EQS-Adhoc: ams-OSRAM AG: ams OSRAM delivers continued core growth despite mixed end-market demand, led by strong Opto Semiconductors

Ad hoc announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange

ams OSRAM delivers continued core growth despite mixed end-market demand, led by strong Opto Semiconductors

Core growth and underlying performance

• Led by reported growth of 9 % in Opto Semiconductors, semiconductor core portfolio grows approx. 3 % year-on-year on a like-for-like basis and at constant currencies
• Q3 revenues EUR 829 m reflect significant portfolio changes; adjusted EBITDA margin of 16.3 %, above the midpoint of the guidance; reported EBITDA margin of 60.7 % due to disposal gain of non-optical sensor business
• Approx. EUR 1.3 bn of semiconductor design wins in Q3, year-to-date approx. EUR 3.8 bn

 

Strategic growth vectors in Digital Photonics

• AI Photonics: 850nm Thin-Film microVCSELs for highly parallel, ultra-low-power optical interconnects as technology breakthrough shown, Credo-led OCP Short-Reach Micro-Emitter Optics standardization* effort and its micro-emitters part of Credo’s Active Light Cable demonstration.

 

Outlook

• Q4/26: revenues at EUR 750 m to 850 m, adj. EBITDA margin of 16.0 % ± 1.5 %
• FY27: path to positive Free Cash Flow confirmed

 

Premstaetten, Austria, and Munich, Germany (13 November 2026) – ams OSRAM delivered continued core growth in Q3 despite significant portfolio effects on reported results, while further progress in AI Photonics moves the technology closer to commercialization.

“We are increasingly seeing the strength of our reshaped core portfolio while turning our technology leadership in Digital Photonics into tangible commercial opportunities. AI Photonics, targeting datacenter optical interconnects, moves closer to commercialization. We are building the next growth chapter for ams OSRAM with a stronger portfolio, an improved financial profile and a clear focus on profitable growth with differentiating technology.” said Aldo Kamper, CEO of ams OSRAM.

Q3/26 – Group Financial Summary

in EUR million (except per share data)  Q3 2026 Q2 2026 QoQ Q3 2025 YoY Revenues  829 805 +3 % 853 -3 % EBITDA margin adj. % ¹⁾ 16.3 % 16.9 % -60 bps 19.5% -320 bps EBITDA adj. ¹⁾ 135 136 -1 % 166 -19 % EBITDA margin % 60.7 % 14.2 % +4,650 bps 17.9 % +4,280 bps EBITDA 503 115 +339 % 152 +230 % Net result adj. ¹⁾ -35 -55 +37 % 27 n.m.²⁾ Diluted EPS (adj., in EUR) -0.36 -0.56 +36 % 0.27 n.m.²⁾ Net result 319 -121 n.m.²⁾ -28 n.m.²⁾ Diluted EPS (in EUR) 2.97 -1.22 n.m.²⁾ -0.28 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.

 

*Short-Reach Micro-Emitter Optics (SRMO) - Open Compute Project

Group revenues reached EUR 829 million, up 3% sequentially, driven by continued growth in Opto Semiconductors and the seasonal upswing in the traditional automotive lamps business. Reported revenues declined 3% year-on-year, reflecting mainly significant portfolio changes. On a like-for-like basis and at constant currencies, the semiconductor core portfolio grew approximately 3% year-on-year led by 8% comparable growth in Opto Semiconductors, despite continued weakness in the Chinese smartphone market impacting Light Sensors & Photonics (LSP, formerly CMOS Sensors & ASICs).

Adjusted EBITDA was EUR 135 million, translating into an adjusted EBITDA margin of 16.3%, above the midpoint of guidance. The margin reflected the softer portfolio mix following the sale of the non-optical sensor business and the related manufacturing services at non-accretive margins. Reported EBITDA of EUR 503 million and reported net result of EUR 319 million primarily reflected the income from selling the non-optical mixed-signal sensor business.

Q3/26 - Cash Generation & Financial Position

in EUR million Q3 2026 Q2 2026 QoQ Q3 2025 YoY FCF (incl. net interest paid, adj.) ¹⁾ 462 -119 n.m. ²⁾  43 +974 % Cash on hand 1,392 994 +40 % 979   +42 % Net debt 883 1,288 -31 % 1,581 -44 % Kulim-2 SLB (Sale-and-Lease-Back) ³⁾ 462 457 +1 % 422 +9 % Net debt (incl. SLB) 1,344 1,744 -23 % 2,003 -33 % OSRAM minority put options ⁴⁾ 456 479 -5 % 517 -12 %

1) Free cash flow – defined as operating cash flow including net interest paid minus cash flow from CAPEX including related grants plus proceeds from divestments

2) n.m. = not meaningful due to sign change.

