Slides
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RESULTS FOR Q1 2025/26
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Disclaimer FORWARD LOOKING STATEMENTS 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. Investor presentation - Q1 2025/26
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Britt Meelby Jensen Chief Executive Officer 3 Investor presentation - Q1 2025/26 BUSINESS REVIEW
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#1 IN SINGLE-USE ENDOSCOPY Strong early momentum in executing our ZOOM AHEAD, growth strategy, and on plan to deliver FY 2025/26 outlook 4 SUCCESSFUL START TO FY 2025/26 EBIT margin continues to demonstrate operational leverage when adjusted for tariff costs and FX Strong momentum across all endoscopy business areas, with sustained conversion from reusable to single-use solutions Solid Q1 endoscopy revenue growth, delivered against a high Respiratory comparable Investor presentation - Q1 2025/26
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Q1 FY 2025/26 FINANCIAL SUMMARY 5B.S.I = Before special items | Investor presentation - Q1 2025/26 Endoscopy Solutions Anesthesia & Patient Monitoring 63% 37% Organic revenue growth 8.6% Endoscopy Solutions organic growth 14.4% Anesthesia & Patient Monitoring organic growth -0.1% EBIT b.s.i. (DKK) 164m EBIT margin b.s.i. 10.5% Free cash flow (DKK) 13m 1,558m DKK Revenue split by business
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Q1 SINGLE-USE MARKET GROWTH SUPPORTED BY EFFICIENCY AND ECONOMICS BENEFITS 6 Global endoscopy procedure growth Respiratory Efficiency and economics supported strong conversion. Flu-related ICU demand increased, with limited impact in OR and suites. Urology Sustained accelerated conversion in cystoscopy and ureteroscopy, driven primarily by efficiency and economics, particularly in outpatient clinics. Total endoscopy procedure volumes increased mid-single digits in Q1, in line with general market expectations. ENT The market remained solid in the U.S. and in the UK. GI Limited single-use conversion, however, with improvements in selected out-of-suite segment niches. Single-use endoscopy penetration Ambu Market Insights | Investor presentation - Q1 2025/26
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Q1 progress across portfolio 1 Investor presentation - Q1 2025/26 Win in Respiratory • SureSightTM Mobile video laryngoscope introduced in North America and Great Britain. Advance EndoIntelligenceTM • Advanced automated documentation for optimized efficiency and reduced administration. • Expanded capabilities to support integration to hospital EMR (patient journal) systems. Win in Urology • Increased penetration of aScope TM 5 Cysto a nd aScopeTM 5 Uretero. • Launch of aScopeTM 4 Cysto in China.
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0 2 4 6 8 10 12 14 16 RESPIRATORY ORGANIC REVENUE GROWTH OF 8.3% IN Q1 8 398 472 487 Q1 2023/24 Q1 2024/25 Q1 2025/26 8.3%* Key Q1 highlights • Solid organic growth despite high comparable revenue in Q1 last year. • Growth driven by broad bronchoscopy portfolio and strengthened by launch of SureSight TM video laryngoscope. • Continued solid performance with aScope TM 4 and 5 Broncho, with customers willing to pay for premium solutions. • Launch of SureSight TM Mobile, expanding Ambu’s portfolios in video laryngoscopy and Respiratory. • Acceleration in growth levels expected for the coming quarters, driven by SureSight TM launch and cross-selling of aScopeTM 4 and 5 Broncho. Investor presentation - Q1 2025/26 Quarterly reported revenue and organic growth (DKKm) * Organic growth Reported growth was 3.2% 12 months rolling revenue and organic growth (DKKm) Q1 2023/24 Q1 2024/25 Q1 2025/26 12m rolling revenue 12m rolling organic revenue 1,539 1,719 1,833 10.8% 11.7% 9.1%
