Slides
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RESULTS FOR Q3 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 – Q3 2025/26
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Britt Meelby Jensen Chief Executive Officer 3 Investor presentation – Q3 2025/26 BUSINESS REVIEW
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4 ONGOING PROGRESS IN Q3 Investor presentation – Q3 2025/26 Innovation-driven 17.1% organic growth in Respiratory. Urology, ENT & GI growth steady at 15.0% Re-acceleration of Endoscopy Solutions growth to 16.0%, with Ambu leading the transition to single-use endoscopy. Total organic growth at 10.3% Updated FY 2025/26 organic growth guidance to around 10%, reflecting lower FY growth outlook for A&PM A&PM returned to positive growth at 1.6%, with new innovation in Patient Monitoring (MRI/CT EEG solution) to support further growth recovery EBIT margin at 13.5%, reflecting continued operating leverage and a positive effect from tariff reclaims, offset by investments in commercial organization
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Q3 GROWTH DRIVEN BY STRONG ENDOSCOPY SOLUTIONS 5Investor presentation – Q3 2025/26 Endoscopy Solutions Anesthesia & Patient Monitoring 64% 36% Organic revenue growth 10.3% Endoscopy Solutions organic growth 16.0% Anesthesia & Patient Monitoring organic growth 1.6% EBIT (DKK) 221m EBIT margin 13.5% Free cash flow (DKK) 154m 1,640m DKK Revenue split by business 9M: 8.7% 9M: 14.8% 9M: -0.3% 9M: 558m 9M: 11.7% 9M: 271m
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RESPIRATORY ORGANIC REVENUE GROWTH OF 17.1% IN Q3 6 Q3 highlights • Single-use is becoming standard of care, as it offers workflow efficiencies with always-available endoscopes in critical settings • Growth accelerated to 17.1%, driven by our full-solution offering and an increasing contribution from SureSight TM, which also supports adoption of aScopeTM 4 Broncho and aScope 5 Broncho • Respiratory growth momentum is expected to continue, with FY 2025/26 growth anticipated to exceed the 11.4% delivered in FY 2024/25 Investor presentation – Q3 2025/26 Quarterly revenue (DKKm) 12 months rolling revenue (DKKm) 410 446 514 Q3 23/24 Q3 24/25 Q3 25/26 * Organic growth Reported growth in Q3 was 15.2% 1,625 1,797 1,933 Q3 23/24 Q3 24/25 Q3 25/26 17.1%* 11.5%*
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UROLOGY, ENT & GI ORGANIC REVENUE GROWTH OF 15.0% IN Q3 7 Q3 highlights • Very strong single-use conversion from reusable, with Ambu leading the transition as market leader • A key driver of conversion is the ability of single-use to enable procedure migration to outpatient / ASCs (Ambulatory Surgery Centers), resulting in higher patient throughout and waiting list reduction • Solid growth continued with 15.0% in the quarter, driven by cystoscopy and rhinolaryngo portfolio Investor presentation – Q3 2025/26 Quarterly revenue (DKKm) 12 months rolling revenue (DKKm) 403 470 532 Q3 23/24 Q3 24/25 Q3 25/26 * Organic growth Reported growth in Q3 was 13.2% 1466 1780 1984 Q3 23/24 Q3 24/25 Q3 25/26 15.0%* 16.9%*
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A&PM ORGANIC REVENUE GROWTH OF 1.6% IN Q3 8 Q3 highlights • A&PM total growth was 1.6%, a reflection of the extraordinary growth seen in the prior two years due to price increases • Anesthesia at -0.4% organic growth reflects a higher comparable base and continued headwinds in the U.S., due to annualization of lower volumes in selected accounts, as described in Q2 • Patient Monitoring at 3.6% organic growth was driven by our market-leading portfolio. The newly approved MRI/CT compatible EEG electrode solution will support growth from next year Investor presentation – Q3 2025/26 Quarterly revenue (DKKm) 12 months rolling revenue (DKKm) 570 591 594 Q3 23/24 Q3 24/25 Q3 25/26 * Organic growth Reported growth in Q3 was 0.5% 2172 2381 2320 Q3 23/24 Q3 24/25 Q3 25/26 1.6%* 1.3%*
