{"id":2032,"date":"2026-05-07T11:33:00","date_gmt":"2026-05-07T09:33:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=7afbff332f33f8c6da5dd5d91b02fbcd"},"modified":"2026-05-07T11:33:00","modified_gmt":"2026-05-07T09:33:00","slug":"ams-osram-delivers-strong-q1-results-enters-ai-market-through-a-development-agreement-with-a-leading-ai-photonics-customer-and-sees-path-to-positive-free-cash-flow-in-2027","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=2032","title":{"rendered":"ams OSRAM Delivers Strong Q1 Results, Enters AI Market Through a Development Agreement With a Leading AI Photonics Customer and Sees Path to Positive Free Cash Flow in 2027"},"content":{"rendered":"<p>\n\u00a0<\/p><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260506802092\/en\/2797511\/5\/ams_OSRAM_Logo.jpg.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260506802092\/en\/2797511\/22\/ams_OSRAM_Logo.jpg.jpg\" \/><\/a><br\/><a href=\"https:\/\/mms.businesswire.com\/media\/20260506802092\/en\/2797511\/5\/ams_OSRAM_Logo.jpg.jpg\"><img src=\"https:\/\/mms.businesswire.com\/media\/20260506802092\/en\/2797511\/21\/ams_OSRAM_Logo.jpg.jpg\" \/><\/a><p>PREMST\u00c4TTEN, Austria and MUNICH--(BUSINESS WIRE)--<b>ams OSRAM (SWX:AMS):<\/b><\/p><p>\n<b><i>Key Performance Figures Q1\/26:<\/i><\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Revenues EUR 796 m, 16.5 % adj. EBITDA margin<\/b>, in\/at the upper half\/end of guidance range<\/li>\n<li>\n<b>+9 % year-on-year like-for-like growth<\/b> in the semiconductor core portfolio at constant FX<\/li>\n<li>\n<b>Free cash flow of EUR 37 m<\/b> (including disposal proceeds)<\/li>\n<li>\n<b>\u2018Simplify\u2019 <\/b>efficiency &amp; transformation program delivered first savings<\/li>\n<\/ul><p>\n<b><i>Digital Photonics Strategy Progress:<\/i><\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Augmented Reality smart glasses: <\/b>full portfolio value proposition outlined, with up to approx. EUR 50 to 100 content per device subject to volume and product lifecycle<\/li>\n<li>\n<b>AI Photonics: <\/b>development agreement signed with a leading AI data\u2011center infrastructure partner to advance commercialization of our Digital-Photonics technologies for optical interconnects; product-development initiated<\/li>\n<li>\n<b>Divestment: <\/b>sale of Entertainment &amp; Industrial lamps business to Ushio Inc. successfully closed; closing of sale of non-optical sensor business to Infineon expected mid-year (unchanged)<\/li>\n<\/ul><p>\n<b><i>Outlook Q2\/26<\/i><\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>Q2\/26:<\/b> <b>Revenues expected EUR 725 m to 825 m<\/b>; adj. <b>EBITDA margin<\/b> of <b>15.5 % +\/- 1.5 %,<\/b> at an assumed <b>EUR\/USD<\/b> exchange rate of <b>1.17<\/b>, reflecting a stronger-than-normal seasonal uplift in the semiconductor business, together with the full deconsolidation of the Specialty Lamps business.<\/li>\n<\/ul><p>\n<b><i>Comments on FY26<\/i><\/b><\/p><ul class=\"bwlistdisc\">\n<li>\n<b>FY26:<\/b> Outlook unchanged; revenue slightly lower due to divestments and FX; temporary pressure on adjusted EBITDA impacted by transition year 2026 one\u2011offs; Free Cash Flow above EUR 300 m<b> <\/b>incl. divestment proceeds, repayment of customer prepayments and a strong reduction of factoring.<\/li>\n<li>\n<b>FY27:<\/b> a path to <b>positive Free Cash Flow<\/b> in sight (including net interest and <b>excluding <\/b>divestments).<\/li>\n<\/ul><p>\n<i>\u201cWe delivered a strong start into the year. Securing a development agreement with a leading commercialization partner for AI photonics solutions for AI data centers marks another important milestone, clearly demonstrating that our transformation to create the leader in Digital Photonics is gaining momentum. At the same time, we are rapidly completing our portfolio to become the decisive enabler for next generation, AI powered augmented reality smart glasses,\u201d<\/i> said Aldo Kamper, CEO of ams OSRAM.<\/p><p>\n<b>Q1\/26 Business and Earnings Summary<\/b><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EUR millions (except per share data)<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Q1 2026<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Q4 2025<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>QoQ<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>Q1 2025<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>YoY<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Revenues<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>796<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n874<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-9 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n820<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-3 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EBITDA margin adj. %<sup>1)<\/sup><\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>16.5 %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n18.4 %<\/p><\/td><td class=\"bwpadl0 bwwidth13 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-190 bps<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n16.4 %<\/p><\/td><td class=\"bwpadl0 bwwidth13 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+10 bps<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EBITDA adj.