ams-OSRAM AG Unsponsored ADR (OTCMKTS:AMSSY – Get Free Report) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totaling 5,691 shares, a growth of 5,648.5% from the September 15th total of 99 shares. Currently, 0.0% of the company’s stock are sold short. Based on an average daily trading volume, of 25,820 shares, the days-to-cover ratio is currently 0.2 days.
ams-OSRAM Stock Down 6.5% OTCMKTS:AMSSY opened at $12.80 on Friday. The firm’s 50-day moving average price is $11.77 and its 200-day moving average price is $10.49. The company has a market capitalization of $2.56 billion, a PE ratio of -6.70 and a beta of 1.75. The company has a debt-to-equity ratio of 3.10, a current ratio of 1.31 and a quick ratio of 0.90. ams-OSRAM has a 1-year low of $4.19 and a 1-year high of $15.36.
ams-OSRAM (OTCMKTS:AMSSY – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.26). ams-OSRAM had a negative return on equity of 7.58% and a negative net margin of 9.74%. The business had revenue of $935.84 million during the quarter, compared to the consensus estimate of $931.43 million. On average, equities analysts predict that ams-OSRAM will post -0.07 EPS for the current fiscal year.
ams-OSRAM Company Profile (Get Free Report) ams-OSRAM AG is a global provider of optical solutions, combining semiconductor technologies with illumination and sensing products. The company develops and manufactures light-emitting diodes, laser emitters, optical sensors, detectors, and related components used in automotive, industrial, medical, consumer, and other specialized applications.
Its products support functions such as vehicle lighting and displays, environmental and biometric sensing, machine vision, horticultural lighting, professional illumination, and imaging.
See Also Five stocks we like better than ams-OSRAM Alphabet Introduces Gemini Agent—Can It Trigger a Breakout? Palantir’s Rally Puts Wall Street in Catch-Up Mode Ahead of November Earnings Tilray Finds a Path to Growth Without Waiting on U.S. Cannabis Reform Arista Networks Plugs Into All-Time Highs Receive News & Ratings for ams-OSRAM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ams-OSRAM and related companies with MarketBeat.com's FREE daily email newsletter.
ams-OSRAM AG Unsponsored ADR (OTCMKTS:AMSSY – Get Free Report) gapped down prior to trading on Wednesday. The stock had previously closed at $13.62, but opened at $12.93. ams-OSRAM shares last traded at $13.00, with a volume of 1,175 shares changing hands.
ams-OSRAM Trading Up 0.4% The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of -6.80 and a beta of 1.75. The company has a debt-to-equity ratio of 3.10, a current ratio of 1.31 and a quick ratio of 0.90. The business’s 50-day simple moving average is $11.23 and its two-hundred day simple moving average is $10.14.
ams-OSRAM (OTCMKTS:AMSSY – Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.26). ams-OSRAM had a negative return on equity of 7.58% and a negative net margin of 9.74%.The business had revenue of $935.84 million for the quarter, compared to analysts’ expectations of $931.43 million. On average, research analysts anticipate that ams-OSRAM AG Unsponsored ADR will post -0.07 earnings per share for the current fiscal year.
About ams-OSRAM (Get Free Report) ams-OSRAM AG is a global provider of optical solutions, combining semiconductor technologies with illumination and sensing products. The company develops and manufactures light-emitting diodes, laser emitters, optical sensors, detectors, and related components used in automotive, industrial, medical, consumer, and other specialized applications.
Its products support functions such as vehicle lighting and displays, environmental and biometric sensing, machine vision, horticultural lighting, professional illumination, and imaging.
Further Reading Five stocks we like better than ams-OSRAM Everyone in AI Is Quietly Copying Palantir’s Playbook Advanced Micro Devices Is Spending $8.2 Billion to Learn What AI Needs Next JPMorgan Bets on Genius Sports as the Market Loses Patience Apple’s $5.7 Billion Patent Verdict Raises a Bigger Royalty Question Receive News & Ratings for ams-OSRAM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ams-OSRAM and related companies with MarketBeat.com's FREE daily email newsletter.
Shares of ams-OSRAM AG Unsponsored ADR (OTCMKTS:AMSSY – Get Free Report) shot up 22.2% during mid-day trading on Tuesday . The company traded as high as $12.86 and last traded at $12.51. 10,703 shares changed hands during trading, an increase of 73% from the average session volume of 6,169 shares. The stock had previously closed at $10.24.
ams-OSRAM Price Performance The firm has a 50 day moving average price of $10.93 and a 200 day moving average price of $9.83. The stock has a market capitalization of $2.91 billion, a PE ratio of -7.63 and a beta of 1.75. The company has a current ratio of 1.31, a quick ratio of 0.90 and a debt-to-equity ratio of 3.10.
ams-OSRAM (OTCMKTS:AMSSY – Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.26). The company had revenue of $935.84 million for the quarter, compared to analysts’ expectations of $931.43 million. ams-OSRAM had a negative net margin of 9.74% and a negative return on equity of 7.58%. Research analysts anticipate that ams-OSRAM AG Unsponsored ADR will post -0.07 earnings per share for the current year.
ams-OSRAM Company Profile (Get Free Report) ams-OSRAM AG is a global provider of optical solutions serving the automotive, industrial, medical and consumer electronics markets. The company develops and manufactures light-emitting diodes, infrared and laser technologies, optical sensors and related semiconductor components.
Its products are used in applications such as vehicle lighting and sensing, projection, smartphones and other consumer devices, industrial automation, healthcare equipment, horticultural lighting and specialty illumination.
Further Reading Five stocks we like better than ams-OSRAM Chips to Bots: Qualcomm’s Agentic AI Breakout Ciena Fell 40%—Now One Analyst Sees 50% Upside Energy Transfer Taps the AI Power Boom Viking’s Obesity Edge May Be Staying Power, Not Weight Loss Receive News & Ratings for ams-OSRAM Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ams-OSRAM and related companies with MarketBeat.com's FREE daily email newsletter.
ams-OSRAM (OTCMKTS:AMSSY – Get Free Report) and T1 Energy (NYSE:TE – Get Free Report) are both technology companies, but which is the superior stock? We will compare the two companies based on the strength of their earnings, risk, institutional ownership, profitability, analyst recommendations, valuation and dividends.
Institutional & Insider Ownership 52.3% of T1 Energy shares are held by institutional investors. 22.4% of T1 Energy shares are held by company insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a stock is poised for long-term growth.
Earnings & Valuation This table compares ams-OSRAM and T1 Energy”s gross revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio ams-OSRAM $3.76 billion 0.60 -$147.08 million ($1.91) -5.91 T1 Energy $755.29 million 1.91 -$367.83 million ($1.98) -2.47 ams-OSRAM has higher revenue and earnings than T1 Energy. ams-OSRAM is trading at a lower price-to-earnings ratio than T1 Energy, indicating that it is currently the more affordable of the two stocks.
