Financial Report (X FAB Half Year Report 2025 ENG)

2025

‌Contents

1. Comments on the condensed consolidated interim financial statements 04

   1. Summary of most important developments 04

   2. Risk factors 05

   3. Board of Directors 06

2. Condensed consolidated interim financial statements 07

   1. Condensed consolidated statement of profit and loss and other comprehensive income 07

   2. Condensed consolidated statement of financial position 09

   3. Condensed consolidated statement of changes in equity 10

   4. Condensed consolidated statement of cash flows 11

   5. Notes to the condensed consolidated interim financial statements 12

      1. Company information 12

      2. Acquisition of a subsidiary 12

      3. Basis of preparation 13

      4. Summary of material accounting policies 14

      5. New accounting pronouncements 14

      6. Notes 15

         1. Revenue 15

         2. Other income and other expenses 16

         3. Finance income 17

         4. Finance costs 17

         5. Income taxes 17

         6. Earnings per share 18

         7. Property, plant, and equipment 19

         8. Inventories 20

         9. Contract assets 20

         10. Other assets 20

         11. Cash and cash equivalents 21

         12. Equity 21

         13. Loans and borrowings 22

         14. Provisions 23

         15. Other liabilities 24

         16. Notes to the statement of cash flows 24

         17. Segment reporting 25

         18. Financial instruments - fair values and risk management 26

         19. Transactions with related parties 27

         20. Commitments 28

         21. Events after the reporting period 29

3. Shareholder information 30

4. Statement of the Board of Directors 30

5. Statutory auditor's review conclusion on the condensed consolidated interim financial statements 31

List of abbreviations/definitions

1. ‌Comments on the condensed consolidated interim financial statements

   1. Summary of most important developments

      The following discussion and analysis of the financial condition and results of operations should be read in conjunction with the Group's consolidated financial statements for the year ended December 31, 2024.

      Highlights

      In the first half of 2025, total revenue amounted to USD 419,396 thousand (first half of 2024: USD 421,254 thousand), a slight decrease of 0.44% compared to the same period in the previous year.

      Revenue in X-FAB's core business, namely automotive, industrial, and medical, came in at USD 394,275 thousand (first half of 2024: USD 392,675 thousand), an increase of 0.4% compared to the same period in the previous year. X-FAB's core business generated 93.7% of total revenue (first half of 2024: 93.1%).

      Business in the first half of 2025 progressed more favorably than anticipated with strong sequential growth in bookings in the first and second quarter of 2025, pointing to a gradual recovery across all end markets and technologies.

      Among the growth drivers were EV-related automotive applications, power management applications for data centers, and medical-grade contactless temperature sensors. X-FAB's industrial business benefited from

      increased demand following the last-time-buy announcement for some of X-FAB's 150mm CMOS technologies, as well as from revenue generated by prototyping new customer projects.

      The end of the second quarter also marks the completion of X-FAB's three-year program to expand manufacturing capacities across the Group. The main focus in the first half of the year was on equipping the new clean room in Kuching, Malaysia. The expansion of capacity for X-FAB's popular 180nm CMOS processes provides sufficient capacity to serve current and future customer demand, which is key to supporting X-FAB's CMOS and microsystems business going forward.

      Revenue analysis

      in millions of USD	Half-year ended Dec 31, 2023	Half-year ended Jun 30, 2024	Half-year ended Dec 31, 2024	Half-year ended Jun 30, 2025	Half-year y-o-y growth
      Automotive	287.1	277.9	274.6	278.8	0%
      Industrial	108.0	87.0	67.5	86.6	-1%
      Medical	33.4	27.7	28.7	28.9	4%
      Subtotal core business	428.5 92.5%	392.7 93.1%	370.8 92,5%	394.3 93.7%	0.4% 1%
      CCC	34.4	28.6	29.4	25.7	-10.1%
      Others	0.3	0.3	0.6	0.6	121%
      Total*	463.2	421.5	400.8	420.6	0%

      *excluding revenues from wafer sales recognized over time

      Business fundamentals are intact and X-FAB remains well positioned for long-term business success. X-FAB 's comprehensive and highly specialized technology portfolio enables innovative solutions to address the major megatrends of our time. The electrification of everything is inevitable in order to move away from fossil fuels and mitigate climate change, driving long-term growth in X-FAB's automotive and industrial businesses.

      Aging and growing populations require technological innovation to make prevention, diagnosis and treatment of disease more efficient, reliable and accessible to an ever-growing number of people. X-FAB's microsystems expertise with the combination of CMOS and MEMS supports the development of world-leading medical applications and fuels the long-term growth of X-FAB's medical business.

      ‌Cost of sales

      Cost of sales includes material expenses such as raw materials, the costs of maintaining fixed assets, depreciation, staff costs, and costs for external services. In 2025 cost of sales decreased by USD 1,196 thousand or 0.4% compared to the first half of 2024, in line with the slight decrease in revenue.

      Research and development expenses

      Research and development expenses amounted to USD 24,450 thousand in the first half of 2025, representing 5.8% of revenue (first half of 2024: USD 22,494 thousand, 5.3% of revenue). The increase of 8.7% (USD 1,956 thousand) compared to the previous year's comparable six-month period is due to higher staff and mask costs. Research and development expenses are presented net of grants in the amount of USD 3,104 thousand, (first half of 2024: USD 2,503 thousand). The Group's research and development activities focus on the development of new fabrication processes, the optimization of existing processes using the Group's key process technologies, and the development of new integrated circuit features in order to meet customers' analog/mixed signal needs.

      General, administrative, and selling expenses

      General and administrative expenses and selling expenses remain on the same level compared to the first half of 2024.

      Net finance costs

      Net finance costs increased by USD 35,607 thousand in the first half of 2025 compared to the first half of previous year due to increased unrealized exchange rate losses on euro-denominated loans and borrowings (USD 30,876 thousand).

      Net income

      The Group recorded a profit for the period for the first half of 2025 of USD 11,810 thousand, compared to a profit of USD 42,880 thousand in the first half of 2024.

      The announcement of third quarter results will take place on October 30, 2025.

