target application

Tight customer relationships, based on system knowhow and application understanding

Infineon gained market share in all target markets

Automotive semiconductors

total market in 2018: \$37.7bn

Source: Strategy Analytics, "2018 Automotive Semiconductor Vendor Share", April 2019

Power discretes and modules

total market in 2018: \$21.0bn

Source: Based on or includes content supplied by Informa Tech (former IHS Markit Technology), "Power Semiconductor Market Share Database – 2018", September 2019

Security ICs

total market in 2018: \$3.2bn

Source: ABI Research, "Secure Smart Card and Embedded Security IC Technologies", September 2019

Outlook for Q2 FY20 and FY20

	Outlook Q2 FY20* (compared to Q1 FY20)	Outlook FY20*
Revenue	Increase of 5% +/- 2%-points	Increase of 5% +/- 2%-points
Segment Result Margin	At the mid-point of the revenue guidance: ~14%	At the mid-point of the revenue guidance: ~16%
	Investments in FY20	~€1.3bn**
D&A in FY20		~€1.0bn***

• * Based on an assumed average exchange rate of \$1.13 for €1.00
• ** Includes ~€400m for cleanroom, office buildings and structural changes
• *** Including D&A on tangible and intangible assets from purchase price allocation of about €60m

Agenda

1	Infineon at a glance
2	Planned acquisition of Cypress
3	Quarterly highlights
4	Automotive
5	Industrial Power Control
6	Power Management & Multimarket
7	Digital Security Solutions
8	Selected financial figures

The deal shapes a portfolio that perfectly links the real and the digital world

Linking the real and the digital world

Infineon and Cypress can together offer full system solutions

Example: air-conditioning

What makes system solution attractive to customers?

• › Ease of design combined portfolio covers all relevant system components
• › Superior quality integrated solution ensures MCU, power stage and peripherals work perfectly together
• › Faster time-to-market no addl. integration or software dev. costs

Infineon and Cypress portfolios complement each other covering entire range of auto applications

Expected cost synergies of ca. €180m p.a. by FY22 Revenue synergy potential > €1.5bn p.a. long-term

COGS

› Procurement for materials and manufacturing services

OpEx

• › R&D: Optimize portfolio, reduce overhead
• › S&M: Efficiency gains in account coverage
• › G&A: Optimize corporate service providers

Planned ramp up of cost synergies Planned ramp up of revenue synergies

(A) Near-term revenue synergy ramp up

• › Improved customer access and cross-selling
• › Optimize Cypress digital marketing potential to address revenue opportunities and grow customer numbers

(B) P2S for long-term revenue synergy ramp up

• › Sensor solutions
• › Security-hardened controllers and connectivity
• › Motor control solutions

	Current (as announced at CMD 2018)	Integrated company*
Revenue growth	9%	9%+
Segment result margin	17%+	19%
Investment-to-sales	15%	13%

* Infineon financial performance to approach new targets as integration progresses

Financing: Major steps already accomplished

STEP 1	Underwriting of full acquisition amount by 3 banks	
STEP 2	Confirmation of investment grade rating by Standard & Poor's	
STEP 3	Equity de-risking: Raise of €1.5bn via ABB	
STEP 4	Successful syndication of acquisition facility to 20 national and international banks	
STEP 5	Successful launch of €1.2bn dual-tranche hybrid bond	
NEXT	› Refinancing of remaining bridge and term loan through capital markets › Deleveraging: return to target level ≤ 2x gross debt / EBITDA in 2023

Agenda

1	Infineon at a glance
2	Planned acquisition of Cypress
3	Quarterly highlights
4	Automotive
5	Industrial Power Control
6	Power Management & Multimarket
7	Digital Security Solutions
8	Selected financial figures

Major European tier-1 awards Infineon with triple-digit million Euro design-win for 48 V mild-hybrid platform

Electro-mobility: Infineon enforces footprint

• › Through deep understanding of our customer system requirements, we developed a new product combining the latest 80 V MOSFET technology and the new TOLT package featuring top-side cooling
• › The top-side cooling concept significantly improves thermal management by enabling the heatsink to be connected directly to the top of the component instead of having the thermal dissipation through the printed circuit board
• › Application: starter generator for 48 V mild-hybrid vehicles

