ams-Osram Update into Q2‘26: Base business and Balance Sheet improving, growing credibility on future growth drivers

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ams-Osram Update into Q2‘26: Base business and Balance Sheet improving, growing credibility on future growth drivers

J P M O R G A N Europe Equity Research

24 June 2026

ams-Osram Overweight

AMS.S, AMS SW

Update into Q2’26: Base business and Balance Sheet Price (23 Jun 26):CHF18.47

improving, growing credibility on future growth drivers ▲Price Target (Dec-27):CHF24.40 Prior (Dec-27):CHF23.60

We update the model for ams-Osram following latest discussion with the company.

Overall, we see the investment thesis beginning to play out and should show up in European Tech Hardware &

Paymentsthe Q2 results with the core/base business sustaining growth and the balance sheet

position improving (supporting refinancing at lower cash/P&L interest cost), Craig A McDowell AC

meanwhile there is growing credibility on the future growth drivers (Smart Glasses (44-20) 7742-4576

craig.mcdowell@jpmorgan.com

and Micro-LED interconnect). We make small adjustments to our forecasts, and

raise our PT to 24.40 CHF (from 23.60 CHF) reflecting revised forecasts and a Sandeep Deshpande

(44-20) 7134-5276

12.5x ‘28 EBIT (previously 13.0x). sandeep.s.deshpande@jpmorgan.com

• Base business delivering stable growth. Latest datapoints seem to be Anthony Girard

validating management's assumptions on the core businesses for 2026. On (44-20) 3493-6469

anthony.girard@jpmorgan.com

Auto, although there was a good momentum in Q1 (~2% organic y/y, JPMe) J.P. Morgan Securities plc

which management says has continued into Q2, the end-market in terms of

production units remains depressed. Importantly, management have assumed Specialist Sales contact details:

a degree of restocking supporting in the first half, which will not offer the same Scott Silver - Specialist Sales -

tailwind in H2.