   2. Risk factors

      The following risk factors may affect X-FAB's business, financial condition, and results of operations; the list is not exhaustive:

      • Structural trends in the markets for the end-user products produced by X-FAB's customers, or material volatility in demand for these products, may limit X-FAB's ability to maintain or increase sales and profit levels.

      • A global systemic economic or financial crisis, increased political uncertainty, or increased economic protectionism could negatively affect X-FAB.

      • A significant portion of X-FAB's revenue comes from a relatively limited number of customers

      • Due to X-FAB's relatively fixed-cost structure, its ability to grow profitability is dependent on its ability to maintain appropriate utilization levels.

      • X-FAB faces difficulties in forecasting demand and may therefore be unable to match its production capacity to demand.

      • X-FAB may be unsuccessful in its attempts to increase its production capacity and capabilities.

      • ‌X-FAB may not realize all the anticipated benefits from its acquisition of Altis' core business.

      • X-FAB's expectations of an increase in market share by foundries might not occur.

      • X-FAB may face increasing competition.

      • X-FAB may face competitive pricing pressures.

      • X-FAB may face price increases from its suppliers.

      • X-FAB may be subject to penalties if it fails to meet the terms of long-term contracts with customers and suppliers.

      • X-FAB's operations could be disrupted by an unreliable or insufficient power supply.

      • X-FAB is subject to risks associated with currency fluctuations.

      • X-FAB is subject to risks associated with any form of cyber criminality.

   3. Board of Directors

      X-FAB SE's Board of Directors manages the Company in accordance with the principles laid down in the Articles of Association and makes decisions on general policy, including the assessment and approval of strategic plans and budgets, supervision of reports and internal audits, and other tasks assigned by law to the Board of Directors. In accordance with the Belgian Companies and Associations Code, the Board of Directors has appointed Sensinnovat BV, represented by Rudi De Winter, as managing director (CEO), to whom it has delegated its managerial powers with the exception of general policy and all actions that are reserved to the Board of Directors by statutory provisions.

      The CEO is appointed by the Board of Directors for an indefinite period, unless the Board of Directors decides otherwise.

      The directors of the Company at June 30, 2024 were as follows:

      Name Position

      Tan Sri Datuk Amar Dr. Hamid Bin Bugo Chairman of the Board

      Sensinnovat BV Managing Director, CEO (represented by Rudi De Winter)

      Roland Duchâtelet Non-executive director Dato Sri Dr. Wan Lizozman Haji Wan Omar Non-executive director Hans-Jürgen Straub Independent Director

      Aurore NV Independent Director

      (represented by Christine Juliam)

      Christel Verschaeren Independent Director

      Estelle Iacona Independent Director

2. ‌Condensed consolidated interim financial statements

   1. Condensed consolidated statement of profit and loss and other comprehensive income

      in thousands of U.S. dollars	Note	For the six months ended June 30
      		2025	2024
      Revenue	2.5.6.1/2.5.6.17/ 2.5.6.19	419,396	421,254
      Cost of sales		(324,826)	(326,022)
      Gross profit		94,570	95,232
      Research and development expenses		(24,450)	(22,494)
      Selling expenses		(4,655)	(4,679)
      General and administrative expenses		(24,791)	(24,471)
      Rental income and expenses from investment properties		1,561	1,828
      Impairment loss on trade receivables		(193)	(60)
      Other income and other expenses	2.5.6.2	763	4,663
      Operating profit		42,805	50,019
      Finance income	2.5.6.3	26,106	12,552
      Finance costs	2.5.6.4	(50,679)	(15,072)
      Net finance income/(costs)		(24,573)	(2,520)
      Profit before tax		18,232	47,499
      Income tax	2.5.6.5	(6,422)	(4,619)
      Profit for the period		11,810	42,880

      The accompanying notes are an integral part of these condensed consolidated interim financial statements.

      Condensed consolidated statement of profit and loss and other comprehensive income (continued)

      in thousands of U.S. dollars	Note	For the six months ended June 30
      		2025	2024
      Profit for the period		11,810	42,880
      Other comprehensive income
      Items that will not be reclassified to profit or loss
      Remeasurement of defined benefit obligation (asset)		318	565
      Items that are or may be transferred to profit or loss as follows:
      Foreign currency translation differences for foreign operations		194	(334)
      Other comprehensive income/(loss) for the period, net of income tax		512	231
      Total comprehensive income for the period		12,322	43,111
      Weighted average number of shares outstanding, basic and diluted		130,631,921	130,631,921
      Earnings per share
      Basic and diluted (in U.S. dollars)	2.5.6.6	0.09	0.33

      The accompanying notes are an integral part of these condensed consolidated interim financial statements.

   2. ‌Condensed consolidated statement of financial position

      in thousands of U.S. dollars	Note	June 30, 2025	December 31, 2024
      ASSETS
      Non-current assets
      Property, plant, and equipment	2.5.6.7	1,224,295	1,144,620
      Investment properties		7,159	7,412
      Intangible assets		6,268	6,319
      Other assets	2.5.6.10	33	42
      Deferred tax assets	2.5.6.5	64,380	66,725
      Total non-current assets		1,302,135	1,225,118
      Current assets
      Inventories	2.5.6.8	288,207	281,765
      Contract assets	2.5.6.9	16,880	18,092
      Trade and other receivables	2.5.6.19	111,612	96,648
      Income tax receivables		1,449	1,830
      Other assets	2.5.6.10	72,023	67,423
      Cash and cash equivalents	2.5.6.11	157,678	215,837
      Total current assets		647,849	681,595
      Total assets		1,949,984	1,906,713
      EQUITY AND LIABILITIES
      Equity
      Share capital	2.5.6.12	432,745	432,745
      Share premium	2.5.6.12	348,709	348,709
      Retained earnings		253,776	241,648
      Cumulative translation adjustment		656	462
      Treasury shares		(770)	(770)
      Total equity		1,035,116	1,022,794
      Non-current liabilities
      Loans and borrowings	2.5.6.13	418,230	369,616
      Other liabilities and provisions	2.5.6.14	2,725	4,257
      Total non-current liabilities		420,955	373,873
      Current liabilities
      Loans and borrowings	2.5.6.13	54,041	44,517
      Trade payables	2.5.6.19	41,780	67,658
      Income tax payable		10,546	7,737
      Provisions	2.5.6.14	9,131	11,978
      Other liabilities	2.5.6.15	378,415	378,157
      Total current liabilities		493,913	510,046
      Total equity and liabilities		1,949,984	1,906,713

