Ambu (AMBU) Q1 25/26 earnings summary

Executive summary

• Achieved 8.6% organic revenue growth in Q1, led by Endoscopy Solutions with strong momentum in Urology, ENT, GI, and Respiratory; continued conversion from reusable to single-use endoscopy.

• EBIT margin before special items was 10.5%, impacted by tariffs and FX; adjusted EBIT margin exceeded 15%.

• Launched the Zoom Ahead growth strategy and SureSight Mobile video laryngoscope, supporting early momentum and portfolio expansion.

• Maintained full-year guidance for organic revenue growth of 10-13% and EBIT margin before special items of 12-14%.

• Continued investment in commercial execution and manufacturing, including ramp-up of Mexico factory and expansion of recycling initiatives.

Financial highlights

• Q1 revenue was DKK 1,558m, up from DKK 1,510m year-over-year; organic growth 8.6%, reported growth 3.2% due to FX headwinds.

• EBIT before special items reached DKK 164m, with a margin of 10.5%; adjusted EBIT margin above 15% excluding tariffs and FX.

• Gross margin was 60.8%, slightly down year-over-year but above last year’s full-year average.

• Free cash flow was DKK 13m, impacted by higher working capital and seasonality.

• Net profit was DKK 118m, down from DKK 183m; dividend payout DKK 90m, share buyback DKK 38m.

Outlook and guidance

• Full-year organic revenue growth guidance maintained at 10-13%, with Endoscopy Solutions expected to grow over 15%.

• EBIT margin before special items expected at 12-14%, or 14-16% excluding tariff impacts; higher margins anticipated in H2 as tariff and FX impacts subside.

• Cash conversion targeted above 40%; free cash flow and cash conversion expected to meet full-year targets.

• Anesthesia & Patient Monitoring expected to grow mid-single digits; Respiratory segment growth to accelerate with new launches.