INTERIM REPORT  
FOR Q4 2024/25  
(UNAUDITED)  
Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup
Registration no. 63644919
 
INTERIM REPORT FOR Q4 2024/25 (UNAUDITED)  
Solid growth in Q4 enables Ambu to close the financial year within  
the current guidance range, delivering 13.1% organic growth and a  
13.0% EBIT margin. This consistent momentum highlights the  
resilience and strength of Ambu’s business model.  
Financial highlights for Q4  
•
•
Revenue increased organically by 10.0% (10.6%) to DKK 1,466m (DKK 1,387m), with reported  
growth of 5.7% (10.2%). This brings organic growth for the full year to 13.1% (13.8%), with reported  
growth of 12.0% (12.9%).  
Looking toward next year, Ambu expects 10–13% organic growth,  
driven by increased overall procedure volume and continued  
single-use conversion, and an EBIT margin of 12–14%, supported  
by continued operating leverage, though partially offset by short-  
term tariff costs. Excluding tariff impacts of ~2%-pts, EBIT margin  
is expected to be 14-16% given the current schedule of expected  
tariffs. Mitigation actions, including investing in Americas, are  
ongoing, and the effect will diminish over the coming years.  
Endoscopy Solutions increased organically by 12.4% (14.5%). The Respiratory business group  
posted 8.8% (5.7%) organic growth, positively impacted by continued aScope 5 Broncho adop-  
tion, as well as the newly launched video laryngoscopy solution. The Urology, ENT, & GI business  
group posted 16.0% (24.8%) 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% (5.3%), driven by solid volume development.  
•
•
•
EBIT before special items (b.s.i.) was DKK 147m (DKK 147m), with an EBIT margin b.s.i. of 10.0%  
(10.6%). EBIT margin for the quarter was negatively impacted by both tariff costs and FX headwind  
but positively impacted by continued operational leverage from solid organic growth. This brings  
EBIT for the full year to DKK 784m (DKK 645m), with an EBIT margin b.s.i. of 13.0% (12.0%).  
“In line with our guidance, we delivered solid financial results, achieving  
10.0% organic growth in Q4 and 13.1% for the full year. This performan-  
ce was fueled by strong momentum in Endoscopy Solutions across all  
business areas, alongside extraordinary growth in Anesthesia & Patient  
Monitoring.  
Free cash flow (FCF) before acquisitions totaled DKK 130m (DKK 98m). This was impacted by  
continued elevated inventory levels to mitigate global geopolitical dynamics and support growth,  
and profitability was impacted by both FX headwind and tariff costs. This brings FCF before  
acquisitions to DKK 407m (DKK 524m) for the full year.  
With continued profitability improvements, we have achieved a strong  
turnaround since launching ZOOM IN in November 2022, and I’m  
incredibly proud of the progress delivered by everyone in Ambu.  
Total distribution of cash of DKK 260m, consisting of a dividend of DKK 110m planned for  
proposal by the Board of Directors at the annual general meeting, as well as a DKK 150m share  
buy-back program.  
As we kicked off our new financial year, we launched our next-era  
strategy, ZOOM AHEAD, designed to accelerate our growth trajectory  
and deepen our impact in healthcare. Our long-term aspiration remains  
clear: to achieve global endoscopy leadership. In a landscape where  
clinicians face mounting pressure to do more with less, we are commit-  
ted to helping them treat more patients and improve outcomes, power-  
ed by our innovative, efficient, and technologically advanced solutions.”  
Business highlights for Q4  
•
Next-era strategy, ZOOM AHEAD, launched with long-term aspiration to achieve global  
endoscopy leadership.  
•
•
Long-term financial targets increased and extended towards FY 2029/30.  
2025 technology innovation leadership recognition from Frost & Sullivan, a global firm known  
for its Best Practices awards.  
Britt Meelby Jensen  
Chief Executive Officer  
•
Growing portfolio of solutions led to the renaming the business group ‘Pulmonology’ to  
‘Respiratory’. No changes to revenue allocation.  
2025/26 financial guidance  
Q4 2024/25 conference call  
•
•
Organic revenue growth: 10-13%  
EBIT margin b.s.i.: 12-14%1  
A conference call is broadcast live today, 5 November 2025 at 11:00 (CET),  
via Ambu.com/webcastQ42025. To ask questions during the Q&A session,  
please register prior to the call via Ambu.com/conferencecallQ42025register.  
Upon registration, you will receive an e-mail with information to access the call.  
1)  
14-16% excluding assumed tariff impacts of ~2%-pts given the current schedule of expected tariffs.  
Mitigation actions, including investing in Americas, are on-going, and the effect will diminish over the coming years.  
The presentation can be downloaded at Ambu.com/presentations.  
Company announcement no. 1 2025/26  
|
5 November 2025  
2
 
