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Ambu Interim / Quarterly Report 2026
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Interim / Quarterly Report
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INTERIM REPORT FOR Q2 AND H1 2025/26
Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup
Registration no. 63644919
Ambu
INTERIM REPORT FOR Q2 AND H1 2025/26
In Q2 2025/26, Ambu delivered organic revenue growth of 7.3%. Growth was driven by continued strong performance in the market-leading Endoscopy Solutions business, which grew 13.8% organically, while Anesthesia & Patient Monitoring (A&PM) declined by 2.5%. Reported EBIT (b.s.i.) was DKK 173m, corresponding to an EBIT margin of 11.0%.
For FY 2025/26, Ambu now expects organic revenue growth of 10-12% (previously 10-13%). The adjustment is driven by the decline year-to-date in A&PM, resulting in an updated full-year growth outlook of low-single-digits for A&PM (previously mid-single-digits). The EBIT margin guidance of 12-14% remains unchanged.
"Q2 was solid for our Endoscopy Solutions business, with growth across all areas, underpinning our confidence in delivering on our ZOOM AHEAD strategy and advancing toward achieving global endoscopy leadership. Respiratory continued its growth trajectory, fueled by increasing momentum with SureSight™, which helps clinicians manage airway intubations efficiently and confidently. In Urology, ENT, & GI, we continued to drive the conversion from reusable to single-use endoscopes. Our legacy businesses, Anesthesia & Patient Monitoring, were weaker than expected, pulling the total revenue growth down.
We continue to generate strong free cash flow and have a solid balance sheet. Following the completion of the share buyback program introduced with our Q4 2024/25 results, we are announcing an additional share buyback of DKK 300m, in alignment with our Finance Policy."
Britt Meelby Jensen
Chief Executive Officer
Q2 2025/26 conference call
A conference call is broad cast live today, 6 May 2026 at 11:00 (CEST), via Ambu.com/webcastQ22026. To ask questions during the Q&A session, please register prior to the call via Ambu.com/conferencecallQ22026register. Upon registration, you will receive an email with information to access the call.
The presentation can be downloaded at Ambu.com/presentations.
Financial highlights for Q2
- Revenue increased organically by 7.3% (11.7%) to DKK 1,573m (DKK 1,554m), with reported growth of 1.2% (13.7%).
- Endoscopy Solutions increased organically by 13.8% (13.1%) and by 14.1% (16.7%) for H1. The Respiratory business group posted 12.2% (8.5%) organic growth, reflecting solid momentum. SureSight continued to drive strong momentum, with further progress expected over the coming quarters. The Urology, ENT, & GI business group posted 15.5% (18.3%) organic growth, negatively impacted by order timing from last quarter.
- Anesthesia & Patient Monitoring posted an organic growth decline of 2.5% (9.8%), reflecting strong sales performance in the same period last year. Additionally, growth was affected by lower volumes in selected U.S. accounts operating under non-exclusive contracts.
- Revenue growth was driven by solid organic growth in Europe and Rest of World, posting 7.9% (11.5%) and 10.7% (7.9%). North America delivered growth of 6.1% (12.4%), with strong performance in Endoscopy Solutions, offset by lower volumes in non-exclusive contracts in A&PM.
- EBIT before special items (b.s.i.) was DKK 173m (DKK 224m), with an EBIT margin b.s.i. of 11.0% (14.4%), the latter negatively impacted by tariff costs and FX headwind. Adjusting for tariff costs and FX, Ambu generated an EBIT margin of 14.5% in the quarter, demonstrating continued operational leverage in our business model.
- Free cash flow (FCF) before acquisitions totaled DKK 104m for Q2 (DKK 80m). This was driven by solid operational performance alongside an improved working capital compared to revenue. As expected, FCF was negatively impacted by FX headwind and tariff costs.
- An additional share buyback program will be initiated, under which Ambu will repurchase shares for a total amount of up to DKK 300m from 6 May 2026 until no later than 30 Sep. 2026.
Business highlights for Q2
- CE mark obtained for the full SureSight video laryngoscope portfolio in Europe.
- Strengthened cystoscopy portfolio with a solution accessory enabling stent removal and foreign body retrieval, complementing aScope™ Cysto.
- SureSight won the Red Dot Award: Product Design 2026, emphasizing the solution's high design quality and coherent system architecture.
- Expanded EndoIntelligence™ investments to deliver differentiated, high-impact solutions for clinicians, hospitals, and health systems.
- Enhancements implemented in the U.S. commercial organization to better serve health systems with our integrated and scalable endoscopy solutions offering.
- Accelerated ramp-up of the Mexico manufacturing facility to support North America growth.
- President of EMEA & APAC, Bassel Rifai, has decided to leave Ambu to pursue new opportunities. The change is not expected to impact commercial execution in Europe or APAC, supported by strong established regional leadership.
2025/26 financial guidance updated
- Organic revenue growth: 10-12% (previously 10-13%)
- EBIT margin b.s.i.: 12-14%
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
1 14-16% excluding assumed impacts of ~2%-pts, given the current schedule of expected tariffs. Mitigation actions, including investing in Americas, are ongoing, and the effect will diminish over the coming years.
