- 04.08.2026, 07:15:48
- /
- EQS0004
EQS-Adhoc: ams-OSRAM AG: ams OSRAM delivers Q2 at guidance high end and readies microLED arrays for next-generation AR smart glasses
EQS-Ad-hoc: ams-OSRAM AG / Key word(s): Quarter Results
ams-OSRAM AG: ams OSRAM delivers Q2 at guidance high end and readies
microLED arrays for next-generation AR smart glasses
04-Aug-2026 / 07:15 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the
Regulation (EU) No 596/2014, transmitted by [1]EQS News - a service of
[2]EQS Group.
The issuer is solely responsible for the content of this announcement.
══════════════════════════════════════════════════════════════════════════
Ad hoc announcement pursuant to Art. 53 Listing Rules of SIX Swiss
Exchange
ams OSRAM delivers Q2 at guidance high end and readies microLED arrays for
next-generation AR smart glasses
Key Performance Update Q2/26
• Revenues EUR 805 m, 16.9 % adjusted EBITDA margin, at the high end of
the guidance; 14.2 % (non-adjusted) EBITDA margin
• +13 % year-on-year like-for-like growth of the semiconductor core
portfolio at constant FX
• Design-wins of more than EUR 1.6 bn in semis (H1/26: approx. EUR 2.5
bn)
• EUR 1 bn of new senior notes at 7.25 % placed, saving annual interest
cost of approx. EUR 40 m
Digital Photonics Strategy Progress
• Augmented Reality smart glasses: microLED-array based RGB light
engines continued to achieve key development milestones for
next-generation smart glasses, validating performance leadership and
advancing step-by-step towards mass-production readiness.
• AI Photonics: launched development of micro-photodiode arrays for
emerging "slow & wide" AI datacenter optical interconnect
architectures, expanding BoM coverage
• Divestments: closed the sale of the non-optical sensor business to
Infineon 01 July 2026 and signed the sale of CMOS image sensor
business to Indie Semiconductors early May 2026
Outlook Q3/26
• Q3/26: Revenues expected at EUR 770 m to 870 m; adjusted EBITDA margin
of 16.0 % +/- 1.5 %, at an assumed EUR/USD exchange rate of 1.15,
reflecting a normal to good seasonal uplift and continued content
growth in the semiconductor business.
• The guidance fully reflects the deconsolidation of the non-optical
sensor business sold to Infineon, which would otherwise contribute
approximately a further EUR 40 m of revenues and EUR 20 m of adjusted
EBITDA in Q3/26.
Comments on FY26 & FY27
• FY26: Outlook unchanged; revenue slightly lower due to divestments and
FX; temporary pressure on adjusted EBITDA impacted by transition year
2026 one-offs.
• FY26: 120-150 m EUR tender offer for pro-rata buy-back of 2027
convertible bonds and 2029 senior notes: In line with the respective
terms and conditions, the company intends to launch a pro-rata public
tender offer within 120 days of 01 July 2026 closing of the
non-optical sensor business sale to Infineon. The offer will cover the
net proceeds of the disposal as required thereunder.
• FY27: path to positive Free Cash Flow in sight (including net interest
and excluding divestments).
Premstaetten, Austria, and Munich, Germany (04 August 2026) – ams OSRAM
delivers Q2 at guidance high end and readies microLED arrays for
next-generation AR smart glasses
“Building on strong core business performance, we are sharpening our focus
on Digital Photonics as a key growth driver. Effective July 1, we
established dedicated Digital Photonics business lines to accelerate
execution and scale our innovation pipeline. We achieved key milestones
towards mass-production readiness of our novel microLED array based light
engines for next-generation AR smart glasses. In parallel, we are
advancing AI photonics with expanding our product portfolio. The momentum
towards becoming the leader in Digital Photonics is building and will
increasingly translate into our financials.” said Aldo Kamper, CEO of ams
OSRAM.
Q2/26 - Business and Earnings Summary
in EUR million (except per Q2 2026 Q1 2026 QoQ Q2 2025 YoY
share data)
Revenues 805 796 +1 % 775 +4 %
EBITDA margin adj. % ^1) 16.9 % 16.5 % +40 bps 18.8 % -190 bps
EBITDA adj. ^1) 136 131 +4 % 145 -6 %
EBITDA margin % 14.2 % 8.0 % +620 bps 19.0 % -480 bps
EBITDA 115 64 +80 % 147 -22 %
Net result adj. ^ 1) -55 -72 +23 % 18 n.m.^2)
Diluted EPS (adj., in EUR) -0.56 -0.74 +24 % 0.18 n.m. ^ 2)
Net result -121 -154 +21 % 1 n.m. ^ 2)
Diluted EPS (in EUR) -1.22 -1.57 +22 % 0.01 n.m. ^ 2)
1. Adjusted for microLED strategy adaption expenses, M&A-related, other
transformation and share-based compensation costs, results from
investments in associates and sale of businesses.
