GLOBALFOUNDRIES Inc. (“GlobalFoundries”) is an exempted company with limited liability incorporated under the laws of the Cayman Islands. The address of GlobalFoundries’ registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104 Cayman Islands.

GlobalFoundries and its subsidiaries (together referred to as the “Company”, “GlobalFoundries”, “GF”, “we”, or “us”) is one of the world’s leading semiconductor foundries and offers a full range of mainstream wafer fabrication services and technologies. The Company manufactures a broad range of semiconductor devices, including microprocessors, mobile application processors, baseband processors, network processors, radio frequency modems, microcontrollers and power management units.

Statement of Compliance — The interim condensed consolidated financial statements ("interim financial statements") have been prepared in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting ("IAS 34"), as issued by the International Accounting Standards Board ("IASB"). Certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) Accounting Standards, as issued by the IASB, have been omitted or condensed. These interim financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in GlobalFoundries' Annual Report on Form 20-F for the year ended December 31, 2024. The interim financial statements have been prepared on a basis consistent with the accounting policies disclosed in the December 31, 2024 audited consolidated financial statements.

The interim financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with IAS 34 as issued by the IASB.

The interim financial statements were authorized by the Audit, Risk and Compliance Committee of GlobalFoundries’ Board of Directors on August 03, 2025, to be issued and subsequent events have been evaluated for their potential effect on the interim financial statements through August 05, 2025.

Summary of Material Accounting Policies and Critical Judgments, Estimates and Assumptions — The summary of material accounting policies and critical judgments, estimates and assumptions adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Company's annual audited consolidated financial statements contained in our Annual Report on Form 20-F for the year ended December 31, 2024.

The Company has not adopted the following new, revised or amended IFRS standards that have been issued by the IASB that are not yet effective:

Classification and Measurement of Financial Instruments (Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures) — The amendments clarify the requirements for the timing of recognition and derecognition of certain financial assets and liabilities, add further guidance for assessing whether a financial asset meets the solely payments of principal and interest criterion and add new disclosures for certain instruments with contractual terms that can change cash flows. The effective date for adoption of these amendments is annual periods beginning on or after January 1, 2026.

Annual Improvements to IFRS Accounting Standards — Volume 11 — These narrow-scope amendments relate to clarifications, simplifications, corrections or changes to improve consistency in the following IFRSs: IFRS 7, Financial Instruments: Disclosures, IFRS 9, Financial Instruments, IFRS 10, Consolidated Financial Instruments and IAS 7, Statement of Cash Flows. The effective date for adoption of these amendments is annual periods beginning on or after January 1, 2026.

Contracts Referencing Nature-dependent Electricity — Amendments to IFRS 9 and IFRS 7 — These amendments help entities better report the financial effects of nature-dependent electricity contracts, which are often structured as power purchase agreements. The amendments include clarifying the application of the own-use requirements, permitted hedge accounting if these contracts are used as hedging instruments and adding new disclosure requirements to enable investors to understand the effect of these contracts on an entity’s financial performance and cash flows. The amendments are effective for annual periods beginning on or after January 1, 2026.

IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18") — This new standard will replace IAS 1, Presentation of Financial Statements. The key concepts in IFRS 18 relate to the structure of the statement of profit or loss, required disclosures in the financial statements for certain management-defined performance measures and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.

•IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new.

•IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements and the notes to the financial statements.

•In addition, narrow-scope amendments have been made to IAS 7, Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from ‘profit or loss’ to ‘operating profit or loss’ and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards.

The effective date for adoption of this standard is annual periods beginning on or after January 1, 2027, and earlier adoption is permitted. Retrospective application is required.

As of the date the accompanying financial statements were authorized for issue, the Company continues to evaluate the impact of the aforementioned standards on its financial position and performance and related applicable periods.

New Legislation — On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law in the United States. This budget reconciliation bill included significant tax legislation updates which may affect our U.S. corporate tax position in the future. The Company is currently evaluating the impact of the new legislation, including the increase in the advanced manufacturing investment tax credit ("AMITC") from 25% to 35% for qualifying assets placed into service in 2026 but an estimate cannot be made at this time.

