Ambu A/S

Ambu reported Q1 organic growth of 8.6%, with Endoscopy Solutions up 14.4% and Anesthesia and Patient Monitoring down 0.1%. Reported growth was 3.2% after FX. Gross margin was 60.8%. EBIT before special items was DKK 164 million, equal to a 10.5% EBIT margin, which was down 5.6 percentage points year over year. Free cash flow was DKK 13 million. For the full year, management reaffirmed organic growth of 10% to 13%, Endoscopy Solutions growth of plus 15%, Anesthesia and Patient Monitoring growth of mid-single digits, and an EBIT margin of 12% to 14%.

Britt Jensen framed the quarter as a strong start to the fiscal year, especially in endoscopy, where she emphasized broad momentum across respiratory, urology, ENT, and GI. She highlighted continued conversion from reusable to single-use endoscopy, strong new-customer wins, and rising penetration with existing customers. She also pointed to the launch of the ZOOM AHEAD strategy, expansion of the portfolio with SureSight Mobile and aScope 4 Cysto in China, and said the company remains on track for its full-year outlook.

Henrik Skak Bender said the business grew 8.6% organically, with reported growth lower at 3.2% because of USD/DKK weakness. He noted gross margin of 60.8% and said it is supported by higher endoscopy mix, stronger price governance, and rising Mexico utilization. EBIT margin was 10.5%, pressured by more than DKK 50 million in tariff costs and FX, but he said the underlying adjusted EBIT margin was above 15% and in line with the company’s expansion plan. Free cash flow was DKK 13 million, affected by typical Q1 bonus and tax payments plus working-capital build and tariff costs; he said cash conversion guidance for the full year remains comfortable.

Analysts focused on the Q1 pull-forward in Urology, ENT, and GI, tariff expense, FX pressure, and the ramp-up of Mexico production. Management said the quarter-over-quarter move in urology reflected customer budget timing around year-end rather than a change in demand, and described the impact as a few percentage points, not a sign of weaker underlying momentum. On tariffs, Henrik said Q1 saw above DKK 50 million of cost and that Q2 should still be above the full-year average 2% impact before easing in Q3 and Q4 as production transfers flow through. They also said the company is on plan with mitigation actions, neither ahead nor behind.