FINANCIAL HIGHLIGHTS  
Q4  
Q4  
FY  
FY  
Q4  
Q4  
FY  
FY  
DKKm  
2024/25 2023/24 2024/25 2023/24  
2024/25 2023/24 2024/25 2023/24  
Income statement  
Revenue  
Key figures and ratios  
Organic growth, %  
1,466  
879  
1,387  
817  
6,037  
3,633  
1,156  
5,391  
3,201  
1,009  
10.0  
60.0  
49.9  
16.6  
10.0  
16.6  
10.0  
23  
10.6  
58.9  
48.3  
17.6  
10.6  
17.4  
-13.5  
25  
13.1  
60.2  
47.2  
19.1  
13.0  
19.1  
13.0  
19  
13.8  
59.4  
47.4  
18.7  
12.0  
18.7  
5.8  
Gross profit  
Gross margin, %  
EBITDA before special items  
244  
244  
OPEX ratio, %  
Depreciation, amortization,  
and impairment  
EBITDA margin b.s.i., %  
EBIT margin b.s.i., %  
EBITDA margin, %  
-97  
147  
-
-97  
147  
-334  
242  
-187  
6
-372  
784  
-
-364  
645  
EBIT before special items  
Special items  
-334  
1,007  
311  
EBIT margin, %  
EBITDA  
244  
147  
3
1,156  
784  
-29  
Tax rate, %  
22  
EBIT  
Return on equity, %  
NIBD/EBITDA b.s.i.  
Equity ratio, %  
10  
4
10  
4
Net financials  
Profit before tax  
Net profit for the period  
-11  
-0.3  
79  
-0.1  
78  
-0.3  
79  
-0.1  
78  
150  
115  
-181  
-135  
755  
609  
300  
235  
Net working capital, % of revenue  
Return on invested capital (ROIC), %  
Average number of employees  
21  
19  
21  
19  
11  
9
11  
9
Cash flow  
5,716  
5,537  
5,233  
4,894  
Cash flow from  
operating activities (CFFO)  
249  
193  
791  
813  
Share-related ratios (in DKK)  
Market price per share  
Cash flow from  
Investing activities (CFFI)  
93  
0.43  
0.43  
131  
-0.51  
-0.51  
93  
2.29  
2.28  
131  
0.88  
0.88  
-119  
130  
17  
-8  
-95  
98  
14  
-7  
-384  
407  
13  
-6  
-289  
524  
15  
Earnings per share  
Free cash flow (FCF)  
CFFO, % of revenue  
CFFI, % of revenue  
FCF, % of revenue  
Cash conversion, %  
Diluted earnings per share (EPS-D)  
-5  
Key figures and ratio definitions are consistent  
with the ones applied in the Annual Report 2024/25  
9
7
7
10  
53  
40  
35  
52  
Balance sheet  
Assets  
7,675  
1,238  
6,035  
-319  
7,154  
1,050  
5,594  
-57  
7,675  
1,238  
6,035  
-319  
7,154  
1,050  
5,594  
-57  
Net working capital  
Equity  
Net interest-bearing debt  
Invested capital  
5,716  
5,537  
5,716  
5,537  
Company announcement no. 1 2025/26  
|
5 November 2025  
3
 
BUSINESS PERFORMANCE – IN BRIEF  
Businesses and business groups  
Q4 2024/25  
Split  
Q4 2023/24  
Organic Currency Reported  
FY 2024/25  
Split  
FY 2023/24  
Organic Currency Reported  
Revenue, DKKm  
889  
431  
458  
61%  
29%  
31%  
822  
410  
412  
12.4%  
8.8%  
-4.2%  
-3.7%  
-4.8%  
8.2%  
5.1%  
3,644  
1,818  
1,826  
60%  
30%  
30%  
3,190  
1,645  
1,545  
15.4%  
11.4%  
19.6%  
-1.2%  
-0.9%  
-1.4%  
14.2%  
10.5%  
18.2%  
Endoscopy Solutions  
- Respiratory  
16.0%  
11.2%  
- URO, ENT, & GI  
Anesthesia &  
Patient Monitoring  
577  
39%  
565  
6.4%  
-4.3%  
2.1%  
2,393  
40%  
2,201  
9.9%  
-1.2%  
8.7%  
301  
21%  
296  
6.4%  
-4.7%  
1.7%  
1,249  
21%  
1,155  
9.6%  
-1.5%  
8.1%  
- Anesthesia  
- Patient Monitoring  
Total  
276  
19%  
269  
6.4%  
-3.8%  
2.6%  
1,144  
19%  
1,046  
10.2%  
-0.8%  
9.4%  
1,466  
100%  
1,387  
10.0%  
-4.3%  
5.7%  
6,037  
100%  
5,391  
13.1%  
-1.1%  
12.0%  
Geographies  
Q4 2024/25  
Split  
Q4 2023/24  
Organic Currency Reported  
FY 2024/25  
Split  
FY 2023/24  
Organic Currency Reported  
Revenue, DKKm  
745  
578  
50%  
40%  
711  
525  
11.4%  
10.2%  
1.3%  
-6.6%  
-0.1%  
-6.6%  
-4.3%  
4.8%  
10.1%  
-5.3%  
5.7%  
3,051  
2,405  
581  
50%  
40%  
2,732  
2,114  
545  
13.8%  
13.3%  
9.2%  
-2.1%  
0.5%  
11.7%  
13.8%  
6.6%  
North America  
Europe  
143  
10%  
151  
10%  
-2.6%  
-1.1%  
Rest of World  
Total  
1,466  
100%  
1,387  
10.0%  
6,037  
100%  
5,391  
13.1%  
12.0%  
Respiratory  
12m rolling organic growth  
URO, ENT & GI  
12m rolling organic growth  
Revenue split by businesses  
Q4 2024/25  
Anesthesia  
& Patient  
Monitoring  
Endoscopy  
Solutions  
11.4%  
19.6%  
61%  
39%  
 
