Good day, and welcome to the ams OSRAM Q1 2026 results credit investor Q&A call. My name is Regina, and I'll be your Evercall coordinator. The format of the calling includes prepared remarks from the company, followed by a question and answer session, at which point attendees will have an opportunity to ask questions live. Attendees are also welcome to submit questions in writing via the Ask a Question button found on the upper right of your Deal Roadshow. At this time, I will turn the call over to Juergen Rebel with ams OSRAM. You may now begin.
Hello. Good afternoon, everyone. Good morning to the U.S. if you're already up. This is Juergen speaking. Welcome to today's call on our first quarter 2026 results, specifically for credit investors. With me is Reiner, our CFO, who will walk you through the Q1 earnings call presentation. Reiner, the stage is yours. How did we do in Q1?
Yeah. Thank you, Juergen. Good afternoon or morning, U.S. How did we do? If you look at the share price, we obviously did pretty well. We quickly go through the presentation. Let's start with page 3. Overall, we delivered a very strong first quarter and made further tangible progress towards our ambition of becoming a focused Digital Photonics powerhouse. On a like-for-like basis, our semiconductor core portfolio grew by 9% year-on-year, clearly underlining that our strategic focus is the right one. Group revenue came in well above the midpoint of our guidance range. Adjusted EBITDA reached the upper end. The time when momentum continued unabated across all end markets. From a Digital Photonics perspective, we achieved 2 important milestones in the quarter.
The first one, we are in the process of extending our portfolio of optical components that are decisive for the system performance of AI-enabled augmented reality smart glasses, covering key functional building blocks. Second, in AI photonics, we signed a development agreement for highly parallel micro-emitter array-based, so-called slow and wide optical interconnects, targeting hyperscaler AI data centers. In parallel, we advanced on execution topics. The Simplify transformation program is well underway. Our balance sheet deleveraging plan progressed as planned. The sale of the entertainment and industrial lamps business to Ashiu closed in early March and cash proceeds were received. The divestment of our non-optical sensor business to Infineon remains well on track, with unchanged timing for mid-year 2026. Finally, we delivered positive free cash flow in Q1.
As expected, the investment proceeds offset the seasonally high interest payments that typically occur in the first quarter. Let's look at the details on page 4. Q1 performance came in stronger than initially expected. Group revenues came in with EUR 796 million, well within the upper half of the guidance spend. Adjusted EBITDA reached 6.5% at the upper end of the guidance, driven mainly by the OS division and a very strong automotive lamps performance. Year-on-year revenues declined slightly entirely due to the weaker U.S. dollar, with a top line impact of roughly EUR 50 million. On a like-for-like basis at constant currencies, the group would have grown by approximately 8%. Adjusted EBITDA declined modestly year-on-year, solely due to the deconsolidation of the Specialty Lamps business despite the FX headwinds. Slide 5.
OS held up very well in the typically soft first quarter. Revenues were almost flat quarter-on-quarter. We experienced supply constraints in selected product lines due to the short-term order increases. Without those, even the sequential growth would have been possible. Margin declined sequentially due to higher raw prices, annual price downs affected general first and FX effects. It was 2 percentage points higher year-on-year, reflecting higher production volumes that are not fully visible in reported revenues due to the weaker U.S. dollar. The CSA delivered a solid performance in the seasonally weakest quarter. Results were driven by continued strong demand for custom sensor products in consumer handhelds and a recovery in industrial and medical. Revenues were slightly lower year-on-year, solely due to the declining contribution from exited non-core portfolio activity.
Profitability followed typical revenue fall-through dynamics, however, was down year-over-year, which is due to higher R&D expenses to fund growth projects and FX headwinds on top. Lamps and systems, again, delivered a very strong quarter. Aftermarket demand remained elevated, including short notice orders following financial difficulties of a competitor. specialty lamps contributed for only 2 months, because we sold them. The deconsolidation explains why reported revenues did not increase year-over-year. Strong production loading in Q1 supported profitability. Overall, it was mostly a strong quarter across the portfolio. On slide 6. Adjusting for the weaker U.S. dollar and the exited non-core portfolio contribution, the clean core portfolio, in semiconductor grew 9% year-over-year. The non-core portfolio is now largely 1 down, with only residual contribution of the order of EUR 10 million contribute. Looking at the markets, automotive was broadly flat versus typical seasonal slowdown.
