Macronix — Interim / Quarterly Report 2023

Mar 5, 2024

Macronix International Co., Ltd. Fourth Quarter 2023 Results January 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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A enda g

Welcome C.Y. Lu 4Q23 Financial Results Paul Yeh Business Update C.Y. Lu Remarks and Q&A C.Y. Lu

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4Q23 Financial Highlights

4Q23 3Q23 4Q22 Revenue NT$ 5.8 NT$ 7.3 NT$ 9.1 (Billion NT$) Gross 19.1% 24.2% 34.1% margin % Operating (19.8% ) (9.0%) 8.3% margin %

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FY23 Financial Hi hli hts g g

2023 2022 Revenue NT$ 27.6 NT$ 43.5 (Billion NT$) Gross 24.5% 44.2% margin % Operating (8.7% ) 21.5% margin %

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A enda g

Welcome C.Y. Lu 4Q23 Financial Results Paul Yeh Business Update C.Y. Lu Remarks and Q&A C.Y. Lu

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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	4Q23 3Q23 4Q22	QoQ YoY
	5,808 7,283 9,078 1,111 1,761 3,097 19.1% 24.2% 34.1% (2,260) (2,414) (2,343) (1,149) (652) 754 (19.8%) (9.0%) 8.3% 20 202 (97) (1,129) (450) 657 122 43 (52) (1,007) (408) 605	(20%) (36%) (37%) (64%) (5.1ppt) (15.0ppt) (6%) (4%) 76% (252%) (10.8ppt) (28.1ppt) 151% (272%) 147% (266%)
Basic EPS(NT$)	(0.54) (0.22) 0.33
EBITDA EBITDA % Weighted avg outstanding million shares	(7) 659 1,838 (0%) 9% 20% 1,854 1,854 1,853

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2023 Revenue and O eratin Mar in p g g

Unit：NTD Million (except EPS) Net Sales Gross Profit Gross Margin% Operating Expenses Operating Income Operating Margin% Net Non-Operating Income (Loss) (Loss)Income Before Taxes Income Taxes Benefit (Expense) Net(Loss)Income	2023 2022	YoY
	27,624 43,487 6,761 19,238 24.5% 44.2% (9,168) (9,869) (2,407) 9,369 (8.7%) 21.5% 523 923 (1,884) 10,292 185 (1,323) (1,699) 8,970	(36%) (65%) (19.7ppt) (7%) (126%) (30.2ppt) (118%) (119%)
Basic EPS(NT$)	(0.92) 4.85
EBITDA 2,600 15,041 EBITDA% 9% 35% Weighted avg outstanding million shares 1,854 1,850

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Sales and Gross Mar in Rate g

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2019 2020 2021 2022 2023
34,995M 39,801M 50,573M 43,487M 27,624M
Sales
NTD M Net Sales Gross Margin% Margin%
16,000 80%
14,974
14,545
11,906 11,598
12,000 11,427 11,340 [11,471 ] 60%
10,957
10,158
9,581 9,415 9,271 9,627
9,078
47% [48%] [48%]
8,000 7,479 43% 44% 7,104 [7,429 ] [7,283 ] 40%
6,029 39%
5,808
35% [36%]
32% [34%] 34%
31%
30%
28%
4,000 25% [27%] 26% 25% 24% 20%
19%
0 0%
1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q 4Q 1Q22 2Q 3Q 4Q 1Q23 2Q 3Q 4Q
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Cor orate Value p

ate Value
	2022	2023
Basic EPS -- NT$	4.85	(0.92)
Book Value -- NT$	28.38	26.07

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Basic EPS Book Value
NTD NTD
4.85
NT$ 1.8
1.58 1.59 (0.92) 30.0 NT$ 1.8 cash dividend
1.35
cash dividend 28.38 28.38
27.89
26.70
26.86
0.33
26.36 26.43
0.04
26.07
1Q22 2Q 3Q 4Q 1Q23 2Q 3Q 4Q
(0.19) (0.22) 25.0
(0.54) 1Q22 2Q 3Q 4Q 1Q23 2Q 3Q 4Q
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Return On Equity (GAAP)

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Annualized ROE - Reported Net Income / Sales
16% 13%
-6.0%
-3.0%
2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023
Sales / Total Assets Total Assets / Total Equity
34%
58% 180%
160%
2017 2018 2019 2020 2021 2022 2023 2017 2018 2019 2020 2021 2022 2023
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Quarterly Consolidated Condensed Balance Sheet