Volatility and Risk ams-OSRAM has a beta of 1.75, meaning that its stock price is 75% more volatile than the S&P 500. Comparatively, T1 Energy has a beta of 2.25, meaning that its stock price is 125% more volatile than the S&P 500.
Analyst Recommendations This is a summary of current recommendations and price targets for ams-OSRAM and T1 Energy, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score ams-OSRAM 1 2 1 0 2.00 T1 Energy 1 2 5 1 2.67 T1 Energy has a consensus price target of $9.12, indicating a potential upside of 86.41%. Given T1 Energy’s stronger consensus rating and higher probable upside, analysts plainly believe T1 Energy is more favorable than ams-OSRAM.
Profitability This table compares ams-OSRAM and T1 Energy’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets ams-OSRAM -9.74% -7.58% -1.01% T1 Energy -38.49% -149.67% -20.46% Summary T1 Energy beats ams-OSRAM on 9 of the 15 factors compared between the two stocks.
About ams-OSRAM (Get Free Report)
ams-OSRAM AG designs, manufactures, and sells LED and optical sensor solutions in Europe, the Middle East, Africa, the Americas, and Asia/Pacific. The company operates in Semiconductors and Lamps & Systems segments. The Semiconductors segment offers semiconductor-based products and solutions, such as high-performance LEDs, lasers, and optical sensors for automotive, consumer, and industrial and medical technology end markets. The Lamps & Systems segment provides lamps and lighting systems for the automotive, industrial, and medical end markets. The company was formerly known as ams AG and changed its name to ams-OSRAM AG in January 2022. ams-OSRAM AG is headquartered in Premstätten, Austria.
About T1 Energy (Get Free Report)
T1 Energy Inc. is an energy solutions provider building an integrated supply chain for solar and batteries. T1 Energy Inc. , formerly known as FREYR Battery, is based in NEW YORK.
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ams-OSRAM AG Unsponsored ADR (OTCMKTS:AMSSY - Get Free Report) saw a significant increase in short interest in the month of July. As of July 31st, there was short interest totaling 10,987 shares, an increase of 3,999.6% from the July 15th total of 268 shares. Based on an average daily volume of 11,900 shares, the short-interest
ams-OSRAM AG (AMSSY) Q2 2026 Earnings Call August 4, 2026 3:45 AM EDT
Company Participants
Juergen Rebel - Senior Vice President of Investor Relations
Aldo Kamper - Chairman of the Management Board & CEO
Rainer Irle - CFO & Member of Management Board
Conference Call Participants
Janardan Menon - Jefferies LLC, Research Division
Sébastien Sztabowicz - Kepler Cheuvreux, Research Division
Amelia Banks
Craig Mcdowell - JPMorgan Chase & Co, Research Division
Harry Blaiklock - UBS Investment Bank, Research Division
Robert Sanders - Deutsche Bank AG, Research Division
Presentation
Operator
Ladies and gentlemen, welcome to the ams Osram conference call on second quarter 2026 results and live webcast. I am Sergen, the conference call operator. I would like to remind you that all participants will be in a listen-only mode, and the conference is being recorded. The presentation will be followed by a Q&A session. [Operator Instructions]. At this time, it is my pleasure to hand over to you, Mr. Rebel, Head of Investor Relations. Please go ahead.
Juergen Rebel
Senior Vice President of Investor Relations
Good morning. This is Juergen speaking. Welcome to our second quarter 2026 earnings call. Aldo, our CEO, will comment on business performance and strategic progress, and Rainer, our CFO, will walk you through the financials. Please refer to the Q2 earnings call presentation that is available on our website. With that, Aldo, please take us through the quarter.
Aldo Kamper
Chairman of the Management Board & CEO
Thank you, Juergen, and also good morning from my side. We delivered another strong quarter, with revenue and adjusted EBITDA both landing at the high end of our guidance range, while continuing to execute on our Digital Photonics strategy. Let us turn to slide three. Our semiconductor core business grew 13% year-on-year on a like-for-like basis, driven by automotive strength and improving industrial demand. It is nearly twice the growth implied by our
PREMSTAETTEN, Austria & MUNICH--(BUSINESS WIRE)--ams OSRAM (SWX:AMS):
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). “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.
Q2/26 - Business and Earnings Summary
in EUR million (except per share data)
Q2 2026
Q1 2026
QoQ
Q2 2025
YoY
Revenues
805
796
+1 %
775
+4 %
EBITDA margin adj. % 1)
16.9 %
16.5 %
+40 bps
18.8 %
-190 bps
EBITDA adj. 1)
136
131
+4 %
145
-6 %
EBITDA margin %
14.2 %
8.0 %
+620 bps
19.0 %
-480 bps
EBITDA
115
64
+80 %
147
-22 %
Net result adj. 1)
-55
-72
+23 %
18
n.m. 2)
Diluted EPS (adj., in EUR)
-0.56
-0.74
+24 %
0.18
n.m. 2)
Net result
-121
-154
+21 %
1
n.m. 2)
Diluted EPS (in EUR)
-1.22
-1.57
+22 %
0.01
n.m. 2)
In Q2, group revenues reached EUR 805 million, coming in at the upper end of the guided range. Revenues increased by 1 % quarter-on-quarter, reflecting strong business in automotive and industrial semiconductors and a strong automotive lamps business compensating for the deconsolidation of the Entertainment & Industry Lamps (‘Specialty Lamps’) business following its sale to Ushio Inc.
Year-on-year, group revenues increased despite FX headwinds, the exit of non-core semiconductor activities (‘Re-establish the Base’) and the divestment of the Specialty Lamps business. At a constant EUR/USD exchange rate and on a like-for-like basis, revenues from the core portfolio increased by approximately 9 %.
Adjusted EBITDA margin was 16.9 % at the high end of the guided range, with adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, and amortization) of EUR 136 million. The (non-adjusted) EBITDA margin stood at 14.2%, with (non-adjusted) EBITDA of EUR 115 million.
Adjusted net result amounted to EUR minus 55 million, reflecting higher net financing cost that are strongly driven by expenses for call premiums in relation with the early redemption of a large part of our Senior Notes due 2029 besides recurring quarterly transformation-related charges, purchase price allocation and share-based compensation. (Non-adjusted) net result came in at minus EUR 121 million.
Q2/26 - Digital Photonics: Progress Update
Digital Photonics is the core driver of the Company’s long‑term growth strategy, combining advanced, pixelated emitters, sensors and electronics to digitally control light emission and optical sensing. This technology enables dynamic lighting, light‑based sensing, projection, directed energy and high‑speed data communication.
