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RESULTS FOR Q2 AND FIRST HALF- YEAR 2024/25 Britt Meelby Jensen CEO Henrik Skak Bender CFO
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DISCLAIMER 2 This presentation contains certain forward-looking statements, including but not limited to, the statements and expectations contained in the "Financial Update" section of this presentation. Statements herein, other than statements of historical fact, regarding our future results of operations, financial condition, cashflows, business strategy, plans and future objectives are forward-looking statements. Words such as "targets", "ambition", "believe", "expect", "aim", "intend", "plan", "seek", "will", "may", "should", "anticipate", "continue", "predict" or similar expressions, as well as other statements regarding matters that are not historical facts or regarding future operating or financial performance, constitute forward- looking statements. These forward-looking statements reflect management's current views, plans and best assumptions with respect to certain future events and potential financial performance. By their very nature, forward-looking statements involve inherent risks and uncertainties. Ambu cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those set out in any forward-looking statements. Although Ambu believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Unless required by law, Ambu is under no duty and undertakes no obligation to update or revise any forward-looking statements after the distribution of this presentation, whether as a result of new information, future events or otherwise.
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KEY MESSAGES FOR Q2 & H1 2024/25 3 Solid organic revenue growth, bringing H1 to 15.4% growth Strong start for Ambu® SureSightTM Connect launch in pulmonology and continued positive momentum in urology launches Continued strong EBIT margin, bringing H1 to 15.2% growth Confirm current FY 2024/25 financial guidance based on today’s status on tariffs
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Q2 2024/25 FINANCIAL RESULTS – ON TRACK Organic revenue growth 4 Q2 2023/24: 15.5% 11.7% EBIT margin before special items Q2 2023/24: 14.2% 14.4% Free cash flow (DKK) Q2 2023/24: 128m 80m Endoscopy Solutions revenue growth Q2 2023/24: 22.3% 13.1% Anaesthesia & Patient Monitoring revenue growth Q2 2023/24: 7.0% 9.8%
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WE REMAIN AHEAD OF PLAN ON OUR ZOOM IN STRATEGY 5 Solutions for customer needs • Continued commercial launch of Ambu® SureSightTM Connect (videolaryngoscopy solution) • Strengthened unique urology portfolio with CE mark expansion of Ambu® aScopeTM 5 Cysto HD to function as cysto-nephroscopy solution One shared culture • As of 1 May 2025, Jesper Johnsen Steen joined Ambu as Chief Marketing Officer (CMO) Leaps in sustainability • The Ambu® Recircle program on recycling is in operation at various stages across four major markets: UK, Germany, France and the USA Execution excellence • EBIT margin of 14.4%, continuing to increase year-over-year and delivering profitable growth through focused go-to-market strategy and operational leverage • Mexico manufacturing site now at same output efficiency level of other plants, allowing stronger flexibility in manufacturing and distribution set-up Key developments in Q2 FY 2024/25
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SOLID ANAESTHESIA AND PATIENT MONITORING ORGANIC REVENUE GROWTH OF 9.8% IN Q2 2024/25 6 • Solid growth in Q2, driven by price increases and solid volume growth • Last-twelve-months rolling organic growth at 10.9%, above long-term targets of 2-4%, mainly due to price increases • Continued focus on price governance, however, lower year-over-year positive price effect expected in H2 • Possible adjustments of contract volumes in H2, as price increases may encourage customers to test alternative products Key Q2 highlights Anaesthesia & Patient Monitoring revenue (DKKm) 560 625 Q2 2023/24 Q2 2024/25 11.6% Organic revenue growth: 9.8% Reported growth
