Ams-osram Ag · SIX:AMS
Ams-osram — Q2 2026 Earnings Presentation
59 slides from Ams-osram's earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Investor Presentation
Sense the power of light Second Quarter 2026 Investor Presentation Aldo Kamper, CEO Rainer Irle, CFO Dr Juergen Rebel, SVP Investor Relations 04 August 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: Q2/26 – Highlights
Sense the power of light Q2 / 26 – Highlights 5
Slide 6: Q2/26 Achievements
Digital Photonics Q2/26 Achievements Strong core business supports significant shift towards Digital Photonics as key future growth driver 1 Semiconductor core portfolio revenue grew by 13% year-on-year like-for-like 2 Revenue and adjusted EBITDA at high end of guidance range 3 Very strong design-wi
Slide 7: Outlook
Outlook Q3 Guidance − Revenue EUR 770 m – 870 m Deconsolidated non-optical sensor business overshadows underlying sequential business upswing − Adj. EBITDA 16.0 % +/- 1.5 % − Based on assumption EUR/USD 1.15 Revenue − Semis: broadly flat due to structural & seasonal growth being Deconsolidated non-
Slide 8: Summary Q2
Summary Q2 Q2/26 Business Update: - Revenue and profitability at high end of guidance - 13 % growth like-for-like in the core semi-business - Design-wins in semi-business of more than EUR 1.6 bn Digital Photonics: - Dedicated Business Lines for scaling & focus introduced - Key milestones towards mas
Slide 9: Q2/26: Revenue & adj. EBITDA at the Upper End of the Guidance Band
Q2/26: Revenue & adj. EBITDA at the Upper End of the Guidance Band Approx. 9% 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 1.13 1.17 1.16 1.17 1.16 19.5% approx. +9
Slide 10: Q2/26: Overview of Segment Performance
Q2/26: Overview of Segment Performance All figures in EURm / % of revenues OS CSA L&S +6% +7% -4% +11% +14% -25% Revenues ~ENI deconsolidation 280 365 364 271 265 257 244 344 330 327 239 224 216 192 184 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 22.9% 2
Slide 11: Q2/26: 13% Like-for-Like Growth of Semiconductor Core Portfolio
Q2/26: 13% 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. +13% YoY +7% in core portfolio1) +1% +19% +13% +2% +6% +31% ~non-core +4% 637 596 621 229 239 231 224 583 551 219 217 204 202
Slide 12: Q2/26: Update of Balance-Sheet Deleveraging Strategy
Q2/26: 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 13: 'Simplify' Progressing as Planned
‘Simplify’ Progressing as Planned – EUR 10 m Delivered by End of Q2/2026 Cost savings on track to reach End-FY26 implementation target of EUR ~30 m run-rate savings Run rate savings progress Transformation & Savings Program ‘Simplify’: 200 – Cost – Speed – Agility – 200 • Overhead reduction incl. st
Slide 14: Staggered Maturity Profile Resulting from Refinancing Measures in Q2/26
Staggered Maturity Profile Resulting from Refinancing Measures in Q2/26, Supported by a Strong Liquidity Position of EUR 1.5 bn5) Current liquidity profile Current debt maturity profile €m, IFRS values as of June 2026 €m, repayment amounts as of June 2026 €m, IFRS values as of December 2023 June 202
Slide 15: Cash-on-hand & Deal Proceeds Fully Sufficient to Cover Near-term Maturities
Cash-on-hand & Deal Proceeds Fully 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
Slide 16: Q2/26: Strong Design-win Momentum – Progress in Digital Photonics
Q2/26: Strong Design-win Momentum – Progress in Digital Photonics Strong traction in core business, significant wins in new growth themes and next generation technologies on track Automotive Industrial Consumer Digital Photonics Automotive Professional Display Camera EVIYOS Advanced AR Smart AI Phot
Slide 17: EVIYOS Gaining More and More Traction on the Road
EVIYOS Gaining More and More Traction on the Road Growing visibility of intelligent projection applications highlights the versatility of EVIYOS technology. Traffic Communications NIO ET9 Visual communication supporting Deployment in the NIO ET9 interactions with pedestrians and Showcases EVIYOS-ena
Slide 18: 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 19: AI Enabled Smartglass Shipments w/ Projection Display will Rise Significantly
AI Enabled Smartglass Shipments w/ Projection Display will Rise Significantly ams OSRAM‘s microLED array based optical engines are ideally suited for AI enabled smartglass inflection m units 60 AI no Display 38 AR Glasses / AI Display 16 VR Headsets 2025 2028 2030 Sources: OMDIA XR shipment forecast
Slide 20: Technology Leadership in Light Sources for Next-gen AI Smart Glasses
Technology Leadership in Light Sources for Next-gen AI Smart Glasses w/ Display ams OSRAM technology allows reaching threshold for true user friendliness uLED arrays, CMOS Light source assembly Light engine + waveguide Light engine CMOS Backplane µLED array µLED array In-coupler µLED array µLED arra
Slide 21: 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 22: 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 23: AI Photonics – Path to Develop a Complete 'Slow & Wide' Optical Engine