In Q2 2026, the Company made further progress in executing its Digital Photonics strategy:
Augmented Reality, AI‑enabled smart glasses with advanced displays represent a major growth opportunity. During the quarter the Company completed key development milestones towards mass-production readiness for the light source of next-generation AR light engines. Based on its proprietary micro-LED array technology, this Digital Photonics component delivers industry-leading performance and is designed to enable advanced AR use cases while meeting the requirements for everyday wearability. The Company continues to see a market outlook consistent with leading industry forecasts that project substantial growth in smart-glasses adoption through 2030. AI Photonics, highly parallel optical interconnects based on advanced micro-emitter arrays represent an attractive growth opportunity in next-generation AI data center architectures. Following successful development progress on the ‘transmit’ side, the Company has initiated full product development for the ‘receive’ channel, expanding its participation in emerging “slow-and-wide” optical interconnect solutions. This development increases potential bill-of-materials content and supports the Company’s longer-term objective of offering a complete optical engine. Such architectures offer compelling advantages in power efficiency, thermal management, reliability and system scalability. Advanced optical sensing: The Company’s multi-zone Time-of-Flight sensor (TMF8829) significantly advances 3D depth-sensing performance, offering up to 48×32 measurement zones compared to the 8×8 resolution of conventional solutions. The product is expected to enter commercial robotics and smartphone applications, enabling enhanced spatial awareness for autonomous systems and improving imaging performance in mobile devices. Q2/26 – Implementation of ‘Simplify’ Program
The ‘Simplify’ transformation and savings program (launched on 07 Feb 2026) targets additional EUR 200 million run‑rate savings by FY28 and impacting around 2,000 employees, roughly half of them in Europe. Negotiations with the workers’ council have been concluded recently, enabling the stringent execution according to plan.
The continued implementation of the program delivered approximately EUR 10 million run-rate savings to date as of end of the second quarter.
Q2/26 - Cash Generation & Balance Sheet Update
Free cash flow – defined as operating cash flow including net interest paid minus cash flow from CAPEX including related grants plus proceeds from divestments – came in negative with EUR -119 million, driven by reduction of factoring, transformation cost for the ‘Simplify’ program and higher interest cost, due to paying related interest from the repaid 2029 senior notes. A year ago, this figure stood at minus EUR 14 million.
in EUR million
Q2 2026
Q1 2026
QoQ
Q2 2025
YoY
FCF (incl. net interest paid, adj.)
-119
37
n.m. 2)
-14
n.m. 2)
Cash on hand
994
1,317
-25 %
511
+95 %
Net debt
1,288
1,071
+20 %
1,570
-18 %
Kulim-2 SLB (Sale-and-Lease-Back) 1)
457
454
+1 %
420
+9 %
Net debt (incl. SLB)
1,744
1,525
+14 %
1,990
-12 %
OSRAM minority put options
479
495
-3 %
570
-16 %
Under its accelerated and comprehensive plan to deleverage its balance sheet (announced 30 April 2025), the company has entered into multiple divestment agreements. These include the sale of its Specialty Lamps business to Ushio Inc., closed early March 2026, the divestment of its non-optical mixed-signal sensor business to Infineon, closed on 1 July 2026 and the divestment of its CMOS image sensor business to Indie, signed early May 2026.
In total, the company expects therefore approx. EUR 700 million proceeds, of which around EUR 660 million were received to date, with the closing of the sale of the image sensor business pending.
As of 30 June 2026, the company held cash and cash equivalents of EUR 994 million (the proceeds from the divestment of the non-optical sensor business were received on 01 July 2026).
Consequently, the net debt position stood at EUR 1,288 million at the end of Q2/26, compared to EUR 1,071 million at the end of Q1/26. The equivalent value of the Malaysia sale-and-leaseback (SLB) Malaysia transaction increased by EUR 3 million, reflecting the net effect of quarterly accrued interest and movements in the MYR exchange rate.
At the end of Q2/26, the Group held approx. 89 % of the shares of OSRAM Licht AG.
Q2/26 - Business Unit (BU) Results & Industry Update
Semiconductor Business
Semiconductor revenues amounted to EUR 621 million in Q2 2026, compared to EUR 583 million a year ago. The core portfolio continued to grow, supported by custom sensor products that were introduced two years ago, which largely offset the impact from divested or discontinued non‑core activities. On a comparable basis, semiconductor growth was approx. 13 %, adjusting for the EUR/USD headwind (approx. EUR 11 million) and the discontinued non‑core portfolio.
in EUR million
Q2 2026
Q1 2026
QoQ
Q2 2025
YoY
Opto Semiconductors (OS)
Revenue
364
327
+11 %
344
+6 %
EBITDA margin adj. %
17.7 %
16.8 %
+90 bps
22.9 %
-520 bps
EBITDA adj.
65
55
+18 %
79
-18 %
EBITDA margin %
14.2 %
2.5 %
+1170 bps
17.6 %
-340 bps
EBITDA
52
8
+524 %
61
-15 %
CMOS Sensors & ASICs (CSA)
Revenue
257
224
+14 %
239
+7 %
EBITDA margin adj. %
16.3 %
10.9 %
+540 bps
18.0 %
-170 bps
EBITDA adj.
42
24
+75 %
43
-2 %
EBITDA margin %
13.9 %
7.8 %
+610 bps
15.0 %
-110 bps
EBITDA
36
17
+104 %
36
+0 %
Semiconductors by industry
Automotive
231
217
+6 %
229
+1 %
I&M
204
156
+31 %
171
+19 %
Consumer
186
178
+4 %
183
+2 %
Total Semiconductors (sum)
621
551
+13 %
583
+7 %
Optical Semiconductors (OS)
In OS, business improved across the board both seasonally and structurally with showing strong growth sequentially, but also in a year-on-year comparison. In automotive, strong order entry was driven by content and market-share gains including potentially some supply-chain restocking against the backdrop of weaking global car production and soft car sales in certain regions. In Industrial, a strong improvement in horticulture and broad-based momentum in industrial applications drove the good quarterly contribution despite continued macro uncertainty. Short-term ordering patterns remained the norm, especially in automotive. Adjusted EBITDA improved to EUR 65 million from EUR 55 million in Q1 reflecting operating leverage, partly offset by inventory revaluation related to factor cost movements and product mix changes. (Non-adjusted) EBITDA reached EUR 52 million, reflecting the same underlying drivers, compared to Q1 which was impacted by one-time transformation cost accruals. Year-on-year, adjusted and non-adjusted EBITDA were lower primarily due to FX headwinds in the cost base and high raw material cost.
CMOS Sensors & ASICs (CSA):
CSA revenues improved to EUR 257 million from EUR 224 million in Q1/26, driven by seasonality across the consumer portfolio and strong traction in the non-optical sensor business (which was transferred to Infineon 01-July-2026, whilst manufacturing services continue). Profitability scaled largely in line with revenue growth. Adjusted EBITDA rose to EUR 42 million from EUR 24 million in Q1/26, demonstrating strong operating leverage. Non-adjusted EBITDA came in at EUR 36 million. Compared to the prior year, adjusted and non-adjusted EBITDA reflected higher R&D investments funding strategic growth initiatives as well as FX headwinds.