ENDOSCOPY  
SOLUTIONS  
ANESTHESIA &  
PATIENT MONITORING  
Ambu’s Endoscopy Solutions business continued to be  
the biggest revenue contributor in Q4 2024/25. It  
solutions and the launch of the new Ambu® SureSight  
Connect video laryngoscopy solution, launched this  
financial year. Respiratory was renamed from  
Pulmonology to reflect the broad clinical scope of  
Ambu’s offering – from bronchoscopy, video laryngo-  
scopy, and one-lung ventilation – under one inclusive  
term. A comprehensive offering that is continuously  
expanding and evolving, all with the aim of driving  
further single-use conversion.  
Ambu’s Anesthesia & Patient Monitoring business  
accounted for 39% of the company’s total revenue in  
Q4 2024/25. The revenue grew organically by 6.4%  
(5.3%), mainly volume-driven with a modest impact  
from pricing.  
accounted for 61% of the total revenue, with an organic  
revenue growth of 12.4% (14.5%), in line with the market  
growth of procedure volumes and single-use conversion.  
Ambu experienced growth across both business groups  
in Endoscopy Solutions, mainly driven by continued  
growth of existing solutions in a high-growth market.  
Drivers of the quarter  
Overall, the growth of Ambu’s Anesthesia & Patient  
Monitoring business was driven by strong volume  
development, while previously announced price  
increases had an extraordinarily positive effect in the  
first half of the year but more inflation-alike price  
increases in the second half of the year.  
Drivers of the quarter  
The global endoscopy market continued to grow in  
number of procedures as expected, contributing to  
strong growth in the single-use market through further  
adoption.  
Recent developments in new solutions  
In Urology, the commercialization of Ambu® aScope  
Uretero and Ambu® aScope 5 Cysto HD solutions  
5
continued. Following the CE mark in Europe earlier this  
year, Ambu strengthened its Urology offering with FDA  
clearance for aScope 5 Cysto HD, clearing it to  
function as a cysto-nephroscope for PCNL procedures.  
Although these new solutions and indications did not  
contribute significantly to this year’s endoscopy growth,  
the performance feedback was very positive, and we  
remain confident of the growth potential.  
The markets within Anesthesia & Patient Monitoring  
are fragmented, but typically more mature and  
stable growing markets, driven by demographics,  
increased healthcare access, and chronic diseases.  
With refined market data access and the acceptance  
of price increases in selected low-margin areas, the  
assumption of market outlook has changed to 3-5%  
market growth versus previously 2-4%. Ambu holds,  
and is expected to continue to hold, a dominant  
position in these markets with innovative solutions  
that have been developed over decades.  
The Urology, ENT, & GI business group posted 16.0%  
organic revenue growth. Ambu’s single-use market  
share continued to grow, primarily driven by continued  
penetration of our aScope 4 portfolio. Urology  
continued strong growth momentum, while ENT grew at  
a lower pace. As expected, revenue from newly launched  
solutions was limited, reflecting the typical length of  
hospitals' sales processes. Growth in GI was mainly  
driven by Ambu’s two gastroscopy solutions, Ambu®  
aScope Gastro and Ambu® aScope Gastro Large,  
successfully targeting specific needs for bleed  
management. Although GI remains a smaller part of  
Ambu’s total endoscopy growth today, it holds  
significant long-term growth potential – with Ambu as  
the natural leader to drive single-use conversion in GI  
through a stepwise and focused approach.  
In Respiratory, we launched our video laryngoscopy  
solution, Ambu® SureSight Connect, throughout the  
year. In the beginning of 2025, it was launched together  
with a handful of blades; then we expanded the solution  
with more blades for pediatric patients later in the year,  
completing the blade portfolio. The feedback from  
clinicians on Ambu® SureSight Connect has been  
highly positive. They highlight the benefit of Ambu’s  
Respiratory portfolio synergies, where Ambu®  
SureSight and aScope bronchoscopes can be used  
simultaneously with dual view functionality. Looking  
ahead, this positions Ambu well to win in Respiratory  
and extend its global endoscopy leadership position.  
The Respiratory (formerly named Pulmonology) busi-  
ness group posted 8.8% organic revenue growth. The  
continued growth acceleration was driven by both  
Ambu’s existing broad portfolio of bronchoscopy  
Q4 2024/25  
organic growth  
Q4 2024/25  
organic growth  
12.4%  
6.4%  
Company announcement no. 1 2025/26  
|
5 November 2025  
5
 