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PULMONOLOGY ORGANIC REVENUE GROWTH OF 8.5% IN Q2 2024/25 7 Pulmonology revenue (DKKm) 427 469 Q2 2023/24 Q2 2024/25 +9.8% Organic revenue growth: 8.5% • Solid Q2 growth of 8.5%, driven by the full pulmonology portfolio, resulting in a last-twelve- months rolling organic growth of 10.4% in Q2 • The Ambu® aScopeTM 5 Broncho solution remains a strong growth driver, in particular in the USA • The flu season had a small positive impact on overall growth, however, was affected by customers buying in Q1 in expectation of a severe flu, as well as change in the site of care mix • Launch of Ambu ® SureSightTM Connect (video laryngoscopy solution) initiated in the USA and UK with encouraging initial feedback Key Q2 highlights Reported growth
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8 With the addition of the SureSight video laryngoscope, the Ambu airway visualisation platform now has all the tools required to support continuous visualisation of the airway. Dr. George Christodoulides Consultant Anaesthetist, Guy’s and St. Thomas’ NHS Foundation Trust • Launch of Ambu® SureSightTM Connect (video laryngoscopy solution) initiated in the USA and UK • Strong customer feedback on performance has shortened the initial “controlled market released” phase • The Ambu® SureSightTM Connect solution has potential to further strengthen Ambu’s market leadership in pulmonology and airway visualization through: • Penetration of the new and growing video laryngoscopy market • Acceleration of Ambu ® aScopeTM 4 and Ambu® aScopeTM 5 Broncho growth ENCOURAGING FEEDBACK ON AMBU® SURESIGHTTM
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‘Urology, ENT and GI’ revenue (DKKm) • ‘Urology, ENT, and GI’ posted 18.3% organic growth, resulting in a last-twelve-months rolling growth of 23.4% • Growth primarily driven by continued penetration of the Ambu ® aScopeTM 4 portfolio, with new and existing customers • Slower temporary growth, due to new competition extending sales cycles • Ambu® aScopeTM 5 Uretero and Ambu® aScopeTM 5 Cysto HD launched in Q1 with positive momentum, although limited revenue impact in Q2, as expected ‘UROLOGY, ENT AND GI’ ORGANIC REVENUE GROWTH OF 18.3% IN Q2 2024/25 9 380 460 Q2 2023/24 Q2 2024/25 +21.1% Organic revenue growth: 18.3% Reported growth Key Q2 highlights
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OUR ENDOSCOPY SOLUTIONS HAVE LONG LIFECYCLES, WITH EXISTING SOLUTIONS DRIVING MAJORITY OF GROWTH 10 Launch process allows time to integrate customer feedback and build efficient set-up New solutions are key drivers of added value across the platform Today, over 90% of revenue in ‘Urology, ENT and GI’ comes from two solutions, launched over five years ago 1,374m 1,713m Q2 23/24 Q2 24/25 ‘Urology, ENT and GI’ last 12-month rolling (LTM) revenue (DKK) • Ambu® aScopeTM 4 Cysto (Urology) • Ambu® aScopeTM 4 RhinoLaryngo (ENT) … Going forward, four new solutions will make up a larger share of total future revenue growth Existing solutions New solutions launched within last 2 years • Ambu® aScopeTM Gastro • Ambu® aScopeTM 5 Cysto HD • Ambu® aScopeTM 5 Uretero • Ambu® aScopeTM 2 Duodeno +90% of revenue comes from existing solutions +97% of revenue comes from existing solutions
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UNIQUELY POSITIONED WITH A LEADING INNOVATIVE SOLUTION PORTFOLIO 11 Pulmonology # 1 GI Market position (global, single-use) Market size (annual procedures) Single-use penetration 5m # 1 12m # 1 17m # 1 68m Market estimates 2023/241 and growth drivers Urology ENT Endoscopy Systems platform 1.DRG, Definitive Healthcare, iData & internal market research Near-term growth drivers Existing and new solutions Existing and new solutions Existing solutions New solutions
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Henrik Skak Bender CFO 12
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ORGANIC REVENUE GROWTH OF 11.7% IN Q2 2024/25 13 Reported revenue Q2 2023/24 11.7% Organic growth 2.0% Currency effect Reported revenue Q2 2024/25 1,367 1,554 +13.7% Total revenue (DKKm) • Reported revenue growth of 13.7%, driven by solid organic of 11.7% • The currency effect of 2.0%-points was mainly due to USD/DKK development • All three geographies contributed positively to solid organic growth in Q2 2024/25 Key Q2 highlights Organic revenue growth: 11.7% Reported growth