Semiconductors industry dynamics
Automotive:
Automotive revenues increased quarter-on-quarter based on a strong order entry driven by content and share gains and potentially some supply-chain restocking against the backdrop of weaking global car production and soft car sales in certain regions. Customers continued to order on very short notice. Year-on-year, Automotive increased by 1 % including FX headwinds. The LED / Opto Semiconductors automotive business grew approx. 5 % on a like-for-like basis year-on-year.
Industrial & Medical (I&M):
I&M revenues increased sharply by 31 % quarter‑on‑quarter to EUR 204 million, reflecting an industrial recovery, strong horticulture business with share gains and strong order entry ahead of the deconsolidation of non-optical sensor business. Year‑on‑year, I&M surged by 19 % in line with the broader industrial recovery and share gains in horticulture as an example.
Consumer:
Consumer revenues improved seasonally to EUR 186 million from EUR 178 million in Q1/26. Towards the end of the quarter, signs of weakening demand showed up in components for Android based smart phones, driven by the known shortages in memory products that lead to lower production rates at phone makers. Year‑on‑year, revenues increased by 2 % despite the exit of non-core portfolio products and FX headwinds. On a like-for-like basis, consumer revenues grew approx. 15 % in a year-on-year comparison.
Lamps & Systems Business (L&S, traditional auto & industrial lamps):
Lamps & Systems accounted for approx. 23 % of Group revenues in Q2/26. Reflecting the deconsolidation of the Specialty Lamps business, revenues declined 25 % quarter-on-quarter. Within the remaining automotive-focused business, revenues decreased 17 %, consistent with normal seasonality.
in EUR million
Q2 2026
Q1 2026
QoQ
Q2 2025
YoY
Revenue (reported)
184
244
-25 %
192
-4 %
Revenue (excl. divested biz)
175
211
-17 %
153
+14 %
EBITDA margin adj. %
18.3 %
22.8 %
-450 bps
15.2 %
+310 bps
EBITDA adj.
34
56
-40 %
29
+16 %
EBITDA margin
17.2 %
17.8 %
-53 bps
10.5 %
+670 bps
EBITDA
32
43
-27 %
20
+57 %
This is particularly evident in the year-on-year comparison when only looking at the remaining automotive business. Business improved by 14%, highlighting the Company’s ability to capture meaningful share gains amid structural shifts in the competitive landscape.
Adj. EBITDA declined to EUR 34 million from EUR 56 million in Q1/26, driven by lower production volumes and the deconsolidation effect of the sold Specialty Lamps business. As a result, the adjusted EBITDA margin landed at a still very strong 18.3 %. Non-adjusted EBITDA margin came in at 17.2 %. Year-on-year, profitability improved meaningfully. Adj. EBITDA rose from EUR 29 million to EUR 34 million in Q2/26. (Non-adjusted) EBITDA even improved by 57% and landed at EUR 32 million.
Guidance for the third quarter 2026
Important note: due to closing the sale of the non-optical sensor business to Infineon on 01-July-2026, the typical seasonal upswing into the second half is masked by deconsolidation of this business.
Business guidance
in EUR million
Q3 2026
low
mid
high
Revenue
770
820
870
quarter-on-quarter
-4 %
+2 %
+8 %
EBITDA margin adj. %
14.5 %
16.0 %
17.5 %
For its semiconductor business, the Company expects:
Automotive: strengthening demand in line with content growth and seasonal patterns; short-term ordering patterns remain the norm. Industrial: continued gradual market recovery, albeit at a reduced reported revenue base following deconsolidation of the non-optical sensor business. Consumer: soft seasonal upswing in view of modest global smartphone sales outlook. Overall, the semiconductor business is expected to stay broadly flat – reflecting the normal seasonal uplift and structural growth offset by the deconsolidation of the non-optical sensor business.
For its traditional automotive lamps business, the Company expects a quarter‑on‑quarter revenue increase in line with the typical seasonal pattern of the automotive aftermarket lighting business.
As a result, the Group expects third quarter revenues in a range of EUR 770 to 870 million assuming a EUR/USD exchange rate of 1.15. The impact of the weaker USD on revenues compared to a year ago is of the order of EUR 10 million. The impact of the sale of the non-optical sensor business to Infineon is of the order of EUR 40 million and 20 million EUR EBITDA and thus reducing the typical upswing into the third quarter.
The company expects adjusted EBITDA to come in at 16.0 % +/-1.5 % in line with revenue development and the margin dilution effect caused by the deconsolidation of the non-optical sensor business whilst still providing manufacturing services to the buyer at a service margin.
Comments on FY26 & FY27
The FY26 expectations remain broadly unchanged versus three months ago.
In light of the divestments and a weaker USD, the company continues to anticipate a slight year-on-year softening in revenue. Adjusted EBITDA is expected to be negatively affected by various one-off impacts, including effects related to divestments, stranded costs, higher precious-metal prices and other temporary factors.
For FY27, the company continues to see a path to return to positive Free Cash Flow (including net interest, excluding divestments).
Additional Information
Additional financial information as well as a comprehensive investor presentation for the second 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 second quarter 2026 results on Tuesday, 04 August 2026. The conference call for analysts and investors will start at 9:45 a.m. CEST and can be joined via webcast. The conference call for journalists will take place at 11:00 a.m. CEST.
The price trend for ams-OSRAM AG Unsponsored ADR (AMSSY - Free Report) has been bearish lately and the stock has lost 18.3% over the past week. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.
While the formation of a hammer pattern is a technical indication of nearing a bottom with potential exhaustion of selling pressure, rising optimism among Wall Street analysts about the future earnings of this company is a solid fundamental factor that enhances the prospects of a trend reversal for the stock.
What is a Hammer Chart and How to Trade It?This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'
In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.
When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.
Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.
Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.
Here's What Makes the Trend Reversal More Likely for AMSSYAn upward trend in earnings estimate revisions that AMSSY has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. That's because empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
The consensus EPS estimate for the current year has increased 190.9% over the last 30 days. This means that the Wall Street analysts covering AMSSY are majorly in agreement about the company's potential to report better earnings than what they predicted earlier.
If this is not enough, you should note that AMSSY currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Moreover, a Zacks Rank of 2 for ams-OSRAM AG Unsponsored ADR is a more conclusive indication of a potential trend reversal, as the Zacks Rank has proven to be an excellent timing indicator that helps investors identify precisely when a company's prospects are beginning to improve.
Investors interested in Computer and Technology stocks should always be looking to find the best-performing companies in the group. Has ams-OSRAM AG Unsponsored ADR (AMSSY - Free Report) been one of those stocks this year? Let's take a closer look at the stock's year-to-date performance to find out.
ams-OSRAM AG Unsponsored ADR is one of 613 individual stocks in the Computer and Technology sector. Collectively, these companies sit at #2 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. ams-OSRAM AG Unsponsored ADR is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for AMSSY's full-year earnings has moved 128.6% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.