SUSTAINABILITY UPDATE  
Sustainability is playing an increasingly important role in healthcare – both for clinicians  
using our solutions and for hospitals and health 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 three key areas: developing circular products and  
packaging, take-back and recycling, and achieving net-zero emissions.  
Journey towards net-zero emissions  
FY  
FY  
2024/25 2023/24  
Change  
Circular products and packaging  
Recycled waste, % of total waste  
Waste per tonne finished goods  
CO2e* per tonne finished goods  
Energy (GJ) per tonne finished goods  
46%  
0.29  
52%  
0.27  
-12%  
7%  
-19%  
1%  
To provide 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 U.S., the  
program has since been expanded to Germany and France. 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.  
1.21  
1.50  
18.12  
18.00  
* Including scope 1 and 2  
In addition, on 29 October 2025, Ambu announced that the recycling program will be  
expanded beyond endoscopes to also include blades from the company’s single-use video  
laryngoscopy solution, Ambu® SureSight Connect. This expansion of the program is a  
natural next step in Ambu’s growing recycling efforts across multiple solutions, reinforcing  
the company’s commitment to customers as a full-service partner.  
Focus on waste management  
Waste management continued to be a priority across Ambu's manufacturing  
facilities and offices. In 2024/25, Ambu experienced a 12% decline in the  
proportion of recycled waste, compared to the same period last year. This was  
driven by changes in operations and lower amounts of recyclable waste. Due to  
the rise in waste at manufacturing locations and an insignificant drop in produc-  
tion output, the waste generated per tonne of finished goods rose by 7%. 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. This year, total emissions decreased by 3%, compared to the  
last financial year. To deliver on the Ambu’s near-term carbon reduction targets for scope 1,  
2, and 3 greenhouse gas emissions*, the company is executing on its plan, which includes:  
•
For targets encompassing Ambu’s facilities (scope 1 and scope 2), Ambu decreased  
emissions by 43% this year, compared to the baseline, and will continue to expand the  
use of renewable energy and reduce the energy consumption through a combination of  
Renewable Energy Certificates (RECs) 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 initia-  
tive. In 2024/25, the CO2e emissions per tonne of finished goods decreased by  
19%. This was driven by factors such as increased production and enhanced  
energy efficiency measures implemented at Ambu's manufacturing sites, along-  
side the early acquisition of IREC in the U.S., Malaysia, and China. 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. 1 2025/26  
|
5 November 2025  
6
 
FINANCIAL OUTLOOK 2025/26  
Ambu has launched its next-era strategy,  
ZOOM AHEAD, signaling a pivotal step in  
the company’s long-term growth trajec-  
tory. This strategy reflects the aspiration  
to achieve global endoscopy leadership  
and underscores a commitment to  
setting new standards in the field. In  
2024/25, Ambu continued to generate  
double-digit organic revenue growth,  
while also improving profitability.  
Organic revenue  
For 2025/26, Ambu expects Anesthesia &  
Patient Monitoring to grow mid-single  
digits.  
Ambu’s Endoscopy Solutions business  
continues to be the primary growth  
driver. For 2025/26, Ambu expects  
Endoscopy Solutions to post organic  
growth of +15%, with all four endoscopy  
business areas expected to contribute.  
This broad-based momentum reflects  
strong market demand and reinforces  
Ambu’s confidence in the scalability and  
resilience of the endoscopy portfolio.  
Financial guidance  
2025/26  
Overall, for the 2025/26 financial year,  
Ambu’s total organic revenue growth is  
expected to be 10-13%, compared to  
13.1% in 2024/25. The total growth is  
expected to be back-end loaded.  
Organic revenue growth  
EBIT margin  
Market conditions  
EBIT margin before special items is  
expected to be 12-14%, compared to  
13.0% in 2024/25. This will be driven by  
both an improved gross margin and  
operating leverage, partly offset by  
growth investments. The EBIT margin is  
expected to be back-end loaded.  
Excluding tariff impacts of ~2%-pts, EBIT  
margin is expected to be 14-16% given  
the current schedule of expected tariffs.  
Mitigation actions, including investing in  
Americas, are ongoing, and the effect will  
diminish over the coming years.  
10-13%  
In 2024/25, the global economy demon-  
strated resilience amid ongoing geopoli-  
tical dynamics. The geopolitical dynamics  
contributed to fluctuations in foreign  
exchange rates and increased costs of  
raw materials, energy, and logistics. Part  
of the inflationary pressures are expected  
to continue into 2025/26.  
For Endoscopy Solutions, the more  
established, yet significantly underpene-  
trated, Respiratory business group is  
expected to deliver accelerated organic  
growth momentum in 2025/26, support-  
ed by ongoing enhancements to Ambu’s  
Respiratory portfolio solutions. In the  
business group ‘Urology, Ear-Nose-  
Throat (ENT), and Gastroenterology (GI)’,  
Ambu expects continued strong growth  
momentum, particularly driven by  
EBIT margin  
before special items, reported  
12-14%1  
Despite this dynamic environment, the  
single-use endoscopy market is expected  
to demonstrate continued growth. This is  
underpinned by increasing demand from  
hospitals and clinics for solutions that en-  
hance efficiency and cost-effectiveness,  
alongside heightened focus on infection  
prevention and the proven clinical bene-  
fits of single-use technologies. These  
dynamics position Ambu well to capture  
long-term value in a structurally high-  
growing market.  
Urology with existing and new solutions.  
For Anesthesia & Patient Monitoring (A &  
PM), Ambu has managed to increase  
profitability by raising prices in selected  
low-margin areas. Ambu will continue to  
strengthen pricing governance to expand  
margins. Furthermore, the company will  
optimize its commercial organization to  
support growth as well as invest in its  
supply chain to maintain high reliability.  
Cash conversion  
1)  
14-16% excluding tariff impacts of ~2%-pts  
Ambu's cash conversion is expected to  
be +40%, compared to 35% in 2024/25.  
The continued increased cash flow will be  
driven by a higher EBIT before special  
items and continued improvements from  
transformation efforts.  
given the current schedule of expected tariffs.  
Mitigation actions, including investing in  
Americas, are ongoing, and the effect will  
diminish over the coming years.  
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. 1 2025/26  
|
5 November 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 2024 to 30  
September 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 Q4 and the full year of 2024/25  
gives a true and fair view of the Group’s assets, liabilities and financial position at  
30 September 2025 and of the results of the Group’s operations and cash flows for  
the period 1 October 2024 to 30 September 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, 5 November 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. 1 2025/26  
|
5 November 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. 1 2025/26  
|
5 November 2025  
9
 