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EBIT MARGIN OF 14.4% IN Q2 2024/25, DRIVEN BY GROSS MARGIN EXPANSION EBIT margin1 bridge 14 EBIT margin Q2 23/24 1.1% Δ Gross margin -0.9% Δ OPEX to Revenue EBIT margin Q2 24/25 14.2% 14.4% +0.2%-pts 194 178 147 243 224 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 14.2% 12.9% 10.6% 16.1% 14.4% Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 EBIT margin1 EBIT1 (DKKm) 1) Before special items
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GROSS MARGIN OF 60.6% IN Q2 2024/25 15 813 832 817 925 942 Gross margin Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Gross profit (DKKm) • Gross margin was 60.6%, corresponding to an increase of 1.1%-pts y-o-y • Increase in gross margin was driven by: o Price increases in Anaesthesia & Patient Monitoring – mainly implemented in Q2 2023/24 o Increased revenue share of the Endoscopy Solutions business, with higher contribution margin o Production efficiencies related to increased scale in overhead cost and better utilisation of factory sites 59.5% 60.2% 58.9% 61.3% 60.6% Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Key Q2 highlights
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OPEX TO REVENUE RATIO OF 46.2% IN Q2 2024/25 16 619 654 670 682 718 OPEX-to-revenue ratio 45.3% 47.3% 48.3% 45.2% 46.2% Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 OPEX (DKKm) • The OPEX ratio was 46.2%, corresponding to an increase of 0.9%-pts, compared to Q2 2023/24 • The increase was in line with the planned commercial investment in sales and marketing aimed to drive further organic growth • On longer term, Ambu remains confident of a lower OPEX ratio, driven by operating leverage, particularly in management and administration costs, as well as selling and distribution Key Q2 highlights Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25
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EBIT MARGIN IMPROVEMENT CONTINUES 17 2.7% 3.5% 9.0% 15.2% 20.0% FY 21/22 Δ Gross margin Δ OPEX to Revenue H1 24/25 Δ Gross margin Δ OPEX to Revenue FY 27/28 Solid development in EBIT margin is expected to continue in alignment with strategy ”ZOOM IN” launched end of FY 21/22 Regain financial control and drive profitable growth Fuel long-term growth while delivering on operational leverageHalf-way through financial targets strategy period 1/4 3/4 ~1/3 ~2/3 Improvement contribution
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AMBU REMAINS WELL-POSITIONED TO MANAGE POTENTIAL TARIFF IMPACT WITHIN EXISTINGGUIDANCE 18 Revenue split and production set-up Ability to mitigate tariff impact through global manufacturing and distribution footprint, further supported by Mexico manufacturing site now at same output efficiency level as other sites North America Juárez Mexico Noblesville (Indiana) USA Europe Rest of World Xiamen China Penang Malaysia 50% 40% 10%
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318 80 FREE CASH FLOW OF DKK 80M IN Q2 2024/25 19 Free cash flow, % of revenueFree cash flow – main components (DKKm) EBITDA -125 Change in working capital -81 CAPEX1 -32 Other2 Free cash flow Q2 24/25 1) CAPEX is defined as cash flow from investing activities 2) Others include: change in provisions, income tax, interest paid and share-based payments 128 163 98 69 80 12% 5% 5% 9% Q2 23/24 Q3 23/24 7% Q4 23/24 Q1 24/25 Q2 24/25
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NWC AND HIGHER CAPEX REDUCED FREE CASH FLOW IN Q2 2024/25 285 267 244 331 318 20.8% 19.3% 17.6% 21.9% 20.5% 1,011 1,025 1,050 1,228 1,321 20% Q2 23/24 19% Q3 23/24 19% Q4 23/24 22% Q1 24/25 Q2 24/25 23% 68 72 95 75 81 5% 5% 7% 5% 5% Net working capital, % of 12 months’ revenue CAPEX1, % of revenue EBITDA before special items 201) CAPEX is defined as total cash flow from investing activities • Free cash flow of DKK 80m – and below the DKK 128m reported in Q2 last year • Despite being positively impacted by improved profitability (EBITDA), the free cash flow was offset by higher net working capital (due to increased inventory levels to support the commercialisation of new solutions, among other things) and higher tax payments • CAPEX of 5% of revenue was slightly below Ambu’s long-term projection of allocating 7-9% of revenue to investment activities, but still more than DKK 10m higher than last year Key Q2 highlights Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25