<sup>1)<\/sup><\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>131<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n161<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-19 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n135<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-3 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net result adj.<sup>1)<\/sup><\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-72<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n35<\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nn.m.<sup>2)<\/sup><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-23<\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nn.m.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Diluted EPS (adj., in EUR)<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>-0.74<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n0.35<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nn.m.<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-0.23<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nn.m.<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n1)<\/p><\/td><td class=\"bwvertalignt bwpadl1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nAdjusted for microLED strategy adaption expenses, M&amp;A-related, other transformation and share-based compensation costs, results from investments in associates and sale of businesses.<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n2)<\/p><\/td><td class=\"bwvertalignt bwpadl1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nn.m. = not meaningful due to sign change.<\/p><\/td><\/tr>\n<\/table><p>\n<b>In Q1, group revenues<\/b> reached EUR 796 million, coming in well within the upper half of the guided range. Revenues declined 9 % quarter-on-quarter, reflecting normal seasonality and the partial deconsolidation of the Specialty Lamps business following its sale to Ushio Inc.<\/p><p>\n<b>Year-on-year, group revenues<\/b> decreased slightly due to FX headwinds, the exit of non-core semiconductor activities (\u201cRe-Establish the Base\u201d) 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 8 %.<\/p><p>\n<b>Adj. EBITDA margin<\/b> was 16.5 % at the upper end of the guided range, with adjusted EBITDA<i> (adjusted earnings before interest, taxes, depreciation, and amortization) <\/i>of EUR 131 million.<\/p><p>\nThe <b>Adj. net result <\/b>amounted to EUR minus 72 million, reflecting higher net financing cost that are strongly driven by a negative valuation change of the call premium embedded in the outstanding Senior Notes besides recurring quarterly transformation-related charges, purchase price allocation and share-based compensation.<\/p><p>\n<b>Q1\/26 - Digital Photonics: Progress Update<\/b><\/p><p>\nDigital Photonics is the core driver of the Company\u2019s long\u2011term growth strategy, combining advanced, pixelated emitters, sensors and electronics to digitally controlled light emission and optical sensing. This technology enables dynamic lighting, light\u2011based sensing, projection, directed energy and high\u2011speed data communication.<\/p><p>\nIn Q1 2026, the Company made further progress in executing its Digital Photonics strategy:<\/p><ul class=\"bwlistdisc\">\n<li>\nIn <b>AI Photonics<\/b>, advanced highly parallel micro\u2011emitter array\u2011based optical interconnects represent a promising growth opportunity for AI data centers. The Company recently demonstrated a prototype and entered into a <b>development agreement with a leading AI photonics industry partner to advance commercialization<\/b>. These so\u2011called \u201cslow and wide\u201d optical interconnects offer attractive advantages in power efficiency, thermal management, reliability and system scalability.<\/li>\n<li>\nIn <b>Augmented Reality<\/b>, AI\u2011enabled smart glasses constitute a major growth opportunity. The Company aims to provide critical system components that enable advanced use cases while improving everyday usability. The Company estimates a total content opportunity of approximately EUR 50 to 100 per smart glass subject to volume and product life cycle. The company is already supplying various portfolio components into smart glasses currently in the market.<\/li>\n<\/ul><p>\n<b>Q1\/26 Cash Generation &amp; Balance Sheet Update<\/b><\/p><p>\n<b>Free cash flow<\/b> <i>\u2013 defined as operating cash flow including net interest paid minus cash flow from CAPEX after grants plus proceeds from divestments \u2013<\/i> came in positive with EUR 37 million, driven by the cash proceeds from divesting the Specialty Lamps business. A year ago, this figure stood at minus EUR 28 million.<\/p><p>\nUnder its accelerated and comprehensive plan to deleverage its balance sheet (announced 30 April 2025), the company has entered into multiple\/various divestment agreements. These include the sale of its Entertainment &amp; Industry (\u2018Specialty\u2019) Lamps business to Ushio Inc., signed on 29 July 2025, and the divestment of its non-optical mixed-signal sensor business to Infineon, signed on 3 February 2026.<\/p><p>\nIn total, the company expects therefore approx. EUR 670 million proceeds, of which around EUR 90 million were received in early March 2026 following the closing of the Specialty Lamps transaction to Ushio Inc.