ams OSRAM post Q4 above mid-point of guidance, delivers EUR 144 m FCF in FY25 and launches EUR 200 m ‘Simplify’ transformation and savings program
10.02.2026 - 07:00:45
ams-OSRAM AG / AT0000A3EPA4
ams-OSRAM AG / Key word(s): Quarter Results/Annual Results
10-Feb-2026 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR (SIX) and pursuant to Art. 16 KR (BX) The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange Disclosure of an inside information according to Article 17 MAR of the Regulation (EU) No 596/2014
Key Developments Q4/25: Revenues EUR 874 m & 18.4 % adj. EBITDA margin, above the midpoint of guidance +8 % growth yoy in like-for-like semiconductor core portfolio at constant FX FCF of EUR 144m (excluding extraordinary inflows according to IAS 19) ‘Re-establish the Base’ (RtB) savings target reached one year ahead of plan with realized run-rate savings of approx. EUR 220 m Key Developments FY25: Revenue EUR 3,323 m, 18.3 % adj. EBITDA margin (+150 bps yoy) +7 % growth yoy in like-for-like semiconductor core portfolio at constant FX All-time high semiconductor design wins exceeding EUR 5bn in 2025 FCF of EUR 144 m (adjusted for exceptional additional cash-in according to IAS 19) Strategy Update: EUR 200 m partial re-purchase of 2027 convertible bond on 16 January 2026 Sale of non-optical sensor business for EUR 570 m in cash to Infineon on 3 February 2026 Pro-forma leverage cut to 2.5 x considering EUR 670 m cash-in from divestments Creating the leader in Digital Photonics focusing on intelligent optical semiconductor emitting & sensing technologies New 2030 Financial Targets: Semiconductors: mid-to-high single digit revenue CAGR, ? 25 % adj. EBITDA; Group: FCF EUR > 200 m, leverage ratio < 2. New ‘Simplify’ savings & transformation program, targeting additional EUR 200m run?rate savings by FY28 and impacting around 2,000 employees, roughly half of them in Europe Outlook Q1/26 and Comments on FY26 Q1/26: revenues EUR 760 m, adj. EBITDA margin of 15 % +/- 1.5 %, at an assumed EUR/USD exchange rate of 1.19, in line with typical Q4/Q1 seasonality and expected deconsolidation effect from closing the sale of Specialty lamps to Ushio Inc. FY26: Given the divestments and a weaker USD, the company anticipates a modest year-over-year softening in revenue and foresees adjusted EBITDA to be negatively affected by various one-off impacts related to the divestments, stranded costs, higher precious-metal prices and other factors. Premstaetten, Austria, and Munich, Germany (10 February 2026) – ams OSRAM posts Q4 above mid-point of guidance, delivers EUR 144 m FCF in FY25 and launches EUR 200 m ‘Simplify’ transformation and savings program “Last year marked an important step towards creating the leader in Digital Photonics. The ‘Re-establish-the Base’ program homed in savings one year faster than planned and our profitability improved despite heavy headwinds. Furthermore, our semiconductor core grew in line with our semiconductor growth model and our technological edge secured €5billion in new design wins.” said Aldo Kamper, CEO of ams OSRAM. “With our announced divestitures and the new ‘Simplify’ transformation and savings program, we are sharpening our competitiveness and regaining the financial freedom to invest purposefully in our growth. We fully focus on our future as the Digital Photonics Powerhouse — uniquely positioned to capture the major Digital Photonics inflection points in automotive, AR smart glasses, biosensing, robotics, AI data-center interconnects and beyond.” added Aldo Kamper. Q4/25 Business and Earnings Summary
