PRELIMINARY NOTE The unaudited condensed Consolidated Financial Statements for the three and six-month periods ended

The unaudited condensed Consolidated Financial Statements for the three and six-month

periods ended June 30, 2023, included herein, have been prepared in accordance with International Accounting Standard 34 ("Interim Financial Reporting"), as issued by the International Accounting Standards Board ("IASB"). The Consolidated Financial Statements are presented in euros. All references in this interim report to "$," and "U.S. dollars" mean U.S. dollars and all references to " " and "euros" mean euros, unless otherwise noted.

This interim report, including "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains statements that constitute forward-looking statements within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the "Securities Act"). All statements other than statements of historical facts, including statements regarding our future results of operations and financial position, business and commercial strategy, potential market opportunities, products and product candidates, research pipeline, ongoing and planned preclinical studies and clinical trials, regulatory submissions and approvals, research and development costs, timing and likelihood of success, as well as plans and objectives of management for future operations are forward-looking statements. Many of the forward-looking statements contained in this interim report can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate," "will" and "potential" among others. Forward-looking statements are based on our management's beliefs and assumptions and on information available to our management at the time such statements are made. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to the macro-economic environment; inconclusive clinical trial results or clinical trials failing to achieve one or more endpoints, early data not being repeated in ongoing or future clinical trials, failures to secure required regulatory approvals, disruptions from failures by third-parties on whom we rely in connection with our clinical trials, delays or negative determinations by regulatory authorities, changes or increases in oversight and regulation; increased competition; manufacturing delays or problems, inability to achieve enrollment targets, disagreements with our collaboration partners or failures of collaboration partners to pursue product candidates, legal challenges, including product liability claims or intellectual property disputes, commercialization factors, including regulatory approval and pricing determinations, disruptions to access to raw materials or starting material, proliferation and continuous evolution of new technologies; disruptions to Immatics' business; management changes; dislocations in the capital markets; and other important factors described under "Risk Factors" in our Annual Report on Form 20-F

for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 22, 2023 and those described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they were made. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise.

We own various trademark registrations and applications, and unregistered trademarks, including Immatics

and our corporate logo. All other trade names, trademarks and service marks of other companies appearing in this interim report are the property of their respective owners. Solely for convenience, the trademarks and trade names in this interim report may be referred to without the

symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

As used in this interim report, the terms "Immatics," "we," "our," "us," "the Group" and "the Company" refer to Immatics N.V. and its subsidiaries, taken as a whole, unless the context otherwise requires. The unaudited condensed consolidated financial statements and Management's Discussion & Analysis of Financial Condition and Results of Operations in this interim report are related to Immatics N.V. and its German subsidiary Immatics Biotechnologies GmbH as well as its U.S. subsidiary Immatics US Inc.

Unaudited Condensed Consolidated Statement of Profit/(Loss) of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited Condensed Consolidated Statement of Comprehensive Income/(Loss) of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited Condensed Consolidated Statement of Financial Position of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited Condensed Consolidated Statement of Cash Flows of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Unaudited Condensed Consolidated Statement of Changes in Shareholders' equity of Immatics N.V.

The accompanying notes are an integral part of these condensed consolidated financial statements.

Notes to the Unaudited Condensed Consolidated Financial Statements of Immatics N.V.

1. Group information

Immatics N.V., together with its German subsidiary Immatics Biotechnologies GmbH and its U.S. subsidiary, Immatics US Inc., ("Immatics" or "the Group") is a biotechnology group that is primarily engaged in the research and development of T cell redirecting immunotherapies for the treatment of cancer. Immatics N.V., a Dutch public limited liability company, was converted on July 1, 2020 from Immatics B.V., a Dutch company with limited liability. Immatics Biotechnologies GmbH ("Immatics GmbH") and Immatics US Inc. became wholly-owned subsidiaries of Immatics N.V. as part of the ARYA Merger on July 1, 2020.

Immatics N.V. is registered with the commercial register at the Netherlands Chamber of Commerce under RSIN 861058926 with a corporate seat in Amsterdam and is located at Paul-Ehrlich Str. 15 in 72076 T bingen, Germany.