2. n.m. = not meaningful due to sign change.
In Q2, group revenues reached EUR 805 million, coming in at the upper end
of the guided range. Revenues increased by 1 % quarter-on-quarter,
reflecting strong business in automotive and industrial semiconductors and
a strong automotive lamps business compensating for the deconsolidation of
the Entertainment & Industry Lamps (‘Specialty Lamps’) business following
its sale to Ushio Inc.
Year-on-year, group revenues increased despite FX headwinds, the exit of
non-core semiconductor activities (‘Re-establish the Base’) and the
divestment of the Specialty Lamps business. At a constant EUR/USD exchange
rate and on a like-for-like basis, revenues from the core portfolio
increased by approximately 9 %.
Adjusted EBITDA margin was 16.9 % at the high end of the guided range,
with adjusted EBITDA (adjusted earnings before interest, taxes,
depreciation, and amortization) of EUR 136 million. The (non-adjusted)
EBITDA margin stood at 14.2%, with (non-adjusted) EBITDA of EUR 115
million.
Adjusted net result amounted to EUR minus 55 million, reflecting higher
net financing cost that are strongly driven by expenses for call premiums
in relation with the early redemption of a large part of our Senior Notes
due 2029 besides recurring quarterly transformation-related charges,
purchase price allocation and share-based compensation. (Non-adjusted) net
result came in at minus EUR 121 million.
Q2/26 - Digital Photonics: Progress Update
Digital Photonics is the core driver of the Company’s long‑term growth
strategy, combining advanced, pixelated emitters, sensors and electronics
to digitally control light emission and optical sensing. This technology
enables dynamic lighting, light‑based sensing, projection, directed energy
and high‑speed data communication.
In Q2 2026, the Company made further progress in executing its Digital
Photonics strategy:
• Augmented Reality, AI‑enabled smart glasses with advanced displays
represent a major growth opportunity. During the quarter the Company
completed key development milestones towards mass-production readiness
for the light source of next-generation AR light engines. Based on its
proprietary micro-LED array technology, this Digital Photonics
component delivers industry-leading performance and is designed to
enable advanced AR use cases while meeting the requirements for
everyday wearability. The Company continues to see a market outlook
consistent with leading industry forecasts that project substantial
growth in smart-glasses adoption through 2030.
• AI Photonics, highly parallel optical interconnects based on advanced
micro-emitter arrays represent an attractive growth opportunity in
next-generation AI data center architectures. Following successful
development progress on the ‘transmit’ side, the Company has initiated
full product development for the ‘receive’ channel, expanding its
participation in emerging “slow-and-wide” optical interconnect
solutions. This development increases potential bill-of-materials
content and supports the Company’s longer-term objective of offering a
complete optical engine. Such architectures offer compelling
advantages in power efficiency, thermal management, reliability and
system scalability.
• Advanced optical sensing: The Company’s multi-zone Time-of-Flight
sensor (TMF8829) significantly advances 3D depth-sensing performance,
offering up to 48×32 measurement zones compared to the 8×8 resolution
of conventional solutions. The product is expected to enter commercial
robotics and smartphone applications, enabling enhanced spatial
awareness for autonomous systems and improving imaging performance in
mobile devices.
Q2/26 – Implementation of ‘Simplify’ Program
The ‘Simplify’ transformation and savings program (launched on 07 Feb
2026) targets additional EUR 200 million run‑rate savings by FY28
and impacting around 2,000 employees, roughly half of them in Europe.
Negotiations with the workers’ council have been concluded recently,
enabling the stringent execution according to plan.
The continued implementation of the program delivered approximately EUR
10 million run-rate savings to date as of end of the second quarter.