EUR millions (except per share data)
Q4 2025
Q3 2025
QoQ
Q4 2024
YoY
Revenues
874
853
+2 %
882
-1 %
EBITDA margin adj. %1)
18.4 %
19.5 %
-110 bps
17.0 %
+140 bps
EBITDA adj. 1)
161
166
-3 %
150
+7 %
Net result adj. 1)
35
27
+30 %
3
+1,067 %
Diluted EPS (adj., in EUR)
0.35
0.27
+30 %
0.03
+1,067 %
1) Adjusted for microLED strategy adaption expenses, M&A-related, other transformation and share-based compensation costs, results from investments in associates and sale of businesses. In Q4, group revenues came in with EUR 874 million - above the midpoint of the guided range of EUR 790 to 890 million. Reported revenues increased by 2 % quarter-over-quarter due to a strong seasonal automotive-lamps aftermarket upswing. At a constant EUR/USD exchange rate, revenues would have been more than EUR 50 million higher. Year-over-year, group revenues remained essentially flat, mainly due to the weaker US dollar and the discontinued non-core semiconductor business. Like-for-like, at a constant EUR/USD exchange rate and only considering the core portfolio, revenues would have been up by approx. 8 % both for the group and the semiconductor core portfolio. Adj. EBITDA margin (adjusted earnings before interest, taxes, depreciation, and amortization) came in at 18.4 % above the midpoint of the guided range. Adj. net result came in positive at EUR 35 million on the back of improved profitability, slightly positive foreign currency valuation and a positive deferred tax impact besides the typical, recurring quarterly adjustments of transformation cost, purchase price allocation and share-based compensation. Q4/25 Cash Generation & Balance Sheet Update Comparable 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 144 million, which also includes Austrian government grants under the European Chips Act, but excludes an extraordinary inflow according to IAS 19 from changing the benefit trustee. A year ago, this figure stood at EUR 188 million, when free cash flow was dominated by a significant customer prepayment of approx. EUR 225 million. Consequently, year-over-year, the underlying free cash flow from normal operations improved significantly.
EUR millions
Q4 2025
Q3 2025
QoQ
Q4 2024
YoY
FCF (incl. net interest paid, adj.)1)
1441)
43
+235 %
2
+7,100 %
Cash on hand
1,483
979
+51 %
1,098
+35 %
Net debt
1,078
1,581
-32 %
1,413
-24 %
Kulim-2 SLB (Sale-and-Lease-Back)
440
422
+4 %
441
-0 %
Net debt (incl. SLB)
1,518
2,003
-24 %
1,854
-18 %
OSRAM minority put options 2)
505
517
-2 %
585
-14 %
In Q4 2025, IFRS reported FCF stood at EUR 535 million containing an extraordinary inflow from changing the pension trustee according to IAS19. Liability as part of ‘other financial liabilities’ The net debt position decreased significantly to EUR 1,078 million end of Q4/25 after EUR 1,581 million in the previous quarter due to the sharp increase in cash on hand. The equivalent value of the Sale-and-Lease Back (SLB) Malaysia transaction increased by EUR 18 million due to a net effect of quarterly accrued interest and MYR exchange rate changes. The Group held approx. 88 % of OSRAM Licht AG shares at the end of Q4/25. Q4/25 Business Unit (BU) Results & Industry Update Semiconductor Business
EUR millions
Q4 2025
Q3 2025
QoQ
Q4 2024
YoY
Opto Semiconductors (OS)
Revenue
330
365
-9 %
350
-6 %
EBITDA margin adj. %
21.9 %
22.6 %
-70 bps
14.6 %
+730 bps
EBITDA adj.
72
82
-12 %
51
+41 %
CMOS Sensors & ASICs (CSA)
Revenue
265
271
-2 %
258
+3 %
EBITDA margin adj. %
16.1 %
23.6 %
-750 bps
21.3 %
-520 bps
EBITDA adj.
