INTERIM REPORT  
FOR Q3 2024/25  
Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup
Registration no. 63644919
 
INTERIM REPORT FOR Q3 2024/25  
In the third quarter of the 2024/25 financial year, Ambu delivered  
12.0% organic revenue growth and an 11.3% EBIT margin before  
special items. This was driven by continued growth in Endoscopy  
Solutions, which grew 15.9%, and solid performance in Anesthesia &  
Patient Monitoring, which grew 6.4%. This brings the organic growth  
for the first nine months to 14.3% and the EBIT margin to 13.9%.  
Q3 HIGHLIGHTS  
Business highlights  
•
•
•
•
Advancing pulmonology market leadership position with the expansion of Ambu® SureSight  
Connect video laryngoscopy solution for pediatric patients.  
The financial guidance for organic revenue growth for 2024/25 is  
updated to reflect the continued solid growth and is now expected to  
be 12-14% (previously 11-14%).  
Strengthened urology offering with FDA clearance for Ambu® aScope 5 Cysto HD cysto-  
nephroscope for PCNL procedures.  
Continued sustainability leadership with launch of first-of-its-kind endoscope tack-back and recycling  
program, the Ambu® Recircle Program, in key markets.  
“I am pleased with the continued solid growth momentum in our third  
quarter. With 15.9% growth in Endoscopy Solutions and portfolio  
expansions in pulmonology and urology, we are deepening our presence in  
high-growth markets. On the back of solid revenue performance in  
Endoscopy Solutions and strong growth in Anesthesia & Patient  
Monitoring, we are raising the lower end of our organic revenue guidance  
to 12-14% for the full year. We maintain our EBIT margin guidance,  
supported by solid organic growth and operational leverage, even as we  
navigate FX and tariff-related dynamics.  
Scott Heinzelman appointed new President for North America and member of Ambu’s Executive  
Leadership Team, as of 25 August.  
Financial highlights  
•
Revenue increased organically by 12.0% (15.0%) to DKK 1,507m (DKK 1,383m), with reported growth of  
9.0% (15.7%). Organic growth for the first nine months was 14.3% (14.9%), with reported growth of  
14.2% (12.9%).  
•
Endoscopy Solutions increased organically by 15.9% (18.0%). The Pulmonology business group  
posted 11.2% (9.9%) organic growth, positively impacted by continued aScope 5 Broncho adoption,  
as well as the newly launched video laryngoscopy solution. The Urology, ENT, & GI business group  
posted 20.8% (27.6%) organic growth, mainly driven by the aScope 4 portfolio, with sustained strong  
growth momentum for aScope 5 Uretero. Anesthesia & Patient Monitoring increased organically by  
6.4% (10.9%) and by 11.1% (6.4%) for the first nine months, driven by both volume and price increases.  
I want to thank our teams for their dedication and execution, which makes  
this continued progress possible. We look forward to welcoming institu-  
tional investors, analysts, and financial media to attend our Capital  
Markets Day on 1 October 2025, where we will share insights on strategy  
and market opportunities.”  
•
•
•
EBIT before special items (b.s.i.) was DKK 170m (DKK 178m), with an EBIT margin b.s.i. of 11.3%  
(12.9%). EBIT b.s.i. for the first nine months ended at DKK 637m (DKK 498m), with an EBIT margin b.s.i.  
of 13.9% (12.4%). EBIT margin for the quarter was negatively impacted by both FX headwind and tariff  
costs but positively impacted by continued operational leverage from solid organic growth.  
Britt Meelby Jensen  
Chief Executive Officer  
Free cash flow (FCF) before acquisitions totaled DKK 128m (DKK 163m), leaving FCF for the first nine  
months to DKK 277m. This was impacted by continued higher net working capital to mitigate the global  
geopolitical uncertainties and support growth, and profitability was impacted by both FX headwind and  
tariff costs. As a result, FCF assumptions for FY 2024/25 are now DKK ~400m (previously DKK +500m).  
Raise of lower end of organic revenue guidance to 12-14% (previously 11-14%), driven by continued  
procedure growth and conversion towards single-use solutions. EBIT margin b.s.i. guidance is  
maintained, with investments continuing as planned to support long-term growth, despite FX headwind  
and increased tariff costs.  
Q3 2024/25 conference call  
A conference call is broadcast live today, 22 August 2025 at 11:00 (CEST),  
via ambu.com/webcastQ32025. To ask questions during the Q&A session,  
please register prior to the call via ambu.com/conferencecallQ32025register.  
Upon registration, you will receive an e-mail with information to access the call.  
2024/25 financial guidance:  
o
o
Organic revenue growth: 12-14% (previously 11-14%)  
EBIT margin b.s.i.: 13-15%  
The presentation can be downloaded at Ambu.com/presentations.  
Company announcement no. 16 2024/25  
|
22 August 2025  
2
 
