EQS-Adhoc: ams OSRAM post Q4 above mid-point of guidance, delivers EUR 144 m FCF in FY25 and launches EUR 200 m ‘Simplify’ transformation and savings program
EQS-Adhoc: ams OSRAM post Q4 above mid-point of guidance, delivers EUR 144 m FCF in FY25 and launches EUR 200 m ‘Simplify’ transformation and savings program
EQS-Ad-hoc: ams-OSRAM AG / Key word(s): Quarter Results/Annual Results
ams OSRAM post Q4 above mid-point of guidance, delivers EUR 144 m FCF in FY25 and launches EUR 200
m ‘Simplify’ transformation and savings program
10-Feb-2026 / 07:00 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.
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Ad hoc announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange
Disclosure of an inside information according to Article 17 MAR of the Regulation (EU) No 596/2014
ams OSRAM post Q4 above mid-point of guidance, delivers EUR 144 m FCF in FY25 and launches EUR 200
m ‘Simplify’ transformation and savings program
Key Developments Q4/25:
• Revenues EUR 874 m & 18.4 % adj. EBITDA margin, above the midpoint of guidance
• +8 % growth yoy in like-for-like semiconductor core portfolio at constant FX
• FCF of EUR 144m (excluding extraordinary inflows according to IAS 19)
• ‘Re-establish the Base’ (RtB) savings target reached one year ahead of plan with realized
run-rate savings of approx. EUR 220 m
Key Developments FY25:
• Revenue EUR 3,323 m, 18.3 % adj. EBITDA margin (+150 bps yoy)
• +7 % growth yoy in like-for-like semiconductor core portfolio at constant FX
• All-time high semiconductor design wins exceeding EUR 5bn in 2025
• FCF of EUR 144 m (adjusted for exceptional additional cash-in according to IAS 19)
Strategy Update:
• EUR 200 m partial re-purchase of 2027 convertible bond on 16 January 2026
• Sale of non-optical sensor business for EUR 570 m in cash to Infineon on 3 February 2026
• Pro-forma leverage cut to 2.5 x considering EUR 670 m cash-in from divestments
• Creating the leader in Digital Photonics focusing on intelligent optical semiconductor emitting
& sensing technologies
• New 2030 Financial Targets: Semiconductors: mid-to-high single digit revenue CAGR, ≥ 25 % adj.
EBITDA; Group: FCF EUR > 200 m, leverage ratio < 2.
• New ‘Simplify’ savings & transformation program, targeting additional EUR 200m run‑rate savings
by FY28 and impacting around 2,000 employees, roughly half of them in Europe
Outlook Q1/26 and Comments on FY26
• Q1/26: revenues EUR 760 m, adj. EBITDA margin of 15 % +/- 1.5 %, at an assumed EUR/USD exchange
rate of 1.19, in line with typical Q4/Q1 seasonality and expected deconsolidation effect from
closing the sale of Specialty lamps to Ushio Inc.
• FY26: Given the divestments and a weaker USD, the company anticipates a modest year-over-year
softening in revenue and foresees adjusted EBITDA to be negatively affected by various one-off
impacts related to the divestments, stranded costs, higher precious-metal prices and other
factors.
Premstaetten, Austria, and Munich, Germany (10 February 2026) – ams OSRAM posts Q4 above mid-point
of guidance, delivers EUR 144 m FCF in FY25 and launches EUR 200 m ‘Simplify’ transformation and
savings program
“Last year marked an important step towards creating the leader in Digital Photonics. The
‘Re-establish-the Base’ program homed in savings one year faster than planned and our profitability
improved despite heavy headwinds. Furthermore, our semiconductor core grew in line with our
semiconductor growth model and our technological edge secured €5billion in new design wins.” said
Aldo Kamper, CEO of ams OSRAM.
“With our announced divestitures and the new ‘Simplify’ transformation and savings program, we are
sharpening our competitiveness and regaining the financial freedom to invest purposefully in our
growth. We fully focus on our future as the Digital Photonics Powerhouse — uniquely positioned to
capture the major Digital Photonics inflection points in automotive, AR smart glasses, biosensing,
robotics, AI data-center interconnects and beyond.” added Aldo Kamper.
Q4/25 Business and Earnings Summary
EUR millions (except per share data) Q4 2025 Q3 2025 QoQ Q4 2024 YoY
Revenues 874 853 +2 % 882 -1 %
EBITDA margin adj. %^1) 18.4 % 19.5 % -110 bps 17.0 % +140 bps
EBITDA adj. ^1) 161 166 -3 % 150 +7 %
Net result adj. ^1) 35 27 +30 % 3 +1,067 %
Diluted EPS (adj., in EUR) 0.35 0.27 +30 % 0.03 +1,067 %
^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.