42
64
-34 %
55
-22 %
Semiconductors by industry
Automotive
219
239
-8 %
240
-9 %
I&M
175
174
+1 %
158
+11 %
Consumer
202
224
-10 %
210
-4 %
Semiconductor revenues stood at EUR 595 million in Q4/25, compared to EUR 608 million a year ago. Growth in the core portfolio, especially with new sensor products, made up for the divested or discontinued non-core portfolio. The comparable growth in semiconductors was approx. 8 %, when corrected for the EUR/USD exchange rate (approx. EUR 40 million) and the phased-out non-core portfolio (approx. EUR 20 million) - in line with the mid-term target growth corridor of the semiconductor target operating model. Optical Semiconductors (OS) The typical seasonal downswing into the fourth quarter, particularly in the automotive and horticulture segments, was more pronounced this year. The automotive supply chain continued to operate with very low inventories, and short-term ordering remained the norm. Adj. EBITDA decreased to EUR 72 million compared to EUR 82 million in Q3 in line with gross profit fall-through. CMOS Sensors & ASICs (CSA): Revenues came in stronger than typical seasonality would indicate and did only decrease quarter-over-quarter by 2 % (from EUR 271 million to EUR 265 million). This was driven by a strong consumer business and a gradually improving industrial & medical business. Adj. EBITDA dropped to EUR 43 million in Q4/25 compared to EUR 64 million in the third quarter due to unfavorable product-mix effects. Semiconductors industry dynamics Automotive: Although inventory correction in the LED supply chain had come to an end, the supply-chain continued to operate with very lean inventory levels and no sign of restocking, which weighed on demand. At the same time, customers maintained a very short-term ordering pattern. Regionally, China remains the most competitive market, driven by the intense competition amongst the large number of local OEMs. Industrial & Medical (I&M): End-markets showed partial stabilization. The professional lighting business performed in line with expectations, while the horticulture segment declined in accordance with typical seasonal patterns. Industrial automation improved gradually and medical order intake stabilized. In the mass market, Europe and the Americas delivered relatively stronger performance compared with China. In medical, the market continued to show signs of stabilization. Consumer: Demand for new products overall remained strong, indeed stronger than typical seasonal patterns would suggest. Lamps & Systems Business (traditional auto & industrial lamps) Lamps & Systems represented approx. 32 % of Q4/25 group revenues. A higher than typical seasonal upswing drove the strong quarter-over-quarter increase.
EUR millions
Q4 2025
Q3 2025
QoQ
Q4 2024
YoY
Revenue
280
216
+30 %
275
+2 %
EBITDA margin adj. %
18.2%
13.2 %
+500 bps
18.2 %
+0 bps
EBITDA adj.
51
28
+82 %
50
+2 %
Revenues in Specialty Lamps remained at a typical level and were almost unchanged compared to the previous quarter. Adj. EBITDA increased strongly to EUR 51 million driven by the fall-through from higher revenues. Implementation of Balance Sheet Improvement Plan Under its accelerated and comprehensive plan to deleverage its balance sheet (announced 30 April 2025), the company has signed two agreements to divest its Entertainment & Industry (‘Specialty’) Lamps business to Ushio Inc. for approx. EUR 100 million net, signed 29 July 2025, and its non-optical mixed-signal sensor business to Infineon for EUR 570 million, signed on 3 February 2026. As of 31 December 2025, the company held EUR 1,483million in cash. This results in net debt of EUR 1,518million excluding the outstanding OSRAM minority put options and EUR 2,023million including them. Based on LTM adjusted EBITDA of EUR 608 million for FY25, the net?debt?to?LTM?adjusted?EBITDA ratio stood at 2.5 and 3.3, respectively. Considering the combined EUR 670 million proceeds from the two agreed transactions, net debt will decline to EUR 1,353 million (incl. 100% of the OSRAM Licht AG minority put options). Adjusted for the divested businesses, LTM adj. EBITDA amounts to approx. EUR 533 million. This results in a pro-forma leverage ratio of net-debt-to-adjusted-EBITDA of roughly 2.5, down from 3.3 previously. Balance sheet & leverage
IFRS book values [EUR millions]
31.12.2025
Leverage1)
Pro-forma post-closing
Leverage2) (pro-forma)
Adj. EBITDA
608
pro-forma 533
Cash
(1,483)
(1,283)
Deal Proceeds (post closing)5)
(670)
Other Financial Debt
167
167
2027 EUR Convertible Bond (2.125%)
715
5154)
2029 EUR Senior Unsecured Note (10.50%)
1,031
1,031
