Ambu (AMBU) Q1 25/26 earnings summary

Executive summary

• Achieved 8.6% organic revenue growth in Q1, led by Endoscopy Solutions and strong Urology, ENT, & GI performance at 21% organic growth, with robust momentum across all endoscopy business areas.

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

• Launched the ZOOM AHEAD growth strategy and SureSight Mobile video laryngoscope, expanding the respiratory portfolio.

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

Financial highlights

• Q1 revenue grew 8.6% organically year-over-year to DKK 1,558m; reported growth was 3.2% due to FX headwinds.

• Endoscopy Solutions delivered 14.4% organic growth and contributed 63% of total revenue; Anesthesia & Patient Monitoring was flat at -0.1%.

• EBIT before special items was DKK 164m, with a 10.5% margin; net profit was DKK 118m.

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

• Gross margin was 60.8%, lower than Q1 last year but above last year’s full-year average.

Outlook and guidance

• Maintains full-year organic growth guidance of 10-13%, with Endoscopy Solutions expected to grow over 15%.

• EBIT margin guidance remains at 12-14%, with higher margins expected in H2 as tariff impacts subside; excluding tariffs, margin expected at 14-16%.

• Free cash flow and cash conversion expected to meet or exceed full-year targets, with cash conversion targeted above 40%.