      The accompanying notes are an integral part of these condensed consolidated interim financial statements.

      issued and capital premium earnings tion adjustment shares to owners of the interests
   3. ‌Condensed consolidated statement of changes in equity

      in thousands of U.S. dollars	Shares fully paid	Share	Share	Retained	Cumulative transla-	Treasury	Total attributable parent	Non-controlling	Total equity
      At December 31, 2023	130,781,669	432,745	348,710	180,159	(301)	(770)	960,542	-	960,542
      Profit for the period				42,880			42,880		42,880
      Remeasurement of defined benefit plans				565			565		565
      Currency translation effect					(334)		(334)		(334)
      Total comprehensive income	-	-	-	43,445	(334)	-	43,111	-	43,111
      Total transactions with owners of the parent	-	-	-	-	-	-	-	-	-
      At June 30, 2024	130,781,669	432,745	348,710	223,604	(635)	(770)	1,003,653	-	1,003,653
      Profit for the period				18,646			18,646		18,646
      Remeasurement of defined benefit plans				(602)			(602)		(602)
      Currency translation effect					1,097		1,097		1,097
      Total comprehensive income	-	-	-	18,044	1,097	-	19,141	-	19,141
      Total transactions with owners of the Company	-	-	-	-	-	-	-	-	-
      At December 31, 2024	130,781,669	432,745	348,710	241,648	462	(770)	1,022,794	-	1,022,794
      Profit for the period				11,810			11,810		11,810
      Remeasurement of defined benefit plans				318			318		318
      Currency translation effect					194		194		194
      Total comprehensive income	-	-	-	12,128	194	-	12,322	-	12,322
      Total transactions with owners of the Company	-	-	-	-	-	-	-	-	-
      At June 30, 2025	130,781,669	432,745	348,710	253,776	656	(770)	1,035,116	-	1,035,116

      The accompanying notes are an integral part of these condensed consolidated interim financial statements.

   4. ‌Condensed consolidated statement of cash flows

      in thousands of U.S. dollars	Note	For the six months ended June 30
      		2025	2024
      Cash flow from operating activities:
      Profit for the period		11,810	42,880
      Income tax		6,422	4,619
      Profit before taxes		18,232	47,499
      Reconciliation of net income to cash flow arising from operating activities:		83,112	52,705
      Depreciation and amortization, before effect of grants and subsidies	2.5.6.7	57,845	48,792
      Amortization of investment grants and subsidies		(2,461)	(1,296)
      Interest income and expenses (net)	2.5.6.3/ 2.5.6.4	8,071	653
      Loss/(gain) on the sale of plant, property and equipment (net)		(108)	(3,771)
      Loss/(gain) on the change in fair value of financial assets (net) and derivatives		(4,160)	-
      Other non-cash transactions (net)	2.5.6.16	23,925	8,327
      Changes in working capital		(32,320)	6,689
      Decrease/(increase) of trade and other receivables		(15,175)	18,463
      Decrease/(increase) of other assets		(85)	18,830
      Decrease/(increase) of inventories		(6,442)	(5,554)
      Decrease/(increase) of contract assets		1,211	305
      (Decrease)/increase of trade payables		(5,198)	(14,575)
      (Decrease)/increase of other liabilities and provisions	2.5.6.15	(6,631)	(10,780)
      Income taxes (paid)/received		(1,232)	(2,668)
      Net cash from operating activities		67,792	104,225
      Cash flow from investing activities:
      Payments for property, plant, equipment, and intangible assets		(155,456)	(226,789)
      Payments for investments in investment properties		-	(84)
      Acquisition of subsidiary, net of cash acquired		-	(1,634)
      Proceeds from the sale of property, plant, and equipment		118	3,811
      Interest received		2,186	6,417
      Net cash used in investing activities		(153,152)	(218,279)

      in thousands of U.S. dollars	Note	For the six months ended June 30
      		2025	2024
      Cash flow from financing activities:
      Proceeds from loans and borrowings	2.5.6.13	50,571	92,901
      Repayment of loans and borrowings	2.5.6.13	(38,551)	(99,757)
      Receipts from sale and leaseback arrangements		30,020	26,469
      Payment of lease liabilities		(13,277)	(4,230)
      Interest paid		(9,668)	(8,632)
      Net cash from financing activities		19,095	6,751
      Effects of changes in foreign currency exchange rates on cash balances		8,106	(8,343)
      Net increase/(decrease) of cash and cash equivalents		(66,265)	(107,303)
      Cash and cash equivalents at the beginning of the period		215,837	405,701
      Cash and cash equivalents at the end of the period		157,678	290,055

      ‌The accompanying notes are an integral part of these condensed consolidated interim financial statements.

   5. Notes to the condensed consolidated interim financial statements

      1. Company information

         X-FAB Silicon Foundries SE (hereafter referred to as "X-FAB SE," "the Company," or "the parent Company" and, together with its subsidiaries, as "X-FAB SE Group" or "the Group") is a European limited company (Societas Europaea/SE) registered under the number BE0882.390.885 in Hasselt, Belgium. The Company's registered address is Transportstraat 1, 3980 Tessenderlo-Ham, Belgium.

         The X-FAB SE Group is one of the world's leading pure-play foundry providers specializing in analog/mixed-signal technologies. Analog/mixed-signal products are circuits capable of processing digital as well as analog signals. As a pure-play foundry, the Group develops its own technologies, offering its customers a

         comprehensive range of product development (design support) and production services. The X-FAB SE Group manufactures integrated circuits to customers' designs, supplying these in the form of silicon wafers. For this purpose, X-FAB SE offers special technology modules, cell libraries, and design kits, which allow the Group's customers to develop specific circuits with broad function spectrums and to accelerate their development processes.

         X-FAB SE Group's customers include companies that concentrate on the development of integrated circuits (ICs) and leave their manufacture to others (fabless companies). The Group's customers are primarily in the communication, automotive, consumer, and industrial product sectors, and are located in Europe, the United States, and Asia.