3) Liability as part of ‘other financial liabilities’

4) At the end of Q3/26, the Group held close to 90 % of the shares of OSRAM Licht AG

Free cash flow primarily reflected proceeds from the non-optical sensor divestment, significantly strengthening the Group’s financial position. Excluding divestment proceeds, cash generation was impacted by the further reduction of factoring and the semi-annual senior notes interest payment.

Execution of the Simplify program continued during the quarter, delivering more than EUR 20 million of run-rate savings to date towards the target of EUR 200 million by FY28.

Q3/26 - Digital Photonics: Commercialization Progress

AI Photonics: The Company advanced its 850 nm Thin-Film microVCSEL platform for highly parallel, ultra-low-power optical interconnects for next-generation AI infrastructure, demonstrating error-free 32 Gb/s operation at approximately 0.25 pJ/bit. At the same time, the ecosystem around the wide-and-slow architecture continues to expand, including ams OSRAM’s participation in the Credo-led SRMO OCP initiative for interoperable short-reach micro-emitter optical links and micro-emitters featured in Credo’s Active Light Cable (ALC) demonstration.

 

 

 

Q3/26 - Business Unit (BU) Results & Industry Update

Semiconductor Business

Semiconductor revenues were EUR 625 million in Q3 2026, up 1% sequentially and down 2% year-on-year on a reported basis, with portfolio changes and softer consumer demand masking continued growth in the core business.

in EUR million  Q3 2026 Q2 2026 QoQ Q3 2025 YoY Opto Semiconductors (OS)           Revenue 399 364 +9 % 365 +9 % EBITDA margin adj. % 19.2 % 17.7 % +150 bps 22.6 % -340 bps EBITDA adj. 77 65 +19 % 82 -7 % EBITDA margin % 14.2 % 14.2 % 0 bps 24.2 % -1,000 bps EBITDA 57 52 +9 % 88 -36 % Light Sensors & Photonics (LSP)           Revenue 227 257 -12 % 271 -16 % Revenue (excl. divested biz) ¹⁾ 227 n.m. ²⁾ n.m. ²⁾ 240 -5% EBITDA margin adj. % 9.1 % 16.3 % -720 bps 23.6 % -1,450 bps EBITDA adj. 21 42 -51 % 64 -68 % EBITDA margin % 182.4 % 13.9 % +16,850 bps 21.7 % +16,070 bps EBITDA 413 36 +1,060 % 59 +602 % Total Semiconductors (sum) 625 621 +1 % 637 -2 %

1) Divestment of non-optical mixed-signal sensors to IFX closed Q3 2026

2) n.m. = not meaningful

Optical Semiconductors (OS) delivered another strong quarter, with broad-based growth across end markets and adjusted EBITDA margin improving sequentially to 19.2% on higher volumes and better factory performance.

Light Sensors & Photonics (LSP) primarily reflected selling the non-optical sensor business to Infineon, softer consumer demand in China and the transition to manufacturing services.

Semiconductors industry dynamics

Automotive remained broadly stable year-on-year as continued content and market-share gains helped offset softer market conditions. Excluding portfolio effects, automotive semiconductor business grew by approx. 4 % year-on-year. Industrial & Medical grew 12% year-on-year, supported by the ongoing industrial recovery and strength in horticulture, visualization and sensing. Excluding portfolio effects, I&M grew by approx. 23% year-on-year. Consumer declined 13%, mainly reflecting weakness in the smartphone market and portfolio effects.

in EUR million  Q3 2026 Q2 2026 QoQ Q3 2025 YoY Semiconductors by industry           Automotive 235 231 +2 % 239 -2 % I&M 196 204 -4 % 174 +12 % Consumer  195 186 +5 % 224 -13 % Total Semiconductors (sum) 625 621 +1 % 637 -2 %

 

Lamps & Systems Business (L&S, traditional auto lamps):

L&S showed also a portfolio effect: reported revenues declined 6% year-on-year as a result of the divestiture of the industrial- and entertainment business, while the remaining business grew 9%, continuing to demonstrate strong momentum and market-share gains amid structural shifts in the competitive landscape. Revenues increased 11% sequentially on normal seasonality, while the adjusted EBITDA margin expanded to 23.1% on higher volumes and improved factory performance.

in EUR million Q3 2026 Q2 2026 QoQ Q3 2025 YoY Revenue (reported) 204 184 +11 % 216 -6 % Revenue (excl. divested biz) ¹⁾ 204 n.m. ²⁾ n.m. ²⁾ 187 +9 % EBITDA margin adj. % 23.1 % 18.3 % +480 bps 13.2 % +990 bps EBITDA adj. 47 34 +40 % 28 +66 % EBITDA margin 21.0 % 17.2 % +380 bps 9.1 % +1,190 bps EBITDA 43 32 +35 % 20 +117 %

