ams-OSRAM reported an improving book-to-bill ratio during the first quarter, along with revenue growth in the consumer segment and an expected ramp-up in several production lines, which should support revenue growth from the second half of 2025. However, the automotive segment, which accounted for 52% of revenue in 2024, continues to face challenges as customers work through inventory corrections. In addition, we expect a 1%-3% decline in global light vehicle production in 2025 compared with 2024. The company?s industrial and medical segments, which together contributed 25% of revenue in 2024, are still navigating inventory adjustments. Potential import tariffs on semiconductors and end products in the U.S. could impact the demand for and production of products like autos and smartphones, adding
