EQS-Ad-hoc: ams-OSRAM AG / Key word(s): Quarter Results
13-Nov-2026 / 07:15 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this announcement.
Ad hoc announcement pursuant to Art. 53 Listing Rules of SIX Swiss Exchange ams OSRAM delivers continued core growth despite mixed end-market demand, led by strong Opto Semiconductors Core growth and underlying performance Led by reported growth of 9 % in Opto Semiconductors, semiconductor core portfolio grows approx. 3 % year-on-year on a like-for-like basis and at constant currencies Q3 revenues EUR 829 m reflect significant portfolio changes; adjusted EBITDA margin of 16.3 %, above the midpoint of the guidance; reported EBITDA margin of 60.7 % due to disposal gain of non-optical sensor business Approx. EUR 1.3 bn of semiconductor design wins in Q3, year-to-date approx. EUR 3.8 bn Strategic growth vectors in Digital Photonics AI Photonics: 850nm Thin-Film microVCSELs for highly parallel, ultra-low-power optical interconnects as technology breakthrough shown, Credo-led OCP Short-Reach Micro-Emitter Optics standardization* effort and its micro-emitters part of Credo’s Active Light Cable demonstration. Outlook Q4/26: revenues at EUR 750 m to 850 m, adj. EBITDA margin of 16.0 % ± 1.5 % FY27: path to positive Free Cash Flow confirmed Premstaetten, Austria, and Munich, Germany (13 November 2026) – ams OSRAM delivered continued core growth in Q3 despite significant portfolio effects on reported results, while further progress in AI Photonics moves the technology closer to commercialization. “We are increasingly seeing the strength of our reshaped core portfolio while turning our technology leadership in Digital Photonics into tangible commercial opportunities. AI Photonics, targeting datacenter optical interconnects, moves closer to commercialization. We are building the next growth chapter for ams OSRAM with a stronger portfolio, an improved financial profile and a clear focus on profitable growth with differentiating technology.” said Aldo Kamper, CEO of ams OSRAM. Q3/26 – Group Financial Summary | in EUR million (except per share data) | Q3 2026 | Q2 2026 | QoQ | Q3 2025 | YoY | | Revenues | 829 | 805 | +3 % | 853 | -3 % | | EBITDA margin adj. % 1) | 16.3 % | 16.9 % | -60 bps | 19.5% | -320 bps | | EBITDA adj. 1) | 135 | 136 | -1 % | 166 | -19 % | | EBITDA margin % | 60.7 % | 14.2 % | +4,650 bps | 17.9 % | +4,280 bps | | EBITDA | 503 | 115 | +339 % | 152 | +230 % | | Net result adj. 1) | -35 | -55 | +37 % | 27 | n.m.²) | | Diluted EPS (adj., in EUR) | -0.36 | -0.56 | +36 % | 0.27 | n.m.²) | | Net result | 319 | -121 | n.m.²) | -28 | n.m.²) | | Diluted EPS (in EUR) | 2.97 | -1.22 | n.m.²) | -0.28 | n.m.²) |
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. 2) n.m. = not meaningful due to sign change. * Short-Reach Micro-Emitter Optics (SRMO) - Open Compute Project Group revenues reached EUR 829 million, up 3% sequentially, driven by continued growth in Opto Semiconductors and the seasonal upswing in the traditional automotive lamps business. Reported revenues declined 3% year-on-year, reflecting mainly significant portfolio changes. On a like-for-like basis and at constant currencies, the semiconductor core portfolio grew approximately 3% year-on-year led by 8% comparable growth in Opto Semiconductors, despite continued weakness in the Chinese smartphone market impacting Light Sensors & Photonics (LSP, formerly CMOS Sensors & ASICs). Adjusted EBITDA was EUR 135 million, translating into an adjusted EBITDA margin of 16.3%, above the midpoint of guidance. The margin reflected the softer portfolio mix following the sale of the non-optical sensor business and the related manufacturing services at non-accretive margins. Reported EBITDA of EUR 503 million and reported net result of EUR 319 million primarily