Ambu
Medical devices·AMBU-B · Nasdaq Copenhagen·Fiscal year to 30/09/2025
Develops single-use equipment for medical imaging and airway management, including single-use endoscopes — a category that has gained ground over reusable instruments because of infection control advantages. Growth-oriented, but historically with swinging earnings and periods of margin pressure.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Single-use medical devices
Technology
DriverPositive impact: strengthens
“GLOBAL ENDOSCOPY MARKET A market opportunity of DKK 190bn Global single-use endoscopy market opportunity The market potential of single-use endoscopy represents a DKK 190bn opportunity at full single-use penetration. Across the four major endoscopy areas – Respiratory, Urology, Ear- Nose-Throat, and Gastroenterology – only 3-4% of that potential has been realized, reflecting a significant headroom for further growth.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“As the market leader in single-use endoscopy, Ambu is heading up this structural shift. We offer the broadest single-use solutions portfolio and a proprietary technology platform, EndoIntelligence™, designed to help clinicians and health systems treat more patients and drive better outcomes.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“S Respiratory (formerly named Pulmonology) and Urology are Ambu’s core business areas. In both, our strategic choice is to ‘win’ – by expanding our leadership position and driving the transition toward making singleuse the standard of care.”
Annual report 2025A · The company itself
Market
“As the global shift toward single-use endoscopy gains momentum, we continue to lead the way, powered by strong performance in our Endoscopy Solutions portfolio and our clear commitment to helping hospitals and clinicians achieve higher efficiency, better economics, and clinically impactful care.”
Annual report 2025A · The company itself
Market
“As the global leader in single-use endoscopy, we recognize our responsibility to lead the transition toward more sustainable healthcare.”
Annual report 2025A · The company itself
Healthcare and hospitals
End markets
DriverPositive impact: strengthens
“DRIVERS OF SINGLE-USE ENDOSCOPY ADOPTION Health systems worldwide face growing pressure from staff shortages, rising patient volumes, tight budgets, and sustainability demands. Additionally, care is shifting toward outpatient settings, reflecting a need for more efficient, affordable, and high-performance solutions.”
Annual report 2025A · The company itself
Market
“With 13.1% organic growth, well above the MedTech industry average, we demonstrated our ability to scale in a dynamic market as a trusted partner to hospitals worldwide. As the global shift toward single-use endoscopy gains momentum, we continue to lead the way, powered by strong performance in our Endoscopy Solutions portfolio and our clear commitment to helping hospitals and clinicians achieve higher efficiency, better economics, and clinically impactful care.”
Annual report 2025A · The company itself
Market
“JØRGEN JENSEN BRITT MEELBY JENSEN Urology, Ear-Nose-Throat (ENT), and Gastroenterology (GI) delivered strong growth of 19.6%, reflecting our continued innovation in Urology.”
Annual report 2025A · The company itself
Market
“Our strongholds Our value creation DEEP CUSTOMER INSIGHTS CUSTOMERS PATIENTS We form close partnerships with health systems, hospitals, and healthcare professionals to gain deep insights into their clinical and operational needs and challenges.”
Annual report 2025A · The company itself
Market
“VALUE CHAIN Ambu is a MedTech innovator and manufacturer, delivering solutions to health systems, hospitals, and clinicians globally through direct sales and strategic partnerships.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens, GLP-1 and obesity treatment mixed effect
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“A key focus is the advancement of our proprietary digital EndoIntelligence™ platform, powering performance-enhancing technologies across our endoscopy portfolio.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“CUSTOMER TION INNOVA Y CENTRICIT ated Deliver integr and high-impact solutions Improve customer outcomes and eꢀciency ology Win in Ur espiratory Win in R Guided at every step by our bold, long-term aspiration to achieve global endoscopy leadership, our ZOOM AHEAD strategy model sets clear strategic choices for our business areas and portfolio, and is enabled by four strategic themes. Advance EndoIntelligenceTM Unlock Gastroenter Grow in Ear-Nose- TFORM TURE PEOPLE & CUL BUSINESS PLA ology Throat Build a scalable proꢁtable growth platform e of empowerment and growth Fuel a cultur Grow proꢀtably in Anesthesia Grow proꢀtably in Patient Monitoring Focus and differentiation guide strategic choices Ambu’s ZOOM AHEAD strategy is built on clear choices and prioritization, ensuring focus and differentiation across our portfolio and business areas.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We are committed to advancing AI-powered and performance-enhancing technologies to support clinicians before, during, and after procedures, and further differentiate our endoscopy offering to be centered around patient outcomes and customer efficiency.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Carbon tax and ETS prices
Regulation
StrategyPositive impact: strengthens
“Executive Leadership Team strengthened Carbon savings for customers through use of bioplastics By implementing bioplastics into the handles of our single-use endoscopes, we have helped our customers collectively reduce their carbon footprint by 550 metric tonnes CO₂e.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We will lead in sustainability through a pioneering customer offering and partnership to help customers reduce emissions and waste, supporting their sustainability targets.”
Annual report 2025A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“We will lead in sustainability through a pioneering customer offering and partnership to help customers reduce emissions and waste, supporting their sustainability targets.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Innovating for circularity Committed to circularity, we continue to find new ways to reduce the environmental impact of our solutions and packaging, both supporting our own emission reductions and providing affordable and practical ways for our health systems to decarbonize, reduce waste, and meet their sustainability targets. Our circularity efforts include contract manufacturing, R&D and product innovation, packaging and logistics, raw material sourcing, and end-of-life product handling – reflecting our dedication to enabling more sustainable health systems.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
EU climate and energy policy
Regulation
StrategyPositive impact: strengthens
“LEADING IN SUSTAINABILITY Through pioneering sustainability initiatives and high ambitions, we continue to strengthen our leading position in sustainable healthcare – helping our customers achieve their environmental goals, while reducing our own footprint. First company to introduce bioplastics in endoscopy In 2024, we became the first company to introduce bioplastics in the handles of all our endoscopes, setting a new standard for sustainable design.”
Annual report 2025A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“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.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“EBIT margin was negatively impacted by external factors that included tariff costs of more than DKK 40m and a limited impact from FX mainly due to USD/DKK development, which is being naturally hedged.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“• Theft of intellectual property could affect Ambu’s competitive advantage. • Increased costs due to tariffs.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Ageing population
Geography
DriverPositive impact: strengthens
“Annual Report 2024/25 STRATEGY & MARKET → → → → → → → → → → → Global trends in healthcare Global endoscopy market Drivers of single-use endoscopy adoption Successful turnaround with ZOOM IN Next-era strategy: ZOOM AHEAD Resilient global footprint Business model Value chain Leading in sustainability Equity story Long-term targets toward 2029/30 GLOBAL TRENDS IN HEALTHCARE Global healthcare trends fuel the need for more endoscopy procedures Aging population of the global population will be +65 years by 20501 16% Chronic diseases of the population over the age of 50 will have minimum one chronic disease by 20502 65% Minimally invasive procedures of surgeries in developed countries are expected to be minimally invasive by 20503 80% 1 Statista (via UN Population Division).”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Drivers of the year Leading position and a trusted partner The markets within Anesthesia & Patient Monitoring are fragmented but typically more mature and steadily growing, driven by demographics, increased healthcare access, and chronic diseases. With refined market data access and the implementation of price increases in low-margin areas, we have changed our longterm outlook assumption to 3-5% market growth versus previously 2-4%.”
Annual report 2025A · The company itself
Chains out: this strengthens Healthcare and hospitals, strengthens Medical devices, strengthens Hearing aids and hearing care
Plastics and polymers
Raw materials and inputs
InputNegative impact: weakens
“First company to introduce bioplastics in endoscopy In 2024, we became the first company to introduce bioplastics in the handles of all our endoscopes, setting a new standard for sustainable design. Ambu’s bioplastic actions are pioneering within the endoscopy industry – and enable a tangible shift toward lower-impact, fossil-free materials in clinical practice.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“For key inputs like bioplastics, we ensure availability, traceability, and alignment with our sustainability goals via early engagement and risk-based due diligence, addressing environmental and human rights impacts.”
Annual report 2025A · The company itself
Chains in: Oil strengthens
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“EBIT margin was negatively impacted by external factors that included tariff costs of more than DKK 40m and a limited impact from FX mainly due to USD/DKK development, which is being naturally hedged.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Approximately 51% of Ambu’s total revenue is invoiced in USD. Furthermore, approximately 31% of revenue is invoiced in EUR or DKK, and approximately 8% is invoiced in GBP, while the remaining 10% is invoiced in other currencies. Production and capacity costs are predominantly settled in USD, DKK, EUR, MYR, and CNY.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Energy security
Regulation
DriverPositive impact: strengthens
“For Respiratory, Urology, and ENT alone, clinicians believe in a future where 70% of procedures have transitioned to single-use.1 Total Win in Respiratory Win in Urology Grow in ENT Unlock GI Global market 20252 +20% annual single-use growth The single-use market is expected to grow +20% annually from 2025-2030, supported by underlying endoscopy procedure growth and a continued conversion from reusable endoscopes to single-use endoscopes. This growth is driven by increasing procedure volumes and accelerating adoption of single-use technologies, underpinned by clear advantages in efficiency, economics, clinical performance, and sustainability.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens, Reconstruction of Ukraine strengthens
Chains out: this strengthens Wind power, strengthens Power grid expansion
Other currencies
Macro
InputNegative impact: weakens
“Approximately 51% of Ambu’s total revenue is invoiced in USD. Furthermore, approximately 31% of revenue is invoiced in EUR or DKK, and approximately 8% is invoiced in GBP, while the remaining 10% is invoiced in other currencies. Production and capacity costs are predominantly settled in USD, DKK, EUR, MYR, and CNY.”
Annual report 2025A · The company itself
Geopolitical uncertainty
Macro
DriverMixed impact: mixed
“In 2024/25, the global economy demonstrated resilience amid ongoing geopolitical dynamics. The geopolitical dynamics contributed to fluctuations in foreign exchange rates and increased costs of raw materials, energy, and logistics.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Risk examples Risk examples • Insufficient integration of customer and user insights as a basis for product development. • Latency in establishing targeted partnerships to broaden our reach in targeted business areas. • Major disruption at a manufacturing facility, due to a natural disaster or other emergency, such as a fire or a pandemic, might disrupt Ambu’s ability to manufacture and distribute products. • Lockdowns, breakdowns, political unrest, fires, natural disasters, etc., at Ambu's manufacturing sites or at key suppliers’ sites might result in disruption of our supply chain. • Geopolitical risks, such as trade restrictions, sanctions, or conflicts, might impact the availability and cost of raw materials, components, and products, leading to supply chain disruptions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“To manage the ongoing geopolitical uncertainties, inventory levels have been deliberately maintained at elevated levels.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Business cycle and GDP growth
Macro
DriverMixed impact: mixed
“In 2024/25, the global economy demonstrated resilience amid ongoing geopolitical dynamics. The geopolitical dynamics contributed to fluctuations in foreign exchange rates and increased costs of raw materials, energy, and logistics.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Drivers of the year Leading position and a trusted partner The markets within Anesthesia & Patient Monitoring are fragmented but typically more mature and steadily growing, driven by demographics, increased healthcare access, and chronic diseases. With refined market data access and the implementation of price increases in low-margin areas, we have changed our longterm outlook assumption to 3-5% market growth versus previously 2-4%.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Climate change and extreme weather
Macro
DriverNegative impact: weakens
“Risk examples Risk examples • Insufficient integration of customer and user insights as a basis for product development. • Latency in establishing targeted partnerships to broaden our reach in targeted business areas. • Major disruption at a manufacturing facility, due to a natural disaster or other emergency, such as a fire or a pandemic, might disrupt Ambu’s ability to manufacture and distribute products. • Lockdowns, breakdowns, political unrest, fires, natural disasters, etc., at Ambu's manufacturing sites or at key suppliers’ sites might result in disruption of our supply chain. • Geopolitical risks, such as trade restrictions, sanctions, or conflicts, might impact the availability and cost of raw materials, components, and products, leading to supply chain disruptions.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Climate change in general, including the increased frequency of extreme weather conditions, is assessed to pose a limited risk to Ambu.”
Annual report 2025A · The company itself
Chains out: this weakens Agriculture and food production
Cyber attacks and IT security risk
Macro
DriverNegative impact: weakens
“Cybercrime poses a significant risk to Ambu’s operations and could impact delivery performance and competitive advantage.”
Annual report 2025A · The company itself
Chains out: this strengthens Cybersecurity (products and services)
Inflation
Macro
DriverPositive impact: strengthens
“Overall, the growth of our Anesthesia & Patient Monitoring business was driven by strong volume development throughout the year, while previously announced price increases had an extraordinarily positive effect in first half of the year.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Medical devices
Technology
DriverPositive impact: strengthens
“a high-growth MedTech company, we remain focused on driving growth, while balancing investments with scalable operations.”