In Q4, group revenues came in with EUR 874 million – above the midpoint of the guided range of EUR
790 to 890 million. Reported revenues increased by 2 % quarter-over-quarter due to a strong
seasonal automotive-lamps aftermarket upswing. At a constant EUR/USD exchange rate, revenues would
have been more than EUR 50 million higher.
Year-over-year, group revenues remained essentially flat, mainly due to the weaker US dollar and
the discontinued non-core semiconductor business. Like-for-like, at a constant EUR/USD exchange
rate and only considering the core portfolio, revenues would have been up by approx. 8 % both for
the group and the semiconductor core portfolio.
Adj. EBITDA margin (adjusted earnings before interest, taxes, depreciation, and amortization) came
in at 18.4 % above the midpoint of the guided range.
Adj. net result came in positive at EUR 35 million on the back of improved profitability, slightly
positive foreign currency valuation and a positive deferred tax impact besides the typical,
recurring quarterly adjustments of transformation cost, purchase price allocation and share-based
compensation.
Q4/25 Cash Generation & Balance Sheet Update
Comparable Free cash flow – defined as operating cash flow including net interest paid minus cash
flow from CAPEX after grants plus proceeds from divestments – came in positive with EUR 144
million, which also includes Austrian government grants under the European Chips Act, but excludes
an extraordinary inflow according to IAS 19 from changing the benefit trustee. A year ago, this
figure stood at EUR 188 million, when free cash flow was dominated by a significant customer
prepayment of approx. EUR 225 million. Consequently, year-over-year, the underlying free cash flow
from normal operations improved significantly.
EUR millions Q4 2025 Q3 2025 QoQ Q4 2024 YoY
FCF (incl. net interest paid, adj.)^1) 144^1) 43 +235 % 2 +7,100 %
Cash on hand 1,483 979 +51 % 1,098 +35 %
Net debt 1,078 1,581 -32 % 1,413 -24 %
Kulim-2 SLB (Sale-and-Lease-Back) 440 422 +4 % 441 -0 %
Net debt (incl. SLB) 1,518 2,003 -24 % 1,854 -18 %
OSRAM minority put options ^2) 505 517 -2 % 585 -14 %
1. ^In Q4 2025, IFRS reported FCF stood at EUR 535 million containing an extraordinary inflow from
changing the pension trustee according to IAS19.
2. ^Liability as part of ‘other financial liabilities’
The net debt position decreased significantly to EUR 1,078 million end of Q4/25 after EUR 1,581
million in the previous quarter due to the sharp increase in cash on hand. The equivalent value of
the Sale-and-Lease Back (SLB) Malaysia transaction increased by EUR 18 million due to a net effect
of quarterly accrued interest and MYR exchange rate changes.
The Group held approx. 88 % of OSRAM Licht AG shares at the end of Q4/25.
Q4/25 Business Unit (BU) Results & Industry Update
Semiconductor Business
EUR millions Q4 2025 Q3 2025 QoQ Q4 2024 YoY
Opto Semiconductors (OS)
Revenue 330 365 -9 % 350 -6 %
EBITDA margin adj. % 21.9 % 22.6 % -70 bps 14.6 % +730 bps
EBITDA adj. 72 82 -12 % 51 +41 %
CMOS Sensors & ASICs (CSA)
Revenue 265 271 -2 % 258 +3 %
EBITDA margin adj. % 16.1 % 23.6 % -750 bps 21.3 % -520 bps
EBITDA adj. 42 64 -34 % 55 -22 %
Semiconductors by industry
Automotive 219 239 -8 % 240 -9 %
I&M 175 174 +1 % 158 +11 %
Consumer 202 224 -10 % 210 -4 %
Semiconductor revenues stood at EUR 595 million in Q4/25, compared to EUR 608 million a year ago.
Growth in the core portfolio, especially with new sensor products, made up for the divested or
discontinued non-core portfolio. The comparable growth in semiconductors was approx. 8 %, when
corrected for the EUR/USD exchange rate (approx. EUR 40 million) and the phased-out non-core
portfolio (approx. EUR 20 million) – in line with the mid-term target growth corridor of the
semiconductor target operating model.
Optical Semiconductors (OS)
The typical seasonal downswing into the fourth quarter, particularly in the automotive and
horticulture segments, was more pronounced this year. The automotive supply chain continued to
operate with very low inventories, and short-term ordering remained the norm. Adj. EBITDA decreased
to EUR 72 million compared to EUR 82 million in Q3 in line with gross profit fall-through.
CMOS Sensors & ASICs (CSA):
Revenues came in stronger than typical seasonality would indicate and did only decrease
quarter-over-quarter by 2 % (from EUR 271 million to EUR 265 million). This was driven by a strong
consumer business and a gradually improving industrial & medical business. Adj. EBITDA dropped to
EUR 43 million in Q4/25 compared to EUR 64 million in the third quarter due to unfavorable
product-mix effects.
Semiconductors industry dynamics
Automotive:
Although inventory correction in the LED supply chain had come to an end, the supply-chain
continued to operate with very lean inventory levels and no sign of restocking, which weighed on
demand. At the same time, customers maintained a very short-term ordering pattern. Regionally,
China remains the most competitive market, driven by the intense competition amongst the large
number of local OEMs.
Industrial & Medical (I&M):
End-markets showed partial stabilization. The professional lighting business performed in line with
expectations, while the horticulture segment declined in accordance with typical seasonal patterns.
Industrial automation improved gradually and medical order intake stabilized. In the mass market,
Europe and the Americas delivered relatively stronger performance compared with China. In medical,
the market continued to show signs of stabilization.
Consumer:
Demand for new products overall remained strong, indeed stronger than typical seasonal patterns
would suggest.
Lamps & Systems Business (traditional auto & industrial lamps)
Lamps & Systems represented approx. 32 % of Q4/25 group revenues. A higher than typical seasonal
upswing drove the strong quarter-over-quarter increase.
EUR millions Q4 2025 Q3 2025 QoQ Q4 2024 YoY
Revenue 280 216 +30 % 275 +2 %
EBITDA margin adj. % 18.2% 13.2 % +500 bps 18.2 % +0 bps
EBITDA adj. 51 28 +82 % 50 +2 %
Revenues in Specialty Lamps remained at a typical level and were almost unchanged compared to the
previous quarter. Adj. EBITDA increased strongly to EUR 51 million driven by the fall-through from
higher revenues.
Implementation of Balance Sheet Improvement Plan
Under its accelerated and comprehensive plan to deleverage its balance sheet (announced 30 April
2025), the company has signed two agreements to divest its Entertainment & Industry (‘Specialty’)
Lamps business to Ushio Inc. for approx. EUR 100 million net, signed 29 July 2025, and its
non-optical mixed-signal sensor business to Infineon for EUR 570 million, signed on 3 February
2026.
As of 31 December 2025, the company held EUR 1,483million in cash.
This results in net debt of EUR 1,518million excluding the outstanding OSRAM minority put options
and EUR 2,023million including them. Based on LTM adjusted EBITDA of EUR 608 million for FY25, the
net‑debt‑to‑LTM‑adjusted‑EBITDA ratio stood at 2.5 and 3.3, respectively.
Considering the combined EUR 670 million proceeds from the two agreed transactions, net debt will
decline to EUR 1,353 million (incl. 100% of the OSRAM Licht AG minority put options). Adjusted for
the divested businesses, LTM adj. EBITDA amounts to approx. EUR 533 million.
This results in a pro-forma leverage ratio of net-debt-to-adjusted-EBITDA of roughly 2.5, down from
3.3 previously.
Balance sheet & leverage
IFRS book values [EUR millions] 31.12.2025 Leverage^1) Pro-forma Leverage^2)
post-closing (pro-forma)
Adj. EBITDA 608 pro-forma 533
Cash (1,483) (1,283)
Deal Proceeds (post closing)^5^) (670)
Other Financial Debt 167 167
2027 EUR Convertible Bond (2.125%) 715 515^4)
2029 EUR Senior Unsecured Note (10.50%) 1,031 1,031
2029 USD Senior Unsecured Note (12.25%) 648 648
SLB Malaysia transaction 440 440
Total debt 3,001 2,801
Net debt (incl. SLB) 1,518 2.5 848 1.6
Outstanding OSRAM – Put Options^3) 505 505
Total net debt (incl. OSRAM Put Options) 2,023 3.3 1,353 2.5
^1)^ ^Leverage definition: net debt / LTM adj. EBITDA
^2) Leverage definition: pro forma net debt / LTM adj. EBITDA, assuming approx. EUR 533 m adj.
EBITDA (‘2025 less divested adj. EBITDA’).
^3)^ Assuming 100% tendering of outstanding OSRAM Put Options upon final verdict.
^4) Incl. € 199.9m buyback of convertible in January 2026.
^5) Total deal proceeds of € 670m = € 570 m from selling non-optical mixed-signal business +
approx. € 100 m from selling specialty lamps business.
Upon completion of the full plan — including a solution for the Kulim‑2 Sale‑and‑Lease‑Back — the
company expects to reduce its net‑debt‑to‑adjusted‑EBITDA leverage ratio to below 2. In total, this
will materially lower the amount requiring refinancing, bring annual interest expenses below EUR
150million, and further strengthen operating cash flow.
Creating the Leader in Digital Photonics
Upon closing, ams OSRAM will emerge as a focused semiconductor photonics powerhouse – the pure-play
leader in Digital Photonics. The company brings together the industry’s broadest portfolio of
cutting‑edge optical emitter and sensor technologies, complemented by advanced driver and
power‑management IC capabilities. Across many segments, customers benefit from geopolitically
resilient, vertically integrated supply chains.
Following a transition phase to align the organization, infrastructure and cost base with this new
focus within the framework of its new transformation and savings program ‘Simplify’, the company
sees significant mid‑ and long‑term growth and margin expansion opportunities driven by the global
Digital Photonics megatrend.
The presentation and a replay of the conference call from 4 February 2026 can be found here:
• Presentation: [3]ams OSRAM creating the leader in digital photonics
• Conference call script: [4]ams-osram-creating-the-leader-in-digital-photonics-call-script
• Conference call replay: [5]Analysts & Investors Conference
2030 – Over-the-Cycle Financial Targets
Following the transition – including the implementation of the ‘Simplify’ savings and
transformation program, the reduction of annual interest expenses below EUR 150 million, and the
realization of growth vectors across the Digital Photonics megatrend – the company aims to achieve
the following Over-the-Cycle Financial Targets for 2030:
2030 Semiconductors Group^2)
Revenue growth Mid- to high single digit CAGR
EBITDA margin (adj.) ≥ 25 %
CAPEX
^1) net debt = (long-term debt + short-term debt + Kulim-II Sale-and-Lease-Back + OSRAM minority shares) less cash-on-hand
^2) Group includes traditional auto lamps business (flat revenues and 13 % to 15% adj. EBITDA expected)
Digital Photonics Driving Future Growth
Digital Photonics is the core engine of our future growth — the digitalization of light emission and optical sensing by combining advanced emitters, sensors and electronics. This technology enhances how physical environments interact with light, enabling dynamic lighting, light-based design, projection as a display, light enabled sensing, treatment, directed energy and high-speed data communication. These capabilities underpin major global megatrends including ADAS, autonomous driving, AR/VR, AI, robotics, smart health and smart devices.
ams OSRAM’s proprietary ‘Digital Light’ technology — awarded the German Future Award in 2024 — marks a breakthrough after a decade of development. Its first commercial adoption came through high pixel automotive forward lighting under the EVIYOS™ brand. With more than EUR 500million in design wins already secured, this technology has a clear growth trajectory. As pixel sizes shrink and the color range expands, ‘Digital Light’ becomes a compelling projection engine for everyday AR glasses. Looking ahead, optimized micro emitter arrays could make it a relevant solution for high bandwidth, low power, low-cost optical interconnects in AI data centers. ‘Digital Light’ thus offers significant mid- and long-term growth potential.
ams OSRAM has also built a differentiated leadership position in digitalized optical sensors that already contributes triple-digit-million Euro revenues, today. Its comprehensive portfolio — spanning ambient light, proximity, flicker, time of flight, bio, spectral, ultra-violet (UV), infra-red (IR), temperature and force touch sensors — sets industry benchmarks across display management, camera enhancement and numerous adjacent applications. This business carries substantial medium and long-term growth opportunities.
The company’s unique expertise in spectral sensing was further recognized in 2024, when the Austrian government awarded EUR 225million under the European Chips Act to establish a first-of-a-kind manufacturing facility combining CMOS, TSV (Through-Silicon-Via) and advanced optical filters.
Traditional Automotive Lamps business for funding growth in semis and internal financing
The traditional automotive lamps and after-market business will remain part of the Group’s portfolio. This segment is intended to stay revenue‑stable and optimized for profitability, typically delivering 13 % to
15 % adjusted EBITDA per year. Generating around EUR 90million of steady annual cash flow, it serves as a reliable internal funding source — supporting the transition and growth of the semiconductor business, while contributing to debt service and further deleveraging.
FY25 Summary Review
EUR millions (except per share data) FY 2025 FY 2024 YoY Revenues 3,323 3,428 -3% Therein Lamps & Systems 938 1,000 -6 % Therein Semiconductors IFRS reported revenues 2,385 2,429 -2 % Therein Semiconductor core portfolio at constant FX 2,367 2,205 +7 % EBITDA margin adj. % ^1) 18.3 % 16.8 % +150 bps EBITDA adj. ^1) 608 575 +6 % Net result adj. ^1) 57 27 +111 % Net result IFRS -129 -785 +84 % Diluted EPS (adj., in EUR) 0.56 0.03 +1,767 % Comparable FCF (incl. net interest paid, adj. for IAS 19 144 12 +1,100 % inflow)
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.
Group revenues softened by 3 % from EUR 3.43 billion in FY24 to EUR 3.32 billion in FY25, primarily due to the weaker USD (approx. EUR 80 million) and the phasing out of non-core semi portfolio (more than EUR 100 million) besides a reduction in traditional OEM lamps revenues in line with fewer and fewer new cars being equipped with traditional lamps.
The semiconductor core portfolio (excluding exited non-core activities within the Re-establish-the-Base framework) at constant exchange rate, grew by 7 % in FY2025 compared to the previous Calendar Year.
The company continues to win meaningfully new business across a wide customer base underpinning its
structural growth targets in its core semiconductor business. 2025 semiconductor design wins surpassed EUR5billion, marking a record level and reflecting strong traction across all core segments, led by automotive.
Group profitability improved to 18.3 % adj. EBITDA margin in FY25 from 16.8 % in FY24, due to the accelerated implementation of its ‘Re-establish the Base’ program, with approx. EUR 220 million realized run-rate savings. With that, the implemented run-rate savings are one year ahead of plan.
Free Cash Flow significantly increased year-over-year. Free Cash Flow – excluding an extraordinary inflow according to IAS 19 – came in with EUR 144 million in FY25, after EUR 12 million in FY24.
Guidance for the first quarter 2026
Business guidance
EUR millions Q1 2026
low mid high
Revenue 710 760 810
quarter-over-quarter -19 % -13 % -7 %
EBITDA margin adj. % 13.5 % 15.0 % 16.5 %
For its traditional automotive lamps business, the company expects a quarter‑over‑quarter decline in line with the typical seasonal pattern of the lighting season. In addition, the planned early‑March 2026 closing of the sale of the Entertainment and Specialty Lamps business to Ushio Inc. will lead to the deconsolidation of roughly EUR10million in revenue in Q1/26. As a result, Q1 guidance reflects only two months of Specialty Lamps revenue and adjusted EBITDA, implying an additional sequential revenue impact of around 1 % from Q4 to Q1 on group level.
For its semiconductor business, the company expects:
• Automotive: seasonally declining demand and continued muted, short‑term order patterns.
• Industrial & Medical: development in line with a gradual market recovery.
• Consumer: typical seasonal downturn.
Overall, the semiconductor business is expected to follow its usual seasonal pattern with a softer first quarter.
As a result, the Group expects first quarter revenues to land in a range of EUR 710 to 810 million assuming a EUR/USD exchange rate of 1.19. The impact of the weaker USD on revenues compared to a year ago is of the order of EUR 50 million.
The company expects adj. EBITDA to come in at 15.0 % +/-1.5 % in line with revenue.
Comments on FY26
Given the divestments and a weaker USD, the company anticipates a modest year-over-year softening in revenue and foresees adjusted EBITDA to be negatively affected by various one-off impacts related to the divestments, stranded costs, higher precious-metal prices and other factors.
Additional Information
Additional financial information as well as a comprehensive investor presentation for the fourth quarter and full year 2025 is available on the company [6]website.
ams OSRAM will host a press call as well as a conference call for analysts and investors on the fourth quarter and full year 2025 results on Tuesday, 10 February 2026. The conference call for analysts and investors will start at 9:45 a.m. CET and can be joined via [7]webcast. The [8]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 19,000 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 over 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 [9] https://ams-osram.com
ams and OSRAM are registered trademarks of ams-OSRAM AG. 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: [10]>LinkedIn [11]>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 [12]investor@ams-osram.com [13]press@ams-osram.com
Consolidated Statement of Income in accordance with IFRS (unaudited)
in EUR million Q4 2025 2025 Q4 2024 2024 (except earnings per share)
Revenues 874 3,323 882 3,428 Cost of sales -657 -2,475 -702 -2,571 Gross profit 217 848 179 857 Research and development expenses -100 -388 -86 -419 Selling, general and administrative expenses -118 -431 -116 -422 microLED adaption result^1) 7 16 29 -576 Other operating income 10 78 2 39 Other operating expenses -2 -17 -6 -21 Results from investments accounted for using the equity method, net 0 -3 -3 -7 Result from operations 15 102 0 -547 Financial income 28 166 55 85 Financial expenses -82 -385 -113 -290 Net financial result -54 -218 -58 -205 Result before income taxes -39 -117 -58 -752 Income taxes 19 -12 0 -33 Net result -20 -129 -58 -785 Attributable to: Non-controlling interests 0 1 -1 1 Shareholders of ams-OSRAM AG -20 -130 -57 -786 Basic earnings per share (in EUR) -0.20 -1.31 -0.59 -7.94 Diluted earnings per share (in EUR) -0.20 -1.31 -0.59 -7.94
^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 Statement of Comprehensive Income in accord. with IFRS (unaudited)
