Infineon Technologies: Feedback from dbAccess European Champions conference

Research evidence excerpt

Infineon Technologies: Feedback from dbAccess European Champions conference

Deutsche Bank

Research

Rating Company Date

Buy Infineon 28 May 2026

Forecast Change

Europe Technologies

Germany

Reuters Bloomberg Exchange Ticker Price at 26 May 2026 (EUR) 77.55

IFXGn.DE IFX GR GER IFXGn

Price Target (EUR) 90.00

Technology

ADR ISIN 52-week range (EUR) 77.55 - 31.28

Semiconductors

IFNNY US45662N1037

Feedback from dbAccess European

Valuation & Risks Champions conference

Johannes Schaller

Strong near-term demand trends broadening beyond AI, capacity expansion Research Analyst

leaving room for upside into '27e and beyond - reiterate Buy +49-69-910-31731

We hosted Alexander Foltin, Infineon‘s Head of Finance, Treasury & Investor

Relations, as well as Alexander Groschke, Director of Investor Relations, at our Robert Sanders

Research Analyst

European Champions conference in Frankfurt this Wednesday. The company

+44-20-754-58394

conveyed a positive message on underlying growth in Automotive, strong demand

prospects in their AI business as well as available capacity longer-term. We raise our Nicolas Herms

price target to E90, valuing Infineon on 35x CY27e P/E, a premium to an updated Research Analyst

peer group average (~30x) to reflect strong exposure to AI power, significant margin +49-69-910-13052

expansion potential, continued share gains across Automotive and other parts of Nooshin Nejati

the product portfolio as well as upside to our base case '27 estimates. We detail our Research Analyst

key takes from the event below: +49-69-910-61797

Yusuf Jamal

1. Infineon sees continued strong demand momentum with backlog and Research Associate

order trends pointing to a very strong FQ4 (Sep quarter) and a likely better-

than-seasonal FQ1/27, driven by AI but increasingly improving order and