FINANCIAL HIGHLIGHTS
| DKKm | Q2 2025/26 | Q2 2024/25 | YTD 2025/26 | YTD 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | 1,573 | 1,554 | 3,131 | 3,064 | 6,037 |
| Gross profit | 948 | 942 | 1,895 | 1,867 | 3,633 |
| EBITDA before special items | 271 | 318 | 532 | 649 | 1,156 |
| Depreciation, amortization, and impairment | -98 | -94 | -195 | -182 | -372 |
| EBIT before special items | 173 | 224 | 337 | 467 | 784 |
| Special items | - | - | - | - | - |
| EBITDA | 271 | 318 | 532 | 649 | 1,156 |
| EBIT | 173 | 224 | 337 | 467 | 784 |
| Net financials | -16 | -16 | -27 | -22 | -29 |
| Profit before tax | 157 | 208 | 310 | 445 | 755 |
| Net profit for the period | 121 | 188 | 239 | 371 | 609 |
| Cash flow | |||||
| Cash flow from operating activities (CFFO) | 255 | 161 | 361 | 305 | 791 |
| Cash flow from Investing activities (CFFI) | -151 | -81 | -244 | -156 | -384 |
| Free cash flow (FCF) | 104 | 80 | 117 | 149 | 407 |
| CFFO, % of revenue | 16 | 10 | 12 | 10 | 13 |
| CFFI, % of revenue | -9 | -5 | -8 | -5 | -6 |
| FCF, % of revenue | 7 | 5 | 4 | 5 | 7 |
| Cash conversion, % | 38 | 25 | 22 | 23 | 35 |
| Balance sheet | |||||
| Assets | 7,606 | 7,414 | 7,606 | 7,414 | 7,675 |
| Net working capital | 1,352 | 1,321 | 1,352 | 1,321 | 1,238 |
| Equity | 6,101 | 5,914 | 6,101 | 5,914 | 6,035 |
| Net interest-bearing debt | -140 | -86 | -140 | -86 | -319 |
| Invested capital | 5,961 | 5,828 | 5,561 | 5,828 | 5,716 |
| Q2 2025/26 | Q2 2024/25 | YTD 2025/26 | YTD 2024/25 | FY 2024/25 | |
| --- | --- | --- | --- | --- | --- |
| Key figures and ratios | |||||
| Organic growth, % | 7.3 | 11.7 | 7.9 | 15.4 | 13.1 |
| Gross margin, % | 60.3 | 60.6 | 60.5 | 60.9 | 60.2 |
| OPEX ratio, % | 49.3 | 46.2 | 49.8 | 45.7 | 47.2 |
| EBITDA margin b.s.i., % | 17.2 | 20.5 | 17.0 | 21.2 | 19.1 |
| EBIT margin b.s.i., % | 11.0 | 14.4 | 10.8 | 15.2 | 13.0 |
| EBITDA margin, % | 17.2 | 20.5 | 17.0 | 21.2 | 19.1 |
| EBIT margin, % | 11.0 | 14.4 | 10.8 | 15.2 | 13.0 |
| Tax rate, % | 23 | 10 | 23 | 17 | 19 |
| Return on equity, % | 8 | 13 | 8 | 13 | 10 |
| NIBD/EBITDA b.s.i. | -0.1 | -0.1 | -0.1 | -0.1 | -0.3 |
| Equity ratio, % | 80 | 80 | 80 | 80 | 79 |
| Net working capital, % of revenue | 22 | 23 | 22 | 23 | 21 |
| Return on invested capital (ROIC), % | 9 | 10 | 9 | 10 | 11 |
| Average number of employees | 5,469 | 5,169 | 5,450 | 5,244 | 5,233 |
| Share-related ratios (in DKK) | |||||
| Market price per share | 68 | 118 | 68 | 118 | 93 |
| Earnings per share | 0.46 | 0.71 | 0.90 | 1.39 | 2.29 |
| Diluted earnings per share (EPS-D) | 0.46 | 0.71 | 0.90 | 1.39 | 2.28 |
Key figures and ratio definitions are consistent with the ones applied in the Annual Report 2024/25.
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
BUSINESS PERFORMANCE - IN BRIEF
Businesses and business groups
| Revenue, DKKm | Q2 2025/26 | Split | Q2 2024/25 | Growth composition | YTD 2025/26 | Split | YTD 2024/25 | Growth composition | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Organic | Currency | Reported | Organic | Currency | Reported | |||||||
| Endoscopy Solutions | 996 | 63% | 929 | 13.8% | -5.2% | 7.2% | 1,982 | 63% | 1,839 | 14.1% | -6.3% | 7.8% |
| - Respiratory | 501 | 32% | 469 | 12.2% | -6.6% | 6.8% | 988 | 31% | 941 | 10.3% | -5.3% | 5.0% |
| - URO, ENT, & GI | 495 | 31% | 460 | 15.5% | -3.6% | 7.6% | 994 | 32% | 898 | 18.2% | -7.5% | 10.7% |
| Anesthesia & Patient Monitoring | 577 | 37% | 625 | -2.5% | -5.2% | -7.7% | 1,149 | 37% | 1,225 | -1.3% | -4.9% | -6.2% |
| - Anesthesia | 290 | 19% | 326 | -4.4% | -6.6% | -11.0% | 586 | 19% | 644 | -2.8% | -6.2% | -9.0% |
| - Patient Monitoring | 287 | 18% | 299 | 0.4% | -3.6% | -4.0% | 563 | 18% | 581 | 0.3% | -3.4% | -3.1% |
| Total | 1,573 | 100% | 1,554 | 7.3% | -6.1% | 1.2% | 3,131 | 100% | 3,064 | 7.9% | -5.7% | 2.2% |
Geographies
| Revenue, DKKm | Q2 2025/26 | Split | Q2 2024/25 | Growth composition | YTD 2025/26 | Split | YTD 2024/25 | Growth composition | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Organic | Currency | Reported | Organic | Currency | Reported | |||||||
| North America | 767 | 49% | 799 | 6.1% | -10.1% | -4.0% | 1,531 | 49% | 1,556 | 7.9% | -9.5% | -1.6% |
| Europe | 662 | 42% | 616 | 7.9% | -0.4% | 7.5% | 1,315 | 42% | 1,215 | 8.7% | -0.5% | 8.2% |
| Rest of World | 144 | 9% | 139 | 10.7% | -7.1% | 3.6% | 285 | 9% | 293 | 4.3% | -7.0% | -2.7% |
| Total | 1,573 | 100% | 1,554 | 7.3% | -6.1% | 1.2% | 3,131 | 100% | 3,064 | 7.9% | -5.7% | 2.2% |
Respiratory 12m rolling organic growth
URO, ENT, & GI 12m rolling organic growth
Revenue split by businesses Q2 2025/26
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
ENDOSCOPY SOLUTIONS
Ambu's primary growth driver, Endoscopy Solutions, accounted for 63% of the total revenue in Q2 2025/26 and delivered strong organic growth of 13.8% (13.1%). Performance was driven by solid execution and momentum across all business areas, reflecting continued demand for Ambu's innovative endoscopy solutions, and reinforcing our leadership in driving the structural conversion from reusable to single-use solutions.