      2. Acquisition of a subsidiary

         On January 1, 2024, the Group acquired the entire share capital of M-MOS Semiconductor Hong Kong Limited (M-MOS), a limited liability company incorporated under the laws of Hong Kong, and its subsidiaries for a consideration of EUR 22,500 thousand (USD 24,863 thousand) payable in cash. M-MOS was acquired from XTRION, a related party.

         M-MOS is a developer of metal-oxide-semiconductor field-effect transistor (MOSFET) process technologies and designs standard and custom devices using MOSFET technologies focusing on selling wafers to its customers. The acquisition was made to generate business synergies in particular in respect of the MOSFET wafer business.

         No acquisition costs were recorded as expenses in the current or previous financial year in respect of the acquisition.

         ‌The fair values of the assets and liabilities determined as at January 1, 2024 exceeded the carrying values recorded by the acquiree by USD 73 thousand and were as follows:

         in thousands of U.S. dollars
         Property, plant, and equipment	238
         Deferred tax assets	66
         Inventories	2,878
         Accounts receivable	4,483
         Other assets	4,532
         Cash and cash equivalents	23,229
         Total assets	35,426
         Non-current loans and borrowings	26
         Trade payables	2,691
         Other current liabilities	7,712
         Deferred tax liabilities	134
         Total liabilities	10,563
         Total identifiable assets and liabilities acquired	24,863

         The above amounts represent the Group's estimates of the fair values of the assets and liabilities assumed at the acquisition date. No material differences between the carrying amounts and fair market values of the assets and liabilities acquired were identified due to the fact that the assets acquired primarily consisted of cash and cash equivalents and in view of the short-term nature of the receivables and liabilities. No goodwill was recognized as a result of the business combination.

         M-MOS contributed revenues of USD 9,395 thousand and a profit of USD 1,287 thousand) to the Group results in the first half of the financial year 2025 (first half of the financial year 2024: revenues of USD 8,796 thousand and a profit of USD 1,152 thousand).

      3. Basis of preparation Statement of compliance

         These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS) IAS 34 Interim Financial Reporting as endorsed by the European Union. They do not include all of the information required for full annual financial statements and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended December 31, 2024.

         The condensed consolidated interim financial statements of X-FAB SE Group were authorized for issue in accordance with a resolution of the directors on August 28, 2025.

         ‌Use of estimates and judgements

         In preparing these condensed consolidated interim financial statements, management has made judgments, assumptions, and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.

         Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

         The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended December 31, 2024.

         Measurement of fair values

         A number of the Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

         If third-party information is used to measure fair values, the evidence obtained from third parties is assessed to support the conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such valuations should be classified.

         When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible.

         Fair values are classified into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

         Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

         Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly.

         Level 3: techniques that use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

         If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

         The Group measures transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

      4. Summary of material accounting policies

         The accounting policies applied are consistent with those applied in the annual consolidated financial statements ended December 31, 2024.

      5. New accounting pronouncements

         Amendments to standards effective for the period beginning on January 1, 2025

         The following amendments to IFRS standards, which are effective for annual periods beginning on or before January 1, 2025, have been applied by the Group for the first time in preparing these condensed consolidated interim financial statements.

         Standard/interpretation	Effective date: effective for annual periods beginning on or after
         Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability	January 1, 2025

         ‌The amendments to standards did not have any effect on the condensed consolidated interim financial statements of the X-FAB SE Group.

         New standards and interpretations not yet effective

         A number of new standards, amendments to standards, and interpretations are not yet effective for the year ending December 31, 2025, and have not been applied in preparing these condensed consolidated interim financial statements:

         Standard/interpretation	Effective date: effective for annual periods beginning on or after
         Annual Improvements Volume 11	January 1, 2026
         Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)	January 1, 2026
         Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7)	January 1, 2026
         IFRS 18 Presentation and Disclosure in Financial Statements*	January 1, 2027
         IFRS 19 Subsidiaries without Public Accountability: Disclosures*	January 1, 2027

         *Not yet endorsed by the EU

         Earlier application of these standards is permitted; however, the Group has not early-adopted the new or amended standards which are applicable to future periods in preparing these condensed consolidated interim financial statements.

         The Group is still in the process of assessing the impact of the new standard IFRS 18, particularly with respect to the structure of the Group's statement of profit or loss, the statement of cash flows, additional disclosures required, and how information is grouped in the (interim) financial statements.

      6. Notes

         1. Revenue

            Revenue comprises the following:

            in thousands of U.S. dollars	For the six months ended June 30
            	2025	2024
            Gross revenue PCM wafer	390,273	378,274
            Gross revenue NRE and technology services	39,608	46,532
            Impact from PCM wafer revenue recognized over time	(1,211)	(305)
            Other revenue	3	6
            Discounts and warranty credits	(9,277)	(3,253)
            Total	419,396	421,254

            In the first half of 2025 there was a downward adjustment of USD 1,211 thousand to report recognized for sales made in 2025 based on the recognition over time basis in accordance with IFRS 15 compared to the amounts recognized based on the date the wafers were delivered. In contrast, in the same period of the previous year the adjustment of revenue recognition to reflect the sale of PCM wafers over time resulted in a decrease in revenues recognized of USD 0.3 million. The Group reports revenues from wafer sales which are recognized over time in compliance with IFRS 15 Revenue from Contracts with Customers. For transparency purposes, the Group also reports revenue from PCM wafer sales based on recognizing the associated revenues at the specific point in time when the wafers are delivered to the customer as well as the amount of the reconciling item between the revenue recognized on the over time basis and the revenue recognized on the basis of the delivery of the wafers.

            ‌Revenue for wafer sales recognized over time represents the Group's rights to consideration for work completed but not invoiced at the reporting date on wafer sales under long-term contracts which meet the criteria for revenue recognition over time.

            The Group has recognized no revenues of variable consideration from customers in respect of shortfalls of orders from customers in the first half of the financial year 2025 (2024: none) as, at the current time, it is anticipated that all customer orders will be supplied to customers in full without any shortfalls.

            Revenue from NRE and technology services is recognized over time, based on milestones that are a reasonable approximation of the progress to complete the performance obligation.