AI Photonics – on the Path to Develop a Complete ‘Slow & Wide‘ Optical Engine Development of Micro-Photo-Diode Array for ‚slow & wide‘ interconnects started Optical Engine Ecoystem Micro-Emitter Array u-emitter Connector array Micro- Optical Fiber optics Advanced Test & Packaging Qual CMOS DSP Sourc
Slide 24: Digital Photonics: 3D Awareness for Robots & Devices
Digital Photonics: 3D Awareness for Robots & Devices Multi-Zone dToF: Design-win momentum building across robotics and smartphones ROBOTICS SMARTPHONES Depth perception before action for safer autonomous movement Scale proof: compact integration Multi-zone dToF gives service robots compact 3D awaren
Slide 25: Business Overview
Sense the power of light Business Overview 25
Slide 26: 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 27: 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% l d I&M ~25% so Auto Sensors Medical CT sensors Ind sensor I/F ASICs Forward Lighting (FWL) Signalin
Slide 28: 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 29: 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 30: 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 31: 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 market share (Total market USD ~11.7bn; TrendForce) 2025 2024 2023 0 500 1.000 1.500 1. ams OSRAM 13%
Slide 32: 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 market share Auto Light Sensor suppliers by 2024 market (To
Slide 33: 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 1 Huawei
Slide 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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 40: 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 41: 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 42: 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 43: 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 44: More Than 10k Customers Trust ams OSRAM
More Than 10k Customers Trust ams OSRAM Balanced regional, customer, and endmarket split Group revenues by region Top customers split Semi end market split (FY 2025) (FY 2025) (FY 2025) Top 3 Americas customers Consumer Automotive 19% 24% 34% 38% APAC 60% 53% Top 4-10 16% 28% 27% customers EMEA I&M
Slide 45: ESG commitments
Sense the power of light ESG commitments 45
Slide 46: 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 47: ESG ratings: Recognition of our engagement
ESG ratings: Recognition of our engagment Keeping strong ratings results Institution Rating development1 Rating today Last rated C (Awareness) B (Management Climate Change) 01/2026 B (Management Water Security) Silver – 65 Points Gold – 82 Points 01/20262 (among the top 5 % of companies assessed) 38
Slide 48: 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 elect
Slide 49: Details on Financials
Sense the power of light Details on Financials 49
Slide 50: Pro-forma Balance Sheet: 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 51: 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) 9.9% 10.2% 9.8% 10.8% 12.1% 11.4% 11.6% 21.5% 21.4% 20.6% 28.9% 29.7% 29.5% 28.5% 28.6% 9.5% 10.6% 10.7% 20.1% 19.0% +3% +1% +6% -
Slide 52: Group: adj. EBIT and adj. Depreciation & Amortization
Group: adj. EBIT and adj. Depreciation & Amortization All figures in EURm / % of revenues EBIT, EBIT margin (adj.)1) D&A (adj.)1) EBITDA, EBITDA margin (adj.)1) 18.8% 19.5% 18.4% 16.5% 16.9% 10.7% 9.9% 10.4% 8.8% 8.8% 9.4% 8.9% -6% 8.0% 8.0% 7.1% -7% +4% -5% -5% +15% 166 161 91 91 145 131 136 68 70
Slide 53: Group: IFRS EBITDA and adj. EBITDA
Group: IFRS EBITDA and adj. EBITDA Q2/2026, All figures in EURm 6 0 136 4 6 0 5 115 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 profitab
Slide 54: Group: IFRS EBIT and adj. EBIT
Group: IFRS EBIT and adj. EBIT Q2/2026, All figures in EURm 16 65 6 0 29 0 15 -1 -1 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 under
Slide 55: Q2/26: Net result negative due to interest expenses
Q2/26: 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 0.17 0.25 0.33 -0.67 -0.51 0.01 -0.26 -0.17 -1.44 -1.12 0.35 0.27 0.18 18 27 35 0.01 1 -28 -20 -72 -55 -0.28 -0.19 -121 -0
Slide 56: Free Cash Flow in Q2 2026 Driven by Operating Outflow and Capex
Free Cash Flow in Q2 2026 Driven by Operating Outflow and Capex All figures in EURm / % of revenues Operating Cash Flow (OCF) Cash Flow related to Capex Inflow from Divestments Free Cash Flow (FCF)1) (including net interest paid) incl. divestments, incl. net interest paid Q2/25 Q3/25 Q4/252) Q1/26 Q
Slide 57: Working Capital
Working Capital All figures in EURm Working Capital Inventories +17% -1% +13% +5% 809 834 775 782 825 691 720 661 717 724 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Trade Receivables Trade Payables +39% -1% +12% -1% 428 450 446 477 447 444 391 415 382 307 Q2/25 Q3/25 Q4/25 Q1/26 Q2/
Slide 58: 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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