FINANCIAL HIGHLIGHTS  
Q3  
Q3  
9M  
9M  
FY  
Q3  
Q3  
9M  
9M  
FY  
DKKm  
2024/25 2023/24 2024/25 2023/24 2023/24  
2024/25 2023/24 2024/25 2023/24 2023/24  
Income statement  
Revenue  
Key figures and ratios  
Organic growth, %  
1,507  
887  
263  
-93  
1,383  
832  
267  
-89  
4,571  
2,754  
912  
4,004  
2,384  
765  
5,391  
3,201  
1,009  
-364  
12.0  
58.9  
47.6  
11.3  
17.5  
11.3  
17.5  
23  
15.0  
60.2  
47.3  
12.9  
19.3  
12.9  
19.3  
23  
14.3  
60.2  
46.3  
13.9  
20.0  
13.9  
20.0  
18  
14.9  
59.5  
47.1  
12.4  
19.1  
12.4  
19.1  
23  
13.8  
59.4  
47.4  
12.0  
18.7  
5.8  
Gross profit  
Gross margin, %  
EBITDA before special items  
OPEX ratio, %  
Depreciation, amortization, and  
impairment  
-275  
-267  
EBIT margin b.s.i., %  
EBITDA margin b.s.i., %  
EBIT margin, %  
EBIT before special items  
Special items  
170  
-
178  
-
637  
-
498  
-
645  
-334  
311  
EBITDA margin, %  
18.7  
22  
EBIT  
170  
263  
-10  
160  
123  
178  
267  
-4  
637  
912  
-32  
605  
494  
498  
765  
-17  
481  
370  
Tax rate, %  
EBITDA  
1,007  
-11  
Return on equity, %  
NIBD/EBITDA b.s.i.  
Equity ratio, %  
12  
16  
12  
16  
4
Net financials  
Profit before tax  
Net profit for the period  
-0.2  
80  
0.1  
-0.2  
80  
0.1  
-0.1  
78  
174  
134  
300  
79  
79  
235  
Net working capital, % of revenue  
Return on invested capital (ROIC), %  
Average number of employees  
21  
19  
21  
19  
19  
10  
8
10  
8
9
Cash flow  
5,218  
4,945  
5,202  
4,815  
4,894  
Cash flow from operating activities  
(CFFO)  
237  
235  
-72  
542  
620  
813  
Share-related ratios (in DKK)  
Market price per share  
Cash flow from investing activities  
(CFFI)  
-109  
-265  
-194  
-289  
99  
0.46  
0.46  
134  
0.50  
0.50  
99  
1.85  
1.85  
134  
1.39  
1.39  
131  
0.88  
0.88  
Earnings per share  
Free cash flow (FCF)  
CFFO, % of revenue  
CFFI, % of revenue  
FCF, % of revenue  
128  
16  
-8  
163  
17  
-5  
277  
12  
-6  
426  
15  
-4  
524  
15  
-5  
Diluted earnings per share (EPS-D)  
Key figures and ratio definitions are consistent  
with the ones applied in the annual report 2023/24  
8
12  
6
11  
10  
Balance sheet  
Assets  
7,396  
1,266  
5,905  
-217  
7,288  
1,025  
5,754  
78  
7,396  
1,266  
5,905  
-217  
7,288  
1,025  
5,754  
78  
7,154  
1,050  
5,594  
-57  
Net working capital  
Equity  
Net interest-bearing debt  
Invested capital  
5,688  
5,832  
5,688  
5,832  
5,537  
Company announcement no. 16 2024/25  
|
22 August 2025  
3
 
BUSINESS PERFORMANCE – IN BRIEF  
Businesses and business groups  
DKKm  
Q3 2024/25  
Split  
Q3 2023/24  
Organic  
Currency Reported 9M 2024/25  
Split 9M 2023/24  
Organic  
Currency Reported  
Endoscopy Solutions  
- Pulmonology  
916  
446  
470  
61%  
30%  
31%  
813  
410  
403  
15.9%  
11.2%  
20.8%  
-3.2%  
-2.4%  
-4.2%  
12.7%  
8.8%  
2,755  
1,387  
1,368  
60%  
30%  
30%  
2,368  
1,235  
1,133  
16.4%  
12.3%  
20.9%  
-0.1%  
0.0%  
16.3%  
12.3%  
20.7%  
- URO, ENT, & GI  
16.6%  
-0.2%  
Anesthesia &  
Patient Monitoring  
591  
304  
39%  
20%  
570  
304  
6.4%  
3.9%  
-2.7%  
-3.9%  
-1.4%  
-3.0%  
3.7%  
0.0%  
7.9%  
9.0%  
1,816  
948  
40%  
21%  
19%  
1,636  
859  
11.1%  
10.7%  
11.5%  
14.3%  
-0.1%  
-0.3%  
0.2%  
11.0%  
10.4%  
11.7%  
14.2%  
- Anesthesia  
- Patient Monitoring  
Total  
287  
19%  
266  
9.3%  
868  
777  
1,507  
100%  
1,383  
12.0%  
4,571 100%  
4,004  
-0.1%  
Geographies  
DKKm  
Q3 2024/25  
Split  
Q3 2023/24  
Organic  
Currency Reported 9M 2024/25  
Split 9M 2023/24  
Organic  
Currency Reported  
North America  
Europe  
750  
612  
50%  
40%  
706  
543  
12.8%  
11.5%  
7.9%  
-6.6%  
1.2%  
6.2%  
12.7%  
8.2%  
2,306  
1.827  
438  
50%  
40%  
10%  
2,021  
1.589  
394  
14.6%  
13.8%  
12.3%  
14.3%  
-0.5%  
1.2%  
14.1%  
15.0%  
11.2%  
14.2%  
Rest of World  
Total  
145  
10%  
134  
0.3%  
-1.1%  
-0.1%  
1,507  
100%  
1,383  
12.0%  
-3.0%  
9.0%  
4,571 100%  
4,004  
Pulmonology  
12m rolling organic growth  
URO, ENT & GI  
12m rolling organic growth  
Revenue split by businesses  
Q3 2024/25  
Anesthesia  
& Patient  
Monitoring  
Endoscopy  
Solutions  
10.7%  
21.9%  
61%  
39%  
 