2029 USD Senior Unsecured Note (12.25%)
648
648
SLB Malaysia transaction
440
440
Total debt
3,001
2,801
Net debt (incl. SLB)
1,518
2.5
848
1.6
Outstanding OSRAM – Put Options3)
505
505
Total net debt (incl. OSRAM Put Options)
2,023
3.3
1,353
2.5
1) Leverage definition: net debt / LTM adj. EBITDA 2) Leverage definition: pro forma net debt / LTM adj. EBITDA, assuming approx. EUR 533 m adj. EBITDA (‘2025 less divested adj. EBITDA’). 3) Assuming 100% tendering of outstanding OSRAM Put Options upon final verdict. 4) Incl. € 199.9m buyback of convertible in January 2026. 5) Total deal proceeds of € 670m = € 570 m from selling non-optical mixed-signal business + approx. € 100 m from selling specialty lamps business. Upon completion of the full plan — including a solution for the Kulim?2 Sale?and?Lease?Back — the company expects to reduce its net?debt?to?adjusted?EBITDA leverage ratio to below 2. In total, this will materially lower the amount requiring refinancing, bring annual interest expenses below EUR 150million, and further strengthen operating cash flow. Creating the Leader in Digital Photonics Upon closing, ams OSRAM will emerge as a focused semiconductor photonics powerhouse – the pure-play leader in Digital Photonics. The company brings together the industry’s broadest portfolio of cutting?edge optical emitter and sensor technologies, complemented by advanced driver and power?management IC capabilities. Across many segments, customers benefit from geopolitically resilient, vertically integrated supply chains. Following a transition phase to align the organization, infrastructure and cost base with this new focus within the framework of its new transformation and savings program ‘Simplify’, the company sees significant mid? and long?term growth and margin expansion opportunities driven by the global Digital Photonics megatrend. The presentation and a replay of the conference call from 4 February 2026 can be found here: Presentation: ams OSRAM creating the leader in digital photonics Conference call script: ams-osram-creating-the-leader-in-digital-photonics-call-script Conference call replay: Analysts & Investors Conference 2030 – Over-the-Cycle Financial Targets Following the transition - including the implementation of the ‘Simplify’ savings and transformation program, the reduction of annual interest expenses below EUR 150 million, and the realization of growth vectors across the Digital Photonics megatrend - the company aims to achieve the following Over-the-Cycle Financial Targets for 2030:
2030
Semiconductors
Group2)
Revenue growth
Mid- to high single digit CAGR
EBITDA margin (adj.)
? 25 %
CAPEX
~8 % of Sales
Free Cash Flow
> 200 million EUR
Leverage (Net debt1) / adj. EBITDA)
< 2
1) net debt = (long-term debt + short-term debt + Kulim-II Sale-and-Lease-Back + OSRAM minority shares) less cash-on-hand 2) Group includes traditional auto lamps business (flat revenues and 13 % to 15% adj. EBITDA expected) Digital Photonics Driving Future Growth Digital Photonics is the core engine of our future growth — the digitalization of light emission and optical sensing by combining advanced emitters, sensors and electronics. This technology enhances how physical environments interact with light, enabling dynamic lighting, light-based design, projection as a display, light enabled sensing, treatment, directed energy and high-speed data communication. These capabilities underpin major global megatrends including ADAS, autonomous driving, AR/VR, AI, robotics, smart health and smart devices. ams OSRAM’s proprietary ‘Digital Light’ technology — awarded the German Future Award in 2024 — marks a breakthrough after a decade of development. Its first commercial adoption came through high pixel automotive forward lighting under the EVIYOS™ brand. With more than EUR 500million in design wins already secured, this technology has a clear growth trajectory. As pixel sizes shrink and the color range expands, ‘Digital Light’ becomes a compelling projection engine for everyday AR glasses. Looking ahead, optimized micro emitter arrays could make it a relevant solution for high bandwidth, low power, low-cost optical interconnects in AI data centers. ‘Digital Light’ thus offers significant mid- and long-term growth potential. ams OSRAM has also built a differentiated leadership position in digitalized optical sensors that already contributes triple-digit-million Euro revenues, today. Its comprehensive portfolio — spanning ambient light, proximity, flicker, time of flight, bio, spectral, ultra-violet (UV), infra-red (IR), temperature and force touch sensors — sets industry benchmarks