<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EUR millions<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q1 2026<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q4 2025<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>QoQ<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q1 2025<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>YoY<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>FCF (incl. net interest paid, adj.)<sup>1)<\/sup><\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>37<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n144<b><sup>1)<\/sup><\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-74 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-28<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\nn.m.<b><sup>3)<\/sup><\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Cash on hand<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>1,317<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,483<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-11 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n573<\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+130 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net debt<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>1,071<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,078<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-1 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,484<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-28 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Kulim-2 SLB (Sale-and-Lease-Back)<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>454<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n440<\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+3 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n430<\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+6 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Net debt (incl. SLB)<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>1,525<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,518<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+1 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n1,914<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-20 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>OSRAM minority put options<sup>2)<\/sup><\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>495<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n505<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-2 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n570<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-13 %<\/p><\/td><\/tr>\n<\/table><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n1)<\/p><\/td><td class=\"bwvertalignt bwpadl1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nIn Q4 2025, IFRS reported FCF stood at EUR 535 million containing an extraordinary inflow from changing the pension trustee according to IAS19<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n2)<\/p><\/td><td class=\"bwvertalignt bwpadl1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nLiability as part of \u2018other financial liabilities\u2019<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwvertalignt bwalignl\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignl bwcellpmargin\">\n3)<\/p><\/td><td class=\"bwvertalignt bwpadl1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\nn.m. = not meaningful due to sign change.<\/p><\/td><\/tr>\n<\/table><p>\nAs of 31 March 2026, the company held <b>cash and cash equivalents <\/b>of EUR 1,317 million.<\/p><p>\nThe <b>net debt position<\/b> remained broadly stable at EUR 1,071 million at the end of Q1\/26, compared to EUR 1,078 million at the end of Q4\/25. The equivalent value of the Malaysia sale-and-leaseback (SLB) Malaysia transaction increased by EUR 14 million, reflecting the net effect of quarterly accrued interest and movements in the MYR exchange rate.<\/p><p>\nAt the end of Q1\/26, the Group held approx. 88 % of the shares of OSRAM Licht AG.<\/p><p>\n<b>Q1\/26 Business Unit (BU) Results &amp; Industry Update<\/b><\/p><p>\n<i>Semiconductor Business<\/i><\/p><p>\n<b>Semiconductor revenues<\/b> amounted to EUR 551 million in Q1 2026, compared to EUR 571 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\u2011core activities. On a comparable basis, semiconductor growth was approx. 9 %, adjusting for the EUR\/USD headwind (approx. EUR 46 million) and the phased\u2011out non\u2011core portfolio.