Ambu (AMBU) Q3 25/26 earnings summary

Executive summary

• Organic revenue grew 10.3% year-over-year in Q3 2025/26, led by 16% growth in Endoscopy Solutions and strong innovation in Respiratory and Urology, with market share gains across all endoscopy areas.

• EBIT margin improved to 13.5%, supported by operating leverage and tariff refunds, despite increased commercial investments.

• Endoscopy Solutions now represents 64% of total revenue, with A&PM at 36%.

• Free cash flow before acquisitions rose to DKK 154m, with cash conversion at 48%.

• Strategic launches included SureSight Mobile, EndoIntelligence platform, and expansion of the Recircle recycling program.

Financial highlights

• Q3 revenue reached DKK 1,640m, with reported growth of 8.8% due to FX headwinds.

• Gross margin improved by 0.6 percentage points year-over-year to 59.5%.

• EBIT of DKK 221m, up from DKK 170m year-over-year; net profit DKK 156m.

• Cash flow from operating activities was DKK 331m; cash and cash equivalents at period end DKK 705m.

• OPEX ratio improved to 46.0% and ROIC at 9%.

Outlook and guidance

• Organic revenue growth guidance for FY 2025/26 updated to around 10%, with Endoscopy Solutions expected to maintain over 15% growth.

• EBIT margin guidance maintained at 12%-14%, expected at the high end due to tariff refunds.

• Cash conversion for the full year expected above 40%.