across display management, camera enhancement and numerous adjacent applications. This business carries substantial medium and long-term growth opportunities. The company’s unique expertise in spectral sensing was further recognized in 2024, when the Austrian government awarded EUR 225million under the European Chips Act to establish a first-of-a-kind manufacturing facility combining CMOS, TSV (Through-Silicon-Via) and advanced optical filters. Traditional Automotive Lamps business for funding growth in semis and internal financing The traditional automotive lamps and after-market business will remain part of the Group’s portfolio. This segment is intended to stay revenue?stable and optimized for profitability, typically delivering 13 % to 15 % adjusted EBITDA per year. Generating around EUR 90million of steady annual cash flow, it serves as a reliable internal funding source — supporting the transition and growth of the semiconductor business, while contributing to debt service and further deleveraging. FY25 Summary Review
EUR millions (except per share data)
FY 2025
FY 2024
YoY
Revenues
3,323
3,428
-3%
Therein Lamps & Systems
938
1,000
-6 %
Therein Semiconductors IFRS reported revenues
2,385
2,429
-2 %
Therein Semiconductor core portfolio at constant FX
2,367
2,205
+7 %
EBITDA margin adj. % 1)
18.3 %
16.8 %
+150 bps
EBITDA adj. 1)
608
575
+6 %
Net result adj. 1)
57
27
+111 %
Net result IFRS
-129
-785
+84 %
Diluted EPS (adj., in EUR)
0.56
0.03
+1,767 %
Comparable FCF (incl. net interest paid, adj. for IAS 19 inflow)
144
12
+1,100 %
Adjusted for microLED strategy adaption expenses, M&A-related, other transformation and share-based compensation costs, results from investments in associates and sale of businesses. Group revenues softened by 3 % from EUR 3.43 billion in FY24 to EUR 3.32 billion in FY25, primarily due to the weaker USD (approx. EUR 80 million) and the phasing out of non-core semi portfolio (more than EUR 100 million) besides a reduction in traditional OEM lamps revenues in line with fewer and fewer new cars being equipped with traditional lamps. The semiconductor core portfolio (excluding exited non-core activities within the Re-establish-the-Base framework) at constant exchange rate, grew by 7 % in FY2025 compared to the previous Calendar Year. The company continues to win meaningfully new business across a wide customer base underpinning its structural growth targets in its core semiconductor business. 2025 semiconductor design wins surpassed EUR5billion, marking a record level and reflecting strong traction across all core segments, led by automotive. Group profitability improved to 18.3 % adj. EBITDA margin in FY25 from 16.8 % in FY24, due to the accelerated implementation of its ‘Re-establish the Base’ program, with approx. EUR 220 million realized run-rate savings. With that, the implemented run-rate savings are one year ahead of plan. Free Cash Flow significantly increased year-over-year. Free Cash Flow – excluding an extraordinary inflow according to IAS 19 - came in with EUR 144 million in FY25, after EUR 12 million in FY24. Guidance for the first quarter 2026 Business guidance
EUR millions
Q1 2026
low
mid
high
Revenue
710
760
810
quarter-over-quarter
-19 %
-13 %
-7 %
EBITDA margin adj. %
13.5 %
15.0 %
16.5 %
For its traditional automotive lamps business, the company expects a quarter?over?quarter decline in line with the typical seasonal pattern of the lighting season. In addition, the planned early?March 2026 closing of the sale of the Entertainment and Specialty Lamps business to Ushio Inc. will lead to the deconsolidation of roughly EUR10million in revenue in Q1/26. As a result, Q1 guidance reflects only two months of Specialty Lamps revenue and adjusted EBITDA, implying an additional sequential revenue impact of around 1 % from Q4 to Q1 on group level. For its semiconductor business, the company expects: • Automotive: seasonally declining demand and continued muted, short?term order patterns. • Industrial & Medical: development in line with a gradual market recovery. • Consumer: typical seasonal downturn. Overall, the semiconductor business is expected to follow its usual seasonal pattern with a softer first quarter. As a result, the Group expects first quarter revenues to land in a range of EUR 710 to 810 million assuming a EUR/USD exchange rate of 1.19. The impact of the weaker USD on revenues compared to a year ago is of the order of EUR 50 million. The company expects adj. EBITDA to come in at 15.0 % +/-1.5 % in line with revenue. Comments on FY26 Given the divestments and a weaker USD, the company anticipates a modest