INTERIM REPORT  
FOR Q2 AND H1  
2025/26  
Ambu A/S
,
Baltorpbakken 13, DK-2750 Ballerup
 
Registration no. 63644919
 
Financial highlights for Q2  
•
Revenue increased organically by 7.3% (11.7%) to DKK 1,573m (DKK 1,554m), with reported  
growth of 1.2% (13.7%).  
INTERIM REPORT FOR  
Q2 AND H1 2025/26  
In Q2 2025/26, Ambu delivered organic revenue growth of 7.3%.  
Growth was driven by continued strong performance in the  
market-leading Endoscopy Solutions business, which grew 13.8%  
organically, while Anesthesia & Patient Monitoring (A&PM) declined  
by 2.5%. Reported EBIT (b.s.i.) was DKK 173m, corresponding to an  
EBIT margin of 11.0%.  
•
Endoscopy Solutions increased organically by 13.8% (13.1%) and by 14.1% (16.7%) for H1. The  
Respiratory business group posted 12.2% (8.5%) organic growth, reflecting solid momentum.  
SureSight continued to drive strong momentum, with further progress expected over the coming  
quarters. The Urology, ENT, & GI business group posted 15.5% (18.3%) organic growth,  
negatively impacted by order timing from last quarter.  
•
•
•
Anesthesia & Patient Monitoring posted an organic growth decline of 2.5% (9.8%), reflecting  
strong sales performance in the same period last year. Additionally, growth was affected by lower  
volumes in selected U.S. accounts operating under non-exclusive contracts.  
Revenue growth was driven by solid organic growth in Europe and Rest of World, posting 7.9%  
(11.5%) and 10.7% (7.9%). North America delivered growth of 6.1% (12.4%), with strong  
performance in Endoscopy Solutions, offset by lower volumes in non-exclusive contracts in A&PM.  
For FY 2025/26, Ambu now expects organic revenue growth of 10-  
12% (previously 10-13%). The adjustment is driven by the decline  
year-to-date in A&PM, resulting in an updated full-year growth  
outlook of low-single-digits for A&PM (previously mid-single-digits).  
The EBIT margin guidance of 12-14% remains unchanged.  
EBIT before special items (b.s.i.) was DKK 173m (DKK 224m), with an EBIT margin b.s.i. of  
11.0% (14.4%), the latter negatively impacted by tariff costs and FX headwind. Adjusting for tariff  
costs and FX, Ambu generated an EBIT margin of 14.5% in the quarter, demonstrating continued  
operational leverage in our business model.  
•
•
Free cash flow (FCF) before acquisitions totaled DKK 104m for Q2 (DKK 80m). This was driven by  
solid operational performance alongside an improved working capital compared to revenue. As  
expected, FCF was negatively impacted by FX headwind and tariff costs.  
“Q2 was solid for our Endoscopy Solutions business, with growth across  
all areas, underpinning our confidence in delivering on our ZOOM AHEAD  
strategy and advancing toward achieving global endoscopy leadership.  
Respiratory continued its growth trajectory, fueled by increasing  
momentum with SureSight , which helps clinicians manage airway  
intubations efficiently and confidently. In Urology, ENT, & GI, we continued  
to drive the conversion from reusable to single-use endoscopes. Our  
legacy businesses, Anesthesia & Patient Monitoring, were weaker than  
expected, pulling the total revenue growth down.  
An additional share buyback program will be initiated, under which Ambu will repurchase  
shares for a total amount of up to DKK 300m from 6 May 2026 until no later than 30 Sep. 2026.  
Business highlights for Q2  
•
CE mark obtained for the full SureSight video laryngoscope portfolio in Europe.  
•
Strengthened cystoscopy portfolio with a solution accessory enabling stent removal and foreign  
body retrieval, complementing aScope Cysto.  
We continue to generate strong free cash flow and have a solid balance  
sheet. Following the completion of the share buyback program introduced  
with our Q4 2024/25 results, we are announcing an additional share  
buyback of DKK 300m, in alignment with our Finance Policy.”  
•
•
•
SureSight won the Red Dot Award: Product Design 2026, emphasizing the solution’s high  
design quality and coherent system architecture.  
Expanded EndoIntelligence investments to deliver differentiated, high-impact solutions for  
clinicians, hospitals, and health systems.  
Britt Meelby Jensen  
Chief Executive Officer  
Enhancements implemented in the U.S. commercial organization to better serve health systems  
with our integrated and scalable endoscopy solutions offering.  
•
•
Accelerated ramp-up of the Mexico manufacturing facility to support North America growth.  
President of EMEA & APAC, Bassel Rifai, has decided to leave Ambu to pursue new  
opportunities. The change is not expected to impact commercial execution in Europe or APAC,  
supported by strong established regional leadership.  
Q2 2025/26 conference call  
A conference call is broad cast live today, 6 May 2026 at 11:00 (CEST),  
via Ambu.com/webcastQ22026. To ask questions during the Q&A session,  
please register prior to the call via Ambu.com/conferencecallQ22026register.  
Upon registration, you will receive an email with information to access the call.  
2025/26 financial guidance updated  
•
•
Organic revenue growth: 10-12% (previously 10-13%)  
EBIT margin b.s.i.: 12-14%1  
The presentation can be downloaded at Ambu.com/presentations.  
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.  
Company announcement no. 11 2025/26  
|
6 May 2026  
2
 
