Ambu A/S "Have we reached the trough?" (Buy) Lee

Research evidence excerpt

Ambu A/S "Have we reached the trough?" (Buy) Lee

Global Research

12 May 2026ab

Ambu A/S Equities

DenmarkHave we reached the trough?

Advanced Medical Devices

12-month rating Buy

Though fundamentals intact, execution firmly in focus, Q3 ramp required

Q2 was another weak quarter (+7.3% org growth vs. Q1 +8.3%), but there were signals 12m price target DKr96.00

of improvement (Resp return to DD growth) and, from here onwards, reason to expect Prior : DKr138.00

improvements in H2 (easing comparatives, URO, ENT, and GI H1 impacts run through,

Price (11 May 2026) DKr62.10

margin headwinds step down). We are prudent on A&PM going forwards, but with

guidance and expectations now lowered against what we think are unchanged RIC: AMBUb.CO BBG: AMBUB DC

fundamentals, we see a path to restoring confidence. We reiterate our Buy and

Trading data and key metrics

acknowledge that sustained execution—that begins with a H2 improvement—will be

52-wk range DKr107.70-61.70

the gating factor to enabling a re-rating that will require some patience.

Market cap. DKr16.5b/US$2.61b

What did we learn from Q2? Shares o/s 266m (ORD)

Free float 60%

While Q2 looked more like the actual trough (prev. Q1 thought to mark the growth

nadir), there were signs of encouragement and much-needed updates on the required Avg. daily volume ('000) 919

H2 ramp vital in driving a re-rating. The clear positive was Resp, with a return to DD Avg. daily value (m) DKr63.8

growth driven by portfolio penetration and new launch traction, which mgmt. expects Common s/h equity (09/26E) DKr6.52b

to accelerate in H2. The clearest negative was A&PM where -2.5% growth not only P/BV (09/26E) 2.5x

missed low expectations but could suggest a more structural slowdown. Margins held Net debt to EBITDA (09/26E) NM

up (Q2 11% vs.