INCOME STATEMENTS COMMENTS  
business, and better price governance.  
Short term, gross margin was impacted by  
FX, but benefited from Ambu’s long-term  
natural hedge strategy, compared to Q3  
2024/25. Revenue reflected current FX rates,  
as it is recognized in P&L immediately, while  
costs hit the P&L with a lag and carry older  
rates, creating quarterly fluctuations.  
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 the Americas, which are also set 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 American market.  
Revenue  
Depreciation, amortization, and  
impairment losses (DA)  
Total revenue in Q4 2024/25 amounted to  
DKK 1,466m, corresponding to an organic  
growth of 10.0% and a reported growth of  
5.7%, compared to Q4 2023/24. The organic  
growth was positively impacted by  
continued solid momentum in Endoscopy  
Solutions and strong performance in  
Anesthesia & Patient Monitoring.  
Particularly, North America and Europe  
contributed to overall growth.  
DA in Q4 2024/25 was DKK -97m, in line  
with Q4 2023/24.  
EBIT margin b.s.i.  
EBIT margin b.s.i. in Q4 2024/25 was 10.0%,  
corresponding to a decrease of 0.6%-pts,  
compared to Q4 2023/24. EBIT margin for  
the quarter was negatively impacted by  
external factors that included FX headwind  
of around DKK 30m and tariff costs of more  
than DKK 20m but positively impacted by  
continued operational leverage from the  
solid organic growth.  
OPEX to revenue  
Net financials  
Net financials in Q4 2024/25 were DKK  
3m, compared to DKK 6m in Q4 2023/24.  
OPEX to revenue in Q4 2024/25 was 49.9%,  
corresponding to an increase of 1.6%-pts,  
compared to Q4 2023/24. In general, opera-  
ting leverage possibilities is significant,  
however, as previously communicated,  
Ambu remains 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.  
Gross margin  
Gross margin in Q4 2024/25 was 60.0%,  
corresponding to an increase of 1.1%-pts,  
compared to Q4 2023/24. The increase in  
gross margin was driven by economies of  
scale in production costs, as the utilization  
rate of existing production sites continues  
to increase, higher revenue share in the  
more profitable Endoscopy Solutions  
Tax  
Tax in Q4 2024/25 amounted to an expense  
of DKK -35m, corresponding to an effective  
tax rate of 23%, in line with Q4 2023/24.  
Despite these external headwinds, the  
significant investment in commercial  
infrastructure to drive future growth  
remained unchanged. The negative impact  
from FX and tariffs will leave a short-term  
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%  
16.0%  
14.0%  
11.3%  
12.0%  
10.6%  
11.7%  
14.0%  
10.0%  
12.0%  
10.6%  
10.0%  
12.0%  
10.0%  
8.0%  
6.0%  
4.0%  
2.0%  
10.0%  
8.0%  
6.0%  
4.0%  
2.0%  
1,387 1,510 1,554 1,507 1,466  
147  
243  
224  
170  
147  
0.0%  
0.0%  
0
Q4  
Q1  
Q2  
Q3  
Q4  
Q4  
Q1  
Q2  
Q3  
Q4  
23/24 24/25 24/25 24/25 24/25  
23/24 24/25 24/25 24/25 24/25  
Revenue  
Organic growth  
EBIT b.s.i.  
EBIT margin b.s.i.  
Company announcement no. 1 2025/26  
|
5 November 2025  
10  
 
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME  
Interim report for Q4 2024/25  
Statement of comprehensive income  
Income statement  
Q4  
Q4  
FY  
FY  
Q4  
Q4  
FY  
FY  
DKKm  
2024/25 2023/24 2024/25 2023/24  
DKKm  
2024/25 2023/24 2024/25 2023/24  
Net profit for the period  
115
-135
609
235
Revenue  
1,466
-587
879
1,387
-570
817
6,037
-2,404
3,633
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  
-459
-93
-424
-86
-1,792
-347
-710
784
-1,571
-325
-660
645
Translation adj. in foreign subsidiaries  
0
-39
-109
-66
Other comprehensive  
income after tax  
0
-39
-109
-66
Management and administrative costs  
Operating profit (EBIT) b.s.i.  
-180
147
-160
147
Comprehensive income  
for the period  
115
-174
500
169
Special items  
-
-334
-187
-
-334
311
Operating profit (EBIT)  
147
784
Financial income  
Financial expenses  
Profit before tax  
4
-1
6
0
15
-44
16
-27
150
-181
755
300
Tax on profit for the period  
-35
46
-146
609
-65
Net profit for the period  
115
-135
235
Earnings per share in DKK  
Earnings per share (EPS)  
0.43
0.43
-0.51
-0.51
2.29
2.28
0.88
0.88
Diluted earnings per share (EPS-D)  
Company announcement no. 1 2025/26  
|
5 November 2025  
11  
 
