INTERIM REPORT  
FOR Q1 2025/26  
Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup
Registration no. 63644919
 
INTERIM REPORT FOR  
Q1 2025/26  
Financial highlights for Q1  
•
Revenue increased organically by 8.6% (19.5%) to DKK 1,558m (DKK 1,510m), with reported  
growth of 3.2% (20.4%).  
Ambu had a solid start to the 2025/26 financial year, reflected by  
continued strong growth momentum. Endoscopy Solutions grew  
by 14.4% organically, mainly driven by strong Urology, ENT, & GI  
growth of 21.0%. Overall, Ambu delivered total organic revenue  
growth of 8.6% and a reported EBIT margin b.s.i. of 10.5%.  
•
Endoscopy Solutions increased organically by 14.4% (20.6%). The Respiratory business group  
posted 8.3% (17.7%) organic growth, reflecting positive momentum on the back of last year’s  
exceptionally strong baseline. The growth was driven by steady aScope 5 Broncho adoption  
and the launch of the SureSight video laryngoscope solution. The Urology, ENT, & GI business  
group posted 21.0% (23.9%) organic growth, mainly driven by the aScope 4 portfolio and  
continued strong growth momentum for aScope 5 Uretero.  
The 2025/26 financial guidance is maintained. Growth and EBIT  
margin are still expected to be higher in H2 compared to H1.  
•
•
Anesthesia & Patient Monitoring posted flat organic growth of -0.1% (17.8%), reflecting an  
extraordinarily high revenue achieved in the same quarter last year.  
Revenue growth was driven by solid organic growth in North America and Europe, respectively  
posting 9.8% (19.2%) and 9.7% (17.1%). Rest of World declined by -1.6% (28.0%), due to order  
fluctuations and high comparable revenue from last year.  
“We had a solid start to our 2025/26 financial year, with the launch of  
our ZOOM AHEAD strategy, setting a clear course for Ambu’s next  
phase of high, long-term growth. Momentum in executing our strategy is  
high across the organization.  
•
•
•
EBIT before special items (b.s.i.) was DKK 164m (DKK 243m), with an EBIT margin b.s.i. of  
10.5% (16.1%), the latter negatively impacted by tariff costs and FX headwind. Adjusting for tariff  
costs and FX, Ambu generated an EBIT margin of 15.2% in the quarter, demonstrating  
continued operational leverage in its business model.  
I am pleased with our continued strong growth in Endoscopy Solutions,  
against high comparables from last year. In the Respiratory area, we  
have expanded our video laryngoscope portfolio with the introduction of  
Ambu® SureSight Mobile, our latest video laryngoscope solution. This  
innovation expands our Respiratory portfolio and will ensure that  
clinicians have a SureSight solution for every intubation setting. I look  
forward to building on the momentum across the business in the  
quarters ahead."  
Free cash flow (FCF) before acquisitions totaled DKK 13m (DKK 69m). This was mainly  
negatively impacted by a change in net working capital, which remained elevated to mitigate  
global geopolitical uncertainties and support growth. FCF was also impacted by both FX  
headwind and tariff costs.  
Ambu paid out DKK 90m in dividend in Q1, corresponding to DKK 0.41 per share. In addition,  
DKK 38m was used to acquire treasury shares in Q1 as part of Ambu’s share buyback program.  
Britt Meelby Jensen  
Chief Executive Officer  
Business highlights for Q1  
•
Introduction of Ambu’s portable video laryngoscope solution, SureSight Mobile, expanding  
Ambu’s video laryngoscope portfolio and Respiratory offering.  
•
Extension of the Ambu® Recircle Program to include the collection and recycling of blades  
from Ambu’s video laryngoscopy solution, Ambu® SureSight Connect, in 2026.  
2025/26 financial guidance maintained  
•
•
Organic revenue growth: 10-13%  
EBIT margin b.s.i.: 12-14%1  
Q1 2025/26 conference call  
A conference call is broadcast live today, 4 February 2026 at 10:00 (CET),  
via Ambu.com/webcastQ12026. To ask questions during the Q&A session,  
please register prior to the call via Ambu.com/conferencecallQ12026register.  
Upon registration, you will receive an email with information to access the call.  
1)  
14-16% excluding assumed impacts of ~2%-pts given the current schedule of expected tariffs.  
Mitigation actions, including investing in Americas, are ongoing, and the effect will diminish over the coming years.  
The presentation can be downloaded at Ambu.com/presentations.  
Company announcement no. 10 2025/26  
|
4 February 2026  
2
 