reflected the income from selling the non-optical mixed-signal sensor business. Q3/26 - Cash Generation & Financial Position | in EUR million | Q3 2026 | Q2 2026 | QoQ | Q3 2025 | YoY | | FCF (incl. net interest paid, adj.) 1) | 462 | -119 | n.m. 2) | 43 | +974 % | | Cash on hand | 1,392 | 994 | +40 % | 979 | +42 % | | Net debt | 883 | 1,288 | -31 % | 1,581 | -44 % | | Kulim-2 SLB (Sale-and-Lease-Back) 3) | 462 | 457 | +1 % | 422 | +9 % | | Net debt (incl. SLB) | 1,344 | 1,744 | -23 % | 2,003 | -33 % | | OSRAM minority put options 4) | 456 | 479 | -5 % | 517 | -12 % |
1) Free cash flow – defined as operating cash flow including net interest paid minus cash flow from CAPEX including related grants plus proceeds from divestments 2) n.m. = not meaningful due to sign change. 3) Liability as part of ‘other financial liabilities’ 4) At the end of Q3/26, the Group held close to 90 % of the shares of OSRAM Licht AG Free cash flow primarily reflected proceeds from the non-optical sensor divestment, significantly strengthening the Group’s financial position. Excluding divestment proceeds, cash generation was impacted by the further reduction of factoring and the semi-annual senior notes interest payment. Execution of the Simplify program continued during the quarter, delivering more than EUR 20 million of run-rate savings to date towards the target of EUR 200 million by FY28. Q3/26 - Digital Photonics: Commercialization Progress AI Photonics: The Company advanced its 850 nm Thin-Film microVCSEL platform for highly parallel, ultra-low-power optical interconnects for next-generation AI infrastructure, demonstrating error-free 32 Gb/s operation at approximately 0.25 pJ/bit. At the same time, the ecosystem around the wide-and-slow architecture continues to expand, including ams OSRAM’s participation in the Credo-led SRMO OCP initiative for interoperable short-reach micro-emitter optical links and micro-emitters featured in Credo’s Active Light Cable (ALC) demonstration. Q3/26 - Business Unit (BU) Results & Industry Update Semiconductor Business Semiconductor revenues were EUR 625 million in Q3 2026, up 1% sequentially and down 2% year-on-year on a reported basis, with portfolio changes and softer consumer demand masking continued growth in the core business. | in EUR million | Q3 2026 | Q2 2026 | QoQ | Q3 2025 | YoY | | Opto Semiconductors (OS) | | | | | | | Revenue | 399 | 364 | +9 % | 365 | +9 % | | EBITDA margin adj. % | 19.2 % | 17.7 % | +150 bps | 22.6 % | -340 bps | | EBITDA adj. | 77 | 65 | +19 % | 82 | -7 % | | EBITDA margin % | 14.2 % | 14.2 % | 0 bps | 24.2 % | -1,000 bps | | EBITDA | 57 | 52 | +9 % | 88 | -36 % | | Light Sensors & Photonics (LSP) | | | | | | | Revenue | 227 | 257 | -12 % | 271 | -16 % | | Revenue (excl. divested biz) 1) | 227 | n.m. 2) | n.m. 2) | 240 | -5% | | EBITDA margin adj. % | 9.1 % | 16.3 % | -720 bps | 23.6 % | -1,450 bps | | EBITDA adj. | 21 | 42 | -51 % | 64 | -68 % | | EBITDA margin % | 182.4 % | 13.9 % | +16,850 bps | 21.7 % | +16,070 bps | | EBITDA | 413 | 36 | +1,060 % | 59 | +602 % | | Total Semiconductors (sum) | 625 | 621 | +1 % | 637 | -2 % |
1) Divestment of non-optical mixed-signal sensors to IFX closed Q3 2026 2) n.m. = not meaningful Optical Semiconductors (OS) delivered another strong quarter, with broad-based growth across end markets and adjusted EBITDA margin improving sequentially to 19.2% on higher volumes and better factory performance. Light Sensors & Photonics (LSP) primarily reflected selling the non-optical sensor business to Infineon, softer consumer demand in China and the transition to manufacturing services. Semiconductors industry dynamics Automotive remained broadly stable year-on-year as continued content and market-share gains helped offset softer market conditions. Excluding portfolio effects, automotive semiconductor business grew by approx. 