CASH FLOW COMMENTS  
Cash flow from operating  
activities (CFFO)  
CFFO in Q4 2024/25 was DKK 249m. The  
solid cash flow was driven by operating  
profitability (EBITDA), positively impacted  
by change in net working capital.  
Free cash flow (FCF) before acquisition  
Dividend  
The share buy-back program will be  
initiated after annual general meeting held  
December 3, 2025. The repurchased shares  
are bought with the aim of future  
cancellation.  
FCF before acquisitions came to DKK 130m  
in Q4 2024/25. This was mainly impacted by  
profitable growth, and although change in  
net working capital was positive, it remained  
elevated to mitigate the global geopolitical  
uncertainties and support growth, and  
profitability was impacted by both FX  
headwind and tariff costs.  
No dividends was paid out in Q4, but for the  
financial year 2024/25 a total of DKK 102m  
dividends was paid out.  
For 2025/26, a total cash distribution of  
DKK 260m is intended, corresponding to  
43% of net profit. This consist of :  
The total cash distribution of DKK 260m  
exceeds our objective of paying out 30% of  
net profit through dividends and share buy-  
backs, reflecting our commitment to actively  
use share buy-backs to distribute excess  
cash.  
Cash flow from investing  
activities (CFFI) before acquisitions  
CFFI before acquisitions in Q4 2024/25 was  
DKK 119m, corresponding to 8% of  
revenue. CFFI was primarily driven by R&D  
activities, which amounted to DKK 82m,  
corresponding to 6% of revenue, however,  
when factoring in development costs, less  
depreciation and amortization, total R&D  
expenditure amounted to DKK 121m,  
corresponding to 8% of the total revenue.  
•
A proposed dividend distribution of  
DKK 110m, corresponding to DKK 0.41  
per share) and 18% of net profit.  
A share buy-back programme of DKK  
150m, corresponding to 25% of net  
profit.  
Acquisitions of enterprises  
and technology  
No acquisitions were made in Q4 2024/25.  
•
Cash position  
Cash flow from financing  
activities (CFFF)  
CFFF in Q4 2024/25 was DKK -15m. This  
was primarily related to repayment of lease  
liabilities.  
At 30 September 2025, cash and cash  
equivalents were DKK 866m, reflecting an  
increase of DKK 251m since last year, driven  
by the free cash flow.  
The proposed dividends of DKK 110 is  
intended to be recommended by the Board  
of Directors at the annual general meeting  
in December 2025 and is determined based  
on an assessment of Ambu’s cash position  
and liquidity forecast.  
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  
Free cash flow  
DKKm, main components  
Free cash flow  
DKKm, before acquisitions  
Q4  
Q4  
200  
180  
160  
140  
120  
100  
80  
2024/25 2023/24  
20  
Development costs  
93  
86  
-119  
Depreciation,  
-54  
-55  
-15  
amortization, and  
impairment losses  
244  
60  
40  
130  
Investments  
82  
75  
20  
98  
69  
80  
128  
130  
0
Cash flow, R&D  
121  
106  
EBITDA  
Change in working capital  
CAPEX*  
Other**  
Free cash flow  
EBITDA Change CAPEX1 Other2  
Free  
Q4  
Q1  
Q2  
Q3  
Q4  
in working  
capital  
cash  
flow  
23/24 24/25 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. 1 2025/26  
|
5 November 2025  
12  
 
CASH FLOW STATEMENT  
Interim report for Q4 2024/25  
FY  
FY  
FY  
FY  
2024/25 2023/24  
2024/25 2023/24  
DKKm  
DKKm  
Net profit  
609
235
Cash and cash equivalents, end of period,  
are composed as follows:  
Adjustment for non-cash items:  
Income taxes  
Cash and cash equivalents  
195
671
866
265
350
615
146
29
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  
372
31
696
26
-273
-9
-111
-3
15
14
Interest paid  
-28
-101
791
-30
-90
813
Income tax paid  
Cash flow from operating activities  
Investment in intangible assets  
Investments in tangible assets  
Cash flow from investing activities  
-267
-117
-384
-201
-88
-289
Free cash flow  
407
524
Repayment of lease liability  
Exercise of options  
-63
11
-65
-
Dividend paid  
-102
1
-
-
Dividend, treasury shares  
Cash flow from financing activities  
-153
-65
Changes in cash and cash equivalents  
254
615
-3
459
157
-1
Cash and cash equivalents, beginning of period  
Translation adjustment of cash and cash equivalents  
Cash and cash equivalents, end of period  
866
615
Company announcement no. 1 2025/26  
|
5 November 2025  
13  
 