FINANCIAL HIGHLIGHTS  
Q1  
2025/26  
Q1  
2024/25  
FY  
2024/25  
Q1  
2025/26  
Q1  
2024/25  
FY  
2024/25  
DKKm  
Income statement  
Key figures and ratios  
Organic growth, %  
Revenue  
1,558  
947  
1,510  
925  
6,037  
3,633  
1,156  
8.6  
60.8  
50.3  
16.8  
10.5  
16.8  
10.5  
23  
19.5  
61.3  
45.2  
21.9  
16.1  
21.9  
16.1  
23  
13.1  
60.2  
47.2  
19.1  
13.0  
19.1  
13.0  
19  
Gross profit  
Gross margin, %  
EBITDA before special items  
261  
331  
OPEX ratio, %  
Depreciation, amortization,  
and impairment  
EBITDA margin b.s.i., %  
EBIT margin b.s.i., %  
EBITDA margin, %  
-97  
164  
-
-88  
243  
-
-372  
784  
-
EBIT before special items  
Special items  
EBIT margin, %  
EBITDA  
261  
164  
-11  
153  
118  
331  
243  
-6  
1,156  
784  
-29  
Tax rate, %  
EBIT  
Return on equity, %  
NIBD/EBITDA b.s.i.  
Equity ratio, %  
4
11  
10  
Net financials  
Profit before tax  
Net profit for the period  
-0.2  
80  
0.0  
-0.3  
79  
237  
183  
755  
609  
79  
Net working capital, % of revenue  
Return on invested capital (ROIC), %  
Average number of employees  
22  
22  
21  
9
10  
11  
Cash flow  
5,430  
5,169  
5,233  
Cash flow from  
operating activities (CFFO)  
106  
144  
791  
Share-related ratios (in DKK)  
Market price per share  
Cash flow from  
Investing activities (CFFI)  
88  
0.44  
0.44  
104  
0.68  
0.68  
93  
2.29  
2.28  
-93  
13  
7
-75  
69  
10  
-5  
-384  
407  
13  
-6  
Earnings per share  
Free cash flow (FCF)  
CFFO, % of revenue  
CFFI, % of revenue  
FCF, % of revenue  
Cash conversion, %  
Diluted earnings per share (EPS-D)  
-6  
1
Key figures and ratio definitions are consistent  
with the ones applied in the Annual Report 2024/25  
5
7
5
21  
35  
Balance sheet  
Assets  
7,581  
1,321  
6,036  
-178  
7,380  
1,228  
5,795  
-24  
7,675  
1,238  
6,035  
-319  
Net working capital  
Equity  
Net interest-bearing debt  
Invested capital  
5,858  
5,771  
5,716  
Company announcement no. 10 2025/26  
|
4 February 2026  
3
 
BUSINESS PERFORMANCE – IN BRIEF  
Businesses and business groups  
Growth composition  
Currency  
Revenue, DKKm  
Q1 2025/26  
Split  
Q1 2024/25  
Organic  
Reported  
Endoscopy Solutions  
- Respiratory  
986  
487  
63%  
31%  
910  
472  
14.4%  
8.3%  
-6.0%  
-5.1%  
-7.1%  
-4.6%  
-5.7%  
-3.2%  
-5.4%  
8.4%  
3.2%  
- URO, ENT, & GI  
Anesthesia & Patient Monitoring  
- Anesthesia  
499  
32%  
438  
21.0%  
-0.1%  
-1.2%  
1.1%  
13.9%  
-4.7%  
-6.9%  
-2.1%  
3.2%  
572  
296  
37%  
19%  
600  
318  
- Patient Monitoring  
Total  
276  
18%  
282  
1,558  
100%  
1,510  
8.6%  
Geographies  
Growth composition  
Currency  
Revenue, DKKm  
Q1 2025/26  
Split  
Q1 2024/25  
Organic  
Reported  
North America  
Europe  
764  
653  
49%  
42%  
757  
599  
9.8%  
9.7%  
-8.9%  
-0.7%  
0.9%  
9.0%  
Rest of World  
Total  
141  
9%  
154  
-1.6%  
-6.8%  
-8.4%  
1,558  
100%  
1,510  
8.6%  
-5.4%  
3.2%  
Endoscopy  
Solutions  
Anesthesia  
& Patient Monitoring  
Revenue  
split by  
businesses  
Q1 2025/26  
Respiratory  
12m rolling  
organic growth  
URO, ENT, & GI  
12m rolling  
organic growth  
9.1%  
19.1%  
63% 37%  
Company announcement no. 10 2025/26  
|
4 February 2026  
4
 
