Ams-osram Ag · SIX:AMS
Ams-osram — Q4 2025 Earnings Presentation
20 slides from Ams-osram's earnings presentation, Feb 10, 2026
Slide 1: Fourth Quarter and Full Year 2025
Sense the power of light Fourth Quarter and Full Year 2025 Earnings Call – 9:45 CET Aldo Kamper, CEO Rainer Irle, CFO Dr Juergen Rebel, SVP Investor Relations 10 February 2026 1
Slide 2: Disclaimer
Disclaimer This presentation contains statements related to our future business and financial performance and future events or developments involving ams OSRAM which include management’s expectations, beliefs, intentions, and strategies concerning future events, such as revenue projections, market d
Slide 3: FY 25 Achievements
FY 25 Achievements Strengthening our foundation while staying on course to drive sustained expansion as the leader in Digital Photonics 1 Semiconductor core portfolio revenue grew by 7% yoy 2 Took No.1 position in the packaged LED market for the first time 3 Strong design-win traction: > EUR 5 bn fo
Slide 4: Q4/25: Revenue & adj. EBITDA in the Upper Part of the Guidance Band
Q4/25: Revenue & adj. EBITDA in the Upper Part of the Guidance Band Adj. EBITDA increased by 7% YoY thanks to ‘Re-establish the Base’ program All figures in EURm / % of revenues Group Revenues EBITDA, EBITDA Margin (adj.)2) ø EUR/USD 1.07 1.05 1.13 1.17 1.16 18.8% 19.5% approx. +8% YoY 18.4% 17.0% i
Slide 5: Q4/25: Overview of Segment Performance
Q4/25: Overview of Segment Performance All figures in EURm / % of revenues OS CSA L&S -6% +3% +2% -9% -2% +30% Revenues 350 336 344 365 330 271 265 275 280 258 236 239 249 192 216 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 22.9% 22.6% 21.9% 23.6% 24.5%
Slide 6: Q4/25: 8% Like-for-Like Growth of Semiconductor Core Portfolio
Q4/25: 8% Like-for-Like Growth of Semiconductor Core Portfolio All figures in EURm / % of revenues Total semi revenue Automotive revenue I&M revenue Consumer revenue approx. +8% YoY -2% -9% in core portfolio1) -4% -8% +11% -7% -10% ~non-core +1% 608 637 240 229 239 571 583 595 225 219 224 210 206 20
Slide 7: Free Cash Flow Positive in Q4 and FY25
Free Cash Flow Positive in Q4 and FY25 All figures in EURm / % of revenues Free Cash Flow (FCF)1) (incl. divestments, incl. net interest paid) 144 144 43 2 12 -14 -28 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 FY 24 FY 25 EURm Q4/24 Q3/25 Q4/25 Operating CF 79 88 114 CAPEX -104 -48 -59 Well below 8% of revenue I
Slide 8: Strong Available Liquidity (~EUR 2.2 bn) Based on Diversified Debt Instrument Mix
Strong Available Liquidity (~EUR 2.2 bn) Based on Diversified Debt Instrument Mix Current Capitalization Current Debt Maturity Profile €m, IFRS values as of December 2025 €m, repayment amounts as of December 2025 €m, IFRS values as of December 2023 December 2025 IFRS book values EUR million EUR ~200
Slide 9: FY 2025: +7% Growth in Semi Core Portfolio, Profitability Improved
FY 2025: +7% Growth in Semi Core Portfolio, Profitability Improved All figures in EURm / % of revenues Group revenues EBITDA, EBITDA margin (adj.)3) Rev. Semiconductors2) semi-core +4% YoY growth approx. like-for-like1) +7% YoY 16.8% 18.3% like-for-like1) -3% -2% +6% 3,428 3,323 3,330 non-core 2,429
Slide 10: ams OSRAM Now Clear Market Leader in LED According to TrendForce
ams OSRAM Now Clear Market Leader in LED According to TrendForce Continuously improving market position in difficult environment #1 in LED Market share of top 10 LED suppliers LED Suppliers by 2025(E) market share (Total market USD ~11.8bn; TrendForce) 2025(E) 2024 2023 0 500 1,000 1,500 1. ams OSRA