Drivers of the quarter
The global endoscopy market remained strong, supported by increasing procedure volumes and continued acceleration adoption of single-use solutions.
Respiratory delivered 12.2% (8.5%) organic revenue growth, reflecting solid momentum. SureSight continued to be a growing contributor to performance, with further progress expected to build over the remainder of FY 2025/26. Sales of SureSight supported bronchoscopes, further strengthening the Respiratory business.
Urology, ENT, & GI posted organic revenue growth of 15.5% (18.3%), reflecting strong underlying demand, partly impacted by order timing, with some volumes pulled forward into Q1. The growth was primarily driven by continued penetration of our cystoscopy portfolio. Ambu's newly launched solutions, including aScope 5 Uretero, posted continued growth, albeit from a low base. Given long hospital sales cycles and the need to embed new solutions into clinical workflows, revenue contributions are expected to build progressively over time.
Recent developments in new solutions
Ambu obtained CE mark for the full SureSight video laryngoscope portfolio in Europe, as well as a Red Dot Product Design Award. First launched in the U.S. and the
UK in 2025, and commercializing gradually in Europe during Q4, the SureSight solution is designed to provide a clear airway view during intubations, to be used across multiple healthcare settings, including the operating room, intensive care unit, and emergency medical services. In Europe, video laryngoscopy is less common than in e.g., the U.S. and the UK, and mainly used for difficult intubations. Today, it accounts for one in 10 procedures, but its adoption as a standard intubation tool is increasing. In the U.S., it accounts for 50% of all intubation procedures. Overall, this underscores Ambu's leadership in the Respiratory market and secures momentum across the portfolio.
Ambu continues to invest in both hardware and software, as well as AI capabilities to further strengthen our EndoIntelligence innovation and solution offering. EndoIntelligence marks a transformational shift from an innovation model driven primarily by hardware to one where software and AI play an increasingly central role in delivering differentiated, high-impact solutions for clinicians, hospitals, and health systems. At its core, EndoIntelligence empowers improved efficiencies and performance across all our endoscopy solutions in Respiratory, Urology, ENT, and GI, creating a truly holistic, simple, and scalable solution for health systems. Today, we are the only single-use player in the global endoscopy space offering this level of cross-portfolio connectivity. Ambu's current platform provides customers with advanced image quality, strong cybersecurity, and direct transfer of files and images to hospitals' electronic health records. This sets us apart. We are committed to leveraging consistent innovation across hardware, software, and AI technologies to help our customers achieve unmatched efficiency, clinical confidence, and patient outcomes across the entire procedure journey.
ANESTHESIA & PATIENT MONITORING
Anesthesia & Patient Monitoring accounted for 37% of Ambu's total revenue in Q2 2025/26, with organic growth declining by 2.5% (9.8%). Anesthesia saw a sharper decline of 4.4%, while Patient Monitoring was up 0.4%.
Growth was moderated by a strong comparable in the same period last year, as well as lower volumes in selected U.S. accounts operating under non-exclusive contracts.
We remain confident in delivering on our long-term targets for Anesthesia & Patient Monitoring, despite a softer performance in H1. These targets reflect an organic CAGR of 3-5% from 2024/25 through 2029/30, driven by a mix of volume and pricing.
Drivers of the quarter
Growth in Patient Monitoring was impacted by a strong comparable in the same period last year, however, the underlying market growth remained solid.
Overall, Ambu experienced increased demand from health systems responding to geopolitical instability, supporting critical needs in ventilation, cardiopulmonary resuscitation (CPR), and CPR training.
While the Anesthesia & Patient Monitoring markets remain structurally fragmented, they are generally mature and stable markets, with growth driven by demographic trends, expanding healthcare access, and the rising prevalence of chronic diseases.
1 13.8%
Q2 2025/26
organic growth
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
-2.5%
Q2 2025/26
organic growth
SUSTAINABILITY UPDATE
Ambu is integrating sustainability across our strategy, business processes, and value chain. At the same time, we are committed to helping customers reduce waste and decarbonize. Our strategic sustainability focus is centred on three key levers: take-back and recycling program, circular products and packaging, and net-zero emissions.
In Q2, ISS ESG upgraded Ambu's ESG rating to a B- "very good" prime performance from a C+ "good" prime performance. This places us in the top 15% of our industry and reflects strong governance, transparency, and improvements throughout our value chain.
Take-back and recycling program
Ambu's take-back and recycling program progressed, and we now operate in four markets, at ~50 hospital sites, and in 140+ clinical departments. Focus remains on advancing even further, supporting our long-term strategy to strengthen customer partnerships, meet rising sustainability requirements in hospital procurement, and prepare for a changing regulatory landscape. In Q2, we continued our ongoing assessment of expanding the program to additional product categories, including SureSight blades. We also progressed our controlled pilot deployments, while evaluating potential commercialization models. However, the program did not have a material impact on Q2 profitability.
Circular products and packaging
In Q2, we continued to increase the share of bioplastics in our products and packaging.
Net-zero emissions
Ambu is committed to operating responsibly and approaching net-zero emissions in collaboration with suppliers, customers, and other partners. To deliver on our near-term carbon reduction targets for Scope 1, 2, and 3 greenhouse gas emissions*, we are executing on our plan, which includes:
- For targets encompassing Ambu's facilities (Scope 1 and Scope 2), we will expand the use of renewable energy and reduce the energy consumption through a combination of Renewable Energy Certificates (RECs), Power Purchase Agreements (PPAs), and investments in installation of renewable power at our production sites.
- For targets attributed to Ambu's entire value chain (Scope 3), we are committed to engaging with suppliers to further safeguard our sustainable transformation.
-
Ambu has officially made a commitment to the official SBTI net-zero target, and we are preparing for data submission to SBTI.
-
Scope 1 includes greenhouse gas emissions occurring from activities under Ambu's direct control in sources that are owned or controlled by Ambu. Scope 2 refers to indirect greenhouse gas emissions caused by the energy Ambu purchases, such as electricity and district heating. Scope 3 reflects indirect greenhouse gas emissions - not included in Scope 2 - that occur in our value chain, including both upstream and downstream emissions.
