Macronix — Interim / Quarterly Report 2024

Jun 5, 2024

Macronix International Co., Ltd. First Quarter 2024 Results April 30, 2024

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Safe Harbor Statement

The presentation and discussion contain certain forward-looking statements with respect to the results of operation, financial condition and current expectation. The forward-looking statements are subject to known and unknown uncertainties and risks that could cause actual results to differ from those or materially expressed implied by such statements.

Such risks and uncertainties include but are not limited to the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new technologies, ability to ramp new products into volume, industry wide shifts in supply and demand for semiconductor products, industry overcapacity, availability of manufacturing capacity, financial stability in end markets, and other risks.

The forward-looking statements in this release reflect the current belief of Macronix as of the date of this release and Macronix undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such date.

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Copyright © Macronix International Co., Ltd. 1
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Welcome

Welcome Miin Wu 1Q24 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu

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1Q24 Financial Highlights

1Q24 4Q23 1Q23 Revenue NT$ 5.8 NT$ 5.8 NT$ 7.1 (Billion NT$) Gross 19.8% 19.1% 25.1% margin % Operating (22.6% ) (19.8%) (6.2%) margin %

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Welcome Miin Wu 1Q24 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu

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Quarterly Financial Results

Unit：NTD Million (except EPS) Net Sales Gross Profit Gross Margin% Operating Expenses Operating Income (Loss) Operating Margin% Net Non-Operating Income (Loss) (Loss)Income Before Taxes Income Taxes Benefit (Expense) Net(Loss)Income	1Q24 4Q23 1Q23	QoQ YoY
	5,760 5,808 7,104 1,142 1,111 1,786 19.8% 19.1% 25.1% (2,444) (2,260) (2,225) (1,302) (1,149) (439) (22.6%) (19.8%) (6.2%) 105 20 51 (1,196) (1,129) (388) 118 122 33 (1,079) (1,007) (355)	(1%) (19%) 3% (36%) 0.7ppt (5.3ppt) 8% 10% 13% 196% (2.8ppt) (16.4ppt) 6% 208% 7% 204%
Basic EPS(NT$)	(0.58) (0.54) (0.19)
EBITDA EBITDA % Weighted avg outstanding million shares	76 (7) 755 1% (0%) 11% 1,854 1,854 1,854

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Sales and Gross Mar in Rate g

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2020 2021 2022 2023
39,801M 50,573M 43,487M 27,624M
Sales
NTD M Net Sales Gross Margin% Margin%
16,000 80%
14,974
14,545
12,000 11,427 11,598 11,340 11,471 60%
10,957
10,158
9,627
9,415 9,271
9,078
47% [48%] [48%]
8,000 44% 7,104 7,429 7,283 40%
43%
39%
5,808 5,760
35% [36%]
32% [34%] 34%
31%
28%
4,000 25% 24% 20%
19% [20%]
0 0%
1Q20 2Q 3Q 4Q 1Q21 2Q 3Q 4Q 1Q22 2Q 3Q 4Q 1Q23 2Q 3Q 4Q 1Q24
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Cor orate Value p

ate Value
	1Q24	1Q23
Basic EPS -- NT$	(0.58)	(0.19)
Book Value -- NT$	25.79	28.38

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Basic EPS Book Value
NTD NTD
(0.92)
NT$ 1.8
30.0
cash dividend
28.38
0.04
26.70
26.43
26.07
1Q23 2Q 3Q 4Q 1Q24 25.79
(0.19)
(0.22)
(0.54) (0.58) 25.0
1Q23 2Q 3Q 4Q 1Q24
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Return On Equity (GAAP)

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Annualized ROE - Reported Net Income / Sales
16%
13%
-9.0%
-5%
2017 2018 2019 2020 2021 2022 2023 1Q24
2017 2018 2019 2020 2021 2022 2023 1Q24
(LTM)
(LTM)
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Sales / Total Assets Total Assets / Total Equity
63%
184%
33%
159%
2017 2018 2019 2020 2021 2022 2023 1Q24 2017 2018 2019 2020 2021 2022 2023 1Q24
(LTM) (LTM)
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Quarterly Consolidated Condensed Balance Sheet

Unit: NTD Million (except BV)	3/31/'24	12/31/'23	3/31/'23
Cash	10,719	11,906	14,999
Inventory(Net)	13,158	13,369	14,959
Property, Plant and Equipment	41,802	41,498	39,914
Total Assets	77,876	77,811	81,740
Interest bearing debt - short term	3,263	2,117	5,325
Interest bearing debt - long term	17,724	17,347	8,790
Total Liabilities	30,071	29,485	29,132
Debt Ratio (%)	38.6%	37.9%	35.6%
Shareholders' Equity	47,804	48,326	52,608
Book Value -- NT$	25.79	26.07	28.38

