ams Osram (AMS) Q3 2026 Fixed Income earnings summary

Executive summary

• Q3 revenue was €829m, down 3% YoY reported and up 3% QoQ; core portfolio grew ~4% YoY like-for-like, while semiconductor core grew ~3% at constant currency.

• Adjusted EBITDA margin was 16.3%, above the guidance midpoint; priorities include deleveraging, a sharper Digital Photonics profile and growth in AI Photonics.

Financial highlights

• Adjusted EBITDA was €135m, down 19% YoY; deconsolidations and precious-metal price headwinds weighed on the comparison.

• Reported EBITDA was €503m and reported net result €319m, primarily reflecting the non-optical sensor disposal gain; adjusted net result was -€35m and adjusted diluted EPS -€0.36.

• Operating cash flow was -€61m and capex cash flow -€77m; €569m of divestment proceeds drove reported free cash flow of €462m.

• Net financing result was -€89m, primarily reflecting net interest expense.

Outlook and guidance

• Q4 revenue guidance is €750m–€850m and adjusted EBITDA margin 16.0% ±1.5 percentage points, based on EUR/USD of 1.12.

• Q4 assumes normal seasonality: lower semiconductor revenue partly offset by a seasonal automotive lamps peak; divestitures reduce revenue by ~€75m versus Q4 2025.

• FY27 outlook includes typical semiconductor seasonality, a seasonal peak in Lamps & Systems and positive free cash flow.

• 2030 semiconductor targets include mid-to-high-single-digit revenue CAGR, adjusted EBITDA margin of at least 25%, free cash flow above €200m and net debt/adjusted EBITDA below 2x.