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9 SURESIGHTTM MOBILE INTRODUCTION EXPANDS RESPIRATORY PORTFOLIO Video laryngoscopy market of DKK 4bn in U.S. alone. Video laryngoscopy is a growing endotracheal intubation method, now accounting for ~50% of U.S. intubations. . SureSightTM Mobile supports emergency airway management across EMS* and hospital environments. The solution’s integrated camera gives clinicians clear vision and greater control during intubations. Underscores Ambu’s leadership in the Respiratory market and secures momentum across the full portfolio. *EMS: Emergency Medical Services | Investor presentation - Q1 2025/26 Broadest single-use Respiratory solutions portfolio
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1,279 1,633 1,887 0 5 10 15 20 25 30 35 0 500 1,000 1,500 2,000 UROLOGY, ENT, & GI ORGANIC REVENUE GROWTH OF 21.0% IN Q1 10 350 438 499 21.0%* Key Q1 highlights • Strong growth momentum in Urology, which remained the primary growth contributor in the business area. • Growth primarily driven by continued penetration of aScope TM 4 portfolio, while revenue from newly launched solutions was still limited, reflecting length of hospitals' sales processes. • Growth driven by underlying endoscopy market growth and continued conversion from reusable to single use. • Q1 performance included order timing effects, suggesting a softer growth rate in Q2. Investor presentation - Q1 2025/26 Quarterly reported revenue and organic growth (DKKm) 12 months rolling revenue in constant currency (DKKm) 34.1% 27.1% Q1 2023/24 Q1 2024/25 Q1 2025/26 19.1% * Organic growth Reported growth was 13.9% 12m rolling revenue 12m rolling organic revenue Q1 2023/24 Q1 2024/25 Q1 2025/26
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ONE software platform EndoIntelligenceTM 11 ENDOINTELLIGENCE BECOMING A MORE SIGNIFICANT PART OF OUR DIFFERENTIATED VALUE PROPOSITION One software platform, Two hardware monitors, Full endoscopy portfolio *ARC (Advanced Red-Color Contrast) imaging enhances fine texture | Investor presentation - Q1 2025/26 and detail in red-colored tissue during endoscopic procedures TWO hardware monitors aViewTM 2 Advance and aBoxTM 2 Respiratory Urology ENT GI FULL endoscopy portfolio • AI f or navigation, detection, and documentation strengthen clinical confidence. • Cutting-edge image quality i ncreases detection rates and improves treatment. • Seamless integration w ith connected devices and hospital integration data drives efficiency and potential for higher patient throughput. Today’s leading features Advancing intelligent innovation • ONE software platform g ives health systems simplicity that others can’t match. • Proprietary i maging enhancement ARC* algorithm provides increased clinical confidence. • Integration of data and images t o hospitals’ electronic medical records drives efficiency in hospital processes. • AI bronchoscopy navigation t raining.
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2,079 2,295 2,365 -2 0 2 4 6 8 10 12 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 A & PM ORGANIC REVENUE GROWTH IN Q1 FLAT VS LAST YEAR 12 506 600 572 -0.1%* Key Q1 highlights • Anesthesia declined by -1.2%, whereas Patient Monitoring grew by 1.1%. Growth was impacted by extraordinary high revenue growth for the same period last year. • Confidence remains for delivering mid-single digits organic growth in Anesthesia & Patient Monitoring for the full year, driven by volume and modest contribution from pricing. • Volume development expected to continue to be main driver of growth, and pricing expected to continue to contribute positively going forward. Investor presentation - Q1 2025/26 Quarterly reported revenue and organic growth (DKKm) 12 months rolling revenue and organic growth (DKKm) -2.0% 10.1% 5.6% Q1 2023/24 Q1 2024/25 Q1 2025/26 Q1 2023/24 Q1 2024/25 Q1 2025/26 * Organic growth Reported growth was -4.7% 12m rolling revenue 12m rolling organic revenue