BALANCE SHEET COMMENTS  
Total assets  
ROIC  
Net interest-bearing debt (NIBD)  
At 30 September 2024, NIBD was DKK  
-319m, corresponding to a decrease of DKK  
262m, compared to 30 September 2024.  
The decrease was driven by solid cash flow,  
with approximately maintained levels of  
lease liabilities.  
At 30 September 2025, total assets were  
DKK 7,675m, corresponding to an increase  
of DKK 521m, compared to 30 September  
2024. The development was mainly driven  
by increased cash and cash equivalents of  
DKK 251m and higher inventories of DKK  
194m.  
ROIC in Q4 2023/24 was 11%, correspond-  
ing to an improvement of 2%-pts, compared  
to Q4 2023/24. The increase reflects  
Ambu’s strategy's aim to drive profitable  
growth via a focused investment approach.  
Net working capital  
At 30 September 2025, net working capital  
was DKK 1,238m, corresponding to 21% of  
revenue. Current level was slightly above  
the objective of 20% of revenue, mainly due  
to elevated inventory levels.  
Net interest-bearing debt (NIBD) to  
EBITDA b.s.i.  
At 30 September 2025, NIBD to EBITDA  
b.s.i. was -0.3x, corresponding to a decrease  
of 0.2x, compared to 30 September 2024.  
The decrease was driven by improved  
operating profitability (EBITDA b.s.i).  
Invested capital  
At 30 September 2025, invested capital was  
DKK 5,716m, corresponding to an increase  
of 179m, compared to 30 September 2024.  
The increase was driven by higher net  
working capital.  
Total assets  
DKKm  
Invested capital and ROIC  
DKKm  
NIBD and gearing  
DKKm  
0.5x  
500  
400  
300  
200  
100  
0
0.4x  
0.3x  
0.2x  
0.1x  
11%  
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%  
10%  
8%  
6%  
4%  
2%  
0%  
-57  
-24  
-86  
-217  
0.0x  
-0.1x  
-0.2x  
-0.3x  
-0.4x  
-0.5x  
-100  
-319  
0.0x  
-200  
-0.1x  
-0.1x  
-300  
5,500  
-0.2x  
Q3  
-400  
7,154 7,380 7,414 7,396 7,675  
5,537 5,771 5,828 5,688 5,716  
-0.3x  
Q4  
5,000  
-500  
Q4  
Q1  
Q2  
Q3  
Q4  
Q4  
Q1  
Q2  
Q3  
Q4  
Q4  
Q1  
Q2  
23/24 24/25 24/25 24/25 24/25  
23/24 24/25 24/25 24/25 24/25  
23/24 24/25 24/25 24/25 24/25  
ROIC  
NIBD  
NIBD to EBITDA b.s.i  
Invested capital  
Company announcement no. 1 2025/26  
|
5 November 2025  
14  
 
BALANCE SHEET  
Interim report for Q4 2024/25  
Assets  
Equity and liabilities  
DKKm  
30.09.25  
30.09.24  
DKKm  
30.09.25 30.09.24  
Goodwill  
1,497
339
1,527
376
Share capital  
Other reserves  
Equity  
135
5,900
6,035
135
5,459
5,594
Acquired technologies, trademarks,  
and customer relations  
Completed development projects  
Other, incl. IT software  
994
100
905
72
Deferred tax  
11
3
4
14
Provisions  
Development projects and other assets in progress  
Intangible assets  
319
350
Contingent consideration  
Lease liabilities  
5
-
3,249
3,230
462
481
483
501
Property, plant, and equipment  
Right-of-use assets  
588
544
582
545
Non-current liabilities  
Provisions  
3
80
6
75
Deferred tax assets  
137
160
Lease liabilities  
Trade payables  
Income tax  
Total non-current assets  
4,518
4,517
572
490
Inventories  
1,272
834
40
1,078
745
44
56
49
Trade receivables  
Other payables  
Current liabilities  
448
439
Other receivables  
1,159
1,059
Income tax receivable  
Prepayments  
33
40
Total liabilities  
1,640
7,675
1,560
7,154
112
-
112
3
Derivative financial instruments  
Cash and cash equivalents  
Total current assets  
Total equity and liabilities  
866
3,157
615
2,637
Total assets  
7,675  
7,154  
Company announcement no. 1 2025/26  
|
5 November 2025  
15  
 
STATEMENT OF CHANGE IN EQUITY  
Interim report for Q4 2024/25  
Reserve for  
foreign currency  
DKKm  
Share  
Capital  
translation  
adjustments  
Retained  
earnings  
Total  
Equity 1 October 2024  
135
145
5,314
5,594
Net profit for the period  
-
-
-
-
-109
-109
609
-
609
-109
500
Other comprehensive income for the period  
Total comprehensive income  
609
Transactions with the owners:  
Share-based payment  
-
-
31
-
31
-
Tax deduction relating to share-based pay  
Exercise of options  
11
11
Distributed dividend  
-
-
-
-
-102
1
-102
1
Dividend, treasury shares  
Equity 30 September 2025  
135
36
5,864
6,035
Equity 1 October 2023  
135
211
-
5,047
235
-
5,393
235
Net profit for the period  
-
-
-
Other comprehensive income for the period  
Total comprehensive income  
-66
-66
-66
235
169
Transactions with the owners:  
Share-based payment  
-
-
26
6
26
6
Tax deduction relating to share-based pay  
Equity 30 September 2024  
135
145
5,314
5,594
Distribution of the 2024/25 net profit of DKK 609m is planned for proposal by the Board of Directors at the  
annual general meeting, consisting of dividend of DKK 110m.  
At the annual general meeting on 4 December 2024, the dividend proposed by the Board of Directors, for  
2023/24, was approved. The dividends of DKK 102m was paid in the first half of 2024/25.  
Company announcement no. 1 2025/26  
|
5 November 2025  
16  
 