ENDOSCOPY  
SOLUTIONS  
ANESTHESIA &  
PATIENT MONITORING  
Endoscopy Solutions delivered strong organic growth of  
14.4% (20.6%), reflecting solid execution in a high-growth  
market, supported by rising procedure volumes and  
continued adoption of single-use endoscopy.  
aScope 4 portfolio. Furthermore, Q1 growth benefitted  
from orders that typically are part of Q2 – implying a  
slightly lower expected growth level for Q2. Newly  
launched solutions posted strong growth, albeit from a  
low base. Since hospital sales cycles are typically long,  
meaningful revenue effects have yet to materialize for  
these solutions.  
Anesthesia & Patient Monitoring represented 37% of Ambu’s  
total revenue in Q1 2025/26, delivering flat organic growth of  
-0.1% (17.8%). Anesthesia declined by -1.2%, whereas Patient  
Monitoring grew by 1.1%. The growth was impacted by an  
extraordinary high revenue in Q1 last year.  
Endoscopy Solutions remained Ambu’s primary growth  
engine in Q1 2025/26, contributing 63% of the total  
revenue. Both business groups within Endoscopy  
solutions (‘Urology, ENT, & GI’ and ‘Respiratory’)  
delivered solid performance, driven by continued  
penetration of existing solutions and Ambu’s leading role  
in advancing the shift toward single-use technology.  
Ambu remains confident in delivering mid-single digits  
organic growth in Anesthesia & Patient Monitoring for the full  
year, driven by volume and a modest contribution from  
pricing.  
Recent developments in new solutions  
In Respiratory, Ambu announced the introduction of  
SureSight Mobile, a portable video laryngoscope solution  
that expands and brings next-level flexibility to Ambu’s  
video laryngoscope portfolio. The SureSight Mobile  
solution features an integrated screen without the need  
for separate monitors or cables. Its all-in-one design  
enables clinicians to perform emergent and unplanned  
intubations swiftly and confidently in demanding  
environments – whether in an ambulance, emergency  
room, or remote location – making it a solution targeted  
for both pre-hospital and hospital settings. It delivers  
high-quality imaging, empowering clinicians to not only  
visualize the airway with clarity but also seamlessly  
document and review the intubation process.  
Drivers of the quarter  
In the quarter, Ambu saw rising demand from health systems  
responding to unstable situations in parts of the world,  
delivering essential solutions for ventilation, cardiopulmonary  
resuscitation (CPR), and CPR training.  
Drivers of the quarter  
The global endoscopy market continued to expand, with  
rising procedure volumes fueling strong growth in the  
single-use segment. Ambu remains at the forefront of  
this transition, leveraging its ZOOM AHEAD strategy to  
accelerate adoption of single-use endoscopy and  
strengthen its leadership in a high-growth market.  
The slightly negative growth in Anesthesia was mainly driven  
by exceptionally strong revenue in the same period last year,  
particularly in North America. The modest growth in Patient  
Monitoring was similarly affected by last year’s extraordinarily  
high baseline, while also benefitting from relatively stronger  
underlying market growth.  
The Respiratory (formerly Pulmonology) business group  
generated 8.3% organic revenue growth, reflecting very  
high comparable numbers from last year. The growth was  
driven by Ambu’s extensive portfolio of bronchoscopy  
solutions and was additionally strengthened by the  
launch of the SureSight Connect video laryngoscope. The  
flu impact in Q1 was limited versus last year, as Ambu  
continues to expand into OR and suites, resulting in less  
exposure towards the ICU.  
In Q1, Ambu also announced an extension of its Ambu  
Recircle Program, which will include blades from the  
launched video laryngoscopy solution, SureSight, during  
2026. The Ambu Recircle Program is built on a circular  
approach, delivering a fully traceable and regulation-  
compliant recycling process for hospitals. From the  
moment an Ambu endoscope or video laryngoscope  
blade is collected after use, it undergoes a thorough  
process – including cleaning, shredding, and material  
recovery – to make sure useful materials are not thrown  
away or burned but reused as much as possible in new  
non-medical products.  
Although the markets within Anesthesia & Patient Monitoring  
are fragmented, they are typically more mature and stable  
growing markets, driven by demographics, increased  
healthcare access, and chronic diseases.  
The Urology, ENT, & GI business group posted 21.0%  
organic revenue growth. Urology continued its strong  
growth momentum and remained the main growth  
contributor in the business group. The growth was  
primarily driven by continued penetration of Ambu’s  
Q1 2025/26  
Q1 2025/26  
organic growth  
14.4%  
-0.1%  
organic growth  
Company announcement no. 10 2025/26  
|
4 February 2026  
5
 