Unit: NTD Million (except BV)	12/31/'23	9/30/'23	12/31/'22
Cash	11,906	13,432	19,764
Inventory(Net)	13,369	13,409	14,680
Property, Plant and Equipment	41,498	41,200	37,982
Total Assets	77,811	79,764	83,893
Interest bearing debt - short term	2,117	2,257	3,684
Interest bearing debt - long term	17,347	17,858	11,970
Total Liabilities	29,485	30,765	31,282
Debt Ratio (%)	37.9%	38.6%	37.3%
Shareholders' Equity	48,326	48,999	52,611
Book Value -- NT$	26.07	26.43	28.38

Note: MXIC Issues 2023/12/31 outstanding million shares of 1,854

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Quarterly FCF and Capex Plan

Unit: NTD Million	4Q23	3Q23	4Q22		2023	2022
Cash Flow from Operating	753	(348)	2,755		(526)	11,656
Depreciation & Amortization	1,060	1,044	1,121		4,224	4,539
Cash Flow from Investing	(1,439)	(1,717)	(2,713)		(7,592)	(10,339)
Capital Expenditures	(1,524)	(1,706)	(2,714)		(7,682)	(9,964)
Cash Flow from Financing	(679)	(495)	347		427	(68)
Cash Dividends	-	(3,337)	-		(3,337)	(3,337)
Net Change*	(1,527)	(2,453)	271		(7,858)	1,199
EndingBalance	11,906	13,432	19,764		11,906	19,764
Free Cash Flow**	(771)	(2,055)	41		(8,208)	1,692

*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
12,000
10%
8,000
QoQ YoY
7%
Change Change
51%
9% NAND -1% -39%
50%
4,000 NOR -11% -29%
58%
ROM -48% -48%
30%
38%
25% FBG +17% -47%
9% 5% 8%
0 FBG (Foundry Business Group)
4Q22 3Q23 4Q23
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Annual Sales Breakdown by Products (Parent Company)

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Unit: NT$ Million
50,000
14%
40,000 11%
2023
52%
30,000
YoY
55%
9% Change
NAND -49%
20,000
51%
NOR -40%
ROM -15%
10,000 27%
25%
34% FBG -57%
FBG (Foundry Business Group)
7% 9% 6%
0
2021 2022 2023
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A enda g

Welcome C.Y. Lu 4Q23 Financial Results Paul Yeh Business Update C.Y. Lu Remarks and Q&A C.Y. Lu

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Business U date - ROM p

 ROM business

• Different seasonality pattern in 2023 with a weak demand in 2H.

• Total density shipment in 2023 remained stable and grew by a double-digit growth rate

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Density shipment index: 1Q18 =100
400
348
309
259
245 [252 ] 247
236
228
222
212
196
187
200 177 185 179
163
137
142 124
113
100
94
67
64
0
1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q 4Q 1Q22 2Q 3Q 4Q 1Q23 2Q 3Q 4Q
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Business U date - NOR p

 NOR business

Industrial and wearable demand is relative stable but inventory digestion issue remains. An emerging higher density demand from new PC and servers markets in 2024

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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 ]
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
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The Best Flash Solution for Automobile A lications pp

 Auto business

• We expect inventories in automotive market takes longer time than market does

• BEV market with applications demand remain strong and stable growth

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

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329
283 [310 ] 280
300
254
240 [253]
233
214201 206
192 188
154
138 [155] [155] 135
150
116113
100 [109][113]
91
0
1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q 4Q 1Q22 2Q 3Q 4Q 1Q23 2Q 3Q 4Q
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Business Update NOR – Quarterly (Parent Company)

3Q23 NOR Revenue Breakdown 4Q23 NOR Revenue Breakdown

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Comm,
Comm,
Consumer,
Consumer, Auto, 17% Auto,
18%
11%
8% 26% 24%
Computer, I.M.A., Computer, I.M.A.,
25% 23% 24% 24%
Computer Consumer Communication Automotive I.M.A
-8% QoQ +17% QoQ -9% QoQ -13% QoQ -0% QoQ
-38% YoY -1% YoY -31% YoY -22% YoY -24% YoY
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Note ：[] Comm: including handsets ；[*] I(Industrial), M(Medical), A(Aerospace-defense)

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Business Update NOR – Yearly (Parent Company)

2022 NOR Revenue Breakdown 2023 NOR Revenue Breakdown

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Comm, Comm,
Consumer,
22% Consumer, 18% Auto,
Auto,
9%
9%
24%
19%
Computer, Computer, I.M.A.,
I.M.A.,
28%
25% 24%
22%
Computer Consumer Communication Automotive I.M.A
-45% YoY -37% YoY -52% YoY -26% YoY -35% YoY
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Note ：[] Comm: including handsets ；[*] I(Industrial), M(Medical), A(Aerospace-defense)

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A enda g

Welcome C.Y. Lu 4Q23 Financial Results Paul Yeh Business Update C.Y. Lu Remarks and Q&A C.Y. Lu

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Copyright © Macronix International Co., Ltd. 21
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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