TOLT package

Defining the benchmark for MEMS microphones; Infineon's new sealed dual-membrane technology

• › Unique sealed dual-membrane (SDM) XENSIV™ MEMS microphone design boosts audio pick-up quality
• › Sealing of the capacitive area enables practically noisefree audio signal capturing
• › Inhouse developed packages enable our customers to create outstanding audio experiences:
• › noise cancellation: in the smallest possible form factor
• › transparent hearing: clear understanding
• › binaural recording: create a truly immersive experience

XENSIV™ SDM MEMS microphone

bottom view

3.5% 5.2% 8.8% 26.5% 34.7% 33.5% 37.0% 2006 2008 2010 2012 2014 2016 2018 2 1

Infineon's market share development in MEMS microphones

Source: Informa Tech, "MEMS Microphone Database 2019", January 2020

Technological progression of Infineon XENSIV™ MEMS microphones

Market developments

• › Approaching grid parity through reduced capex and opex spending

• › Different inverter concepts allow for efficient and customized plant designs

• › solar panels are connected together into strings

• › application: commercial and utility-scale PV plants
• › output: 1 kW 200 kW
• › power semi content: €2,500 €5,000 per MW

New set-up: string inverter Traditional set-up: central inverter

• › multiple strings of solar panels are connected together
• › application: utility-scale PV plants
• › output: 600 kW 1,250 kW
• › power semi content: €2,000 €3,000 per MW

Infineon provides innovative SiC products to SMA, the European market leader of PV inverters

Customer-specific SiC-based solution

• › Almost doubles the power density to 1.76 kW/kg
• › Efficiency of > 99%
• › Leads to reduced system complexity of the PV inverter resulting in easier maintenance and extended product lifetime

SMA Sunny Highpower PEAK3

• › 150 kW output power per unit
• › Designed for decentralized photovoltaic power plants
• › Compact inverter design: Easy transportation and installation

CoolSiC™ EasyPACK™ 2B EiceDRIVER™ family Sunny Highpower PEAK3

Infineon's SiC business so far dominated by industrial; design-in momentum clearly on automotive

* as per end of FY19; as a cautious assumption, lifetime of all projects is capped after five years.

** only customers with > €10k revenue considered

• › ~ 90 different customers** in FY19
• › ~ triple-digit €m revenue expected for FY20

Automotive

Infineon's position in the automotive semiconductor universe

Source: Strategy Analytics, "Automotive Semiconductor Vendor Market Shares", April 2019

Electro-mobility

xEV growth driven by EU emission regulation; CO2 reduction of 37.5% by 2030 vs 2021

CO² emission development and regulations for main regions

* Japan has already met its 2020 statutory target as of 2013 Source: ICCT (www.theicct.org), August 2019

The incremental demand of power semiconductors is a significant opportunity

1 2 3 4 5 6 7 1 2 3 4 5 6 7 \$1 \$2 \$3 \$4 \$5 \$6 \$7 48 V / MHEV FHEV / PHEV BEV 2018 0.3m vehicles 2.9m vehicles 1.7m vehicles 2020 2.3m vehicles 4.8m vehicles 3.2m vehicles 2025 20.6m vehicles 10.5m vehicles 10.2m vehicles ²⁰³⁰ 30.0m vehicles 14.1m vehicles 15.8m vehicles Non PT* ICE PT xEV Power** tota^l semi BoM xEV others** xEV Sensors xEV µC \$355 \$62 \$5 \$19 \$90 \$0 \$531 Non PT* ICE PT xEV Power** total semi BoM xEV others** xEV Sensors xEV µC \$355 \$62 \$14 \$19 \$305 \$29 \$785 Non PT* ICE PT xEV Power** total semi BoM xEV others** xEV Sensors xEV µC \$355 \$0 \$14 \$19 \$350 \$37 \$775

2019 average xEV semiconductor content by degree of electrification

Source: Infineon; IHS Markit, Automotive Group, "Alternative propulsion forecast", September 2019; Strategy Analytics, "Automotive Semiconductor Content", August 2019. * Non PT (non powertrain): average semiconductor content in Body, Chassis, Safety & Infotainment application segments.

