ams AG Q2 2026 Earnings Recap

The shares jumped 11.4% post-earnings, driven by semiconductor core growth and solid progress in Digital Photonics, which together reinforced confidence in the company’s long-term growth despite margin pressures and FX headwinds.

Key Takeaways

• Semiconductor core business grew 13% year-on-year on a like-for-like basis, nearly double the midterm model’s implied growth, supported by automotive strength and industrial demand recovery.
• Digital Photonics advanced notably with key milestones in microLED arrays and AI photonics, signaling a shift from development to commercial scale.
• Revenue reached EUR 805 million, up 4% year-on-year and 9% like-for-like, landing at the high end of guidance.
• Adjusted EBITDA margin near 17%, at the top of the guidance range, despite heavier raw material costs (notably a 25%+ increase in gold prices) and FX headwinds that weighed on profitability.
• The divestment of non-core businesses, including specialty lamps and subscale CMOS image sensors, sharpened strategic focus and improved the balance sheet with EUR 1 billion senior notes reducing annual interest expense by EUR 40 million.