Ams-osram Ag · SIX:AMS
Ams-osram — Q2 2025 Earnings Presentation
43 slides from Ams-osram's earnings presentation, Jul 31, 2025
Slide 1: Second Quarter 2025 Investor Presentation
Sense the power of light Second Quarter 2025 Investor Presentation Aldo Kamper, CEO Rainer Irle, CFO Dr Juergen Rebel, SVP Investor Relations 31 July 2025 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: ams OSRAM at a glance
ams OSRAM at a glance A company in transition to structural growth in automotive, industrial/medical & selected consumer applications with 110+ years of combined company history Our segments & technologies Revenues by application1 & Market positions Semiconductors Lamps & Systems Automotive: − #1 Au
Slide 4: Our segments - overview of business units and applications
Our segments - overview of business units and applications AUT = Automotive, I&M = Industrial & Medical, CON = Consumer Opto Semiconductors (OS) CMOS Sensors & ASICs (CSA) Lamps & Systems FY24 ~1.4 bn€ ~1.0 bn€ ~1.0 bn€ AUT ~6% I&M ~26% Forward Lighting (FWL) High pixelated FWL In-Cabin Sensing 1D/2
Slide 5: ams OSRAM closed in on no.1 in LED according to TrendForce
ams OSRAM closed in on no.1 in LED according to TrendForce Continuously improving market position in difficult environment #2 in LED LED Suppliers by 2024 market share MARKET SHARE OF TOP 3 LED SUPPLIERS (Total market USD ~12.2bn; TrendForce) Nichia ams OSRAM Seoul Semiconductor 1. Nichia 12% 2. ams
Slide 6: ams OSRAM holds leading positions in its core Semiconductor & Lamps markets
ams OSRAM holds leading positions in its core Semiconductor & Lamps markets Leverage strong positions with focused core portfolio and commitment to Automotive, Industrial, Medical markets #2 in LED #1 in Light Sensors #1 in traditional Auto lamps/bulbs LED Suppliers by 2024 market share Light Sensor
Slide 7: Target model: Semiconductor business to grow 6% to 10% through cycle until 2027
Target model: Semiconductor business to grow 6% to 10% through cycle until 2027 Evolution of target operating model to focus on semi growth and reflect current market environment and semi-cycle Growth model Over-the-cycle targets Key semi growth elements Semiconductor - Revenues ~200 m€ non-core 1.
Slide 8: Semiconductor growth model: structural growth drivers for the next 5 years
Semiconductor growth model: structural growth drivers for the next 5 years Design wins Rev. 2024 Megatrends Principle Growth drivers Automotive: - Electrification - Content per vehicle growth (large ~40% - ADAS & autonomous driving contribution) - Convenience - Unit growth (small contribution) 2024:
Slide 9: H1/25 – continued design-win traction underpinning structural growth model
H1/25 – continued design-win traction underpinning structural growth model EUR 2.5 bn design-wins in semiconductor business across the board in the first 6 months of 2025 EUR ~2.5 bn LTV* Continuous design-wins with global car makers Automotive Industry / Medical Consumer design-wins with Chinese Dr
Slide 10: Q2/25: Revenues and adj. EBITDA margin at the mid-point of the guidance
Q2/25: Revenues and adj. EBITDA margin at the mid-point of the guidance QoQ & YoY decline primarily due to unfavorable FX rate effects and portfolio changes All figures in EURm / % of revenues Group revenues EBITDA, EBITDA margin (adj.)2) ø EUR/USD 1.08 1.10 1.07 1.05 1.13 18,8% 18,8% approx. +2% Yo
Slide 11: Q2/25 Overview of Segment performance
Q2/25 Overview of Segment performance All figures in EURm / % of revenues OS CSA L&S -8% +7% -14% +2% +1% -23% Revenues 372 381 350 266 275 336 344 258 236 239 249 224 223 233 192 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 -6% -26% +105% -52% +61% +34%
Slide 12: Semis: slightly down YoY due to Auto inventory correction & non-core portfolio exit
Semis: slightly down YoY due to Auto inventory correction & non-core portfolio exit All figures in EURm / % of revenues Total semi revenue Automotive revenue I&M revenue Consumer revenue approx. +7% YoY -2% -9% in core portfolio1) +15% -8% +2% +2% -11% ~non-core +21% 647 251 240 596 608 583 234 225
Slide 13: 'Re-establish the Base' implementation is months ahead of schedule
‘Re-establish the Base’ implementation is 6 months ahead of schedule Run-rate savings of EUR ~160m reached by end of Q2/25 – upsized total target EUR ~225m by end of 2026 Run-rate savings at end of period vs. 2023 reference1) Implementation status End-24: 250 Set-up & Infrastructure target-line - Ne
Slide 14: Available liquidity (~EUR 1.6bn incl. tap) based on diversified debt instrument mix
Available liquidity (~EUR 1.6bn incl. tap) based on diversified debt instrument mix Current capitalization Current debt maturity profile €m, IFRS values as of June 2025 €m, repayment amounts as of June 2025 (incl. senior notes tap from July) €m, IFRS values as of December 2023 June 2025 Tap EUR 500m
Slide 15: Sale of Entertainment and Industry Lamps Business to Ushio Inc.