** "power" includes linear and ASIC; "others" include opto, small signal discrete, memory

Automated Driving

Vision Zero – AD requires failure-tolerant availability of the system in the environment, "better than a human"

A failure-tolerant system with high availability relies on dependable key functionalities

Increased sensor requirements drive the content in the next five years and beyond

More sensors required for any next level of automation

	NCAP 5 Star, AD L2	AD L2+/L3	AD L4/L5
	Automatic emergency brake/ forward collision warning
Application*	Parking assist		Valet parking
	Lane keep assist	Highway assist	Highway and urban chauffeur
Radar # of modules**	Corner MRR/LRR ≥ 3	MRR/LRR ≥ 6	Imaging ≥ 10
	New: Corner; starting 2020	Corner	Surround
Camera # of modules**	≥ 1	≥ 4	≥ 8
Lidar # of modules**	0	≤ 1	≥ 1
Others	› Ultrasonic	› Ultrasonic › Interior camera	› Ultrasonic › Interior camera › V2X

* Source: VDA (German Association of the Automotive Industry); Society of Automotive Engineers

** market assumption

ADAS/AD semi growth driven by radar and camera sensor modules over the next 5 years

Average semiconductor content per car by level of automation at the given years

Infineon's Power Strategy

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Infineon's portfolio covers the entire range of power and frequency

Infineon's discrete power portfolio* is basically separated by voltage classes

* excluding drivers and control ICs

Three strategic levers to outgrow the power semi market: "core – adjacent – new"

Broaden scope to new applications

› System understanding and strong R&D force allow us to enter emerging power applications

Four key success factors: Infineon well positioned to defend its leadership in power semis also in SiC

Industrial Power Control

Clear leader in discrete IGBTs and IGBT modules; IPMs strengthened maintaining #3

* Littelfuse acquired IXYS Corporation in January 2018. Both companies are reported separately in 2017 and combined as Littelfuse in 2018.

** Microchip Technology acquired Microsemi Corporation in May 2018. Both companies are reported separately in 2017 and combined as Microchip in 2018.

*** Including standard (non-integrated) IGBT modules and power integrated modules (PIMs) / converter inverter brake (CIB) modules.

Source: Based on or includes content supplied by Informa Tech (former IHS Markit Technology), "Power Semiconductor Market Share Database 2018", September 2019.

Due to the extensive power module portfolio Infineon can address the whole range of drives applications

*Low-power drives include compact drives, standard drives, premium drives and brushed DC drives.

Infineon is a key player in the PV market providing solutions to the leading inverter manufacturers

* Infineon is serving the top-10 but not necessarily as a sole supplier.

1) based on or includes content supplied by Informa Tech (former IHS Markit Technology), "PV Installations Tracker – Q1 2019"; March 2019; including off-grid 2) by shipped capacity in MW: based on or includes content supplied by Informa Tech (former IHS Markit Technology), "PV Inverter Market Tracker – Q3 2019", October 2019

Infineon is the leading power semiconductor supplier for the wind turbine industry

* Infineon is serving the top-10 but not necessarily as a sole supplier.

1) Wood Mackenzie Power & Renewables, "Market Outlook Update", March 2019

2) by shipped capacity in MW: Wood Mackenzie, Power & Renewables, "Historic wind turbine OEM market share", March 2019

What comes next? Mid- to long-term structural growth opportunities

collaborative robots eAviation

eDelivery vehicles

fuel cell

eMarine

Power Management & Multimarket

PMM's growth is built on many applications from different sectors in power and non-power

PMM – Power

Infineon is the clear leader in MOSFETs; growth potential in power ICs

Discrete Power MOSFET market

total market in 2018: \$7.58bn

Power IC market

total market in 2018: \$25.62bn

Source: Based on or includes content supplied by Informa Tech (former IHS Markit Technology), "Power Semiconductor Market Share Database 2018", September 2019. Discrete Power MOSFET market incl. automotive MOSFETs. Power IC market incl. automotive power ICs.

