ams-Osram Takeaways from London TMT Conference 2026

Research evidence excerpt

ams-Osram Takeaways from London TMT Conference 2026

J P M O R G A N Europe Equity Research

22 May 2026

ams-Osram Overweight

AMS.S, AMS SW

Takeaways from London TMT Conference 2026 Price (21 May 26):CHF20.40

Price Target (Dec-27):CHF23.60

We hosted ams-Osram Head of Investor Relations Juergen Rebel and Head of European Tech Hardware &

Accounting Keno Mischling at our European TMT conference today in London. Payments

Our takeaways are: Craig A McDowell AC

(44-20) 7742-4576

• AI / DC interconnect opportunity: The company noted that ams-Osram’s craig.mcdowell@jpmorgan.com

proven experience and ability to manufacture micro LED at scale (with Evyos) Sandeep Deshpande

was a key differentiator in their commercial partner selecting ams-Osram. (44-20) 7134-5276

Additionally, this is a source of advantage over start-up operations which are sandeep.s.deshpande@jpmorgan.com

exploring the application of micro LED as an optical engine. Internally, there Anthony Girard

are significant engineering resources focusing on the development of this (44-20) 3493-6469

opportunity. The company sees potential for revenue generation before 2029 anthony.girard@jpmorgan.com

J.P. Morgan Securities plc

with potential for triple digit €m (consistent with Q1 commentary).

• Smart Glass / AR opportunity: The company is already recognising revenue Specialist Sales contact details:

related to Smart Glasses, with the sale of sensors into on-market models; Scott Silver - Specialist Sales -

however, the significant opportunity comes with the integration of a micro European TMT

(44-20) 7134-0412

LED display engine on to one or more lens facilitating augmented reality. We scott.silver@jpmorgan.com

note that speaking at our conference yesterday, BE Semiconductor highlighted