These interim condensed consolidated financial statements of the Group for the three and six months ended June 30, 2023, were authorized for issue by the Audit Committee of Immatics N.V. on August 17, 2023.

2. Significant events and changes in the current reporting period

The following significant events or transactions occurred during the three and six months ended June 30, 2023.

Candidate from ongoing collaboration with BMS

Immatics GmbH entered into a License agreement (the "BMS Opt-In

agreement") with Bristol-Myer-Squibb Company ("BMS"). The agreement became effective on April 28, 2023. Pursuant to the BMS Opt-In

agreement, the Group received an option exercise fee in the amount of $15 million ( 13.7 million).

Under the 2019 agreement with BMS, Immatics granted BMS the option to enter into a pre-negotiated

license agreement on a target-by-target basis. Immatics developed individual TCR-T

products directed against targets under the terms of the 2019 agreement. Under the BMS Opt-In

agreement signed on April 28, 2023, BMS exercised its first option and entered into an exclusive license agreement for one target.

agreement created the right for BMS to receive the exclusive license and the right for Immatics to receive the Opt-In

exercise fee as well as potential future milestones and royalties. Immatics promised an additional distinct performance obligation under the Opt-in

agreement which is to issue the license to BMS. The price of the contract increases by an amount of consideration that reflects the entity's stand-alone selling price of the license. The license grants BMS a right to use the license as no further work from Immatics is required under the agreement.

The potential milestone and royalty payments are accounted for under the most likely method. No variable payment is considered likely, therefore, no variable payments are considered as part of the transaction price.

For the three and six months ended June 30, 2023, the Group recognized 13.7 million of revenue related to the BMS Opt-In

Macroeconomic environment

Currently, multiple global uncertainties are existing.

The conflict between Russia and Ukraine has resulted, and is expected to further result, in significant disruption, instability and volatility in global markets, as well as higher energy and other commodity prices. Since the Company is not currently conducting any business or receiving any material services from vendors located in Russia or Ukraine, it does not expect that the ongoing war will have a direct impact on its operations in the near term. However, the Company may be indirectly affected by price increases or certain policy changes, such as new tax legislation, economic sanctions and comparable measures. In addition, other geopolitical instabilities might impact the Group in the future.

During the six months ended June 30, 2023, Silicon Valley Bank and Credit Suisse, two large banks, as well as other smaller banks, were subject to liquidity problems. The Group does not hold deposits or securities with any of the affected banks. While the banking system remained stable overall, we will continue to closely monitor the situation.

While there is currently no material direct risk identified for the Group from COVID-19,

Immatics will continue to closely monitor the effects of the pandemic as well.

3. Significant accounting policies

Basis of presentation

The interim condensed consolidated financial statements of the Group as of June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 have been prepared on a going concern basis in accordance with International Accounting Standard 34 ("Interim Financial Reporting"), as issued by the International Accounting Standards Board ("IASB") and have not been audited or reviewed by a statutory auditor.

In accordance with IAS 34, the interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended December 31, 2022, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the IASB, taking into account the recommendations of the International Financial Reporting Standards Interpretations Committee ("IFRS IC"). In these condensed notes to the consolidated financial statements, information is provided primarily on the items for which there have been significant changes compared with the consolidated financial statements of the Group for fiscal year 2022.

The interim condensed consolidated financial statements are presented in Euros. Amounts are stated in thousands of Euros, unless otherwise indicated. For technical reasons, the information provided in these financial statements may contain rounding differences of +/- one unit.

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended December 31, 2022. The new and amended standards and interpretations applicable for the first time as of January 1, 2023, as disclosed in the notes to the consolidated financial statements for the year ended December 31, 2022, had no impact on the interim condensed consolidated financial statements of the Group for the three and six months ended June 30, 2023.

Estimates and assumptions have to be made in the interim consolidated financial statements as of June 30, 2023. These have an impact on the amount and disclosure of the recognized assets and liabilities, income and expenses, and contingent liabilities. The estimates and judgments are basically unchanged from the circumstances described in the consolidated financial statements of the Group for the fiscal year 2022. Developments deviating from this may result in the amounts that arise deviating from the original estimates. These possible developments are outside the sphere of influence of the management.