Technology leadership in MOSFETs and digital power: highest efficiency and power density

Power management solutions reduce TCO

More efficient semiconductors

• › lower power consumption
• › lower opex

Higher power-density

• › more compact system designs
• › lower capex

Four interrelated trends drive power semiconductor BoM in battery-powered applications

Interrelated trends for battery-powered applications

In total battery-powered applications are a significant growth driver for PMM's power business

Transition from 3G/4G to 5G drives demand in power semis for antennas and power supplies

• › driver #1: massive growth of data and computing power
• › driver #2: higher number of base stations due to denser network
• › driver #3: ~4x higher power semiconductor content per radio board: from ~\$25 for MIMO antenna to ~\$100 for massive MIMO antenna array
• › driver #4: fog computing data center as a completely new market

What comes next? Mid- to long-term structural growth opportunities

hyperscale AI data center

on-board charger

power tools

Core Adjacent New area

collaborative robots

smart speaker

PMM – RF and Sensing

2020-03-26 Copyright © Infineon Technologies AG 2020. All rights reserved. 52

RF and Sensing devices enable new services and will shape the way we live and work

Various use cases are enabled by a small set of versatile core technologies

Augmented Reality Voice-controlled devices Gesture control

Commercial and consumer multicopters

Industrial robotics

We focus on MEMS sensors and target to become the leader in 3D sensing and radar

Key Use Cases – Examples
Voice authentication	Advanced fitness tracking	Smog alarm	Gesture sensing	3D AR gaming
Face recognition & biometric identification
Human Machine Interface

Digital Security Solutions

2020-03-26 Copyright © Infineon Technologies AG 2020. All rights reserved. 55

Continuous stream of new topics aging and exiting

Source: Infineon

Infineon OPTIGA™ Trust M to improve the security and performance of connected devices

New OPTIGA™ Trust M solution helps customers to enhance security of their devices

• › The single-chip solution securely stores unique device credentials and enables devices to connect to the cloud up to 10x faster than software-only alternatives. It is ideal for industry and building automation, smart homes and consumer electronics.
• › When deploying OPTIGA™ Trust M, critical assets such as certificates and key pairs used to identify a device can be injected into the chip at Infineon's secured factory premises.
• › The turnkey set-up minimizes design, integration and deployment effort of embedded systems by providing a cryptographic toolbox, protected I²C interface and open source code.

Agenda

1	Infineon at a glance
2	Planned acquisition of Cypress
3	Quarterly highlights
4	Automotive
5	Industrial Power Control
6	Power Management & Multimarket
7	Digital Security Solutions
8	Selected financial figures

Seasonal revenue decline in Q1 FY20

Revenue development

• -3% › Challenging market environment
• › Seasonality: revenue down -7% q-q
• › Segment Result slightly better driven by one-offs as well as cost savings
• › Normalizing demand
• › Channel inventories are largely back to normal levels

Q1 FY20 Division Performance

• › Q1 FY20: Impact of lower revenue compensated by one-offs related to inventory valuation and cost containment
• › Q1 FY20: Seasonal weakness for wind and home appliances, resilient solar, sluggish drives, and a positive development for traction and power transmission
• › Q1 FY20: Revenue down q-q due to stock depletion by distributors across many product areas
• › Q1 FY20: Identity solutions and embedded SIM saw increasing sales, whereas the payment bare die and module business declined

+6%

FY20

Adjusted RoCE clearly above WACC

RoCE and adjusted RoCE

Earnings-per-share and total cash return

Development of earnings-per-share (EPS) from continuing operations

Total cash return to shareholders

• › Policy of sustainable dividend payout
• › Stable dividend: €0.27
• › Dividend payment of €336m on 25 Feb 2020

Opex still within target range

[EUR m]

* In FY19, reported R&D expenses amounted to €945m, net of €111m of grants received and net of €125m of capitalized development costs.

[days]

Inventory increase due to revaluation

Trade receivables Trade payables

[EUR m]

* For definition please see page "Notes".

[EUR m] 1,591 1,706 1,701 1,758 1,767

^{120 124 124 115 132} Q1 FY19 Q2 Q3 Q4 Q1 FY20 Inventories DIO*

[EUR m] [days]

Cycle management slows down investments

* For definition please see page "Notes".

Increase in gross cash and net cash position driven by Cypress acquisition financing activities

2,306 1,882 3,435 3,779 4,859 1,533 1,549 1,535 1,556 1,531 773 333 1,900 2,223 3,328 Q1 FY19 Q2 Q3 Q4 Q1 FY20 Gross Cash Debt Net Cash [EUR m] Liquidity development

• › Q3 FY19: Includes the proceeds of €1.5bn resulting from the capital increase executed on 18 Jun 2019 in connection with the planned acquisition of Cypress
• › Q1 FY20: Proceeds from €1.2bn dual-tranche hybrid bond booked on 1 Oct 2019

Infineon has a balanced maturity profile and an investment grade rating (BBB)* from S&P

Note: Additional debt with maturities between 2019 and 2023 totaling €28m of which €10m repayments relate to Campeon.

