Ams-osram Ag · SIX:AMS
Ams-osram — Q1 2026 Earnings Presentation
54 slides from Ams-osram's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Investor Presentation
Sense the power of light First Quarter 2026 Investor Presentation Aldo Kamper, CEO Rainer Irle, CFO Dr Juergen Rebel, SVP Investor Relations 07 May 2026
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: Creating the Leader in Digital Photonics
Creating the Leader in Digital Photonics Focused on growth. Technologically leading. Financially strong. 'We are deleveraging our balance sheet and sharpening the group’s profile to become the leader in Digital Photonics building on our market leadership in LED and sensor technologies and the expert
Slide 4: A Photonics Powerhouse: the Leader in Digital Photonics
A Photonics Powerhouse: the Leader in Digital Photonics Investment Thesis Catalysts 1 Deleveraging of Balance Sheet 2030 − FCF: > 200 m€ 2 Implementation of ‘Simplify’ Transformation program − Leverage < 2 3 Growth from Digital Photonics themes Semis: − ≥ 25 % adj. EBITDA − Mid-to-high single digit
Slide 5: Q1/26 – Highlights
Sense the power of light Q1 / 26 – Highlights 5
Slide 6: Q1/26 Achievements
Q1/26 Achievements Deleveraging plan on track – next steps in Digital Photonics strategy executed 1 Semiconductor core portfolio revenue grew by 9 % yoy like-for-like 2 Revenue/adj. EBITDA at upper half/end of guidance band; design-win momentum cont'd 3 Portfolio of key components for AI enabled AR
Slide 7: Summary Q1 & Q2 Outlook
Summary Q1 & Q2 Outlook Q1/26 & Subsequent Highlights Q2 Guidance Q1 / Business Update: − Revenue EUR 725 m – 825 m - Revenue and profitability at upper half / upper end of guidance − Adj. EBITDA 15.5 % +/- 1.5 % - 9 % growth like-for-like in the core semi-business − Based on assumption EUR/USD 1.17
Slide 8: Q1/26: Revenue & adj. EBITDA at the Upper End of the Guidance Band
Q1/26: Revenue & adj. EBITDA at the Upper End of the Guidance Band Approx. 8% growth in core portfolio; YoY adj. EBITDA decline due to deconsolidation of ENI business All figures in EURm / % of revenues Group Revenues EBITDA, EBITDA Margin (adj.)2) ø EUR/USD 1.05 1.13 1.17 1.16 1.17 18.8% 19.5% appr
Slide 9: Q1/26: Overview of Segment Performance
Q1/26: Overview of Segment Performance All figures in EURm / % of revenues OS CSA L&S -3% -5% -2% -1% -15% -13% Revenues 336 344 365 330 327 271 265 280 236 239 224 249 244 192 216 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 22.9% 22.6% 23.6% 24.5% 21.9%
Slide 10: Q1/26: 9% Like-for-Like Growth of Semiconductor Core Portfolio
Q1/26: 9% 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. +9% YoY -4% -4% in core portfolio1) -14% -1% +11% -7% -12% ~non-core -11% 637 229 239 571 583 595 225 219 217 224 551 206 202
Slide 11: Q1/26: Update of Balance-Sheet Deleveraging Strategy
Q1/26: Update of Balance-Sheet Deleveraging Strategy Targeting net debt / adj. EBITDA <2 and significant reduction in annual interest cost Status Target − ‘RtB’ savings target of EUR ~235 m (vs. original target of EUR 225 m) achieved Structural 1. Profitability & FCF − ‘Simplify’ program w/ EUR 200
Slide 12: 'Simplify' Transforms how ams OSRAM Works
‘Simplify’ Transforms how ams OSRAM Works – 1st Savings in Q1/26 Delivered ‘RtB’ has over-achieved its run rate savings target one year ahead of plan ‘Re-establish the Base’ (RtB) 1) Transformation & Savings Program ‘Simplify’ – launched Feb 26 – Cost – Speed – Agility – 240 Savings target of EUR 20
Slide 13: Strong Available Liquidity (~EUR 2.0 bn) Based on Diversified Debt Instrument Mix
Strong Available Liquidity (~EUR 2.0 bn) Based on Diversified Debt Instrument Mix Current capitalization Current debt maturity profile EURm, IFRS values as of March 2026 €m, repayment amounts as of March 2026 €m, IFRS values as of December 2023 March 2026 IFRS book values EUR million Cash (1,317) 1,
