Ams Osram Ag Unsp/Adr

Ladies and gentlemen, welcome to the AMS Osram conference call on second quarter 2026 results and live broadcast. I am Juergen, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference will be recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. Please press star and zero. The conference must not be recorded through publication or broadcast. At this time, it's my pleasure to hand over to Juergen Rebel, head of Investor Relations. Please go ahead.

Good morning. This is Juergen speaking. Welcome to our second quarter 2026 earnings call. Aldo, our CEO, will comment on vision, performance, and strategic progress. And Rainer, our CFO, will walk you through the financials. Please refer to the Q2 earnings call presentation that is available on our website.

And with that, Aldo, please take us through the quarter. Thank you, Juergen, and also good morning from my side. We delivered another strong quarter with revenue and adjusted EBDA both landing at the high end of our guidance range while continuing to execute on our digital photonics strategy. Let us turn to slide three. Our semiconductor core business grew 13% year-on-year on a like-for-like basis driven by automotive strength and improving industrial demand. This is nearly twice the growth implied by our current mid-term semiconductor model and underscores share gains. We also delivered record first half design and performance, securing more than 1.6 billion of future business just in the second quarter alone. Momentum is building across both our core semiconductor franchise and our digital photonics growth platforms, reinforcing confidence in our long-term growth trajectory. In Digital Photonics, we achieved several important milestones during the quarter. First, we strengthened our organizational setup by creating dedicated business lines around key Digital Photonics teams, accelerating execution and enabling faster scaling of innovation. We also strengthened the team with external talent. Ashkhan Chayeli from NVIDIA now leads our AI Photonics business, bringing deep industry expertise and application know-how. Second, we reached key performance milestones in the development of micro-LED array-based light engines for next-generation AI-enabled AR smart glasses, bringing the platform closer to mass production readiness. This positions us to enable a new class of AI-powered user experiences. Third, in AI photonics, we expanded our roadmap by starting development of micro-photodiode arrays for the receive channel of slow and wide optical interconnects. This broadens our target portfolio, increases our bill of material opportunity, and supports our long-term objective of providing the complete optical engine. Fourth, on the sensing side of digital photonics, we secured initial design wins for our benchmark 3D multi-zone TOF platform in both robotics and smartphones. Taken together, these milestones demonstrate that digital photonics is progressing from technology development towards productization and commercial scale. As part of our balance sheet improvement plan, We deceptively placed €1 billion senior notes due to 2022 with a 7¼ coupon. Replacing much more expensive 29s, this reduces our annual interest cost by €40 million. We also continued to sharpen our portfolio and kept the allocation focus through the divestment of non-core businesses. On July 1st, we completed the divestment of our non-optical sensor business to a finance of €570 million. In addition, besides the divestment of our sub-scale CMOS image sensor business to Indy, further sharpening our strategic focus and doubling down on the most promising digital photonics opportunities. In summary, BitWater reflects strong execution across our strategic priorities, with profitable growth in the core business, continued progress in digital photonics, and a further balance sheet strengthening. Let me now ask Rainer to walk you through some of the financial details.