Sale of Entertainment and Industry Lamps Business to Ushio Inc. First sale of a business as part of the accelerated deleveraging plan - Entertainment & Industry (ENI) segment holds strong market positions in traditional lamps for entertainment and industry applications. - The product portfolio range
Slide 16: Status update comprehensive balance-sheet deleveraging strategy
Status update comprehensive balance-sheet deleveraging strategy Targeting net debt / adj. EBITDA <2 and annual interest cost below EUR 100m Status Profitability & FCF improvement through ‘Re-establish Reducing debt materially 1. the Base’, design-win driven growth, and capex Well 5. and refinancing
Slide 17: Well diversified revenue streams by end market and healthy customer split
Well diversified revenue streams by end market and healthy customer split Strong exposure to structural growth markets and very balanced customer portfolio Top customers split Group end market split Semi end market split (FY 2024) (FY 2024) (FY 2024) Consumer Automotive Consumer Automotive 30% Top 3
Slide 18: Well diversified revenue streams by region
Well diversified revenue streams by region Direct tariff impact is under control via local production in the US and supply chain re-routing potentials Group revenues by region Semi revenues by region (FY 2024) (FY 2024) Americas 10% APAC Americas 25% EMEA 65% 21% 50% APAC L&S revenues by region (FY
Slide 19: Summary Q2/25
Summary Q2/25 Highlights Business update: - Revenue and profitability at mid-point of the guidance - Strong design-win traction H1, ~2.5 bn € - RtB* run rate savings 6 months ahead of plan Deleveraging plan: - RCF extended until September 2027 - Sale of Entertainment & Industrial Lamps business anno
Slide 20: Business outlook
Business outlook Q3 2025 Guidance FY 2025 comments − Revenue EUR 790m – 890m − Revenues: 2nd half-year stronger than 1st half-year due to product ramp-ups and seasonality despite headwinds from USD but without considering direct or indirect − Adj. EBITDA 19.5% +/- 1.5% impact from new tariff regime
Slide 21: Growth drivers
Sense the power of light Growth drivers 21
Slide 22: Offering full technology range and innovation leadership in automotive emitters and light sensors
Offering full technology range and innovation leadership in automotive emitters and light sensors Leading Positions in Automotive Semiconductor Sub-Segments #1 in Automotive Emitters #1 in Automotive Light Sensors Auto LED suppliers by 2024 market share Auto Light Sensor suppliers by 2024(E) market
Slide 23: Q2/25 – NIO trusts ams OSRAM's cutting-edge forward lighting technologies
Q2/25 – NIO trusts ams OSRAM’s cutting-edge forward lighting technologies EVIYOS high-pixelated forward lighting solution ramping in the NIO ET9*, a premium electric executive sedan EVIYOS with ~EUR 0.5 bn LTV* design win basis across multiple platforms world-wide 23 * with integrated the module fro
Slide 24: ams OSRAM automotive semiconductor content growth
ams OSRAM automotive semiconductor content growth Driven by safety, convenience and digitalization Display Head Up Display / In Cabin Backlighting Projection Sensing Average € across all vehicle classes ~60€ Ambient Static forward Battery lighting lighting management ~20€ FY2024: ~1bn m€ Power/Analo
Slide 25: I&M growth driven by technology leadership & megatrends in key applications
I&M growth driven by technology leadership & megatrends in key applications Business in relevant key applications to grow with mid- to high single digit percentage CAGR long-term Key Application fields Position Business drivers 2025 to 2027 − Ramp of design-wins Medical Imaging & − Market leader in
Slide 26: ams OSRAM with key portfolio to benefit from nascent robotics megatrend
ams OSRAM with key portfolio to benefit from nascent robotics megatrend Best-in-class portfolio for making machines smarter, more autonomous and more effective in HMI BIDOS Family NIR emitter + OSLON sensor Black/ P1616 SFH4253 + SFH5721 Capacitive sensor AS8579 Global Shutter: Mira ALS/Flicker sens
Slide 27: Consumer growth through technology leadership in spectral sensing & ToF
Consumer growth through technology leadership in spectral sensing & ToF Growth of consumer application business with mid- to high single digit percentage CAGR long-term Key Application fields Technology Business drivers 2025 to 2027 − Intensity or ToF-based sensors for touch Display Proximity displa
Slide 28: Q2/25 – ams OSRAM receives OPPO 2025 'Best Delivery Award'
Q2/25 – ams OSRAM receives OPPO 2025 “Best Delivery Award” ams OSRAM is key optical sensor supplier to OPPO Exceptional product quality and resilient supply chain management by ams OSRAM enabled OPPO to achieve 100% on-time delivery over the past year. 28
Slide 29: ams OSRAM's spectral ambient light sensing makes the difference
