Ams-osram Ag · SIX:AMS
Ams-osram — FY2025 Earnings Presentation
54 slides from Ams-osram's earnings presentation, Feb 10, 2026
Slide 1: Creating the Leader in Digital Photonics: Q4 and FY 2025
Sense the power of light ‘Creating the Leader in Digital Photonics’ Fourth Quarter and Full Year 2025 Investor Presentation 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: 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: Q4/25 – Highlights
Sense the power of light Q4 / 25 – Highlights 5
Slide 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: Strong Available Liquidity 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 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: '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 15: 'Creating the Leader in Digital Photonics' Strategy Update
Sense the power of light ‘Creating the Leader in Digital Photonics’ Strategy Update ‘Creating the Leader in Digital Photonics’ Presentation 3 February 2026 15
Slide 16: Divestment of Non-Optical Analog/Mixed-Signal Sensor Business
Divestment of Non-Optical Analog/Mixed-Signal Sensor Business on 03-Feb-2025 Sale of approx. EUR 220 million revenues (2025) to Infineon for EUR 570 million in cash CMOS Sensors & ASICs (CSA)1) Scope of Divestment AUT − Non-optical analog/mixed-signal sensors business focused on ~6% Position & Tempe
Slide 17: Deal Rationale: Accelerated Deleveraging and a Sharpened Profile
Deal Rationale: Accelerated Deleveraging and a Sharpened Profile Achieved Selling the non-optical sensor/mixed-signal business to Infineon and the specialty lamps business to Ushio generate EUR 670 m cash in total Deal Rationale Next Steps Continuous improvement of profitability, 1. Divesting approx
Slide 18: Pro-forma Balance Sheet: 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 19: The Leader in Digital Photonics
The Leader in Digital Photonics Megatrend: Benefiting from the ‚digitalization of light‘ mega-trend Digital Photonics Projection displays for High-pixelated Automotive AR/VR, Automotive forward-lighting − Digital Photonics megatrend (p.8) − Sharpened company profile (p.9) − Strengthened (over-the-cy
Slide 20: 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 21: 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 FY24 ~1.4 bn€ ~1.0 bn€ ~1.0 bn€ AUT ~6% I&M ~26% Forward Lighting (FWL) Signaling Auto Sensors Medical CT sensors Industrial sensor I/F ASIC
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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) (% 2024 SEMI revenues) (% 2024 SEMI revenues) (% 2024 SEMI revenues) #1 Consumer Automotive APAC
Slide 29: 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 30: 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 2030 | 0.1 11.6 12.8 10.9 > EUR 500 Mio Design-Wins 6
Slide 31: 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 51 Augmented Reality Virtual Reality 41 22 32 18 25 13 m units 14 10 9 14 2030 | 7 8 5 6 In design-in
Slide 32: 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 33: 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 51.6 50 39.2 40 32.2 30 24.1 2030 | 20 16 Revenue contribution*: 10 Triple-Digit-million E
Slide 34: 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 855 880 8
Slide 35: 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 | 120 134 88 97 108 Potential2): 80 Do
Slide 36: 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 37: Undisputable leadership in traditional Auto lamps
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 38: FY 25 – Financial & Business Update
Sense the power of light FY 25 – Financial & Business Update 38
Slide 39: 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 40: 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 41: FY 2025 – All-time High Design-win Traction
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 42: 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 20% Top customers split Automotive (FY 2025) 24% 53% APAC 27% Top 3 51% customers EMEA 25% 24% I&M 60% Top 4-10 Semi revenues
Slide 43: 'RtB' reduces OPEX by 8%, improves Gross Margin
‘RtB’ reduces OPEX by 8%, improves Gross Margin despite of cost headwinds All figures in EURm / % of revenues Gross profit (adj.)1) R&D expenses (adj.)1) SG&A expenses (adj.)1) adj. EBIT, EBIT margin 1) 28.7% 29.1% -2% 7.0% 8.7% 10.8% 10.2% 11.4% 11.0% +19% -8% -7% 984 968 288 370 392 366 241 339 FY
Slide 44: FY25 - adj. net result well above positive, IFRS net result improved
FY25 - adj. net result well above positive, IFRS net result continuously improved All figures in EURm / EUR per share Net result (adj.)1) EPS diluted (adj.)1) 2) Net result IFRS EPS diluted IFRS 2) CHF 0.03 0.53 CHF -7.56 -1.21 57 3 0.56 0.03 FY24 FY25 FY24 FY25 FY24 FY25 -7.94 -1.29 FY24 FY25 -128
Slide 45: ESG commitments
Sense the power of light ESG commitments 45
Slide 46: 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 − Climate Policy published and in implementation − Group to be carbon neutral (Scope 1+2) by
Slide 47: ESG ratings: Our commitment to sustainability pays off
ESG ratings: Our committment to sustainability pays off Keep strong ratings within S&P Global CSA (Status January 30, 2026) Institution Rating Comment B (Management) Climate Change CDP B (Management) Water Security Improvement from 81 to 82 (out of 100) ecovadis Gold Among the top 5% of companies as
Slide 48: Details on Financials
Sense the power of light Details on Financials 48
Slide 49: 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) 19.5% 18.8% 18.4% 10.7% 17.0% 16.4% 8.8% 8.0% 6.8% 7.1% +7% -3% 10.2% 9.9% 10.4% 9.4% 8.8% +17% -23% +1% +21% 150 166 161 135 145 91 90 91
Slide 50: Group: IFRS EBITDA and adj. EBITDA
Group: IFRS EBITDA and adj. EBITDA Q4 2025, All figures in EURm 25 -3 -0.3 5 0 0 161 134 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 reflects underlying pro
Slide 51: Group: IFRS EBIT and adj. EBIT
Group: IFRS EBIT and adj. EBIT Q4 2025, All figures in EURm 19 35 -7 5 0 0 3 70 15 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 Adj. best reflects underl
Slide 52: Q4/25: adjusted net result continue to improve
Q4/25: adjusted net result continue to improve All figures in EURm / % of revenues Net results (adj.)1) EPS diluted (adj.)1) 2) Net results IFRS EPS diluted IFRS 2) CHF CHF 0.02 -0.22 0.17 0.25 0.33 -0.55 -0.78 0.01 -0.26 -0.17 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25
Slide 53: Working Capital
Working Capital All figures in EURm Working Capital Inventories -21% -11% -7% -8% 833 809 830 834 745 720 775 691 724 661 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Trade Receivables Trade Payables -16% +1% +6% +7% 496 391 415 472 477 356 441 450 446 307 Q4/24 Q1/25 Q2/25 Q3/25 Q4/2
Slide 54: 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