SUSTAINABILITY UPDATE  
Ambu is committed to integrating sustainability into its strategy, business processes, and  
value chain, while also pioneering sustainable practices that empower customers to minimize  
their carbon and environmental footprint.  
SUSTAINABILITY HIGHLIGHTS  
Journey towards net-zero emissions  
Focus is centered on three key levers: developing circular products and packaging, take-back  
and recycling, and achieving net-zero emissions.  
3M  
3M Change  
2025/26 2024/25
(%-pts)  
Recycled waste, % of total waste  
54%  
0.27  
46%  
0.28  
19%  
-5%  
Recycling program  
Waste per tonne finished goods  
Ambu continues to advance its recycling program, the Ambu Recircle Program, which now  
operates in four markets, covering around 50 hospital sites and more than 100 clinical  
departments. The program supports Ambu’s long-term strategy of strengthening customer  
partnerships, meeting rising sustainability requirements in hospital procurement, and  
preparing for a changing regulatory landscape. Although the program did not have any  
material impact on Q1 profitability, Ambu continued its targeted expansion of controlled pilot  
projects. This included assessing future commercial models and including additional product  
categories in the program, such as the company’s SureSight video laryngoscope blades.  
CO2e** per tonne finished goods  
Energy per product (GJ per tonne finished goods)  
0.64  
0.95  
-33%  
-8%  
16.24  
17.71  
** Including Scope 1 and 2  
Focus on waste management  
Waste management remains a key priority across Ambu’s manufacturing facilities  
and offices. Year-to-date, Ambu achieved a 19% increase in the proportion of  
recycled waste, compared to the same period last year. This improvement was  
primarily driven by the reclassification of certain waste treatments from “recovered”  
to “recycled,” as well as the introduction of new production lines that generate higher  
volumes of recyclable waste. Additionally, significant progress was made at Ambu’s  
manufacturing site in Malaysia through enhanced waste segregation practices,  
including the recycling of foam materials and used pallets. Also, a slight decline in  
production output contributed to a 5% reduction in waste generated per tonne  
finished goods. Ambu remains committed to advancing waste management  
initiatives, which include expanding its recycling efforts, converting food waste into  
biogas and fertilizers, and recycling runners from injection molding processes at its  
production sites.  
A key Q1 milestone was the production of the first batch of recycled material derived from  
collected endoscopes. This material was repurposed into furniture showcased at Ambu’s  
Capital Markets Day, demonstrating the program’s circularity potential.  
Net-zero emissions  
Ambu is committed to operating responsibly and approaching net-zero emissions in  
collaboration with suppliers, customers, and other partners. To deliver on its near-term carbon  
reduction targets for Scope 1, 2, and 3 greenhouse gas emissions,* Ambu is executing on its  
plan, which includes:  
•
Ambu has officially made a commitment to the official SBTI net-zero target and is now  
subsequently preparing for data submission to SBTI.  
•
For targets encompassing its 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 at the company’s production sites.  
Focus on CO2 reduction  
Ambu continues its dedication to lowering carbon emissions in accordance with its  
near-term reduction targets – which have been validated by the Science Based  
Targets initiative. In Q1, the CO2e emissions per tonne finished goods decreased by  
33%, driven by factors such as decrease in production and enhanced energy  
efficiency measures implemented at its manufacturing sites, alongside the  
acquisition of IREC, in Penang, Xiamen, and Noblesville. The 8% reduction in energy  
consumption per tonne finished goods demonstrates a positive decoupling of  
energy use from product output. 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 Ambu’s value chain, including both upstream and downstream emissions.  
Company announcement no. 10 2025/26  
|
4 February 2026  
6
 
FINANCIAL OUTLOOK 2025/26 MAINTAINED  
Ambu maintains its expectations for the 2025/26 financial year, with total organic revenue growth expected to be 10-  
13%, compared to 13.1% in 2024/25. For Endoscopy Solutions, Ambu expects to post organic growth of +15% and for  
Anesthesia & Patient Monitoring to grow mid-single digits. EBIT margin before special items is expected to be 12-  
14%, compared to 13.0% in 2024/25. Excluding impacts of ~2%-pts, EBIT margin is expected to be 14-16% given the  
current schedule of expected tariffs. Ambu's cash conversion is expected to be +40%, compared to 35% in 2024/25.  
Outlook expectations, FY 2025/26  
4 February 2026  
5 November 2025  
Organic revenue growth  
- Endoscopy Solutions  
10-13%  
+15%  
10-13%  
+15%  
Financial calendar  
2025/26  
- Anesthesia & Patient Monitoring  
Mid-single digits  
Mid-single digits  
Earnings release  
Q2 2025/26  
6 May  
EBIT margin before special items  
12-14%  
12-14%  
Earnings release  
Q3 2025/26  
Cash conversion  
+40%  
+40%  
26 Aug  
30 Sep  
End of FY  
2025/26  
Exchange rates assumptions for 2025/26  
4 February 2026  
5 November 2025  
USD/DKK  
MYR/DKK  
MXN/DKK  
CNY/DKK  
GBP/DKK  
6.35  
1.60  
0.35  
0.90  
8.60  
6.50  
1.55  
0.35  
0.90  
8.50  
2026/27  
5 Nov  
Annual report  
2025/26  
Annual general  
meeting 2026  
2 Dec  
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. 10 2025/26  
|
4 February 2026  
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 2025 to 31  
December 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 Q1 2025/26 gives a true and fair  
view of the Group’s assets, liabilities and financial position at 31 December 2025  
and of the results of the Group’s operations and cash flows for the period 1  
October 2025 to 31 December 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 2024/25.  
Jørgen Jensen
Shacey Petrovic
Chair
Vice Chair
Copenhagen, 4 February 2026
Susanne Larsson
Michael Del Prado
Member
Member
Simon Hesse Hoffmann
David Hale
Member
Member
Gry Sahner Gundestrup
Jesper Bartroff Frederiksen
Employee-elected member
Employee-elected member
Jakob Koch
Employee-elected member
Company announcement no. 10 2025/26  
|
4 February 2026  
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. 10 2025/26  
|
4 February 2026  
9
 
