(1) Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS diluted EPS, Non-IFRS EBITDA, and any related margins are all Non-IFRS measures. See "Unaudited Reconciliation of IFRS to Non-IFRS" section for a detailed reconciliation of Non-IFRS measures to the most directly comparable IFRS measure. See "Financial Measures (Non-IFRS)" for a discussion of why we believe these Non-IFRS metrics are useful.

Summary of Second Quarter 2024 Guidance (unaudited in millions USD, except per share amounts) ⁽¹⁾

	IFRS		Share-based compensation		Non-IFRS (2)
Net revenue	$1,590 - $1,640		—		—
Gross profit	$367 - $413		$13 - $15		$382 - $426
Gross margin(3) (mid-point)	24.1%				25.0%
Operating profit	$94 - $168		$45 - $55		$149 - $213
Operating margin(3) (mid-point)	8.1%				11.2%
Net income	$78 - $146		$45 - $55		$133 - $191
Net income margin(3) (mid-point)	6.9%				10.0%
Diluted EPS	$0.14 - $0.26				$0.24 - $0.34

⁽¹⁾ The Guidance provided above contains forward-looking statements as defined in the U.S. Private Securities Litigation Act of 1995, and is subject to the safe harbors created therein. The Guidance includes management’s beliefs and assumptions and is based on information currently available.

⁽²⁾ Non-IFRS gross profit, Non-IFRS operating expense, Non-IFRS operating profit, Non-IFRS net income, and Non-IFRS diluted EPS are Non-IFRS metrics and, for purposes of the Guidance only, are defined as gross profit, operating profit, net income, and EPS before share-based compensation, respectively. Non-IFRS operating expense is calculated by subtracting Non-IFRS operating profit from Non-IFRS gross profit.

⁽³⁾ Non-IFRS margins are Non-IFRS metrics and for purposes of the Guidance only, are defined as Non-IFRS gross profit, Non-IFRS operating profit and Non-IFRS net income, each divided by net revenue (using the definitions of Non-IFRS gross profit, Non-IFRS operating profit, and Non-IFRS net income, in footnote (2) above, as appropriate).

Unaudited Consolidated Statements of Operations

		Three Months Ended
(in millions USD, except for per share amounts)		March 31, 2024				March 31, 2023
Net revenue		$	1,549			$	1,841
Cost of revenue			1,156			$	1,326
Gross profit		$	393			$	515
Operating expenses:
Research and development			124				109
Selling, general and administrative (1)			122				111
Restructuring charges			—				5
Total operating expenses		$	246				225
Operating profit		$	147				290
Finance income (expense), net			10				1
Other income (expense)			(2	)			(14	)
Income tax expense			(21	)			(23	)
Net income		$	134			$	254
Attributable to:
Shareholders of GlobalFoundries			133			$	254
Non-controlling interest			1				—
EPS:
Basic		$	0.24			$	0.46
Diluted		$	0.24			$	0.46
Shares used in EPS calculation:
Basic			555				550
Diluted			558				555

<