FINANCIAL OUTLOOK 2025/26
Ambu has launched its next-era strategy,
ZOOM AHEAD, signaling a pivotal step in
the company’s long-term growth trajec-
tory. This strategy reflects the aspiration
to achieve global endoscopy leadership
and underscores a commitment to
setting new standards in the field. In
2024/25, Ambu continued to generate
double-digit organic revenue growth,
while also improving profitability.
Organic revenue
For 2025/26, Ambu expects Anesthesia &
Patient Monitoring to grow mid-single
digits.
Ambu’s Endoscopy Solutions business
continues to be the primary growth
driver. For 2025/26, Ambu expects
Endoscopy Solutions to post organic
growth of +15%, with all four endoscopy
business areas expected to contribute.
This broad-based momentum reflects
strong market demand and reinforces
Ambu’s confidence in the scalability and
resilience of the endoscopy portfolio.
Financial guidance
2025/26
Overall, for the 2025/26 financial year,
Ambu’s total organic revenue growth is
expected to be 10-13%, compared to
13.1% in 2024/25. The total growth is
expected to be back-end loaded.
Organic revenue growth
EBIT margin
Market conditions
EBIT margin before special items is
expected to be 12-14%, compared to
13.0% in 2024/25. This will be driven by
both an improved gross margin and
operating leverage, partly offset by
growth investments. The EBIT margin is
expected to be back-end loaded.
Excluding tariff impacts of ~2%-pts, EBIT
margin is expected to be 14-16% given
the current schedule of expected tariffs.
Mitigation actions, including investing in
Americas, are ongoing, and the effect will
diminish over the coming years.
10-13%
In 2024/25, the global economy demon-
strated resilience amid ongoing geopoli-
tical dynamics. The geopolitical dynamics
contributed to fluctuations in foreign
exchange rates and increased costs of
raw materials, energy, and logistics. Part
of the inflationary pressures are expected
to continue into 2025/26.
For Endoscopy Solutions, the more
established, yet significantly underpene-
trated, Respiratory business group is
expected to deliver accelerated organic
growth momentum in 2025/26, support-
ed by ongoing enhancements to Ambu’s
Respiratory portfolio solutions. In the
business group ‘Urology, Ear-Nose-
Throat (ENT), and Gastroenterology (GI)’,
Ambu expects continued strong growth
momentum, particularly driven by
EBIT margin
before special items, reported
12-14%1
Despite this dynamic environment, the
single-use endoscopy market is expected
to demonstrate continued growth. This is
underpinned by increasing demand from
hospitals and clinics for solutions that en-
hance efficiency and cost-effectiveness,
alongside heightened focus on infection
prevention and the proven clinical bene-
fits of single-use technologies. These
dynamics position Ambu well to capture
long-term value in a structurally high-
growing market.
Urology with existing and new solutions.
For Anesthesia & Patient Monitoring (A &
PM), Ambu has managed to increase
profitability by raising prices in selected
low-margin areas. Ambu will continue to
strengthen pricing governance to expand
margins. Furthermore, the company will
optimize its commercial organization to
support growth as well as invest in its
supply chain to maintain high reliability.
Cash conversion
1)
14-16% excluding tariff impacts of ~2%-pts
Ambu's cash conversion is expected to
be +40%, compared to 35% in 2024/25.
The continued increased cash flow will be
driven by a higher EBIT before special
items and continued improvements from
transformation efforts.
given the current schedule of expected tariffs.
Mitigation actions, including investing in
Americas, are ongoing, and the effect will
diminish over the coming years.
Forward-looking statements
Forward-looking statements, in particular relating to future sales, operating income, and other key financials, are subject to risks and uncertainties.
Various factors, many of which lie outside of Ambu’s control, may cause the realized results to differ materially from the expectations presented in this
earnings release. Such factors include, but are not confined to, changes in market conditions and the competitive situation, changes in demand and
purchasing patterns, fluctuations in foreign exchange and interest rates, as well as general economic, political, and commercial conditions.
Company announcement no. 1 2025/26
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5 November 2025
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