After a lackluster start early into the year, we saw a clear ordering uptick in February and March. Given the declining underlying vehicle production outlook, we interpret this as partial restocking after a prolonged period of very lean inventories, combined with some level of precaution due to the turbulences in the Middle East. All regions performed sequentially better except China, where end market demand remains softer and competitive intensity is elevated. Industrial and medical showed a clear recovery. Horticulture had its seasonal low point, but professional lighting demand was solid. Order intake improved materially, and order patterns at the end of the quarter point to a solid seasonal upswing into Q2. Consumer followed typical seasonal patterns sequentially. Year-on-year, the decline is explained by FX and the phase out of non-core portfolio elements. Slide 7.
Q1 is typically the weakest quarter for design win activity, yet momentum remains solid. Total design wins amount to around EUR 850 million. Design wins are geared towards automotive, but the other verticals also contributed well. In our classic semiconductor core business, automotive remains the backbone, with triple-digit million EUR contributions across the portfolio and strong momentum in forward lighting. Industrial showed very good traction, particularly in professional lighting with customers in the US and Europe, while horticulture performed materially better year-on-year. Consumer continued to see recurring sensor design wins in Android-based smartphones, particularly in display management. On the Digital Photonics side, progress was equally encouraging. EVIYOS continued to add platforms, taking the number of awarded platforms to well above 60. Interest for new designs remains strong, especially in China. Augmented reality.
Several of our existing components, such as ambient light and spectral sensors, are already designed into smart glass models available in the market. In AI Photonics, product development for micro emitter arrays for highly parallel AI optical interconnects have started. We are not doing this alone. We signed a collaboration agreement with a strong AI infrastructure partner. We will now look at these Digital Photonics themes in more detail, turning to slide 8. Augmented reality smart glasses are a key Digital Photonics growth theme. While the category is still at an early stage, adoption is accelerating even with today's limited functionality. AI is the game changer, making these glasses potential the midterm replacement of our smartphones. Some of our sensors and LEDs are already designed into several commercially available smart glass models.
Our current and future portfolio covers key functional domains, being health and wellbeing, sensors enabling measurement of parameters such as melatonin levels via blue light, heart rate, and UV exposure. Privacy and camera performance, spectral and flicker sensors, as well as high performance LEDs. Probably most important, the display engine. Today, our LEDs illuminate LCOS displays. Going forward, microLED arrays can enable substantially higher brightness, resolution, and power efficiency. World sensing comprises gesture and 3D time-of-flight sensing. HMI. Today, we supply our proven proximity sensors. Tomorrow, we have the super tiniest optical force sensing buttons in store. Eye tracking can be done with our integrated optical sensing solutions. This illustrates our strategy of focusing on decisive system components built on our core technologies. Content estimates naturally vary depending on volumes, life cycle stage, and customer implementation choices.
For this, we see content potential between 50 and 100 EUR per device, which underpins the triple-digit million annual revenue opportunities we outlined when launching our Digital Photonics strategy. On to our next highlight of today, turning to slide 9. Our progress in AI photonics is accelerating. I have 3 slides for you. First, where our products will sit in a data center. Second, how do we fit into the architecture? Third, which components are we targeting? We believe that the so-called slow and wide optical interconnects based on highly parallel micro emitter arrays can play an important role in future AI data center architectures. Slow is relative, as we are talking about 8 gigabit switching speed and hundreds of parallel channels.
Initially, the focus is on shorter distance scale-out interconnects, e.g., between racks, then scale up connections within racks, replacing copper over distances of up to several tens of meters. Over time, chip-to-chip connections, for example, between the GPUs and High Bandwidth Memory could become addressable as well. A really great market potential for us. Slide 10, probably a bit more complicated, but very important to distinguish between integration concepts on the top and the optical engine technology itself. On the integration side, today's solutions on the upper right rely on pluggable transceivers or active optical cables with energy consumption of up to 30 picojoules per bit, so quite high. In these solutions, not only the longer copper traces, but typically also signal shaping chips consume quite a lot of power.
In the center on the top, near port optics can reduce this to roughly 5 to 10 picojoules per bit. The optical engine moves much closer to the ASIC. Finally, now on the left, the co-packaged optics, CPO, promises further reductions towards 1 to 5 picojoules per bit over time. The optical engine moves as close as possible to the ASIC. Simply, the closer the optical engine sits to the chip, the lower the electrical losses and the associated thermal load. The slide illustrates this through distance comparisons. Independently of the integration approach, optical engines can be implemented either as fast and narrow or slow and wide solutions. Fast and narrow is today's established technology based on indium phosphide lasers, often EMLs and silicon photonics integration concepts.