ENDOSCOPY  
SOLUTIONS  
ANESTHESIA &  
PATIENT MONITORING  
Ambu’s Endoscopy Solutions business continued to be  
the biggest revenue contributor in Q3 2024/25. It  
accounted for 61% of the total revenue, with an organic  
revenue growth of 15.9% (18.0%). Ambu experienced  
growth across both business groups in Endoscopy  
Solutions, mainly driven by continued growth of existing  
solutions in a high-growth market, with existing and new  
customers.  
solutions target specific needs for bleed management.  
Ambu’s Anesthesia & Patient Monitoring business  
accounted for 39% of the company’s total revenue in  
Q3 2024/25. The revenue grew organically by 6.4%  
(10.9%), mainly volume-driven with a modest impact  
from pricing.  
The pulmonology business group posted 11.2% organic  
revenue growth, resulting in a last-twelve-months rolling  
growth of 10.7%, with solid growth across all solutions  
and geographies. The continued growth acceleration in  
pulmonology was driven by both the existing portfolio of  
bronchoscopes and the launch of the SureSight  
Connect video laryngoscopy solution earlier in the year.  
During Q3, the SureSight Connect solution was  
expanded for pediatric patients, completing the full  
blade portfolio for the solution.  
Drivers of the quarter  
Overall, the growth of the Anesthesia & Patient  
Monitoring business was mainly driven by volume,  
while price increases had a more normalized impact.  
Drivers of the quarter  
The global endoscopy market continued to grow,  
contributing to strong growth in the single-use market  
through further adoption.  
The previous four quarters was mainly driven by  
significant price increases as previously announced.  
As these price increases are now all included in the  
comparison numbers, the price-effect is more  
normalized with a continued focus on pricing, which  
is expected to contribute positively to growth going  
forward.  
Recent developments in new solutions  
The Urology, ENT (ear-nose-throat), and GI (gastro-  
enterology) business group posted 20.8% organic  
revenue growth, resulting in a last-twelve-months rolling  
growth of 21.9%. Ambu’s single-use market share  
continues to grow, though revenue from newly launched  
solutions in Q3 is limited, reflecting the typical time of  
sales processes. The growth was primarily driven by  
continued penetration of the aScope 4 portfolio, with  
In Q3, Ambu continued the commercialization of  
SureSight Connect, with continued positive customer  
feedback. While this supports future pulmonology  
growth, meaningful revenue will take time to materialize.  
Following the CE mark in Europe earlier this year, Ambu  
strengthened its urology offering with FDA clearance for  
the aScope 5 Cysto HD, clearing it to function as a cysto-  
nephroscope for PCNL procedures.  
new and existing customers. Although the aScope  
Uretero and aScope 5 Cysto HD solutions were  
5
launched in Q1 with positive momentum, the revenue  
impact remained limited in Q3, as expected. Overall,  
Ambu remains confident in the long-term performance  
of this business group, due to its advanced and  
extended solutions portfolio. GI posted high growth as  
well, however, it remains a smaller part of Ambu’s  
business. It was mainly driven by Ambu’s gastroscopy  
solutions, aScope Gastro and aScope Gastro Large,  
both in integration with the digital endoscopy system,  
aBox 2. Among other procedures, the two gastroscopy  
Ambu remains committed to the strong growth pro-  
spects of aScope 5 Uretero. Through a focused  
production ramp-up, Ambu will secure high levels of  
both product quality and cost efficiency. As expected,  
the revenue impact is limited during this phase, as the  
solution represents a new clinical setting with distinct  
customer needs and a refined commercial approach.  
Q3 2024/25  
organic growth  
Q3 2024/25  
organic growth  
15.9%  
6.4%  
Company announcement no. 16 2024/25  
|
22 August 2025  
5
 
SUSTAINABILITY UPDATE  
Sustainability is playing an increasingly important role in healthcare – both for clinicians  
using our solutions and for hospitals and healthcare systems. Ambu is integrating  
sustainability into its strategy, innovations, business processes, and value chain, serving as a  
valuable partner in helping customers reach their sustainability goals.  
SUSTAINABILITY HIGHLIGHTS  
Ambu’s sustainability focus is centered on two key areas: developing circular products and  
packaging and achieving net-zero emissions.  
Journey towards net-zero emissions  
9M  
9M  
2024/25 2023/24  
Change  
Circular products and packaging  
Recycled waste, % of total waste  
Waste per ton finished goods  
CO2e* per ton finished goods  
Energy (GJ) per ton finished goods  
43%  
0.30  
1.25  
18  
53%  
0.28  
1.45  
19  
-18%  
6%  
-14%  
-4%  
To provide its customers with an opportunity to collect and recycle used Ambu endoscopes  
for new non-medical purposes, Ambu launched a first-of-its-kind endoscope recycling  
program, the Ambu® Recircle Program, in June 2025. Initially launched in the UK and the US,  
the program has since been expanded to Germany and France. Throughout 2025, Ambu  
plans to expand the program further within these four key markets, supporting a growing  
number of customers in participating in an efficient, traceable recycling process that  
promotes sustainability, meets regulatory requirements, and reduces plastic waste.  
* Including Scope 1 and 2  
In addition, Ambu joined HoliMed, a new public-private research project in Denmark,  
focused on building a scalable system for recycling single-use medical devices. This is a  
unique recycling initiative in Ambu’s home market, enabling a joint collection of used  
devices from multiple manufacturers in a single bin at hospitals, from where valuable  
materials are sorted, cleaned, and enabled for recycling.  
Focus on waste management  
Waste management continued to be a key priority across Ambu's manufacturing  
facilities and offices. So far this year, Ambu experienced an 18% decline in the  
proportion of recycled waste, compared to the same period last year. This decline  
was primarily due to the stabilization of production at the Juárez site in Mexico,  
where last year's high recycling rate was due to operation ramp-up. Consequently,  
due to the rise in waste at manufacturing locations and a drop in production  
output, the waste generated per ton of finished goods rose by 6%. Ambu remains  
dedicated to waste management initiatives, including recycling efforts and  
conversion of food waste into biogas and fertilizers, as well as recycling of  
materials (runners) from injection molding processes at its production sites.  
Net-zero emissions  
Ambu is working towards net-zero emissions by 2045 in collaboration with suppliers,  
customers, and other partners. To deliver on the company’s near-term carbon reduction  
targets for Scope 1, 2, and 3 greenhouse gas emissions*, Ambu is executing on its plan,  
which includes:  
•
•
For targets encompassing Ambu’s facilities (Scope 1 and Scope 2), Ambu 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, e.g., solar panels near the company’s  
production sites.  
Focus on CO2 reduction  
Ambu continues its commitment to lowering carbon emissions in accordance  
with its near-term reduction targets, validated by the Science Based Targets  
initiative. Year to date, the CO2e emissions per ton of finished goods decreased by  
14%, driven by factors such as increased production and enhanced energy  
efficiency measures implemented at Ambu's manufacturing sites, alongside the  
early acquisition of IREC in Penang, Malaysia. Ambu continues to focus on  
targeted energy improvement initiatives and enhanced data collection.  
For targets attributed to its entire value chain (Scope 3), Ambu is committed to engaging  
with suppliers to further safeguard the company’s sustainable transformation.  
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 encapsulates indirect greenhouse gas emissions – not included in scope 2 –  
that occur in our value chain, including both upstream and downstream emissions.  
Company announcement no. 16 2024/25  
|
22 August 2025  
6
 
