Ambu A/s Stock Earnings Reports

Ambu delivered a solid start to FY2025/26 with Q1 organic revenue growth of 8.6% (3.2% reported after FX), driven by strong Endoscopy Solutions performance (+14.4%) which now represents 63% of revenue. Respiratory showed robust momentum (8.3% organic), supported by uptake of aScope 4/5 bronchoscopes and the newer SureSight video laryngoscope family (now expanded with SureSight Mobile). Urology, ENT and GI grew strongly (21% in the quarter) but management flagged some order timing/pull‑forward into Q1 that may modestly reduce Q2 growth while not changing full‑year momentum. Anesthesia & Patient Monitoring was roughly flat (‑0.1%) with management reiterating mid‑single digit growth expectations for the year. Gross margin was 60.8%, and reported EBIT margin before special items was 10.5% (DKK 164m), but management said tariff costs and FX depressed reported margin; adjusting for these items they reported an underlying adjusted EBIT margin above 15%—consistent with their margin expansion plan. Tariff headwinds were material (above DKK 50m in Q1, c. >3 pp EBIT impact in Q1) and are expected to remain above-average into Q2 before declining in H2 as production is shifted (notably ramping Mexico) to mitigate tariffs. Free cash flow was low in Q1 (DKK 13m), in line with seasonal timing (bonuses, taxes) and working capital builds for safety stock. Management launched the “ZOOM AHEAD” growth strategy and emphasized investments in EndoIntelligence (software/AI/EMR integration), recycling (Recircle program expansion), and commercial execution to support continued single‑use penetration and geographic expansion (including selective investments in China and India). They reiterated full‑year guidance: organic revenue growth 10–13% (endoscopy ~+15%) and EBIT margin target range of 12–14% (while noting H1 impact from tariffs/FX and stronger H2 margin).