According to our latest data, AMSSY has moved about 130.2% on a year-to-date basis. Meanwhile, stocks in the Computer and Technology group have gained about 14.7% on average. This means that ams-OSRAM AG Unsponsored ADR is performing better than its sector in terms of year-to-date returns.
One other Computer and Technology stock that has outperformed the sector so far this year is Advanced Micro Devices (AMD - Free Report) . The stock is up 149.5% year-to-date.
Over the past three months, Advanced Micro Devices' consensus EPS estimate for the current year has increased 8.1%. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, ams-OSRAM AG Unsponsored ADR belongs to the Electronics - Semiconductors industry, a group that includes 50 individual companies and currently sits at #43 in the Zacks Industry Rank. On average, stocks in this group have gained 43.2% this year, meaning that AMSSY is performing better in terms of year-to-date returns.
Advanced Micro Devices, however, belongs to the Computer - Integrated Systems industry. Currently, this 11-stock industry is ranked #6. The industry has moved +115.3% so far this year.
Going forward, investors interested in Computer and Technology stocks should continue to pay close attention to ams-OSRAM AG Unsponsored ADR and Advanced Micro Devices as they could maintain their solid performance.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) and ams-OSRAM (OTCMKTS:AMSSY – Get Free Report) are both computer and technology companies, but which is the superior business? We will contrast the two companies based on the strength of their valuation, analyst recommendations, earnings, risk, institutional ownership, profitability and dividends.
Profitability This table compares Credo Technology Group and ams-OSRAM’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Credo Technology Group 31.81% 29.63% 26.20% ams-OSRAM -3.76% 6.11% 0.96% Institutional and Insider Ownership 80.5% of Credo Technology Group shares are held by institutional investors. 11.8% of Credo Technology Group shares are held by company insiders. Strong institutional ownership is an indication that endowments, hedge funds and large money managers believe a company will outperform the market over the long term.
Valuation & Earnings This table compares Credo Technology Group and ams-OSRAM”s top-line revenue, earnings per share (EPS) and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Credo Technology Group $436.77 million 42.84 $52.18 million $1.80 56.36 ams-OSRAM $3.76 billion 0.26 -$147.08 million ($0.71) -6.85 Credo Technology Group has higher earnings, but lower revenue than ams-OSRAM. ams-OSRAM is trading at a lower price-to-earnings ratio than Credo Technology Group, indicating that it is currently the more affordable of the two stocks.
Analyst Ratings This is a summary of current ratings and recommmendations for Credo Technology Group and ams-OSRAM, as reported by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Credo Technology Group 0 2 13 2 3.00 ams-OSRAM 1 3 0 0 1.75 Credo Technology Group presently has a consensus target price of $206.33, suggesting a potential upside of 103.38%. Given Credo Technology Group’s stronger consensus rating and higher possible upside, equities research analysts clearly believe Credo Technology Group is more favorable than ams-OSRAM.
Volatility & Risk Credo Technology Group has a beta of 2.72, meaning that its share price is 172% more volatile than the S&P 500. Comparatively, ams-OSRAM has a beta of 1.06, meaning that its share price is 6% more volatile than the S&P 500.
Summary Credo Technology Group beats ams-OSRAM on 14 of the 15 factors compared between the two stocks.
About Credo Technology Group (Get Free Report)
Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables. The company also offers intellectual property solutions consist of SerDes IP licensing. It sells its products to hyperscalers, original equipment manufacturers, original design manufacturers and optical module manufacturers, as well as into the enterprise and HPC markets. The company was founded in 2008 and is based in Grand Cayman, Cayman Islands.
About ams-OSRAM (Get Free Report)
ams-OSRAM AG designs, manufactures, and sells LED and optical sensor solutions in Europe, the Middle East, Africa, the Americas, and Asia/Pacific. The company operates in Semiconductors and Lamps & Systems segments. The Semiconductors segment offers semiconductor-based products and solutions, such as high-performance LEDs, lasers, and optical sensors for automotive, consumer, and industrial and medical technology end markets. The Lamps & Systems segment provides lamps and lighting systems for the automotive, industrial, and medical end markets. The company was formerly known as ams AG and changed its name to ams-OSRAM AG in January 2022. ams-OSRAM AG is headquartered in Premstätten, Austria.
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ams-OSRAM (OTCMKTS:AMSSY – Get Free Report) and Lattice Semiconductor (NASDAQ:LSCC – Get Free Report) are both computer and technology companies, but which is the superior stock? We will compare the two companies based on the strength of their profitability, risk, analyst recommendations, dividends, earnings, institutional ownership and valuation.
Profitability This table compares ams-OSRAM and Lattice Semiconductor’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets ams-OSRAM -3.76% 6.11% 0.96% Lattice Semiconductor 0.59% 5.60% 4.69% Insider & Institutional Ownership 98.1% of Lattice Semiconductor shares are owned by institutional investors. 1.8% of Lattice Semiconductor shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a stock will outperform the market over the long term.
Risk and Volatility ams-OSRAM has a beta of 1.04, meaning that its stock price is 4% more volatile than the S&P 500. Comparatively, Lattice Semiconductor has a beta of 1.66, meaning that its stock price is 66% more volatile than the S&P 500.
Earnings & Valuation This table compares ams-OSRAM and Lattice Semiconductor”s top-line revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio ams-OSRAM $3.76 billion 0.26 -$147.08 million ($0.71) -6.85 Lattice Semiconductor $523.26 million 25.33 $3.08 million $0.02 4,842.00 Lattice Semiconductor has lower revenue, but higher earnings than ams-OSRAM. ams-OSRAM is trading at a lower price-to-earnings ratio than Lattice Semiconductor, indicating that it is currently the more affordable of the two stocks.
Analyst Ratings This is a breakdown of recent ratings for ams-OSRAM and Lattice Semiconductor, as provided by MarketBeat.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score ams-OSRAM 1 3 0 0 1.75 Lattice Semiconductor 1 0 13 1 2.93 Lattice Semiconductor has a consensus target price of $102.64, indicating a potential upside of 5.99%. Given Lattice Semiconductor’s stronger consensus rating and higher possible upside, analysts clearly believe Lattice Semiconductor is more favorable than ams-OSRAM.
Summary Lattice Semiconductor beats ams-OSRAM on 13 of the 15 factors compared between the two stocks.
