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Sense the power of light Creating the Leader in Digital Photonics Aldo Kamper, CEO Rainer Irle, CFO Dr. Juergen Rebel, SVP Investor Relations 3 February 2026
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2 Disclaimer This presentation contains statements related to our future business and financial performance and future events or developments involving ams OSRAM which include management’s expectations, beliefs, intentions, and strategies concerning future events, such as revenue projections,market demand, and business development. Such statements are based on current assumptions and are subject to risks, uncertainties, and other factors that may cause actual results to differ materially. We may also make forward-looking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. We undertake no obligation to update or revise forward- looking statements or other information presented herein unless required by law. All data and statements are based on information available at the time of publication. We make no representation or warranty,express or implied, regarding its accuracy or completeness. Past performance does not guarantee future results. Non-IFRS financial measures, if presented, are reconciled to the most comparable IFRS measures and should be considered accordingly. Other companies that report or describe similarly titled alternative Non-IFRS performance measures may calculate them differently. This presentation may contain errors or omissions, and ams OSRAM assumes no responsibility or liability for such. Investors are encouraged to perform their own due diligence and consult professional advisors prior to making any investment decisions. The information herein is provided for informational purposes only and does not constitute or form part of, and should not beconstrued as, an offer or solicitation to purchase, sell, subscribe to or acquire securities of ams OSRAM.
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3 Creating the Leader in Digital Photonics Head of IRCEO Aldo Kamper Dr. Jürgen Rebel CFO Rainer Irle 'We are deleveraging our balance sheet and sharpening the group’s profile to become the leader in Digital Photonics building on our market leadership in LED and sensor technologies and the expertise from our CMOS heritage. We see exciting new opportunities with sustainable differentiation in AR-smartglasses, scale-up optical interconnections for AI data centers, and even in defense and laser fusion, alongside existing growth engines like highly pixelated lighting automotive lighting and spectral, bio- and Time-of-Flight distance sensing.' Focused on growth. Technologically leading. Financially strong.
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4 Divestment of Non-Optical Analog/Mixed-Signal Sensor Business Sale of approx. EUR 220 million revenues (2025) to Infineon for EUR 570 million in cash − Non-optical analog/mixed-signal sensors business focused on Automotive, Industrial and Medical (‘Professional Health’) − Structured as a fabless asset deal: ams OSRAM retains the manufacturing assets, provides manufacturing services to Infineon for a multi-year period, extends production of other own CMOS products incl. foundry services − Asset deal, including relevant sites (Valencia (ESP), Hyderabad (IN), Rapperswil-Jona (CH)) and IP − Approx. 230 employees will transition to the buyer − Closing expected in Q2/2026 subject to customary regulatory approvals CON ~68% I&M ~26% AUT ~6% CMOS Sensors & ASICs (CSA)1) Scope of Divestment 1) approx. EUR 1 bn of annual revenues in 2024 2) IVT = Current (I) – Voltage (V) – Temperature (T) Pro-forma 2025 figures Revenue Approx. EUR 220 m Adj. EBITDA Approx. EUR 60 m Stranded cost Approx. EUR 30 m Manufacturing service revenue margin dilutive CB / senior notes guarantor assets Approx. EUR 130 m ~220 m€ CT / X-ray Sensors Position & Temperature Sensors Magnetic / Inductive Position, Temperature, Capacitive and IVT2) CT / X-ray Detectors Temperature Sensors Capacitive Sensors Position Sensors Inductive Sensors Industrial Sensor Interface ASICs sold
