ams AG Q2 2026 Earnings Recap

The market reacted positively to a 11.4% stock increase, reflecting investor approval of accelerated growth in the semiconductor core business and significant progress in scaling the Digital Photonics segment.

Key Takeaways

• Semiconductor core grew 13% year-over-year on a like-for-like basis, driven by strength in automotive and industrial demand, nearly doubling the midterm growth model’s implied rate.
• Digital Photonics advanced toward commercialization with key milestones in microLED and AI photonics, alongside strategic hires and organizational restructuring.
• Revenues reached EUR 805 million, landing in the upper half of guidance; adjusted EBITDA margin was near 17%, at the high end of guidance range.
• Segment-wise, operating system division saw 11% sequential revenue growth but faced margin pressure from rising gold prices (+25%) and FX headwinds.
• Automotive LED business grew 5% YoY with ongoing share gains, while industrial/medical segment showed robust sequential growth (~30%), offsetting softness in China consumer demand.