The following table presents the Company’s revenue disaggregated based on revenue source, timing of revenue recognition and end markets that we serve, for the three and six month periods ended June 30, 2025 and 2024. The Company believes these categories best depict the nature and timing of revenue:

For tax reporting purposes, the Company consolidates its entities under GLOBALFOUNDRIES Inc., a Cayman Islands entity. As a Cayman Islands entity, the Company’s domestic statutory income tax rate is 0.0%. The difference between the Company’s domestic statutory income tax rate and its effective income tax rate reflected in income tax benefit or income tax expense is primarily due to the effect of tax rates and permanent differences in other jurisdictions in which the Company operates. Applicable to tax years beginning in 2025, the Company's effective tax rate is impacted by Pillar Two minimum top-up taxes, primarily related to Singapore. The Company is currently evaluating the impacts of OBBBA that was signed into law in the United States and an estimate cannot be made at this time.

The effective tax rate was (3.2)% and 7.2% for the three months ended June 30, 2025 and 2024, respectively, and was (5.5)% and 10.2% for the six months ended June 30, 2025 and 2024, respectively. The decrease in effective tax rate for the three and six month periods was primarily the result of tax benefits related to exchange rate differences on the base of certain non-monetary assets in Germany and tax benefit from recognition of German deferred tax assets net of contingencies, offset by tax expense related primarily to an anticipated qualified domestic top-up tax liability in Singapore.

Basic earnings per share ("EPS") is based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share is based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:

For the three months ended June 30, 2025 and 2024, depreciation expense of property, plant and equipment was $292 million and $350 million, respectively. For the six months ended June 30, 2025 and 2024, depreciation expense of property, plant and equipment was $602 million and $696 million, respectively.

(1) Unbilled accounts receivable represents amounts recognized on revenue contracts less associated advances and progress billings. These amounts will be billed in accordance with the agreed-upon contractual terms or rendering services.

The following table summarizes the activity in the Company’s unbilled accounts receivable for the six months ended June 30, 2025 and for the twelve months ended December 31, 2024, respectively:

Inventories consist of the following:

For the three months ended June 30, 2025 and 2024, the Company recognized $6 million and $1 million, respectively, within cost of revenue to write down certain inventories to their estimated net realizable value.

For the six months ended June 30, 2025 and 2024, the Company recognized $23 million and $30 million, respectively, within cost of revenue to write down certain inventories to their estimated net realizable value.

The Company has various lease agreements for certain of its offices, facilities and equipment, with a weighted average remaining lease term of 13.9 years and weighted average discount rate of 4.4% as of June 30, 2025. Leases may include one or more options to renew. Renewal terms are not included in the determination of the lease term unless the renewals are deemed to be reasonably certain at the time of lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. All leases were measured under a single criterion with the exception of those with terms not exceeding 12 months and low-value leases.

The following table outlines the carrying amounts of right-of-use assets:

The following table summarizes the depreciation of right-of-use assets:

			Three Months Ended June 30												Six Months Ended June 30
			2025						2024						2025						2024
Land and improvements			$	1					$	1					$	2					$	2
Building and leasehold improvements and other			11						19						23						33
Total			$	12					$	20					$	25					$	35

For the three months ended June 30, 2025 and 2024, the additions to right-of-use assets were $9 million and $0, respectively. For the six months ended June 30, 2025 and 2024, the additions to right-of-use assets were $22 million and $211 million, respectively.

For the three months ended June 30, 2025 and 2024, interest expense was $5 million and $7 million, respectively. For the six months ended June 30, 2025 and 2024, interest expense was $11 million and $15 million, respectively.

For the six months ended June 30, 2025 and 2024, cash outflow for leases was $56 million and $24 million, respectively.

(1)Contract liabilities comprise contractual obligations for payments received in advance of the satisfaction of performance obligations for wafers, as well as NRE services.

(2)Advances and deposits include advances from customers of $22 million (2024: $36 million) collected for purchase orders.

(3)Other includes other financial liabilities, due from related parties, deferred tax liabilities and non-current advances and deposits.

The following table presents the activities in contract liabilities as of June 30, 2025 and December 31, 2024

(1)Includes $14 million and $18 million primarily due to the unbilled accounts receivable balance applied against the related contract liabilities for a certain customer's non-recurring engineering arrangement as of June 30, 2025 and December 31, 2024, respectively.

The following table outlines the terms and carrying amounts of the Company’s debt: