[News] 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

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

Key Performance Figures Q1/26:

Revenues EUR 796 m, 16.5 % adj. EBITDA margin, in/at the upper half/end of guidance range
+9 % year-on-year like-for-like growth in the semiconductor core portfolio at constant FX
Free cash flow of EUR 37 m (including disposal proceeds)
‘Simplify’ efficiency & transformation program delivered first savings

Digital Photonics Strategy Progress:

Augmented Reality smart glasses: full portfolio value proposition outlined, with up to approx. EUR 50 to 100 content per device subject to volume and product lifecycle
AI Photonics: development agreement signed with a leading AI data center infrastructure partner to advance commercialization of our Digital-Photonics technologies for optical interconnects; product-development initiated
Divestment: sale of Entertainment & Industrial lamps business to Ushio Inc. successfully closed; closing of sale of non-optical sensor business to Infineon expected mid-year (unchanged)

Outlook Q2/26

Q2/26: Revenues expected EUR 725 m to 825 m; adj. EBITDA margin of 15.5 % +/- 1.5 %, at an assumed EUR/USD exchange rate of 1.17, reflecting a stronger-than-normal seasonal uplift in the semiconductor business, together with the full deconsolidation of the Specialty Lamps business.

Comments on FY26

FY26: Outlook unchanged; revenue slightly lower due to divestments and FX; temporary pressure on adjusted EBITDA impacted by transition year 2026 one‑offs; Free Cash Flow above EUR 300 m incl. divestment proceeds, repayment of customer prepayments and a strong reduction of factoring.
FY27: a path to positive Free Cash Flow in sight (including net interest and excluding divestments).

Premstaetten, Austria, and Munich, Germany (06 May 2026) – ams OSRAM enters AI market through a development agreement with a leading AI photonics customer and sees path to positive Free Cash Flow in 2027
“We 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.” said Aldo Kamper, CEO of ams OSRAM.

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