Q2/26 - Cash Generation & Balance Sheet Update
Free cash flow – defined as operating cash flow including net interest
paid minus cash flow from CAPEX including related grants plus proceeds
from divestments – came in negative with EUR -119 million, driven by
reduction of factoring, transformation cost for the ‘Simplify’ program and
higher interest cost, due to paying related interest from the repaid 2029
senior notes. A year ago, this figure stood at minus EUR 14 million.
in EUR million Q2 2026 Q1 2026 QoQ Q2 2025 YoY
FCF (incl. net interest paid, adj.) -119 37 n.m. ^ -14 n.m. ^
2) 2)
Cash on hand 994 1,317 -25 % 511 +95 %
Net debt 1,288 1,071 +20 % 1,570 -18 %
Kulim-2 SLB (Sale-and-Lease-Back) ^ 457 454 +1 % 420 +9 %
1)
Net debt (incl. SLB) 1,744 1,525 +14 % 1,990 -12 %
OSRAM minority put options 479 495 -3 % 570 -16 %
1. ^Liability as part of ‘other financial liabilities’
2. ^n.m. = not meaningful due to sign change.
Under its accelerated and comprehensive plan to deleverage its balance
sheet (announced 30 April 2025), the company has entered into multiple
divestment agreements. These include the sale of its Specialty Lamps
business to Ushio Inc., closed early March 2026, the divestment of its
non-optical mixed-signal sensor business to Infineon, closed on 1 July
2026 and the divestment of its CMOS image sensor business to Indie, signed
early May 2026.
In total, the company expects therefore approx. EUR 700 million proceeds,
of which around EUR 660 million were received to date, with the closing of
the sale of the image sensor business pending.
As of 30 June 2026, the company held cash and cash equivalents of EUR
994 million (the proceeds from the divestment of the non-optical sensor
business were received on 01 July 2026).
Consequently, the net debt position stood at EUR 1,288 million at the end
of Q2/26, compared to EUR 1,071 million at the end of Q1/26. The
equivalent value of the Malaysia sale-and-leaseback (SLB) Malaysia
transaction increased by EUR 3 million, reflecting the net effect of
quarterly accrued interest and movements in the MYR exchange rate.
At the end of Q2/26, the Group held approx. 89 % of the shares of OSRAM
Licht AG.
Q2/26 - Business Unit (BU) Results & Industry Update
Semiconductor Business
Semiconductor revenues amounted to EUR 621 million in Q2 2026, compared to
EUR 583 million a year ago. The core portfolio continued to grow,
supported by custom sensor products that were introduced two years ago,
which largely offset the impact from divested or discontinued non‑core
activities. On a comparable basis, semiconductor growth was approx. 13 %,
adjusting for the EUR/USD headwind (approx. EUR 11 million) and the
discontinued non‑core portfolio.
in EUR million Q2 2026 Q1 2026 QoQ Q2 2025 YoY
Opto Semiconductors (OS)
Revenue 364 327 +11 % 344 +6 %
EBITDA margin adj. % 17.7 % 16.8 % +90 bps 22.9 % -520 bps
EBITDA adj. 65 55 +18 % 79 -18 %
EBITDA margin % 14.2 % 2.5 % +1170 bps 17.6 % -340 bps
EBITDA 52 8 +524 % 61 -15 %
CMOS Sensors & ASICs (CSA)
Revenue 257 224 +14 % 239 +7 %
EBITDA margin adj. % 16.3 % 10.9 % +540 bps 18.0 % -170 bps
EBITDA adj. 42 24 +75 % 43 -2 %
EBITDA margin % 13.9 % 7.8 % +610 bps 15.0 % -110 bps
EBITDA 36 17 +104 % 36 +0 %
Semiconductors by industry
Automotive 231 217 +6 % 229 +1 %
I&M 204 156 +31 % 171 +19 %
Consumer 186 178 +4 % 183 +2 %
Total Semiconductors (sum) 621 551 +13 % 583 +7 %
Optical Semiconductors (OS)
In OS, business improved across the board both seasonally and structurally
with showing strong growth sequentially, but also in a year-on-year
comparison. In automotive, strong order entry was driven by content and
market-share gains including potentially some supply-chain restocking
against the backdrop of weaking global car production and soft car sales
in certain regions. In Industrial, a strong improvement in horticulture
and broad-based momentum in industrial applications drove the good
quarterly contribution despite continued macro uncertainty. Short-term
ordering patterns remained the norm, especially in automotive. Adjusted
EBITDA improved to EUR 65 million from EUR 55 million in Q1 reflecting
operating leverage, partly offset by inventory revaluation related to
factor cost movements and product mix changes. (Non-adjusted) EBITDA
reached EUR 52 million, reflecting the same underlying drivers, compared
to Q1 which was impacted by one-time transformation cost accruals.
Year-on-year, adjusted and non-adjusted EBITDA were lower primarily due to
FX headwinds in the cost base and high raw material cost.
