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REDEFINING ENDOSCOPY: THROUGH INNOVATION AND SCALABLE GROWTH Henrik Skak Bender CFO
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DISCLAIMER This presentation contains certain forward-looking statements, including but not limited to, the statements and expectations contained in the "Financial Outlook" 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 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. 2
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WORLD LEADER IN SINGLE-USE ENDOSCOPY Next era – ZOOM AHEAD sets a clear path to global endoscopy leadership through a focused strategy and differentiation Attractive market opportunity – Leading the structural shift to single-use in a large, high-growth market Winning formula – Proven track record delivering integrated, innovative solutions, solving what matters most to customers A bright future ahead – Well-positioned to deliver double-digit growth and margin expansion through 2030 Ambu Global #1 in single-use endoscopy 3 50% 40% 10% North America EMEA APAC Improved care – Saved lives and improved patient care for millions of patients every year Revenue by geography
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Reported revenue, DKK bn, FY 2018/19 – 2024/25 HIGH GROWTH AT 2X LEVEL VS GLOBAL MEDTECH 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2.8 3.6 4.0 4.4 4.8 5.4 2024/25 6.025% 6-year CAGR Global MedTech average Ambu 6% 14% 1. McKinsey & Company “The transformation imperative: Igniting value creation in MedTech”, February 2025 (Global top 30 MedTech company benchmark 2019-2023) 14% 4 2x Global MedTech benchmark 6-year revenue CAGR1Total Endoscopy Solutions Anesthesia & Patient Monitoring 4
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SUCCESSFUL EXECUTION OF "ZOOM IN" LAID A STRONG FOUNDATION FOR OUR NEW STRATEGY 5 Reported revenue, FY2020/21 – 2024/25 1. EBIT margin before special items 2. Includes positive COVID-19 impact from higher bronchoscopy volumes 3. Free cash flow guidance for FY 2024/25 2020/21 2021/22 2022/23 2023/24 2024/25 16.2% 4.3% 7.6% 13.8% 13.1% Organic revenue growth EBIT margin1 -245 -458 192 524 X Free cash flow, DKK m 8.5% 2.7% 6.3% 12.0% 13.0% 2 407 Launch of ZOOM IN - a focus strategy Launch of ZOOM AHEAD - a growth strategy
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GROWTH AND VALUE STORY – LEADING THE SHIFT TO SINGLE-USE ENDOSCOPY Broadest single-use portfolio and proprietary technology platform, with +60%2 share and the largest direct footprint Global #1 in single- use endoscopy Unmatched solutions designed through customer partnership, enabling treatment of more patients and driving better outcomes Scalability allows rapid growth with cost efficiency and minimal incremental investment, as well as flexibility to respond to market changes Delivering double-digit organic revenue growth and margin expansion by 2030, supported by disciplined capital allocation Leading the structural shift to single-use solutions with +20% annual market growth1 Attractive endoscopy market 1. Single-use market growth 2. Share of market value 6 Customer-centric innovation Scalable growth platform Clear path to value creation
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Endoscopy procedure growth Single-use penetration Single-use market growth, 2025-2030 CAGR ~5% + +20% CAGR + Adjacent categories = ATTRACTIVE SINGLE USE ENDOSCOPY MARKET GROWTH OF 20%, DRIVEN BY CONVERSION FROM REUSABLE ENDOSCOPES Source: Ambu Market Insights • Aging population • Chronic diseases • Minimally invasive surgery +15% Existing solutions New solutions • Efficiency • Economics • Clinical performance • Sustainability 7 Growth drivers
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50% increase in cystoscopy procedures from using single-use vs. reusable endoscopes1 Superior or comparative performance to reusables for Ambu® aScope 5 Broncho3 13% lower cost of single-use bronchoscopes vs. reusables2 1. Bertolo et al. (2024) 2. Mouritsen et al. (2024) 3. Kurman et al. (2022) Higher efficiency Better economics Strong performance BETTER ECONOMICS AND OUTCOMES DRIVE ADOPTION OF SINGLE-USE ENDOSCOPY 8
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SINGLE-USE ENDOSCOPY IS A DKK ~190BN OPPORTUNITY AT FULL MARKET CONVERSION, WITH LIMITED PENETRATION Single-use penetration2 2025 Global market1 2025 1. Global market includes procedures in all sites of care across the world (excluding videolaryngoscopy) 2. Single-use penetration 2025 is based on global single-use value / global market value Source: Ambu Market Insights 9 Global single-use endoscopy market opportunity DKK ~15bn ~20% Win in Respiratory DKK ~35bn ~10% Win in Urology DKK ~120bn <1% Unlock GI DKK ~20bn ~2-4% Grow in ENT DKK ~190bn ~3-4% Total