NOTES TO THE INTERIM REPORT  
Interim report for Q4 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 2024/25.  
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 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 of 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 September 2025 which could be expected to have a  
significant impact on the Group’s financial position.  
Note 3 – Revenue  
Q4  
Q4  
FY  
FY  
DKKm  
2024/25 2023/24 2024/25 2023/24  
Respiratory  
431  
458  
301  
276  
410  
412  
296  
269  
1,818  
1,826  
1,249  
1,144  
1,645  
1,545  
1,155  
1,046  
URO, ENT & GI  
Anesthesia  
Patient Monitoring  
Total revenue by  
business groups  
1,466  
1,387  
6,037  
5,391  
North America  
Europe  
745  
578  
711  
525  
3,051  
2,405  
581  
2,732  
2,114  
545  
Rest of World  
143  
151  
Total revenue by markets  
1,466  
1,387  
6,037  
5,391  
Company announcement no. 1 2025/26  
|
5 November 2025  
17  
 
QUARTERLY RESULTS  
Q4  
Q3  
Q2  
Q1  
Q4  
Q3  
Q2  
Q1  
Q4  
Q3  
Q2  
Q1  
Q4  
Q3  
Q2  
Q1  
DKKm  
DKKm  
2024/25 2024/25 2024/25 2024/25 2023/24 2023/24 2023/24 2023/24  
2024/25 2024/25 2024/25 2024/25 2023/24 2023/24 2023/24 2023/24  
Revenue by business groups  
Respiratory  
Organic growth, business groups,  
%
431  
458  
889  
301  
276  
577  
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  
Respiratory  
8.8  
16.0  
12.4  
6.4  
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  
Anesthesia & Patient Monitoring  
6.4  
9.3  
6.4  
4.8  
0.0  
6.4  
6.4  
9.8  
5.3  
7.0  
1.2  
Total revenue  
Production costs  
Gross profit  
1,466  
-587  
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  
10.0  
-4.3  
5.7  
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  
879  
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  
-459  
-93  
-457  
-87  
-448  
-88  
-428  
-79  
-424  
-86  
-388  
-84  
-381  
-81  
-378  
-74  
Organic growth, geographies, %  
North America  
11.4  
10.2  
1.3  
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  
Europe  
-180  
-173  
-182  
-175  
-160  
-182  
-157  
-161  
Rest of World  
Operating profit (EBIT) b.s.i.  
147  
170  
224  
243  
147  
178  
194  
126  
Organic growth, total revenue, %  
10.0  
12.0  
11.7  
15.5  
Special items  
-
-
-
-
-334  
-
-
-
Cash flow, DKKm  
Operating profit (EBIT)  
147  
170  
224  
243  
-187  
178  
194  
126  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow  
249  
-119  
130  
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  
4
-1  
3
-13  
4
-20  
4
-10  
6
0
3
-7  
4
-11  
3
-9  
163  
128  
135  
150  
160  
208  
237  
-181  
174  
187  
120  
Cash flow, % of revenue  
Tax on profit for the period  
-35  
-37  
-20  
-54  
46  
-40  
-43  
-28  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow  
17  
-8  
9
16  
-8  
8
10  
-5  
5
10  
-5  
5
14  
-7  
7
17  
-5  
14  
-5  
9
15  
-4  
Net profit for the period  
115  
123  
188  
183  
-135  
134  
144  
92  
12  
61  
11  
63  
Key figures and ratios  
Gross margin, %  
Cash conversion, % of EBITDA b.s.i.  
53  
49  
25  
21  
40  
45  
60.0  
732  
49.9  
10.0  
244  
58.9  
717  
47.6  
11.3  
263  
60.6  
718  
46.2  
14.4  
318  
61.3  
682  
45.2  
16.1  
331  
58.9  
670  
48.3  
10.6  
244  
60.2  
654  
47.3  
12.9  
267  
59.5  
619  
45.3  
14.2  
285  
58.9  
613  
48.9  
10.0  
213  
OPEX  
Balance sheet  
Assets  
OPEX ratio, %  
7,675  
1,238  
6,035  
-319  
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  
EBIT margin before special items, %  
EBITDA before special items  
Net working capital  
Equity  
5,421  
351  
EBITDA margin before special  
items, %  
Net interest-bearing debt (NIBD)  
Invested capital  
16.6  
-0.3  
21  
17.5  
-0.2  
21  
20.5  
-0.1  
23  
21.9  
0.0  
22  
17.6  
-0.1  
19  
19.3  
0.1  
19  
20.8  
0.3  
20  
17.0  
0.5  
19  
5,716  
5,688  
5,828  
5,771  
5,537  
5,832  
5,848  
5,772  
NIBD/EBITDA before special items  
Net working capital, % of revenue  
Share-related ratios (in DKK)  
Market price per share  
93  
0.43  
0.43  
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. 1 2025/26  
|
5 November 2025  
18