Revision of previously issued financial statements

During the preparation of the unaudited interim consolidated financial statements for the three and nine months ended September 30, 2022, the Group identified an error in the presentation of Net foreign exchange differences' and Effects of exchange rate changes on cash and cash equivalents' in the statement of cash flows. The error resulted in a presentation of effects from exchange rate changes on non-functional

currency denominated cash and cash equivalents in Immatics N.V. and Immatics GmbH as operating cash flow instead of the presentation as non-cash

items in effects of exchange rate changes on cash and cash equivalents.

This error had no impact on the Company's consolidated statements of financial position, of profit/(loss), of comprehensive income/(loss) and of consolidated statements of changes in equity. The Company assessed the materiality of these errors on the previously issued consolidated financial statements and concluded that the errors were not material to any period presented. The impact of the revision of the previously issued financial statements is as follows:

4. Segment information

The Group manages its operations as a single segment for the purpose of assessing performance and making operating decisions. The Group's focus is on the research and development of T cell redirecting immunotherapies for the treatment of cancer. The Chief Executive Officer is the chief operating decision maker who regularly reviews the consolidated operating results and makes decisions about the allocation of the Group's resources.

5. Revenue from collaboration agreements

The Group currently earns revenue through strategic collaboration agreements with third party pharmaceutical and biotechnology companies. As of June 30, 2023, the Group had four strategic collaboration agreements in place after the collaboration with GSK plc ("GSK") was terminated in 2022. Three of the four collaboration programs are still at pre-clinical

development stage and IMA401, which is subject of a collaboration with Bristol Myers Squibb ("BMS") is in clinical development.

Revenue from collaboration agreements were realized with the following partners:

As of June 30, 2023, the Group has not recognized any milestone revenue under the collaboration agreements, due to the scientific uncertainty of achieving the milestones or the successful commercialization of a product. As of June 30, 2023, Immatics had not received any milestone or royalty payments in connection with the collaboration agreements. The Group expects to recognize the remaining deferred revenue balance as revenue as it performs the related performance obligations under each contract.

The revenue for the three and six months ended June 30, 2023 from the collaboration agreement with BMS includes the Opt-in

payment of 13.7 million. The remaining revenue for the three and six months ended June 30, 2023 from the collaboration with BMS is the revenue recognized over time on a cost-to-cost

basis. The revenue for the six months ended June 30, 2023 from the collaboration agreement with Genmab decreases in comparison to the revenue for the three months ended June 30, 2023, due to the negative revenue for the three months ended March 31, 2023, which is a result of changes to the inputs in the cost-to-cost

model resulting from an increase in the expected cost of the collaboration. The revenue from collaboration agreements with BMS includes the revenue regarding the right-to-use

license for IMA401 amounting to 91.3 million for the six months ended June 30, 2022.

Deferred revenue related to the collaboration agreements consists of the following:

Deferred revenues are contract liabilities within the scope of IFRS 15. The Group recognized expenses related to the amortization of capitalized cost of obtaining a contract of 0.1 million and 0.2 million for the three months ended June 30, 2023 and June 30, 2022.

The Group recognized expenses related to the amortization of capitalized cost of obtaining a contract of 0.1 million and 0.3 million for the six months ended June 30, 2023 and June 30, 2022.

Other financial income and financial expenses consist of the following:

Interest income mainly results from short-term deposits as well as cash balances for the three and six months ended June 30, 2023. Interest expenses mainly results from leases.

Foreign currency gains and losses mainly consist of realized and unrealized gains and losses in connection with our USD holdings of cash and cash equivalents, short-term deposits as well as bonds.

The fair value of the warrants decreased from 2.35 ($2.51) per warrant as of December 31, 2022 to 1.32 ($1.44) as of March 31, 2023 and increased to 3.15 ($3.42) as of June 30, 2023. The result is an increase in fair value of warrant liabilities of 13.1 million for the three months ended June 30, 2023 and an increase in fair value of warrant liabilities of 5.7 million for the six months ended June 30, 2023.

