Macronix — Interim / Quarterly Report 2024

Feb 24, 2025

Macronix International Co., Ltd. Fourth Quarter 2024 Results February 13, 2025

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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. 2
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A enda g

Welcome C.Y. Lu 4Q24 Financial Results Paul Yeh Business Update C.Y. Lu Remarks and Q&A C.Y. Lu

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4Q24 Financial Highlights

4Q24 3Q24 4Q23 Revenue NT$ 5.9 NT$ 7.8 NT$ 5.8 (Billion NT$) Gross 13.1% 28.9% 19.1% margin % Operating (29.6% ) (4.6%) (19.8%) margin %

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FY24 Financial Hi hli hts g g

2024 2023 Revenue NT$ 25.9 NT$ 27.6 (Billion NT$) Gross 23.6% 24.5% margin % Operating (15.2% ) (8.7%) margin %

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Ke A enda y g

 R&D Expenses Remain High for 3D NOR and Enterprise SSD

• The Factory Equipment Still Has Room for Improving Performance

 ROM Declines due to Customers’ Anticipation for New Platform

• Inventory Digestion Requires Further Effort to Do It Faster and

Appropriately

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A enda g

Welcome C.Y. Lu 4Q24 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	4Q24 3Q24 4Q23	QoQ YoY
	5,913 7,755 5,808 777 2,244 1,111 13.1% 28.9% 19.1% (2,530) (2,602) (2,260) (1,753) (358) (1,149) (29.6%) (4.6%) (19.8%) 42 32 20 (1,710) (325) (1,129) 159 29 122 (1,551) (296) (1,007)	(24%) 2% (65%) (30%) (15.8ppt) (6.0ppt) (3%) 12% 390% 53% (25.0ppt) (9.8ppt) 426% 52% 424% 54%
Basic EPS(NT$)	(0.84) (0.16) (0.54)
EBITDA *EBITDA % Weighted avg outstanding million shares	(379) 984 (7) (6%) 13% (0%) 1,854 1,854 1,854

Note: *Proforma EBITDA will be NTD 525 million ；

**Proforma EBITDA% will be 9% if loss on inventory write-downs is excluded.

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2024 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) Income Before Taxes Income Taxes Benefit (Expense) Net Income	2024 2023	YoY
	25,883 27,624 6,099 6,761 23.6% 24.5% (10,023) (9,168) (3,924) (2,407) (15.2%) (8.7%) 378 523 (3,546) (1,884) 334 185 (3,212) (1,699)	(6%) (10%) (0.9ppt) 9% 63% (6.5ppt) 88% 89%
Basic EPS(NT$)	(1.73) (0.92)
EBITDA 1,662 2,600 EBITDA% 6% 9% Weighted avg outstanding million shares 1,854 1,854

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Sales and Gross Mar in Rate g

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2020 2021 2022 2023 2024
39,801M 50,573M 43,487M 27,624M 25,883M
Sales
Margin%
NTD M Net Sales Gross Margin%
16,000 80%
14,974
14,545
11,598 11,471
12,000 11,427 11,340 60%
10,957
10,158
9,627
9,415 9,271
9,078
47% [48%] [48%] 7,755
8,000 44% 7,104 7,429 7,283 40%
43%
6,456
39%
35% [36%] 5,808 5,760 5,913
32% [34%] 34%
31%
30%
29%
28%
4,000 25% 24% 20%
19% [20%]
13%
0 0%
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
20 21 22 23 24
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Cor orate Value p

ate Value
	2024	2023
Basic EPS -- NT$	(1.73)	(0.92)
Book Value -- NT$	23.72	26.07

Basic EPS Book Value

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NTD NTD
NT$ 1.8
30.0
(0.92) (1.73) cash dividend
28.4 NT$ 0.5
cash dividend
26.7 26.4 26.1 25.8
0.04 24.9 24.6
23.7
1Q23 2Q 3Q 2Q 3Q
(0.19) (0.22) (0.15) (0.16)
4Q 1Q24 23.0
(0.54) (0.58) 4Q 1Q23 2Q 3Q 4Q 1Q24 2Q 3Q 4Q
(0.84)
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Return On Equity (GAAP)

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Annualized ROE - Reported Net Income / Sales
16%
13%
-12.0%
-7%
2017 2018 2019 2020 2021 2022 2023 4Q24
2017 2018 2019 2020 2021 2022 2023 4Q24
(LTM)
(LTM)
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Sales / Total Assets
63%
184%
33%
2017 2018 2019 2020 2021 2022 2023 4Q24
(LTM)
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Total Assets / Total Equity

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169%
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2017 2018 2019 2020 2021 2022 2023 4Q24
(LTM)
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Quarterly Consolidated Condensed Balance Sheet