We believe in future slow and wide architectures, highly parallel micro-emitter array-based optical engines that transmit light pulses at chip speed without the need for power-hungry serializers and de-serializers. Key advantages include substantially higher bandwidth density, very low power consumption per bit, and inherent redundancy through parallelism. If one micro-emitter fails, no worries, there are enough channels for backup, an important consideration for hyperscale customers. On slide 11. On the left, you see our prototype, which helped accelerate the signing of a development agreement with our ecosystem partner, a leading AI infrastructure supplier. The table in the center illustrates the simplified technology stack for highly parallel optical interconnects. In essence, you can think of the transmitter side, the receiver side, and the advanced packaging technology that glues everything together. Our current development focus is on the transmitter side, microlens and micro-emitter arrays.
Given our CMOS and sensor capabilities, we are also evaluating opportunities beyond on the receiver side. We'll keep you updated as development progresses. Let us now look at selected financials. Slide 12, generate EUR 37 million free cash flow in Q1, which includes EUR 90 million divestment proceeds. Cash inflow from the sale of the specialty lamps business was received early March. Operating cash flow at break even, reflecting seasonally high interest payments on our senior notes. Higher, as you know, than a year ago after the EUR 500 million tap last summer. CapEx remained disciplined and well below our full year guidance of 8% of revenues. With that, let us take a quick look at our Simplify program that we launched with Q4 announcement on February 10, and that is on slide 13.
Last quarter, we reported that Re-establish the Base has delivered its savings 1 year early. The implementation of the remaining measures identified will continue. The Re-establish the Base program delivered EUR 230 million of savings, which is really a great success. February now, we launched the successor program called Simplify, which is a broader transformation program aimed at reshaping our operating model and delivering EUR 200 million of additional annual savings by 2028. All savings measures have been identified and 90% have a high maturity level. Cost, speed, agility, our guiding principle as we reshape our operating model. Implementation started immediately, after just 1 quarter, teams have already delivered EUR 5 million of realized savings, demonstrating disciplined execution continuity. Let's look at liquidity and capital structure on slide 14.
As you know that very well, Q1, the interest payments for our senior notes were due, with the cash proceeds from the sale of the specialty lamps, so free cash flow was positive. Such as the cash on hand position only reduced because we paid back EUR 200 million nominal of the convertible note, and the cash now stands at around EUR 1.3 billion end of March. The available liquidity position closed accordingly at EUR 2 billion, which is the cash revolving credit facility and bilateral lines. The sale and leaseback moved up a little with currency swings. It's in the MYR and with the quarterly interest accrual. Let us zoom in on the coverage of the upcoming short-term maturities. Very important slide 15.
We have EUR 1.3 billion cash on hand, and when we enrich that with the EUR 5.70 million from Infineon at closing somewhere mid-year, then the amount is close to EUR 1.9 billion in pro forma cash. This company will cover all near-term maturities, and that is the outstanding 27 convertible, which now stands at EUR 5.60 million. We received the money from Infineon. We have 120 days to offer the amount related to the guarantor assets at par to note holders, approximately EUR 130 million. Second, the business needs in gray for the transition effects in 26. What is that? That is low adjusted EBITDA because we're selling businesses, and we have stranded costs that we will start cleaning up after it is closed.
High transformation costs from the Simplify program. We will have quite some cash outflows this year for Simplify. We will be repaying $100 million in customer prepayments this year. We also will reduce factoring by about EUR 100 million. Excluding disposal proceeds, expect something triple-digit million negative. Putting as much as possible into 2026, starting clean into 2027, the 2027 free cash flow will be substantially better. If business remains strong as we see it today, we expect the free cash flow to move to positive territory. Excluding disposal proceeds, and even that we need to repay a similar amount of customer prepayments. Third, it will cover the tendering of the Osram minority shares of the final verdict.
We assume that for the second half of the year, it could slip further out. After all of that should leave us with around EUR 500 million in cash. Now, this is, I think, very important when you look at that slide. All upcoming near-term maturities are taken care of. We have the funds available. Thinking ahead, this allows us to focus conceptually on optimizing the cost and maturity profile of our 2029 senior notes. We will keep you posted what our plans are. Now summarizing, on slide 16, in Q1, we beat again our revenue profitability guidance. The semi core business grew 9% like for like. Free cash flow was positive. Completed Re-establish the Base and started executing Simplify.