INCOME STATEMENTS COMMENTS  
price governance, increased revenue share  
in the more profitable Endoscopy Solutions  
business, as well as production efficiencies.  
and tariff costs will leave a short-term  
impact but is expected to be managed in  
the longer term as FX markets stabilize and  
tariff mitigation actions continue, building  
on the significant investments already made  
in North America, which are planned to  
continue. This reflects the continuation of a  
strategic vision established years ago to  
establish production in the Americas to  
meet the needs of the North American  
market.  
Revenue  
Depreciation, amortization, and  
impairment losses (DA)  
Total revenue in Q1 2025/26 amounted to  
DKK 1,558m, corresponding to an organic  
growth of 8.6% and a reported growth of  
3.2%, compared to Q1 2024/25. The organic  
growth was positively impacted by  
continued solid growth in Endoscopy  
Solutions, while Anesthesia & Patient  
Monitoring delivered flat organic growth of  
-0.1%, due to extraordinarily high  
DA in Q1 2025/26 was DKK -97m, slightly  
higher than in Q1 2024/25.  
OPEX to revenue  
OPEX to revenue in Q1 2025/26 was 50.3%,  
corresponding to an increase of 5.1%-pts,  
compared to Q1 2024/25. Overall, Ambu  
continues to have significant potential to  
realize operating leverage, however, as  
previously communicated, the company  
remains committed to investing in future  
growth by allocating resources to drive  
organic growth, particularly within its  
commercial setup. Furthermore, tariff costs  
are included under OPEX, which negatively  
affects the OPEX leverage.  
EBIT margin b.s.i.  
EBIT margin b.s.i. in Q1 2025/26 was 10.5%,  
corresponding to a decrease of 5.6%-pts,  
compared to Q1 2024/25. Adjusted for  
external factors, the EBIT margin was 15.2%,  
with tariff costs amounting to more than  
DKK 50m, and FX headwind representing  
the remaining impact. Overall, the  
comparable numbers from last year.  
Net financials  
Net financials in Q1 2025/26 were DKK  
11m, compared to DKK 6m in Q1 2024/25.  
Gross margin  
Gross margin in Q1 2025/26 was 60.8%,  
corresponding to a decline of 0.5%-pts,  
compared to Q1 2024/25. The gross margin  
remains in line with expectations, and the  
decline was due to a high comparable gross  
margin in the same quarter last year. In  
general, the gross margin is expected to  
increase over time, influenced by better  
underlying EBIT margin was positively  
impacted by continued operating leverage  
from the solid organic growth.  
Tax  
Tax in Q1 2025/26 amounted to an expense  
of DKK -35m, corresponding to an effective  
tax rate of 23%.  
Despite these external headwinds, Ambu’s  
significant investment in commercial  
infrastructure to drive future growth remains  
unchanged. The negative impact from FX  
Revenue  
DKKm  
EBIT margin  
DKKm, before special items (b.s.i.)  
19.5%  
16.1%  
20.0%  
18.0%  
16.0%  
14.0%  
12.0%  
10.0%  
8.0%  
2,000  
1,900  
1,800  
1,700  
1,600  
1,500  
1,400  
1,300  
1,200  
1,100  
1,000  
18.0%  
16.0%  
14.0%  
12.0%  
10.0%  
8.0%  
400  
350  
300  
250  
200  
150  
100  
50  
14.4%  
11.3%  
12.0%  
11.7%  
10.5%  
10.0%  
10.0%  
8.6%  
6.0%  
6.0%  
4.0%  
4.0%  
2.0%  
2.0%  
1,510 1,554 1,507 1,466 1,558  
243  
224  
170  
147  
164  
0.0%  
0.0%  
0
Q1  
Q2  
Q3  
Q4  
Q1  
Q1  
Q2  
Q3  
Q4  
Q1  
24/25 24/25 24/25 24/25 25/26  
24/25 24/25 24/25 24/25 25/26  
Revenue  
Organic growth  
EBIT b.s.i.  
EBIT margin b.s.i.  
Company announcement no. 10 2025/26  
|
4 February 2026  
10  
 
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME  
Interim report for Q1 2025/26  
Statement of comprehensive income  
Income statement  
Q1  
2025/26  
Q1  
2024/25  
FY  
2024/25  
Q1  
2025/26  
Q1  
2024/25  
FY  
2024/25  
DKKm  
DKKm  
Net profit for the period  
118
183
609
Revenue  
1,558
-611
947
1,510
-585
925
6,037
-2,404
3,633
Other comprehensive income:  
Items which are moved to the income  
statement under certain conditions  
Production costs  
Gross profit  
Selling and distribution costs  
Development costs  
-499
-94
-428
-79
-1,792
-347
-710
784
Translation adj. in foreign subsidiaries  
24
116
-109
Other comprehensive  
income after tax  
24
116
-109
Management and administrative costs  
Operating profit (EBIT) b.s.i.  
-190
164
-175
243
Comprehensive income  
for the period  
142
299
500
Special items  
-
-
-
Operating profit (EBIT)  
164
243
784
Financial income  
Financial expenses  
Profit before tax  
4
-15
4
-10
15
-44
153
237
755
Tax on profit for the period  
-35
-54
-146
Net profit for the period  
118
183
609
Earnings per share in DKK  
Earnings per share (EPS)  
0.44
0.44
0.68
0.68
2.29
2.28
Diluted earnings per share (EPS-D)  
Company announcement no. 10 2025/26  
|
4 February 2026  
11  
 