SUSTAINABILITY HIGHLIGHTS
| H1 2025/26 | H1 2024/25 | Change (%-pts) | |
|---|---|---|---|
| Recycled waste, % of total waste | 52% | 43% | 22% |
| Waste per tonne finished goods | 0.27 | 0.30 | -9% |
| CO₂e** per tonne finished goods | 0.67 | 0.85 | -21% |
| Energy per product | |||
| (GJ per tonne finished goods) | 16.94 | 18.09 | -6% |
** including scope 1 and 2
Waste management
Waste management remains a key priority across Ambu's manufacturing facilities and offices. For H1, we achieved a 22% increase in the proportion of recycled waste, compared to the same period last year. This improvement was primarily driven by the reclassification of certain waste treatments from "recovered" to "recycled," as well as the introduction of new production lines that generate higher volumes of recyclable waste. In contrast, last year's lower recycling rate was influenced by reduced production of SPUR masks. Significant progress was made in Penang (Malaysia) this year through enhanced waste segregation practices, including the recycling of foam materials and used pallets. Also, improved material use contributed to a 9% reduction in waste generated per tonne of finished goods. Ambu remains committed to advancing waste management initiatives, which include expanding recycling efforts, converting food waste into biogas and fertilizers, and recycling runners from injection moulding processes at our production sites.
CO₂ reduction
Ambu continues our commitment to lowering carbon emissions in accordance with our near-term reduction targets, which are validated by the Science Based Targets initiative. In H1, the CO₂e emissions per tonne of finished goods decreased by 21%, driven by factors such as decreased production and enhanced energy efficiency measures implemented at our manufacturing sites, alongside the acquisition of IREC in Penang (Malaysia), Xiamen (China), and Noblesville (U.S.). The 6% reduction in energy consumption per tonne of finished goods was a positive indication demonstrating our ability to decouple energy use from product output. We continue to focus on targeted energy improvement initiatives and enhanced data collection.
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
FINANCIAL OUTLOOK 2025/26
Ambu now expects organic revenue growth of 10-12% (previously 10-13%) for the FY 25/26, as a result of lower volumes in selected U.S. accounts operating under non-exclusive contracts in Anesthesia & Patient Monitoring, where we now expect low-single-digit growth for FY 25/26 (previously mid-single-digits). EBIT margin guidance of 12-14% is unchanged. Underlying EBIT margin of 14-16% is expected, excluding an estimated ~2 percentage point impact from current tariff arrangements. Ambu's cash conversion is still expected to be +40%.
| Outlook expectations, FY 2025/26 | 6 May 2026 | 4 February 2026 | 5 November 2025 |
|---|---|---|---|
| Organic revenue growth | 10-12% | 10-13% | 10-13% |
| - Endoscopy Solutions | +15% | +15% | +15% |
| - Anesthesia & Patient Monitoring | Low-single-digits | Mid-single-digits | Mid-single-digits |
| EBIT margin before special items | 12-14% | 12-14% | 12-14% |
| Cash conversion | +40% | +40% | +40% |
| Exchange rates assumptions, FY 2025/26 | 6 May 2026 | 4 February 2026 | 5 November 2025 |
| USD/DKK | 6.40 | 6.35 | 6.50 |
| MYR/DKK | 1.60 | 1.60 | 1.55 |
| MXN/DKK | 0.35 | 0.35 | 0.35 |
| CNY/DKK | 0.90 | 0.90 | 0.90 |
| GBP/DKK | 8.60 | 8.60 | 8.50 |
Forward-looking statements
Forward-looking statements, in particular relating to future sales, operating income, and other key financials, are subject to risks and uncertainties. Various factors, many of which lie outside of Ambu's control, may cause the realized results to differ materially from the expectations presented in this earnings release. Such factors include, but are not confined to, changes in market conditions and the competitive situation, changes in demand and purchasing patterns, fluctuations in foreign exchange and interest rates, as well as general economic, political, and commercial conditions.
Financial calendar
2025/26
| 26 Aug | Earnings release
Q3 2025/26 |
| --- | --- |
| 30 Sep | End of FY
2025/26 |
2026/27
| 5 Nov | Annual report
2025/26 |
| --- | --- |
| 2 Dec | Annual general meeting
2026 |
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
MANAGEMENT'S STATEMENT
The Board of Directors and the Executive Management have today reviewed and approved the interim report for Ambu A/S for the period from 1 October 2025 to 31 March 2026. The interim report has not been audited or reviewed by the company's independent auditors.
The interim report is presented in accordance with IAS 34 - Interim Financial Reporting, as adopted by the EU and additional Danish disclosure requirements for the interim reporting of listed companies.
In our opinion, the interim financial report for the first six months of 2025/26 gives a true and fair view of the Group's assets, liabilities and financial position at 31 March 2026 and of the results of the Group's operations and cash flows for the period 1 October 2025 to 31 March 2026. Furthermore, in our opinion, Management's review includes a fair account of the development in the activities and financial position of the Group, as well as a description of the most significant risks and elements of uncertainty to which the Group is subject.
Besides what has been disclosed in the quarterly financial report, no changes in the Group's most significant risks and uncertainties have occurred, relative to what was disclosed in the consolidated Annual Report 2024/25.
Copenhagen, 6 May 2026
Executive Management
| Britt Meelby Jensen | Henrik Bender |
|---|---|
| Chief Executive Officer | Chief Financial Officer |
Board of Directors
| Jørgen Jensen | Shacey Petrovic |
|---|---|
| Chair | Vice Chair |
| Susanne Larsson | Michael Del Prado |
| Member | Member |
| Simon Hesse Hoffmann | David Hale |
| Member | Member |
| Gry Sahner Gundestrup | Jesper Bartroff Frederiksen |
| Employee-elected member | Employee-elected member |
| Jakob Koch | Employee-elected member |
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
CONSOLIDATED FINANCIAL STATEMENTS
Contents
- Page 10: Income statement comments
- Page 11: Income statement and statement of comprehensive income
- Page 12: Cash flow comments
- Page 13: Cash flow statement
- Page 14: Balance sheet comments
- Page 15: Balance sheet
- Page 16: Statement of changes in equity
- Page 17: Notes to the interim report
- Page 18: Quarterly results overview
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
INCOME STATEMENTS COMMENTS
Revenue
Total revenue in Q2 2025/26 amounted to DKK 1,573m, corresponding to an organic growth of 7.3% and a reported growth of 1.2%, compared to Q2 2024/25. The organic growth was positively impacted by continued solid growth in Endoscopy Solutions, offset by negative performance in Anesthesia & Patient Monitoring (A&PM) of 2.5%, due to high comparable numbers from last year, as well as lower volumes on non-exclusive contracts in selected U.S. accounts.