In Digital Photonics, we continue to progress on a comprehensive component portfolio for AI-enabled smart glasses, giving us a content opportunity between EUR 50 and EUR 100 per smart glass. We initiated the product development of micro-emitter array-based AI optical interconnects together with a commercialization partner. We also progressed in balance sheet deleveraging, especially specialty lamps transaction closed, proceeds were received. The Infineon transaction remains on track. No changes to the indicated closing timeline mid of the year. Now finally, the outlook for the second quarter. We expect revenues between EUR 725 million and EUR 825 million. Suggested EBITDA, around 15.5 ± 1.5 percentage points at an exchange rate of 1.17. Now the traditional auto lens business will show the usual seasonal slowdown in view of the overweight in the aftermarket. Remember, all non-automotive business transferred to Oshio.
We still had EUR 10 million revenue in Q1 and zero in Q2. That's obviously the EUR 10 million reduction as part of the guidance. Semis will make a step forward in Q2 more than typical seasonality. We see strong order intake and book-to-bill higher than previous quarters. Now, our full year 2026 outlook remains unchanged. Group revenues modestly softer given the divestments and the exchange rate impact. Adjusted EBITDA also around 15.5% ± 1.5% seeming the FX at 1.17. Adjusted EBITDA will be negatively impacted by several one-offs. The divestments, stranded costs, precious metal prices, particular gold, and the other factors. Free cash flow certainly well above EUR 300 million, including the divestment proceeds.
Into 2027, we see a path to positive free cash flow without and not counting any potential divestments. Even that we still have to repay similar amount, roughly EUR 100 million of customer prepayments. With that, we are happy to discuss your questions.
Thank you. We will now conduct a question and answer session. If you would like to ask a live question, please press star 1 on your telephone keypad to enter the queue. If you have joined by a web, please press the Raise Hand icon on the right side of your Deal Roadshow screen. If at any point you would like to submit a written question, click on the Ask a Question button on the upper right of Deal Roadshow and submit your question. Our first question is a live question from Marco with Amova Asset Management. Marco, your line is now open. You may proceed.
Hi. Thanks for taking my question. Congrats on the strong set of results. I just have a couple of questions, if I may. The first one is just on the RCF. Were you able to extend RCF? Last time you got it for mid 2026 for the kind of extension. If you could just provide some color there. The second question is on the one-off cost for 2026. I heard earlier you mentioning EUR 100 million. Could you just confirm if it's EUR 100 million or EUR 150 million for this year?
The third question is just on the AI data center opportunity. When are you expecting to see sales potentially? like, if you could just provide some color. Also a follow-up, it will be the time. What sort of time? If you could just provide some color in terms of the AI data center opportunity. Thanks.
Starting with the one-off. Overall, we believe that the program will have one-offs roughly EUR 150 million, of that we already booked some last year. A smaller portion, quite a bit, will come this year. Now I'm talking about the expense, right? Booking the reserve. There will be a bit more to come in the next year. The other question is how much of that is cash out. We believe that the cash out for the program this year should be somewhere between EUR 50 million and EUR 100 million. Now the revolver, I would say, we are in very progressed negotiations with the banks to extend that, final steps. The AI data center opportunity.
I think it's very exciting. It will certainly be before 2030, hopefully before 2029. The size of the opportunity, I mean, that is a bit of a difficult question depending on how much of the value we will add, if it is just the emitter or if it is more a system. It is certainly a EUR 3-digit million opportunity in 2030 and beyond, with a gradual ramp. In case we would do more, we would do also the photodiodes, we would do the driver or even the amplifier, then it could be obviously a much higher number. We are discussing with a lot of different partners now, and there is a lot of different positions where we could play a role.
Thanks for the answer. Sorry, just one quick follow-up in terms of, like, the development cost for this AI data center opportunities. Like, who would usually shoulder the cost? Would it be you guys or the client or a bit of both? Could you just share that? Thanks.
Yeah. I mean, in the case now where we work with a partner, there we share the cost. We get NREs, but we are certainly also developing quite a few other things where we currently pay the cost ourselves.
Okay, thanks. I'll jump back to you. Thank you.
Thank you, Marco. Our next question is from Laura with MFS Investment Management. Your line is now open. You may proceed.