4 % year-on-year. Industrial & Medical grew 12% year-on-year, supported by the ongoing industrial recovery and strength in horticulture, visualization and sensing. Excluding portfolio effects, I&M grew by approx. 23% year-on-year. Consumer declined 13%, mainly reflecting weakness in the smartphone market and portfolio effects. | in EUR million | Q3 2026 | Q2 2026 | QoQ | Q3 2025 | YoY | | Semiconductors by industry | | | | | | | Automotive | 235 | 231 | +2 % | 239 | -2 % | | I&M | 196 | 204 | -4 % | 174 | +12 % | | Consumer | 195 | 186 | +5 % | 224 | -13 % | | Total Semiconductors (sum) | 625 | 621 | +1 % | 637 | -2 % |
Lamps & Systems Business (L&S, traditional auto lamps): L&S showed also a portfolio effect: reported revenues declined 6% year-on-year as a result of the divestiture of the industrial- and entertainment business, while the remaining business grew 9%, continuing to demonstrate strong momentum and market-share gains amid structural shifts in the competitive landscape. Revenues increased 11% sequentially on normal seasonality, while the adjusted EBITDA margin expanded to 23.1% on higher volumes and improved factory performance. | in EUR million | Q3 2026 | Q2 2026 | QoQ | Q3 2025 | YoY | | Revenue (reported) | 204 | 184 | +11 % | 216 | -6 % | | Revenue (excl. divested biz) 1) | 204 | n.m. 2) | n.m. 2) | 187 | +9 % | | EBITDA margin adj. % | 23.1 % | 18.3 % | +480 bps | 13.2 % | +990 bps | | EBITDA adj. | 47 | 34 | +40 % | 28 | +66 % | | EBITDA margin | 21.0 % | 17.2 % | +380 bps | 9.1 % | +1,190 bps | | EBITDA | 43 | 32 | +35 % | 20 | +117 % |
1) Divestment of Entertainment and Industry Lamps to Ushio closed Q1 2026 2) n.m. = not meaningful Outlook For Q4 2026, ams OSRAM expects revenues of EUR 750 – 850 million and an adjusted EBITDA margin of 16.0% ± 1.5 percentage points, based on an assumed EUR/USD exchange rate of 1.12. The outlook reflects normal seasonality, with lower semiconductor revenue expected to be partly offset by the seasonal peak in the traditional automotive lamps business. The impact of portfolio divestitures is of the order of EUR 75 million compared to Q4 2025. | in EUR million | | | Q4 2026 | | | | | low | mid | high | | Revenue | | 750 | 800 | 850 | | quarter-on-quarter | | -10 % | -3 % | +3 % | | EBITDA margin adj. % | | 14.5 % | 16.0 % | 17.5 % | | | | | | | |
For FY27, the company continues to see a clear path to positive free cash flow. Additional Information Additional financial information as well as a comprehensive investor presentation for the third 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 third quarter 2026 results on Friday, 13 November 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 18,500 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 around 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 Group. 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
investor@ams-osram.com | Media Relations
ams-OSRAM AG
Bernd Hops
Senior Vice President
Corporate Communications
T: +43 3136 500-0
press@ams-osram.com | | | | |
Consolidated Statement of Income in accordance with IFRS (unaudited) in EUR million
(except earnings per share) | Q3 2026 | 9 months until September 30, 2026 | Q3 2025 | 9 months until September 30, 2025 | | Revenue | 829 | 2,430 | 853 | 2,448 | | Cost of sales | -610 | -1,818 | -628 | -1,818 | | Gross profit | 220 | 611 | 226 | 631 | | Research and development expenses | -83 | -282 | -97 | -289 | | Selling, general, and administrative expenses | -108 | -326 | -102 | -313 | | microLED adaption result1 | -1 | 5 | 2 | 9 | | Other operating income | 422 | 445 | 21 | 68 | | Other operating expenses | -34 | -64 | -12 | -16 | | Results from investments accounted for using the equity method | 0 | -1 | 0 | -3 | | Result