Ams Osram Ag Unsp/Adr (AMSSY) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

We welcome you to today's call on the second quarter results. Aldo, our CEO, will comment on business and strategy. Rainer, CFO, will focus on financials. We're referring during the call to the earnings call presentation that you find on our website, but there is also a full comprehensive presentation with further details. Aldo, please walk us through the latest results. Thank you, Juergen, and good morning, everybody. Another solid quarter. Probability is improving. Re-establish the base savings have already reached the 2025 year-end target. Our value sheet leveraging is progressing as planned. And all this against the backdrop of high macroeconomic uncertainties, despite some promising signs in auto and industrial markets. We're on slide three, looking at the financial performance of the group. Revenues came in at €775 million, exactly at the midpoint of the guidance. We saw a single-digit percentage improvement in our semiconductor business. In the automotive lamps aftermarket business, we had a pretty steep inventory correction at our US retailers on top of normal seasonal decline. And the weaker US dollar costs about 35 million euro top line compared to Q2. Year-over-year revenues are down 5%. This is due to the cyclical inventory correction in automotive LEDs. The auto aftermarket lamps inventory correction re-establish the base portfolio effect and the weaker US dollar. If we truly look at a life-for-life comparison based on today's core portfolio at constant currencies, we actually would have grown by about 2% year-over-year. Adjusted EBITDA margin improved quarter-over-quarter and year-over-year by more than 2 percentage points to 18.8%. Higher profitability with lower revenue clearly showed our improved earnings profile thanks to the reestablished base prog...