Hi there. Congrats on the great results. Thanks for taking my questions. Just a few, please. Regarding the Senior Unsecured Notes, you said you'll keep us posted. I think previously you mentioned you would look to refi these in sort of early 2027 when the call price steps down. Is that still sort of your base case, or are you potentially considering addressing these earlier? Secondly, just regarding the converts, EUR 130 million, I think you need to tender for. Will you try and tender for more, or are you just gonna leave the remaining portion outstanding up until maturity and then redeem them with the liquidity that you have? Two final questions. Pro forma EBITDA, I think previously you guided for EUR 533.
That was based on financial year 2025, where reported was EUR 608. For 2026, should we expect this to be sort of lower because of obviously the cost overhang that you mentioned from the divestments? Lastly, the Kulim plant, if you could just give an update on any discussions you may have or timing or what you think is possible there with regards to an exit. Thank you.
Laura, thank you. It was really good quarter. Now the Senior Notes, we are obviously strategizing what options we have. 27 is kind of the base case, but we are certainly looking at break-even calculations. We will talk about that when we have a conclusion. On the convert, it is, we have to make an offer for EUR 130 at par. We will. We already made an offer earlier this year at a bit lower price, EUR 200 million were offered. We certainly want to optimize at what price we pay that back.
I will probably make an offer, certainly not at 100. Yeah, if an amount keeps open, we will just let it then expire in September 2027. On the EBITDA, yes, there is a few things that are against us. The one thing that we said is the businesses we are selling, which is roughly EUR 75 million EBITDA on an annualized basis, plus a stranded cost, maybe EUR 100 million together. Then we also have the headwind from the precious metals. On the other side, obviously, we also have a business that is developing nice, but it will be quite a bit lower, will be quite a bit lower compared to last year.
Maybe it's a good idea to have a look at the consensus. Now, Kulim II update, yeah, it's now almost 2 years and a lot of parties looked at it. We are not at the point where somebody made a concrete offer. Still talking currently to a few interested parties. It's nothing that we would sign within the next few weeks. We see that the momentum in the whole SiC industry, particularly in the areas where companies might have interest in our facility, is picking up. We remain optimistic that we will be able to resolve that.
Great. Thank you so much. Maybe one follow-up, just with regards to the Kulim plant. In terms of timing, you obviously said, like, not in the coming weeks, but you're confident to resolve this. Do you think, realistically speaking, it's more likely to be like a 2027 event? Is that fair?
Yeah. Laura, I mean, it's not fully in my hands, right? We need a buyer who's willing to write a check. I cannot give you any additional details on timing other than that the feedback we are getting remains to be very constructive and that we are positive that one day we will get that check.
Understood. Very clear. Thank you for your time.
Thank you, Laura. We have two written questions from Christian with BlackRock. The first question reads, "On the FY 2027 FCF outlook, how much of this target depends on a successful refi of the Senior Unsecured Notes due 2029, or can you achieve it with current coupons?" The second question is on factoring. "What is the current level of non-recourse factoring, and by how much do you plan to reduce usage of factoring?
I'm trying to understand the question.
But-
Yeah, go ahead, Francois.
Yeah. The first question regarding the free cash flow outlook, obviously, we're looking at refinancing a main part of our high yield bond. That's the plan, what we mentioned. Obviously we need also to have better coupons. With the current coupon, obviously it will be a stretch to get to get there. That's the first question. Second question regarding the factoring. Currently we are at EUR 150 million, roughly. We mentioned that over the course of the year, we are going to reduce the factoring level by roughly EUR 100 million. That's basically also costs we have to pay, and that will also reduce our interest costs going forward.
Thank you. Our next question is a live question from Luke with PPM America. Luke, your line is now open. You may proceed.
Hi, good afternoon, and congrats on the results. I wanted to ask about the AI optical solution. Is that being contemplated for a CPO solution, and could that potentially be used in kind of NPO as well?
This is Jürgen. I can answer that. I mean, as we try to illustrate in the slide, in principle, this can be used in various integration opportunities that are shown on the top slide. We can't go into very specific details right now, but what I can say, it's probably not gonna be a CPO solution at the beginning. The customers we are currently working with probably looking at different integration opportunities.
Thanks. Following up on that, I think you mentioned you are in discussions with other parties. Are those parties at a similar part of the ecosystem as your current partner? I think I've asked on the earnings call, you can't specify exactly who it is, but are you getting inquiries from kind of different areas?