Unit: NTD Million (except BV) Cash	12/31/'24 11,623	9/30/'24 10,175	12/31/'23 11,906
Inventory(Net)	13,406	13,354	13,369
Property, Plant and Equipment	41,874	42,423	41,498
Total Assets	77,877	78,827	77,811
Interest bearing debt - short term	4,706	4,250	2,117
Interest bearing debt - long term	20,793	20,045	17,347
Total Liabilities	33,897	33,228	29,485
Debt Ratio (%)	43.5%	42.2%	37.9%
Shareholders' Equity	43,980	45,598	48,326
Book Value -- NT$	23.72	24.59	26.07

Note: MXIC Issues 2024/12/31 outstanding million shares of 1,854

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Quarterly FCF and Capex Plan

Unit: NTD Million 4Q24 3Q24 4Q23 Cash Flow from Operating 1,095 (81) 753 Depreciation & Amortization 1,230 1,217 1,060 Cash Flow from Investing (825) (1,836) (1,439) Capital Expenditures (825) (1,929) (1,524) Cash Flow from Financing 1,172 872 (679) Net Change 1,448 (1,037) (1,527) EndingBalance 11,623 10,175 11,906 Free Cash Flow* 270 (2,009) (771)	2024 2023
	(175) (526)
	4,857 4,224 (5,173) (7,592) (5,420) (7,682) 5,008 427 (282) (7,858)
	11,623 11,906
	(5,596) (8,208)

*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
8% 8%
7%
9% 10% QoQ YoY
55%
Change Change
4,000
NAND -13% -3%
58% 58%
NOR -23% +2%
29% ROM -37% -3%
25% 24%
FBG -28% +11%
8% 8% 8%
0 * FBG (Foundry Business Group)
4Q23 3Q24 4Q24
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Annual Sales Breakdown by Products (Parent Company)

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Unit: NT$ Million
50,000
40,000 11% 11%
2024
30,000
YoY
55%
9% Change
11%
NAND +9%
20,000
51% NOR +7%
59%
ROM -40%
10,000
25%
34% FBG +33%
22%
9% * FBG (Foundry Business Group)
6% 9%
0
2022 2023 2024
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A enda g

Welcome C.Y. Lu 4Q24 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

• Demand came into a slow pace during 4Q’24 since the new platform will be launched

• More online promotion for game titles selling during 2024

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Density shipment index: 1Q18 =100
400
348
309
259
245 [252] 247
236
228
222
212
196
185 187
200 177 179
163 158
142
137
113 124 101
100
94
75
67 64
58
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2018 2019 2020 2021 2022 2023 2024
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Business U date - NOR p

 NOR business

• The peak of AI server and NB/PC shipment in 3Q

• The boost code storage NVM usage remains and goes back on track in 2024

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Density shipment index: 1Q19 =100
≧75 nm
246
55 nm 228
206
193 192
200
173
153 164 155 151 148 154
141 143
133
125
118
108 108 [113 ] [120 ]
100 94 92
100
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2019 2020 2021 2022 2023 2024
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The Best Flash Solution for Automobile A lications pp

 Auto business

• Emerging headwinds across Auto Semis such MCUs and Analog vendors due to slower content growth across BEV and ICE combined with a shift toward value-trim models

• Inventory, ASP and Content to slow industry growth such as supply demand dislocation

NOR Flash by Automotive Density shipment

Index: 1Q18 =100

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329
300 283 [310] 280
254 257
240 [253]
233
217 [233]
214201 206 206
192 188
154
138 [155] [155] 135
150
116113
100 [109113]
91
0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
2018 2019 2020 2021 2022 2023 2024
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Business Update NOR – Quarterly (Parent Company)

3Q24 NOR Revenue Breakdown 4Q24 NOR Revenue Breakdown

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Comm, Comm,
Consumer, Consumer,
18% 18%
10% Auto, 8% Auto,
Computer, Computer, 22%
21%
33% 33%
I.M.A., I.M.A.,
18% 19%
Computer Consumer Communication Automotive I.M.A
-17% QoQ -34% QoQ -16% QoQ -13% QoQ -19% QoQ
+41% YoY -25% YoY +7% YoY -4% YoY -22% 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)

2023 NOR Revenue Breakdown 2024 NOR Revenue Breakdown

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Comm, Comm,
Consumer,
Consumer, Auto,
18% 18%
10% Auto,
9% 24%
22%
Computer, Computer,
I.M.A., 31% I.M.A.,
25%
24% 19%
Computer Consumer Communication Automotive I.M.A
+32% YoY +11% YoY +7% YoY +1% YoY -13% 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 4Q24 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. 23
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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