<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EUR millions<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q1 2026<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q4 2025<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>QoQ<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q1 2025<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>YoY<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Opto Semiconductors (OS)<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"\/>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"\/>\n<\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Revenue<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>327<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n330<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-1 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n336<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-3 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EBITDA margin adj. %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>16.8 %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n21.9 %<\/p><\/td><td class=\"bwpadl0 bwwidth13 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-510 bps<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n14.7 %<\/p><\/td><td class=\"bwpadl0 bwwidth13 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+210 bps<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EBITDA adj.<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>55<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n72<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-24 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n49<\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+12 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>CMOS Sensors &amp; ASICs (CSA)<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Revenue<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>224<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n265<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-16 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n236<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-5 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EBITDA margin adj. %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>10.9 %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n16.1 %<\/p><\/td><td class=\"bwpadl0 bwwidth13 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-520 bps<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n13.8 %<\/p><\/td><td class=\"bwpadl0 bwwidth13 bwvertalignb bwpadr0\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-290 bps<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EBITDA adj.<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>24<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n42<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-43 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n32<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-25 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Semiconductors by industry<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Automotive<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>217<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n219<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-1 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n225<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-4 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>I&amp;M<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>156<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n175<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-11 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n141<\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+11 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl3 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Consumer<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>178<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n202<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-12 %<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n206<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-14 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Total Semiconductors (sum)<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>551<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n595<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-7 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n571<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-4 %<\/p><\/td><\/tr>\n<\/table><p>\n<i>Optical Semiconductors (OS)<\/i><\/p><p>\nIn OS, the typical seasonal downswing into the first quarter was softer than usual. January started weak, but demand in February and March rebounded meaningfully, consistent with some degree of supply\u2011chain re\u2011stocking amid continued macro uncertainty, while short-term ordering patterns remained the norm, especially in automotive. Year-on-year, the positive development is hidden by the weaker USD. Adj. EBITDA decreased to EUR 55 million from EUR 72 million in Q4 reflecting among other items FX headwinds and precious metal prices. Year-on-year, adj. EBITDA improved due to higher production volumes which are masked in revenues by FX headwinds.<\/p><p>\n<i>CMOS Sensors &amp; ASICs (CSA):<\/i><\/p><p>\nCSA revenues declined to EUR 224 million from EUR 265 million in Q4\/25, driven mainly by seasonality across the consumer portfolio. Profitability moved largely in line with revenue fall-through, with adjusted EBITDA at EUR 24 million versus EUR 42 million in Q4\/25. Year-on-year, adj. EBITDA came in lower due to higher R&amp;D expenses to fund growth projects and FX headwinds.