CMOS Sensors & ASICs (CSA):
CSA revenues improved to EUR 257 million from EUR 224 million in Q1/26,
driven by seasonality across the consumer portfolio and strong traction in
the non-optical sensor business (which was transferred to Infineon
01-July-2026, whilst manufacturing services continue). Profitability
scaled largely in line with revenue growth. Adjusted EBITDA rose to EUR
42 million from EUR 24 million in Q1/26, demonstrating strong operating
leverage. Non-adjusted EBITDA came in at EUR 36 million. Compared to the
prior year, adjusted and non-adjusted EBITDA reflected higher R&D
investments funding strategic growth initiatives as well as FX headwinds.
Semiconductors industry dynamics
Automotive:
Automotive revenues increased quarter-on-quarter based on a strong order
entry driven by content and share gains and potentially some supply-chain
restocking against the backdrop of weaking global car production and soft
car sales in certain regions. Customers continued to order on very short
notice. Year-on-year, Automotive increased by 1 % including FX headwinds.
The LED / Opto Semiconductors automotive business grew approx. 5 % on a
like-for-like basis year-on-year.
Industrial & Medical (I&M):
I&M revenues increased sharply by 31 % quarter‑on‑quarter to EUR 204
million, reflecting an industrial recovery, strong horticulture business
with share gains and strong order entry ahead of the deconsolidation of
non-optical sensor business. Year‑on‑year, I&M surged by 19 % in line
with the broader industrial recovery and share gains in horticulture as an
example.
Consumer:
Consumer revenues improved seasonally to EUR 186 million from EUR 178
million in Q1/26. Towards the end of the quarter, signs of weakening
demand showed up in components for Android based smart phones, driven by
the known shortages in memory products that lead to lower production rates
at phone makers. Year‑on‑year, revenues increased by 2 % despite the exit
of non-core portfolio products and FX headwinds. On a like-for-like basis,
consumer revenues grew approx. 15 % in a year-on-year comparison.
Lamps & Systems Business (L&S, traditional auto & industrial lamps):
Lamps & Systems accounted for approx. 23 % of Group revenues in Q2/26.
Reflecting the deconsolidation of the Specialty Lamps business, revenues
declined 25 % quarter-on-quarter. Within the remaining automotive-focused
business, revenues decreased 17 %, consistent with normal seasonality.
in EUR million Q2 2026 Q1 2026 QoQ Q2 2025 YoY
Revenue (reported) 184 244 -25 % 192 -4 %
Revenue (excl. divested biz) 175 211 -17 % 153 +14 %
EBITDA margin adj. % 18.3 % 22.8 % -450 bps 15.2 % +310 bps
EBITDA adj. 34 56 -40 % 29 +16 %
EBITDA margin 17.2 % 17.8 % -53 bps 10.5 % +670 bps
EBITDA 32 43 -27 % 20 +57 %
This is particularly evident in the year-on-year comparison when only
looking at the remaining automotive business. Business improved by 14%,
highlighting the Company’s ability to capture meaningful share gains amid
structural shifts in the competitive landscape.
Adj. EBITDA declined to EUR34million from EUR56million in Q1/26, driven by
lower production volumes and the deconsolidation effect of the sold
Specialty Lamps business. As a result, the adjusted EBITDA margin landed
at a still very strong 18.3%. Non-adjusted EBITDA margin came in at 17.2
%. Year-on-year, profitability improved meaningfully. Adj. EBITDA rose
from EUR 29 million to EUR 34 million in Q2/26. (Non-adjusted) EBITDA even
improved by 57% and landed at EUR 32 million.
Guidance for the third quarter 2026
Important note: due to closing the sale of the non-optical sensor business
to Infineon on 01-July-2026, the typical seasonal upswing into the second
half is masked by deconsolidation of this business.
Business guidance
in EUR million Q3 2026
low mid high
Revenue 770 820 870
quarter-on-quarter -4 % +2 % +8 %
EBITDA margin adj. % 14.5 % 16.0 % 17.5 %
For its semiconductor business, the Company expects:
• Automotive: strengthening demand in line with content growth and
seasonal patterns; short-term ordering patterns remain the norm.
• Industrial: continued gradual market recovery, albeit at a reduced
reported revenue base following
deconsolidation of the non-optical sensor business.
• Consumer: soft seasonal upswing in view of modest global smartphone
sales outlook.
Overall, the semiconductor business is expected to stay broadly flat –
reflecting the normal seasonal uplift and structural growth offset by the
deconsolidation of the non-optical sensor business.
For its traditional automotive lamps business, the Company expects a
quarter‑on‑quarter revenue increase in line with the typical seasonal
pattern of the automotive aftermarket lighting business.