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Investor presentation – Q3 2025/26 9 CLEAR PROGRESS AGAINST STRATEGIC GOALS CUSTOMER CENTRICITY • Completed full SureSight solution with launch of SureSight Mobile in the U.S. and UK • Recircle Program expanded with bioplastic SureSight blades • Expanded EndoIntelligence integration with hospital systems in key markets INNOVATION • Expanded neurology portfolio with Neuroline Cup MRI/CT solution • Earned validation of “best-in-class” cybersecurity for aView 2 Advance and aBox 2 • AI partnerships initiated with leading U.S. medical institutions to accelerate algorithm development BUSINESS PLATFORM • Continued scaling of Mexico manufacturing facility to balance global footprint and manage tariff costs • Enhanced supply chain resilience via diversification and partnerships PEOPLE & CULTURE • Focused expansion of EndoIntelligence team capabilities • Strong employee engagement across the organization, supporting disciplined strategy execution
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Advance market leadership in Respiratory and Urology Advance hardware, software, and AI innovation through EndoIntelligenceTM Grow profitably in Anesthesia and Patient Monitoring Continue to grow in ENT FOCUS AND DIFFERENTIATION GUIDE STRATEGIC CHOICES Lead the transition to single use in GI through a stepwise approach 10Investor presentation – Q3 2025/26
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RESPIRATORY LEADERSHIP POSITION IS DRIVEN BY CONTINUOUS CUSTOMER-CENTRIC INNOVATION 11 Videolaryngoscopes & one-lung ventilation Accessories Single-use endoscopes EndoIntelligence Respiratory market share gain New solutions in market Total growth (Illustrative) Drive adoption in new sites of care, incl. suite Increase share of wallet with existing customers Expand market with new customers in OR and ICU Our leading Respiratory portfolio drives growth through 3 levers while next-gen innovation will Conversion from reusable endoscopes Investor presentation – Q3 2025/26
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Cystoscopy Market leading with competitive solutions Ureteroscopy Strong innovation pipeline to further strengthen portfolio STRONG UROLOGY MARKET GROWTH ACROSS CYSTOSCOPY AND URETEROSCOPY 12 Accessories Single-use endoscopes EndoIntelligence Our leading Urology portfolio drives growth through 3 levers across two distinct subsegments (Illustrative) Urology market share gain New solutions in market Total growth Conversion from reusable endoscopes Investor presentation – Q3 2025/26
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13 Investor presentation – Q3 2025/26 Henrik Skak Bender Chief Financial Officer FINANCIAL REVIEW
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ORGANIC REVENUE GROWTH OF 10.3% IN Q3 14 Q3 highlights • The main driver of total growth is Endoscopy Solutions (64% of our business), driven by conversion from reusable to single-use and new innovations • Organic growth was 10.3%, driven by 16.0% Endoscopy Solutions growth, with A&PM growing 1.6% • Reported growth was 8.8%, with a continued negative effect from USD/DKK depreciation vs last year Investor presentation – Q3 2025/26 Quarterly revenue (DKKm) 12 months rolling revenue (DKKm) 1383 1507 1640 Q3 23/24 Q3 24/25 Q3 25/26 * Organic growth Reported growth was 8.8% 5263 5958 6237 Q3 23/24 Q3 24/25 Q3 25/26 10.3%* 9.0%*
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Q3 GROWTH IMPROVEMENT DRIVEN BY ALL REGIONS 15 North America EMEA Rest of World Revenue by geography 9.7% 10.2% 14.4% Organic growth Strong performance in Endoscopy Solutions, offset by annualization of the lower volumes on non-exclusive contracts in A&PM seen in Q2 Continued solid organic growth, driven by both Endoscopy Solutions and A&PM Strong growth driven by Endoscopy Solutions Investor presentation – Q3 2025/26 15 49% 41% 10%
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GROSS MARGIN TRENDING IN LINE WITH EXPECTATIONS IN Q3 16 • Gross margin of 59.5%, reflecting 0.6% pts increase compared to 58.9% in Q3 last year, mainly a result of improved output efficiency • Gross margin movements in the short term are impacted by mix and FX, but the long-term drivers to improve gross margin remain the same: 1. Better output efficiency at our plants 2. Improved price governance 3. Increased revenue share in the more profitable Endoscopy Solutions business Q3 highlightsGross margin development 60.2% FY 2024/25 Investor presentation – Q3 2025/26 60.2% 9M 2025/26 58.9% 59.5% Q1 24/25 Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26