About ams-OSRAM (Get Free Report)
ams-OSRAM AG designs, manufactures, and sells LED and optical sensor solutions in Europe, the Middle East, Africa, the Americas, and Asia/Pacific. The company operates in Semiconductors and Lamps & Systems segments. The Semiconductors segment offers semiconductor-based products and solutions, such as high-performance LEDs, lasers, and optical sensors for automotive, consumer, and industrial and medical technology end markets. The Lamps & Systems segment provides lamps and lighting systems for the automotive, industrial, and medical end markets. The company was formerly known as ams AG and changed its name to ams-OSRAM AG in January 2022. ams-OSRAM AG is headquartered in Premstätten, Austria.
About Lattice Semiconductor (Get Free Report)
Lattice Semiconductor Corporation, together with its subsidiaries, develops and sells semiconductor products in Asia, Europe, and the Americas. The company offers field programmable gate arrays that consist of four product families, including the Lattice Certus and ECP, Mach, iCE, and CrossLink. It also provides video connectivity application specific standard products. In addition, the company licenses its technology portfolio through standard IP and IP core licensing, patent monetization, and IP services. It sells its products directly to customers, and indirectly through a network of independent manufacturers' representatives and independent distributors. The company primarily serves original equipment manufacturers in the communications and computing, consumer, and industrial, and automotive markets. Lattice Semiconductor Corporation was incorporated in 1983 and is headquartered in Hillsboro, Oregon.
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ams-OSRAM AG Unsponsored ADR (AMSSY - Free Report) shares rallied 25.5% in the last trading session to close at $6.1. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 14.6% loss over the past four weeks.
ams-OSRAM AG is benefiting from its leadership position in the global LED market, strong design win traction with more than €5 billion in new lifetime value added to its pipeline, improved profitability through the Reestablish-the-Base program, and strategic divestments generating €670 million in cash proceeds.
This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of +30.8%. Revenues are expected to be $931.76 million, up 8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For ams-OSRAM AG Unsponsored ADR, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AMSSY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
ams-OSRAM AG Unsponsored ADR is part of the Zacks Electronics - Semiconductors industry. Sono-Tek Corporation (SOTK - Free Report) , another stock in the same industry, closed the last trading session 1% lower at $4.01. SOTK has returned -4.9% in the past month.
SonoTek's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.02. Compared to the company's year-ago EPS, this represents no change. SonoTek currently boasts a Zacks Rank of #3 (Hold).
ams-OSRAM AG Unsponsored ADR (OTCMKTS:AMSSY – Get Free Report) shares saw unusually-strong trading volume on Friday . Approximately 1,500 shares changed hands during trading, an increase of 76% from the previous session’s volume of 850 shares.The stock last traded at $6.69 and had previously closed at $4.86.
Analyst Upgrades and Downgrades Several equities research analysts have weighed in on AMSSY shares. Deutsche Bank Aktiengesellschaft downgraded ams-OSRAM to a “hold” rating in a research report on Wednesday, February 11th. Zacks Research raised ams-OSRAM from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ams-OSRAM has a consensus rating of “Reduce”.
View Our Latest Stock Report on AMSSY
ams-OSRAM Price Performance The company has a current ratio of 1.47, a quick ratio of 1.11 and a debt-to-equity ratio of 2.64. The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -9.42 and a beta of 1.06. The stock has a 50-day moving average price of $5.27 and a 200 day moving average price of $5.66.
ams-OSRAM (OTCMKTS:AMSSY – Get Free Report) last posted its earnings results on Tuesday, February 10th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.16. ams-OSRAM had a positive return on equity of 6.11% and a negative net margin of 3.76%.The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $870.83 million. As a group, equities research analysts expect that ams-OSRAM AG Unsponsored ADR will post 0.67 earnings per share for the current year.
ams-OSRAM Company Profile (Get Free Report)
ams-OSRAM AG is a global technology company specializing in optical solutions, combining the sensor expertise of ams with the lighting heritage of OSRAM. The company develops and manufactures a broad range of high-performance products, including light-emitting diodes (LEDs), laser diode and infrared (IR) emitters, optical sensors, and sensor interfaces. These components are used across a variety of applications to enable advanced illumination, sensing, and imaging capabilities.
The company’s product portfolio serves diverse end markets such as consumer electronics, automotive, industrial, and medical.
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ams-OSRAM AG Unsponsored ADR (OTCMKTS:AMSSY – Get Free Report) shares saw unusually-high trading volume on Friday . Approximately 734 shares changed hands during mid-day trading, a decline of 25% from the previous session’s volume of 975 shares.The stock last traded at $7.50 and had previously closed at $6.69.
Analyst Ratings Changes AMSSY has been the topic of several recent research reports. Zacks Research upgraded shares of ams-OSRAM from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 11th. Deutsche Bank Aktiengesellschaft lowered shares of ams-OSRAM to a “hold” rating in a research report on Wednesday, February 11th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce”.
Check Out Our Latest Report on ams-OSRAM
ams-OSRAM Stock Performance The company has a current ratio of 1.47, a quick ratio of 1.11 and a debt-to-equity ratio of 2.64. The stock has a market capitalization of $1.54 billion, a PE ratio of -10.83 and a beta of 1.06. The firm’s 50-day simple moving average is $5.45 and its two-hundred day simple moving average is $5.64.
ams-OSRAM (OTCMKTS:AMSSY – Get Free Report) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.16. ams-OSRAM had a negative net margin of 3.76% and a positive return on equity of 6.11%. The firm had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $870.83 million. On average, equities research analysts expect that ams-OSRAM AG Unsponsored ADR will post 0.67 earnings per share for the current fiscal year.
ams-OSRAM Company Profile (Get Free Report)
ams-OSRAM AG is a global technology company specializing in optical solutions, combining the sensor expertise of ams with the lighting heritage of OSRAM. The company develops and manufactures a broad range of high-performance products, including light-emitting diodes (LEDs), laser diode and infrared (IR) emitters, optical sensors, and sensor interfaces. These components are used across a variety of applications to enable advanced illumination, sensing, and imaging capabilities.
The company’s product portfolio serves diverse end markets such as consumer electronics, automotive, industrial, and medical.
