Ambu (AMBU) Q2 24/25 earnings summary

Executive summary

• Achieved 15.4% organic revenue growth in the first half and 11.7% in Q2 2024/25, with all geographies contributing positively and strong performance in Endoscopy Solutions (+13.1%) and Anaesthesia & Patient Monitoring (+9.8%).

• EBIT margin before special items reached 14.4% in Q2 and 15.2% for the first half, up from 14.2% year-over-year, driven by gross margin expansion.

• Free cash flow was DKK 80m in Q2 and just under DKK 150m for the first half, impacted by higher net working capital and CAPEX.

• Maintained full-year 2024/25 guidance: 11–14% organic revenue growth, 13–15% EBIT margin, and free cash flow above DKK 500m.

• Launched new video laryngoscopy and expanded urology portfolio; initial revenue impact limited.

Financial highlights

• Q2 reported revenue grew 13.7% (including FX effects), with revenue at DKK 1,554m and half-year revenue at DKK 3,064m.

• Gross margin improved to 60.6% in Q2, up 1.1 percentage points year-over-year, supported by product mix and price increases.

• OpEx ratio increased to 46.2% in Q2, reflecting planned commercial investments, especially in pulmonology and urology.

• EBITDA margin before special items was 17.6% in Q2, with positive free cash flow despite higher working capital.

• Net profit for Q2 was DKK 188m, with EPS at DKK 0.71.

Outlook and guidance

• Maintains upgraded full-year guidance: 11–14% organic revenue growth, 13–15% EBIT margin, and free cash flow above DKK 500m.

• Endoscopy Solutions expected to deliver above 15% organic growth; Anaesthesia & Patient Monitoring to reach mid-to-high single digits.

• Expects slightly lower EBIT margin in the second half due to continued investments in commercial organization and product launches.

• Confident in ability to manage potential tariff impacts and maintain supply chain flexibility.