1) Divestment of Entertainment and Industry Lamps to Ushio closed Q1 2026

2) n.m. = not meaningful

Outlook

For Q4 2026, ams OSRAM expects revenues of EUR 750 – 850 million and an adjusted EBITDA margin of 16.0% ± 1.5 percentage points, based on an assumed EUR/USD exchange rate of 1.12. The outlook reflects normal seasonality, with lower semiconductor revenue expected to be partly offset by the seasonal peak in the traditional automotive lamps business. The impact of portfolio divestitures is of the order of EUR 75 million compared to Q4 2025.

in EUR million      Q4 2026       low mid high Revenue    750 800 850 quarter-on-quarter   -10 % -3 % +3 % EBITDA margin adj. %   14.5 % 16.0 % 17.5 %            

 

For FY27, the company continues to see a clear path to positive free cash flow.

 

Additional Information

Additional financial information as well as a comprehensive investor presentation for the third quarter 2026 is available on the company website.

ams OSRAM will host a press call as well as a conference call for analysts and investors on the third quarter 2026 results on Friday, 13 November 2026. The conference call for analysts and investors will start at 9:45 a.m. CET and can be joined via webcast. The conference call for journalists will take place at 11:00 a.m. CET.

 

 

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 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: >LinkedIn >YouTube 

 

 

 

 

 

 

 

 

For further information
Investor Relations ams-OSRAM AG Dr Juergen Rebel Senior Vice President Investor Relations T: +43 3136 500-0 investor@ams-osram.com	Media Relations ams-OSRAM AG Bernd Hops Senior Vice President Corporate Communications T: +43 3136 500-0 press@ams-osram.com

 

 

Consolidated Statement of Income in accordance with IFRS (unaudited)

in EUR million (except earnings per share)	Q3 2026	9 months until  September 30, 2026	Q3 2025	9 months until  September 30, 2025
Revenue	829	2,430	853	2,448
Cost of sales	-610	-1,818	-628	-1,818
Gross profit	220	611	226	631
Research and development expenses	-83	-282	-97	-289
Selling, general, and administrative expenses	-108	-326	-102	-313
microLED adaption result1	-1	5	2	9
Other operating income	422	445	21	68
Other operating expenses	-34	-64	-12	-16
Results from investments accounted for using the equity method	0	-1	0	-3
Result from operations	416	388	37	87
Financial income	10	38	22	133
Financial expenses	-99	-341	-81	-297
Financial result	-89	-303	-59	-164
Result before income taxes	327	85	-22	-78
Income taxes	-8	-42	-5	-31
Net result	319	43	-28	-109
Attributable to:
Non-controlling interests	0	1	0	1
Shareholders of ams-OSRAM AG	318	42	-28	-110
Basic earnings per share (in EUR)	3.21	0.43	-0.28	-1.10
Diluted earnings per share (in EUR)	2.97	0.40	-0.28	-1.10

 

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 September 30, 2026 December 31, 2025 ASSETS     Cash and cash equivalents 1,392 1,483 Trade receivables 458 415 Other current financial assets 44 81 Inventories 816 724 Other current non-financial assets 200 152 Assets held for sale 65 116 Total current assets 2,975 2,972       Property, plant, and equipment 1,480 1,565 Intangible assets 1,782 1,945 Right-of-use assets 109 120 Investments in associates 4 5 Other non-current financial assets 51 89 Deferred tax assets 75 60 Other non-current non-financial assets 61 56 Total non-current assets 3,562 3,840 Total assets 6,537 6,812       LIABILITIES AND EQUITY     Liabilities and provisions     Current interest-bearing loans and borrowings 48 59 Trade payables 469 477 Other current financial liabilities 788 927 Current provisions 265 183 Income tax payable 35 36 Other current non-financial liabilities 339 309 Liabilities and provisions associated with assets held for sale 12 37 Total current liabilities and provisions 1,955 2,028       Non-current interest-bearing loans and borrowings 2,226 2,502 Other non-current financial liabilities 552 537 Employee benefits 472 513 Non-current provisions 91 51 Deferred tax liabilities 51 30 Other non-current non-financial liabilities 143 202 Total non-current liabilities and provisions 3,534 3,836       Equity     Issued capital 998 998 Additional paid-in capital 1,986 2,022 Treasury shares -22 -32 Other components of equity 173 110 Retained earnings -2,095 -2,156 Total equity attributable to shareholders of ams-OSRAM AG 1,040 942 Non-controlling interests 7 6 Total equity 1,047 948 Total liabilities, provisions and equity 6,537 6,812

 