FINANCIAL OUTLOOK 2024/25  
Ambu’s financial outlook for the 2024/25 financial year was upgraded on 9 January 2025 in connection with the company’s preliminary Q1 results. The outlook is now 12-14% for  
organic revenue growth and 13-15% for EBIT margin before special items. Additionally, Ambu expects Endoscopy Solutions to deliver +15% organic growth, Anesthesia & Patient  
Monitoring to reach mid-to-high single digits, and free cash flow to reach around DKK 400m.  
Outlook expectations, FY 2024/25  
22 Aug 2025  
9 Jan 2025  
4 Nov 2024  
Financial calendar  
Organic revenue growth  
- Endoscopy Solutions  
12-14%  
11-14%  
10-13%  
+15%  
+15%  
+15%  
2024/25  
- Aaesthesia & Patient Monitoring  
Mid-to-high single digits Mid-to-high single digits  
Mid-single digits  
30 Sep 2025  
End of FY 2024/25  
EBIT margin before special items  
13-15%  
13-15%  
12-14%  
Free cash flow (DKKm)  
~400  
+500  
+500  
2025/26  
1 Oct 2025  
5 Nov 2025  
3 Dec 2025  
Capital Markets Day  
FX assumptions, FY 2024/25  
Annual report 2024/25  
Annual general meeting  
22 Aug 2025  
9 Jan 2025  
4 Nov 2024  
USD/DKK  
MYR/DKK  
CNY/DKK  
GBP/DKK  
6.75  
1.55  
0.95  
8.80  
Not shared  
Not shared  
Not shared  
Not shared  
6.85  
1.60  
0.95  
8.85  
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.  
Company announcement no. 16 2024/25  
|
22 August 2025  
7
 
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 to 30 June  
2025. The interim report has not been audited or reviewed by the company’s  
independent auditors.  
Executive Management  
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.  
Britt Meelby Jensen
Henrik Bender
Chief Executive Officer
Chief Financial Officer
In our opinion, the interim financial report for the first nine months of 2024/25 gives  
a true and fair view of the Group’s assets, liabilities and financial position at 30 June  
2025 and of the results of the Group’s operations and cash flows for the period 1  
October to 30 June 2025. 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.  
Board of Directors  
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 2023/24.  
Jørgen Jensen
Shacey Petrovic
Chair
Vice Chair
Copenhagen, 22 August 2025
Susanne Larsson
Michael Del Prado
Member
Member
Simon Hesse Hoffmann
David Hale
Member
Member
Charlotte Elgaard Bjørnhof
Jesper Bartroff Frederiksen
Employee-elected member
Employee-elected member
Thomas Bachgaard Jensen
Employee-elected member
Company announcement no. 16 2024/25  
|
22 August 2025  
8
 
CONSOLIDATED  
FINANCIAL STATEMENTS  
Contents  
Page 10  
Page 11  
Page 12  
Page 13  
Page 14  
Page 15  
Page 16  
Page 17  
Page 18  
Income statement comments  
Income statement and statement of comprehensive income  
Cash flow comments  
Cash flow statement  
Balance sheet comments  
Balance sheet  
Statement of changes in equity  
Notes to the interim report  
Quarterly results overview  
Company announcement no. 16 2024/25  
|
22 August 2025  
9
 