FINANCIAL HIGHLIGHTS  
Q2  
Q2  
YTD  
YTD  
FY  
Q2  
Q2  
YTD  
YTD  
FY  
DKKm  
2025/26 2024/25 2025/26 2024/25 2024/25  
2025/26 2024/25 2025/26 2024/25 2024/25  
Income statement  
Revenue  
Key figures and ratios  
Organic growth, %  
1,573  
948  
1,554  
942  
3,131  
1,895  
532  
3,064  
1,867  
649  
6,037  
3,633  
1,156  
7.3  
60.3  
49.3  
17.2  
11.0  
17.2  
11.0  
23  
11.7  
60.6  
46.2  
20.5  
14.4  
20.5  
14.4  
10  
7.9  
60.5  
49.8  
17.0  
10.8  
17.0  
10.8  
23  
15.4  
60.9  
45.7  
21.2  
15.2  
21.2  
15.2  
17  
13.1  
60.2  
47.2  
19.1  
13.0  
19.1  
13.0  
19  
Gross profit  
Gross margin, %  
EBITDA before special items  
271  
318  
OPEX ratio, %  
Depreciation, amortization,  
and impairment  
EBITDA margin b.s.i., %  
EBIT margin b.s.i., %  
EBITDA margin, %  
-98  
173  
-
-94  
224  
-
-195  
337  
-
-182  
467  
-
-372  
784  
-
EBIT before special items  
Special items  
EBIT margin, %  
EBITDA  
271  
173  
-16  
157  
121  
318  
224  
-16  
208  
188  
532  
337  
-27  
310  
239  
649  
467  
-22  
445  
371  
1,156  
784  
-29  
Tax rate, %  
EBIT  
Return on equity, %  
NIBD/EBITDA b.s.i.  
Equity ratio, %  
8
13  
8
13  
10  
Net financials  
Profit before tax  
Net profit for the period  
-0.1  
80  
-0.1  
80  
-0.1  
80  
-0.1  
80  
-0.3  
79  
755  
609  
Net working capital, % of revenue  
Return on invested capital (ROIC), %  
Average number of employees  
22  
23  
22  
23  
21  
9
10  
9
10  
11  
Cash flow  
5,469  
5.169  
5,450  
5,244  
5,.233  
Cash flow from  
operating activities (CFFO)  
255  
161  
361  
305  
791  
Share-related ratios (in DKK)  
Market price per share  
Cash flow from  
Investing activities (CFFI)  
68  
0.46  
0.46  
118  
0.71  
0.71  
68  
0.90  
0.90  
118  
1.39  
1.39  
93  
2.29  
2.28  
-151  
104  
16  
-9  
-81  
80  
10  
-5  
-244  
117  
12  
-8  
-156  
149  
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)  
Key figures and ratio definitions are consistent  
with the ones applied in the Annual Report 2024/25.  
7
5
4
5
7
38  
25  
22  
23  
35  
Balance sheet  
Assets  
7,606  
1,352  
6,101  
-140  
7,414  
1,321  
5,914  
-86  
7,606  
1,352  
6,101  
-140  
7,414  
1,321  
5,914  
-86  
7,675  
1,238  
6,035  
-319  
Net working capital  
Equity  
Net interest-bearing debt  
Invested capital  
5,961  
5,828  
5,561  
5,828  
5,716  
Company announcement no. 11 2025/26  
|
6 May 2026  
3
 
BUSINESS PERFORMANCE – IN BRIEF  
Businesses and business groups  
Growth composition  
Growth composition  
Q2 2025/26  
Split  
Q2 2024/25  
Organic Currency Reported YTD 2025/26  
Split YTD 2024/25  
Organic Currency Reported  
Revenue, DKKm  
996  
501  
495  
63%  
32%  
31%  
929  
469  
460  
13.8%  
12.2%  
15.5%  
-6.6%  
-5.4%  
-7.9%  
7.2%  
6.8%  
7.6%  
1,982  
988  
63%  
31%  
32%  
1,839  
941  
14.1%  
10.3%  
18.2%  
-6.3%  
-5.3%  
-7.5%  
7.8%  
5.0%  
Endoscopy Solutions  
- Respiratory  
994  
898  
10.7%  
- URO, ENT, & GI  
Anesthesia &  
Patient Monitoring  
577  
37%  
625  
-2.5%  
-5.2%  
-7.7%  
1,149  
37%  
1,225  
-1.3%  
-4.9%  
-6.2%  
290  
19%  
326  
-4.4%  
-6.6%  
-11.0%  
586  
19%  
644  
-2.8%  
-6.2%  
-9.0%  
- Anesthesia  
- Patient Monitoring  
Total  
287  
18%  
299  
-0.4%  
-3.6%  
-4.0%  
563  
18%  
581  
0.3%  
-3.4%  
-3.1%  
1,573  
100%  
1,554  
7.3%  
-6.1%  
1.2%  
3,131  
100%  
3,064  
7.9%  
-5.7%  
2.2%  
Geographies  
Growth composition  
Organic Currency Reported YTD 2025/26  
Growth composition  
Organic Currency Reported  
Q2 2025/26  
Split  
Q2 2024/25  
Split YTD 2024/25  
Revenue, DKKm  
767  
662  
49%  
42%  
799  
616  
6.1%  
7.9%  
-10.1%  
-0.4%  
-7.1%  
-6.1%  
-4.0%  
7.5%  
3.6%  
1.2%  
1,531  
1,315  
285  
49%  
42%  
1,556  
1,215  
293  
7.9%  
8.7%  
4.3%  
7.9%  
-9.5%  
-0.5%  
-7.0%  
-5.7%  
-1.6%  
8.2%  
-2.7%  
2.2%  
North America  
Europe  
144  
9%  
139  
10.7%  
7.3%  
9%  
Rest of World  
Total  
1,573  
100%  
1,554  
3,131  
100%  
3,064  
Endoscopy  
Solutions  
Anesthesia  
& Patient Monitoring  
Revenue  
split by  
businesses  
Q2 2025/26  
Respiratory  
12m rolling  
organic growth  
URO, ENT, & GI  
12m rolling  
organic growth  
10.1%  
18.3%  
63% 37%  
Company announcement no. 11 2025/26  
|
6 May 2026  
4
 