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Organic revenue growth EBIT margin before special items 2024/25 outlook 2023/24 actuals 11-14% 13.8% 13-15% 12.0% Comments on 2024/25 outlook Growth will be driven by Endoscopy Solutions, which is expected to grow +15% Anaesthesia & Patient Monitoring is expected to grow mid-to-high single digits Driven by both gross margin and operating leverage, partly offset by growth investments Free cash flow before acquisitions DKK +500m DKK 524m Driven by higher EBIT margin and continued improvement from transformation efforts, partly offset by expected higher investments in CAPEX 21 2024/25 FINANCIAL GUIDANCE MAINTAINED
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22 Save the date! AMBU CAPITAL MARKETS DAY 1 October 2025 Copenhagen
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Confidential THANK YOU FOR YOUR ATTENTION INVESTOR RELATIONS CONTACT Anders Hjort Head of Investor Relations anhj@ambu.com | +45 7225 2910 Frederik Futtrup Associate, Investor Relations frfu@ambu.com | +45 6070 9526
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24 APPENDIX
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25 OUR GROWTH STORY STARTED IN 1937 – TODAY, WE ARE WORLD LEADERS IN SINGLE-USE ENDOSCOPY Purpose-driven Together, we rethink solutions to save lives and improve patient care Innovation Global medtech company delivering double-digit growth through break- through innovations World leader In single-use endoscopy solutions and inventor of the famous “Ambu Bag” Future proof Scalable global set-up with capacity to deliver future growth
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2.4 million Procedures performed using an Ambu single-use endoscope in 2024 ~65% Ambu market share of total single-use endoscopy market 1 100 million Annual procedures in focus markets 1,2 23 million Annual procedures in Ambu target market with current solutions portfolio 1,2 WE ARE THE PIONEERS IN SINGLE-USE ENDOSCOPY 1.DRG, Definitive Healthcare, iData & internal market research. 2. Target is defined as solutions considered technically & commercially viable. Gradually expanding 26
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ATTRACTIVE GROWTH JOURNEY WITH 28% CAGR IN SINGLE-USE ENDOSCOPY 27 Endoscopy Solutions more than tripled in past 5 years, with 28% CAGR 1 5-year reported revenue CAGR 2 Organic revenue growth outlook 2023/24 0.9 1.8 2018/19 1.7 1.9 2019/20 2.2 1.8 2020/21 2.3 2.1 2021/22 2.7 2.1 2022/23 3.2 2.2 2023/24 2024/25E 2.8 3.6 4.0 4.4 4.8 5.4 11-14%2 Endoscopy Solutions Anaesthesia & Patient Monitoring (A & PM) 14%1 Total revenue DKK bn Endoscopy Solutions 28%1 Endoscopy Solutions 59% Anaesthesia & Patient Monitoring (A & PM) 41% share of total revenue (ín 2023/24) North America 51% Europe 39% Rest of World 10% share of total revenue (ín 2023/24) Countries served with our solutions ~60 # of employees ~5,000
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OUR GLOBAL PRESENCE 28 Juárez, Mexico Noblesville, USA Headquarters Ballerup, Denmark Augsburg, Germany Xiamen, China Penang, Malaysia R&D centres Factories Direct markets Distributor markets
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WELL-POSITIONED FOR CONTINUED SUCCESS 1 | Delivering on our ZOOM-IN strategy and strengthening our future foundation 2 | Global leader in attractive high-growth single-use endoscopy market 3 | Unique market position and leading solutions portfolio driven by innovation 4 | Strong growth momentum in 2023/24, with solid 5-year financial outlook 29
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30 Solutions for customer needs Leading airway visualization and pulmonology offering with recent launches of aScope 5 Broncho and video laryngoscope solution1 Unique urology portfolio, with recent launches of aScope 5 Cysto HD and aScope 5 Uretero One shared culture Strengthened leadership team, organizational structure and above-benchmark employee engagement Sustainability progress Implemented bioplastic materials in all endoscope handles Near-term emission targets validated by SBTI Execution excellence Increased EBIT margin by >9% pts from 2021/22 to 2023/24 Strengthened balance sheet with NIBD reduced to -0.1 Key achievements since strategy launch in November 2022 AHEAD OF PLAN ON OUR ZOOM IN STRATEGY