         2. Other income and other expenses

            Other income comprises the following:

            in thousands of U.S. dollars	For the six months ended June 30
            	2025	2024
            Income from recharges	557	1,696
            Income from sales of materials	337	33
            Income from other admin services/cost sharing	282	230
            Gains on disposals of property, plant, and equipment	118	3,772
            Income other periods	80	212
            Other	345	304
            Total	1,719	6,247

            Gains on disposal of fixed assets in the prior year relate to sales of tools which are not needed any longer due to changes in technology and production portfolios.

            Other expenses comprise the following:

            in thousands of U.S. dollars	For the six months ended June 30
            	2025	2024
            Expenses from recharges	(557)	(1,696)
            Expenses prior periods	(124)	(98)
            Losses on disposal of property, plant, and equipment	(10)	(1)
            Other	(265)	211
            Total	(956)	(1,584)

         3. ‌Finance income

            Finance income comprises the following:

            in thousands of U.S. dollars	For the six months ended June 30
            	2025	2024
            Interest on financial assets measured at amortized cost:
            Interest on cash and cash equivalents	2,186	6,473
            Change in fair value of financial assets and liabilities at fair value through profit or loss:
            Change in fair value of derivative financial instruments	4,160	-
            Other:
            Income from exchange rate differences	19,760	6,080
            Total	26,106	12,553

            Income from exchange rate differences includes unrealized exchange rate gains (net of expenses) of USD 974 thousand (2024 loss of: USD 4,272 thousand) resulting from the translation of cash balances

            denominated in Malaysian ringgit and of USD 7,131 thousand (2024: USD 3,421 thousand) from cash balances denominated in euros.

         4. Finance costs

            Finance costs comprise the following:

            in thousands of U.S. dollars	For the six months ended June 30
            	2025	2024
            Interest on financial liabilities measured at amortized cost:
            Loans and borrowings	(9,850)	(6,494)
            Other interest	(407)	(632)
            Other :
            Expenses from exchange rate differences	(40,421)	(7,946)
            Total	(50,678)	(15,072)

            Exchange rate expenses include realized and unrealized exchange rate losses of USD 30,876 thousand (2024: income of USD 4,272 thousand) on euro-denominated loans and borrowings.

         5. Income taxes

            Income tax expense is recognized at an amount determined by multiplying the profit before tax for the interim reporting period by the expected effective tax rate of the year.

            ‌The income tax expense comprised the following:

            in thousands of U.S. dollars	For the six months ended June 30
            	2025	2024
            Current taxes:
            Actual income tax charge for the period	(4,025)	(3,658)
            Adjustment of prior years' tax charges	(16)	(304)
            	(4,041)	(3,962)
            Deferred taxes	(2,381)	(657)
            Total	(6,422)	(4,619)

            Changes in recognized deferred tax assets resulted in a decrease of deferred tax assets of USD 2,345 thousand (2024: a decrease of USD 599 thousand). The decrease in deferred tax assets is primarily due to the derecognition of previously recognized deferred tax assets on timing differences arising on property, plant, and equipment of X-FAB Sarawak amounting to USD 2,586 thousand (2024: derecognition of USD 594 thousand) to reflect the current estimate of realizable deferred taxes on reversals of timing differences based on the Group's updated business planning.

            The assumptions made and the method applied to calculate deferred taxes were consistent with the methods used at December 31, 2024. The actual income tax expense for the period primarily consists of accruals made for income taxes for the year to be paid in Malaysia, France, and Germany.

            Belgium, the jurisdiction where the "ultimate parent entity" (i.e. X-FAB Silicon Foundries SE) of the X-FAB group is located, formally adopted the Pillar Two (Global Minimum Tax) legislation in December 2023, effective from 2024 onwards (i.e. for financial years starting on or after December 31, 2023). Up to and including the financial year starting on January 1, 2025, the X-FAB Group did not yet meet the criteria to be subject to the Pillar Two legislation. However, as from the financial year starting on January 1, 2026, the X-FAB Group expects to fall within the scope of this legislation. The X-FAB Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax (if any) and will account for such top-up tax as a current tax when it is incurred.

         6. Earnings per share

            The earnings per share is calculated by dividing the profit for the period attributable to the ordinary shareholders (as reported in the condensed interim statement of profit and loss and other comprehensive income) by the weighted average number of shares in issue during the period.

            There were 130,781,669 shares in issue at January 1 and June 30 in both periods, and the weighted average number of ordinary shares outstanding was 130,631,921 in both periods.

            There are no diluting effects on the earnings per share in the current or previous period.

         7. ‌Property, plant, and equipment

            in thousands of U.S. dollars	Land	Buildings	Technical machinery and equipment	Factory and office equipment	Assets under construction	Total
            Net book value January 1, 2025	14,078	49,581	440,158	7,105	633,696	1,144,618
            Accumulated historical cost January 1, 2025	14,360	134,731	1,503,433	38,930	633,696	2,325,150
            Additions	-	1,019	9,288	175	123,471	133,953
            Disposals	-	-	(6,415)	(255)	-	(6,670)
            Reclassifications	-	5,746	38,945	517	(45,019)	189
            Effect of changes in exchange rates	-	-	-	-	-	-
            Changes in consolidation	-	-	-	-	-	-
            Accumulated historical cost June 30, 2025	14,360	141,496	1,545,251	39,367	712,148	2,452,622
            Accumulated depreciation January 1, 2025	(282)	(85,150)	(1,063,275)	(31,825)	-	(1,180,532)
            Additions	(18)	(2,204)	(50,403)	(1,644)	-	(54,269)
            Disposals	-	-	6,406	255	-	6,661
            Reclassifications	-	-	(187)	-	-	(187)
            Effect of changes in exchange rates	-	-	-	-	-	-
            Accumulated depreciation June 30, 2025	(300)	(87,354)	(1,107,459)	(33,214)	-	(1,228,327)
            Net book value June 30, 2025	14,060	54,142	437,792	6,153	712,148	1,224,295

            Assets under construction contain purchases of technical machinery and equipment in all X-FAB sites as a result of its group-wide capacity expansion program. This three-year program was completed in the second quarter of 2025.

            In the first half of 2025, the Group received USD 0 thousand investment tax credits within the U.S. related to the acquisition of qualifying assets (2024: USD 10,195 thousand). The acquisition costs of technical equipment have been reduced accordingly.

