ams OSRAM delivers Q2 at guidance high end and readies microLED arrays for next-generation AR smart glasses

Key Performance Update Q2/26

• Revenues EUR 805 m, 16.9 % adjusted EBITDA margin, at the high end of the guidance; 14.2 % (non-adjusted) EBITDA margin
• +13 % year-on-year like-for-like growth of the semiconductor core portfolio at constant FX
• Design-wins of more than EUR 1.6 bn in semis (H1/26: approx. EUR 2.5 bn)
• EUR 1 bn of new senior notes at 7.25 % placed, saving annual interest cost of approx. EUR 40 m

Digital Photonics Strategy Progress

• Augmented Reality smart glasses: microLED-array based RGB light engines continued to achieve key development milestones for next-generation smart glasses, validating performance leadership and advancing step-by-step towards mass-production readiness.
• AI Photonics: launched development of micro-photodiode arrays for emerging "slow & wide" AI datacenter optical interconnect architectures, expanding BoM coverage
• Divestments: closed the sale of the non-optical sensor business to Infineon 01 July 2026 and signed the sale of CMOS image sensor business to Indie Semiconductors early May 2026

Outlook Q3/26

• Q3/26: Revenues expected at EUR 770 m to 870 m; adjusted EBITDA margin of 16.0 % +/- 1.5 %, at an assumed EUR/USD exchange rate of 1.15, reflecting a normal to good seasonal uplift and continued content growth in the semiconductor business.
• The guidance fully reflects the deconsolidation of the non-optical sensor business sold to Infineon, which would otherwise contribute approximately a further EUR 40 m of revenues and EUR 20 m of adjusted EBITDA in Q3/26.

Comments on FY26 & FY27

• FY26: Outlook unchanged; revenue slightly lower due to divestments and FX; temporary pressure on adjusted EBITDA impacted by transition year 2026 one-offs.
• FY26: 120-150 m EUR tender offer for pro-rata buy-back of 2027 convertible bonds and 2029 senior notes: In line with the respective terms and conditions, the company intends to launch a pro-rata public tender offer within 120 days of 01 July 2026 closing of the non-optical sensor business sale to Infineon. The offer will cover the net proceeds of the disposal as required thereunder.
• FY27: path to positive Free Cash Flow in sight (including net interest and excluding divestments).

Premstaetten, Austria, and Munich, Germany (04 August 2026) – ams OSRAM delivers Q2 at guidance high end and readies microLED arrays for next-generation AR smart glasses
“Building on strong core business performance, we are sharpening our focus on Digital Photonics as a key growth driver. Effective July 1, we established dedicated Digital Photonics business lines to accelerate execution and scale our innovation pipeline. We achieved key milestones towards mass-production readiness of our novel microLED array based light engines for next-generation AR smart glasses. In parallel, we are advancing AI photonics with expanding our product portfolio. The momentum towards becoming the leader in Digital Photonics is building and will increasingly translate into our financials.” said Aldo Kamper, CEO of ams OSRAM.

TrendForce 2025 Near-Eye Display Market Trend and Technology Analysis
Publication Date : 29 August 2025
Language : Traditional Chinese / English
Format : PDF
Page Number: 168

TrendForce 2026 Micro LED Display and Non-Display Application Market Analysis
Release: 30 September 2026
Format: PDF
Language: Traditional Chinese / English