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Our focus has been to: Build a new management team with new capabilities Deliver on end-to-end transformation initiatives Build an efficient and scalable set-up … and we continue to strengthen our future foundation WE HAVE COMPLETED A TRANSFORMATION AND CONTINUE TO STRENGTHEN OUR FOUNDATION FOR SCALABLE GROWTH 2.7% FY 2021/22 6.3% FY 2022/23 12.0% FY 2023/24 4.4 4.8 5.4 EBIT margin Revenue (bnDKK) RebuilD foundation Regain control Accelerate growth -458 +192 +524 Free cash flow (DKKm) 31
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DELIVERING A STRONG ENDOSCOPY GROWTH MOMENTUM 32 FY 2021/22 FY 2022/23 FY 2023/24 1.4 1.5 1.6 1.7%1 +11.7%1 FY 2021/22 FY 2022/23 FY 2023/24 0.9 1.2 1.5 +37.9%1 29.6%1 Urology, ENT and GI (DKKbn) Pulmonology (DKKbn) Pulmonology • Mass adoption of aScope 4 Broncho • Launch of aScope 5 Broncho in 2022/232 • Launch of video laryngoscope in 2024/25 Urology, ENT and GI • Rapid adoption of aScope 4 Cysto • Launch of aScope 5 Uretero • Solid traction of rhinolaryngoscope • Stepwise commercialisation of GI portfolio 1. Organic growth 2. Regulatory approval in 2021/22, with full portfolio commercialized in 2022/23
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~2.4m Pulmo- nology Urology Ear-nose-throat (ENT) Gastroenterology (GI) Total SIGNIFICANT GROWTH OPPORTUNITIES In Ambu’s focus market, the annual endoscopy procedures performed are ~100m1 Addressable market with current portfolio2 Ambu’ sales volume in 2023/24 11.5m 17.0m 68.5m ~100m5.0m 6.0m 1.0m 6.0m 4.1m Cysto Uretero Gastro Duodeno Colon Cholangio 1 DRG, Definitive Healthcare, iData & internal market research 2 Addressable market is defined as product being technically & commercially viable 33
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PROVEN CUSTOMER VALUE PROPOSITION OF SINGLE USE ENDOSCOPY 34 WORKFLOW Mobile, portable, and do not require time-consuming reprocessing ECONOMICS Discarded after use, removing the need for costly repairs and servicing fees PATIENT SAFETY 100% sterile and thus eliminate the risk of transmit-ting bacteria between patients SUSTAINABILITY Reduce the use of energy, chemicals and water, as they require no reprocessing 1 Data on file, pending publication; 2) Hoffman et al. (2023); 3) Travis et al. (2023); 4) Baboudjian et al. (2022); 80% reduction in staff time by using a single-use cystoscope 1 $126.23 saved per procedure by using a single-use gastroscope 2 8.69% cross-contamination rate associated to patient-ready reusable bronchoscopes vs 0% in single-use 3 33% CO2e reduction from a single-use cystoscope vs reprocessing of a reusable cystoscope 4 Enhancing efficiency and patient outcomes, while lowering costs in a sustainable way
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1 Medairos et al. (2024) 35 CUSTOMER CASE: IMPROVED WORKFLOW BOOSTS PATIENT THROUGHPUT Ambu® aScope 4 Cysto “It has improved our workflow tremendously, and we have been able to increase our number of surgical cystoscopy cases in the office by double.“ Dr. Michael Kennelly Carolina Medical Center North Carolina, USA Study confirmed that single-use cystoscopes resulted in a 2x increase in patient consults vs. reusables1 From complex reusable… Transport to procedure Manual cleaning High-level disinfection Storage External repair Transport to external repair Return to hospital/clinic In use during procedure … To convenient single-use Transport to procedure Discard or recycle after use Storage In use during procedure Endoscope reprocessing entails +100 individual steps
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36 Broadest single- use endoscopy solutions portfolio Enhancing workflow efficiency & patient care ONE software platform across portfolio UNIQUE POSITIONED WITH LEADING INNOVATIVE SOLUTION PORTFOLIO
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aView 2 Advance aBox 2 ENT (ear-nose-throat) aScopeTM 4 RhinoLaryngo Pulmonology aScopeTM 4 Broncho aScopeTM 5 Broncho HD (all sizes) aScopeTM Video Laryngoscope 2.0 Gastroenterology (GI) aScope TM Duodeno 2.0 aScopeTM Gastro (+ Gastro Large) Urology aScopeTM 4 Cysto aScopeTM 5 Cysto HD aScopeTM 5 Ureteroscope FOCUSED TO ENHANCE SYSTEM AND INTEGRATION Marketed solutions Newly approved solutions o Same endoscopy system across products allowing simpler setup o Improved image quality through continued technology advancements o Software advancements with new features improving the customer experience Endoscopy system compatibility across therapy areas Not exhaustive list of full product portfolio Endoscopy system innovations