ENDOSCOPY  
SOLUTIONS  
ANESTHESIA &  
PATIENT MONITORING  
Ambu’s primary growth driver, Endoscopy Solutions,  
accounted for 63% of the total revenue in Q2 2025/26  
and delivered strong organic growth of 13.8% (13.1%).  
Performance was driven by solid execution and  
momentum across all business areas, reflecting  
continued demand for Ambu’s innovative endoscopy  
solutions, and reinforcing our leadership in driving the  
structural conversion from reusable to single-use  
solutions.  
UK in 2025, and commercializing gradually in Europe  
during Q4, the SureSight solution is designed to provide  
a clear airway view during intubations, to be used across  
multiple healthcare settings, including the operating  
room, intensive care unit, and emergency medical  
services. In Europe, video laryngoscopy is less common  
than in e.g., the U.S. and the UK, and mainly used for  
difficult intubations. Today, it accounts for one in 10  
procedures, but its adoption as a standard intubation  
tool is increasing. In the U.S., it accounts for 50% of all  
intubation procedures. Overall, this underscores Ambu’s  
leadership in the Respiratory market and secures  
momentum across the portfolio.  
Anesthesia & Patient Monitoring accounted for 37% of Ambu’s  
total revenue in Q2 2025/26, with organic growth declining by  
2.5% (9.8%). Anesthesia saw a sharper decline of 4.4%, while  
Patient Monitoring had a modest decline of 0.4%.  
Growth was moderated by a strong comparable in the same  
period last year, as well as lower volumes in selected U.S.  
accounts operating under non-exclusive contracts.  
We remain confident in delivering on our long-term targets for  
Anesthesia & Patient Monitoring, despite a softer performance  
in H1. These targets reflect an organic CAGR of 3-5% from  
2024/25 through 2029/30, driven by a mix of volume and  
pricing.  
Drivers of the quarter  
The global endoscopy market remained strong,  
supported by increasing procedure volumes and  
continued acceleration adoption of single-use solutions.  
Ambu continues to invest in both hardware and software,  
as well as AI capabilities to further strengthen our  
EndoIntelligence innovation and solution offering.  
EndoIntelligence marks a transformational shift from an  
innovation model driven primarily by hardware to one  
where software and AI play an increasingly central role in  
delivering differentiated, high-impact solutions for  
clinicians, hospitals, and health systems. At its core,  
EndoIntelligence empowers improved efficiencies and  
performance across all our endoscopy solutions in  
Respiratory, Urology, ENT, and GI, creating a truly holistic,  
simple, and scalable solution for health systems. Today,  
we are the only single-use player in the global endoscopy  
space offering this level of cross-portfolio connectivity.  
Ambu’s current platform provides customers with  
advanced image quality, strong cybersecurity, and direct  
transfer of files and images to hospitals’ electronic health  
records. This sets us apart. We are committed to  
Respiratory delivered 12.2% (8.5%) organic revenue  
growth, reflecting solid momentum. SureSight continued  
to be a growing contributor to performance, with further  
progress expected to build over the remainder of FY  
2025/26. Sales of SureSight supported bronchoscopes,  
further strengthening the Respiratory business.  
Drivers of the quarter  
Growth in Patient Monitoring was impacted by a strong  
comparable in the same period last year, however, the  
underlying market growth remained solid.  
Overall, Ambu experienced increased demand from health  
systems responding to geopolitical instability, supporting  
critical needs in ventilation, cardiopulmonary resuscitation  
(CPR), and CPR training.  
Urology, ENT, & GI posted organic revenue growth of  
15.5% (18.3%), reflecting strong underlying demand,  
partly impacted by order timing, with some volumes  
pulled forward into Q1. The growth was primarily driven  
by continued penetration of our cystoscopy portfolio.  
Ambu’s newly launched solutions, including aScope 5  
Uretero, posted continued growth, albeit from a low base.  
Given long hospital sales cycles and the need to embed  
new solutions into clinical workflows, revenue contribu-  
tions are expected to build progressively over time.  
While the Anesthesia & Patient Monitoring markets remain  
structurally fragmented, they are generally mature and stable  
markets, with growth driven by demographic trends,  
expanding healthcare access, and the rising prevalence of  
chronic diseases.  
leveraging consistent innovation across hardware,  
software, and AI technologies to help our customers  
achieve unmatched efficiency, clinical confidence, and  
patient outcomes across the entire procedure journey.  
Recent developments in new solutions  
Ambu obtained CE mark for the full SureSight video  
laryngoscope portfolio in Europe, as well as a Red Dot  
Product Design Award. First launched in the U.S. and the  
Q2 2025/26  
Q2 2025/26  
organic growth  
13.8%  
-2.5%  
organic growth  
Company announcement no. 11 2025/26  
|
6 May 2026  
5
 