            The carrying values of right-of-use assets presented as property, plant and equipment were as follows:

            in thousands of U.S. dollars	2025	2024
            Net book value January 1	39,323	17,588
            Additions	337	1,027
            Depreciation	(2,486)	(3,690)
            Reclassifications	13	18,210
            Effects of changes in currency exchange rates	-	26
            Net book value Dec 31	37,187	33,161

            ‌In 2025, the Group entered into a sale and leaseback transaction under which machinery was sold at book value and leased back. The contractual arrangements include a purchase option to buy the underlying asset at a price that is expected to be sufficiently lower than the expected fair value of the underlying asset on the date at which the option becomes exercisable. The Group continues to be able to direct the use of the assets and obtain substantially all of the remaining benefits from their use. Accordingly, the transaction was wholly recognized as a financing arrangement and no sale or gain or loss is recognized on the transaction. A similar sale and leaseback transaction with a net book value of USD 17,830,000 that was entered into in 2024 was excluded from the beginning balance as of January 1, 2025.

         8. Inventories

            The increase in raw materials and supplies and work in progress resulted from the build-up of inventories to secure the material supplies required to meet anticipated higher output levels resulting from the overall increase in business activity. Inventories for the manufacture of wafers under contracts for which sales are recognized over time are not recognized in work in process; instead they are recorded as an expense within cost of sales with the associated rights to consideration for work completed but not invoiced at the reporting date recognized within contract assets (note 2.5.6.9 below).

            Allowances of USD 602 thousand (2024: USD 55 thousand) have been recorded against inventories and recognized as an expense in the period.

         9. Contract assets

            The contract assets relate to the Group's rights to consideration for work completed but not invoiced at the reporting date on wafer sales recognized over time. No impairment charges have been recognized on contract assets. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer.

         10. Other assets

             Other assets comprise the following:

             in thousands of U.S. dollars	June 30, 2025	December 31, 2024
             R&D grants receivable	35,287	26,795
             Prepaid expenses	16,197	17,538
             Investment grants and subsidies receivable	9,844	9,890
             Derivatives	4,160	-
             Receivables from energy surcharges	2,781	5,706
             Taxes (other)	2,381	6,337
             Deposits	565	483
             Other	808	674
             Total	72,023	67,423

             Prepaid expenses primarily relate to prepayments made for raw materials such as raw wafers.

             Research and development grants receivable at June 30, 2025 include research and development tax credits and competitiveness and employment tax credits totaling USD 18,430 thousand attributable to X-FAB France (December 31, 2024: USD 13,440 thousand).

             Derivatives presented within other assets represent the fair value of two currency forward contracts (derivatives) which provide for the sale, in exchange for euros, of USD 60 million at December 31, 2025 which correspond to the amounts of loan repayments payable in euros at December 31, 2025. There was no acquisition cost associated with these instruments. The changes in the fair value of these currency forward contracts are intended to offset the currency gains or losses on exchange associated with those euro denominated loan repayments. The Group does not apply hedge accounting. Accordingly, the change in fair value of the derivatives is presented in the consolidated statement of profit and loss as finance income (2025: USD 4,160 thousand; 2024: USD 0 thousand).

             Other taxes primarily relate to VAT receivables.

         11. ‌Cash and cash equivalents

             Cash and cash equivalents comprise the following:

             in thousands of U.S. dollars	June 30, 2025	December 31, 2024
             Cash and bank balances	109,654	153,164
             Restricted cash	2,668	4,189
             Term deposits	45,356	58,484
             Total	157,678	215,837

             An analysis of the movements of cash and cash equivalents is reported in the statement of cash flows.

         12. Equity

             Share capital

             X-FAB Silicon Foundries SE had 130,781,669 fully paid-in shares in issue throughout the reporting period for the first six months of the current and the comparative period.

             Share premium

             The share premium of X-FAB Silicon Foundries SE amounts to EUR 348,709 thousand (December 31, 2024: USD 348,709 thousand).

             Retained earnings

             Retained earnings represent the accumulated profits and losses of the Group together with the accumulated balance of the remeasurement of the Group's post-employment defined benefit plans.

             Cumulative translation adjustment

             The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations that have functional currencies other than USD.

             Treasury shares

             At June 30, 2025 and December 31, 2024 the Group held 149,748 treasury shares (after the 2017 share split) of X FAB Silicon Foundries SE held by its fully-owned subsidiary X-FAB GmbH. Based on the purchase price of EUR 11.25 per share (before the 2017 share split), the treasury shares reduced the equity capital of the parent company by USD 770 thousand (December 31, 2024: USD 770 thousand).

         13. ‌Loans and borrowings

             The carrying amounts of the Group's loans and borrowings are shown in the following table:

             in thousands of U.S. dollars	June 30, 2025	December 31, 2024
             Bank loans and overdrafts
             Fixed interest bank loans denominated in EUR	62,089	64,142
             Maturity: 2025-2029
             Interest rates: 0.9%-4.27%
             Repayments in monthly or quarterly installments
             Fixed interest bank loans denominated in USD	494	530
             Maturity: 2025-2028
             Interest rates: 8.25%-8.5%
             Repayments in monthly installments/at the maturity date
             Variable interest bank loans denominated in EUR	25,818	26,110
             Maturity: 2029
             Interest rates: EURIBOR + 0.95%
             Repayments in monthly or quarterly installments
             Variable interest Revolving Credit Facility denominated in USD	143,516	143,231
             Maturity: 2026
             Interest rates: SOFR + 1.67%
             Repayment on maturity
             Variable interest Revolving Credit Facility denominated in USD	20,000	-
             Maturity: 2029
             Interest rates: SOFR + 1.7%
             Repayment on maturity
             Variable interest Revolving Credit Facility denominated in EUR	66,713	75,197
             Maturity: 2026
             Interest rates: EURIBOR + 1.0%
             Repayment on maturity
             Variable interest Revolving Credit Facility denominated in EUR	27,109	6,825
             Maturity: 2029
             Interest rates: EURIBOR + 1.35%
             Repayment on maturity

             in thousands of U.S. dollars	June 30, 2025	December 31, 2024
             Leasing arrangements
             Leasing liabilities denominated in EUR	92,092	62,360
             Maturity: 2025-2034
             Interest rates: 0.15-4.67%; 3M EURIBOR + 1.0%
             Repayment in monthly installments
             Leasing liabilities denominated in USD	8,165	8,376
             Maturity: 2025-2038
             Interest rates: 3.32%
             Repayment in monthly installments
             Leasing liabilities denominated in MYR	26,275	27,362
             Maturity: 2025-2034
             Interest rates: 4.66%
             Repayment in monthly installments
             Total	472,271	414,133
             Current loans and borrowings	54,041	44,517
             Non-current loans and borrowings	418,230	369,616