Gross margin
Gross margin in Q2 2025/26 was 60.3%, corresponding to a decline of 0.3%-pts, compared to Q2 2024/25. The gross margin remained in line with expectations, and the decline was due to a high comparable gross margin in the same quarter last year, as well as negative impact from FX. In general, the gross margin is expected to increase over time, influenced by better price governance, increased revenue share in the more profitable Endoscopy Solutions business, as well as production efficiencies.
OPEX to revenue
OPEX to revenue in Q2 2025/26 was 49.3%, corresponding to an increase of 3.1%-pts, compared to Q2 2024/25. The increase was driven by tariff costs, as they were included under OPEX, which negatively affected the OPEX leverage. Overall, Ambu continues to have significant potential to realize operating leverage, however, as previously communicated, we remain committed to investing in future growth by allocating resources to drive organic growth, particularly within our commercial setup.
Depreciation, amortization, and impairment losses (DA)
DA in Q2 2025/26 was DKK -98m, slightly higher than in Q2 2024/25.
EBIT margin b.s.i.
EBIT margin b.s.i. in Q2 2025/26 was 11.0%, corresponding to a decrease of 3.4%-pts, compared to Q2 2024/25. Adjusted for external factors, the EBIT margin was 14.5%, with tariff costs amounting to more than DKK 50m, with FX headwind representing the remaining impact. Overall, the underlying EBIT margin was positively impacted by continued operating leverage from the solid organic growth.
Despite these external headwinds, Ambu's significant investment in our commercial infrastructure to drive future growth remains unchanged. The negative impact from FX and tariff costs will leave a short-term impact but is expected to be managed in the longer term as FX markets stabilize and tariff mitigation actions continue, building on the significant investments already made in North America, which are planned to continue. This reflects the continuation of a strategic vision established years ago to establish production in the Americas to meet the needs of the North American market.
Net financials
Net financials in Q2 2025/26 were DKK 16m, in line with the level in Q2 2024/25.
Tax
Tax in Q2 2025/26 amounted to an expense of DKK -36m, corresponding to an effective tax rate of 23%.
Revenue
DKKm
EBIT margin
DKKm, before special items (b.s.i.)
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME
Interim report for Q2 2025/26
Income statement
| DKKm | Q2 2025/26 | Q2 2024/25 | YTD 2025/26 | YTD 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|
| Revenue | 1,573 | 1,554 | 3,131 | 3,064 | 6,037 |
| Production costs | -625 | -612 | -1,236 | -1,197 | -2,404 |
| Gross profit | 948 | 942 | 1,895 | 1,867 | 3,633 |
| Selling and distribution costs | -496 | -448 | -995 | -876 | -1,792 |
| Development costs | -91 | -88 | -185 | -167 | -347 |
| Management and administrative costs | -188 | -182 | -378 | -357 | -710 |
| Operating profit (EBIT) b.s.i. | 173 | 224 | 337 | 467 | 784 |
| Special items | - | - | - | - | - |
| Operating profit (EBIT) | 173 | 224 | 337 | 467 | 784 |
| Financial income | 3 | 4 | 7 | 8 | 15 |
| Financial expenses | -19 | -20 | -34 | -30 | -44 |
| Profit before tax | 157 | 208 | 310 | 445 | 755 |
| Tax on profit for the period | -36 | -20 | -71 | -74 | -146 |
| Net profit for the period | 121 | 188 | 239 | 371 | 609 |
| Earnings per share in DKK | |||||
| Earnings per share (EPS) | 0.46 | 0.71 | 0.90 | 1.39 | 2.29 |
| Diluted earnings per share (EPS-D) | 0.46 | 0.71 | 0.90 | 1.39 | 2.28 |
Statement of comprehensive income
| DKKm | Q2 2025/26 | Q2 2024/25 | YTD 2025/26 | YTD 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|
| Net profit for the period | 121 | 188 | 239 | 371 | 609 |
| Other comprehensive income: Items which are moved to the income statement under certain conditions | |||||
| Translation adj. in foreign subsidiaries | 48 | -87 | 72 | 29 | -109 |
| Other comprehensive income after tax | 48 | -87 | 72 | 29 | -109 |
| Comprehensive income for the period | 169 | 101 | 311 | 400 | 500 |
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
CASH FLOW COMMENTS
Cash flow from operating activities (CFFO)
CFFO in Q2 2025/26 was DKK 255m, compared to DKK 161m last year. The higher cash flow was driven by improved working capital, although partly offset by lower EBITDA.
Cash flow from investing activities (CFFI) before acquisitions
CFFI before acquisitions in Q2 2025/26 was DKK 151m, corresponding to 10% of revenue. CFFI was primarily driven by R&D activities, which amounted to DKK 75m, however, when factoring in development costs, less depreciation and amortization, total R&D expenditure amounted to DKK 111m.
Free cash flow (FCF) before acquisition
FCF before acquisitions came to DKK 104m in Q2 2025/26. This was mainly due to solid operational performance alongside an improved working capital compared to revenue. FCF was still negatively impacted by both FX headwind and tariff costs.
Acquisitions of enterprises and technology
No acquisitions were made in Q2 2025/26.
Cash flow from financing activities (CFFF)
CFFF in Q2 2025/26 was DKK -150m. This was primarily related to dividend payment and purchase of treasury shares.
DKK 112m were used to acquire treasury shares in Q2, in line with the intended share buyback program of DKK 150m in 2025/26, which was completed in Q2 2025/26.