in EUR million Q4 2025 2025 Q4 2024 2024 Net result -20 -129 -58 -785 Remeasurements of defined benefit plans 3 14 4 21 therein income tax effect -16 -11 -5 -4 Fair value measurement of equity instruments (FVOCI) – -3 2 -1 therein income tax effect – – 0 0 Items that will not be reclassified in profit or loss 3 11 6 20 Currency translation differences 31 -182 101 129 Fair value measurement of debt instruments (FVOCI) -1 2 -2 2 therein income tax effect 0 -1 1 -1 Derivative financial instruments for hedging purposes -9 25 -12 -10 therein income tax effect 4 -11 6 5 Items that may be reclassified subsequently to profit or loss 21 -155 86 121 Other comprehensive income (loss), net of tax 24 -144 92 141 Total comprehensive income (loss) 4 -273 35 -644 Attributable to: Non-controlling interests 0 0 1 2 Shareholders of ams-OSRAM AG 4 -273 34 -646
Consolidated Balance Sheet in accordance with IFRS (unaudited)
in EUR million December 31, 2025 December 31, 2024 Assets Cash and cash equivalents 1,483 1,098 Trade receivables 415 496 Other current financial assets 81 49 Inventories 724 809 Other current non-financial assets 152 267 Assets held for sale 116 23 Total current assets 2,972 2,743 Property, plant, and equipment 1,565 1,729 Intangible assets 1,945 2,054 Right-of-use assets 120 189 Investment in associates 5 4 Other non-current financial assets 89 58 Deferred tax assets 60 74 Other non-current non-financial assets 56 52 Total non-current assets 3,840 4,160 Total assets 6,812 6,903 Liabilities and equity Liabilities Current interest-bearing loans and borrowings 59 495 Trade payables 477 472 Other current financial liabilities 927 1,001 Current provisions 183 227 Income tax payables 36 45 Other current non-financial liabilities 309 274 Liabilities associated with assets held for sale 37 -Total current liabilities and provisions 2,028 2,514 Non-current interest-bearing loans and borrowings 2,502 2,016 Other non-current financial liabilities 537 587 Employee benefits 513 150 Non-current provisions 51 58 Deferred tax liabilities 30 46 Other non-current non-financial liabilities 202 296 Total non-current liabilities and provisions 3,836 3,153 Equity Issued capital 998 998 Additional paid-in capital 2,022 2,090 Treasury shares -32 -87 Other components of equity 110 292 Retained earnings -2,156 -2,064 Total equity attributable to shareholders of ams-OSRAM AG 942 1,229 Non-controlling interests 6 6 Total equity 948 1,235 Total liabilities, provisions and equity 6,812 6,903
Consolidated Statement of Cash Flows in accordance with IFRS (unaudited)
in EUR million Q4 2025 2025 Q4 2024 2024 Operating activities Net income -20 -129 -58 -785 Reconciliation between net result and cash flows from operating activities
Amortization, depreciation, and impairment 115 425 130 942 Expenses from stock option plans (acc. to IFRS 2) 5 22 7 18 Income taxes -19 12 0 33 Net financial result 54 218 58 205 Result from sales of businesses, intangible assets and property, plant, and equipment -3 -19 5 -1 Result from investments in associates 0 3 3 7 Other adjustments for non-cash items – – – – Changes in current assets and current liabilities Inventories, net 79 30 40 -79 Trade receivables -25 53 -85 -7 Other current assets 17 4 34 11 Trade payables 19 12 -16 -4 Current provisions -21 -38 -43 -14 Other current liabilities -50 -57 4 43 Changes in other assets and liabilities -11 -52 15 31 Non-current prepayment received from a customer – – – 224 Income taxes paid -3 -34 2 -48 Dividends received 0 0 0 0 Interest received 8 25 12 38 Interest paid -31 -238 -26 -180 Cash flows from operating activities 114 237 79 435
Consolidated Statement of Cash Flows in accordance with IFRS (unaudited) – Cont’d
in EUR million Q4 2025 2025 Q4 2024 2024 Investing activities Additions to intangible assets and property, plant, and equipment -59 -199 -104 -502 Inflows from government grants for property, plant and equipment 83 83 – -Acquisition of financial investments – – -1 -1 Inflows from sales financial investments 391 391 – -Inflows from sales of intangibles and property, plant, and equipment 7 25 27 36 Inflows from sale of businesses, net of cash and cash
equivalents disposed – – – 43 Cash flows from investing activities 421 299 -78 -424 Financing activities Inflows from bonds – 526 – 201 Transaction costs for the capital increase and the issue of
bonds -4 -12 -3 -17 Repayment of bonds – -447 – -Acquisition of treasury shares -6 -6 – – Sale of treasury shares – – 0 2 Inflows from loans and other financial liabilities 0 70 141 243 Repayment of loans -3 -66 -161 -422 Repayment of lease liabilities -12 -53 -16 -57 Inflows from sale and lease back financing – – – 10 Acquisition of non-controlling interests in OSRAM Licht AG -11 -80 -19 -25 Dividends paid to shareholders of OSRAM Licht AG – -27 – -30 Dividends paid to non-controlling shareholders – -1 – -1 Cash flows from financing activities -36 -97 -56 -98 Change in cash and cash equivalents 504 385 1 -47 Effects of changes in foreign exchange rates on cash and cash equivalents 5 -54 56 40 Cash and cash equivalents at the beginning of the period 979 1,098 1,097 1,146 Cash and cash equivalents at the end of the period 1,483 1,483 1,098 1,098 Less: Cash and cash equivalent of assets held for sale at the end of the period – – – – Cash and cash equivalents at the end of the period 1,483 1,483 1,098 1,098
