Ambu (AMBU) Q3 24/25 earnings summary

Executive summary

• Achieved 12.0% organic revenue growth in Q3 2024/25, with all geographies and segments contributing positively; Endoscopy Solutions up 15.9%, Anesthesia & Patient Monitoring up 6.4%.

• Raised full-year organic revenue growth guidance to 12-14% (from 11-14%) and maintained EBIT margin guidance at 13-15%.

• EBIT margin after nine months reached 13.9%, with Q3 EBIT margin at 11.3%, impacted by FX headwinds.

• Launched new solutions, including SureSight Connect and received FDA clearance for aScope 5 Cysto HD, expanding the product portfolio.

• Leadership transition in North America, with Scott Heinzelman appointed as new President.

Financial highlights

• Q3 organic revenue growth: 12.0%; reported growth: 9.0%, with revenue at DKK 1,507m.

• Gross margin for Q3 was 58.9%, down 1.3 percentage points year-over-year, mainly due to FX.

• EBIT margin before special items in Q3 was 11.3%; 9M: 13.9%.

• Free cash flow for Q3 was DKK 128 million; 9M: DKK 277 million; full-year guidance revised to around DKK 400 million.

• OPEX-to-revenue ratio increased to 47.6% in Q3, reflecting planned commercial investments and tariff costs.

Outlook and guidance

• Organic revenue growth guidance for FY raised to 12%-14%.

• EBIT margin guidance maintained at 13%-15%, with upper end dependent on positive FX in Q4.

• Free cash flow guidance revised to DKK 400 million, reflecting higher net working capital, CapEx, and FX/tariff impacts.

• Endoscopy Solutions expected to grow over 15%; Anesthesia & Patient Monitoring to grow mid-to-high single digits.

• Long-term EBIT margin target of 20% remains unchanged, supported by operational leverage and commercial investments.