Slide 14: Cash-on-hand & Deal Proceeds Sufficient to Cover Near-term Maturities
Cash-on-hand & Deal Proceeds Sufficient to Cover Near-term Maturities Refinancing of capital structure will be focused on optimizing net financing cost Current liquidity position covers near-term maturities (incl. majority … shifting focus on optimising net tendering of OSRAM put options) and ongoin
Slide 15: Q1/26: Design-win Momentum Unabated – Digital Photonics on Track
Q1/26: Design-win Momentum Unabated – Digital Photonics on Track Strong traction in core business, wins in new growth themes and further key developments Automotive Industrial Consumer Digital Photonics Automotive EVIYOSTM AR Smart AI Photonics Professional Display lighting Glasses lighting Manageme
Slide 16: ams OSRAM Enables Today's and Tomorrow's AI Enabled AR Smartglasses
ams OSRAM Enables Today‘s and Tomorrow‘s AI Enabled AR Smartglasses ams OSRAM components already in models on the market today - poised for design-in/wins in next gen devices Health & Wellbeing World Sensing • Heart rate, UV, blue light • Gesture, 3D ToF sensing Privacy Indicator Human Machine & Lig
Slide 17: AI Photonics – Micro-emitters for AI Data Center Optical Interconnects
AI Photonics – ams OSRAM Micro-emitters for AI Data Center Optical Interconnects Highly parallel micro-emitter based optical interconnects for scale-up, scale-out and chip-to-chip connection HBM Scale-Up XPU up to 2m Chip-to-chip ‚Slow & wide‘ (highly parallel, micro-emitter array based) optical int
Slide 18: Highly Parallel Interconnects Could Be the Sweet Spot in AI Optical Interconnects
Highly Parallel Interconnects Could Be the Sweet Spot in AI Optical Interconnects Micro-emitter arrays promise up to 10x higher bandwidth density, lower power / bit and high redundancy short length of copper traces between GPU/switch fabric & Optical Engine (OE) long CPO NPO AOC / Pluggable TRX Inte
Slide 19: Development Partnership Signed to Commercialize Highly Parallel Optical Links
Development Partnership Signed to Commercialize Highly Parallel Optical Links AI Photonics – ams OSRAM providing key components to AI eco-system partner for ‚slow & wide‘ interconnects Fiber Bundles Multi core fiber Tray Side wall Photodiode Array (Rx) Fiber-to-Fiber + Amplifier Connector Connector
Slide 20: Business Overview
Sense the power of light Business Overview 20
Slide 21: Post Q4: Pro-forma Balance Sheet: Pro-Forma Leverage Ratio Dropping to 2.5
Post Q4: 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 / Leverage
Slide 22: The Megatrend: Light Enhances Physical Objects & Physical Contact
The Megatrend: Light Enhances Physical Objects & Physical Contact ‘Digital Photonics’ allows new use-cases that leverage megatrends Dynamic lighting solutions Light as design feature − Automotive forward lighting − ‘Light is the new chrome’ ADAS / SDV1) − Smart streetlights (automotive exterior/inte
Slide 23: Creating the Leader in Digital Photonics
Creating the Leader in Digital Photonics AUT = Automotive, IND = Industrial, CON = Consumer Opto Semiconductors (OS) CMOS Sensors & ASICs (CSA) Lamps & Systems FY25 ~1.4 bn€ ~1.0 bn€ ~0.9 bn€ AUT ~4% old I&M ~25% s Auto Sensors Medical CT sensors Industrial sensor Forward Lighting (FWL) Signaling I/
Slide 24: 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 o ld specialty lamps Growth s RtB non-core Digital Photonics Growth Core Core Transition 2026 − Closing of strategic divestitures r
Slide 25: 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 26: The Photonics Powerhouse: Broadest Opto-Electronic Technology and Product Portfolio
The Photonics Powerhouse: Broadest, System-Relevant Semiconductor Opto-Electronic Technology and Product Portfolio Differentiated technology portfolio ... Emitter: epitaxy, packages, phosphors | Silicon: 0.35, 0.18µm CMOS | Optical Modules: Filter, TSV … supports system-relevant products ... LED, La