INCOME STATEMENTS COMMENTS  
negative short-term impact. The new  
launches requires hospitals to install an  
endoscopy system, which represents a  
modest upfront investment. In exchange for  
customers committing to purchasing a  
minimum volume of endoscopes and  
blades, Ambu agrees to a lower  
contribution margin on the endoscopy  
system. This approach is designed to drive  
long-term profitable growth in  
pulmonology. Therefore, during the roll-out  
of new solutions, it may have short-term  
negative impact to product mix. In general,  
gross margin is expected to increase over  
time affected by better price governance,  
increased revenue share in the more  
profitable Endoscopy Solutions business, as  
well as production efficiencies.  
Revenue  
OPEX to revenue  
EBIT margin b.s.i.  
Total revenue in Q3 2024/25 amounted to  
DKK 1,507m, corresponding to an organic  
growth of 12.0% and a reported growth of  
9.0%, compared to Q3 2023/24. The organic  
growth was positively impacted by  
continued solid momentum in Endoscopy  
Solutions and strong performance in  
Anesthesia & Patient Monitoring. All  
geographies continued their solid growth  
momentum.  
OPEX to revenue in Q3 2024/25 was 47.6%,  
corresponding to an increase of 0.3%-pts,  
compared to Q3 2023/24. In general, opera-  
ting leverage possibilities is significant,  
however as previously communicated,  
Ambu remain committed to investing in  
future growth through further resources to  
drive organic growth, especially within our  
commercial set-up. Furthermore, tariff costs  
are included under OPEX, negatively  
affecting the OPEX leverage.  
EBIT margin b.s.i. in Q3 2024/25 was 11.3%,  
corresponding to a decrease of 1.6%-pts,  
compared to Q3 2023/24. EBIT margin for  
the quarter was negatively impacted by  
both FX headwind of slightly more than  
DKK 30m and tariff costs but posi-tively  
impacted by continued operational leverage  
from the solid organic growth.  
Net financials  
Net financials in Q3 2024/25 were DKK  
-10m, compared to DKK -4m in Q3 2023/24.  
Gross margin  
Depreciation, amortization, and  
impairment losses (DA)  
DA in Q3 2024/25 was DKK -93m, in line  
with Q3 2023/24.  
Gross margin in Q3 2024/25 was 58.9%,  
corresponding to a decrease of 1.3%-pts,  
compared to Q3 2023/24. The decrease in  
gross margin was mainly affected by FX,  
due to USD/DKK depreciation. Additionally,  
the roll-out of new solutions posted a  
Tax  
Tax in Q3 2024/25 amounted to an expense  
of DKK -37m, corresponding to an effective  
tax rate of 23.1%, in line with Q3 2023/24.  
Revenue  
DKKm  
EBIT margin  
DKKm, before special items (b.s.i.)  
19.5%  
16.1%  
20.0%  
2,000  
1,900  
1,800  
1,700  
1,600  
1,500  
1,400  
1,300  
1,200  
1,100  
1,000  
18.0%  
400  
350  
300  
250  
200  
150  
100  
50  
14.4%  
18.0%  
16.0%  
15.0%  
12.9%  
16.0%  
14.0%  
11.3%  
12.0%  
10.6%  
11.7%  
14.0%  
12.0%  
10.6%  
12.0%  
10.0%  
8.0%  
6.0%  
4.0%  
2.0%  
10.0%  
8.0%  
6.0%  
4.0%  
2.0%  
1,383 1,387 1,510 1,554 1,507  
178  
147  
243  
224  
170  
0.0%  
0.0%  
0
Q3  
Q4  
Q1  
Q2  
Q3  
Q3  
Q4  
Q1  
Q2  
Q3  
23/24 23/24 24/25 24/25 24/25  
23/24 23/24 24/25 24/25 24/25  
Revenue  
Organic growth  
EBIT b.s.i.  
EBIT margin b.s.i.  
Company announcement no. 16 2024/25  
|
22 August 2025  
10  
 
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME  
Interim report for Q3 2024/25  
Statement of comprehensive income  
Income statement  
Q3  
Q3  
9M  
9M  
FY  
Q3  
Q3  
9M  
9M  
FY  
DKKm  
2024/25 2023/24 2024/25 2023/24 2023/24  
DKKm  
2024/25 2023/24 2024/25 2023/24 2023/24  
Net profit for the period  
123
134
494
370
235
Revenue  
1,507
-620
887
1,383
-551
832
4,571
-1,817
2,754
4,004
-1,620
2,384
5,391
-2,190
3,201
Other comprehensive income:  
Items which are moved to the income  
statement under certain conditions  
Production costs  
Gross profit  
Selling and distribution costs  
Development costs  
-457
-87
-388
-84
-1,333
-254
-1,147
-239
-1,571
-325
Translation adj. in foreign  
subsidiaries  
-138
-138
-15
10
10
-109
-109
385
-27
-27
-66
-66
Other comprehensive income after  
tax  
Management and administrative  
costs  
-173
-182
-530
-500
-660
Operating profit (EBIT) b.s.i.  
170
178
637
498
645
Comprehensive income for the  
period  
144
343
169
Special items  
-
-
-
-
-334
Operating profit (EBIT)  
170
178
637
498
311
Financial income  
Financial expenses  
Profit before tax  
3
-13
3
-7
11
-43
10
-27
16
-27
160
174
605
481
300
Tax on profit for the period  
-37
-40
-111
-111
-65
Net profit for the period  
123
134
494
370
235
Earnings per share in DKK  
Earnings per share (EPS)  
0.46
0.46
0.50
0.50
1.85
1.85
1.39
1.39
0.88
0.88
Diluted earnings per share (EPS-D)  
Company announcement no. 16 2024/25  
|
22 August 2025  
11  
 