SUSTAINABILITY UPDATE  
Ambu is integrating sustainability across our strategy, business processes, and value  
chain. At the same time, we are committed to helping customers reduce waste and  
decarbonize. Our strategic sustainability focus is centred on three key levers: take-back  
and recycling program, circular products and packaging, and net-zero emissions.  
SUSTAINABILITY HIGHLIGHTS  
H1  
H1 Change  
In Q2, ISS ESG upgraded Ambu’s ESG rating to a B- “very good” prime performance  
from a C+ "good" prime performance. This places us in the top 15% of our industry and  
reflects strong governance, transparency, and improvements throughout our value chain.  
2025/26 2024/25  
(%-pts)  
Recycled waste, % of total waste  
Waste per tonne finished goods  
52%  
0.27  
0.67  
43%  
0.30  
0.85  
22%  
-9%  
Take-back and recycling program  
CO2e** per tonne finished goods  
Energy per product  
´(GJ per tonne finished goods)  
-21%  
Ambu’s take-back and recycling program progressed, and we now operate in four  
markets, at ~50 hospital sites, and in 140+ clinical departments. Focus remains on  
advancing even further, supporting our long-term strategy to strengthen customer  
partnerships, meet rising sustainability requirements in hospital procurement, and  
prepare for a changing regulatory landscape. In Q2, we continued our ongoing  
assessment of expanding the program to additional product categories, including  
SureSight blades. We also progressed our controlled pilot deployments, while evaluating  
potential commercialization models. However, the program did not have a material  
impact on Q2 profitability.  
16.94  
18.09  
-6%  
** including scope 1 and 2  
Waste management  
Waste management remains a key priority across Ambu’s manufacturing facilities  
and offices. For H1, we achieved a 22% 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. In contrast, last year’s lower recycling rate was influenced by reduced  
production of SPUR masks. Significant progress was made in Penang (Malaysia) this  
year through enhanced waste segregation practices, including the recycling of foam  
materials and used pallets. Also, improved material use contributed to a 9% reduction  
in waste generated per tonne of finished goods. Ambu remains committed to  
advancing waste management initiatives, which include expanding recycling efforts,  
converting food waste into biogas and fertilizers, and recycling runners from injection  
moulding processes at our production sites.  
Circular products and packaging  
In Q2, we continued to increase the share of bioplastics in our products and packaging.  
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 our near-term  
carbon reduction targets for Scope 1, 2, and 3 greenhouse gas emissions*, we are  
executing on our plan, which includes:  
•
For targets encompassing Ambu’s facilities (Scope 1 and Scope 2), we 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 our production sites.  
CO2 reduction  
Ambu continues our commitment to lowering carbon emissions in accordance with  
our near-term reduction targets, which are validated by the Science Based Targets  
initiative. In H1, the CO2e emissions per tonne of finished goods decreased by 21%,  
driven by factors such as decreased production and enhanced energy efficiency  
measures implemented at our manufacturing sites, alongside the acquisition of IREC  
in Penang (Malaysia), Xiamen (China), and Noblesville (U.S.). The 6% reduction in  
energy consumption per tonne of finished goods was a positive indication  
demonstrating our ability to decouple energy use from product output. We continue  
to focus on targeted energy improvement initiatives and enhanced data collection.  
•
•
For targets attributed to Ambu’s entire value chain (Scope 3), we are committed to  
engaging with suppliers to further safeguard our sustainable transformation.  
Ambu has officially made a commitment to the official SBTI net-zero target, and we are  
preparing for data submission to SBTI.  
* 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 reflects indirect greenhouse gas emissions – not included in  
Scope 2 – that occur in our value chain, including both upstream and downstream emissions.  
Company announcement no. 11 2025/26  
|
6 May 2026  
6
 
FINANCIAL OUTLOOK 2025/26  
Ambu now expects organic revenue growth of 10-12% (previously 10-13%) for the FY 25/26, as a result of lower  
volumes in selected U.S. accounts operating under non-exclusive contracts in Anesthesia & Patient Monitoring, where  
we now expect low-single-digit growth for FY 25/26 (previously mid-single-digits). EBIT margin guidance of 12-14% is  
unchanged. Underlying EBIT margin of 14–16% is expected, excluding an estimated ~2 percentage point impact from  
current tariff arrangements. Ambu's cash conversion is still expected to be +40%.  
Outlook expectations, FY 2025/26  
6 May 2026  
4 February 2026  
5 November 2025  
Organic revenue growth  
- Endoscopy Solutions  
10-12%  
+15%  
10-13%  
+15%  
10-13%  
+15%  
Financial calendar  
- Anesthesia & Patient Monitoring  
Low-single-digits  
Mid-single-digits  
Mid-single-digits  
2025/26  
Earnings release  
Q3 2025/26  
26 Aug  
30 Sep  
EBIT margin before special items  
12-14%  
12-14%  
12-14%  
Cash conversion  
+40%  
+40%  
+40%  
End of FY  
2025/26  
Exchange rates assumptions, FY 2025/26  
6 May 2026  
4 February 2026  
5 November 2025  
USD/DKK  
MYR/DKK  
MXN/DKK  
CNY/DKK  
GBP/DKK  
6.40  
1.60  
0.35  
0.90  
8.60  
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. 11 2025/26  
|
6 May 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  
March 2026. 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 six months of 2025/26 gives a  
true and fair view of the Group’s assets, liabilities and financial position at 31 March  
2026 and of the results of the Group’s operations and cash flows for the period 1  
October 2025 to 31 March 2026. 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, 6 May 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. 11 2025/26  
|
6 May 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. 11 2025/26  
|
6 May 2026  
9
 
