Commentary & Deal Flow

Priced: 6NC2: 7.25% at 98.810, 7.50%yield. +455bp to DBR 1.700% 15-Aug-32

Final terms: 6NC2: €1bn @ 7.25% / 98.810 / 7.50%
Price talk: 6NC2: 7.50%-7.75% - €300m upsize to redeem EUR notes
IPTs: 6NC2: 8.00% area (+/- 0.125%)

• Issuer: ams-OSRAM AG
• Ticker: AMSSW
• Business: Global leader in Digital Photonics, delivering high-performance optical semiconductors and sensor solutions for sensing, illumination and visualization across automotive and industrial end markets, with selected high-volume consumer applications. HQ: Premstaetten, Austria
• Security Type: Senior Unsecured Notes
• Size: €1bn (up from €700m)
• Coupon: 7.25%
• Offering Price: 98.810
• Yield To Maturity: 7.50%
• Spread to Reference Benchmark: +455bp
• Reference Benchmark: DBR 1.700% due 15-Aug-32
• Maturity: 31-May-32
• Tenor: 6 years
• Call: NC2 (MWC B+50bp) (50%, 25%, Par). Equity claw: 2y 40% at 107.25.
• Corporate Rating: B3 (Positive) / B (Stable) / B (Positive, revised from Stable) (Moody's/S&P/Fitch)
• Issue Rating: B3 / B / B (Moody's/S&P/Fitch)
• Use of Proceeds: along with EUR18m cash on hand, to redeem in full the Existing Dollar Notes - USD750m 12.25% sr notes due 03/30/29 (callable at 106.125). EUR300m upsize to redeem EUR notes
• Interest Payment Dates: May 31 and November 30, commencing 30-Nov-26
• Change of Control: Put at 101%
• Optional Redemption:
• • On or after 31-May-28: 103.625%
  • 31-May-29: 101.8125%
  • 31-May-30 and thereafter: 100%
• Reg S ISIN / Common Code: XS3382712126 / 338271212
• 144A ISIN / Common Code: XS3382719485 / 338271948
• Trade Date: 19-May-26
• Settlement Date: 01-Jun-26 (T+8)
• Distribution: Reg S / 144A for life
• Delivery: Euroclear / Clearstream
• Listing: The International Stock Exchange
• Governing Law: New York
• Denominations: €100k x €1k
• Joint Global Coordinators and Physical Bookrunners: HSBC (B&D), DB, MS
• Joint Global Coordinators and Joint Bookrunners: Commerzbank, UBS
• Joint Bookrunners: CACIB, Erste, ING, LBBW, RBI
• Time of Execution: 17:34 19-May-26
• Free to Trade: 07:45 20-May-26
• Global Investor Call: Monday 18-May-26 - 11:00 UKT / 12:00 CET
• Registration Link: https://evercall.co/oacc/68951
• Deal Roadshow Link: https://dealroadshow.com/e/AMSOSRAM26GIC
• Marketing: Virtual roadshow will run Monday 18-May-26 and Tuesday 19-May-26
• Books closed: 2:30pm UKT 19-May
• Target Market / PRIIPs: Manufacturer target market (EU MiFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs / DISC key information document (KID) has been prepared as not available to retail in EEA or in the UK