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Investor presentation - Q1 2025/26 2 Customer centricity • Recircle Program now in four markets, covering ~50 hospital sites and +100 clinical departments – and extended with SureSight TM blades Innovation • Strengthening software and AI technology capabilities Business platform • Continued investments to expan d c ommercial execution • Sustained improvement in utilization and o utput of manufacturing in Mexico supporting growth in North America Q1 progress in strategic themes
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14 Investor presentation - Q1 2025/26 Henrik Skak Bender Chief Financial Officer FINANCIAL REVIEW
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5,647 6,085 0 2 4 6 8 10 12 14 16 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 1,254 1,510 1,558 ORGANIC REVENUE GROWTH OF 8.6% AND REPORTED GROWTH OF 3.2% 15 8.6% Key Q1 highlights • Solid organic growth of 8.6%, although negatively impacted by FX of 5.4%-pts, due to USD/DKK depreciation. • Endoscopy Solutions remained the primary growth engine, contributing 63% of total revenue. • Both ‘Urology, ENT, & GI’ and ‘Respiratory’ delivered solid revenue, driven by continued penetration of existing solutions and Ambu’s leading role in advancing the shift toward single-use endoscopy. • Anesthesia & Patient Monitoring delivered flat organic growth, due to high comparable revenue from last year. Investor presentation - Q1 2025/26 9.7% 15.1% 10.5% 4,897 Quarterly reported revenue and organic growth (DKKm) 12 months rolling revenue and organic growth (DKKm) Q1 2023/24 Q1 2024/25 Q1 2025/26 Q1 2023/24 Q1 2024/25 Q1 2025/26 12m rolling revenue 12m rolling organic revenue * Organic growth Reported growth was 3.2%
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Q1 – SOLID GROWTH IN KEY GEOGRAPHIES 16 49% 42% 9% North America EMEA Rest of World Revenue by geography 9.8% 9.7% -1.6% Organic growth Solid organic growth in North America of 9.8%, driven by Endoscopy Solutions. Continued solid organic growth in EMEA of 9.7%, driven by both Endoscopy Solutions and A & PM. Rest of World declined by -1.6%, due to order fluctuations and high comparable numbers from last year. Investor presentation - Q1 2025/26 16
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GROSS MARGIN IN LINE WITH EXPECTATIONS 17 • Gross margin in line with expectations – decline due to a high comparable gross margin last year. • In general, gross margin is expected to increase over time, due to: • Production efficiencies related to increased scale in overhead cost and effective utilization of factory sites. • Price governance across the business, particularly in Anesthesia & Patient Monitoring. • Commercialization of high-growth Endoscopy Solutions business, which carries a higher contribution margin than A & PM. Q1 highlights 58.9% 61.3% 60.8% Q1 23/24 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 Gross margin development 59.4% FY 2023/24 60.2% FY 2024/25 Investor presentation - Q1 2025/26
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UNDERLYING EBIT MARGIN ON SOLID TRACK – REPORTED EBIT MARGIN IMPACTED BY EXTERNAL FACTORS EBIT margin bridge before special items 18 EBIT margin Q1 24/25 -0.5% Δ Gross margin -5.1% Δ OPEX to Revenue EBIT margin Q1 25/26 Adjusted for FX and tariffs* Adj. EBIT margin Q1 25/26 16.1% 10.5% 4.7% 15.2% -5.6%-pts 16.1% 10.5%10.0% Q1 23/24 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 EBIT margin development before special items 12.0% FY 2023/24 13.0% FY 2024/25 Investor presentation - Q1 2025/26*Adjusting for tariff costs of more than DKK 50m and FX headwind
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FREE CASH FLOW DEVELOPMENT IN LINE WITH EXPECTATIONS 19 Free cash flow – main components (DKKm) 261 13 EBITDA -107 Change in working capital -93 CAPEX1 -48 Other2 Free cash flow Q1 25/26 1. CAPEX is defined as cash flow from investing activities. 2. ‘Other’ includes: change in provisions, income tax, interest paid, and share-based payments. Key Q1 highlights • Free cash flow (FCF) of DKK 13m. • The decline was mainly driven by: • Change in net working capital, which remained elevated to mitigate geopolitical uncertainties and support growth. • FX headwind, and in particularly tariff costs, which will be front-loaded for 2025/26 as mitigating actions are in place. • Q1 follows the usual seasonal pattern of structurally lower free cash flow, due tax and bonus payments. Investor presentation - Q1 2025/26