As a result, the Group expects third quarter revenues in a range of EUR
770 to 870 million assuming a EUR/USD exchange rate of 1.15. The impact of
the weaker USD on revenues compared to a year ago is of the order of EUR
10 million. The impact of the sale of the non-optical sensor business to
Infineon is of the order of EUR 40 million and 20 million EUR EBITDA and
thus reducing the typical upswing into the third quarter.
The company expects adjusted EBITDA to come in at 16.0 % +/-1.5 % in line
with revenue development and the margin dilution effect caused by the
deconsolidation of the non-optical sensor business whilst still providing
manufacturing services to the buyer at a service margin.
Comments on FY26 & FY27
The FY26 expectations remain broadly unchanged versus three months ago.
In light of the divestments and a weaker USD, the company continues to
anticipate a slight year-on-year softening in revenue. Adjusted EBITDA is
expected to be negatively affected by various one-off impacts, including
effects related to divestments, stranded costs, higher precious-metal
prices and other temporary factors.
For FY27, the company continues to see a path to return to positive Free
Cash Flow (including net interest, excluding divestments).
Additional Information
Additional financial information as well as a comprehensive investor
presentation for the second quarter 2026 is available on the company
[3]website.
ams OSRAM will host a press call as well as a conference call for analysts
and investors on the second quarter 2026 results on Tuesday, 04 August
2026. The conference call for analysts and investors will start at 9:45
a.m. CEST and can be joined via [4]webcast. The [5]conference call for
journalists will take place at 11:00 a.m. CEST.
About ams OSRAM
The ams OSRAM Group (SIX: AMS) is a global leader in innovative light and
sensor solutions. As a specialist in Digital Photonics, we combine
engineering excellence with cutting-edge global manufacturing to offer our
customers the broadest portfolio of digital light and sensing
technologies.
“Sense the power of light” — our success has ever since been based on a
deep understanding of the potential of light. For 120 years, we have been
developing innovations that move markets: from automotive applications and
industrial manufacturing to medical and consumer electronics. In the
anniversary year of the OSRAM brand, around 18,500 employees worldwide are
working on pioneering solutions alongside societal megatrends such as
smart mobility, artificial intelligence, augmented reality, smart health,
and robotics. This is reflected in around 12,000 patents granted and
applied for. Headquartered in Premstaetten/Graz (Austria) with
co-headquarters in Munich (Germany), the group achieved EUR 3.3 billion
revenues in 2025 and is listed as ams-OSRAM AG on the SIX Swiss Exchange
(ISIN: AT0000A3EPA4).
Find out more about us on [6]https://ams-osram.com
ams and OSRAM are registered trademarks of ams OSRAM Group. In addition,
many of our products and services are registered or filed trademarks of
ams OSRAM Group. All other company or product names mentioned herein may
be trademarks or registered trademarks of their respective owners.
Join ams OSRAM social media channels: [7]>LinkedIn [8]>YouTube
For further information
Investor Relations Media Relations
ams-OSRAM AG ams-OSRAM AG
Dr Juergen Rebel Bernd Hops
Senior Vice President Senior Vice President
Investor Relations Corporate Communications
T: +43 3136 500-0 T: +43 3136 500-0
[9][email protected] [10][email protected]
Consolidated Statement of Income in accordance with IFRS (unaudited)
in EUR million Q2 2026 1^st Half Q2 2025 1^st Half
(except earnings per share) 2026 2025
Revenue 805 1,601 775 1,595
Cost of sales -598 -1,209 -578 -1,190
Gross profit 207 392 197 405
Research and development expenses -84 -200 -87 -191
Selling, general, and administrative -107 -218 -100 -210
expenses
microLED adaption result^1 1 5 5 7
Other operating income 8 23 41 47
Other operating expenses -27 -29 -1 -4
Results from investments accounted for 0 -1 -3 -3
using the equity method
Result from operations -1 -27 51 50
Financial income 55 32 78 124
Financial expenses -166 -246 -118 -230
Financial result -111 -214 -40 -105
Result before income taxes -112 -241 11 -55
Income taxes -9 -34 -10 -26
Net result -121 -276 1 -81
Attributable to:
Non-controlling interests 0 1 0 1
Shareholders of ams-OSRAM AG -122 -276 0 -82
Basic earnings per share (in EUR) -1.22 -2.79 0.01 -0.82
Diluted earnings per share (in EUR) -1.22 -2.79 0.01 -0.82
^1)^ microLED adaption result reflects net charges (impairments and
reversals of impairments on assets as well as additions to and reversals
of provisions) due to the cancellation of the microLED project on February
28, 2024.