CASH FLOW COMMENTS  
Cash flow from operating  
activities (CFFO)  
CFFO in Q1 2025/26 was DKK 106m. The  
lower cash flow compared to last year was  
driven by lower EBITDA.  
capital, which remained elevated to mitigate  
subsequently paid out, less withholding  
taxes payable to the Danish Tax Authorities  
in January 2026.  
global geopolitical uncertainties and  
support growth. FCF was also impacted by  
both FX headwind and tariff costs.  
In addition, DKK 38m were used to acquire  
treasury shares in Q1, in line with the  
intended share buyback program of DKK  
150m in 2025/26.  
Acquisitions of enterprises  
and technology  
No acquisitions were made in Q1 2025/26.  
Cash flow from investing  
activities (CFFI) before acquisitions  
CFFI before acquisitions in Q1 2025/26 was  
DKK 93m, corresponding to 6% of revenue.  
CFFI was primarily driven by R&D activities,  
which amounted to DKK 53m, however,  
when factoring in development costs, less  
depreciation and amortization, total R&D  
expenditure amounted to DKK 93m.  
Cash flow from financing  
activities (CFFF)  
CFFF in Q1 2025/26 was DKK -146m. This  
was primarily related to repayment of lease  
liabilities, dividend payment, and purchase  
of treasury shares.  
Cash position  
At 31 December 2025, cash and cash  
equivalents were DKK 735m, reflecting a  
decrease of DKK 131m since 30 September  
2025, mainly driven by the payout of  
dividends.  
Free cash flow (FCF) before acquisition  
FCF before acquisitions came to DKK 13m  
in Q1 2025/26. This was mainly negatively  
impacted by a change in net working  
Dividend  
Committed undrawn sustainability-linked  
credit facilities amounted to DKK 1,000m,  
with an additional accordion of DKK  
1,000m.  
Ambu paid out DKK 110m in dividend in  
Q1, corresponding to DKK 0.41 per share.  
Total dividends have been declared and  
Cash flow impact of  
development costs  
DKKm  
Free cash flow  
Free cash flow  
DKKm, main components  
DKKm, before acquisitions  
200  
180  
160  
140  
120  
100  
80  
Q1  
Q1  
2025/26 2024/25  
-107  
Development costs  
94  
79  
Depreciation,  
amortization, and  
impairment losses  
-54  
-50  
261  
-93  
60  
40  
20  
-48  
13  
69  
80  
128  
130  
13  
Investments  
53  
47  
0
EBITDA  
Change in working capital  
CAPEX*  
Other**  
Free cash flow  
Cash flow, R&D  
93  
76  
EBITDA Change CAPEX1 Other2  
Free  
Q1  
Q2  
Q3  
Q4  
Q1  
in working  
capital  
cash  
flow  
24/25 24/25 24/25 24/25 25/26  
1) CAPEX is defined as cash flow from investing activities  
2) 'Other' includes change in provisions, income tax and  
interest paid  
Company announcement no. 10 2025/26  
|
4 February 2026  
12  
 
CASH FLOW STATEMENT  
Interim report for Q1 2025/26  
Q1  
Q1  
FY  
Q1  
Q1  
FY  
2025/26 2024/25 2024/25  
2025/26 2024/25 2024/25  
DKKm  
DKKm  
Net profit  
118
183
609
Cash and cash equivalents, end of period,  
are composed as follows:  
Adjustment for non-cash items:  
Income taxes  
Cash and cash equivalents  
355
380
735
320
268
588
195
671
866
35
11
97
6
54
6
146
29
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  
88
3
372
31
-107
-
-144
-
-273
-9
4
5
15
Interest paid  
-6
-5
-28
-101
791
Income tax paid  
-52
106
-46
144
Cash flow from operating activities  
Investment in intangible assets  
Investments in tangible assets  
Cash flow from investing activities  
-70
-23
-93
-56
-19
-75
-267
-117
-384
Free cash flow  
13
69
407
Repayment of lease liability  
Purchase of treasury shares  
Exercise of options  
-19
-38
-
-17
-
-63
-
-
11
Dividend paid  
-90
1
-81
1
-102
1
Dividend, treasury shares  
Cash flow from financing activities  
-146
-97
-153
Changes in cash and cash equivalents  
-133
866
2
-28
615
1
254
615  
-3
Cash and cash equivalents, beginning of period  
Translation adjustment of cash and cash equivalents  
Cash and cash equivalents, end of period  
735
588
866
Company announcement no. 10 2025/26  
|
4 February 2026  
13  
 