from operations | 416 | 388 | 37 | 87 | | | | | | | | Financial income | 10 | 38 | 22 | 133 | | Financial expenses | -99 | -341 | -81 | -297 | | Financial result | -89 | -303 | -59 | -164 | | | | | | | | Result before income taxes | 327 | 85 | -22 | -78 | | | | | | | | Income taxes | -8 | -42 | -5 | -31 | | Net result | 319 | 43 | -28 | -109 | | | | | | | | Attributable to: | | | | | | Non-controlling interests | 0 | 1 | 0 | 1 | | Shareholders of ams-OSRAM AG | 318 | 42 | -28 | -110 | | | | | | | | Basic earnings per share (in EUR) | 3.21 | 0.43 | -0.28 | -1.10 | | Diluted earnings per share (in EUR) | 2.97 | 0.40 | -0.28 | -1.10 |
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 Balance Sheet in accordance with IFRS (unaudited) | in EUR million | September 30, 2026 | December 31, 2025 | | ASSETS | | | | Cash and cash equivalents | 1,392 | 1,483 | | Trade receivables | 458 | 415 | | Other current financial assets | 44 | 81 | | Inventories | 816 | 724 | | Other current non-financial assets | 200 | 152 | | Assets held for sale | 65 | 116 | | Total current assets | 2,975 | 2,972 | | | | | | Property, plant, and equipment | 1,480 | 1,565 | | Intangible assets | 1,782 | 1,945 | | Right-of-use assets | 109 | 120 | | Investments in associates | 4 | 5 | | Other non-current financial assets | 51 | 89 | | Deferred tax assets | 75 | 60 | | Other non-current non-financial assets | 61 | 56 | | Total non-current assets | 3,562 | 3,840 | | Total assets | 6,537 | 6,812 | | | | | | LIABILITIES AND EQUITY | | | | Liabilities and provisions | | | | Current interest-bearing loans and borrowings | 48 | 59 | | Trade payables | 469 | 477 | | Other current financial liabilities | 788 | 927 | | Current provisions | 265 | 183 | | Income tax payable | 35 | 36 | | Other current non-financial liabilities | 339 | 309 | | Liabilities and provisions associated with assets held for sale | 12 | 37 | | Total current liabilities and provisions | 1,955 | 2,028 | | | | | | Non-current interest-bearing loans and borrowings | 2,226 | 2,502 | | Other non-current financial liabilities | 552 | 537 | | Employee benefits | 472 | 513 | | Non-current provisions | 91 | 51 | | Deferred tax liabilities | 51 | 30 | | Other non-current non-financial liabilities | 143 | 202 | | Total non-current liabilities and provisions | 3,534 | 3,836 | | | | | | Equity | | | | Issued capital | 998 | 998 | | Additional paid-in capital | 1,986 | 2,022 | | Treasury shares | -22 | -32 | | Other components of equity | 173 | 110 | | Retained earnings | -2,095 | -2,156 | | Total equity attributable to shareholders of ams-OSRAM AG | 1,040 | 942 | | Non-controlling interests | 7 | 6 | | Total equity | 1,047 | 948 | | Total liabilities, provisions and equity | 6,537 | 6,812 |
Consolidated Statement of Cash Flows in accordance with IFRS (unaudited) | in EUR million | Q3 2026 | 9 months until September 30, 2026 | Q3 2025 | 9 months until September 30, 2025 | | Operating activities | | | | | | Net result | 319 | 43 | -28 | -109 | | Reconciliation between net result and cash flows from operating activities | | | | | | Depreciation, amortization, impairments and reversal of impairments | 87 | 293 | 119 | 309 | | Expenses from stock option plans (acc. To IFRS 2) | 6 | 17 | 5 | 17 | | Income taxes | 8 | 42 | 5 | 31 | | Financial result | 89 | 303 | 59 | 164 | | Result from sales of businesses, intangible assets and property, plant, and equipment | -375 | -380 | -15 | -16 | | Result from investments in associates | -0 | 1 | 0 | 3 | | Changes in current assets and current liabilities | | | | | | Inventories | 2 | -99 | 17 | -50 | | Trade receivables | -31 | -34 | -85 | 79 | | Other current assets | -13 | -24 | 189 | -13 | | Trade payables | 16 | 8 | 0 | -8 | | Current provisions | 29 | 37 | 0 | -17 | | Other current liabilities | -148 | -100 | -59 | -7 | | Changes in other assets and liabilities | -2 | -40 | -30 | -41 | | Income taxes paid | -4 | -20 | -7 | -31 | | Dividends received | - | 0 | - | 0 | | Interest received | 10 | 27 | 7 | 17 | | Interest paid | -53 | -213 | -91 | -207 | | Cash flows from operating activities | -61 | -139 | 88 | 122 |