Consolidated Balance Sheet in accordance with IFRS (unaudited)
in EUR million June 30, 2026 December 31, 2025
ASSETS
Cash and cash equivalents 994 1,483
Trade receivables 428 415
Other current financial assets 40 81
Inventories 825 724
Other current non-financial assets 194 152
Assets held for sale 158 116
Total current assets 2,639 2,972
Property, plant, and equipment 1,502 1,565
Intangible assets 1,788 1,945
Right-of-use assets 114 120
Investments in associates 4 5
Other non-current financial assets 82 89
Deferred tax assets 64 60
Other non-current non-financial assets 63 56
Total non-current assets 3,617 3,840
Total assets 6,256 6,812
LIABILITIES AND EQUITY
Liabilities and provisions
Current interest-bearing loans and 58 59
borrowings
Trade payables 444 477
Other current financial liabilities 881 927
Current provisions 195 183
Income tax payable 42 36
Other current non-financial liabilities 376 309
Liabilities and provisions associated with 22 37
assets held for sale
Total current liabilities and provisions 2,018 2,028
Non-current interest-bearing loans and 2,223 2,502
borrowings
Other non-current financial liabilities 551 537
Employee benefits 497 513
Non-current provisions 58 51
Deferred tax liabilities 33 30
Other non-current non-financial 160 202
liabilities
Total non-current liabilities and 3,521 3,836
provisions
Equity
Issued capital 998 998
Additional paid-in capital 1,980 2,022
Treasury shares -3 -32
Other components of equity 167 110
Retained earnings -2,432 -2,156
Total equity attributable to shareholders 710 942
of ams-OSRAM AG
Non-controlling interests 7 6
Total equity 717 948
Total liabilities, provisions and equity 6,256 6,812
Consolidated Statement of Cash Flows in accordance with IFRS (unaudited)
in EUR million Q2 2026 1^st Half Q2 2025 1^st Half
2026 2025
Operating activities
Net result -121 -276 1 -81
Reconciliation between net result and
cash flows from operating activities
Depreciation, amortization,
impairments and reversal of 116 206 96 190
impairments
Expenses from stock option plans (acc. 6 11 5 11
To IFRS 2)
Income taxes 9 34 10 26
Financial result 111 214 40 105
Result from sales of businesses,
intangible assets and property, plant, 0 -6 0 -1
and equipment
Result from investments in associates 0 1 3 3
Changes in current assets and current
liabilities
Inventories -46 -101 -31 -67
Trade receivables -41 -4 34 163
Other current assets -4 -11 -106 -202
Trade payables 13 -8 15 -8
Current provisions -32 8 -44 -17
Other current liabilities -15 48 53 52
Changes in other assets and -18 -37 -12 -11
liabilities
Income taxes paid -17 -16 -17 -24
Dividends received 0 0 0 0
Interest received 9 17 3 10
Interest paid -47 -160 -27 -116
Cash flows from operating activities -77 -78 25 34
Consolidated Statement of Cash Flows in accordance with IFRS (unaudited) –
Cont’d
in EUR million Q2 2026 1^st Half Q2 2025 1^st Half
2026 2025
Investing activities
Additions to intangible assets and -64 -119 -40 -92
property, plant, and equipment
Inflows from sale of intangible
assets, and property, plant and 14 17 1 15
equipment
Inflows from sale of businesses, net
of cash and cash equivalents, disposed 9 98 - -
of
Cash flows from investing activities -42 -4 -39 -77
Financing activities
Acquisition of treasury shares - -5 - -
Inflows from bonds 988 988 - -
Transaction costs for the issue of
interest-bearing loans and borrowings -18 -19 - -
as well as for the repurchase of
convertible bonds
Repayment of bonds -999 -999 - -
Repurchase of convertible bonds -125 -317 - -
Repayment of convertible bonds - - - -447
Inflows from loans 2 2 70 70
Repayment of loans -3 -6 -6 -6
Repayment of lease liabilities -12 -24 -14 -28
Acquisition of non-controlling -16 -26 -42 -57
interests in OSRAM Licht AG
Dividends paid to shareholders of -24 -24 -27 -27
OSRAM Licht AG
Cash flows from financing activities -206 -429 -19 -495
Effect of changes in foreign exchange 3 24 -28 -50
rates on cash and cash equivalents
Change in cash and cash equivalents -322 -487 -62 -587
Cash and cash equivalents at the 1,319 1,483 573 1,098
beginning of the period
Cash and cash equivalents at the end 997 997 511 511
of the period
Less: Cash and cash equivalents of
assets held for sale at the end of the 3 3 - -
period
Cash and cash equivalents at the end 994 994 511 511
of the period
Reconciliation from adjusted figures to reported figures in accordance
with IFRS
in EUR million Q2 2026 1^st Half Q2 2025 1^st Half
2026 2025
Gross profit – adjusted 230 457 224 457
Acquisition-related expense^1 -10 -21 -10 -21
Share-based compensation -1 -2 -1 -2
Transformation costs -12 -43 -16 -30
Gross profit 207 392 197 405
EBITDA – adjusted 136 267 145 280
microLED adaption result^2 -6 -9 0 -3
Acquisition-related expenses^1 -4 -10 30 29
Share-based compensation -6 -11 -5 -11
Transformation costs -5 -64 -19 -52
Result from the sale of businesses 0 6 - 0
Result from at-equity investments 0 -1 -3 -3
EBITDA 115 178 147 240
Amortization, Depreciation and -116 -206 -96 -190
Impairment
Net financing result -111 -214 -40 -105
Income tax result -9 -34 -10 -26
Net result -121 -276 1 -81
^1 Acquisition-related expenses include amortization, depreciation and
impairment of purchase price allocated assets, integration, carve-out and
other acquisition related costs. The amount for Q2 2025 and 1st Half 2025
contains the gain from the court ruling on trade secret and patent
infringement suit.