Yeah
Oh, go ahead.
Thanks for the appreciation that, we cannot be very specific, who it is and also not give, too strict, you know, guidance, that you might be able to single out. What we can firmly say is, it's not only on a similar integration level that we are speaking, but basically we're speaking with everyone. I mean, all these optical interconnect technologies, they affect various levels of the AI ecosystem and the infrastructure. We're not restricted to one level of integration. There are many discussions going on.
Thanks for the color there. Lastly, you did mention, you know, some supply constraints on the optical side. You know, what is the magnitude? I think you said, you know, optical would be positive sequential if you had those resolved. What's the magnitude of those supply constraints, and when should we see those resolved?
Yeah. That were on some automotive products where we were, so automotive emitter products, automotive LED products, on the classic side. We've got basically a lot of surprise orders. As Aldo mentioned earlier on the call today for the equity analysts, that we probably also saw a little bit of ordering driven out of fear with all the Middle East crisis going on. Then we couldn't react as fast. You ask about the order, probably a couple of EUR million, as we indicated in one of the comments. That could have pushed OS even in a growth, quote, unquote.
It's not lost business, right? It goes into backlog and then it gets shipped with a slight delay. I mean, when customers come with these short-term orders, I mean, that's what sometimes happens. Actually we were surprised by the amount of orders. There's certainly areas we need to extend the capacity.
That's it for me. Thanks for the color and congrats on the results.
Thank you, Luke. We have a couple of questions from Julianne Liz Marchant. First is, could you please quantify the impact of FX headwinds on the semi segment EBITDA? Could you please quantify the impact of the gold prices at group level?
Yeah, sure we can. I mean, the impact of a gold price group level, we said that in the last call. We expect that headwind this year to be around EUR 60 million year-over-year headwind. We currently see it. Yeah, we currently see that the gold prices have come down a little. Might be a little less. First question, the impacts on FX. Not sure why only on the semi segment. The simplified way we typically say that EUR 0.01 for the full year is around EUR 20 million of revenue. The fall through of that is kind of for the portion, is somewhere 5, 6 million or so %. Yeah. That is true for all segments together.
Our next question is a follow-up question from Marco with Amova Asset Management. Your line is now open. You may proceed.
Hi. Thanks for taking my call. Just 1 quick clarification. Your smartphone business and exposure to memory shortage. Earlier on the call on with, early on equity call, you mentioned that the impact is minimal. Is that correct? Thanks.
That is correct. I mean, Yes, there You always read that the memory shortage reduces smartphone sales, but as our product are very overweight in the high-end models, and we haven't seen any impact of the memory shortage on the high-end models. We really don't see almost nothing.
Thanks for clarifying that. Just in terms of numbers, you expect EUR 600 mil sales from smartphones roughly?
Well, take the consumer share on the semi side, and they are probably a high majority from smartphones. There is also a decent share of wearables and then a long tail of smaller ones. It's certainly fully overweight on the smartphone side.
Okay, thanks. I'll just squeeze another one in. In terms of the coupon that you're looking to lock in when you do the refi for the 2029 bonds. Is it fair to assume that you're looking for 5%-6% coupon?
I mean, we, as we said, I mean, we haven't taken a decision when to go ahead. If we were to decide, we would certainly test the markets, right? See what we can get.
Okay. Thanks. I'll yield back. Thank you.
Thank you, Marco. Our next written question is a follow-up question from Julianne with Marchant. In 2027, do you expect to receive a large inflow from customer prepayments similar to what it received in Q3 FY 2024?
The customer prepayment thing in 2024, that was a one-time thing. Now we have to pay it back between Q1 2026 and mid of 2028. That is not something that we see frequently in our business.
Thank you. Once again, ladies and gentlemen, to ask a live question, that is star one on your telephone keypad to enter the queue. If you have joined via web, please press the Raise Hand icon on the right side of your Deal Roadshow screen. If you would like to submit a written question, click on the Ask a Question button, type in your question, and submit. We will pause here briefly to allow any more questions to generate. It appears there are currently no further questions. Handing it back to Juergen Rebel of ams OSRAM for any final remarks.
Thank you, operator. Thanks, everyone, for dialing in, for the interest and the questions. If there will be any further questions, reach out to us at investor relations. With that, we wish you a great day and speak to you soon or latest next quarter. Thank you very much.
This concludes the Evercall call. Thank you and have a great day.