On 1 Oct 2019, Infineon issued a perpetual hybrid bond with two tranches: €600m with first call date in 2025 and €600m with first call date in 2028; both are accounted as equity under IFRS. * On 3 Jun 2019, S&P placed Infineon on CreditWatch with negative outlook in relation to the Cypress acquisition.

Glossary (1 of 2)

AC	alternating current
AC-DC	alternating current - direct current
AD	automated driving
ADAS	advanced driver assistance system
AEB	automatic emergency braking
AFS	advanced frontlight system
AI	artificial intelligence
AR	augmented reality
BEV	battery electric vehicle
BGA	ball grid array
BLE	Bluetooth Low Energy
BoM	bill of material
CPU	central processing unit
DC	direct current
DC-DC	direct current - direct current
DPM	digital power management

eCall	emergency call
ECU	electronic control unit
EPS	electric power steering
eSIM	embedded subscriber identity module
eSIM	embedded SIM
EV	electric vehicle
FPGA	field programmable gate array
GPU	graphics processing unit
HEV	mild and full hybrid electric vehicle
HMI	human machine interaction
HSM	hardware security module
HST	high-speed train
HW	hardware
ICE	internal combustion engine
IVN	in-vehicle networking

Glossary (2 of 2)

IPM	intelligent power module
iPol	image processing line
IRF	International Rectifier
LSEV	low-speed electric vehicle
LSPS	LS Power Semitech Co. Ltd.
µC	microcontroller
MEMS	micro electro-mechanical systems
MHA	major home appliances
MIMO	multiple input, multiple output
micro hybrid	vehicles using start-stop systems and limited recuperation
mild hybrid	vehicles using start-stop systems, recuperation, DC-DC conversion, e-motor
MOSFET	metal-oxide silicon field-effect transistor
OBC	on-board charger
OEM	original equipment manufacturer
PHEV	plug-in hybrid electric vehicle
Pol	point-of-load

PV	photovoltaic
RF	radio frequency
rhs	right-hand scale
Si	silicon
SiC	silicon carbide
SiGe	silicon germanium
SMPS	switch-mode power supply
SNR	signal-to-noise ratio
SOTA	software over-the-air
SW	software
ToF	time-of-flight
TPM	trusted platform module
UPS	uninterruptible power supply
V2X	vehicle-to-everything communication
VR	virtual reality
VSD	variable speed drive
xEV	all degrees of vehicle electrification (EV, HEV, PHEV)

Disclaimer

This presentation 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.

Specific disclaimer for Informa Tech (former IHS Markit Technology) – reports, data and information referenced in this document:

The Informa Tech reports, data and information referenced herein (the "Informa Tech Materials – mostly former IHS Markit Technology Materials") are the copyrighted property of Informa Tech Research Ltd. and its subsidiaries ("Informa Tech") and represent data, research, opinions or viewpoints published by Informa Tech, and are not representations of fact. The Informa Tech Materials speak as of the original publication date thereof and not as of the date of this document. The information and opinions expressed in the Informa Tech Materials are subject to change without notice and neither Informa Tech nor, as a consequence, Infineon have any duty or responsibility to update the Informa Tech Materials or this publication as a result. Informa Tech Materials are delivered on an "as-is" and "as-available" basis. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in the Informa Tech Materials. To the maximum extent permitted by law, Informa Tech and its affiliates, IHS Markit and its Affiliates and their respective, officers, directors, employees and agents, disclaim any liability (including, without limitation, any liability arising from fault or negligence) as to the accuracy or completeness or use of the Informa Tech Materials. Informa Tech and/or IHS Markit will not, under any circumstance whatsoever, be liable for any trading, investment, commercial or other decisions based on or made in reliance of the Informa Tech Materials. The "IHS Markit" brand and logo have been licensed for use by Informa Tech. The "IHS Markit" brand and logo and any thirdparty trademarks used in the IHS Markit Technology Materials are the sole property of IHS Markit Group or their respective third-party owners.