year-over-year softening in revenue and foresees adjusted EBITDA to be negatively affected by various one-off impacts related to the divestments, stranded costs, higher precious-metal prices and other factors. Additional Information Additional financial information as well as a comprehensive investor presentation for the fourth quarter and full year 2025 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 fourth quarter and full year 2025 results on Tuesday, 10 February 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. About ams OSRAM The ams OSRAM Group (SIX: AMS) is a global leader in innovative light and sensor solutions. As a specialist in Digital Photonics, we combine engineering excellence with cutting-edge global manufacturing to offer our customers the broadest portfolio of digital light and sensing technologies. “Sense the power of light” — our success has ever since been based on a deep understanding of the potential of light. For 120 years, we have been developing innovations that move markets: from automotive applications and industrial manufacturing to medical and consumer electronics. In the anniversary year of the OSRAM brand, around 19,000 employees worldwide are working on pioneering solutions alongside societal megatrends such as smart mobility, artificial intelligence, augmented reality, smart health, and robotics. This is reflected in over 12,000 patents granted and applied for. Headquartered in Premstaetten/Graz (Austria) with co-headquarters in Munich (Germany), the group achieved EUR 3.3 billion revenues in 2025 and is listed as ams-OSRAM AG on the SIX Swiss Exchange (ISIN: AT0000A3EPA4). Find out more about us on https://ams-osram.com ams and OSRAM are registered trademarks of ams-OSRAM AG. In addition, many of our products and services are registered or filed trademarks of ams OSRAM Group. All other company or product names mentioned herein may be trademarks or registered trademarks of their respective owners. Join ams OSRAM social media channels: >LinkedIn>YouTube
For further information
Investor Relations ams-OSRAM AG Dr Juergen Rebel Senior Vice President Investor Relations T: +43 3136 500-0 [email protected]
Media Relations ams-OSRAM AG Bernd Hops Senior Vice President Corporate Communications T: +43 3136 500-0 [email protected]
Consolidated Statement of Income in accordance with IFRS (unaudited)
in EUR million (except earnings per share)
Q4 2025
2025
Q4 2024
2024
Revenues
874
3,323
882
3,428
Cost of sales
-657
-2,475
-702
-2,571
Gross profit
217
848
179
857
Research and development expenses
-100
-388
-86
-419
Selling, general and administrative expenses
-118
-431
-116
-422
microLED adaption result1)
7
16
29
-576
Other operating income
10
78
2
39
Other operating expenses
-2
-17
-6
-21
Results from investments accounted for using the equity method, net
0
-3
-3
-7
Result from operations
15
102
0
-547
Financial income
28
166
55
85
Financial expenses
-82
-385
-113
-290
Net financial result
-54
-218
-58
-205
Result before income taxes
-39
-117
-58
-752
Income taxes
19
-12
0
-33
Net result
-20
-129
-58
-785
Attributable to:
Non-controlling interests
0
1
-1
1
Shareholders of ams-OSRAM AG
-20
-130
-57
-786
Basic earnings per share (in EUR)
-0.20
-1.31
-0.59
-7.94
Diluted earnings per share (in EUR)
-0.20
-1.31
-0.59
-7.94
1) microLED adaption result reflects net charges (impairments and reversals of impairments on assets as well as additions to and reversals of provisions) due to the cancellation of the microLED project on February 28, 2024. Consolidated Statement of Comprehensive Income in accord. with IFRS (unaudited)
in EUR million
Q4 2025
2025
Q4 2024
2024
Net result
-20
-129
-58
-785
Remeasurements of defined benefit plans
3
14
4
21
therein income tax effect
-16
-11
-5
-4
Fair value measurement of equity instruments (FVOCI)
-
-3
2
-1
therein income tax effect
-
-
0
0
Items that will not be reclassified in profit or loss
3
11
6
20
Currency translation differences
31
-182
101
129
Fair value measurement of debt instruments (FVOCI)
-1
2
-2
2
therein income tax effect
0
-1
1
-1
Derivative financial instruments for hedging purposes
-9
25
-12
-10
therein income tax effect
4
-11
6
5
Items that may be reclassified subsequently to profit or loss
21
-155
86
121
Other comprehensive income (loss), net of tax
24
-144
92
141
Total comprehensive income (loss)
4
-273
35
-644
Attributable to:
Non-controlling interests
0
0
1
2
Shareholders of ams-OSRAM AG
4
-273
34
-646
Consolidated Balance Sheet in accordance with IFRS (unaudited)
in EUR million
December 31, 2025
December 31, 2024
Assets
Cash and cash equivalents
1,483
1,098