The fair value of the warrants decreased from 3.88 ($4.39) per warrant as of December 31, 2021 to 1.58 ($1.75) as of March 31, 2022 and increased to 1.96 ($2.04) as of June 30, 2022. The result is an increase in fair value of warrant liabilities of 2.8 million for the three months ended June 30, 2022 and a decrease in fair value of warrant liabilities of 13.7 million for the six months ended June 30, 2022.

During the three and six months ended June 30, 2023, the Group generated a net loss. The Group correspondingly recognized no income tax expense and no equivalent current tax liability for the three and six months ended June 30, 2023. During the three months ended March 31, 2022, the Group generated a net income due to the recognition of revenue in connection with the license component of the BMS collaboration agreement on IMA401. This one-time

revenue is not accounted for under German GAAP and consequently under German tax accounting. Instead, the Group recognizes revenue for the BMS agreement over the period of the clinical trial service.

The deferred tax liability arising from the temporary difference related to delayed revenue recognition under German tax accounting is offset by deferred tax assets on tax losses carried forward that were previously not capitalized due to the Groups expectation of generating taxable losses in the foreseeable future. During the three and six months ended June 30, 2023 and 2022, the Group's German operations were subject to a statutory tax rate of 28.5% and the Group s U.S. operations were subject to a federal corporate income tax rate of 21%.

For Immatics GmbH, the Group recognized an income tax expense and an equivalent current tax liability in the amount of 1.2 million for the three and six months ended June 30, 2022. The income tax expense is calculated based on taxable income of Immatics GmbH for the three and six months ended June 30, 2022 and does not take into account potential income or loss of the following quarters. The Group applied the estimated effective tax rate for

the financial year 2022 to the taxable income for the three and six months ended June 30, 2022. Since no deferred tax assets have been recognized as of December 31, 2021, the Group took into account the tax losses carried forward that can be used to offset the taxable income generated in the three and six months ended June 30, 2022. In accordance with 10d para 2 EStG (German income tax code), 60% of an income of a given year can be offset with tax losses carried forward. Accordingly, 40% of the income before tax of Immatics GmbH are subject to income tax.

As the profit generated in the three and six months ended June 30, 2022, is considered a one-time

profit, no deferred tax assets exceeding the deferred tax liability for temporary differences have been recognized in respect of tax losses carried forward. The current assessment regarding the usability of deferred tax assets may change, depending on the Group's taxable income in future years, which could result in the recognition of deferred tax assets.

The Group continued to generate losses for all entities within the Group during the three and six months ended June 30, 2023 as well as for all entities apart from Immatics GmbH during the three and six months ended June 30, 2022.

Due to changes in ownership in prior periods, there are certain limitations on tax losses carried forward for net operating losses incurred by Immatics US, Inc., under Section 382 of the U.S. Internal Revenue Code.

8. Share-based payments

Immatics N.V. has two share-based payment plans. In June 2020, Immatics N.V. established an initial equity incentive plan ("2020 Equity Plan"). At the Annual General Meeting on June 13, 2022, Immatics s shareholders approved the Company's 2022 stock option and incentive plan ("2022 Equity Plan"). The 2022 Equity Plan allows the company to grant additional options, other than that, it does not materially differ from the 2020 Equity Plan.

Immatics GmbH previously issued share-based awards to employees under two different plans. Under the GmbH Stock Appreciation Program 2010 (the "2010 Plan"), the Company issued stock appreciation rights ("SARs"), which the Group accounted for as cash-settled awards. Under the Immatics Biotechnologies 2016 Equity Incentive Plan ("2016 Plan"), the Company issued tandem awards, which contained the possibility to function as either a SAR or a stock option.

The Group accounted for awards issued under the 2016 Plan, which were redeemable in either cash or equity shares at the Group's discretion, as equity settled.

As part of the ARYA Merger, all outstanding awards under the 2010 Plan and 2016 Plan were replaced by a combination of cash payments and share-based awards under the 2020 Equity Plan in Immatics N.V. Under the 2020 Plan, management and employees have been granted different types of options, all of which are equity-settled transactions. As part of the replacement, active employees and management members received stock options ("Matching Stock Options") to acquire shares in Immatics N.V. The Matching Stock Options have an exercise price of $10.00 and vested fully on July 31, 2021. The awards have a ten-year

Matching Stock Options outstanding as of June 30, 2023: