Ambu (AMBUN) Q3 2026 Earnings Report

The call presented strong top-line momentum driven by Endoscopy (Respiratory and Urology/ENT/GI) with meaningful product and platform progress, robust cash generation and improved gross margin. Offsetting these positives were modest ongoing weakness in Anesthesia & Patient Monitoring, FX headwinds, residual tariff uncertainty and one-off commercial and project costs that depressed adjusted EBIT in Q3. Management confirmed updated guidance (~10% organic growth) and expects Q4 margin improvement driven by higher growth, tariff reclaims and operating leverage, while retaining medium-term margin ambitions.

Ambu confirmed updated full‑year guidance of around 10% organic revenue growth (Q3 organic +10.3%; 12‑month rolling organic +9%) while reiterating Endoscopy momentum at roughly +15% organic growth for the year (Endoscopy = 64% of revenue; Q3 Endoscopy +15%; Urology/ENT/GI Q3 +15%, 12‑month +16.9%; Respiratory Q3 +17.1%, 12‑month +11.5%) and A&PM returning to positive but very low single‑digit growth (Q3 +1.6%; 12‑month +1.3%; long‑term A&PM target 3–5%). Profitability: reported EBIT was 13.5% in Q3 (up 2.2 ppt YoY), adjusted EBIT 12.5% (Q1 15.2%, Q2 14.5%), and the company maintains FY EBIT guidance of 12–14% with an expectation to land in the upper end; gross margin improved to 59.5% (+60 bps YoY). Tariff items remain a headwind (run‑rate ≈ -1 ppt into next year) but Q3 included ~DKK 40m reclaimed and an additional DKK 85m received after quarter close (DKK 70m more potentially outstanding). Cash generation was strong: Q3 net free cash flow DKK 154m, cash conversion 48% (full‑year target >40%), and Ambu reiterated its ZOOM AHEAD Endoscopy CAGR ambition of 15–20%.