Core growth and underlying performance

• Led by reported growth of 9 % in Opto Semiconductors, semiconductor core portfolio grows approx. 3 % year-on-year on a like-for-like basis and at constant currencies
• Q3 revenues EUR 829 m reflect significant portfolio changes; adjusted EBITDA margin of 16.3 %, above the midpoint of the guidance; reported EBITDA margin of 60.7 % due to disposal gain of non-optical sensor business
• Approx. EUR 1.3 bn of semiconductor design wins in Q3, year-to-date approx. EUR 3.8 bn

Strategic growth vectors in Digital Photonics

• AI Photonics: 850nm Thin-Film microVCSELs for highly parallel, ultra-low-power optical interconnects as technology breakthrough shown, Credo-led OCP Short-Reach Micro-Emitter Optics standardization* effort and its micro-emitters part of Credo’s Active Light Cable demonstration.

Outlook

• Q4/26: revenues at EUR 750 m to 850 m, adj. EBITDA margin of 16.0 % ± 1.5 %
• FY27: path to positive Free Cash Flow confirmed

ams OSRAM delivered continued core growth in Q3 despite significant portfolio effects on reported results, while further progress in AI Photonics moves the technology closer to commercialization.

“We are increasingly seeing the strength of our reshaped core portfolio while turning our technology leadership in Digital Photonics into tangible commercial opportunities. AI Photonics, targeting data center optical interconnects, moves closer to commercialization. We are building the next growth chapter for ams OSRAM with a stronger portfolio, an improved financial profile and a clear focus on profitable growth with differentiating technology,” said Aldo Kamper, CEO of ams OSRAM.

Q3/26 – Group Financial Summary

*Short-Reach Micro-Emitter Optics (SRMO) - Open Compute Project

Group revenues reached EUR 829 million, up 3% sequentially, driven by continued growth in Opto Semiconductors and the seasonal upswing in the traditional automotive lamps business. Reported revenues declined 3% year-on-year, reflecting mainly significant portfolio changes. On a like-for-like basis and at constant currencies, the semiconductor core portfolio grew approximately 3% year-on-year led by 8% comparable growth in Opto Semiconductors, despite continued weakness in the Chinese smartphone market impacting Light Sensors & Photonics (LSP, formerly CMOS Sensors & ASICs).

Adjusted EBITDA was EUR 135 million, translating into an adjusted EBITDA margin of 16.3%, above the midpoint of guidance. The margin reflected the softer portfolio mix following the sale of the non-optical sensor business and the related manufacturing services at non-accretive margins. Reported EBITDA of EUR 503 million and reported net result of EUR 319 million primarily reflected the income from selling the non-optical mixed-signal sensor business.

Q3/26 - Cash Generation & Financial Position

Free cash flow primarily reflected proceeds from the non-optical sensor divestment, significantly strengthening the Group’s financial position. Excluding divestment proceeds, cash generation was impacted by the further reduction of factoring and the semi-annual senior notes interest payment.

Execution of the Simplify program continued during the quarter, delivering more than EUR 20 million of run-rate savings to date towards the target of EUR 200 million by FY28.

Q3/26 - Digital Photonics: Commercialization Progress

AI Photonics: The Company advanced its 850 nm Thin-Film microVCSEL platform for highly parallel, ultra-low-power optical interconnects for next-generation AI infrastructure, demonstrating error-free 32 Gb/s operation at approximately 0.25 pJ/bit. At the same time, the ecosystem around the wide-and-slow architecture continues to expand, including ams OSRAM’s participation in the Credo-led SRMO OCP initiative for interoperable short-reach micro-emitter optical links and micro-emitters featured in Credo’s Active Light Cable (ALC) demonstration.

Q3/26 - Business Unit (BU) Results & Industry Update

Semiconductor Business

Semiconductor revenues were EUR 625 million in Q3 2026, up 1% sequentially and down 2% year-on-year on a reported basis, with portfolio changes and softer consumer demand masking continued growth in the core business.

Optical Semiconductors (OS) delivered another strong quarter, with broad-based growth across end markets and adjusted EBITDA margin improving sequentially to 19.2% on higher volumes and better factory performance.

Light Sensors & Photonics (LSP) primarily reflected selling the non-optical sensor business to Infineon, softer consumer demand in China and the transition to manufacturing services.

Semiconductors industry dynamics

Automotive remained broadly stable year-on-year as continued content and market-share gains helped offset softer market conditions. Excluding portfolio effects, automotive semiconductor business grew by approx. 4 % year-on-year. Industrial & Medical grew 12% year-on-year, supported by the ongoing industrial recovery and strength in horticulture, visualization and sensing. Excluding portfolio effects, I&M grew by approx. 23% year-on-year. Consumer declined 13%, mainly reflecting weakness in the smartphone market and portfolio effects.

Lamps & Systems Business (L&S, traditional auto lamps):

L&S showed also a portfolio effect: reported revenues declined 6% year-on-year as a result of the divestiture of the industrial- and entertainment business, while the remaining business grew 9%, continuing to demonstrate strong momentum and market-share gains amid structural shifts in the competitive landscape. Revenues increased 11% sequentially on normal seasonality, while the adjusted EBITDA margin expanded to 23.1% on higher volumes and improved factory performance.

Outlook

For Q4 2026, ams OSRAM expects revenues of EUR 750 – 850 million and an adjusted EBITDA margin of 16.0% ± 1.5 percentage points, based on an assumed EUR/USD exchange rate of 1.12. The outlook reflects normal seasonality, with lower semiconductor revenue expected to be partly offset by the seasonal peak in the traditional automotive lamps business. The impact of portfolio divestitures is of the order of EUR 75 million compared to Q4 2025.

For FY27, the company continues to see a clear path to positive free cash flow.

Additional Information

Additional financial information as well as a comprehensive investor presentation for the third quarter 2026 is available on the company website.

ams OSRAM will host a press call as well as a conference call for analysts and investors on the third quarter 2026 results on Friday, 13 November 2026. The conference call for analysts and investors will start at 9:45 a.m. CET and can be joined via webcast. The conference call for journalists will take place at 11:00 a.m. CET.

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