Slide 27: 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 28: 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 2025(E) market share Auto Light Sensor suppliers by 2024 market
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: Digital Photonics Leader with Strong RMS in its Target Segments
Digital Photonics Leader with Strong RMS1) in its Target Segments Resilient semiconductor revenue mix well balanced across regions and industries ams OSRAM Application Mix Regional Mix Market Positions2) (% 2025 SEMI revenues) (% 2025 SEMI revenues) (% 2025 SEMI revenues) #1 Consumer Automotive APAC
Slide 31: Geopolitically Resilient Semiconductor Supply Chain
Geopolitically Resilient Semiconductor Supply Chain Trustworthy long-term supplier of critical technologies to our customers Solid non-China and China end-to-end semiconductor supply chains Front-end Assembly Test Inhouse: Germany, Malaysia Inhouse: USA*, Malaysia, China Inhouse: Malaysia, China LED
Slide 32: MicroLED Arrays – EVIYOS
MicroLED Arrays – EVIYOS Digital Photonics – advanced safety & functionality for automotive lighting MicroLED pixel size 50 µm 30 µm 10 µm 5 µm 1 µm Adaptive Beam Headlight Market Matrix LED Micro LED 16.7 13.8 3.8 11.9 m Cars 2.1 8.8 0.8 6.5 0.2 0.1 12.8 2030 | 10.9 11.6 > EUR 500 Mio Design-Wins 6
Slide 33: Micro-Emitter Arrays for AR Projection
Micro-Emitter Arrays for AR Projection Digital Photonics – miniaturizing projection display technology Micro-Emitter pixel size 50 µm 30 µm 10 µm 5 µm 1 µm Global Smart Glasses Market Smart Glasses Augmented Reality 54 Virtual Reality 47 41 25 36 31 24 m units 23 24 22 20 16 15 12 2030 | 17 10 In de
Slide 34: AI data centers – 'Scale up' optical connections
AI data centers – ’Scale up’ optical 1st wave 2nd wave 3rd wave Silicon Photonics / InP Emitter arrays Intra Board connections 72 GPU Digital photonics - solving the power & thermal efficiency problem w/ emitter arrays Micro-Emitter pixel size 10 compute trays 50 µm 30 µm 10 µm 5 µm 1 µm 5184 Twinax
Slide 35: Spectral Sensing
− User-facing: true color display-management Spectral − World-facing: professional grade color-correction Sensing Digital Photonics – making portable devices better Global Foldable Smartphone Market m units 60 50 41 42 40 38 32 30 24 20 18 2030 | Revenue contribution*: 10 Triple-Digit-million EUR 0
Slide 36: Personal Health & Fitness
Personal Health & Fitness Digital Photonics – biosensing is improving personal health Today: Future: − Heart rate − Temperature 5 to 10 biomarkers that − Blood pressure can be optically detected − Blood Oxygenation Global Smartwatch/band & Earbuds Market Wireless Earbuds Smartwatch m units 735 761 6
Slide 37: Multizone dToF Sensing
1)direct Time-of-Flight Multizone dToF1) Sensing Digital Photonics – making robots & devices ‘see’ in 3D Humanoid robot shipments k units 136 79 27 46 8 16 2025 2026 2027 2028 2029 2030 Source: Yole, Humanoid Robots 2026 Consumer robotics shipments m units 2030 | 121 132 90 99 109 Potential2): Doubl
Slide 38: Defendable Semiconductor Core Business Grows Profitably
Defendable Semiconductor Core Business Grows Profitably Winning in established markets & applications based on market leadership, technology advantage & cost-performance Auto LED Light Sensors − Classic FWL − Spectral − Signaling − dToF − Interior ~1.9 bn € − Proximity #1 #1 ~low single digit CAGR N
Slide 39: Undisputable leadership in traditional Auto lamps ensures stable profitability
Undisputable leadership in traditional Auto lamps ensures stable profitability Stable cash flows fund the transition and growth of our semiconductor business Global Car Park (in m cars) share gains & optimizing ramp of new products CAGR 25-30 equipped with total global car park +2% new headlights co
Slide 40: More Than 10k Customers Trust ams OSRAM
