#1intel. 4th Quarter Earnings Presentation Pat Gelsinger Chief Executive Officer David Zinsner Executive Vice President and Chief Financial Officer#2Non-GAAP Financial Measures and Forward-Looking Statements . This presentation contains non-GAAP financial measures. Intel gross margin, and earnings per share, including year-over-year comparisons, are presented on a non-GAAP basis. This presentation also includes a non-GAAP adjusted free cash flow (FCF) measure. The Appendix provides a reconciliation of these measures to the most directly comparable GAAP financial measure. The non-GAAP financial measures disclosed by Intel should not be considered a substitute for, or superior to, the financial measures prepared in accordance with GAAP. Please refer to "Explanation of Non-GAAP Measures" in our earnings released dated January 25, 2024 for a detailed explanation of the adjustments made to the comparable GAAP measures, the ways management uses the non-GAAP measures, and the reasons why management believes the non-GAAP measures provide investors with useful supplemental information. ⚫ Statements in this presentation that refer to business outlook, plans, and expectations are forward-looking statements that involve risks and uncertainties. Such statements may include, but not be limited to, those regarding: our business plans and strategy and anticipated benefits therefrom; projections of our future financial performance, including future revenue, gross margins, capital expenditures, and cash flows; future cash requirements and the availability and sufficiency of funding; expected returns to stockholders, such as stock repurchases and dividends; future products, services and technologies, and the expected goals, timeline, ramps, progress, availability, production, regulation and benefits of such products, services and technologies, including future process nodes and packaging technology, product roadmaps, schedules, future product architectures, expectations regarding process performance, per-watt parity, and metrics and expectations regarding product and process leadership; investment plans, and impacts of investment plans; internal and external manufacturing plans; future production capacity and product supply; supply expectations; plans and goals related to Intel's foundry business, including with respect to anticipated customers, future manufacturing capacity and service, technology and IP offerings; expected timing and impact of acquisitions, divestitures, and other significant transactions; expected completion and impacts of restructuring activities and cost-saving or efficiency initiatives; future social and environmental performance goals, measures, strategies and results; our anticipated growth, future market share, and trends in our businesses and operations; projected market trends; anticipated trends and impacts related to industry component, substrate, and foundry capacity utilization, shortages and constraints; expectations regarding government incentives; technology trends, such as Al; environmental and economic conditions; geopolitical tensions and conflicts and their potential impact on our business; tax- and accounting-related expectations; expectations regarding certain sanctioned parties; and other characterizations of future events or circumstances. Such statements involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied, including: the high level of competition and rapid technological change in our industry; the significant long-term and inherently risky investments we are making in R&D and manufacturing facilities that may not realize a favorable return; the complexities and uncertainties in developing and implementing new semiconductor products and manufacturing process technologies; our ability to time and scale our capital investments appropriately and successfully secure favorable alternative financing arrangements and government grants; implementing new business strategies and investing in new business and technologies; changes in demand for our products; macroeconomic conditions and geopolitical tensions and conflicts, including geopolitical and trade tensions between the US and China, the impacts of Russia's war on Ukraine, tensions and conflict affecting Israel, and rising tensions between the US and Taiwan; the evolving market for products with Al capabilities; our complex global supply chain, including from disruptions, delays, trade tensions and conflicts, or shortages; product defects, errata and other product issues, particularly as we develop next-generation products and implement next-generation manufacturing process technologies; potential security vulnerabilities in our products; increasing and evolving cybersecurity threats and privacy risks; IP risks including related litigation and regulatory proceedings; the need to attract, retain, and motivate key talent; strategic transactions and investments; sales-related risks, including customer concentration and the use of distributors and other third parties; our significantly reduced return of capital in recent years; our debt obligations and our ability to access sources of capital; complex and evolving laws and regulations across many jurisdictions; fluctuations in currency exchange rates; changes in our effective tax rate; catastrophic events; environmental, health, safety, and product regulations; our initiatives and new legal requirements with respect to corporate responsibility matters; and other risks and uncertainties described in this presentation, our earnings release dated January 25, 2024, our 2023 Annual Report on Form 10-K and our other filings with the SEC Unless specifically indicated otherwise, the forward-looking statements in this presentation do not reflect the potential impact of any divestitures, mergers, acquisitions, or other business combinations that have not been completed as of the date of this presentation. All information in this presentation reflects management's views as of January 25, 2024, unless an earlier date is specified. We do not undertake, and expressly disclaim any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law. intel. 