ams Osram (AMS) Q3 2026 earnings summary

Executive summary

• Revenue was €829m, down 3% YoY reported and up 3% QoQ; core portfolio revenue grew ~4% YoY like for like.

• Adjusted EBITDA was €135m with a 16.3% margin, above the guidance midpoint; reported EBITDA of €503m and net result of €319m primarily reflected the business sale.

• Q3 design wins totaled €1.3bn, while free cash flow was €462m, primarily supported by divestment proceeds.

Financial highlights

• Revenue was €829m versus €805m in Q2 2026 and €853m in Q3 2025; portfolio changes and FX affected reported YoY performance.

• Adjusted EBITDA was €135m, versus €136m QoQ and €166m YoY; margin was 16.3%, versus 16.9% and 19.5%, respectively.

• Reported EBITDA was €503m and reported net result €319m, primarily reflecting the business sale; adjusted net result was -€35m and adjusted diluted EPS -€0.36.

• Adjusted measures exclude specified transformation, acquisition-related, share-based compensation and business-sale items.

Outlook and guidance

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

• Q4 outlook assumes seasonal semiconductor softness and a seasonal peak in traditional automotive lamps; divestitures reduce revenue by ~€75m versus Q4 2025.

• Positive free cash flow is expected in FY2027; the FY27 path to positive free cash flow was reaffirmed.

• 2026 capex investments were described as in line with guidance.