AMS Osram - Uncertain Future.

We have updated our model following the Q3 results, which were in line with our expectations. For H125, our model was previously at odds with guidance and management's correction should narrow the gap. We examine the Company's new guidance for the full year 2025 and balance sector demand with recent contract wins AMS Osram have achieved. The Company provided new detail on the core business, and we have used these data points to further evaluate FY25 projections.