(¹⁾ Non-IFRS gross profit, Non-IFRS operating profit, Non-IFRS net income, Non-IFRS diluted EPS, Non-IFRS Adjusted 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 measures are useful.

Summary of Third Quarter 2024 Guidance (unaudited in millions USD, except per share amounts) (1)
	IFRS		Share-based compensation		Non-IFRS (2)
Net revenue	$1,700 - $1,750		—		$1,700 - $1,750
Gross profit	$376 - $425		$13 - $15		$391 - $438
Gross margin(3) (mid-point)	23.2%				24.0%
Operating profit	$116 - $193		$45 - $55		$171 - $238
Operating margin(3) (mid-point)	9.0%				11.9%
Net income (4)	$100 - $169		$45 - $55		$155 - $214
Net income margin(3) (mid-point)	7.8%				10.7%
Diluted EPS	$0.18 - $0.30				$0.28 - $0.38

⁽¹⁾ The Guidance provided 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 measures 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 measures 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).

⁽⁴⁾ Included in net income is net interest income and other income and expense which we estimate will be between $0 and $7 million for the third quarter 2024. Also included in net income is income tax expense which we estimate will be between $16 million and $31 million for the third quarter 2024.

Unaudited Consolidated Statements of Operations
	Three Months Ended
(in millions USD, except for per share amounts)	June 30, 2024				June 30, 2023
Net revenue	$	1,632			$	1,845
Cost of revenue		1,237				1,313
Gross profit	$	395			$	532
Operating expenses:
Research and development		121				106
Selling, general and administrative (1)		114				132
Restructuring charges		5				19
Total operating expenses	$	240			$	257
Operating profit	$	155			$	275
Finance income (expense), net		16				—
Other income (expense)		(4	)			(10	)
Income tax expense		(12	)			(28	)
Net income	$	155			$	237
Attributable to:
Shareholders of GlobalFoundries		155				240
Non-controlling interest		—				(3	)
EPS:
Basic	$	0.28			$	0.43
Diluted	$	0.28			$	0.43
Shares used in EPS calculation (in millions):
Basic		554				552
Diluted		557				556

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