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5 Deal Rationale: Accelerated Deleveraging and a Sharpened Profile Achieved Selling the non-optical sensor/mixed-signal business to Infineon and the specialty lamps business to Ushio generate EUR 670 m cash in total Deal Rationale Next Steps Solution / sale of Kulim-2 facility Continuous improvement of profitability, completing ‘Re-establish the Base’, addressing stranded cost 1 3 Refinancing of 2029 senior notes at improved conditions 4 − Leverage (net debt/adj. EBITDA) < 2 − Interest cost < 150 m EUR 1. Divesting approx. 7 % of group sales and approx. 10 % of adj. EBITDA for EUR 570 m in cash at a high multiple 2. Sharpening the profile of the company towards the leader in Digital Photonics 3. Divestment to Infineon will give each business the focus it needs to succeed and grow 4. Pro-forma reduction of net debt up to -35 %: 1) Total deal proceeds of EUR 670 m = EUR 570 m from selling non-optical sensor/mixed-signal business + approx. EUR 100 m from selling specialty lamps business 2) Net debt = other financial debt + 2027 convertible bond + 2029 EUR senior notes + 2029 USD senior notes + SLB Malaysia transaction + OSRAM Licht AG put options - pro-forma cash Paying back the CB 2027 2 This deal This deal + specialty lamps1) Excl. OSRAM Puts - 40 % - 45 % Incl. OSRAM Puts - 30 % - 35 %
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6 Pro-forma Balance Sheet: Pro-Forma Leverage Ratio Dropping to 2.5 Net-debt / adj. EBITDA ratio dropping from 3.3 to 2.5 incl. OSRAM Licht AG Put Options1) IFRS book values [EUR million] Q4 / 2025 Leverage3) Cash (1,483) Other Financial Debt 167 2027 EUR Convertible Bond 715 2029 Senior Unsecured Notes (EUR / USD) 1,679 SLB Malaysia transaction 440 Total debt 3,001 Net debt (incl. SLB, excl. OSRAM Put Options) 1,518 2.5 OSRAM Licht AG – Put Options (outstand.) 505 Total net debt (incl. OSRAM Put Options) 2,023 3.3 31.12.2025 preliminary balance sheet Pro-forma balance assuming EUR 670 m total proceeds2) 1) Assuming 100% tendering of outstanding OSRAM Put Options upon final verdict. 2) Total deal proceeds of EUR 670 m = EUR 570 m from selling non-optical mixed-signal business + approx. EUR 100 m from selling specialty lamps business. 3) Leverage definition: net debt / LTM adj. EBITDA, assuming approx. EUR 600 m adj. EBITDA for 2025 (Q1/25 to Q3/25 reported plus guidance midpoint Q4/25). 4) Leverage definition: pro forma net debt / LTM adj. EBITDA, assuming approx. EUR 525 m adj. EBITDA (approx. 2025 less divested adj. EBITDA). 5) incl. EUR 199.9 m buyback of convertible in January 2026. IFRS book values [EUR million] Q4 / 2025 Leverage4) (pro-forma) Cash (1,283)5) Deal Proceeds5) (670) Other Financial Debt 167 2027 EUR Convertible Bond 5155) 2029 Senior Unsecured Notes (EUR / USD) 1,679 SLB Malaysia transaction 440 Total debt 2,801 Net debt (incl. SLB, excl. OSRAM Put Options) 848 1.6 OSRAM Licht AG – Put Options (outstand.) 505 Total net debt (incl. OSRAM Put Options) 1,353 2.5 adj. EBITDA approx. EUR 600 m adj. EBITDA pro-forma EUR 525 m //
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7 The Leader in Digital Photonics Benefiting from the ‚digitalization of light‘ mega-trend Megatrend: Digital Photonics − Digital Photonics megatrend (p.8) − Sharpened company profile (p.9) − Strengthened (over-the-cycle) Financial Targets (p.11) − Broadest set of differentiating emitter & optical sensor technologies in the industry (p.12) − Leader with strong rms* in its target segments (p.13) − Diversified, resilient Auto, Industrial, Consumer revenue mix (p.13) − Geopolitically robust, resilient supply chain (p.14) − Exciting mid- and long-term growth opportunities (p.15-21) − Legacy auto lamps business as steady source of growth financing − Healthy balance sheet and FCF > 200 m after full transition Projection displays for AR/VR, Automotive High-pixelated Automotive forward-lighting Advanced optical inter- connects for AI data centers Spectral light sensing Biosensing Time-of-Flight distance sensing *relative market share7
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8 The Megatrend: Light Enhances Physical Objects & Physical Contact ‘Digital Photonics’ allows new use-cases that leverage megatrends Sensing with light − LiDAR − Eye tracking − In - cabin sensing − Gesture control − Surveillance & security − 3D s ensing − 1D ranging − Bio sens ing Light as design feature − ‘Light is the new chrome’ (automotive exterior/interior) − Architectural lighting − Smart Surfaces Light projection as new display − Near - to - eye projection − Auto HUD 2) − Home cinema laser projection Dynamic lighting solutions − Automotive forward lighting − Smart streetlights − Smart office/home lighting Light treatment − Material processing − UV - C − Horticulture Data communication and computing − Micro - e mitter based optical interconnects − Optical computing Smart Defense AR / VR AI Robotics Smart Health ADAS / SDV1) Smart Devices 8 Directed energy − Smart d efense − Laser fusion 1) Self-Driving Vehicles 2) Head-Up Displays