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PREMSTÄTTEN, Austria and MUNICH--(BUSINESS WIRE)--ams OSRAM (SWX:AMS):
Key Performance Figures Q1/26:
Revenues EUR 796 m, 16.5 % adj. EBITDA margin, in/at the upper half/end of guidance range +9 % year-on-year like-for-like growth in the semiconductor core portfolio at constant FX Free cash flow of EUR 37 m (including disposal proceeds) ‘Simplify’ efficiency & transformation program delivered first savings Digital Photonics Strategy Progress:
Augmented Reality smart glasses: full portfolio value proposition outlined, with up to approx. EUR 50 to 100 content per device subject to volume and product lifecycle AI Photonics: development agreement signed with a leading AI data‑center infrastructure partner to advance commercialization of our Digital-Photonics technologies for optical interconnects; product-development initiated Divestment: sale of Entertainment & Industrial lamps business to Ushio Inc. successfully closed; closing of sale of non-optical sensor business to Infineon expected mid-year (unchanged) Outlook Q2/26
Q2/26: Revenues expected EUR 725 m to 825 m; adj. EBITDA margin of 15.5 % +/- 1.5 %, at an assumed EUR/USD exchange rate of 1.17, reflecting a stronger-than-normal seasonal uplift in the semiconductor business, together with the full deconsolidation of the Specialty Lamps business. Comments on FY26
FY26: Outlook unchanged; revenue slightly lower due to divestments and FX; temporary pressure on adjusted EBITDA impacted by transition year 2026 one‑offs; Free Cash Flow above EUR 300 m incl. divestment proceeds, repayment of customer prepayments and a strong reduction of factoring. FY27: a path to positive Free Cash Flow in sight (including net interest and excluding divestments). “We delivered a strong start into the year. Securing a development agreement with a leading commercialization partner for AI photonics solutions for AI data centers marks another important milestone, clearly demonstrating that our transformation to create the leader in Digital Photonics is gaining momentum. At the same time, we are rapidly completing our portfolio to become the decisive enabler for next generation, AI powered augmented reality smart glasses,” said Aldo Kamper, CEO of ams OSRAM.
Q1/26 Business and Earnings Summary
EUR millions (except per share data)
Q1 2026
Q4 2025
QoQ
Q1 2025
YoY
Revenues
796
874
-9 %
820
-3 %
EBITDA margin adj. %1)
16.5 %
18.4 %
-190 bps
16.4 %
+10 bps
EBITDA adj.1)
131
161
-19 %
135
-3 %
Net result adj.1)
-72
35
n.m.2)
-23
n.m.
Diluted EPS (adj., in EUR)
-0.74
0.35
n.m.
-0.23
n.m.
In Q1, group revenues reached EUR 796 million, coming in well within the upper half of the guided range. Revenues declined 9 % quarter-on-quarter, reflecting normal seasonality and the partial deconsolidation of the Specialty Lamps business following its sale to Ushio Inc.
Year-on-year, group revenues decreased slightly due to FX headwinds, the exit of non-core semiconductor activities (“Re-Establish the Base”) and the divestment of the Specialty Lamps business. At a constant EUR/USD exchange rate and on a like-for-like basis, revenues from the core portfolio increased by approximately 8 %.
Adj. EBITDA margin was 16.5 % at the upper end of the guided range, with adjusted EBITDA (adjusted earnings before interest, taxes, depreciation, and amortization) of EUR 131 million.
The Adj. net result amounted to EUR minus 72 million, reflecting higher net financing cost that are strongly driven by a negative valuation change of the call premium embedded in the outstanding Senior Notes besides recurring quarterly transformation-related charges, purchase price allocation and share-based compensation.
Q1/26 - Digital Photonics: Progress Update
Digital Photonics is the core driver of the Company’s long‑term growth strategy, combining advanced, pixelated emitters, sensors and electronics to digitally controlled light emission and optical sensing. This technology enables dynamic lighting, light‑based sensing, projection, directed energy and high‑speed data communication.
In Q1 2026, the Company made further progress in executing its Digital Photonics strategy:
In AI Photonics, advanced highly parallel micro‑emitter array‑based optical interconnects represent a promising growth opportunity for AI data centers. The Company recently demonstrated a prototype and entered into a development agreement with a leading AI photonics industry partner to advance commercialization. These so‑called “slow and wide” optical interconnects offer attractive advantages in power efficiency, thermal management, reliability and system scalability. In Augmented Reality, AI‑enabled smart glasses constitute a major growth opportunity. The Company aims to provide critical system components that enable advanced use cases while improving everyday usability. The Company estimates a total content opportunity of approximately EUR 50 to 100 per smart glass subject to volume and product life cycle. The company is already supplying various portfolio components into smart glasses currently in the market. Q1/26 Cash Generation & Balance Sheet Update
Free cash flow – defined as operating cash flow including net interest paid minus cash flow from CAPEX after grants plus proceeds from divestments – came in positive with EUR 37 million, driven by the cash proceeds from divesting the Specialty Lamps business. A year ago, this figure stood at minus EUR 28 million.
Under its accelerated and comprehensive plan to deleverage its balance sheet (announced 30 April 2025), the company has entered into multiple/various divestment agreements. These include the sale of its Entertainment & Industry (‘Specialty’) Lamps business to Ushio Inc., signed on 29 July 2025, and the divestment of its non-optical mixed-signal sensor business to Infineon, signed on 3 February 2026.
In total, the company expects therefore approx. EUR 670 million proceeds, of which around EUR 90 million were received in early March 2026 following the closing of the Specialty Lamps transaction to Ushio Inc.
EUR millions
Q1 2026
Q4 2025
QoQ
Q1 2025
YoY
FCF (incl. net interest paid, adj.)1)
37
1441)
-74 %
-28
n.m.3)
Cash on hand
1,317
1,483
-11 %
573
+130 %
Net debt
1,071
1,078
-1 %
1,484
-28 %
Kulim-2 SLB (Sale-and-Lease-Back)
454
440
+3 %
430
+6 %
Net debt (incl. SLB)
1,525
1,518
+1 %
1,914
-20 %
OSRAM minority put options2)
495
505
-2 %
570
-13 %
As of 31 March 2026, the company held cash and cash equivalents of EUR 1,317 million.
The net debt position remained broadly stable at EUR 1,071 million at the end of Q1/26, compared to EUR 1,078 million at the end of Q4/25. The equivalent value of the Malaysia sale-and-leaseback (SLB) Malaysia transaction increased by EUR 14 million, reflecting the net effect of quarterly accrued interest and movements in the MYR exchange rate.
At the end of Q1/26, the Group held approx. 88 % of the shares of OSRAM Licht AG.
Q1/26 Business Unit (BU) Results & Industry Update
Semiconductor Business
Semiconductor revenues amounted to EUR 551 million in Q1 2026, compared to EUR 571 million a year ago. The core portfolio continued to grow, supported by custom sensor products that were introduced two years ago, which largely offset the impact from divested or discontinued non‑core activities. On a comparable basis, semiconductor growth was approx. 9 %, adjusting for the EUR/USD headwind (approx. EUR 46 million) and the phased‑out non‑core portfolio.
EUR millions
Q1 2026
Q4 2025
QoQ
Q1 2025
YoY
Opto Semiconductors (OS)
Revenue
327
330
-1 %
336
-3 %
EBITDA margin adj. %
16.8 %
21.9 %
-510 bps
14.7 %
+210 bps
EBITDA adj.
55
72
-24 %
49
+12 %
CMOS Sensors & ASICs (CSA)
Revenue
224
265
-16 %
236
-5 %
EBITDA margin adj. %
10.9 %
16.1 %
-520 bps
13.8 %
-290 bps
EBITDA adj.