BALANCE SHEET COMMENTS  
Total assets  
At 31 December 2025, total assets were  
DKK 7,581m, corresponding to a decrease  
of DKK 94m, compared to 30 September  
2025. The development was mainly driven  
by decreased cash and cash equivalents.  
ROIC  
Net interest-bearing debt (NIBD)  
ROIC in Q1 2025/26 was 9%, correspond-  
ing to a decline of 1%-pts, compared to Q1  
2024/25. The decrease was mainly due to  
the decline in operating profit, compared to  
the strong Q1 last year.  
At 31 December 2025, NIBD was DKK  
-178m, compared to DKK -319m at 30  
September 2025. In Q1 2025/26, Ambu  
paid dividend of DKK 90m and initiated its  
share buyback program of DKK 150m.  
Invested capital  
At 31 December 2025, invested capital was  
DKK 5,858m, corresponding to an increase  
of DKK 142m, compared to 30 September  
2025. The increase was driven by  
comprehensive income for the period of  
DKK 142m.  
Net working capital  
Net interest-bearing debt (NIBD) to  
EBITDA b.s.i.  
At 31 December 2025, NIBD to EBITDA  
b.s.i. was -0.2x, compared to -0.3x at 30  
September 2025.  
At 31 December 2025, net working capital  
was DKK 1,321m, corresponding to 22% of  
revenue. Current level was slightly above  
the target level of 20% of revenue, mainly  
due to elevated inventory levels.  
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  
11%  
8,000  
7,500  
7,000  
6,500  
6,000  
12%  
10%  
8%  
7,000  
10%  
10%  
10%  
9%  
6,500  
6,000  
5,500  
5,000  
4,500  
4,000  
0.1x  
-24  
0.0x  
-86  
6%  
-319  
-0.1x  
-100  
-217  
-178  
0.0x  
-0.2x  
-0.3x  
-0.4x  
-0.5x  
-200  
4%  
-0.1x  
-300  
-0.2x  
5,500  
2%  
-0.2x  
Q3  
-400  
7,380 7,414 7,396 7,675 7,581  
5,771 5,828 5,688 5,716 5,858  
-0.3x  
Q4  
5,000  
0%  
-500  
Q1  
Q2  
Q3  
Q4  
Q1  
Q1  
Q2  
Q3  
Q4  
Q1  
Q1  
Q2  
Q1  
24/25 24/25 24/25 24/25 25/26  
24/25 24/25 24/25 24/25 25/26  
24/25 24/25 24/25 24/25 25/26  
ROIC  
NIBD  
NIBD to EBITDA b.s.i  
Invested capital  
4 February 2026  
Company announcement no. 10 2025/26  
|
14  
 
BALANCE SHEET  
Interim report for Q1 2025/26  
Assets  
Equity and liabilities  
DKKm  
31.12.25 31.12.24 30.09.25  
DKKm  
31.12.25 31.12.24 30.09.25  
Goodwill  
1,497
330
1,578
365
1,497
339
Share capital  
Other reserves  
Equity  
135
5,901
6,036
135
5,660
5,795
135
5,900
6,035
Acquired technologies, trademarks,  
and customer relations  
Completed development projects  
Other, incl. IT software  
971
109
1,089
70
994
100
Deferred tax  
7
-
4
14
11
3
Provisions  
Development projects and other assets in progress  
Intangible assets  
354
183
319
Credit institutions  
Lease liabilities  
Non-current liabilities  
14
-
5
3,261
3,285
3,249
459
480
489
507
462
481
Property, plant, and equipment  
Right-of-use assets  
603
559
594
540
588
544
Provisions  
6
84
6
75
3
80
Deferred tax assets  
112
153
137
Lease liabilities  
Trade payables  
Income tax  
Total non-current assets  
4,535
4,572
4,518
538
572
572
Inventories  
1,270
869
33
1,228
826
40
1,272
834
40
18
37
56
Trade receivables  
Other payables  
Current liabilities  
419
388
448
Other receivables  
1,065
1,078
1,159
Income tax receivable  
Prepayments  
33
30
33
Total liabilities  
1,545
7,581
1,585
7,380
1,640
7,675
106
-
94
112
-
Derivative financial instruments  
Cash and cash equivalents  
Total current assets  
2
Total equity and liabilities  
735
3,046
588
2,808
866
3,157
Total assets  
7,581
7,380
7,675
Company announcement no. 10 2025/26  
|
4 February 2026  
15  
 
STATEMENT OF CHANGE IN EQUITY  
Interim report for Q1 2025/26  
Reserve for  
foreign currency  
DKKm  
Share  
Capital  
translation  
adjustments  
Retained  
earnings  
Total  
Equity 1 October 2025  
135
36
5,864
6,035
Net profit for the period  
-
-
-
-
24
24
118
-
118
24
Other comprehensive income for the period  
Total comprehensive income  
118
142
Transactions with the owners:  
Share-based payment  
-
-
6
-38
6
-38
Purchase of treasury shares  
Distributed dividend  
-
-
-
-
-110
1
-110
1
Dividend, treasury shares  
Equity 31 December 2025  
135
60
5,841
6,036
Equity 1 October 2024  
135
145
-
5,314
183
-
5,594
183
Net profit for the period  
-
-
-
Other comprehensive income for the period  
Total comprehensive income  
116
116
116
183
299
Transactions with the owners:  
Share-based payment  
-
-
3
-102
1
3
-102
1
Distributed dividend  
Dividend, treasury shares  
Equity 31 December 2024  
135
261
5,399
5,795
At the annual general meeting on 4 December 2025, a dividend of DKK 110m was proposed by the Board of  
Directors for 2024/25 and approved by the annual general meeting. Total dividends have been declared and  
subsequently paid out, less withholding taxes payable to the Danish Tax Authorities in January 2026.  
On 10 December 2025, Ambu announced a share buyback program. On 29 December 2025, Ambu initiated  
the share buyback program with the purchase of treasury shares of DKK 38m, corresponding to 443,384 shares  
at an average purchase price of DKK 86.4.  
Company announcement no. 10 2025/26  
|
4 February 2026  
16  
 