ams OSRAM’s spectral ambient light sensing makes the difference ams OSRAM sensors enable superior camera performance in almost all premium smartphones Top Smartphones by Camera score Autofocus: “Fast and accurate autofocus, Smartphone Model Launch Date Camera score even in challenging light Huawei P
Slide 30: Strong and stable profit contributor with excellent position in lamps business
Strong and stable profit contributor with excellent position in lamps business AMSP is covering automotive, entertainment and industry applications End market split in L&S Automotive Automotive lamps ~80% LED replacement Fixtures & Traditional LED & Laser modules lamps car accessories lamps (e.g. XL
Slide 31: Traditional lamps: new product 'connected emergency warning light' launched
Traditional lamps: new product ‘connected emergency warning light‘ launched Connected V16 warning lights will be legally required in registered cars in Spain from 1 st January 2026 onwards o The LEDguardian® ROAD FLARE Signal V16 IoT eliminates the need to set-up a warning triangle which can quickly
Slide 32: ESG commitments
Sense the power of light ESG commitments 32
Slide 33: Creating sustainable value and improving lives with innovative light and sensor solutions
Creating sustainable value and improving lives with innovative light and sensor solutions ESG update: Sustainability integral part of the company strategy ESG achievements ESG goal: Carbon neutrality by 2030 − Comprehensive reporting of carbon emissions, including − Group to be carbon neutral (Scope
Slide 34: ESG ratings: Our commitment to sustainability pays off
ESG ratings: Our committment to sustainability pays off Keep strong ratings within Sustainalytics and ISS Institution Rating Comment B (Management) Climate Change CDP B (Management) Water Security Improvement from gold to platinum ecovadis Platinum among the top 1% of companies assessed 17.6 (low ri
Slide 35: Details on Financials
Sense the power of light Details on Financials 35
Slide 36: Group: adj. OPEX reduced QoQ and YoY
Group: adj. OPEX reduced QoQ and YoY All figures in EURm / % of revenues Gross profit (adj.)1) R&D expenses (adj.)1) SG&A expenses (adj.)1) OPEX (adj.)1) 29,7% 29,7% 27,1% 28,4% 28,9% 12,2% 9,3% 8,4% 11,0% 9,9% 11,6% 11,2% 12,0% 10,6% 10,6% 22,8% 20,4% 20,3% 21,3% 20,1% -8% -23% -14% -17% -4% -14% -
Slide 37: Group adj. Depreciation & Amortization and adj. EBITDA
Group adj. Depreciation & Amortization and adj. EBITDA All figures in EURm / % of revenues EBIT, EBIT margin (adj.)2) D&A (adj.)2) EBITDA, EBITDA margin (adj.)2) 18,8% 18,8% 16,5% 17,0% 16,4% +7% +7% 9,3% 8,8% 9,6% 9,5% 10,2% 9,4% 9,9% 6,8% 6,8% 7,1% -3% +21% 0% +17% 166 135 150 135 145 82 68 79 84
Slide 38: Group adj. Depreciation & Amortization and adj. EBITDA
Group adj. Depreciation & Amortization and adj. EBITDA Q2 2025, All figures in EURm 19 0.5 -30 3 5 0 147 145 EBITDA IFRS Transformation microLED M&A-related costs Share-based Result from the sale Result from EBITDA Adj. costs compensation of businesses Equity Investments costs − EBITDA Adj. best ref
Slide 39: Group adj. Depreciation & Amortization and adj. EBIT
Group adj. Depreciation & Amortization and adj. EBIT Q2 2025, All figures in EURm 25 -5 -30 19 5 0 3 68 51 EBIT IFRS Transformation microLED M&A-related costs Share-based Result from the sale Result from Asset EBIT Adj. costs compensation of businesses Equity Investments restructuring costs − EBIT A
Slide 40: Q2/25: IFRS net result and adjusted net result are positive
Q2/25: IFRS net result and adjusted net result are positive All figures in EURm / % of revenues Net results (adj.)1) EPS diluted (adj.)1) 2) Net results IFRS EPS diluted IFRS 2) CHF CHF -0.01 0.35 0.02 -0.22 0.17 -0.41 0.23 -0.55 -0.78 0.01 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25
Slide 41: FCF slightly negative in Q2 driven by inventory pre-production
FCF slightly negative in Q2 driven by inventory pre-production All figures in EURm / % of revenues Operating Cash Flow (OCF) Free Cash Flow (FCF)1) (including net interest paid) Cash Flow related to Capex Inflow from Divestments incl. divestments, incl. net interest paid Q2/24 Q3/24 Q4/24 Q1/25 Q2/2
Slide 42: Working Capital
Working Capital All figures in EURm Working Capital Inventories +14% +2% -7% 0% 833 814 843 809 830 834* *861 excl. FX rate effects 730 745 691 605 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Trade Receivables Trade Payables -14% -14% -20% +2% 496 566 505 472 392 441 450 357 356 307
Slide 43: ams OSRAM Investor Relations
ams OSRAM Investor Relations Dr. Jürgen Rebel Investor Relations contact SVP & Head of Investor Relations juergen.rebel@ams-osram.com Premstaetten Office + 43 3136 500-0 + 43 3136 500-0 Internet https://ams-osram.com/about-us/investor-relations Email investor@ams-osram.com Juliana Baron Senior Direc