Specific disclaimer for IHS Markit – reports, data and information referenced in this document:

The IHS Markit reports, data and information referenced herein (the "IHS Markit Materials") are the copyrighted property of IHS Markit Ltd. and its subsidiaries ("IHS Markit") and represent data, research, opinions or viewpoints published by IHS Markit, and are not representations of fact. The IHS Markit Materials speak as of the original publication date thereof and not as of the date of this document. The information and opinions expressed in the IHS Markit Materials are subject to change without notice and neither IHS Markit nor, as a consequence, Infineon have any duty or responsibility to update the IHS Markit Materials or this publication. Moreover, while the IHS Markit Materials reproduced herein are from sources considered reliable, the accuracy and completeness thereof are not warranted, nor are the opinions and analyses which are based upon it. IHS Markit and the trademarks used in the Data, if any, are trademarks of IHS Markit. Other trademarks appearing in the IHS Markit Materials are the property of IHS Markit or their respective owners.

Cover photography:

Deutscher Zukunftspreis 2015, laureate Infineon, photographer Ansgar Pudenz, Hamburg (Germany).

Financial calendar

Date	Location	Event
5 May 2020*		Q2 FY20 Results
7 May 2020		Call: IPC Business Update
27 May 2020	Milan	Equita Conference 2020
3 - 4 Jun 2020	Berlin	Deutsche Bank German, Swiss & Austrian Conference
9 – 10 Jun 2020	Paris	22nd Exane European CEO Conference
4 Aug 2020*		Q3 FY20 Results
21 Sep 2020	Unterschleißheim (nearby Munich)	Berenberg Goldman Sachs German Corporate Conference
22 Sep 2020	Munich	Baader Investment Conference
6 Oct 2020		ATV Call
9 Nov 2020*		Q4 FY20 and FY 2020 Results
* preliminary

Notes

• Investments = 'Purchase of property, plant and equipment' + 'Purchase of intangible assets and other assets' incl. capitalization of R&D expenses
• Capital Employed = 'Total assets' 'Cash and cash equivalents' 'Financial investments' 'Assets classified as held for sale – ('Total Current liabilities' – 'Short-term debt and current maturities of long-term debt' – 'Liabilities classified as held for sale')
• RoCE = NOPAT / Capital Employed = ('Income from continuing operations' – 'financial income' – 'financial expense') / Capital Employed
• Working Capital = ('Total current assets' 'Cash and cash equivalents' 'Financial investment' 'Assets classified as held for sale') ('Total current liabilities' – 'Short term debt and current maturities of long-term debt' – 'Liabilities classified as held for sale')

DIO (days inventory outstanding; quarter-to-date) = ('Net Inventories' / 'Cost of goods sold') * 90

DPO (days payables outstanding; quarter-to-date) = ('Trade payables' / ['Cost of goods sold' + 'Purchase of property, plant and equipment']) * 90

DSO (days sales outstanding; quarter-to-date) = ('Trade receivables' / 'revenue') * 90

Please note: All positions in ' ' refer to the respective accounting position and therefore should be applied with the positive or negative sign used in the relevant accounting table.

Most recent presentations

ATV Call Peter Schiefer 8 October 2019

https://www.infineon.com/atv_call

IPC Business Update Dr. Peter Wawer, Dr. Peter Friedrichs PCIM, Nuremberg, 7 May 2019

https://www.infineon.com/pcim_presentaion

IFX Day 2018 Capital Markets Day London, 12 June 2018

https://www.infineon.com/ifxday_2018

Sustainability Report 2019 23 November 2019

https://www.infineon.com/sustainability_2019

Institutional Investor Relations contacts

Alexander Foltin

Corporate Vice President Finance, Treasury & Investor Relations

+49 89 234-23766 alexander.foltin@infineon.com

Joachim Binder

Senior Director Investor Relations +49 89 234-25649 joachim.binder@infineon.com

Isabell Diel

Manager Investor Relations

+49 89 234-38297 isabell.diel@infineon.com

Alexander Groschke

Senior Manager Investor Relations

+49 89 234-38348 alexander.groschke@infineon.com

Holger Schmidt

Senior Manager Investor Relations

+49 89 234-22332 holger.schmidt@infineon.com