Q3 2026 Ambu A/S Earnings Call Transcript

Aug 26, 2026 / 09:00 AM GMT

Release Date Price: $10.51 (-9.79%)

Transcript

Key Points

Positve

Ambu AS (AMBFF) delivered strong 16% organic growth in endoscopy solutions, with respiratory growing 17.1% and urology/ENT/GI growing 15%.
The company returned to positive growth in ANPM (1.6%) after two quarters of negative growth, signaling recovery.
Gross margin improved by 60 basis points year-over-year to 59.5%, driven by better output efficiency, pricing governance, and product mix.
Reported EBIT margin improved to 13.5%, up 2.2 percentage points year-over-year, with expectations to land in the upper end of the 12%-14% guidance.
Strong cash flow generation with net free cash flow of $154 million in the quarter and cash conversion of 48%, above the 40% full-year target.
The company received tariff refunds (DKK 40 million in Q3 and an additional DKK 85 million after quarter-end) that will positively impact Q4 results.
New product launches, such as SureSide video laryngoscope and Neuroline COP MRICT electrodes, are driving growth and expanding market opportunities.
Ambu AS (AMBFF) maintains its long-term endoscopy growth target of 15%-20% CAGR, with confidence in continued market share gains.
The company is investing in commercial expansion, particularly in the US, and expects operating leverage to improve in Q4.
Cybersecurity validation for its monitors strengthens its Indo Intelligence platform, a key differentiator in hospital integration.

Negative

ANPM growth remains very low (1.3% rolling 12 months), with anesthesia volumes still declining due to lost accounts from prior price increases.
FX headwinds, particularly the US dollar to DKK exchange rate, negatively impacted revenue, gross margin, and EBIT margin in Q3.
Adjusted EBIT margin declined to 12.5% in Q3, below Q1 (15.2%) and Q2 (14.5%), due to one-time costs from commercial expansion and strategic projects.
The company faces ongoing tariff costs, with a runway cost of approximately 1 percentage point negative impact expected to carry into next year.
Ureteroscopy market share gains are slower than planned due to a crowded market and longer sales cycles, impacting growth in that segment.
The updated revenue guidance of around 10% organic growth is lower than the initial expectation, driven by weak ANPM performance.
Gross margin in Q3 was lower sequentially due to FX and one-time costs, with no immediate improvement expected until Q4.
The company is making strategic pricing concessions in ASCs, which could pressure gross margins if not managed carefully.
Commercial investments in the US sales force have increased costs, with ramp-up expenses impacting Q3 profitability.
The company remains cautious about recognizing outstanding tariff reclaims (DKK 70 million) until they are received, adding uncertainty to future earnings.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AMBUb.CO - Ambu A/S
Q3 2026 Ambu A/S Earnings Call
Aug 26, 2026 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, welcome to the Ambu Earnings Release Q3 2025-26 conference call. I'm Vicky, the course call operator.

I would like to remind you that all participants will be in listen-only mode and the conference is being recorded.

The presentation will be followed by a Q&A session.

You can register for questions at any time by pressing star and one on your telephone.

For operator assistance, please press then zero.

The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Britt Melbu, Jensen, CEO. Please go ahead.

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Unidentified_2 [2]
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