More Than 10k Customers Trust ams OSRAM Balanced regional, customer, and endmarket split Group revenues by region Group end market split (FY 2025) (FY 2025) Americas Consumer 19% Top customers split Automotive (FY 2025) 24% APAC 53% 27% Top 3 51% customers EMEA 25% 24% I&M 60% Top 4-10 Semi revenues
Slide 41: ESG commitments
Sense the power of light ESG commitments 41
Slide 42: Sustainability and Climate Strategy: Execution and Results
Sustainability and Climate Strategy: Execution and Results Measured progress in transparency, climate governance and data coverage Climate pathway ESG achievements in 2025 − Group to be carbon neutral (Scope 1&2) by 2030, endeavor towards − PCF turnover coverage at 34% net zero ambition − Climate Po
Slide 43: ESG ratings: Recognition of our engagement
ESG ratings: Recognition of our engagment Keeping strong ratings results Institution Rating development* Rating today Last rated B (Management Climate Change) C (Awareness) 01/2025 B (Management Water Security) Gold – 82 Points (among the top 5% of companies Silver – 65 Points 01/2026 assessed) 38,4
Slide 44: Climate Strategy Framework
Climate Strategy Framework Energy use and CO2 emissions for our own operations (Scope 1 & 2) – status and roadmap 18 91% 82% 78% 166,200 t relevant sites of CO2 emissions from of CO2 emissions in APAC. of CO2 emissions -6% CO2 emissions net in SEMI, 9% L&S and HQs 14% EMEA, rest NAFTA from electrici
Slide 45: Details on Financials
Sense the power of light Details on Financials 45
Slide 46: Group: adj. Gross profit and adj. Operating Expenses
Group: adj. Gross profit and adj. Operating Expenses All figures in EURm / % of revenues Gross profit (adj.)1) R&D expenses (adj.)1) SG&A expenses (adj.)1) OPEX (adj.)1) 28.4% 28.9 29.7% 29.5% 28.5% 11.0% 9.9% 10.2% 9.8% 10.8% 10.6% 10.6% 10.7% 12.1% 11.4% 21.3% 20.1% 19.0% 21.5% 21.4% -3% -4% -3% -
Slide 47: Group: adj. EBIT and adj. Depreciation & Amortization
Group: adj. EBIT and adj. Depreciation & Amortization All figures in EURm / % of revenues EBIT, EBIT margin (adj.)2) D&A (adj.)2) EBITDA, EBITDA margin (adj.)2) 18.8% 19.5% 18.4% 10.7% 16.4% 16.5% 8.8% -3% 8.0% 7.1% 7.1% -19% 9.9% 10.4% 9.4% 9.4% 8.8% -3% -20% -3% -18% 166 161 135 145 131 91 91 58 6
Slide 48: Group: IFRS EBITDA and adj. EBITDA
Group: IFRS EBITDA and adj. EBITDA Q1/2026, All figures in EURm 5 6 1 131 58 3 -6 64 EBITDA IFRS Transformation costs microLED M&A-related costs Share-based Result from the Result from Equity EBITDA Adj. compensation costs sale of businesses Investments − EBITDA Adj. best reflects underlying profita
Slide 49: Group: IFRS EBIT and adj. EBIT
Group: IFRS EBIT and adj. EBIT Q1/2026, All figures in EURm 17 56 5 64 6 1 -6 -5 -26 EBIT IFRS Transformation microLED M&A-related costs Share-based Result from the Result from Equity Asset restructuring EBIT Adj. costs compensation sale of businesses Investments costs − EBIT Adj. best reflects unde
Slide 50: Q1/26: Net result negative due to interest expenses
Q1/26: Net result negative due to interest expenses All figures in EURm / % of revenues Net results (adj.)1) EPS diluted (adj.)1) 2) Net results IFRS EPS diluted IFRS 2) CHF CHF -0.22 0.17 0.25 0.33 -0,67 -0.78 0.01 -0.26 -0.17 -1.44 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q4/25 Q1/25
Slide 51: Positive Free Cash Flow in Q1 2026 due to Speciality Lamps Deal Proceeds
Positive Free Cash Flow in Q1 2026 due to Speciality Lamps Deal Proceeds 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 Q1/25 Q2/25 Q3/25
Slide 52: Working Capital
Working Capital All figures in EURm Working Capital Inventories -4% -6% +8% +8% 830 834 775 782 745 720 717 724 691 661 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Trade Receivables Trade Payables +7% +1% -8% +6% 391 415 477 356 382 441 450 446 447 307 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q
Slide 53: 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
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