Consolidated Statement of Cash Flows in accordance with IFRS (unaudited)

in EUR million Q3 2026 9 months until  September 30, 2026 Q3 2025 9 months until  September 30, 2025 Operating activities         Net result 319 43 -28 -109 Reconciliation between net result and cash flows from operating activities         Depreciation, amortization, impairments and reversal of impairments 87 293 119 309 Expenses from stock option plans (acc. To IFRS 2) 6 17 5 17 Income taxes 8 42 5 31 Financial result 89 303 59 164 Result from sales of businesses, intangible assets and property, plant, and equipment -375 -380 -15 -16 Result from investments in associates -0 1 0  3 Changes in current assets and current liabilities         Inventories 2 -99 17 -50 Trade receivables -31 -34 -85 79 Other current assets -13 -24 189 -13 Trade payables 16 8 0  -8 Current provisions 29 37 0  -17 Other current liabilities -148 -100 -59 -7 Changes in other assets and liabilities -2 -40 -30 -41 Income taxes paid -4 -20 -7 -31 Dividends received -   0 -   0  Interest received 10 27 7 17 Interest paid -53 -213 -91 -207 Cash flows from operating activities -61 -139 88 122

 

 

Consolidated Statement of Cash Flows in accordance with IFRS (unaudited) – Cont’d

in EUR million Q3 2026 9 months until  September 30, 2026 Q3 2025 9 months until  September 30, 2025 Investing activities         Additions to intangible assets and property, plant, and equipment -45 -164 -48 -140 Inflows from sale of intangible assets, and property, plant and equipment 5 23 2 17 Inflows from sale of businesses, net of cash and cash equivalents, disposed of 563 661 - - Cash flows from investing activities 523 520 -46 -123           Financing activities         Acquisition of treasury shares -20 -25 - - Inflows from bonds - 988 526 526 Transaction costs for the issue of interest-bearing loans and borrowings as well as for the repurchase of convertible bonds -2 -22 -8 -8 Repayment of bonds - -999 - - Repurchase of convertible bonds - -317 - - Repayment of convertible bonds - - - -447 Inflows from loans 1 3 0 70 Repayment of loans -10 -16 -57 -63 Repayment of lease liabilities -12 -36 -13 -40 Acquisition of non-controlling interests in OSRAM Licht AG -23 -49 -11 -69 Dividends paid to shareholders of OSRAM Licht AG - -24 - -27 Dividends paid to other non-controlling shareholders - - -1 -1 Cash flows from financing activities -67 -496 435 -60           Effect of changes in foreign exchange rates on cash and cash equivalents 1 25 -9 -59 Change in cash and cash equivalents 396 -90 468 -119 Cash and cash equivalents at the beginning of the period 997 1,483 511 1,098 Cash and cash equivalents at the end of the period 1,393 1,393 979 979 Less: Cash and cash equivalents of assets held for sale at the end of the period 1 1 - - Cash and cash equivalents at the end of the period 1,392 1,392 979 979

 

 

 

Reconciliation from adjusted figures to reported figures in accordance with IFRS

in EUR million Q3 2026 9 months until  September 30, 2026 Q3 2025 9 months until  September 30, 2025 Gross profit – adjusted 227 684 253 710 Acquisition-related expense¹ -10 -31 -10 -31 Share-based compensation -1 -3 -1 -3 Transformation costs 4 -39 -16 -46 Gross profit 220 611 226 631           EBITDA – adjusted 135 402 166 447 microLED adaption result² -1 -10 16 13 Acquisition-related expenses¹ -6 -16 -10 19 Share-based compensation -6 -17 -5 -17 Transformation costs 10 -54 -12 -64 Result from the sale of businesses 372 377 -3 -2 Result from at-equity investments 0 -1 0 -3 EBITDA 503 681 152 393 Amortization, Depreciation and Impairment -87 -293 -116 -306 Net financing result -89 -303 -59 -164 Income tax result -8 -42 -5 -31 Net result 319 43 -28 -109 microLED adaption result² 1 10 -16 -13 Acquisition-related expenses¹ 6 16 10 -19 Share-based compensation 6 17 5 17 Transformation costs -10 54 12 64 Result from the sale of businesses -372 -377 3 2 Result from at-equity investments 0 1 0 3 Amortization, Depreciation and Impairment³ 14 73 41 77 Net result adjusted -35 -163 27 22

 

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 the nine months until September 30, 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.

³ The amount reported represents the difference between depreciation, amortization, impairment losses and reversals of impairment losses reported in accordance with IFRS and the corresponding amounts adjusted and therefore comprises the adjusted value attributable to these positions.

 

 

 

Reconciliation of Comparable Free Cash Flow to Free Cash Flow

in EUR million Q3 2026 9 months until  September 30, 2026 Q3 2025 9 months until  September 30, 2025 Comparable Free Cash Flow (incl. net interest paid) 462 381 42 -1 Therein: Inflows from sale of financial investments - - - - Free Cash Flow 462 381 42 -1 Therein: Cash flows from operating activities -61 -139 88 122 Therein: Cash flows from investing activities 523 520 -46 -123

 

 

 

 

 

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,