CASH FLOW COMMENTS  
4% of revenue, however, when factoring in  
Cash flow from operating activities  
(CFFO)  
Cash flow from financing activities  
(CFFF)  
CFFF in Q3 2024/25 was DKK -16m. This  
was primarily related to repayment of lease  
liabilities.  
development costs, less depreciation and  
amortization, total R&D expenditure  
amounted to DKK 99m, corresponding to  
7% of the total revenue.  
CFFO in Q3 2024/25 was DKK 99m. The  
solid cash flow was driven by operating  
profitability (EBITDA) and positively  
impacted by lower tax paid. The lower than  
usual paid tax was due to a refund of DKK  
28m, relating to a one-time uncertain tax  
position for R&D incentives, as announced  
in the Q2 2024/25 report.  
Free cash flow (FCF) before  
acquisition  
Cash position  
On 30 June 2025, cash and cash  
equivalents were DKK 751m, compared to  
DKK 615m on 30 September 2024. This  
improvement was driven by solid cash flow  
and limited debt obligations.  
FCF before acquisitions came to DKK 128m  
in Q3 2024/25 and to DKK 277m for the first  
nine months. This was impacted by conti-  
nued higher net working capital to mitigate  
the global geopolitical uncertainties and  
support growth, and profitability was  
impacted by both FX headwind and tariff  
costs.  
Cash flow from investing activities  
(CFFI) before acquisitions  
CFFI before acquisitions in Q3 2024/25 was  
DKK 109m, corresponding to 7% of  
revenue. This fell in the low end of Ambu’s  
long-term projection of allocating 7-9% of  
revenue to investment activities. CFFI was  
primarily driven by R&D activities, which  
amounted to DKK 65m, corresponding to  
Committed undrawn sustainability-linked  
credit facilities amounted to DKK 1,000m,  
with an additional accordion of DKK  
1,000m.  
Acquisitions of enterprises and  
technology  
No acquisitions were made in Q3 2024/25.  
Cash flow impact of development costs  
DKKm  
Free cash flow  
DKKm, main components  
Free cash flow  
DKKm, before acquisitions  
Q3  
Q3  
200  
180  
160  
140  
120  
100  
80  
2024/2 2023/2  
5
4
-24  
Development costs  
87  
84  
-109  
Depreciation,  
-53  
-53  
263  
-2  
amortization, and  
impairment losses  
60  
40  
128  
20  
163  
98  
69  
80  
128  
Investments  
65  
53  
0
EBITDA  
Change in working capital  
CAPEX*  
Other**  
Free cash flow  
Cash flow, R&D  
99  
84  
EBITDA Change CAPEX1 Other2  
Free  
Q3  
Q4  
Q1  
Q2  
Q3  
in working  
capital  
cash  
flow  
23/24 23/24 24/25 24/25 24/25  
1) CAPEX is defined as cash flow from investing activities  
2) 'Other' includes change in provisions, income tax and  
interest paid  
Company announcement no. 16 2024/25  
|
22 August 2025  
12  
 
CASH FLOW STATEMENT  
Interim report for Q3 2024/25  
9M  
9M  
FY  
9M  
9M  
FY  
2024/25 2023/24 2023/24  
2024/25 2023/24 2023/24  
DKKm  
DKKm  
Net profit  
494
370
235
Cash and cash equivalents, end of period,  
are composed as follows:  
Adjustment for non-cash items:  
Income taxes  
Cash and cash equivalents  
170
581
751
258
276
534
265
350
615
111
32
111
17
65
11
Short-term deposits  
Financial items  
Cash and cash equivalents, end of period  
Depreciation, amortization, and impairment losses  
Share-based payments  
Change in working capital  
Change in provisions  
Interest received  
275
18
267
16
696
26
-293
-2
-84
-3
-111
-3
11
9
14
Interest paid  
-22
-82
542
-21
-62
620
-30
-90
813
Income tax paid  
Cash flow from operating activities  
Investment in intangible assets  
Investments in tangible assets  
Cash flow from investing activities  
-196
-69
-141
-53
-201
-88
-265
-194
-289
Free cash flow  
277
426
524
Repayment of lease liability  
Exercise of options  
-48
11
-47
-65
-
-
Dividend paid  
-102
1
-
-
-
-
Dividend, treasury shares  
Cash flow from financing activities  
-138
-47
-65
Changes in cash and cash equivalents  
139
615
-3
379
157
-2
459
157
-1
Cash and cash equivalents, beginning of period  
Translation adjustment of cash and cash equivalents  
Cash and cash equivalents, end of period  
751
534
615
Company announcement no. 16 2024/25  
|
22 August 2025  
13  
 
BALANCE SHEET COMMENTS  
Total assets  
Net working capital  
Net interest-bearing debt (NIBD)  
At September 2025, NIBD was DKK -217m,  
reflected by solid cash flow and limited  
liabilities.  
At 30 June 2025, total assets were DKK  
7,396m, corresponding to an increase of  
DKK 242m, compared to 30 September  
2024.  
At 30 June 2025, net working capital was  
DKK 1,266m, corresponding to 21% of 12-  
month revenue. This was slightly higher  
than Ambu’s objective of 20%, due to  
elevated inventory levels to support the  
commercialization of new solutions and  
secure a stable supply chain despite the  
geopolitical situation.  
Net interest-bearing debt (NIBD) to  
EBITDA b.s.i.  
At 30 June 2025, NIBD to EBITDA b.s.i. was  
-0.2x, demonstrating a solid financial  
position.  
Invested capital  
At 30 June 2025, invested capital was DKK  
5,688m, corresponding to an increase of  
DKK 151m, compared to 30 September  
2024.  
ROIC  
ROIC in Q3 2024/25 was 10%, corre-  
sponding to an improvement of 2%-pts,  
compared to Q3 2023/24. The increase  
reflected the aim of Ambu’s ZOOM IN  
strategy to drive profitable growth through a  
focused investment approach.  
Total assets  
DKKm  
Invested capital and ROIC  
DKKm  
NIBD and gearing  
DKKm  
0.4x  
400  
300  
200  
100  
0
0.3x  
8,000  
7,500  
7,000  
6,500  
6,000  
12%  
7,000  
6,500  
6,000  
5,500  
5,000  
4,500  
4,000  
10%  
10%  
10%  
9%  
0.1x  
0.2x  
10%  
8%  
6%  
4%  
2%  
0%  
8%  
0.1x  
78  
-24  
-57  
-0.1x  
-86  
-100  
-217  
0.0x  
-0.2x  
-0.3x  
-0.4x  
-0.1x  
-200  
-0.1x  
5,500  
-300  
7,288 7,154 7,380 7,414 7,396  
5,832 5,537 5,771 5,828 5,688  
-0.2x  
Q3  
5,000  
-400  
Q3  
Q4  
Q1  
Q2  
Q3  
Q3  
Q4  
Q1  
Q2  
Q3  
Q3  
Q4  
Q1  
Q2  
23/24 23/24 24/25 24/25 24/25  
23/24 23/24 24/25 24/25 24/25  
23/24 23/24 24/25 24/25 24/25  
ROIC  
NIBD  
NIBD to EBITDA b.s.i  
Invested capital  
Company announcement no. 16 2024/25  
|
22 August 2025  
14  
 