24
42
-43 %
32
-25 %
Semiconductors by industry
Automotive
217
219
-1 %
225
-4 %
I&M
156
175
-11 %
141
+11 %
Consumer
178
202
-12 %
206
-14 %
Total Semiconductors (sum)
551
595
-7 %
571
-4 %
Optical Semiconductors (OS)
In OS, the typical seasonal downswing into the first quarter was softer than usual. January started weak, but demand in February and March rebounded meaningfully, consistent with some degree of supply‑chain re‑stocking amid continued macro uncertainty, while short-term ordering patterns remained the norm, especially in automotive. Year-on-year, the positive development is hidden by the weaker USD. Adj. EBITDA decreased to EUR 55 million from EUR 72 million in Q4 reflecting among other items FX headwinds and precious metal prices. Year-on-year, adj. EBITDA improved due to higher production volumes which are masked in revenues by FX headwinds.
CMOS Sensors & ASICs (CSA):
CSA revenues declined to EUR 224 million from EUR 265 million in Q4/25, driven mainly by seasonality across the consumer portfolio. Profitability moved largely in line with revenue fall-through, with adjusted EBITDA at EUR 24 million versus EUR 42 million in Q4/25. Year-on-year, adj. EBITDA came in lower due to higher R&D expenses to fund growth projects and FX headwinds.
Semiconductors industry dynamics
Automotive:
Automotive revenues were broadly stable quarter‑on‑quarter, as the typical seasonal slowdown was largely offset by a modest reacceleration in orders over the course of the quarter, while customers continued to order on very short notice. Year‑on‑year, Automotive declined moderately by 4 % due to FX headwinds. Regionally, China remained the most competitive market amid intense OEM competition, while demand in other regions held up well.
Industrial & Medical (I&M):
I&M revenues decreased quarter‑on‑quarter to EUR 156 million, reflecting normal seasonality — including especially horticulture reaching its typical seasonal low — and a still cautious ordering pattern. Year‑on‑year, I&M increased by 11 %, supported by a continued stabilization across end markets and a gradual recovery in industrial automation and medical equipment demand.
Consumer:
Consumer revenues declined seasonally to EUR 178 million from EUR 202 million in Q4/25, consistent with the typical first‑quarter downturn. Demand for custom products remained solid, while business in the classic sensor portfolio for premium Asian smartphones remained within expectations. Year‑on‑year, revenues decreased only due to the exit of non-core portfolio products and FX headwinds.
Mass market:
Mass market was improving with strong book-to-bill, showing healthy inventory levels, whilst Europe and the Americas delivered relatively stronger performance compared with China.
Lamps & Systems Business (L&S, traditional auto & industrial lamps):
Lamps & Systems accounted for approx. 31 % of Group revenues in Q1/26. Against the backdrop of deconsolidation of one month of the Specialty Lamps revenues, revenues declined by 13 % quarter-on-quarter, broadly reflecting seasonality. The seasonal downturn was partially mitigated by stronger‑than‑usual market‑share gains.
EUR millions
Q1 2026
Q4 2025
QoQ
Q1 2025
YoY
Revenue
244
280
-13 %
249
-2 %
EBITDA margin adj. %
22.8 %
18.2 %
+460 bps
24.5 %
-170 bps
EBITDA adj.
56
51
+10 %
61
-8 %
Adj. EBITDA increased to EUR 56 million from EUR 51 million in Q4 2025, driven by a favorable product mix, strong aftermarket contribution and operational leverage, more than offsetting lower volumes and the one-month deconsolidation effect. As a result, the adjusted EBITDA margin improved sequentially by 460 basis points to 22.8 %.
Guidance for the second quarter 2026
Business guidance
EUR millions
Q2 2026
low
mid
high
Revenue
725
775
825
quarter-on-quarter
-9 %
-3 %
+4 %
EBITDA margin adj. %
14.0 %
15.5 %
17.0 %
For its traditional automotive lamps business, the Company expects a quarter‑on‑quarter revenue decline in line with the typical seasonal pattern of the aftermarket lighting business, combined with the full deconsolidation of the Specialty Lamps business, partially compensated by market share gains as a consequence of a major competitor’s weakness.
For its semiconductor business, the Company expects:
Automotive: strengthening demand as the quarter progresses, while short-term ordering patterns remain the norm. Industrial & Medical: continued gradual market recovery, supported by partial re-stocking. Consumer: a typical seasonal downturn. Overall, the semiconductor business is expected to improve sequentially – reflecting a stronger-than-normal seasonal uplift.
As a result, the Group expects second quarter revenues in a range of EUR 725 to 825 million assuming a EUR/USD exchange rate of 1.17. The impact of the weaker USD on revenues compared to a year ago is of the order of EUR 25 million.
The company expects adj. EBITDA to come in at 15.5 % +/-1.5 % in line with revenue development.
Comments on FY26
Expectations for the full year remain unchanged. In light of the divestments and a weaker USD, the company anticipates a modest year-on-year softening in revenue. Adjusted EBITDA is expected to be negatively affected by various one-off impacts, including effects related to divestments, stranded costs, higher precious-metal prices and other temporary factors.
Free Cash Flow is expected to be above EUR 300 m in FY26 including divestments. Excluding divestments, Free Cash Flow is expected to be significantly negative, mainly due to the reduction of factoring, repayment of customer prepayment and temporary transition effects.
For FY27, the company anticipates a return to positive Free Cash Flow (including net interest, excluding divestments).
Additional Information
Additional financial information as well as a comprehensive investor presentation for the first 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 first quarter 2026 results on Thursday, 07 May 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.
ams-OSRAM AG Unsponsored ADR (AMSSY - Free Report) came out with a quarterly loss of $0.43 per share versus the Zacks Consensus Estimate of a loss of $0.09. This compares to a loss of $0.13 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -377.78%. A quarter ago, it was expected that this company would post earnings of $0.04 per share when it actually produced earnings of $0.2, delivering a surprise of +400%.
Over the last four quarters, the company has surpassed consensus EPS estimates just once.
ams-OSRAM AG Unsponsored ADR, which belongs to the Zacks Electronics - Semiconductors industry, posted revenues of $931.49 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.03%. This compares to year-ago revenues of $862.61 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
ams-OSRAM AG Unsponsored ADR shares have added about 65.1% since the beginning of the year versus the S&P 500's gain of 7.6%.
What's Next for ams-OSRAM AG Unsponsored ADR?While ams-OSRAM AG Unsponsored ADR has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for ams-OSRAM AG Unsponsored ADR was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.11 on $886.09 million in revenues for the coming quarter and -$0.35 on $3.66 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Semiconductors is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Ambarella (AMBA - Free Report) , is yet to report results for the quarter ended April 2026. The results are expected to be released on May 28.
This video-compression chipmaker is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +57.1%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Ambarella's revenues are expected to be $100.16 million, up 16.6% from the year-ago quarter.
ams-OSRAM AG Unsponsored ADR (AMSSY) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near term.