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10-13% Organic revenue growth EBIT margin before special items 2025/26 outlook 2024/25 actuals Comments on 2025/26 outlook Continued growth in Endoscopy Solutions, which is expected to grow +15%, with accelerated growth in ‘Respiratory’ and continued growth momentum in ‘Urology, ENT, & GI’. Anesthesia & Patient Monitoring is expected to grow mid-single digits. Total growth is expected to be back-end loaded. Driven by both an improved gross margin and operating leverage, partly offset by growth investments. EBIT margin 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. Mitigation actions, including investing in North America, are ongoing, and the effect will diminish over the coming years. Solid cash flow is driven by higher EBITDA but partly offset by higher NWC and expected continued higher investments in CAPEX. 2025/26 OUTLOOK MAINTAINED 13.1% 12-14%13.0% +40%35% Cash conversion Investor presentation - Q1 2025/26 20
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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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APPENDIX
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FROM SINGLE USE TOWARDS GLOBAL ENDOSCOPY LEADERSHIP Broadest single-use endoscopy portfolio Ambu created the single- use endoscopy market and now leads it, driving innovation that raises the bar for endoscopy care globally Customer- centric solutions Endoscopy Solutions Anesthesia & Patient Monitoring 9.9% Organic growth1 60% 40%15.4% Organic growth1 6 DKK bn1 #1 single-use manufacturer 1. Revenue FY 24/25 “ 23
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Rest of worldEuropeNorth America 13% DIRECT COMMERCIAL MODEL IN ALL MAJOR MARKETS UNLOCKS AN ATTRACTIVE GROWTH POTENTIAL 2021/22 2022/23 2023/24 1.8 1.9 2.1 Ambu’s commercial footprint 2021/22 2022/23 2023/24 0.5 0.5 0.5 2021/22 2022/23 2023/24 2.1 2.4 2.7 Direct markets Distributor markets X% Reported growth CAGR, FY 2021/22 – 23/24Reported revenue, DKK bn Invest to win Invest to win Grow selected APAC markets 7% 8% 24
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STRONG DOUBLE-DIGIT REVENUE GROWTH, WELL ABOVE MEDTECH BENCHMARK Reported revenue, DKK bn, FY 2018/19 – 2024/25 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2.8 3.6 4.0 4.4 4.8 5.4 6.025% 6-year CAGR Global MedTech average1 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% 2x Global MedTech benchmark Revenue CAGR Total Endoscopy Solutions Anesthesia & Patient Monitoring 25
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COMPELLING HIGH-GROWTH MARKET OPPORTUNITY 26 Single-use endoscopy market opportunity1 +20% Ear/Nose/Throat (ENT) Respiratory Gastroenterology (GI) DKK 20 bn DKK 15 bn DKK 120 bn Urology DKK 35 bn Current single-use penetration1 2-4% 20% <1% 15% 5-year CAGR for single-use endoscopy +15% 5% From single-use penetration From endoscopy procedure growth Single-use market growth2 1. Global market size and single-use penetration in 2025 2. Ambu Market Insights
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Respiratory Urology Gastro- enterology ENT Total Gastro ICU and OR Cysto Suite Uretero Duodeno Colon ENT 10 5 20 15 20 50 20 50 190 Global endoscopy market, 2025, DKK bn Single-use market growth towards 2030, CAGR +15% +20% + Adjacent categories single-use penetration growth ~5% endoscopy market growth 25% 5% 10% 10% <1% ~1% 0% 2-4% 3-4% Single-use penetration Source: Ambu Market Insights SIGNIFICANT PENETRATION POTENTIAL SUPPORTS GROWTH AMBITIONS 27
