Ambu A/s Stock Earnings Reports

Ambu reported a strong start to FY2025/26 with 8.6% organic revenue growth (14.4% in Endoscopy Solutions; Anesthesia & Patient Monitoring essentially flat). Endoscopy now represents 63% of revenue, with particularly robust momentum in respiratory and urology (conversion from reusable to single‑use accelerating; new product introductions such as SureSight Mobile and expanded aScope offerings). Management emphasized continued investment in commercial execution, EndoIntelligence (software/AI and EMR integration), and manufacturing capacity (Mexico ramp-up) to mitigate tariffs and support North American growth. Q1 EBIT before special items was DKK 164m (10.5% margin); gross margin was 60.8%. Reported margin was impacted by one‑off/temporary tariff costs and FX (USD weakness), but adjusted underlying EBIT margin was above 15%. Tariff costs are expected to remain elevated in H1 (with an above‑average impact in Q2) and decline in H2 as production transfers to Mexico take effect. Free cash flow was low in Q1 due to normal seasonal payments (bonuses, taxes), higher working capital and tariff effects; management maintains full‑year guidance of ~10–13% organic growth (driven by ~+15% in Endoscopy) and 12–14% EBIT margin target, and says mitigation actions and manufacturing transfers are on plan.