Cash position
At 31 March 2026, cash and cash equivalents were DKK 691m, reflecting a decrease of DKK 175m since 30 September 2025, mainly driven by the payout of dividends and share buyback.
Committed undrawn sustainability-linked credit facilities amounted to DKK 1,000m, with an additional accordion of DKK 1,000m.
Cash flow impact of development costs
DKKm
| Q2 2025/26 | Q2 2024/25 | |
|---|---|---|
| Development costs | 91 | 88 |
| Depreciation, amortization, and impairment losses | -55 | -53 |
| Investments | 75 | 50 |
| Cash flow, R&D | 111 | 85 |
Free cash flow
DKKm, main components
1) CAPEX is defined as cash flow from investing activities
2) 'Other' includes change in provisions, income tax and interest paid
Free cash flow
DKKm, before acquisitions
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
CASH FLOW STATEMENT
Interim report for Q2 2025/26
| DKKm | YTD 2025/26 | YTD 2024/25 | FY 2024/25 |
|---|---|---|---|
| Net profit | 239 | 371 | 609 |
| Adjustment for non-cash items: | |||
| Income taxes | 71 | 74 | 146 |
| Financial items | 27 | 22 | 29 |
| Depreciation, amortization, and impairment losses | 195 | 182 | 372 |
| Share-based payments | 14 | 11 | 31 |
| Change in working capital | -117 | -269 | -273 |
| Change in provisions | - | -2 | -9 |
| Interest received | 7 | 8 | 15 |
| Interest paid | -12 | -12 | -28 |
| Income tax paid | -63 | -80 | -101 |
| Cash flow from operating activities | 361 | 305 | 791 |
| Investment in intangible assets | -164 | -121 | -267 |
| Investments in tangible assets | -80 | -35 | -117 |
| Cash flow from investing activities | -244 | -156 | -384 |
| Free cash flow | 117 | 149 | 407 |
| Repayment of lease liability | -37 | -32 | -63 |
| Purchase of treasury shares | -150 | - | - |
| Exercise of options | - | 11 | 11 |
| Dividend paid | -110 | -102 | -102 |
| Dividend, treasury shares | 1 | 1 | 1 |
| Cash flow from financing activities | -296 | -122 | -153 |
| Changes in cash and cash equivalents | -179 | 27 | 254 |
| Cash and cash equivalents, beginning of period | 866 | 615 | 615 |
| Translation adjustment of cash and cash equivalents | 4 | -2 | -3 |
| Cash and cash equivalents, end of period | 691 | 640 | 866 |
| DKKm | YTD 2025/26 | YTD 2024/25 | FY 2024/25 |
| --- | --- | --- | --- |
| Cash and cash equivalents, end of period, are composed as follows: | |||
| Cash and cash equivalents | 255 | 267 | 195 |
| Short-term deposits | 436 | 373 | 671 |
| Cash and cash equivalents, end of period | 691 | 640 | 866 |
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
BALANCE SHEET COMMENTS
Total assets
At 31 March 2026, total assets were DKK 7,606m, corresponding to a decrease of DKK 69m, compared to 30 September 2025. The development was mainly driven by decreased cash and cash equivalents as a result of dividend payment and share buyback.
Invested capital
At 31 March 2026, invested capital was DKK 5,961m, corresponding to an increase of DKK 245m, compared to 30 September 2025. The increase was driven by comprehensive income for the period of DKK 311m.
ROIC
ROIC in Q2 2025/26 was 9%, corresponding to a decline of 1%-pts, compared to Q2 2024/25. The decrease was largely attributable to a decline in operating profit following a particularly strong Q2 last year.
Net working capital
At 31 March 2026, net working capital was DKK 1,352m, corresponding to 22% of revenue. The current level exceeded the 20% of revenue target slightly, driven primarily by elevated inventory levels.
Net interest-bearing debt (NIBD)
At 31 March 2026, NIBD was DKK -140m, compared to DKK -319m at 30 September 2025. In H1 2025/26, Ambu paid dividend of DKK 110m and completed our share buyback program of DKK 150m.
Net interest-bearing debt (NIBD) to EBITDA b.s.i.
At 31 March 2026, NIBD to EBITDA b.s.i. was -0.1x, compared to -0.3x at 30 September 2025.
Total assets
DKKm
Invested capital and ROIC
DKKm
NIBD and gearing
DKKm
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
BALANCE SHEET
Interim report for Q2 2025/26
Assets
| DKKm | 31.03.26 | 31.03.25 | 30.09.25 |
|---|---|---|---|
| Goodwill | 1,511 | 1,551 | 1,497 |
| Acquired technologies, trademarks, and customer relations | 322 | 356 | 339 |
| Completed development projects | 935 | 1,053 | 994 |
| Other, incl. IT software | 105 | 69 | 100 |
| Development projects and other assets in progress | 438 | 239 | 319 |
| Intangible assets | 3,311 | 3,268 | 3,249 |
| Property, plant, and equipment | 654 | 570 | 588 |
| Right-of-use assets | 552 | 530 | 544 |
| Deferred tax assets | 76 | 155 | 137 |
| Total non-current assets | 4,593 | 4,523 | 4,518 |
| Inventories | 1,231 | 1,214 | 1,272 |
| Trade receivables | 907 | 877 | 834 |
| Other receivables | 41 | 34 | 40 |
| Income tax receivable | 31 | 29 | 33 |
| Prepayments | 112 | 96 | 112 |
| Derivative financial instruments | - | 1 | - |
| Cash and cash equivalents | 691 | 640 | 866 |
| Total current assets | 3,013 | 2,891 | 3,157 |
| Total assets | 7,606 | 7,414 | 7,675 |
Equity and liabilities
| DKKm | 31.03.26 | 31.03.25 | 30.09.25 |
|---|---|---|---|
| Share capital | 135 | 135 | 135 |
| Other reserves | 5,966 | 5,779 | 5,900 |
| Equity | 6,101 | 5,914 | 6,035 |
| Deferred tax | 7 | 4 | 11 |
| Provisions | - | 15 | 3 |
| Credit institutions | 17 | - | 5 |
| Lease liabilities | 449 | 478 | 462 |
| Non-current liabilities | 473 | 497 | 481 |
| Provisions | 6 | 1 | 3 |
| Lease liabilities | 85 | 76 | 80 |
