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ams Osram (AMS) investor relations material
ams Osram Q2 2025 Fixed Income earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenues reached €775 million, at the midpoint of guidance, with profitability and cost savings ahead of schedule due to the 'Re-establish the Base' program achieving €160 million run-rate savings.
Secured €2.5 billion in new semiconductor design wins in H1 2025, supporting midterm growth.
Advanced deleveraging and refinancing through asset disposals, bond tap, and extension of credit facilities.
Announced sale of Entertainment & Industrial Lighting/Lamps business to Ushio for €114–140 million, expected to close Q1 2026.
Received positive legal settlements, including €37 million from an IP lawsuit and €7 million from a microLED project write-up.
Financial highlights
Q2 2025 revenues were €775 million, down 5% year-over-year, mainly due to inventory corrections and FX effects.
Adjusted EBITDA margin improved to 18.8% in Q2 2025 from 16.4% in Q2 2024; adjusted EBITDA was €135–145 million.
Free cash flow for Q2 was slightly negative, impacted by inventory build and annual payouts.
CapEx in Q2 was €40 million, with full-year CapEx expected below 8% of revenues.
Adjusted net result and EPS positive in Q2; IFRS net result and EPS also positive.
Outlook and guidance
Q3 2025 revenues expected between €790 million and €890 million, with adjusted EBITDA margin guidance at 19.5% ±1.5pp.
Second half of 2025 projected to be stronger due to product ramp-ups and seasonality, with free cash flow for the year expected above €100 million.
Ongoing monitoring of FX volatility, tariffs, and macroeconomic headwinds; mitigation actions in place.
FY 2025 CapEx expected below 8% of sales.
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