INCOME STATEMENTS COMMENTS  
as negative impact from FX. In general, the  
gross margin is expected to increase over  
time, influenced by better price governance,  
increased revenue share in the more profit-  
able 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 Q2 2025/26 amounted to  
DKK 1,573m, corresponding to an organic  
growth of 7.3% and a reported growth of  
1.2%, compared to Q2 2024/25. The organic  
growth was positively impacted by  
continued solid growth in Endoscopy  
Solutions, offset by negative performance in  
Anesthesia & Patient Monitoring (A&PM) of  
2.5%, due to high comparable numbers  
from last year, as well as lower volumes on  
non-exclusive contracts in selected U.S.  
accounts.  
DA in Q2 2025/26 was DKK -98m, slightly  
higher than in Q2 2024/25.  
EBIT margin b.s.i.  
EBIT margin b.s.i. in Q2 2025/26 was 11.0%,  
corresponding to a decrease of 3.4%-pts,  
compared to Q2 2024/25. Adjusted for  
external factors, the EBIT margin was 14.5%,  
with tariff costs amounting to more than  
DKK 50m, with FX headwind representing  
the remaining impact. Overall, the under-  
lying EBIT margin was positively impacted  
by continued operating leverage from the  
solid organic growth.  
OPEX to revenue  
OPEX to revenue in Q2 2025/26 was 49.3%,  
corresponding to an increase of 3.1%-pts,  
compared to Q2 2024/25. The increase was  
driven by tariff costs, as they were included  
under OPEX, which negatively affected the  
OPEX leverage. Overall, Ambu continues to  
have significant potential to realize  
Net financials  
Net financials in Q2 2025/26 were DKK  
16m, in line with the level in Q2 2024/25.  
Gross margin  
operating leverage, however, as previously  
communicated, we remain committed to  
investing in future growth by allocating  
resources to drive organic growth,  
Gross margin in Q2 2025/26 was 60.3%,  
corresponding to a decline of 0.3%-pts,  
compared to Q2 2024/25. The gross margin  
remained in line with expectations, and the  
decline was due to a high comparable gross  
margin in the same quarter last year, as well  
Tax  
Tax in Q2 2025/26 amounted to an expense  
of DKK -36m, corresponding to an effective  
tax rate of 23%.  
Despite these external headwinds, Ambu’s  
significant investment in our commercial  
infrastructure to drive future growth remains  
unchanged. The negative impact from FX  
particularly within our commercial setup.  
Revenue  
DKKm  
EBIT margin  
DKKm, before special items (b.s.i.)  
25.0%  
1,800  
20.0%  
300  
19.5%  
16.1%  
14.4%  
1,750  
20.0%  
15.0%  
10.0%  
5.0%  
250  
200  
150  
100  
50  
11.3%  
11.0%  
10.5%  
1,700  
1,650  
1,600  
1,550  
1,500  
1,450  
1,400  
10.0%  
12.0%  
11.7%  
15.0%  
10.0%  
5.0%  
10.0%  
8.6%  
7.3%  
243  
Q1  
224  
Q2  
0.0%  
0.0%  
173  
Q2  
170  
Q3  
164  
Q1  
1,573  
Q2  
147  
Q4  
1,558  
Q1  
1,554  
Q2  
-5.0%  
-5.0%  
1,510  
Q1  
1,507  
Q3  
1,466  
Q4  
-10.  
0%  
-10. 0%  
0
24/25 24/25 24/25 24/25 25/26 25/26  
24/25 24/25 24/25 24/25 25/26 25/26  
Revenue  
Organic growth  
EBIT b.s.i.  
EBIT margin b.s.i.  
Company announcement no. 11 2025/26  
|
6 May 2026  
10  
 
INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME  
Interim report for Q2 2025/26  
Statement of comprehensive income  
Q2  
2025/2 2024/2 2025/2 2024/2 2024/2  
Income statement  
Q2  
YTD  
YTD  
FY  
Q2  
Q2  
YTD  
YTD  
FY  
DKKm  
2025/26 2024/25 2025/26 2024/25 2024/25  
DKKm  
6
5
6
5
5
Revenue  
1,573
-625
948
1,554
-612
942
3,131
-1,236
1,895
3,064
-1,197
1,867
6,037
-2,404
3,633
Net profit for the period  
121
188
239
371
609
Production costs  
Gross profit  
Other comprehensive income:  
Items which are moved to the  
income statement under certain  
conditions  
Selling and distribution costs  
Development costs  
-496
-91
-448
-88
-995
-185
-378
337
-876
-167
-357
467
-1,792
-347
-710
784
Translation adj. in foreign  
subsidiaries  
48
48
-87
-87
72
72
29
29
-109
-109
500
Management and administrative costs  
Operating profit (EBIT) b.s.i.  
-188
173
-182
224
Other comprehensive  
income after tax  
Special items  
-
-
-
-
-
Operating profit (EBIT)  
173
224
337
467
784
Comprehensive income  
for the period  
169
101
311
400
Financial income  
Financial expenses  
Profit before tax  
3
-19
4
-20
7
-34
8
-30
15
-44
157
208
310
445
755
Tax on profit for the period  
-36
-20
-71
-74
-146
Net profit for the period  
121
188
239
371
609
Earnings per share in DKK  
Earnings per share (EPS)  
0.46
0.46
0.71
0.71
0.90
0.90
1.39
1.39
2.29
2.28
Diluted earnings per share (EPS-D)  
Company announcement no. 11 2025/26  
|
6 May 2026  
11  
 