Consolidated Statement of Changes in Equity in accordance with IFRS (unaudited)
Total equity Additional Other attributable in EUR million Issued paid-in Treasury components Retained to Non-controlling Total capital capital shares of equity earnings shareholders interests equity of ams-OSRAM AG Balance as of
January 1, 2024 998 2,130 -103 162 -1,289 1,899 6 1,905 Net result -786 -786 1 -785 Other
comprehensive
income (loss),
net of tax 129 11 140 0 141 Total
comprehensive
income (loss) 129 -775 -646 2 -644 Share-based
payments^1) 25 25 25 Acquisition and
sale of
treasury shares 0 0 0 Reissuance of
treasury
shares^1) -16 16 – -Non-controlling
interests – Put
Option -49 -49 -49 Non-controlling
interests –
Annual cash
compensation^2) – -1 -1 Dividends paid – – – -Balance as of
December 31,
2024 = January
1, 2025 998 2,090 -87 292 -2,064 1,229 6 1,235 Net result -130 -130 1 -129 Other
comprehensive
income (loss),
net of tax -182 38 -143 -1 -144 Total
comprehensive
income (loss) -182 -92 -273 0 -273 Share-based
payments 22 22 22 Acquisition and
sale of
treasury shares -6 -6 -6 Reissuance of
treasury shares -61 61 – -Non-controlling
interests – Put
Option -29 -29 -29 Non-controlling
interests –
Annual cash
compensation – -1 -1 Dividends paid – – – -Total equity as
of December 31,
2025 998 2,022 -32 110 -2,156 942 6 948
1. The figures for the prior year have been adjusted to reflect the gross amounts of share-based payment expenses and the value of shares issued for share-based payments. 2. The figures for the prior year have been adjusted to reflect the annual cash compensation paid to shareholders of OSRAM Licht AG separately from the dividend payments to other shareholders.
Segment reporting
Operating segments are the business units (BUs) based on their independent operating activities and the internal reporting structure. The operating segments also represent the reporting segments in accordance with IFRS 8. Group activities are managed through the following business units:
1. BU Opto Semiconductors (OS) with a focus on emitters
2. BU CMOS Sensors and ASICs (CSA) with a focus on sensor technology and analog mixed-signal chips. Following the announced disposal of non-optical sensor business, the BU CSA will be renamed to BU Light Sensors & Power Solutions (LSP) effective on 1 March 2026. 3. BU Lamps & Systems (L&S) specializing in traditional lamps and lighting products with a focus on the automotive, industrial and medical end markets.
Costs of corporate functions that are not directly allocated to the BUs and functions shared in the Semiconductor business are centrally accumulated and presented as ‘Corporate Items’.
The segment indicator “segment result” includes gross profit, research and development expenses, selling, general and administrative expenses, microLED adaption result, other operating income and expenses as well as the result from investments in associates. Depreciation, amortization and impairment losses and reversals of impairments are not included in the segment result.
Business Segments
in EUR million
Business segments OS CSA L&S Corporate Items Total 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Consolidated revenues 1,375 1,448 1,010 981 938 1,000 – – 3,323 3,428 Segment result 235 168 158 102 126 156 8 -31 527 395 Material Items: Research & development expenses -214 -212 -134 -163 -29 -29 -13 -15 -388 -419 Therein: depreciation, amortization,
impairments and reversals of -45 -43 -16 -23 -1 -1 -1 -1 -61 -68 impairments
Depreciation, amortization,
impairments and reversals of -237 -728 -140 -153 -43 -61 -5 -1 -425 -942 impairments^1
MicroLED adaption result 16 -576 – – – – – – 16 -576 Therein: depreciation, amortization,
impairments and reversals of 0 -491 – – – – – – 0 -491 impairments
^1 Including impairments and reversals of impairments on microLED-related assets
Reconciliation of the Segment Result to Earnings before Income Tax
in EUR million
2025 2024 Segment result 527 395 Depreciation, amortization, impairments and reversals of impairments -425 -942 Net financial result -218 -205 Result before income taxes -117 -752
Segment assets include only those assets that are directly attributable to the segment, such as segment-specific property, plant, and equipment, intangible assets, right-of-use assets under leases and inventories.