^2 microLED adaption result reflects net charges (impairments losses and
reversals of impairment losses on assets, additions to and reversals of
provisions, and other expenses) due to the cancellation of the microLED
project on February 28, 2024.
Reconciliation of Comparable Free Cash Flow to Free Cash Flow
in EUR million Q2 2026 1^st Half Q2 2025 1^st Half
2026 2025
Comparable Free Cash Flow (incl. net -119 -82 -14 -43
interest paid)
Therein: Inflows from sale of - - - -
financial investments
Free Cash Flow -119 -82 -14 -43
Therein: Cash flows from operating -77 -78 25 34
activities
Therein: Cash flows from investing -42 -4 -39 -77
activities
APM Definitions
EBIT EBIT (Earnings Before Interest and Taxes) represents
the result from operations based on the results
reported in the Consolidated Statement of Income.
This metric is derived from revenues and expenses
recognized in the financial statements and includes
all operating and other effects incurred during the
reporting period. It serves as a key IFRS-based
performance measure for assessing the company's
operating performance and represents the reference
measure for the reconciliation to adjusted metrics.
EBIT Margin EBIT Margin is calculated as EBIT divided by revenue
for the respective period. This metric is used to
analyze operating profitability after depreciation
and amortization relative to revenue and enables a
comparative assessment of margin development
EBIT adjusted EBIT adjusted represents the result from operations
adjusted for special items, particularly
transformation effects, acquisition-related effects,
and other non-operating or non-recurring items,
including related depreciation and amortization
effects. The adjustment items are disclosed
separately. This metric is used to analyze operating
performance after depreciation and amortization and
provides a view of profitability excluding special
items.
EBIT Margin adjusted EBIT Margin adjusted is calculated as EBIT adjusted
divided by revenue for the respective period. This
metric is used to analyze operating profitability
after depreciation and amortization relative to
revenue and enables a comparative assessment of
margin development excluding special items.
EBITDA EBITDA (Earnings Before Interest, Taxes, Depreciation
and Amortization) represents earnings before
interest, taxes, depreciation of property, plant and
equipment, and amortization of intangible assets,
derived from the results reported in the Consolidated
Statement of Income. The metric includes all effects
recognized during the period without adjustments for
special items. It is used to analyze operating
earnings power before depreciation and amortization
and serves as the reference measure for the
reconciliation to adjusted metrics.
EBITDA Margin EBITDA Margin is calculated as EBITDA divided by
revenue for the respective period. This metric is
used to analyze operating profitability before
depreciation and amortization relative to revenue and
enables a comparative assessment of margin
development.
EBITDA adjusted Adjusted EBITDA represents earnings before interest,
taxes, depreciation of property, plant and equipment,
and amortization of intangible assets, adjusted for
special items, particularly transformation effects,
acquisition-related effects, and other non-operating
or non-recurring items. The adjustment items are
disclosed separately. This metric is used to analyze
operating performance before depreciation and
amortization and provides a view of profitability
excluding special items.
