ams-OSRAM AG

Latest Results (20.08.2024):

Q2/24 Financial Update

ams-OSRAM AG announced revenues of EUR 819 million for the second quarter of 2024, which is at the midpoint of the guided range of EUR 770 – 870 million. The semiconductor business showed resilience with year-over-year structural growth in automotive and stabilization in the industrial sector, despite a decline in the consumer business. Year-over-year, revenues declined slightly by 4%, with a like-for-like and constant currency basis decline of around 3%.

Adjusted EBITDA and EBIT

The adjusted EBITDA for ams-OSRAM AG in Q2/24 was EUR 135 million, representing a 16.5% margin, which is at the upper end of the guided range of 14% - 17%. This improvement was driven by higher factory loading and savings from the ‘Re-establish-the-Base’ program. The adjusted EBIT margin came in at 6.8%, with the adjusted EBIT amounting to EUR 56 million.

Re-establish-the-Base Program

ams-OSRAM AG's strategic efficiency program, ‘Re-establish-the-Base’, has realized around EUR 60 million in savings to date, on track to reach EUR 75 million run-rate savings by the end of FY2024. The program targets EUR 150 million run-rate savings by the end of FY2025. Recent successes include the sale of assets of the passive optical components business and restructuring of the CMOS image sensor business.

Semiconductor Business Update

In Q2/24, revenues for opto-electronic semiconductors increased to EUR 372 million, while revenues for CMOS sensors and ASICs came in at EUR 224 million. The adjusted EBITDA for the opto-electronic semiconductors segment was EUR 84 million, representing a 23% margin. The CSA segment saw a significant improvement in adjusted EBITDA margin to 9%, driven by the ‘Re-establish-the-Base’ program.

Comments on Additional Key Financial Figures

The adjusted gross margin for ams-OSRAM AG improved by 130 basis points quarter over quarter and 190 basis points year-over-year. The adjusted net result for Q2/24 was EUR -1 million, an improvement from EUR -35 million in the first quarter. The IFRS net result was EUR -41 million in Q2/24, after EUR -710 million in the first quarter, which included significant transformation expenses. Operating cash flow remained stable at EUR 55 million in Q2/24.