Ambu (AMBU) Q2 25/26 earnings summary

Executive summary

• Endoscopy Solutions led growth, contributing 63% of revenue and delivering 14.1% growth in H1 and 13.8% in Q2, with strong momentum from single-use conversion and new product launches.

• Organic revenue grew 7.3% in Q2 and 8.6% in Q1, offsetting declines in Anesthesia & Patient Monitoring, which saw volume losses in select U.S. contracts.

• EBIT margin before special items was 10.5% in Q1 and 11.0% in Q2, with full-year guidance maintained at 12%-14% despite FX and tariff headwinds.

• Free cash flow improved to DKK 104m in Q2, supporting an expanded share buyback program totaling DKK 450m for the year.

• Execution of the ZOOM AHEAD growth strategy and ongoing investments in EndoIntelligence and AI-driven solutions remain on track.

Financial highlights

• Q2 organic revenue growth was 7.3%, with Endoscopy up 13.8% and A&PM down 2.5%; Q1 organic growth was 8.6%.

• Gross margin was 60.5% in H1, 60.8% in Q1, and 60.3% in Q2, supported by a higher Endoscopy Solutions mix.

• EBIT margin before special items: 10.5% in Q1, 11.0% in Q2; adjusted EBIT margin H1: 14.8%.

• Free cash flow: DKK 13m in Q1, DKK 104m in Q2.

• Net profit: DKK 121m in Q2.

Outlook and guidance

• FY 2025/26 organic revenue growth guidance narrowed to 10%-12% (from 10%-13%), with Endoscopy Solutions expected to grow ~15%.

• EBIT margin guidance unchanged at 12%-14%, with underlying margin 14%-16% excluding tariffs.

• Cash conversion guidance above 40% reaffirmed.

• Anesthesia & Patient Monitoring growth revised to low-single digits.