Ambu (AMBU) investor relations material

Executive summary

• FY 2025/26 organic revenue growth was 10.1%, accelerating to 13.9% in Q4, led by Endoscopy Solutions; FY EBIT margin was 13.2%.

• FY 2026/27 guidance targets 9.5%-11.5% organic growth and a 13%-15% reported EBIT margin, with higher launch-related investment.

Financial highlights

• FY revenue was DKK 6,471m, up 10.1% organically; Q4 revenue was DKK 1,700m, up 13.9% organically and 16.0% reported.

• FY EBIT was DKK 851m with a 13.2% margin; Q4 EBIT was DKK 293m with a 17.2% margin, including a net tariff benefit.

• FY gross margin was 60.1% versus 60.2% in FY 2024/25; Q4 gross margin was 60.0%, flat YoY.

• FY free cash flow before acquisitions was DKK 487m; after DKK 189m of TIMS acquisition cash impact, FY free cash flow was DKK 298m.

• Q4 OpEx included a DKK 85m tariff refund and ~DKK 20m in tariff costs; FY OpEx-to-revenue ratio was 47.0%.

Outlook and guidance

• FY 2026/27 guidance is 9.5%-11.5% organic revenue growth, 13%-15% reported EBIT margin and ~30% cash conversion.

• Endoscopy Solutions is expected to grow ~15%; A&PM is expected to deliver low-single-digit growth.

• Respiratory growth is expected to moderate from H2 2025/26 but remain above recent years; Urology, ENT & GI growth is expected below its LTM run-rate.

• Tariffs are expected to reduce EBIT margin by 1 percentage point; guidance excludes tariff refunds. Gross margin is expected near FY 2025/26's 60.1%.

• 2029/30 targets include 11%-13% organic revenue CAGR, 20%+ EBIT margin and 40%+ cash conversion; EBIT is expected to grow faster than revenue each year.