<\/p><p>\n<i>Semiconductors industry dynamics<\/i><\/p><p>\n<i>Automotive:<\/i><\/p><p>\nAutomotive revenues were broadly stable quarter\u2011on\u2011quarter, as the typical seasonal slowdown was largely offset by a modest reacceleration in orders over the course of the quarter, while customers continued to order on very short notice. Year\u2011on\u2011year, Automotive declined moderately by 4 % due to FX headwinds. Regionally, China remained the most competitive market amid intense OEM competition, while demand in other regions held up well.<\/p><p>\n<i>Industrial &amp; Medical (I&amp;M):<\/i><\/p><p>\nI&amp;M revenues decreased quarter\u2011on\u2011quarter to EUR 156 million, reflecting normal seasonality \u2014 including especially horticulture reaching its typical seasonal low \u2014 and a still cautious ordering pattern. Year\u2011on\u2011year, I&amp;M increased by 11 %, supported by a continued stabilization across end markets and a gradual recovery in industrial automation and medical equipment demand.<\/p><p>\n<i>Consumer:<\/i><\/p><p>\nConsumer revenues declined seasonally to EUR 178 million from EUR 202 million in Q4\/25, consistent with the typical first\u2011quarter downturn. Demand for custom products remained solid, while business in the classic sensor portfolio for premium Asian smartphones remained within expectations. Year\u2011on\u2011year, revenues decreased only due to the exit of non-core portfolio products and FX headwinds.<\/p><p>\n<i>Mass market:<\/i><\/p><p>\nMass market was improving with strong book-to-bill, showing healthy inventory levels, whilst Europe and the Americas delivered relatively stronger performance compared with China.<\/p><p>\n<i>Lamps &amp; Systems Business (L&amp;S, traditional auto &amp; industrial lamps):<\/i><\/p><p>\nLamps &amp; Systems accounted for approx. 31 % of Group revenues in Q1\/26. Against the backdrop of deconsolidation of one month of the Specialty Lamps revenues, revenues declined by 13 % quarter-on-quarter, broadly reflecting seasonality. The seasonal downturn was partially mitigated by stronger\u2011than\u2011usual market\u2011share gains.<\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth35\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EUR millions<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q1 2026<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q4 2025<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>QoQ<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q1 2025<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>YoY<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwwidth35 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Revenue<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>244<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n280<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-13 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n249<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-2 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwwidth35 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EBITDA margin adj. %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>22.8 %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n18.2 %<\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+460 bps<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n24.5 %<\/p><\/td><td class=\"bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-170 bps<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwwidth35 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EBITDA adj.<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n<b>56<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n51<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n+10 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n61<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n-8 %<\/p><\/td><\/tr>\n<\/table><p>\nAdj. EBITDA increased to EUR 56 million from EUR 51 million in Q4 2025, driven by a favorable product mix, strong aftermarket contribution and operational leverage, more than offsetting lower volumes and the one-month deconsolidation effect. As a result, the adjusted EBITDA margin improved sequentially by 460 basis points to 22.8 %.<\/p><p>\n<b>Guidance for the second quarter 2026<\/b><\/p><p>\n<i>Business guidance<\/i><\/p><table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"2\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>EUR millions<\/b><\/p><\/td><td class=\"bwpadl0 bwalignc\" colspan=\"3\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n<b>Q2 2026<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nlow<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nmid<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\nhigh<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>Revenue<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>725<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>775<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n<b>825<\/b><\/p><\/td><\/tr>\n<tr>\n<td class=\"bwrowaltcolor0 bwwidth60 bwpadl3\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin\">\n<b>quarter-on-quarter<\/b><\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-9 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwcellpmargin bwalignc\">\n-3 %<\/p><\/td><td class=\"bwrowaltcolor0 bwpadl0 bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\"><p class=\"bwalignc bwcellpmargin\">\n+4 %<\/p><\/td><\/tr>\n<tr>\n<td class=\"bwpadl0 