CASH FLOW COMMENTS  
Cash flow from operating  
activities (CFFO)  
CFFO in Q2 2025/26 was DKK 255m,  
compared to DKK 161m last year. The  
higher cash flow was driven by improved  
working capital, although partly offset by  
lower EBITDA.  
Free cash flow (FCF) before acquisition  
DKK 112m were used to acquire treasury  
shares in Q2, in line with the intended share  
buyback program of DKK 150m in 2025/26,  
which was completed in Q2 2025/26.  
FCF before acquisitions came to DKK 104m  
in Q2 2025/26. This was mainly due to solid  
operational performance alongside an  
improved working capital compared to  
revenue. FCF was still negatively impacted  
by both FX headwind and tariff costs.  
Cash position  
At 31 March 2026, cash and cash  
equivalents were DKK 691m, reflecting a  
decrease of DKK 175m since 30 September  
2025, mainly driven by the payout of  
dividends and share buyback.  
Cash flow from investing  
Acquisitions of enterprises  
and technology  
No acquisitions were made in Q2 2025/26.  
activities (CFFI) before acquisitions  
CFFI before acquisitions in Q2 2025/26  
was DKK 151m, corresponding to 10% of  
revenue. CFFI was primarily driven by R&D  
activities, which amounted to DKK 75m,  
however, when factoring in development  
costs, less depreciation and amortization,  
total R&D expenditure amounted to  
DKK 111m.  
Cash flow from financing  
activities (CFFF)  
CFFF in Q2 2025/26 was DKK -150m. This  
was primarily related to dividend payment  
and purchase of treasury shares.  
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  
Free cash flow  
DKKm, before acquisitions  
DKKm, main components  
-10  
Q2  
Q2  
2025/26 2024/25  
-151  
Development costs  
91  
88  
Depreciation,  
amortization, and  
impairment losses  
271  
130  
Q4  
128  
Q3  
-6  
104  
Q2  
80  
-55  
75  
-53  
50  
69  
104  
Investments  
13  
Cash flow, R&D  
111  
85  
EBITDA Change CAPEX1 Other2  
Free  
cash  
flow  
Q1  
Q2  
Q1  
in working  
capital  
24/25 24/25 24/25 24/25 25/26 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. 11 2025/26  
|
6 May 2026  
12  
 
CASH FLOW STATEMENT  
Interim report for Q2 2025/26  
YTD  
YTD  
FY  
YTD  
YTD  
FY  
2025/26 2024/25 2024/25  
2025/26 2024/25 2024/25  
DKKm  
DKKm  
Net profit  
239
371
609
Cash and cash equivalents, end of period,  
are composed as follows:  
Adjustment for non-cash items:  
Income taxes  
Cash and cash equivalents  
255
436
691
267
373
640
195
671
866
71
27
74
22
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  
195
14
182
11
372
31
-117
-
-269
-2
-273
-9
7
8
15
Interest paid  
-12
-63
361
-12
-80
305
-28
-101
791
Income tax paid  
Cash flow from operating activities  
Investment in intangible assets  
Investments in tangible assets  
Cash flow from investing activities  
-164
-80
-121
-35
-267
-117
-384
-244
-156
Free cash flow  
117
149
407
Repayment of lease liability  
Purchase of treasury shares  
Exercise of options  
-37
-150
-
-32
-
-63
-
11
11
Dividend paid  
-110
1
-102
1
-102
1
Dividend, treasury shares  
Cash flow from financing activities  
-296
-122
-153
Changes in cash and cash equivalents  
-179
866
4
27
615
-2
254
615  
-3
Cash and cash equivalents, beginning of period  
Translation adjustment of cash and cash equivalents  
Cash and cash equivalents, end of period  
691
640
866
Company announcement no. 11 2025/26  
|
6 May 2026  
13  
 
BALANCE SHEET COMMENTS  
Total assets  
ROIC  
Net interest-bearing debt (NIBD)  
At 31 March 2026, NIBD was DKK  
-140m, compared to DKK -319m at 30  
September 2025. In H1 2025/26, Ambu paid  
dividend of DKK 110m and completed our  
share buyback program of DKK 150m.  
At 31 March 2026, total assets were DKK  
7,606m, corresponding to a decrease of  
DKK 69m, compared to 30 September  
2025. The development was mainly driven  
by decreased cash and cash equivalents as  
a result of dividend payment and share  
buyback.  
ROIC in Q2 2025/26 was 9%, correspond-  
ing to a decline of 1%-pts, compared to Q2  
2024/25. The decrease was largely attri-  
butable to a decline in operating profit  
following a particularly strong Q2 last year.  
Net working capital  
Net interest-bearing debt (NIBD) to  
EBITDA b.s.i.  
At 31 March 2026, NIBD to EBITDA b.s.i.  
was -0.1x, compared to -0.3x at 30  
September 2025.  
At 31 March 2026, net working capital was  
DKK 1,352m, corresponding to 22% of  
revenue. The current level exceeded the  
20% of revenue target slightly, driven  
primarily by elevated inventory levels.  
Invested capital  
At 31 March 2026, invested capital was DKK  
5,961m, corresponding to an increase of  
DKK 245m, compared to 30 September  
2025. The increase was driven by  
comprehensive income for the period of  
DKK 311m.  
Total assets  
DKKm  
Invested capital and ROIC  
DKKm  
NIBD and gearing  
DKKm  
0.3x  
300  
15%  
10%  
5%  
6,200  
7,700  
11%  
0.2x  
200  
10%  
10%  
10%  
7,650  
7,600  
7,550  
7,500  
7,450  
7,400  
7,350  
7,300  
7,250  
7,200  
6,100  
6,000  
5,900  
5,800  
5,700  
5,600  
5,500  
5,400  
9%  
9%  
0.1x  
100  
-24  
0.0x  
0
-86  
-140  
-178  
-0.1x  
-0.2x  
-0.3x  
-0.4x  
-100  
-200  
-300  
-400  
0.0x  
-217  
-0.2x  
Q3  
7,675  
0%  
-319  
7,606  
7,581  
-0.1x  
-0.1x  
5,961  
5,858  
5,828  
5,771  
-0.2x  
Q1  
-5%  
7,414  
5,716  
7,396  
7,380  
5,688  
-0.3x  
Q4  
-10%  
Q1  
Q2  
Q2  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
Q1  
Q2  
Q3  
Q4  
Q1  
Q2  
24/25 24/25 24/25 24/25 25/26 25/26  
24/25 24/25 24/25 24/25 25/26 25/26  
24/25 24/25 24/25 24/25 25/26 25/26  
ROIC  
NIBD  
NIBD to EBITDA b.s.i  
Invested capital  
Company announcement no. 11 2025/26  
|
6 May 2026  
14  
 
