Ambu (AMBU) Q4 24/25 earnings summary

Executive summary

• Achieved 13.1% organic revenue growth and a 13.0% EBIT margin for FY 2024/25, with strong momentum in single-use endoscopy and all business areas despite FX and tariff headwinds.

• Launched new strategies ('Summit Ahead'/'ZOOM AHEAD'), aiming for global endoscopy leadership and extended long-term guidance to 2029-2030.

• Growth driven by bronchoscopy solutions, new product launches (SureSight video laryngoscope, aScope 5 Broncho), and commercial investments.

• Received technology innovation leadership recognition from Frost & Sullivan in 2025.

Financial highlights

• FY 2024/25 revenue: DKK 6,037m (13.1% organic, 12.0% reported growth); Q4: DKK 1,466m (10.0% organic, 5.7% reported growth).

• EBIT margin before special items: 13.0% for FY, 10.0% for Q4.

• Gross margin improved to 60.2% for FY, 60.0% in Q4.

• Free cash flow: DKK 407m for FY, DKK 130m in Q4.

• OPEX to revenue: 47.2% for FY, 49.9% in Q4, with increases due to tariffs and commercial investments.

Outlook and guidance

• FY 2025/26 organic revenue growth expected at 10-13%, with Endoscopy Solutions projected to grow over 15%.

• EBIT margin guidance for FY 2025/26 is 12-14%, including a ~2 percentage point negative impact from tariffs.

• Margin and growth expected to be back-end loaded due to high Q1 comparables and front-loaded tariff impact.

• Long-term targets reaffirmed: 20% EBIT margin by 2027-2028, >20% by 2029-2030, and >40% average cash conversion.