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Updated guidance 24/25 Long-term guidance Organic revenue growth Total 11-14% +10%1 Endoscopy Solutions +15% 15-20%1 Anaesthesia & Patient Monitoring Mid-to-high single digits 2-4%1 EBIT margin b.s.i. 13-15% ~20%2 REVENUE GROWTH AHEAD OF LONG-TERM GUIDANCE, EBIT MARGIN PROGRESSING AS PLANNED 38 1) CAGR from 2022/23 – 2027/28 2) In 2027/28 with potential trade-offs in growth investments
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39 Attractive market position Leading transition in single-use endoscopy solution to deliver on our customers unmet needs Leading solution portfolio Proven value proposition and innovative solution portfolio, drives adoption across sites of care Future proof global set-up Innovation know-how, scalable production facilities and internal global commercial infrastructure Strong profitable growth +10% revenue growth until 2027/28, with 15-20% in endoscopy solutions and EBIT margin ~20% A COMPELLING VALUE PROPOSITION & GROWTH STORY
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KEY PRODUCTS ACROSS A & PM 40 PATIENT MONITORINGANAESTHESIA Face masks Resuscitators Circuits Laryngeal masks Laryngeal tubes Used for oxygenating and ventilating patients in combination with manual and automatic resuscitators and ventilators – also used with circuits to provide anaesthetic gasses Used for manual ventilation of neonates through to adults Used to administer medical gases to a patient during anaesthesia, providing an inhalation and exhalation route Used for achieving and maintaining control of the airway during routine and emergency anaesthetic procedures Used for achieving and maintaining control of the airway during routine and emergency anaesthetic procedures A wide range of high-quality single-use electrodes designed for various diagnosis and monitoring cardiology procedures A broad range of standard single-use electrodes that cover basic needs within ECG Used to assist with the maintenance of neutral alignment, prevention of lateral sway and anterior-posterior flexion and extension of the cervical spine during transport and routine patient care or movement Training manikins are used to teach and to train bystanders, lay people and medical personnel in the skills of resuscitation following the Basic Life Support and Advanced Life Support Guidelines Cup electrodes used to measure the electrical signals in the brain for electroencephalography (EEG). Also used in sleep studies and evoked potentials, together with a range of surface electrodes Needle electrodes used to measure electrical signals from the muscles in electromyography (EMG) and nerve conduction studies. Inoject needle used for EMG-guided injections of Botulinum Toxin to relax nerves. Also used for intraoperative monitoring and with a range of surface electrodes. EMG EEG BlueSensor WhiteSensor EMS – Immobilisation EMS – Training
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P&L DETAILS DKKm reported figures FY 21/22 Q1 22/23 Q2 22/23 Q3 22/23 Q4 22/23 FY 22/23 Q1 23/24 Q2 23/24 Q3 23/24 Q4 23/24 FY 23/24 Q1 24/25 Q2 24/25 Revenue 4,444 1,132 1,189 1,195 1,259 4,775 1,254 1,367 1,383 1,387 5,391 1,510 1,554 Gross profit 2,554 662 664 672 715 2,713 739 813 832 817 3,201 925 942 Gross margin 57.5% 58.5% 55.8% 56.2% 56.8% 56.8% 58.9% 59.5% 60.2% 58.9% 59.4% 61.3% 60.6% Selling and distribution -1,634 -386 -394 -359 -383 -1,522 -378 -381 -388 -424 -1,571 -428 -448 Development -281 -69 -69 -75 -82 -295 -74 -81 -84 -86 -325 -79 -88 Mgmt. and administrative -517 -139 -155 -147 -153 -594 -161 -157 -182 -160 -660 -175 -182 OPEX total -2,432 -594 -618 -581 -618 -2,411 -613 -619 -654 -660 -2,256 -682 -718 EBIT b.s.i. 122 68 46 91 97 302 126 194 178 147 645 243 224 EBIT margin b.s.i. 2.7% 6.0% 3.9% 7.6% 7.7% 6.3% 10.0% 14.2% 12.9% 12.9% 12.0% 16.1% 14.4% Special items -148 0 0 -2 -6 -8 0 0 0 -334 -334 0 0 EBIT -26 68 46 89 91 294 126 194 178 -181 294 243 224 EBIT margin -0.6% 6.0% 3.9% 7.4% 7.2% 6.2% 10.0% 14.2% 12.9% 12.9% 5.5% 16.1% 14.4% Total OPEX % of revenue 55% 52% 52% 49% 49% 50% 49% 45% 47% 48% 47% 45% 46% Selling and distribution 37% 34% 33% 30% 30% 32% 30% 28% 28% 31% 29% 28% 29% Development 6% 6% 6% 6% 7% 6% 6% 6% 6% 6% 6% 5% 6% Mgmt. and administrative 12% 12% 13% 12% 12% 12% 13% 11% 13% 12% 12% 12% 12% 41