NOTES TO THE INTERIM REPORT  
Interim report for Q1 2025/26  
Note 1 – Basis of preparation of the interim report  
Note 4 – Contingent liabilities  
The interim report for the period 1 October 2025 to 31 December 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 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 31 December 2025 which could be expected to  
have a significant impact on the Group’s financial position.  
Note 3 – Revenue  
Q1  
2025/26  
Q1  
2024/25  
FY  
2024/25  
DKKm  
Respiratory  
1,818  
1,826  
1,249  
1,144  
6,037  
3,051  
2,405  
581  
487  
499  
296  
472  
438  
318  
URO, ENT, & GI  
Anesthesia  
Patient Monitoring  
276  
282  
1,558  
1,510  
Total revenue by business groups  
North America  
764  
653  
757  
599  
Europe  
Rest of World  
141  
154  
Total revenue by markets  
6,037  
1,558  
1,510  
Company announcement no. 10 2025/26  
|
4 February 2026  
17  
 
QUARTERLY RESULTS  
Q1  
Q4  
Q3  
Q2  
Q1  
Q1  
Q4  
Q3  
Q2  
Q1  
DKKm  
DKKm  
2025/26 2024/25 2024/25 2024/25 2024/25  
2025/26 2024/25 2024/25 2024/25 2024/25  
Revenue by business groups  
Respiratory  
URO, ENT, & GI  
Endoscopy Solutions  
Anesthesia  
Patient Monitoring  
Anesthesia & Patient Monitoring  
Organic growth, business groups, %  
Respiratory  
URO, ENT, & GI  
Endoscopy Solutions  
Anesthesia  
Patient Monitoring  
487  
499  
986  
296  
276  
572  
431  
458  
889  
301  
276  
577  
8.3  
21.0  
14.4  
-1.2  
1.1  
8.8  
16.0  
12.4  
6.4  
6.4  
6.4  
11.2  
20.8  
15.9  
3.9  
9.3  
6.4  
8.5  
18.3  
13.1  
11.2  
8.2  
17.7  
23.9  
20.6  
17.8  
17.8  
17.8  
446  
470  
916  
304  
287  
591  
469  
460  
929  
326  
299  
625  
472  
438  
910  
318  
282  
600  
Anesthesia & Patient Monitoring  
-0.1  
9.8  
Organic growth, total revenue, %  
Exchange rate effects  
Reported growth, total revenue, %  
8.6  
-5.4  
3.2  
10.0  
-4.3  
5.7  
12.0  
-3.0  
9.0  
11.7  
2.0  
13.7  
19.5  
0.9  
20.4  
Total revenue  
Production costs  
Gross profit  
1,558  
-611  
947  
1,466  
-587  
879  
1,507  
-620  
887  
1,554  
-612  
942  
1,510  
-585  
925  
Organic growth, geographies, %  
North America  
Europe  
Rest of World  
Organic growth, total revenue, %  
Selling and distribution costs  
Development costs  
Management and administrative costs  
Operating profit (EBIT) b.s.i.  
-499  
-94  
-190  
164  
-459  
-93  
-180  
147  
-457  
-87  
-173  
170  
-448  
-88  
-182  
224  
-428  
-79  
-175  
243  
9.8  
9.7  
-1.6  
8.6  
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  
10.0  
12.0  
11.7  
Special items  
Operating profit (EBIT)  
-
-
-
-
-
Cash flow, DKKm  
164  
147  
170  
224  
243  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow  
106  
-93  
13  
249  
-119  
130  
237  
-109  
128  
161  
-81  
80  
144  
-75  
69  
Financial income  
Financial expenses  
Profit before tax  
4
-15  
153  
4
-1  
150  
3
-13  
160  
4
-20  
208  
4
-10  
237  
Cash flow, % of revenue  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow  
7
-6  
1
17  
-8  
9
16  
-8  
8
10  
-5  
5
10  
-5  
5
Tax on profit for the period  
Net profit for the period  
-35  
118  
-35  
115  
-37  
123  
-20  
188  
-54  
183  
Cash conversion, % of EBITDA b.s.i.  
5
53  
49  
25  
21  
Key figures and ratios  
Gross margin, %  
OPEX  
OPEX ratio, %  
EBITDA before special items  
EBITDA margin before special items, %  
EBIT margin before special items, %  
NIBD/EBITDA before special items  
Net working capital, % of revenue  
60.8  
783  
50.3  
261  
16.8  
10.5  
-0.2  
22  
60.0  
732  
49.9  
244  
16.6  
10.0  
-0.3  
21  
58.9  
717  
47.6  
263  
17.5  
11.3  
-0.2  
21  
60.6  
718  
46.2  
318  
20.5  
14.4  
-0.1  
23  
61.3  
682  
45.2  
331  
21.9  
16.1  
0.0  
Balance sheet  
Assets  
Net working capital  
Equity  
Net interest-bearing debt (NIBD)  
Invested capital  
7,581  
1,321  
6,036  
-178  
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  
5,858  
5,716  
5,688  
5,828  
5,771  
22  
Share-related ratios (in DKK)  
Market price per share  
88  
0.44  
0.44  
93  
0.43  
0.43  
99  
0.46  
0.46  
118  
0.71  
0.71  
104  
0.68  
0.68  
Earnings per share (EPS)  
Diluted earnings per share (EPS-D)  
Company announcement no. 10 2025/26  
|
4 February 2026  
18