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50% increase in cystoscopy procedures from using single-use vs. reusable endoscopes 1 Superior or comparative performance to reusables for Ambu ® aScope 5 Broncho3 13% lower cost of single-use bronchoscopes vs. reusables 2 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 28
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EQUITY STORY 1. Single-use market growth 2. Share of market value 29 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 Customer-centric innovation Scalable growth platform Clear path to value creation
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FAST TURNAROUND HAS POWERED NEW ACCELERATED GROWTH STRATEGY Reported revenue, FY 2020/21 – 2024/25 1. EBIT margin before special items 2. Includes positive COVID-19 impact from higher bronchoscopy volumes 2020/21 2021/22 2022/23 2023/24 2024/25 16.2%2 4.3% 7.6% 13.8% 13.1% -245 -458 192 524 Organic revenue growth EBIT margin1 X Free cash flow, DKK m 8.5% 2.7% 6.3% 12.0% 13.0% 407 Launch of ZOOM IN a focus strategy Launch of ZOOM AHEAD a growth strategy Guiding insights Balance commercial strategy to short- and long-term potential Innovation: Strengthen customization to specialty needs Scaling for high growth with financial discipline 30
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31 ACHIEVING GLOBAL ENDOSCOPY LEADERSHIP THROUGH ZOOM AHEAD STRATEGY EXECUTION
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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 32 1 1. Previously called Pulmonology 2. Previous called Endoscopy Systems CLEAR STRATEGIC CHOICES TO WIN
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33 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 DRIVE SUSTAINABLE GROWTH THROUGH FOUR STRATEGIC THEMES
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1. Advanced Red Contrast (proprietary algorithm designed to improve visibility using red color tones to contrast variations) 34 aViewTM 2 Advance aBoxTM 2 Respiratory Urology ENT GI ONE SOFTWARE PLATFORM TWO HARDWARE OPTIONS ADVANCED IMAGING Proprietary image enhancement (ARC1) to enable better visualization and clinical decision-making CUSTOMER INTEGRATION Direct transfer of data and images to electronic medical records for easy documentation and administration CYBERSECURITY Only single-use endoscopy company meeting the most secure network protocol DELIVERING CUSTOMER VALUE THROUGH A CONNECTED ENDOSCOPY PLATFORM
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ENHANCES CUSTOMER IMPACT AT EVERY STAGE OF THE PROCEDURE Illustrative NEXT-GEN HARDWARE SYSTEM with advanced data processing power NEXT-GEN SOFTWARE enabling advanced analytics solutions AI-ENABLED APPLICATIONS built into Ambu’s integrated ecosystem PROCEDURE JOURNEY Training solutions to strengthen navigation confidence built into Ambu’s integrated ecosystem Before During After Diagnostic support to enable better clinical decision-making Automated documentation to drive efficiency and minimize administration EndoIntelligenceTM
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CLEAR PATH TO +20% EBIT BY FY 2029/30 36 2022/23 2024/25 ~1/3 ~2/3 2029/30 6.3% 13% +20% Strong organic growth drives EBIT margin expansion, FY 2022/23 – 2029/30, % Gross margin OPEX-to-revenue EBIT margin Gross margin expansion driven by higher growth in Endoscopy Solutions, disciplined pricing governance, and higher utilization of production OPEX improvement driven by leverage in G&A, optimizing distribution, scaling selling and marketing model, and R&D platform scalability On track to deliver ~20% EBIT margin by FY 2027/28 Continuing our transformation initiatives, driving EBIT margin expansion from scale and cost efficiency, while accelerating investments into growth 1. Tariff costs will reduce OPEX improvement in 2025/26 and 2026/27, while mitigation actions are being implemented
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LONG-TERM FINANCIAL TARGETS INCREASED TO MATCH AMBITIONS 37 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%