2#3intel. Executive Summary Q4 beat on Revenue, Gross Margin and EPS Strong sequential revenue growth in client, server, network Continued operating leverage and expense discipline, achieved FY $3B cost savings CORE™ Re-establishing technology leadership Closing in on 5N4Y: Intel 3 mfg ready; entering angstrom era with Intel 20A & Intel 18A 2023 IFS momentum: 4 Intel 18A + 5 advanced packaging wins; >$10B lifetime deal value Executing strategy to bring Al everywhere Launched Core Ultra AI PC and 5th Gen Xeon, the unquestioned AI CPU leader Enabling Al across the continuum, propelling $IT semi-industry revenue by 2030 intel. 3#4Driving Our Transformation Execution System Foundry Intel 7 Intel 4 Sapphire Rapids Emerald Rapids Meteor intel EUV Lake Intel 3 Sierra Forest Granite Rapids Al Everywhere Cloud & Enterprise intel GAUDI intel Xeon intel GPU intel Xeon Edge intel Intel At Scale, Geo Diverse, and Resilient oneAPI AI GPU 20A PowerVia, + RibbonFET Arrow Lake 6866 OpenVINO intel AGILEX Transistor Leadership at Intel 18A Intel 18A Clearwater Forest Closing in on 5N4Y Panther Lake Unique Advanced Packaging IP Collaborations with UMC and Tower Semi Wafer & Advanced Packaging Wins, expected >$10B lifetime deal value intel CORE: intel. CORE DOO AI PC intel ARC Smart Capital US/EU CHIPS, SCIPS, Customer Commitments Financial Discipline Operational Efficiencies >$3B in FY'23, Internal Foundry Model Value Unlock Mobileye, PSG, IMS intel. 4#5$15.4B Revenue Up 10% YoY $0.3B above Oct outlook Q4 Financial Highlights 48.8% Gross Margin Up 5 ppt YoY 2.3 ppt above Oct outlook $0.54 EPS Up 260% YoY $0.10 above Oct outlook 1 Comparisons are based on the mid-point of revenue outlook intel. 5#6Client Computing Group (CCG) Revenue up 33% $6.6B Operating Income up 451% $8.8B Operating Margin 8% $0.5B Operating Margin 33% $2.9B Q4'22 Q4'23 Q4'22 Q4'23 . Revenue Healthier alignment of sell-in and sell- through Operating Income Increased revenue and sell through of reserved inventory intel CORE 80 intel. 6#7Data Center and Al Group (DCAI) Revenue down 10% Operating Income down 38% $4.4B $4.0B Operating Margin 3% $0.1B Operating Margin 2% $0.1B Q4'22 Q4'23 Q4'22 Q4'23 Revenue • CPU TAM contraction, ongoing competitive pressure and PSG inventory correction Operating Income • Ramp of higher cost next gen products & lower revenue offset by reduced spending and sell through of reserved inventory intel XEON Intel Xeon Scalable Processor 5th Gen intel. 7#8Network and Edge Group (NEX) Revenue down 24% Operating Income down 110% $1.9B $1.5B Q4'22 Q4'23 Operating Margin 7% $0.1B Operating Margin (1%) ($0.0B) Q4'22 Q4'23 . Revenue Continued demand softness and elevated customer inventory Operating Income . Lower revenue offset by reduced spending intel XEON Kaon Scalable Processor intel. 8#9Intel Foundry Services (IFS) Revenue Mobileye Operating Income Revenue Operating Income $178M $291M $637M Operating Margin 37% $210M Operating Margin 38% $242M $565M Operating Margin (19%) Operating Margin (39%) ($34M) ($113M) Q4'22 Q4'23 Q4'22 Q4'23 Q4'22 Q4'23 Q4'22 Q4'23 • Revenue up 63% on accelerated traditional packaging purchases • Operating loss increased due to higher investment to support long-term growth • Revenue up 13% YoY on EyeQ shipment growth Operating income up on stronger revenue intel. 9#10Outlook intel. 10#11Q1 2024 Outlook $12.2-13.2B Revenue 44.5% Gross Margin¹ Up 8% YoY 1 Up 6.1 ppt YoY $0.13 EPS1 Up 425% YoY 1 Revenue growth comparison, gross margin outlook and EPS outlook based on the mid-point of the revenue range intel. 11#12Appendix#13Reconciliation of Non-GAAP Actuals Three Months Ended Dec 30, 2023 Dec 31, 2022 GAAP gross margin percentage Acquisition-related adjustments Share-based compensation Optane inventory impairment 45.7% 39.2% 1.9% 2.3% 1.1% 1.1% --% 1.2% Non-GAAP gross margin percentage 48.8% 43.8% GAAP earnings (loss) per share attributable to Intel-diluted $0.63 $(0.16) Acquisition-related adjustments 0.08 0.09 Share-based compensation 0.18 0.18 Optane inventory impairment 0.04 Restructuring and other charges (0.27) 0.11 (Gains) losses on equity investments, net (0.02) (0.04) (Gains) losses from divestiture (0.01) (0.01) Adjustments attributable to non-controlling interest Income tax effects¹ (0.05) (0.06) Non-GAAP earnings per share attributable to Intel-diluted $0.54 $0.15 1 Contemplates a fixed long-term projected non-GAAP tax rate intel. 13#14Reconciliation of Non-GAAP Q1 Outlook 1 2 GAAP gross margin percentage Acquisition-related adjustments Share-based compensation Non-GAAP gross margin percentage GAAP earnings (loss) per share attributable to Intel-diluted Acquisition-related adjustments Share-based compensation Restructuring and other charges (Gains) losses on equity investments, net (Gains) losses from divestiture Adjustments attributable to non-controlling interest Income tax effects² Non-GAAP earnings (loss) per share attributable to Intel-diluted Q12024 Outlook¹ Approximately 40.7% Q12023 Actuals 34.2% 1.8% 2.8% 2.0% 1.4% 44.5% 38.4% $(0.25) $(0.66) 0.06 0.09 0.28 0.18 0.01 (0.01) (0.04) (0.01) (0.01) 0.06 0.39 $0.13 $(0.04) Non-GAAP gross margin percentage and non-GAAP earnings (loss) per share attributable to Intel outlook based on the mid-point of the revenue range Contemplates a fixed long-term projected non-GAAP tax rate intel. 14#15intel R