Slide 11: FY 2025 – All-time High Design-win Traction Underpins Structural Growth Model
FY 2025 – All-time High Design-win Traction Underpins Structural Growth Model Outstanding Design-Win examples with ‚triple digit m EUR‘ Life-Time-Value Consumer Automotive Industrial & Medical Display Management Camera Enhancement High Pixelated Forward Colored ambient Professional lighting Medical
Slide 12: 'Simplify' Transforms how ams OSRAM Works and Supports 2030 Targets
‘Simplify’ Transforms how ams OSRAM Works and Supports 2030 Targets ‘RtB’ has achieved its run rate savings target one year ahead of plan ‘Re-establish the Base’ (RtB) 1) Transformation & Savings Program ‘Simplify’ 250 ~225 target-line – Cost – Speed – Agility – Savings target of EUR 200 m by E28 20
Slide 13: Update of Balance-Sheet Deleveraging Strategy
Update of Balance-Sheet Deleveraging Strategy Targeting net debt / adj. EBITDA <2 and annual interest cost below EUR 150 m Status Target − ‘RtB’ savings target of ~€ 220 m achieved Structural − ‘Simplify’ program w/ € 200 m target launched for 1. Profitability & FCF improvement addressing stranded c
Slide 14: Pro-forma Balance Sheet: Pro-Forma Leverage Ratio Dropping to 2.5
Pro-forma Balance Sheet: Pro-Forma Leverage Ratio Dropping to 2.5 Net-debt / adj. EBITDA ratio dropping from 3.3 to 2.5 incl. OSRAM Licht AG Put Options1) 31.12.2025 preliminary balance sheet Pro-forma balance assuming EUR 670 m total proceeds2) IFRS book values [EUR million] Q4 / Leverage3) IFRS b
Slide 15: Our path to create the Leader in Digital Photonics
Our path to create the Leader in Digital Photonics Re-creating the company for financial health and growth since April 2023 2023 – 2025 2027 – 2030+ non-optical sensors specialty lamps Growth non-core RtB Digital Photonics Growth Core Core Transition 2026 − Closing of strategic divestitures results
Slide 16: 2026 Gold Cost Impact – Content Reduction Program Launched
2026 Gold Cost Impact – Content Reduction Program Launched Price surges of precious metals are significantly affecting Cost of Goods sold for LED products Gold prices have increased much faster than expected by analysts Impact & Mitigation COGS Impact: − 2025: approx. EUR 35 m yoy − 2026: approx. EU
Slide 17: Digital Photonics: Six Strong Growth Vectors supporting 2030 Financial Targets
Digital Photonics: Six Strong Growth Vectors supporting 2030 Financial Targets Micro-emitter arrays and sensing drive growth Micro-Emitter Arrays Spectral-, Bio- and Distance Sensing 2030/+ revenue potential 2030/+ revenue potential Spectral sensing EVIYOSTM Triple-digit- for camera & Triple-digit-
Slide 18: 2030 Financial Targets – Focused on Growth in Semiconductor Business
2030 Financial Targets1) – Focused on Growth in Semiconductor Business Over-the-cycle financial targets after completing divestitures, deleveraging, implementing simplified corporate structure, re-financing of remaining debt and growth from new applications Semiconductor Business Group2) CAPEX Reven
Slide 19: Summary Q4 & Q1 Outlook
Summary Q4 & Q1 Outlook Q4/25 & Subsequent Highlights Q1 Guidance Q4 / Business Update: − Revenue EUR 710 m – 810 m - Revenue and profitability guidance beat − Adj. EBITDA 15.0 % +/- 1.5 % - 8% growth like-for-like in the core semi-business − Based on assumption EUR/USD 1.19 vs 1.16 in Q4 - Strong (
Slide 20: Q&A
Q&A Aldo Kamper Rainer Irle Dr. Jürgen Rebel CEO CFO Head of IR 20