Infineon Technologies AG: Feedback from fab event

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Infineon Technologies AG: Feedback from fab event

Equity Research

European Technology Hardware

2 July 2026

Infineon Technologies AG

Feedback from fab event

The notable message from Dresden was that Infineon

believes it has sufficient front-end and back-end expansion

opportunities to support a much larger revenue IFXGn.DE/IFX GY OVERWEIGHT European Technology

Hardwarebase (€30bn+), potentially in an environment where power NEUTRAL

Price Target EUR 90.00

semi supply becomes increasingly constrained. Price (30-Jun-26) EUR 81.67

Potential Upside/Downside +10.2%

Source: Bloomberg, Barclays Research

We attended Infineon's fab tour in Dresden, where the company showcased its new Dresden 4

module ahead of ramp-up. The event highlighted how Infineon has leveraged an existing

manufacturing cluster to build what management believes will become the world's largest European Technology Hardware

smart power semiconductor manufacturing site. Our key takeaway is that if the industry enters Simon Coles, CFA

a multi-year supply-constrained environment, Infineon appears well positioned from both a +44 (0)20 3555 4519

front-end and back-end capacity perspective. There was also positive commentary around the simon.coles@barclays.com

Barclays, UKcurrent pricing environment.

Thomas Wu

Dresden 4: scale as a competitive advantage +44 (0)20 7773 4104

Management reiterated that Dresden, with the addition of Dresden 4, will become the world's thomas.wu@barclays.com

Barclays, UKlargest power semiconductor manufacturing site. The €5bn project (€1bn publicly funded) has

been designed to deliver substantially higher output through greater automation, newer

equipment and shared infrastructure with existing Dresden facilities. Importantly, the fab is