Annual report 2025A · The company itself
Chains in: Ageing population strengthens
Semiconductors and electronic components
Raw materials and inputs
InputNegative impact: weakens
“We recognize the importance of monitoring suppliers, especially those providing critical components, such as electronic parts and medical-grade plastics.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Shipping and logistics
End markets
DriverNegative impact: weakens
“There is an inherent risk of supply chain disruptions, due to infrastructure breakdowns or congestion where delays can lead to higher freight rates. Furthermore, increased demand and/or supply shortages may lead to increased raw material and energy costs and a potential delay of orders to our customers.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Subcontractors and haulage capacity
Raw materials and inputs
InputNegative impact: weakens
“We will continue to advance our operating model and secure globally resilient operations by balancing our footprint and strengthening supply chain resilience to reliably deliver innovative solutions.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“Revenue by geography Europe Rest of World Endoscopy Anesthesia & Solutions revenue growth, % Patient Monitoring revenue growth, % 40% 10% North America 15.4 9.9 50% Global employee turnover (voluntary), % Global employee engagement survey participation, % 12 92 2023/24: 20% 2023/24: 86% Revenue by business Frost & Sullivan 2025 Best Practices Recognition • • 2025 Endoscopy Solutions Anesthesia & Patient Monitoring technology innovation leader 60% 40% Annual Report 2024/25 * This page contains CSRD-compliant text and refers to SBM-1.”
Annual report 2025A · The company itself
Geography
“We fortified our sustainability leadership position with the launch of the world’s first endoscope recycling initiative, the Ambu® Recircle Program, in 25+ hospitals across the U.S., the UK, Germany, and France.”
Annual report 2025A · The company itself
Geography
“Ballerup, Denmark Noblesville, USA Our global footprint includes three key innova- Augsburg, Germany tion centers in Denmark, Germany, and Malaysia, and four manufacturing sites located in the U.S., Mexico, Malaysia, and China. This global set-up supports scalability, resilience, fast execution, and reliable delivery, even as external market conditions evolve.”
Annual report 2025A · The company itself
Geography
“We work with a broad network of suppliers across key geographies, including Europe, North America, and Asia. A significant portion of our procurement spend and supplier relationships is concentrated in these regions.”
Annual report 2025A · The company itself
Geography
“Ambu’s business model relies on sustainable operations across our production sites, sales offices, headquarters, and innovation centers in Europe, North America, and Asia.”
Annual report 2025A · The company itself
United States
Geography
Geography
“Revenue by geography Europe Rest of World Endoscopy Anesthesia & Solutions revenue growth, % Patient Monitoring revenue growth, % 40% 10% North America 15.4 9.9 50% Global employee turnover (voluntary), % Global employee engagement survey participation, % 12 92 2023/24: 20% 2023/24: 86% Revenue by business Frost & Sullivan 2025 Best Practices Recognition • • 2025 Endoscopy Solutions Anesthesia & Patient Monitoring technology innovation leader 60% 40% Annual Report 2024/25 * This page contains CSRD-compliant text and refers to SBM-1.”
Annual report 2025A · The company itself
Geography
“We fortified our sustainability leadership position with the launch of the world’s first endoscope recycling initiative, the Ambu® Recircle Program, in 25+ hospitals across the U.S., the UK, Germany, and France.”
Annual report 2025A · The company itself
Geography
“Ballerup, Denmark Noblesville, USA Our global footprint includes three key innova- Augsburg, Germany tion centers in Denmark, Germany, and Malaysia, and four manufacturing sites located in the U.S., Mexico, Malaysia, and China. This global set-up supports scalability, resilience, fast execution, and reliable delivery, even as external market conditions evolve.”
Annual report 2025A · The company itself
Geography
“We work with a broad network of suppliers across key geographies, including Europe, North America, and Asia. A significant portion of our procurement spend and supplier relationships is concentrated in these regions.”
Annual report 2025A · The company itself
Geography
“Ambu’s business model relies on sustainable operations across our production sites, sales offices, headquarters, and innovation centers in Europe, North America, and Asia.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Asia and emerging markets
Geography
Geography
“Ballerup, Denmark Noblesville, USA Our global footprint includes three key innova- Augsburg, Germany tion centers in Denmark, Germany, and Malaysia, and four manufacturing sites located in the U.S., Mexico, Malaysia, and China. This global set-up supports scalability, resilience, fast execution, and reliable delivery, even as external market conditions evolve.”
Annual report 2025A · The company itself
Geography
“We work with a broad network of suppliers across key geographies, including Europe, North America, and Asia. A significant portion of our procurement spend and supplier relationships is concentrated in these regions.”
Annual report 2025A · The company itself
Geography
“Ambu’s business model relies on sustainable operations across our production sites, sales offices, headquarters, and innovation centers in Europe, North America, and Asia.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 6.04 bn DKK |
| Revenue growth vs. the year before, same method | 12 % |
| EBITDA reported by the company | N/A |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 2.28 DKK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.