AMS2.VI

For the stock to rerate higher, AMS OSRAM AG needs to achieve an Adjusted EBITDA margin above the midpoint of its Q3 2026 guidance, which is 16.0%. This would demonstrate continued operational strength and resilience despite the impacts of recent divestments.

Exceeding the Q3 2026 Adjusted EBITDA guidance midpoint of 16.0% would validate AMS OSRAM's strategic pivot towards Digital Photonics and its ability to maintain profitability amidst portfolio changes. This reinforces investor confidence in its long-term growth trajectory within key themes like 'Humanoid '25: Sensing & Perception' and 'Euro Spend '25: Manufacturing & Industrial Automation', supporting a higher valuation.

For AMS OSRAM AG's stock to rerate higher, the CMOS Sensors & Advanced Solutions (CSA) Revenue metric needed to hit at least +10% year-on-year growth for the Q2 2026 report (August 4, 2026).

Achieving 10%+ YoY growth in CSA revenue would have signaled successful execution of AMS OSRAM's strategic pivot towards high-value Digital Photonics and advanced sensing. This validates the investment thesis by demonstrating accelerated growth in key areas like AR and AI photonics, justifying a higher valuation and reinforcing market confidence.

Optical Semiconductors (OS) Revenue growth exceeding the Q2 2026 reported figures of +6% year-on-year and +11% sequentially. Specifically, achieving year-on-year growth of at least +8% and sequential growth of at least +13% would signal accelerating momentum.

Exceeding the prior rerating threshold for OS revenue demonstrates accelerated demand for AMS OSRAM's advanced optical solutions, particularly in high-growth areas like AR and AI photonics. This validates its strategic pivot, reinforces competitive strength, and drives further investor confidence in its long-term growth trajectory and valuation expansion.