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 & MUNICH--(BUSINESS WIRE)--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 data center 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.