EBITDA Margin EBITDA Margin adjusted is calculated as EBITDA
adjusted adjusted divided by revenue for the respective
period. This metric is used to analyze operating
profitability before depreciation and amortization
relative to revenue and enables a comparative
assessment of margin development excluding special
items
Net Result Net Result represents the result after income tax
based on the results reported in the Consolidated
Statement of Income. The metric includes all effects
recognized during the period without adjustments for
special items. It is used to present earnings
performance after tax and serves as the reference
measure for the reconciliation to adjusted metrics.
Net Result adjusted Net Result adjusted represents the result after
income tax adjusted for special items at EBIT level
as well as additional non-operating effects within
financial income and income tax positions. The
adjustment items are disclosed separately. This
metric is used to present earnings performance after
tax excluding special items and to enhance
comparability.
Free Cash Flow Free Cash Flow consists of cash flows from operating
activities and cash flows from investing activities
based on the Consolidated Statement of Cash Flows.
The metric includes all cash flows incurred during
the period without adjustments for special items. It
is used to assess the actual generation of cash based
on reported cash flows and serves as the reference
measure for deriving Comparable Free Cash Flow.
Comparable Free Cash Comparable Free Cash Flow (incl. net interest paid)
Flow consists of cash flows from operating activities and
cash flows from investing activities, less Inflows
from sale of financial investments (e.g., cash
inflows resulting from a change in pension trustee
arrangements under IAS 19).
Net Debt Net Debt represents current and non-current
interest-bearing loans and borrowings less cash and
cash equivalents, based on the balance sheet items
reported in the Consolidated Balance Sheet. The scope
of liabilities included (e.g., including or excluding
lease liabilities) is disclosed separately. This
metric is used to analyze the company's indebtedness
and capital structure.
Pro Forma Leverage Pro Forma Leverage Ratio is calculated as Net Debt
Ratio divided by EBITDA adjusted, taking into account
transaction effects (e.g., divestitures) on a pro
forma basis. This metric illustrates how leverage
would appear after considering such changes and is
used to assess the company's financial position
following significant portfolio measures or similar
transactions.
Revenue Growth at Revenue Growth at Constant Currency measures the
Constant Currency change in revenue compared with the prior period
after eliminating foreign exchange effects. This
metric is used to analyze underlying operational
revenue development independently of currency
fluctuations.
Diluted Earnings per Diluted Earnings per Share adjusted is calculated as
Share (EPS) adjusted net result adjusted divided by the diluted weighted
average number of shares outstanding. The adjustment
items are disclosed separately. This metric is used
to present adjusted earnings performance per share
from the shareholders’ perspective, excluding special
items.
End of Inside Information
══════════════════════════════════════════════════════════════════════════
04-Aug-2026 CET/CEST News transmitted by [11]EQS Group
View original content: [12]EQS News
══════════════════════════════════════════════════════════════════════════
Language: English
Company: ams-OSRAM AG
Tobelbader Straße 30
8141 Premstaetten
Austria
Phone: +43 3136 500-0
E-mail: [email protected]
Internet: https://ams-osram.com/
ISIN: AT0000A3EPA4
WKN: A118Z8
Listed: Regulated Unofficial Market in Dusseldorf, Frankfurt, Munich,
Stuttgart, Tradegate BSX; BX, SIX, Vienna Stock Exchange
(Vienna MTF)
LEI Code: 5299001JPPT2QFTV5D76
EQS News ID: 2376580
End of Announcement EQS News Service
2376580 04-Aug-2026 CET/CEST
https://nwr.eqs-cockpit.com/fncls2.ssx?application_id=2376580&application_name=news&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf
References
Visible links
1. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=2be925ac0334ae7b4f51fbaee4a6daf0&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
2. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=f5d50dc7e8798b6eb177f7955e598e60&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
3. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=1e659132d413fd32968bb37e6aca1d7a&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
4. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=badc0c238d1b38e980a5240115aeadb1&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
5. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=dee5a6cbd7d256fa877a03663bf86863&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
6. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=d3a037c64875941641231f2939f6c402&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
7. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=2e38dcb34f79060ddc9490cdb693d91b&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
8. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=928a9cd78ac8af8e0181c5f67885e5fb&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
9. mailto:[email protected]
10. mailto:[email protected]
11. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=f5d50dc7e8798b6eb177f7955e598e60&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=news
12. https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&url=1053296adeeeee8c9c44affc0131aa6a&application_id=2376580&site_id=apa_ots_austria~~~18b544d0-9c71-4160-bd95-cc8b9aff9fbf&application_name=newsOTS-ORIGINALTEXT PRESSEAUSSENDUNG UNTER AUSSCHLIESSLICHER INHALTLICHER VERANTWORTUNG DES AUSSENDERS - WWW.OTS.AT |
