Ams-osram Ag · SIX:AMS
Ams-osram — Q2 2024 Earnings Presentation
17 slides from Ams-osram's earnings presentation, Jul 26, 2024
Slide 1: Second Quarter 2024 Results Earnings Call
Sense the power of light Second Quarter 2024 Results Earnings Call Aldo Kamper, CEO Rainer Irle, CFO Dr Juergen Rebel, SVP Investor Relations 26 July 2024
Slide 2: Solid group revenues in a difficult market
Solid group revenues in a difficult market All figures in EURm / % of revenues Total revenues EBITDA, EBITDA margin (adj.)2) EBIT, EBIT margin (adj.)2) ø EUR/USD 1.09 1.09 1.08 1.09 1.08 17.7% 16.8% 16.5% 16.5% -3% YoY 7.9% 6.9% 6.8% -4% 14.6% 5.9% like-for-like1) 5.2% -6% -3% 904 +9% +12% 851 1 +27
Slide 3: Lamps & Systems: seasonally weak Q2, continued weakness in industrial
Lamps & Systems: seasonally weak Q2, continued weakness in industrial All figures in EURm / % of revenues Total revenues EBIT, EBIT margin (adj.)2) EBITDA, EBITDA margin (adj.)2) -7% YoY -11% like-for-like1) 22.5% 256 -17% 19.2% 17.6% 251 15.8% 15.0% 13.6% 1 13.2% 12 -25% -41% 279 268 239 255 60 223
Slide 4: Semis – structural growth & progress of savings program outweigh difficult market
Semis – structural growth & progress of savings program outweigh difficult market All figures in EURm / % of revenues Opto Semiconductors (OS) segment CMOS Sensors and ASICs (CSA) segment Revenues EBITDA (adj.)1) Revenues EBITDA (adj.)1) +8% -4% 19.3% 22.7% 2.2% 9.4% 345 372 +25% 233 224 +320% 67 84
Slide 5: Semis: Structural growth in Auto compensates ramp-down of Consumer legacy
Semis: Structural growth in Auto compensates ramp-down of Consumer legacy Semiconductors, figures in EURm Total Semi Rev. Semi AM Rev. Semi I&M Rev. Semi Consumer Rev. +6% -1% -9% -1% -1% +3% +19% -6% 260 279 648 629 238 253 251 600 578 596 187 202 185 186 177 175 174 170 159 155 Q2/23 Q3/23 Q4/23 Q
Slide 6: Q2/24 design-win examples
Q2/24 design-win examples Continuous strong traction with key products across all core verticals Automotive: EVIYOS high-pixelated + 100m€ LTV* design wins forward lighting Automotive: Temp & Position Sensors ~50m€ LTV* design wins Industrial: Sensor I/F ASICs ~100m€ LTV* design wins Industrial: Pro
Slide 7: Q2/24 design-win update: EVIYOS ramping and traction continuing
Q2/24 design-win update: EVIYOS ramping and traction continuing Ams OSRAM ideally position for emerging pixelated headlight market EVIYOS high-pixelated forward lighting … Source: Trendforce, July 2024 2023 2024 2025 - >450 m€ LTV* design wins to date - Continued ramp ensures ams OSRAM average B
Slide 8: ams OSRAM is at the forefront of developing the LiDAR automotive market
ams OSRAM is at the forefront of developing the LiDAR automotive market ams OSRAM is a key partner of Robosense – a Chinese leader in automotive LIDAR modules Deep, collaborative industry partnerships Key Trends: • Autonomous driving • Safety • Traffic jam assistant • Highway pilot emerging • Mobili
Slide 9: ~2.5 bn LTV: 1H FY 2024 – strong design-win traction continuing
1H FY 2024 – strong design-win traction continuing Structural growth from the profitable core underpinned by unabated design-win momentum Industrial Sensor ICs Colored ambient lighting Industrial dToF Sensors – iRGB (Automotive) High Pixelated Forward Lighting (EVIYOS®) Professional lighting ~2.5 bn
Slide 10: Re-establish-the-base implementation progress
Re-establish-the-base implementation progress Cost savings on track to reach End-FY24 implementation target of EUR ~75m run-rate savings Realized savings to date: Set-up & Infrastructure - BU end-to-end responsibility established - Structural adjustments implemented to a significant extent Monetizin
Slide 11: Operating cash flow and FCF now includes net interest paid; CAPEX reduced
Operating cash flow and FCF now includes net interest paid; CAPEX reduced All figures in EURm / % of revenues Operating Cash Flow Cash Flow related to Capex Inflows from Divestments Free Cash Flow (FCF)1) (including net interest paid) incl. divestments, incl. net interest paid 23.9% 15.5% 3.8% 6.4%
Slide 12: Strong available liquidity and balanced maturity profile with diversified funding mix
Strong available liquidity and balanced maturity profile with diversified funding mix Current capitalization Current debt maturity profile €m, IFRS values as of June 2024 €m, IFRS values as of December 2023 June 2024 IFRS book values EUR million €m, repayment amounts as of June 2024 Cash (900) 999 O
Slide 13: Group: microLED cancellation still elevating adj. R&D
Group: microLED cancellation still elevating adj. R&D All figures in EURm / % of revenues Gross profit (adj.)1) R&D expenses (adj.)1) SG&A expenses (adj.)1) OPEX (adj.)1) 27.8% 29.1% 28.6% 28.5% 29.7% 12.3% 10.6% 10.1% 13.5% 12.2% 11.2% 11.1% 12.7% 11.0% 11.6% 22.0% 21.1% 21.8% 23.3% 22.8% +3% -5% 0
Slide 14: Adj. net result / Adj. EPS improving quarter over quarter, reaching break-even
Adj. net result / Adj. EPS improving quarter over quarter, reaching break-even All figures in EURm / EUR per share Net results (adj.)1) EPS diluted (adj.)1) CHF Net financing result (adj.)1) 0.12 0.10 -0.03 -0.03 0.00 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 31 29 -25 Q4/23 Q1/24 Q2/24 0.12 0.11 -34 Q2/23 Q3/2
Slide 15: Business outlook
Business outlook Q3 2024 Guidance H2 / 2024 comments − Revenue EUR 830m - 930m − ~75 m€ run-rate savings at year-end from ‘Re-establish-the-Base’ program on track − Adj. EBITDA 17% - 20% − Some cost headwinds e.g. personnel cost, less capitalization − Based on assumption − CAPEX might land between E
Slide 16: Summary Q2
Summary Q2 Summary Q2/24: − Solid Q2 revenue and above mid-point profitability − Continued year-over-year structural growth in automotive semis − Strong design-win momentum in core business with EUR 2.5bn year-to-date ‘Re-establish-the-Base’ progress update − EUR ~60m savings realized to date – on t
Slide 17: Q&A
Q&A Aldo Rainer Dr. Jürgen Kamper Irle Rebel CEO CFO Head of IR 17