Consolidated Statement of Cash Flows in accordance with IFRS (unaudited) – Cont’d | in EUR million | Q3 2026 | 9 months until September 30, 2026 | Q3 2025 | 9 months until September 30, 2025 | | Investing activities | | | | | | Additions to intangible assets and property, plant, and equipment | -45 | -164 | -48 | -140 | | Inflows from sale of intangible assets, and property, plant and equipment | 5 | 23 | 2 | 17 | | Inflows from sale of businesses, net of cash and cash equivalents, disposed of | 563 | 661 | - | - | | Cash flows from investing activities | 523 | 520 | -46 | -123 | | | | | | | | Financing activities | | | | | | Acquisition of treasury shares | -20 | -25 | - | - | | Inflows from bonds | - | 988 | 526 | 526 | | Transaction costs for the issue of interest-bearing loans and borrowings as well as for the repurchase of convertible bonds | -2 | -22 | -8 | -8 | | Repayment of bonds | - | -999 | - | - | | Repurchase of convertible bonds | - | -317 | - | - | | Repayment of convertible bonds | - | - | - | -447 | | Inflows from loans | 1 | 3 | 0 | 70 | | Repayment of loans | -10 | -16 | -57 | -63 | | Repayment of lease liabilities | -12 | -36 | -13 | -40 | | Acquisition of non-controlling interests in OSRAM Licht AG | -23 | -49 | -11 | -69 | | Dividends paid to shareholders of OSRAM Licht AG | - | -24 | - | -27 | | Dividends paid to other non-controlling shareholders | - | - | -1 | -1 | | Cash flows from financing activities | -67 | -496 | 435 | -60 | | | | | | | | Effect of changes in foreign exchange rates on cash and cash equivalents | 1 | 25 | -9 | -59 | | Change in cash and cash equivalents | 396 | -90 | 468 | -119 | | Cash and cash equivalents at the beginning of the period | 997 | 1,483 | 511 | 1,098 | | Cash and cash equivalents at the end of the period | 1,393 | 1,393 | 979 | 979 | | Less: Cash and cash equivalents of assets held for sale at the end of the period | 1 | 1 | - | - | | Cash and cash equivalents at the end of the period | 1,392 | 1,392 | 979 | 979 |
Reconciliation from adjusted figures to reported figures in accordance with IFRS | in EUR million | Q3 2026 | 9 months until September 30, 2026 | Q3 2025 | 9 months until September 30, 2025 | | Gross profit – adjusted | 227 | 684 | 253 | 710 | | Acquisition-related expense1 | -10 | -31 | -10 | -31 | | Share-based compensation | -1 | -3 | -1 | -3 | | Transformation costs | 4 | -39 | -16 | -46 | | Gross profit | 220 | 611 | 226 | 631 | | | | | | | | EBITDA – adjusted | 135 | 402 | 166 | 447 | | microLED adaption result2 | -1 | -10 | 16 | 13 | | Acquisition-related expenses1 | -6 | -16 | -10 | 19 | | Share-based compensation | -6 | -17 | -5 | -17 | | Transformation costs | 10 | -54 | -12 | -64 | | Result from the sale of businesses | 372 | 377 | -3 | -2 | | Result from at-equity investments | 0 | -1 | 0 | -3 | | EBITDA | 503 | 681 | 152 | 393 | | Amortization, Depreciation and Impairment | -87 | -293 | -116 | -306 | | Net financing result | -89 | -303 | -59 | -164 | | Income tax result | -8 | -42 | -5 | -31 | | Net result | 319 | 43 | -28 | -109 | | microLED adaption result2 | 1 | 10 | -16 | -13 | | Acquisition-related expenses1 | 6 | 16 | 10 | -19 | | Share-based compensation | 6 | 17 | 5 | 17 | | Transformation costs | -10 | 54 | 12 | 64 | | Result from the sale of businesses | -372 | -377 | 3 | 2 | | Result from at-equity investments | 0 | 1 | 0 | 3 | | Amortization, Depreciation and Impairment3 | 14 | 73 | 41 | 77 | | Net result adjusted | -35 | -163 | 27 | 22 |