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EBIT MARGIN OF 13.5% IMPACTED BY INCREMENTAL TARIFF BENEFIT EBIT margin development 17 EBIT margin Q3 24/25 0.6% Δ Gross margin 1.6% Δ OPEX to Revenue EBIT margin Q3 25/26 Adjusted for FX and tariffs Adj. EBIT margin Q3 25/26 11.3% 13.5% -1.0% 12.5% 2.2% pts Investor presentation – Q3 2025/26 The impact of external factors including FX and net tariffs was positive in the quarter • EBIT margin in Q3 2025/26 was 13.5%, corresponding to an increase of 2.2% pts compared to Q3 2024/25 • The Adj EBIT margin was 12.5%, as the impact of external factors including FX and net tariffs was positive this quarter • FY 2025/26 EBIT margin expected to be in the upper end of the 12-14% guidance range, as additional tariff reclaims will have a more pronounced impact in Q4 Q3 key highlights 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
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SOLID FREE CASH FLOW DEVELOPMENT IN Q3 18 Free cash flow – main components in Q3 (DKKm) 321 154 17 EBITDA Change in working capital -177 CAPEX1 -7 Other2 Free cash flow Q3 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. Q3 highlights • Free cash flow of DKK 154m, driven by continued profitable growth and improved working capital • This strong cash generation resulted in cash conversion of 48.0% Investor presentation – Q3 2025/26
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~10% Organic revenue growth EBIT margin 2025/26 outlook 2024/25 actuals Comments on 2025/26 outlook Continued strong growth in Endoscopy Solutions, which is expected to grow +15%, with accelerated growth in Respiratory and sustained performance in Urology, ENT & GI Anesthesia & Patient Monitoring is expected to grow very low-single-digits Continued improvement in operating leverage, partly offset by growth investments and FX headwind EBIT margin expected toward the upper end of the 12-14% range due to higher tariff reclaims in H2 Solid cash flow is driven by higher EBITDA, offset by higher investment in CAPEX UPDATED 2025/26 OUTLOOK 13.1% 12-14%13.0% +40%35% Cash conversion Investor presentation – Q3 2025/26 19
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Q&A Investor presentation – Q3 2025/26 20
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Confidential Thank you for your attention INVESTOR RELATIONS CONTACTS Lisa Clive Head of Investor Relations licl@ambu.com | +44 7385 420133 Frederik Futtrup 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 and growth FY 24/25 “ 23
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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 24
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COMPELLING HIGH-GROWTH MARKET OPPORTUNITY 25 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 26
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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 27
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28 INNOVATION HAS DRIVEN OUR LEADING SINGLE-USE PORTFOLIO 2021/22 2022/23 2023/24 2024/25 2025/2026 Respiratory aScope 4 Broncho aScope Broncho Sampler aScope 4 Broncho Sampler Set VivSight 2 DLT aScope 5 Broncho HD aScope 5 Broncho aScope 5 Broncho Sampler Set HD aScope 5 Broncho Sampler Set VivaSight 2 SLT SureSight Connect SureSight Mobil SureSight Blades Urology aScope 4 Cysto aScope Cysto 5 HD: • Cysto 5 • Indication expansion adding PCNL aScope 5 Uretero ENT aScope 4 Rhinolaryngo • Intervention • Slim GI aScope Duodeno aScope Gastro: • Gastro • Gastro Large aScope Colon aScope Duodeno 2 Developing next-gen endoscopes and software systems with industry leading R&D budget of DKK +400m (10+% of endoscopy revenue) and growing through strategy period Regulatory approval
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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%