BALANCE SHEET  
Interim report for Q2 2025/26  
Assets  
Equity and liabilities  
DKKm  
31.03.26 31.03.25 30.09.25  
DKKm  
31.03.26 31.03.25 30.09.25  
Goodwill  
1,511
322
1,551
356
1,497
339
Share capital  
Other reserves  
Equity  
135
5,966
6,101
135
5,779
5,914
135
5,900
6,035
Acquired technologies, trademarks,  
and customer relations  
Completed development projects  
Other, incl. IT software  
935
105
1,053
69
994
100
Deferred tax  
7
-
4
15
11
3
Provisions  
Development projects and other assets in progress  
Intangible assets  
438
239
319
Credit institutions  
Lease liabilities  
Non-current liabilities  
17
-
5
3,311
3,268
3,249
449
473
478
497
462
481
Property, plant, and equipment  
Right-of-use assets  
654
552
570
530
588
544
Provisions  
6
85
1
76
3
80
Deferred tax assets  
76
155
137
Lease liabilities  
Trade payables  
Income tax  
Total non-current assets  
4,593
4,523
4,518
512
2
522
572
Inventories  
1,231
907
41
1,214
877
34
1,272
834
40
26
56
Trade receivables  
Other payables  
Current liabilities  
427
1,032
378
448
Other receivables  
1,003
1,159
Income tax receivable  
Prepayments  
31
29
33
Total liabilities  
1,505
7,606
1,500
7,414
1,640
7,675
112
-
96
112
-
Derivative financial instruments  
Cash and cash equivalents  
Total current assets  
1
Total equity and liabilities  
691
3,013
640
2,891
866
3,157
Total assets  
7,606
7,414
7,675
Company announcement no. 11 2025/26  
|
6 May 2026  
15  
 
STATEMENT OF CHANGE IN EQUITY  
Interim report for Q2 2025/26  
Reserve for  
foreign currency  
DKKm  
Share  
Capital  
translation  
adjustments  
Retained  
earnings  
Total  
Equity 1 October 2025  
135
36
5,864
6,035
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.  
Net profit for the period  
-
-
-
-
72
72
239
-
239
72
Other comprehensive income for the period  
Total comprehensive income  
239
311
Transactions with the owners:  
Share-based payment  
On 10 December 2025, Ambu announced a share buyback  
program, which was initiated on 29 December 2025 and  
completed as of 11 February 2026. Ambu has repurchased a total  
number of 1,746,034 treasury shares, totaling DKK 150m and  
corresponding to an average purchase price of DKK 85.91.  
-
-
14
-150
-110
1
14
-150
-110
1
Purchase of treasury shares  
Distributed dividend  
-
-
-
-
Dividend, treasury shares  
Equity 31 March 2026  
135
108
5,858
6,101
Equity 1 October 2024  
135
145
-
5,314
371
-
5,594
371
Net profit for the period  
-
-
-
Other comprehensive income for the period  
Total comprehensive income  
29
29
29
371
400
Transactions with the owners:  
Share-based payment  
Exercise of options  
-
-
10
11
10
11
-
-
Distributed dividend  
-
-
-
-
-102
1
-102
1
Dividend, treasury shares  
Equity 31 March 2025  
135
174
5,605
5,914
Company announcement no. 11 2025/26  
|
6 May 2026  
16  
 