             ‌Variable interest bank loans include loans amounting to USD 162,000 thousand and EUR 82,000 thousand (December 31, 2024: USD 142,000 thousand and EUR 78,500 thousand) under the Group's two

             EUR 200,000,000 multicurrency revolving facility agreements ("the facilities") entered into between the parent company and its principal subsidiaries and a syndicate of eight international banks on December 1, 2021 and August 1, 2024 respectively. Both credit facilities are for a five-year period until December 2026 and

             July 2029 respectively, with an option for X-FAB to request an extension of the facility's maturity date for a further year until December 2027 and July 2030 respectively. The options are exercisable not earlier than 90 days prior to and not 45 days later than prior to the respective initial termination dates.

             The movement in loans and borrowings includes income for realized and unrealized exchange rate losses of USD 30,876 thousand (2024: gains of USD 4,272 thousand) resulting from the effect of changes on exchange rates of euro-denominated loans. Loans and lease obligations totaling USD 51,828 thousand

             (2024: USD 103,987 thousand) have been repaid in the first six months of 2025.

             Leasing liabilities denominated in euro include liabilities from sale and leaseback in the amount of USD 83,279 thousand (2024: USD 57,732 thousand). Regarding new sale and leaseback transactions reference is made to note 2.5.6.7.

         14. Provisions

             The movements on provisions during the period were as follows:

             in thousands of U.S. dollars	Warranty provisions	Employee provisions	Other	Total
             January 1, 2025	11,484	416	132	12,032
             Provided for	1,953	-	351	2,304
             Utilized	(5,399)	(14)	-	(5,413)
             Released	-	(1)	-	(1)
             Effect of changes in exchange rates	147	10	52	209
             June 30, 2025	8,185	411	535	9,131

             ‌Provisions primarily relate to warranties. Warranty provisions are estimated based on the Group's experience of past claim rates and knowledge of current claims together with an assessment of rectification costs.

         15. Other liabilities

             Other current liabilities comprise the following:

             in thousands of U.S. dollars	June 30, 2025	December 31, 2024
             Accrued liabilities	29,008	29,968
             For trade payables	28,108	28,048
             Royalties	404	622
             Sales commission	530	481
             Staff association	116	588
             Other	102	229
             Advances received	321,221	323,915
             Deferred income	1,838	814
             Employee-related liabilities	26,096	23,458
             Wages	4,433	2,078
             Earned holiday entitlement, incentives	13,968	15,758
             Payroll taxes	3,265	1,310
             Social security costs	4,430	4,312
             Other	-	2
             Total	378,415	378,157

             Advances received relate to prepayments from customers for future wafer sales of USD 28,644 thousand (December 31, 2024: USD 40,718 thousand) and capacity reservation deposits received under long-term agreements concluded with customers of USD 292,577 thousand (December 31, 2024: USD 283,197 thousand). These amounts represent contract liabilities as defined in IFRS 15 and, depending on the respective agreements with the customer, will be settled by offsetting advances received against deliveries of wafers made or by repayment of the respective capacity reservation deposit periods.

             All prepayments from customers for future wafer sales and capacity reservation deposits are recorded as current or non-current based on the usual classification principles, i.e., items that are settled within the normal operating cycle are classified as current, even if they are expected to be settled after twelve months.

             However, the Group expects prepayments from customers for future wafer sales and capacity reservation deposits totaling USD 177,392 thousand to be settled after more than twelve months (December 31, 2024: USD 225,311 thousand).

         16. Notes to the statement of cash flows

             Cash flows from operating activities in the first half of the financial year 2025 and 2024 include significant amounts of receipts of prepayments from customers for the future supply of wafers and receipts and repayments of capacity reservation deposits received under long-term agreements concluded with customers.

             The amounts of prepayments from customers and capacity reservation deposits carried forward for offsetting against trade accounts receivable or for repayment to customers are disclosed within other current liabilities as reported in note 2.5.6.15.

             ‌Non-cash transactions include currency effects from exchange rate differences of USD 20,661 thousand (2024:1,866 thousand) and increases in provisions of USD 2,303 thousand (2024: USD 4,039 thousand).

         17. Segment reporting

             The following table shows an analysis of revenue based on the customer's billing location for the reporting period:

             in thousands of U.S. dollars	For the six months ended June 30
             	2025	2024
             Europe	282,449	284,115
             Belgium	185,578	187,453
             Germany	50,786	44,882
             United Kingdom	20,409	30,905
             Austria	6,447	8,057
             Switzerland	5,177	3,210
             France	5,841	2,981
             Sweden	2,341	1,086
             Other	1,854	1,197
             Netherland	1,386	1,232
             Denmark	938	1,118
             Finland	879	385
             Ireland	813	1,609
             Asia	100,579	92,469
             China	50,514	54,449
             Japan	26,576	15,245
             Singapore	7,104	5,767
             Thailand	5,071	10,003
             Taiwan	4,194	2,617
             South Korea	3,890	3,811
             New Zealand	1,567	233
             Malaysia	1,218	-
             Other	445	344
             United States of America	35,621	44,267
             Rest of the world	747	403
             Total	419,396	421,254

         18. ‌Financial instruments - fair values and risk management

             Financial instruments measured at amortized cost

             The carrying amount of cash and cash equivalents, bank overdrafts, trade and other receivables, and trade payables approximates their fair value due to the short-term maturity of these financial instruments.

             The fair value of the Group's non-current liabilities is based on their present values calculated by discounting future cash flows at current rates of interest available for debt with the same maturity profile.

             The Group's principal financial instruments not carried at fair value are cash and cash equivalents, trade receivables, other current assets, other non-current assets, trade and other payables, bank overdrafts, and long-term borrowings.