Segment Assets
in EUR million
Business segments OS CSA L&S Total 2025 2024 2025 2024 2025 2024 2025 2024 reclassified^1) reclassified^1) Segment assets 2,696 2,907 910 960 748 915 4,354 4,782 Reconciliation to the consolidated financial statements
Cash and cash equivalents 1,483 1,098 Trade receivables 415 496 Deferred tax assets 69 74 Assets held for sale 116 23 Other non-current financial 89 58 assets
Investment in associates 5 4 Other non-allocated assets 290 368 Total assets 6,812 6,903
1. Segment assets as of December 31, 2024 were reallocated between BUs CSA and L&S
In terms of geographical regions, the Group is broken down into the following three regions: EMEA (Europe, Middle East, and Africa), Americas (North and South America), and Asia/Pacific. Revenue is allocated to these regions based on customers’ geographical location (billing address). The highest amount of revenue came from a customer in the OS and CSA segments and accounted for more than 10% and less than 20% of revenue (2024: more than 10% and less than 20% of revenue).
Revenue by Region
in EUR million
Business segments OS CSA L&S Total 2025 2024 2025 2024 2025 2024 2025 2024 EMEA 401 394 150 183 361 347 912 924 thereof Austria 19 21 0 9 14 15 33 45 thereof Germany 217 207 59 64 101 68 379 339 Americas 206 257 45 50 390 439 641 747 thereof USA 175 213 22 32 331 370 528 615 Asia / Pacific 767 797 815 748 187 213 1,770 1,757 thereof Greater China^1 485 521 779 699 91 106 1,355 1,326 Total 1,375 1,448 1,010 981 938 1,000 3,323 3,428
1) The Greater China line combines China, Hong Kong and Taiwan.
Non-current Assets by Region
in EUR million
2025 2024
EMEA 1,815 1,942
Americas 425 453
Asia / Pacific 1,390 1,578
Total 3,630 3,972
thereof Austria 360 324
thereof Germany 1,173 1,309
thereof Malaysia 851 993
Reconciliation from adjusted figures to reported figures in accordance with IFRS
in EUR million Q4 2025 2025 Q4 2024 2024 Gross profit – adjusted 258 968 239 984 Acquisition-related expense^1) -11 -42 -10 -44 Share-based compensation -1 -3 -1 -3 Transformation costs -29 -75 -48 -79 Gross profit – IFRS reported 217 848 179 857 Gross margin in % – adjusted 30 % 29 % 27 % 29 % Gross margin in % – IFRS reported 25 % 26 % 20 % 25 % Operating expenses – adjusted -188 -680 -179 -743 microLED adaption result^2) 7 16 29 -576 Acquisition-related expense^1) -12 -15 -9 -40 Share-based compensation -5 -19 -5 -15 Transformation costs -5 -42 -7 -21 Result from the sale of businesses – -2 -5 -2 Result from at-equity investments 0 -3 -3 -7 Operating expenses – IFRS reported -202 -746 -180 -1,405 Result from operations (EBIT) – adjusted 70 288 60 241 microLED adaption result^2) 7 16 29 -576 Acquisition-related expenses^1) -22 -57 -20 -84 Share-based compensation -5 -22 -7 -18 Transformation costs -35 -117 -56 -100 Result from the sale of businesses – -2 -5 -2 Result from at-equity investments 0 -3 -3 -7 Result from operations (EBIT) – IFRS reported 15 102 0 -547 EBIT margin in % – adjusted 8 % 9 % 7 % 7 % EBIT margin in % – IFRS reported 2 % 3 % 0 % -16 % Result from operations (EBIT) – adjusted 70 288 60 241 Amortization, depreciation, and impairment (excluding 91 320 90 334 acquisition-related expense)^1)
EBITDA – adjusted 161 608 150 575
in EUR million Q4 2025 2025 Q4 2024 2024 EBITDA – adjusted 161 608 150 575 microLED adaption result^2) 3 16 20 -85 Acquisition-related expenses^1) 0 19 -1 -5 Share-based compensation -5 -22 -7 -18 Transformation costs -25 -88 -25 -62 Result from the sale of businesses – -2 -5 -2 Result from at-equity investments 0 -3 -3 -7 EBITDA – IFRS reported 134 527 130 395 EBITDA margin in % – adjusted 18 % 18 % 17 % 17 % EBITDA margin in % – IFRS reported 15 % 16 % 15 % 12 % Result from operations (EBIT) – adjusted 70 288 60 241 Net financing result -54 -218 -58 -205 Income tax result 19 -12 0 -33 Net result – adjusted 35 57 3 3 Basic adjusted earnings per share (in EUR) 0.35 0.56 0.03 0.03
1) Acquisition-related expenses include amortization, depreciation and impairment of purchase price allocated assets, integration, carve-out and acquisition related costs. The amount for the fiscal year 2025 contains the gain from the court ruling on trade secret and patent infringement suit.
2) 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.
End of Inside Information
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10-Feb-2026 CET/CEST News transmitted by [14]EQS Group
View original content: [15]EQS News
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Language: English
Company: ams-OSRAM AG
Tobelbader Straße 30
8141 Premstaetten
Austria
Phone: +43 3136 500-0
E-mail: investor@ams-osram.com
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)
EQS News ID: 2273698
End of Announcement EQS News Service
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