bwwidth60\" colspan=\"1\" rowspan=\"1\" style=\"height:3682px;\"><p class=\"bwcellpmargin\">\n<b>EBITDA margin adj. %<\/b><\/p><\/td><td class=\"bwpadl0 bwwidth1\" colspan=\"1\" rowspan=\"1\" style=\"height:3682px;\"><p class=\"bwalignr bwcellpmargin\">\n\u00a0<\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\" style=\"height:3682px;\"><p class=\"bwcellpmargin bwalignc\">\n<b>14.0 %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\" style=\"height:3682px;\"><p class=\"bwcellpmargin bwalignc\">\n<b>15.5 %<\/b><\/p><\/td><td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth13\" colspan=\"1\" rowspan=\"1\" style=\"height:3682px;\"><p class=\"bwcellpmargin bwalignc\">\n<b>17.0 %<\/b><\/p><\/td><\/tr>\n<\/table><p>\n<i>For its traditional automotive lamps business<\/i>, the Company expects a quarter\u2011on\u2011quarter revenue decline in line with the typical seasonal pattern of the aftermarket lighting business, combined with the full deconsolidation of the Specialty Lamps business, partially compensated by market share gains as a consequence of a major competitor\u2019s weakness.<\/p><p>\n<i>For its semiconductor business, the Company expects:<\/i><\/p><ul class=\"bwlistdisc\">\n<li>\nAutomotive: strengthening demand as the quarter progresses, while short-term ordering patterns remain the norm.<\/li>\n<li>\nIndustrial &amp; Medical: continued gradual market recovery, supported by partial re-stocking.<\/li>\n<li>\nConsumer: a typical seasonal downturn.<\/li>\n<\/ul><p>\nOverall, the semiconductor business is expected to improve sequentially \u2013 reflecting a stronger-than-normal seasonal uplift.<\/p><p>\nAs a result, the Group expects second quarter revenues in a range of EUR 725 to 825 million assuming a EUR\/USD exchange rate of 1.17. The impact of the weaker USD on revenues compared to a year ago is of the order of EUR 25 million.<\/p><p>\nThe company expects adj. EBITDA to come in at 15.5 % +\/-1.5 % in line with revenue development.<\/p><p>\n<b>Comments on FY26<\/b><\/p><p>\nExpectations for the full year remain unchanged. In light of the divestments and a weaker USD, the company anticipates a <b>modest year-on-year softening in revenue<\/b>. <b>Adjusted EBITDA<\/b> 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.<\/p><p>\n<b>Free Cash Flow<\/b> is expected to be <b>above EUR 300 m in FY26 including divestments<\/b>. Excluding divestments, Free Cash Flow is expected to be significantly negative, mainly due to the reduction of factoring, repayment of customer prepayment and temporary transition effects.<\/p><p>\nFor <b>FY27<\/b>, the company anticipates a <b>return to positive Free Cash Flow<\/b> (including net interest, <b>excluding <\/b>divestments).<\/p><p>\n<b>Additional Information<\/b><\/p><p>\nAdditional financial information as well as a comprehensive investor presentation for the first quarter 2026 is available on the company <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fams-osram.com%2Fabout-us%2Finvestor-relations%2Ffinancial-reports&amp;esheet=54530798&amp;newsitemid=20260506802092&amp;lan=en-US&amp;anchor=website&amp;index=1&amp;md5=504f7e4c8572fc5c06d965ab751f6c75\" rel=\"nofollow\" shape=\"rect\">website<\/a>.<\/p><p>\nams OSRAM will host a press call as well as a conference call for analysts and investors on the first quarter 2026 results on Thursday, 07 May 2026. The conference call for analysts and investors will start at <b>9:45 a.m. CET<\/b> and can be joined via <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fevent.choruscall.com%2Fmediaframe%2Fwebcast.html%3Fwebcastid%3Dy9rmo7JC&amp;esheet=54530798&amp;newsitemid=20260506802092&amp;lan=en-US&amp;anchor=webcast&amp;index=2&amp;md5=dfa70ad55e13f1d038fc60aa4efbc3f2\" rel=\"nofollow\" shape=\"rect\">webcast<\/a>. The <a  href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fevent.choruscall.com%2Fmediaframe%2Fwebcast.html%3Fwebcastid%3Dhbbd5Q0P&amp;esheet=54530798&amp;newsitemid=20260506802092&amp;lan=en-US&amp;anchor=conference+call&amp;index=3&amp;md5=35f4486e8a322e3c96c1f96d99580d50\" rel=\"nofollow\" shape=\"rect\">conference call<\/a> for journalists will take place at <b>11:00 a.m. CET<\/b>.<\/p><br\/> <b>Contacts<\/b> <br\/><p>\n<b>Investor Relations<\/b><br\/><b>ams-OSRAM AG<\/b><br\/><b>Dr Juergen Rebel<\/b><br\/>Senior Vice President\n<br\/>Investor Relations\n<br\/>T: +43 3136 500-0\n<br\/><a  href=\"mailto:investor@ams-osram.com\" rel=\"nofollow\" shape=\"rect\">investor@ams-osram.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>\u00a0PREMST\u00c4TTEN, Austria and MUNICH&#8211;(BUSINESS WIRE)&#8211;ams OSRAM (SWX:AMS):<br \/>\nKey Performance Figures Q1\/26:<\/p>\n<p>Revenues EUR 796 m, 16.5 % adj. EBITDA margin, in\/at the upper half\/end of guidance range<\/p>\n<p>+9 % year-on-year like-for-like growth in the semiconduc&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2032","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/2032","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2032"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/2032\/revisions"}],"predecessor-version":[{"id":2033,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/2032\/revisions\/2033"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}