             Financial instruments measured at fair value

             Financial assets and liabilities accounted for at fair value through profit or loss

             As described in 2.5.6.10, the Group has entered into two currency forward contracts (derivatives) which provide for the sale, in exchange for euros, of USD 60 million at December 31, 2025 which correspond to the amounts of two loan repayments payable in euros at December 31, 2025. There was no acquisition cost associated with these instruments. The changes in the fair value of these currency forward contracts, are intended to offset the currency gains or losses on exchange associated with those euro denominated loan repayments. The fair value of the derivatives is presented in the consolidated statement of profit and loss as finance income (2025: USD 4,160 thousand; 2024: USD 0 thousand). The fair values of the foreign currency forward contracts are determined by reference to the forward rates of the respective currency amounts over the life of the contract, discounted to the present value.

             The Group held no financial instruments measured at fair value in the previous financial year and did not make use of forward foreign exchange or interest rate swaps in the current or previous reporting period.

             There have been no transfers of assets or liabilities between levels of the fair value hierarchy in the current or previous year.

             Accounting classifications and fair values

             The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

             in thousands of U.S. dollars	Carrying amount	Fair value
             	Total	Level 1	Level 2	Level 3	Total
             June 30, 2025
             Financial assets measured at amortized cost
             Trade and other receivables	107,452
             Derivatives	4,160	4,160
             Cash and cash equivalents	157,678
             Financial liabilities measured at amortized cost
             Trade payables	(41,780)
             Bank loans, overdrafts, and lease liabilities	(472,271)	-	(475,651)	-	(475,651)

             in thousands of U.S. dollars	Carrying amount	Fair value
             	Total	Level 1	Level 2	Level 3	Total
             December 31, 2024
             Financial assets measured at amortized cost
             Trade and other receivables	108,980
             Cash and cash equivalents	290,054
             Financial liabilities measured at amortized cost
             Trade payables	(55,103)
             Bank loans, overdrafts, and lease liabilities	(270,876)	-	(270,528)	-	(270,528)

             ‌Management of risks arising from financial instruments

             There have been no significant changes to the Group's financial risk management objectives or in the nature and extent of risks arising from financial instruments described in the consolidated financial statements for the year ended December 31, 2024.

             There has been no significant effect on the carrying value or fair values of financial instruments arising from the Russia-Ukraine war.

         19. Transactions with related parties

             Transactions with shareholders and their subsidiaries

             As part of its normal business activities, the Group undertakes transactions with entities in the XTRION Group, a group of companies controlled by XTRION NV, which holds equity stakes in a range of portfolio companies in the semiconductor industry which include X-Display and X-Celeprint and their subsidiaries. XTRION NV and the companies controlled by it are related parties of X-FAB SE due to the fact that XTRION NV is controlled by Sensinnovat BV.

             Acquisition of a subsidiary

             On January 1, 2024, the Group acquired the entire share capital of M-MOS Semiconductor Hong Kong Limited (M MOS), a limited liability company incorporated under the laws of Hong Kong, and its subsidiaries for a consideration of EUR 22,500 thousand (USD 24,863 thousand) payable in cash from XTRION, a related party. Details of this transaction are provided in note 2.5.2.

             The tables below show the balances with shareholders and their subsidiaries included in the condensed consolidated statement of financial position.

             in thousands of U.S. dollars	June 30, 2025	December 31, 2024
             Trade accounts receivable due from X-Celeprint	-	32
             Trade accounts receivable due from X Display Company Technology	-	140
             Total	-	172

             in thousands of U.S. dollars	June 30, 2025	December 31, 2024
             Other	-	18
             Total	-	18

             ‌Sales and other income comprise the following:

             in thousands of U.S. dollars	For the six months ended June 30
             	2025	2024
             Sales to X-Display Company	196	205
             Other income X-Display Company	-	11
             Total	196	216

             Purchases, expenses, and other transactions recorded with shareholders and their subsidiaries were as follows:

             in thousands of U.S. dollars	For the six months ended June 30
             	2025	2024
             Services provided from Elex	-	17
             Services purchased from X-Celeprint	10	19
             Total	10	36

             Transactions with management

             No significant transactions with the Board of Directors or management occurred in the reporting period. Remuneration of directors and other persons with key management positions:

             in thousands of U.S. dollars	For the six months ended June 30
             	2025	2024
             Short-term employee benefits	734	755
             Short-term employee benefits for members of management that are not on the payroll of the Company (CEO, CFO and COO)	687	496
             Directors' compensation	86	70
             Total	1,507	1,321

         20. Commitments

             Purchase commitments comprise the following:

             in thousands of U.S. dollars	June 30, 2025	December 31, 2024
             Purchase commitments for:
             Property, plant, and equipment	90,887	167,821
             Intangible assets	1,074	34
             Investment property	473	-
             Material and services	4,265	4,503
             Total	96,699	172,358

             Purchase commitments primarily refer to purchase orders placed for investments in technical machinery to expand the Group's production capacity.

         21. ‌Events after the reporting period

             There have been no reportable events subsequent to the reporting date. Tessenderlo, August 28, 2025

             Managing Director, CEO

             
             
             

             Sensinnovat BV

             Represented by Rudi De Winter CEO

3. ‌Shareholder information

   The following table describes the structure of shareholdings in X-FAB Silicon Foundries SE at June 30, 2025:

   Company	Number of shares	% of total
   Elex NV	32,672,778	25.0%
   Sensinnovat BV	32,572,329	24.9%
   Sarawak Technology Holdings Sdn. Bhd.	14,948,655	11.4%
   Public	50,587,907	38.7%
   Total	130,781,669	100%

4. Statement of the Board of Directors

The Board of Directors certifies, on behalf and for the account of the Company, that to their knowledge,

• the condensed consolidated interim financial statements which have been prepared in accordance with IFRS as adopted by the EU give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Company and the entities included in the consolidation as a whole; and

• the interim management's discussion and analysis provides a fair overview of the important events and major transactions of the issuer which occurred during the first six months of the financial year, their impact on the set of condensed consolidated interim financial statements, and a description of the main risks and uncertainties which the issuer is exposed to.