BALANCE SHEET  
Interim report for Q3 2024/25  
Assets  
Equity and liabilities  
DKKm  
30.06.25 30.06.24 30.09.24  
DKKm  
30.06.25 30.06.24 30.09.24  
Goodwill  
1,498
348
1,557
598
1,527
376
Share capital  
Other reserves  
Equity  
135
5,770
5,905
135
5,619
5,754
135
5,459
5,594
Acquired technologies, trademarks,  
and customer relations  
Completed development projects  
Other, incl. IT software  
1,029
63
1,019
67
905
72
Deferred tax  
3
15
4
9
4
14
Provisions  
Development projects and other assets in progress  
Intangible assets  
296
342
350
Lease liabilities  
Non-current liabilities  
459
477
535
548
483
501
3,234
3,583
3,230
Property, plant, and equipment  
Right-of-use assets  
560
526
569
592
582
545
Provisions  
1
75
8
77
6
75
Lease liabilities  
Trade payables  
Income tax  
Deferred tax assets  
133
57
160
520
444
29
490
Total non-current assets  
4,453
4,801
4,517
28
49
Inventories  
1,193
852
30
997
776
38
1,078
745
44
Other payables  
Current liabilities  
390
428
986
439
Trade receivables  
1,014
1,059
Other receivables  
Total liabilities  
1,491
7,396
1,534
7,288
1,560
7,154
Income tax receivable  
Prepayments  
16
50
40
101
0
86
112
3
Total equity and liabilities  
Derivative financial instruments  
Cash and cash equivalents  
Total current assets  
6
751
2,943
534
2,487
615
2,637
Total assets  
7,396
7,288
7,154
Company announcement no. 16 2024/25  
|
22 August 2025  
15  
 
STATEMENT OF CHANGE IN EQUITY  
Interim report for Q3 2024/25  
Reserve for  
foreign currency  
DKKm  
Share  
Capital  
translation  
adjustments  
Retained  
earnings  
Proposed  
dividend  
Total  
Equity 1 October 2024  
135
145
5,212
102
5,594
Net profit for the period  
-
-
-
-
-109
-109
494
-
-
-
-
494
-109
385
Other comprehensive income for the period  
Total comprehensive income  
494
Transactions with the owners:  
Share-based payment  
-
-
18
-
18
-2
Tax deduction relating to share-based pay  
Exercise of options  
-2
11
11
Distributed dividend  
-
-
-
-
-
1
-102
-102
1
Dividend, treasury shares  
Equity 30 June 2025  
-
135
36
5,734
-
5,905
Equity 1 October 2023  
135
211
-
5,047
370
-
-
-
-
-
5,393
370
Net profit for the period  
-
-
-
Other comprehensive income for the period  
Total comprehensive income  
-27
-27
-27
370
343
Transactions with the owners:  
Share-based payment  
-
-
16
2
-
16
2
Tax deduction relating to share-based pay  
Equity 30 June 2024  
135
184
5,435
-
5,754
Other reserves are made up of reserve for foreign currency translation adjustment, retained earnings and proposed dividends,  
and total DKK 5,779m (31.03.2024: DKK 5,470m).  
Company announcement no. 16 2024/25  
|
22 August 2025  
16  
 
NOTES TO THE INTERIM REPORT  
Interim report for Q3 2024/25  
Note 1 – Basis of preparation of the interim report  
Note 4 – Contingent liabilities  
The interim report for the period 1 October 2024 to 30 June 2025 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.  
Ambu is involved in pending litigations, claims, and investigations arising out of the  
normal conduct of its 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.  
The accounting principles applied are consistent with the principles applied in the annual  
report for 2023/24.  
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 2 – Segment information  
Ambu is engaged in a single business activity of medtech solutions for the global market,  
and the Group does not have multiple operating segments. 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 5 – Subsequent events  
In addition to the matters described in this interim report, the Management is not aware of  
any events subsequent to 30 June 2025 which could be expected to have a significant  
impact on the Group’s financial position.  
Note 3 – Revenue  
Q3  
Q3  
9M  
9M  
FY  
DKKm  
2024/25 2023/24 2024/25 2023/24 2023/24  
Pulmonology  
URO, ENT & GI  
Anesthesia  
446  
470  
410  
403  
1,387  
1,368  
948  
1,235  
1,133  
859  
1,645  
1,545  
1,155  
1,046  
5,391  
304  
304  
Patient Monitoring  
287  
266  
868  
777  
Total revenue by  
business groups  
1,507  
1,383  
4,571  
4,004  
North America  
Europe  
750  
612  
706  
543  
2,306  
1,827  
438  
2,021  
1,589  
394  
2,732  
2,114  
545  
Rest of World  
145  
134  
Total revenue by markets  
1,507  
1,383  
4,571  
4,004  
5,391  
Company announcement no. 16 2024/25  
|
22 August 2025  
17  
 