Note: MXIC Issues 2024/03/31 outstanding million shares of 1,854

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Quarterly FCF and Capex Plan

Unit: NTD Million	1Q24	4Q23	1Q23
Cash Flow from Operating	(1,255)	753	(425)
Depreciation & Amortization	1,199	1,060	1,076
Cash Flow from Investing	(1,511)	(1,439)	(2,689)
Capital Expenditures	(1,667)	(1,524)	(2,748)
Cash Flow from Financing	1,501	(679)	(1,566)
Net Change*	(1,186)	(1,527)	(4,765)
EndingBalance	10,719	11,906	14,999
Free Cash Flow**	(2,922)	(771)	(3,173)

*Net change includes the effect of exchange rate changes

**Free Cash Flow=Cash Flow from Operating - Capital Expenditures

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Quarterly Sales Breakdown by Products (Parent Company)

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Unit: NTD Million
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8,000
11%
9% 12% QoQ YoY
53% Change Change
4,000
NAND +33% -6%
58%
61%
NOR +8% -7%
ROM -27% -51%
30%
25%
18%
FBG +16% +10%
6% 8% 9%
0 * FBG (Foundry Business Group)
1Q23 4Q23 1Q24
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A enda g

Welcome Miin Wu 1Q24 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu

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Business U date - At the To of Innovation p p

• Macronix was chosen for the third straight year for LexisNexis Legal & Professional’s Global Top 100, celebrating the world’s most dynamic innovators.

• Over the past 35 years, Macronix has invested heavily in the research and development of non-volatile memory technology. As a result of those investments, Macronix has been granted more than 9,200 patents world-wide

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Source: LexisNexis Report on Innovation Momentum 2024: The Global Top 100 (2024/4)

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Business U date - ROM p

 ROM business

• The console life cycle peaked out

• Customer demand patterns for games might be similar to those of past years

Density shipment index: 1Q18 =100

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400
348
309
259
245 [252 ] 247
236
228
222
212
196
187
200 177 185 179
163
142
137
124
113
100 94
75
67
64
0
1Q182Q 3Q 4Q1Q192Q 3Q 4Q1Q202Q 3Q 4Q1Q212Q 3Q 4Q1Q222Q 3Q 4Q1Q232Q 3Q 4Q1Q24
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Business U date - NOR p

 NOR business

• Inventory restocking from the application such as server and storage

• The order-in trend gradually recovers and returns to the level of 2022

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Density shipment index: 1Q19 =100
≧75 nm
246
55 nm
228
206
193 192
200
173
153 [164 ] [155 ]
151 148
141
133
118
108 108 [113 ] [120 ]
100 94 92
100
0
1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q 4Q 1Q22 2Q 3Q 4Q 1Q23 2Q 3Q 4Q 1Q24
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The Best Flash Solution for Automobile A lications pp

 Auto business

• Business remains robust, especially BEV with advanced applications exhibiting stable growth

• Continued growth in demand for high-end automotive applications

NOR Flash by Automotive Density shipment Index: 1Q18 =100

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329
283 [310] 280
300
254 257
240 [253]
233
214
201 206
192 188
154
138 [155] [155] 135
150
116 113
100 [109113]
91
0
1Q182Q 3Q 4Q1Q192Q 3Q 4Q1Q202Q 3Q 4Q1Q212Q 3Q 4Q1Q222Q 3Q 4Q1Q232Q 3Q 4Q1Q24
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Business Update NOR – Quarterly (Parent Company)

4Q23 NOR Revenue Breakdown 1Q24 NOR Revenue Breakdown

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Comm, Comm,
Consumer, Auto, Consumer,
17% 16% Auto,
11% 24% 9%
27%
Computer, I.M.A., Computer, I.M.A.,
24% 24% 27% 21%
Computer Consumer Communication Automotive I.M.A
+13% QoQ -8% QoQ -9% QoQ +18% QoQ -9% QoQ
+1% YoY -3% YoY -24% YoY +13% YoY -18% YoY
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Note ：[] Comm: including handsets ；[*] I(Industrial), M(Medical), A(Aerospace-defense)

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Welcome Miin Wu 1Q24 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu

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Copyright © Macronix International Co., Ltd. 18
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For more information regarding Macronix http://www.macronix.com

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For all inquiries, suggestions and comments ir@mxic.com.tw