Investor Relations

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%. 

The 2025/26 financial guidance is maintained. Growth and EBIT margin are still expected to be higher in H2 compared to H1. 

“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.

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." 

Britt Meelby Jensen 
Chief Executive Officer 

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%). 

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. 

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. 

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. 

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. 

 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 

 
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. 

 
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. 

The presentation can be downloaded at Ambu.com/presentations. 

Ambu A/S launches a new share based Long-Term Incentive Plan (LTIP) for its Executive Management and selected key employees for the 2025/26 financial year, pursuant to Ambu’s Remuneration Policy. The LTIP for 2025/26 has been approved by the Board of Directors.

The LTIP is designed to align the interests of employees and shareholders, ensuring that employees are retained and rewarded for their dedicated efforts in achieving the company’s strategic and long-term objectives.

The LTIP implies a target grant of a total of 266,170 (maximum 532,340) performance share units (PSUs) for 2025/26. Of these, 67,563 (maximum 135,126) PSUs are allocated to the Executive Management, while 198,607 (maximum 397,214) of the PSUs are allocated to other key employees. The grants will be issued with retroactive effect from 1 January 2026.

For Executive Management, vesting of the PSUs is conditional upon achievement of key performance indicators (KPIs) relating to organic revenue growth and EBIT, measured as the average performance over a three-year performance period (2025/26, 2026/27, and 2027/28).

For key employees, vesting of the PSUs is conditional upon achievement of KPIs relating to organic revenue growth and EBIT for the 2025/26 financial year.  

Each KPI is defined by a target, a threshold, and a maximum. If the performance is below the threshold, no PSUs will be granted. The final allocation can range from 0-200% of the initial target grant. The value of the PSUs will, at the time of vesting, be capped at four times the annual base salary of the individual participant, measured at the time of the grant.

The PSUs are granted free of charge and subject to achievement of the KPIs mentioned above. Upon vesting on 1 January 2029, each PSU will convert into one Class B share in Ambu A/S, subject to the terms of the LTIP.

Based on the reference share price of DKK 86.5 (the average price for Ambu A/S’ Class B shares listed on Nasdaq OMX Copenhagen on the day of the annual general meeting and the subsequent four trading days (3-9 December 2025)), the target grant value of the LTIP to all participants is valued at DKK 23,023,492 (maximum DKK 46,046,984).

Download the company announcement here.

On 10 December 2025, Ambu announced a share buyback program (company announcement no. 7 2025/26). The share buyback program is carried out in accordance with Article 5 of Regulation No 596/2014 of the European Parliament and Council of 16 April 2014 (MAR) (as amended) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016, also referred to as the Safe Harbor Regulations.

During the program, Ambu will repurchase shares for a total amount of up to DKK 150m from 10 December 2025 until no later than 31 March 2026. The repurchased shares are bought with the aim of completing a share capital decrease as set out in Article 5(2)(a) in MAR.

The following transactions have been made under the program from 26 January to 30 January 2026:

After the above mentioned transactions DKK 22,768,247 remains to be repurchased. Ambu now owns 3,924,394 treasuryshares, corresponding to 1.5% of the share capital.

Download the company announcement here.