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9 CMOS Sensors & ASICs (CSA)Opto Semiconductors (OS) I&M ~18% AUT ~82% CON ~68% I&M ~26% AUT ~6% Creating the Leader in Digital Photonics AUT = Automotive, IND = Industrial, CON = Consumer CON ~7% IND ~30% AUT ~64% Semiconductors Cinema Forward Lighting (FWL) Signaling Hyper-red LEDs Industrial & Outdoor Sensing illumination Display & HUD Auto Sensors Medical CT sensors Camera enhancement Bio sensing LED standard lamps Classic halogen & Xenon lamps Display management 1D/2D/3D sensing ~1.4 bn€FY24 9 LED replacement lamps Lamps & Systems ~1.0 bn€ ~1.0 bn€ Sensing illumination Industrial sensor I/F ASICs Sold to Ushio Inc. July- 2025 sold sold
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10 Core specialty lamps Our Path to Create the Leader in Digital Photonics Re-creating the company for financial health and growth since April 2023 2023 – 2025 Core Growth non-core RtB non-optical sensors Auto Lamps 2027 – 2030+ Auto Lamps − Margin expansion − Growth in new applications (high-pixelated FWL, micro-emitters projection arrays, …) − Growth in core business applications − Healthy balance sheet, leverage < 2 − Financing cost below EUR 150 m (p.a.) after refinancing of 2029 HYBs − 2030 Targets*: Strong free cash flow generation EUR > 200 m − Divestments & exit of businesses − Re-establish the Base savings program − Refinancing with high financing cost − Growth in the remaining semiconductor (excl. RtB non-core) portfolio of ~7% p.a. at constant FX from 2023 to 2024 Streamlining & Repositioning Growth, Profitability & Cash Flow Growth *New Financial Targets p.11 − Closing of strategic divestitures results in temporary adj. EBITDA decrease (sold businesses & 'stranded cost’) − Dilutive manufacturing service business for buyer for segment CSA − Continued deleveraging, utilizing proceeds from divestitures − High financing cost − FCF positive (incl. disposal proceeds) Transition 2026 sold Digital Photonics
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11 2030 Financial Targets1) – Focused on Growth in Semiconductor Business Over-the-cycle financial targets after completing divestitures, deleveraging, implementing simplified corporate structure, re-financing of remaining debt and growth from new applications Semiconductor Business Revenues Mid-to-high single digit CAGR EBITDA Margin (adj.) ≥ 25 % Group Free Cash Flow > 200 million EUR3) Leverage Net Debt4)/ (adj.) EBITDA < 2x Group2) 1) Over-the-Cycle 2) Group includes traditional auto lamps business (flat revenues and 13 % to 15% adj. EBITDA expected) 3) post refinancing of 2029 EUR and USD senior unsecured notes 4) net debt = (ST debt + LT debt + SLB + OSRAM Puts – cash) CAPEX up to ~8 % of group sales
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12 The Photonics Powerhouse: Broadest, System-Relevant Semiconductor Opto-Electronic Technology and Product Portfolio Automotive − Forward lighting & Signaling − Interior & In-cabin sensing − LiDAR − Head-up-Display Consumer − AR/VR − Home cinema projection − Vital Sign sensing Industrial − Material treatment − Professional illumination − Horticulture Consumer − Display management − Camera enhancement − Edge AI sensors − 1D ranging & 3D sensing Industrial & Defense − Drone sensors − Robotics sensors − 1D & 3D sensing − Defense Personal Health − Temperature − Heart rate − Blood pressure − Blood oxygenation Emitter: epitaxy, packages, phosphors | Silicon: 0.35, 0.18µm CMOS | Optical Modules: Filter, TSV LED, Laser (EEL, VCSEL), µLED arrays, LED drivers & PMICs, Light-, Proximity-, dToF-, Temperature-, Pressure-, Gas-Sensors, … Differentiated technology portfolio ... … supports system-relevant products ... … for a variety of target applications
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13 Digital Photonics Leader with Strong RMS1) in its Target Segments Resilient semiconductor revenue mix well balanced across regions and industries ams OSRAM Market Positions2) (% 2024 SEMI revenues) 46% 35% 9% 10% #1 RMS >2 #1 RMS >1 #2 #3 or lower 45% 19% 35% Application Mix (% 2024 SEMI revenues) Automotive Industrial Consumer 37% 31% 33% Regional Mix (% 2024 SEMI revenues) Americas EMEA APAC 2) based on own market data and ams OSRAM proprietary analyses 1) rms = relative market share
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14 Geopolitically Resilient Semiconductor Supply Chain Trustworthy long-term supplier of critical technologies to our customers Solid non-China and China end-to-end semiconductor supply chains LED CMOS/ Sensors Front-end Assembly Test Inhouse: Germany, Malaysia Outsourced: TW/China Inhouse: USA*, Malaysia, China Outsourced: Malaysia, China, TW Inhouse: Malaysia, China Outsourced: - Inhouse: Austria Outsourced: TW/China Inhouse: Singapore Outsourced: Various non-China, China Inhouse: Austria, Philippines Outsourced: various non-China, China *pre-materials