NOTES TO THE INTERIM REPORT  
Interim report for Q2 2025/26  
Note 1 – Basis of preparation of the interim report  
Note 4 – Contingent assets  
The interim report for the period 1 October 2025 to 31 March 2026 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.  
On 20 February 2026, the US Supreme Court ruled that the International Emergency  
Economic Powers Act (“IEEPA”) does not provide authority to impose tariffs.  
Consequently, tariffs imposed under Executive Orders were deemed invalid and  
terminated. U.S. Customs and Border Protection (CBP) has been instructed to  
establish a process for refunding such tariffs under the supervision of the U.S. Court  
of International Trade.  
The accounting principles applied are consistent with the principles applied in the Annual  
Report for 2024/25.  
As of 31 March 2026, Ambu has paid DKK 193m (USD 29.6m) in tariffs imposed  
under IEEPA, hereof DKK 39.8m (USD 6.1m) have been expensed in the 2024/25  
financial year. Due to uncertainties surrounding the process of claiming refunds,  
Management has decided not to recognize any potential refunds as receivable.  
Management will reassess the situation on an ongoing basis as new information  
becomes available.  
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 – Contingent liabilities  
Ambu is involved in pending litigations, claims, and investigations arising out of the  
normal conduct of our 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.  
Note 3 – Revenue  
Q2  
Q2  
YTD  
YTD  
FY  
DKKm  
2025/26 2024/25 2025/26 2024/25 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.  
Respiratory  
501  
495  
290  
287  
469  
460  
326  
299  
988  
994  
586  
563  
941  
898  
644  
581  
1,818  
1,826  
1,249  
1,144  
URO, ENT & GI  
Anesthesia  
Ambu does not expect any pending litigations, claims, or investigations to have a  
material effect on the Group’s financial position.  
Patient Monitoring  
Total revenue by  
business groups  
1,573  
1,554  
3,131  
3,064  
6,037  
Note 6 – Subsequent events  
North America  
Europe  
767  
662  
799  
616  
1,531  
1,315  
285  
1,556  
1,215  
293  
3,051  
2,405  
581  
In addition to the matters described in this interim report, the Management is not  
aware of any events subsequent to 31 March 2026 which could be expected to have  
a significant impact on the Group’s financial position.  
Rest of World  
144  
139  
Total revenue by markets  
1,573  
1,554  
3,131  
3,064  
6,037  
Company announcement no. 11 2025/26  
|
6 May 2026  
17  
 
QUARTERLY RESULTS  
Q2  
2025/26  
Q1  
2025/26  
Q4  
2024/25  
Q3  
2024/25  
Q2  
2024/25  
Q1  
2024/25  
Q2  
2025/26  
Q1  
2025/26  
Q4  
2024/25  
Q3  
2024/25  
Q2  
2024/25  
Q1  
2024/25  
DKKm  
DKKm  
Revenue by business groups  
Respiratory  
Organic growth, business groups, %  
Respiratory  
501  
495  
996  
290  
287  
577  
487  
499  
986  
296  
276  
572  
431  
458  
889  
301  
276  
577  
446  
470  
916  
304  
287  
591  
469  
460  
929  
326  
299  
625  
472  
438  
910  
318  
282  
600  
12.2  
15.5  
13.8  
-4.4  
-0.4  
-2.5  
8.3  
21.0  
14.4  
-1.2  
1.1  
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  
URO, ENT, & GI  
URO, ENT, & GI  
Endoscopy Solutions  
Anesthesia  
Endoscopy Solutions  
Anesthesia  
Patient Monitoring  
6.4  
9.3  
Patient Monitoring  
Anesthesia & Patient Monitoring  
Anesthesia & Patient Monitoring  
-0.1  
6.4  
6.4  
9.8  
Organic growth, total revenue, %  
Exchange rate effects  
7.3  
-6.1  
1.2  
8.6  
-5.4  
3.2  
10.0  
-4.3  
5.7  
12.0  
-3.0  
9.0  
11.7  
2.0  
19.5  
0.9  
Total revenue  
Production costs  
Gross profit  
1,573  
-625  
1,558  
-611  
1,466  
-587  
1,507  
-620  
1,554  
-612  
1,510  
-585  
Reported growth, total revenue, %  
13.7  
20.4  
948  
947  
879  
887  
942  
925  
Organic growth, geographies, %  
North America  
Selling and distribution costs  
Development costs  
-496  
-91  
-499  
-94  
-459  
-93  
-457  
-87  
-448  
-88  
-428  
-79  
6.1  
7.9  
9.8  
9.7  
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  
Europe  
Management and administrative costs  
Operating profit (EBIT) b.s.i.  
-188  
173  
-190  
164  
-180  
147  
-173  
170  
-182  
224  
-175  
243  
Rest of World  
10.7  
7.3  
-1.6  
8.6  
Organic growth, total revenue, %  
10.0  
12.0  
11.7  
Special items  
-
-
-
-
-
-
Cash flow, DKKm  
Operating profit (EBIT)  
173  
164  
147  
170  
224  
243  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow  
255  
-151  
104  
106  
-93  
13  
249  
-119  
130  
237  
-109  
128  
161  
-81  
80  
144  
-75  
69  
Financial income  
Financial expenses  
Profit before tax  
3
-19  
4
-15  
4
-1  
3
-13  
4
-20  
4
-10  
157  
153  
150  
160  
208  
237  
Cash flow, % of revenue  
Cash flow from operating activities  
Cash flow from investing activities  
Free cash flow  
16  
-9  
7
7
-6  
1
17  
-8  
9
16  
-8  
8
10  
-5  
5
10  
-5  
5
Tax on profit for the period  
-36  
-35  
-35  
-37  
-20  
-54  
Net profit for the period  
121  
118  
115  
123  
188  
183  
Cash conversion, % of EBITDA b.s.i.  
38  
5
53  
49  
25  
21  
Key figures and ratios  
Gross margin, %  
60.3  
775  
49.3  
271  
17.2  
11.0  
-0.1  
22  
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  
OPEX  
7,606  
1,352  
6,101  
-140  
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  
OPEX ratio, %  
Net working capital  
Equity  
EBITDA before special items  
EBITDA margin before special items, %  
EBIT margin before special items, %  
NIBD/EBITDA before special items  
Net working capital, % of revenue  
Net interest-bearing debt (NIBD)  
Invested capital  
5,961  
5,858  
5,716  
5,688  
5,828  
5,771  
22  
Share-related ratios (in DKK)  
Market price per share  
68  
0.46  
0.46  
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. 11 2025/26  
|
6 May 2026  
18