1 Acquisition-related expenses include amortization, depreciation and impairment of purchase price allocated assets, integration, carve-out and other acquisition related costs. The amount for the nine months until September 30, 2025, contains the gain from the court ruling on trade secret and patent infringement suit. 2 microLED adaption result reflects net charges (impairments losses and reversals of impairment losses on assets, additions to and reversals of provisions, and other expenses) due to the cancellation of the microLED project on February 28, 2024. 3 The amount reported represents the difference between depreciation, amortization, impairment losses and reversals of impairment losses reported in accordance with IFRS and the corresponding amounts adjusted and therefore comprises the adjusted value attributable to these positions. Reconciliation of Comparable Free Cash Flow to Free Cash Flow | in EUR million | Q3 2026 | 9 months until September 30, 2026 | Q3 2025 | 9 months until September 30, 2025 | | Comparable Free Cash Flow (incl. net interest paid) | 462 | 381 | 42 | -1 | | Therein: Inflows from sale of financial investments | - | - | - | - | | Free Cash Flow | 462 | 381 | 42 | -1 | | Therein: Cash flows from operating activities | -61 | -139 | 88 | 122 | | Therein: Cash flows from investing activities | 523 | 520 | -46 | -123 |
APM Definitions | EBIT | EBIT (Earnings Before Interest and Taxes) represents the result from operations based on the results reported in the Consolidated Statement of Income. This metric is derived from revenues and expenses recognized in the financial statements and includes all operating and other effects incurred during the reporting period. It serves as a key IFRS-based performance measure for assessing the company's operating performance and represents the reference measure for the reconciliation to adjusted metrics. | | EBIT Margin | EBIT Margin is calculated as EBIT divided by revenue for the respective period. This metric is used to analyze operating profitability after depreciation and amortization relative to revenue and enables a comparative assessment of margin development | | EBIT adjusted | EBIT adjusted represents the result from operations adjusted for special items, particularly transformation effects, acquisition-related effects, and other non-operating or non-recurring items, including related depreciation and amortization effects. The adjustment items are disclosed separately. This metric is used to analyze operating performance after depreciation and amortization and provides a view of profitability excluding special items. | | EBIT Margin adjusted | EBIT Margin adjusted is calculated as EBIT adjusted divided by revenue for the respective period. This metric is used to analyze operating profitability after depreciation and amortization relative to revenue and enables a comparative assessment of margin development excluding special items. | | EBITDA | EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) represents earnings before interest, taxes, depreciation of property, plant and equipment, and amortization of intangible assets, derived from the results reported in the Consolidated Statement of Income. The metric includes all effects recognized during the period without adjustments for special items. It is used to analyze operating earnings power before depreciation and amortization and serves as the reference measure for the reconciliation to adjusted metrics. | | EBITDA Margin | EBITDA Margin is calculated as EBITDA divided by revenue for the respective period. This metric is used to analyze operating profitability before depreciation and amortization relative to revenue and enables a comparative assessment of margin development. | | EBITDA adjusted | Adjusted EBITDA