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1. U.S. customer survey (n = 140) 2009 Bronchoscopy 2020 Cystoscopy 2018 ENT Launch ~25% ~15% ~5% Ambu® aScopeTM 1 Broncho Ambu® aScopeTM 4 Rhinolaryngo Ambu® aScopeTM 4 Cysto Single-use penetration today – US example Clinicians believe in 70% single-use penetration with current single-use endoscopy solutions1 CLINICIANS ALREADY CONVINCED ABOUT SINGLE USE AS FUTURE STANDARD OF CARE 10
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SINGLE USE ENDOSCOPY MARKET PROJECTED TO REACH +15BN IN 5 YEARS – WITH SIGNIFICANT UPSIDE POTENTIAL DKK ~50bn single-use market in the future DKK +6bn single-use market today DKK +15bn single-use market in 5 years DKK ~190bn global market today1 1. DKK ~190bn: Global endoscopy procedures (~150m) x blended average sales price for single use (DKK ~1,250) x single-use penetration (assuming 100%) Source: Ambu Market Insights, U.S. customer survey (n=140) with a +20% CAGR until 2030 Clinicians believe in 70% future single-use penetration in Respiratory, Urology, and ENT
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NEW ZOOM AHEAD STRATEGY REFLECTS ASPIRATION TO ACHIEVE GLOBAL ENDOSCOPY LEADERSHIP 12
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Advancing market leadership in Respiratory1 and Urology Advance hardware, software, and AI innovation through EndoIntelligenceTM2 Grow profitably in Anesthesia and Patient Monitoring Continue to grow in ENT Lead transition to single-use in GI through a stepwise approach FOCUSED AND DIFFERENTIATED STRATEGIC CHOICES 13 1 1. Previously called Pulmonology 2. Previous called Endoscopy Systems
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14 WELL-POSITIONED TO WIN Advance innovation and commercial execution to grow market leadership and single-use adoption Lead intelligent care for clinical differentiation and customer-connected solutions Drive growth in the suite by transforming clinical performance from a strong ICU and OR base EXTEND OUR LEADERSHIP POSITION #1 global endoscopy company Single-use bronchoscopy as standard of care RESPIRATORY TO ACCELERATE POSITION AS STANDARD OF CARE FOR CUSTOMERS LEVERAGE EXISTING AND FUTURE SOLUTIONS Ambu® aScope 4 Broncho Ambu® aScope 5 Broncho Ambu® SureSight Next-generation bronchoscope Software applications Adjacencies Select solutions in pipeline Current solutions Illustrative
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15 WELL-POSITIONED TO WIN Advance innovation and commercial execution to grow market leadership and single-use adoption Accelerate ureteroscopy by building on cystoscopy leadership and delivering efficiency and cost benefits Lead intelligent care for superior clinical performance and customer-connected solutions EXTEND OUR LEADERSHIP POSITION #1 global endoscopy company Single-use is the leading technology in Cystoscopy and Ureteroscopy UROLOGY MARKET HAS SIGNIFICANT RUNWAY FOR GROWTH – FUELED BY INNOVATION AND EXECUTION LEVERAGE EXISTING AND FUTURE SOLUTIONS Ambu® aScopeTM 4 Cysto Ambu® aScopeTM 5 Cysto HD Ambu® aScopeTM 5 Uretero Next-generation Urology solutions Software applications Adjacencies Select solutions in pipeline Current solutions Illustrative
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16 STRONGLY POSITIONED TO UNLOCK GI Build strong foothold by educating customers on single-use value proposition Expand traction with focused approach with Gastro in OR and ICU Advance stepwise strategy and innovate for long-term expansion play ACCELERATE SINGLE-USE MARKET ADOPTION Standard of care in OR and ICU Single-use adoption in major market areas LONG-TERM VISION TO STEPWISE LEAD THE SINGLE-USE TRANSFORMATION IN GASTROENTEROLOGY BUILD ONTO CURRENT SOLUTIONS TO ADVANCE PORTFOLIO Ambu® aScopeTM Gastro Ambu® aScopeTM Gastro Large Ambu® aScopeTM Duodeno 2 Ambu® aScopeTM Colon Next-generation portfolio Select solutions in pipeline Current solutions Illustrative
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17 Customer centricity to improve customer outcomes and efficiency Business platform to build a scalable profitable platform People & culture to fuel a culture of empowerment and growth Innovation to deliver integrated and high-impact solutions DELIVERING IMPACT THROUGH FOUR STRATEGIC THEMES