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15 MicroLED Arrays – EVIYOS 2030 | > EUR 500 Mio Design-Wins Triple-Digit-million EUR Revenue potential p.a. Digital Photonics – advanced safety & functionality for automotive lighting MicroLED pixel size 1 µm50 µm 5 µm30 µm 10 µm 6,3 8,4 10,9 11,6 12,80,1 0,2 0,8 2,1 3,8 2025 2026 2027 2028 2029 Matrix LED Micro LED 6,5 8,8 11,9 13,8 16,7 Adaptive Beam Headlight Market m Cars Source: TrendForce 2025 Global Automotive LED Market- Lighting and Display Product Trend15
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16 Triple-Digit-million EUR Revenue potential p.a. Digital Photonics – miniaturizing projection display technology Micro-Emitter Arrays for AR Projection Micro-Emitter pixel size 1 µm50 µm 5 µm30 µm 10 µm In design-in 314 2025 5 2 7 2026 10 6 10 2027 13 7 12 2028 18 9 14 2029 22 14 16 2030 8 14 25 32 41 51 Global Smart Glasses Market Augmented Reality Virtual Reality Source: IDC Wearables Tracker Q2 2025, Counterpoint Global Smart Glasses Ecosystem & Market Trends Report, H1 2025 & ABI Research - Augmented Reality Hardware Q4 2024 m units Smart Glasses 2030 | 16
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17 66,3 66,9 68,4 70,0 71,6 73,2 74,9 76,6 31,5 36,4 43,4 51,8 61,9 73,8 88,1 105,2 1,0 1,8 3,3 5,1 7,1 9,5 12,0 15,0 4,4 6,6 10,1 13,9 19,2 25,6 34,5 46,3 2028 2029 2030 2031 2032 2033 2034 2035 10 compute trays 9 switch trays 8 compute trays 72 GPU Front Back 5184 Twinax Copper Cables Digital photonics - solving the power & thermal efficiency problem w/ emitter arrays AI data centers – ’Scale up’ optical connections Micro-Emitter pixel size 1 µm50 µm 5 µm30 µm 10 µm Emitter arraysSilicon Photonics / InP 1st wave 2nd wave 3rd wave Intra Board Triple-digit-million EUR Revenue potential p.a. In design in AI Datacenter - Optical Connections + CPO Scale-Up CPO Scale-Out Pluggables AOC Pluggable Ethernet & Infiniband 103,2 111,7 125,3 140,8 159,7 182,1 209,5 243,1 Source: YOLE Co-packaged Optics for Data centers, (Scenario 1) [2025]; YOLE Optical Transceivers for Datacom and Telecom [2024] m units 2030 | 17
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18 Revenue contribution*: Triple-Digit-million EUR Revenue p.a. Digital Photonics – making portable devices better Spectral Sensing Global Foldable Smartphone Market 16 24,1 32,2 39,2 51,6 0 10 20 30 40 50 60 2025 2026 2027 2028 2029 Source: OMDIA 2025 − User-facing: true color display-management − World-facing: professional grade color-correction * across all smartphones & wearables, not only foldables 2030 | 18 m units
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19 Potential: Double-Digit-million EUR Revenue p.a. Digital Photonics – biosensing is improving personal health Personal Health & Fitness Today: − Heart rate − Temperature − Blood pressure − Blood Oxygenation Future: 5 to 10 biomarkers that can be optically detected 497 544 577 608 628 639 209 228 241 247 252 255706 772 818 855 880 894 2025 2026 2027 2028 2029 2030 Wireless Earbuds Smartwatch Source: OMDIA / Canalys Global Smartwatch/band & Earbuds Market 2030 | 19 m units
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20 Potential2): Double / triple-digit-million EUR Revenue p.a. Digital Photonics – making robots & devices ‘see’ in 3D Multizone dToF1) Sensing 2030 | 20 8 16 27 46 79 136 2025 2026 2027 2028 2029 2030 k units Humanoid robot shipments Source: Yole, Humanoid Robots 2026 2) across all applications, not only (humanoid) robots 1)direct Time-of-Flight 80 88 97 108 120 134 2025 2026 2027 2028 2029 2030 m units Consumer robotics shipments Source: ABI research
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21 Defendable Semiconductor Core Business Grows Profitably Winning in established markets & applications based on market leadership, technology advantage & cost-performance CMOS ASIC Auto LED Near infrared emitter Light Sensors Industrial Lighting − Classic FWL − Signaling − Interior #1 #1 #1 ~1.9 bn € ~low single digit CAGR No. 1 in ~70% of core revenues − Technology advantage − Cost-performance − Market leadership #1 Source: Omdia / own estimate #1 − Security − Material treatment − LiDAR − Sensor illumination − Street − Professional − Building − Horticulture − Spectral − dToF − Proximity
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22 Executive Summary A Photonics Powerhouse: the Leader in Digital Photonics „Innovation distinguishes between a leader and a follower“ (Steve Jobs) Micro emitter arrays Spectral-, bio- and distance- sensing Semis: − ≥ 25 % adj. EBITDA − Mid-to-high single digit revenue CAGR − FCF: > 200 m€ − Leverage < 2 2030