represents earnings before interest, taxes, depreciation of property, plant and equipment, and amortization of intangible assets, adjusted for special items, particularly transformation effects, acquisition-related effects, and other non-operating or non-recurring items. The adjustment items are disclosed separately. This metric is used to analyze operating performance before depreciation and amortization and provides a view of profitability excluding special items. | | EBITDA Margin adjusted | EBITDA Margin adjusted is calculated as EBITDA adjusted divided by revenue for the respective period. This metric is used to analyze operating profitability before depreciation and amortization relative to revenue and enables a comparative assessment of margin development excluding special items | | Net Result | Net Result represents the result after income tax based on the results reported in the Consolidated Statement of Income. The metric includes all effects recognized during the period without adjustments for special items. It is used to present earnings performance after tax and serves as the reference measure for the reconciliation to adjusted metrics. | | Net Result adjusted | Net Result adjusted represents the result after income tax adjusted for special items at EBIT level as well as additional non-operating effects within financial income and income tax positions. The adjustment items are disclosed separately. This metric is used to present earnings performance after tax excluding special items and to enhance comparability. | | Free Cash Flow | Free Cash Flow consists of cash flows from operating activities and cash flows from investing activities based on the Consolidated Statement of Cash Flows. The metric includes all cash flows incurred during the period without adjustments for special items. It is used to assess the actual generation of cash based on reported cash flows and serves as the reference measure for deriving Comparable Free Cash Flow. | | Comparable Free Cash Flow | Comparable Free Cash Flow (incl. net interest paid) consists of cash flows from operating activities and cash flows from investing activities, less Inflows from sale of financial investments (e.g., cash inflows resulting from a change in pension trustee arrangements under IAS 19). | | Net Debt | Net Debt represents current and non-current interest-bearing loans and borrowings less cash and cash equivalents, based on the balance sheet items reported in the Consolidated Balance Sheet. The scope of liabilities included (e.g., including or excluding lease liabilities) is disclosed separately. This metric is used to analyze the company's indebtedness and capital structure. | | Pro Forma Leverage Ratio | Pro Forma Leverage Ratio is calculated as Net Debt divided by EBITDA adjusted, taking into account transaction effects (e.g., divestitures) on a pro forma basis. This metric illustrates how leverage would appear after considering such changes and is used to assess the company's financial position following significant portfolio measures or similar transactions. | | Revenue Growth at Constant Currency | Revenue Growth at Constant Currency measures the change in revenue compared with the prior period after eliminating foreign exchange effects. This metric is used to analyze underlying operational revenue development independently of currency fluctuations. | | Diluted Earnings per Share (EPS) adjusted | Diluted Earnings per Share adjusted is calculated as net result adjusted divided by the diluted weighted average number of shares outstanding. The adjustment items are disclosed separately. This metric is used to present adjusted earnings performance per share from the shareholders’ perspective, excluding special items. |
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