Infineon Technologies AG (IFXGn.DE) — Feedback from Head of Auto meeting: Reassuring FY27 outlook driven by inventory replenishment

We met with the head of Infineon's Automotive division, Peter Schiefer, and came away slightly more positive on the FY27 auto outlook (c50% of revs). Management highlighted increased customer concerns around semiconductor availability amid strong datacenter demand, which appears to be driving inventory replenishment. We also found pricing commentary constructive, albeit limited to select product categories. Key takeaways: (1) Customers appear to be replenishing inventories, with a significant increase in escalation calls over the past three months translating into stronger order activity, mostly driven by concerns over future supply availability, which should support automotive growth over the next 6-12 months and underpin solid FY27 auto growth (UBSe +10% y-o-y vs. cons. +11%). (2) Pricing power is limited but improving: pricing is increasing for products competing with datacenter demand, particularly MOSFETs and memory (est. ~15-20% of Automotive sales), while MCU and sensor pricing