QUARTERLY RESULTS  
Q3  
Q2  
Q1  
Q4  
Q3  
Q2  
Q1  
Q3  
Q2  
Q1  
Q4  
Q3  
Q2  
Q1  
DKKm  
DKKm  
2024/25 2024/25 2024/25 2023/24 2023/24 2023/24 2023/24  
2024/25 2024/25 2024/25 2023/24 2023/24 2023/24 2023/24  
Revenue by business groups  
Pulmonology  
Organic growth, business groups, %  
Pulmonology  
446  
470  
916  
304  
287  
591  
469  
460  
929  
326  
299  
625  
472  
438  
910  
318  
282  
600  
410  
412  
822  
296  
269  
565  
410  
403  
813  
304  
266  
570  
427  
380  
807  
287  
273  
560  
398  
350  
748  
268  
238  
506  
11.2  
20.8  
15.9  
3.9  
8.5  
18.3  
13.1  
11.2  
8.2  
17.7  
23.9  
20.6  
17.8  
17.8  
17.8  
5.7  
24.8  
14.5  
4.3  
9.9  
27.6  
18.0  
11.2  
10.6  
10.9  
13.9  
33.3  
22.3  
9.1  
18.1  
34.2  
25.1  
2.2  
URO, ENT, & GI  
URO, ENT, & GI  
Endoscopy solutions  
Anesthesia  
Endoscopy solutions  
Anesthesia  
Patient Monitoring  
Anesthesia & Patient Monitoring  
Patient Monitoring  
9.3  
6.4  
4.8  
0.0  
Anesthesia & Patient Monitoring  
6.4  
9.8  
5.3  
7.0  
1.2  
Total revenue  
Production costs  
Gross profit  
1,507  
-620  
1,554  
-612  
1,510  
-585  
1,387  
-570  
1,383  
-551  
1,367  
-554  
1,254  
-515  
Organic growth, total revenue, %  
Exchange rate effects  
12.0  
-3.0  
9.0  
11.7  
2.0  
19.5  
0.9  
10.6  
-0.4  
15.0  
0.7  
15.5  
-0.5  
14.2  
-3.3  
887  
942  
925  
817  
832  
813  
739  
Reported growth, total revenue, %  
13.7  
20.4  
10.2  
15.7  
15.0  
10.9  
Selling and distribution costs  
Development costs  
-457  
-87  
-448  
-88  
-428  
-79  
-424  
-86  
-388  
-84  
-381  
-81  
-378  
-74  
Organic growth, geographies, %  
North America  
12.8  
11.5  
7.9  
12.4  
13.1  
3.0  
19.2  
17.1  
28.0  
19.5  
8.0  
12.5  
16.2  
10.6  
17.8  
11.3  
15.7  
15.0  
18.9  
13.7  
7.5  
13.2  
14.6  
18.2  
14.2  
Management and administrative costs  
Operating profit (EBIT) b.s.i.  
-173  
170  
-182  
224  
-175  
243  
-160  
147  
-182  
178  
-157  
194  
-161  
126  
Europe  
Rest of World  
Organic growth, total revenue, %  
12.0  
11.7  
15.5  
Special items  
-
-
-
-334  
-
-
-
Operating profit (EBIT)  
170  
224  
243  
-187  
178  
194  
126  
Cash flow, DKKm  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow  
237  
-109  
128  
161  
-81  
80  
144  
-75  
69  
193  
-95  
98  
235  
-72  
196  
-68  
189  
-54  
Financial income  
Financial expenses  
Profit before tax  
3
-13  
4
-20  
4
-10  
6
0
3
-7  
4
-11  
3
-9  
163  
128  
135  
160  
208  
237  
-181  
174  
187  
120  
Cash flow, % of revenue  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow  
Tax on profit for the period  
-37  
-20  
-54  
46  
-40  
-43  
-28  
16  
-8  
8
10  
-5  
5
10  
-5  
5
14  
-7  
7
17  
-5  
14  
-5  
9
15  
-4  
Net profit for the period  
123  
188  
183  
-135  
134  
144  
92  
Key figures and ratios  
12  
11  
Gross margin, %  
58.9  
717  
47.6  
11.3  
263  
17.5  
-0.2  
21  
60.6  
718  
46.2  
14.4  
318  
20.5  
-0.1  
23  
61.3  
682  
45.2  
16.1  
331  
21.9  
0.0  
58.9  
670  
48.3  
10.6  
244  
17.6  
-0.1  
19  
60.2  
654  
47.3  
12.9  
267  
19.3  
0.1  
59.5  
619  
45.3  
14.2  
285  
20.8  
0.3  
58.9  
613  
48.9  
10.0  
213  
17.0  
0.5  
Balance sheet  
Assets  
OPEX  
7,396  
1,266  
5,905  
-217  
7,414  
1,321  
5,914  
-86  
7,380  
1,228  
5,795  
-24  
7,154  
1,050  
5,594  
-57  
7,288  
1,025  
5,754  
78  
7,061  
1,011  
5,605  
243  
6,838  
932  
OPEX ratio, %  
Net working capital  
Equity  
EBIT margin before special items, %  
EBITDA before special items  
EBITDA margin before special items, %  
NIBD/EBITDA before special items  
Net working capital, % of revenue  
5,421  
351  
Net interest-bearing debt (NIBD)  
Invested capital  
5,688  
5,828  
5,771  
5,537  
5,832  
5,848  
5,772  
22  
19  
20  
19  
Share-related ratios (in DKK)  
Market price per share  
99  
0.46  
0.46  
118  
0.71  
0.71  
104  
0.68  
0.68  
131  
-0.51  
-0.51  
134  
0.50  
0.50  
114  
0.54  
0.54  
105  
0.35  
0.35  
Earnings per share (EPS)  
Diluted earnings per share (EPS-D)  
Company announcement no. 16 2024/25  
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22 August 2025  
18