| Trade payables | 512 | 522 | 572 |
| Income tax | 2 | 26 | 56 |
| Other payables | 427 | 378 | 448 |
| Current liabilities | 1,032 | 1,003 | 1,159 |
| Total liabilities | 1,505 | 1,500 | 1,640 |
| Total equity and liabilities | 7,606 | 7,414 | 7,675 |
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
STATEMENT OF CHANGE IN EQUITY
Interim report for Q2 2025/26
| DKKm | Share Capital | Reserve for foreign currency translation adjustments | Retained earnings | Total |
|---|---|---|---|---|
| Equity 1 October 2025 | 135 | 36 | 5,864 | 6,035 |
| Net profit for the period | - | - | 239 | 239 |
| Other comprehensive income for the period | - | 72 | - | 72 |
| Total comprehensive income | - | 72 | 239 | 311 |
| Transactions with the owners: | ||||
| Share-based payment | - | - | 14 | 14 |
| Purchase of treasury shares | -150 | -150 | ||
| Distributed dividend | - | - | -110 | -110 |
| Dividend, treasury shares | - | - | 1 | 1 |
| Equity 31 March 2026 | 135 | 108 | 5,858 | 6,101 |
| Equity 1 October 2024 | 135 | 145 | 5,314 | 5,594 |
| Net profit for the period | - | - | 371 | 371 |
| Other comprehensive income for the period | - | 29 | - | 29 |
| Total comprehensive income | - | 29 | 371 | 400 |
| Transactions with the owners: | ||||
| Share-based payment | - | - | 10 | 10 |
| Exercise of options | - | - | 11 | 11 |
| Distributed dividend | - | - | -102 | -102 |
| Dividend, treasury shares | - | - | 1 | 1 |
| Equity 31 March 2025 | 135 | 174 | 5,605 | 5,914 |
At the annual general meeting on 4 December 2025, a dividend of DKK 110m was proposed by the Board of Directors for 2024/25 and approved by the annual general meeting. Total dividends have been declared and subsequently paid out, less withholding taxes payable to the Danish Tax Authorities in January 2026.
On 10 December 2025, Ambu announced a share buyback program, which was initiated on 29 December 2025 and completed as of 11 February 2026. Ambu has repurchased a total number of 1,746,034 treasury shares, totaling DKK 150m and corresponding to an average purchase price of DKK 85.91.
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
NOTES TO THE INTERIM REPORT
Interim report for Q2 2025/26
Note 1 - Basis of preparation of the interim report
The interim report for the period 1 October 2025 to 31 March 2026 is presented in accordance with IAS 34 - Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for the interim reporting of listed companies.
The accounting principles applied are consistent with the principles applied in the Annual Report for 2024/25.
Note 2 - Segment information
Ambu is engaged in a single business activity of medical technology solutions for the global market, and the Group is seen as one operating segment. Ambu's business consists of research and development of new solutions, which are then manufactured, marketed, and sold. Except for the sales of the various solutions, all these functional activities take place and are managed globally on a highly integrated basis. These individual functional areas are not managed separately.
Note 3 - Revenue
| DKKm | Q2 2025/26 | Q2 2024/25 | YTD 2025/26 | YTD 2024/25 | FY 2024/25 |
|---|---|---|---|---|---|
| Respiratory | 501 | 469 | 988 | 941 | 1,818 |
| URO, ENT & GI | 495 | 460 | 994 | 898 | 1,826 |
| Anesthesia | 290 | 326 | 586 | 644 | 1,249 |
| Patient Monitoring | 287 | 299 | 563 | 581 | 1,144 |
| Total revenue by business groups | 1,573 | 1,554 | 3,131 | 3,064 | 6,037 |
| North America | 767 | 799 | 1,531 | 1,556 | 3,051 |
| Europe | 662 | 616 | 1,315 | 1,215 | 2,405 |
| Rest of World | 144 | 139 | 285 | 293 | 581 |
| Total revenue by markets | 1,573 | 1,554 | 3,131 | 3,064 | 6,037 |
Note 4 - Contingent assets
On 20 February 2026, the US Supreme Court ruled that the International Emergency Economic Powers Act ("IEEPA") does not provide authority to impose tariffs. Consequently, tariffs imposed under Executive Orders were deemed invalid and terminated. U.S. Customs and Border Protection (CBP) has been instructed to establish a process for refunding such tariffs under the supervision of the U.S. Court of International Trade.
As of 31 March 2026, Ambu has paid DKK 193m (USD 29.6m) in tariffs imposed under IEEPA, hereof DKK 39.8m (USD 6.1m) have been expensed in the 2024/25 financial year. Due to uncertainties surrounding the process of claiming refunds, Management has decided not to recognize any potential refunds as receivable. Management will reassess the situation on an ongoing basis as new information becomes available.
Note 5 - Contingent liabilities
Ambu is involved in pending litigations, claims, and investigations arising out of the normal conduct of our business. Ambu's ongoing operations and the use of Ambu's solutions in hospitals and clinics, etc., involve the general risk of claims for damages and sanctions against Ambu. The risk is deemed to be customary for the industry.
Provisions for probable losses have been made for those matters that Management has assessed as needed, but there are uncertainties associated with these estimates.
Ambu does not expect any pending litigations, claims, or investigations to have a material effect on the Group's financial position.
Note 6 - Subsequent events
In addition to the matters described in this interim report, the Management is not aware of any events subsequent to 31 March 2026 which could be expected to have a significant impact on the Group's financial position.