Trade receivables
415
496
Other current financial assets
81
49
Inventories
724
809
Other current non-financial assets
152
267
Assets held for sale
116
23
Total current assets
2,972
2,743
Property, plant, and equipment
1,565
1,729
Intangible assets
1,945
2,054
Right-of-use assets
120
189
Investment in associates
5
4
Other non-current financial assets
89
58
Deferred tax assets
60
74
Other non-current non-financial assets
56
52
Total non-current assets
3,840
4,160
Total assets
6,812
6,903
Liabilities and equity
Liabilities
Current interest-bearing loans and borrowings
59
495
Trade payables
477
472
Other current financial liabilities
927
1,001
Current provisions
183
227
Income tax payables
36
45
Other current non-financial liabilities
309
274
Liabilities associated with assets held for sale
37
-
Total current liabilities and provisions
2,028
2,514
Non-current interest-bearing loans and borrowings
2,502
2,016
Other non-current financial liabilities
537
587
Employee benefits
513
150
Non-current provisions
51
58
Deferred tax liabilities
30
46
Other non-current non-financial liabilities
202
296
Total non-current liabilities and provisions
3,836
3,153
Equity
Issued capital
998
998
Additional paid-in capital
2,022
2,090
Treasury shares
-32
-87
Other components of equity
110
292
Retained earnings
-2,156
-2,064
Total equity attributable to shareholders of ams-OSRAM AG
942
1,229
Non-controlling interests
6
6
Total equity
948
1,235
Total liabilities, provisions and equity
6,812
6,903
Consolidated Statement of Cash Flows in accordance with IFRS (unaudited)
in EUR million
Q4 2025
2025
Q4 2024
2024
Operating activities
Net income
-20
-129
-58
-785
Reconciliation between net result and cash flows from operating activities
Amortization, depreciation, and impairment
115
425
130
942
Expenses from stock option plans (acc. to IFRS 2)
5
22
7
18
Income taxes
-19
12
0
33
Net financial result
54
218
58
205
Result from sales of businesses, intangible assets and property, plant, and equipment
-3
-19
5
-1
Result from investments in associates
0
3
3
7
Other adjustments for non-cash items
-
-
-
-
Changes in current assets and current liabilities
Inventories, net
79
30
40
-79
Trade receivables
-25
53
-85
-7
Other current assets
17
4
34
11
Trade payables
19
12
-16
-4
Current provisions
-21
-38
-43
-14
Other current liabilities
-50
-57
4
43
Changes in other assets and liabilities
-11
-52
15
31
Non-current prepayment received from a customer
-
-
-
224
Income taxes paid
-3
-34
2
-48
Dividends received
0
0
0
0
Interest received
8
25
12
38
Interest paid
-31
-238
-26
-180
Cash flows from operating activities
114
237
79
435
Consolidated Statement of Cash Flows in accordance with IFRS (unaudited) – Cont’d
in EUR million
Q4 2025
2025
Q4 2024
2024
Investing activities
Additions to intangible assets and property, plant, and equipment
-59
-199
-104
-502
Inflows from government grants for property, plant and equipment
83
83
-
-
Acquisition of financial investments
-
-
-1
-1
Inflows from sales financial investments
391
391
-
-
Inflows from sales of intangibles and property, plant, and equipment
7
25
27
36
Inflows from sale of businesses, net of cash and cash equivalents disposed
-
-
-
43
Cash flows from investing activities
421
299
-78
-424
Financing activities
Inflows from bonds
-
526
-
201
Transaction costs for the capital increase and the issue of bonds
-4
-12
-3
-17
Repayment of bonds
-
-447
-
-
Acquisition of treasury shares
-6
-6
-
-
Sale of treasury shares
-
-
0
2
Inflows from loans and other financial liabilities
0
70
141
243
Repayment of loans
-3
-66
-161
-422
Repayment of lease liabilities
-12
-53
-16
-57
Inflows from sale and lease back financing
-
-
-
10
Acquisition of non-controlling interests in OSRAM Licht AG
-11
-80
-19
-25
Dividends paid to shareholders of OSRAM Licht AG
-
-27
-
-30
Dividends paid to non-controlling shareholders
-
-1
-
-1
Cash flows from financing activities
-36
-97
-56
-98
Change in cash and cash equivalents
504
385
1
-47
Effects of changes in foreign exchange rates on cash and cash equivalents
5
-54
56
40
Cash and cash equivalents at the beginning of the period
979
1,098
1,097
1,146
Cash and cash equivalents at the end of the period
1,483
1,483
1,098
1,098
Less: Cash and cash equivalent of assets held for sale at the end of the period
-
-
-
-
Cash and cash equivalents at the end of the period
1,483
1,483
1,098
1,098
Consolidated Statement of Changes in Equity in accordance with IFRS (unaudited)
in EUR million
Issued capital
Additional paid-in capital
Treasury shares
Other components of equity
Retained earnings
Total equity attributable to shareholders of ams-OSRAM AG