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CUSTOMER CENTRIC INNOVATION SUPPORTS CLINICIANS TO STANDARDIZE CARE ACROSS CLINICAL SPECIALTIES Source: U.S. customer survey (n=140) Chief Operating Officer, US Health System Health systems aren't looking at scopes as just scopes. They're looking at their entire breadth of products, categories and services – to strategically figure out what is the best path as a system 18 Respiratory Urology ENT GI Endo IntelligenceTM “ Hospitals and health systems Full bronchoscopy offering Complements and accessories Ambu® Broncho Sampler SetTM Ambu® SureSight video laryngo- scope Ambu® Viva- Sight 2 one-lung ventilation Ambu® aScope 4 Broncho Ambu® aScope 5 Broncho
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aViewTM 2 Advance aBoxTM 2 Respiratory Urology ENT GI 1. Advanced Red Contrast (proprietary algorithm designed to improve visibility using red color tones to contrast variations) Advanced imaging Customer integration Cybersecurity DELIVERING VALUE THROUGH A CONNECTED PLATFORM Direct transfer of data and images to electronic medical records for easy documentation and administration Proprietary image enhancement (ARC1) to enable better visualization and clinical decision-making One software platform Two hardware options Only single-use endoscopy company meeting the most secure network protocol 19
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ENHANCES CUSTOMER IMPACT AT EVERY STAGE OF THE PROCEDUREAI-enabled applications built into Ambu’s integrated ecosystem Automated documentation to drive efficiency and minimize administration Diagnostic support to enable better clinical decision-making Training solutions to strengthen navigation confidence Next-gen software enabling advanced analytics solutions Next-gen hardware system with advanced data processing power EndoIntelligenceTM Before During After Procedure journey 20 Illustrative
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21 GLOBAL SET-UP WITH SCALE AND COST EFFICIENCY % of North America endoscopy demand produced in North America 100% FY 2025/26 FY 2029/30 Illustrative Expanding manufacturing in North America to meet the high demand and mitigating tariffs ZOOM AHEAD strategic priorities for building a scalable and profitable growth platform Future-proof infrastructure to fuel accelerated growth Ensure a resilient global operations setup to adapt to market dynamics Advance operating model by growing scale and cost effectiveness
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LONG-TERM FINANCIAL TARGETS INCREASED TO MATCH OUR AMBITIONS 22 organic endoscopy CAGR towards FY 2029/30 EBIT margin by FY 2029/30 organic revenue CAGR towards FY 2029/30 Committed to driving long-term value creation through revenue growth and improved margins 15-20% +20% 11-13%
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10-13% Organic revenue growth EBIT margin before special items 2025/26 outlook 2024/25 actuals Comments on outlook – unchanged from 5th November 2025 Endoscopy Solutions expected to grow +15% with accelerated growth in Respiratory and continued growth momentum in ‘Urology, ENT, & GI’. Anesthesia & Patient Monitoring expected to grow mid- single digits. Total growth is expected to be back-end loaded. Excl. tariff impacts of ~2%-pts, EBIT margin expected to be 14-16% given current schedule of expected tariffs. EBIT margin is expected to be back-end loaded. 23 2025/26 OUTLOOK ALIGNED WITH OUR LONG- TERM TARGETS 13.1% 12-14%13.0% ~40%35% Cash conversion
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GROWTH AND VALUE STORY – LEADING THE SHIFT TO SINGLE-USE ENDOSCOPY Broadest single-use portfolio and proprietary technology platform, with +60%2 share and the largest direct footprint Global #1 in single- use endoscopy Unmatched solutions designed through customer partnership, enabling treatment of more patients and driving better outcomes Scalability allows rapid growth with cost efficiency and minimal incremental investment, as well as flexibility to respond to market changes Delivering double-digit organic revenue growth and margin expansion by 2030, supported by disciplined capital allocation Leading the structural shift to single-use solutions with +20% annual market growth1 Attractive endoscopy market 1. Single-use market growth 2. Share of market value 24 Customer-centric innovation Scalable growth platform Clear path to value creation
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25 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