Ambu
Company announcement no. 11 2025/26 | 6 May 2026
QUARTERLY RESULTS
| DKKm | Q2 2025/26 | Q1 2025/26 | Q4 2024/25 | Q3 2024/25 | Q2 2024/25 | Q1 2024/25 |
|---|---|---|---|---|---|---|
| Revenue by business groups | ||||||
| Respiratory | 501 | 487 | 431 | 446 | 469 | 472 |
| URO, ENT, & GI | 495 | 499 | 458 | 470 | 460 | 438 |
| Endoscopy Solutions | 996 | 986 | 889 | 916 | 929 | 910 |
| Anesthesia | 290 | 296 | 301 | 304 | 326 | 318 |
| Patient Monitoring | 287 | 276 | 276 | 287 | 299 | 282 |
| Anesthesia & Patient Monitoring | 577 | 572 | 577 | 591 | 625 | 600 |
| Total revenue | 1,573 | 1,558 | 1,466 | 1,507 | 1,554 | 1,510 |
| Production costs | -625 | -611 | -587 | -620 | -612 | -585 |
| Gross profit | 948 | 947 | 879 | 887 | 942 | 925 |
| Selling and distribution costs | -496 | -499 | -459 | -457 | -448 | -428 |
| Development costs | -91 | -94 | -93 | -87 | -88 | -79 |
| Management and administrative costs | -188 | -190 | -180 | -173 | -182 | -175 |
| Operating profit (EBIT) b.s.i. | 173 | 164 | 147 | 170 | 224 | 243 |
| Special items | - | - | - | - | - | - |
| Operating profit (EBIT) | 173 | 164 | 147 | 170 | 224 | 243 |
| Financial income | 3 | 4 | 4 | 3 | 4 | 4 |
| Financial expenses | -19 | -15 | -1 | -13 | -20 | -10 |
| Profit before tax | 157 | 153 | 150 | 160 | 208 | 237 |
| Tax on profit for the period | -36 | -35 | -35 | -37 | -20 | -54 |
| Net profit for the period | 121 | 118 | 115 | 123 | 188 | 183 |
| Key figures and ratios | ||||||
| Gross margin, % | 60.3 | 60.8 | 60.0 | 58.9 | 60.6 | 61.3 |
| OPEX | 775 | 783 | 732 | 717 | 718 | 682 |
| OPEX ratio, % | 49.3 | 50.3 | 49.9 | 47.6 | 46.2 | 45.2 |
| EBITDA before special items | 271 | 261 | 244 | 263 | 318 | 331 |
| EBITDA margin before special items, % | 17.2 | 16.8 | 16.6 | 17.5 | 20.5 | 21.9 |
| EBIT margin before special items, % | 11.0 | 10.5 | 10.0 | 11.3 | 14.4 | 16.1 |
| NIBD/EBITDA before special items | -0.1 | -0.2 | -0.3 | -0.2 | -0.1 | 0.0 |
| Net working capital, % of revenue | 22 | 22 | 21 | 21 | 23 | 22 |
| DKKm | Q2 2025/26 | Q1 2025/26 | Q4 2024/25 | Q3 2024/25 | Q2 2024/25 | Q1 2024/25 |
| --- | --- | --- | --- | --- | --- | --- |
| Organic growth, business groups, % | ||||||
| Respiratory | 12.2 | 8.3 | 8.8 | 11.2 | 8.5 | 17.7 |
| URO, ENT, & GI | 15.5 | 21.0 | 16.0 | 20.8 | 18.3 | 23.9 |
| Endoscopy Solutions | 13.8 | 14.4 | 12.4 | 15.9 | 13.1 | 20.6 |
| Anesthesia | -4.4 | -1.2 | 6.4 | 3.9 | 11.2 | 17.8 |
| Patient Monitoring | -0.4 | 1.1 | 6.4 | 9.3 | 8.2 | 17.8 |
| Anesthesia & Patient Monitoring | -2.5 | -0.1 | 6.4 | 6.4 | 9.8 | 17.8 |
| Organic growth, total revenue, % | 7.3 | 8.6 | 10.0 | 12.0 | 11.7 | 19.5 |
| Exchange rate effects | -6.1 | -5.4 | -4.3 | -3.0 | 2.0 | 0.9 |
| Reported growth, total revenue, % | 1.2 | 3.2 | 5.7 | 9.0 | 13.7 | 20.4 |
| Organic growth, geographies, % | ||||||
| North America | 6.1 | 9.8 | 11.4 | 12.8 | 12.4 | 19.2 |
| Europe | 7.9 | 9.7 | 10.2 | 11.5 | 13.1 | 17.1 |
| Rest of World | 10.7 | -1.6 | 1.3 | 7.9 | 3.0 | 28.0 |
| Organic growth, total revenue, % | 7.3 | 8.6 | 10.0 | 12.0 | 11.7 | 19.5 |
| Cash flow, DKKm | ||||||
| Cash flow from operating activities | 255 | 106 | 249 | 237 | 161 | 144 |
| Cash flow from investing activities | -151 | -93 | -119 | -109 | -81 | -75 |
| Free cash flow | 104 | 13 | 130 | 128 | 80 | 69 |
| Cash flow, % of revenue | ||||||
| Cash flow from operating activities | 16 | 7 | 17 | 16 | 10 | 10 |
| Cash flow from investing activities | -9 | -6 | -8 | -8 | -5 | -5 |
| Free cash flow | 7 | 1 | 9 | 8 | 5 | 5 |
| Cash conversion, % of EBITDA b.s.i. | 38 | 5 | 53 | 49 | 25 | 21 |
| Balance sheet | ||||||
| Assets | 7,606 | 7,581 | 7,675 | 7,396 | 7,414 | 7,380 |
| Net working capital | 1,352 | 1,321 | 1,238 | 1,266 | 1,321 | 1,228 |
| Equity | 6,101 | 6,036 | 6,035 | 5,905 | 5,914 | 5,795 |
| Net interest-bearing debt (NIBD) | -140 | -178 | -319 | -217 | -86 | -24 |
| Invested capital | 5,961 | 5,858 | 5,716 | 5,688 | 5,828 | 5,771 |
| Share-related ratios (in DKK) | ||||||
| Market price per share | 68 | 88 | 93 | 99 | 118 | 104 |
| Earnings per share (EPS) | 0.46 | 0.44 | 0.43 | 0.46 | 0.71 | 0.68 |
| Diluted earnings per share (EPS-D) | 0.46 | 0.44 | 0.43 | 0.46 | 0.71 | 0.68 |
Ambu
Company announcement no. 11 2025/26 | 6 May 2026