Interim report
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INTERIM REPORT FOR Q3 Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup Registration no. 63644919
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Financial highlights for Q3 • Revenue increased organically by 10.3% (12.0%) to DKK 1,640m (DKK 1,507m), with reported growth of 8.8% (9.0%). • Endoscopy Solutions increased organically by 16.0% (15.9%). Respiratory posted 17.1% (11.2%) organic growth, reflecting strong momentum, supported by the launch of SureSight Mobile. Urology, ENT & GI grew 15.0% (20.8%) organically, with broad-based strength across the portfolio. • Anesthesia & Patient Monitoring posted an organic growth of 1.6% (6.4%), reflecting a good performance in the face of high prior year comparables. Patient Monitoring continued to deliver solid growth, while sales stabilized in Anesthesia. • Revenue growth was driven by solid organic growth in Europe and Rest of World, posting 10.2% (11.5%) and 14.4% (7.9%), respectively. North America delivered growth of 9.7% (12.8%), with strong performance in Endoscopy Solutions. • EBIT was DKK 221m (DKK 170m), with an EBIT margin of 13.5% (11.3%), reflecting continued operating leverage and a positive effect from tariff reclaims, partly offset by investments in the commercial organization. • Free cash flow (FCF) before acquisitions totaled DKK 154m (DKK 128m). This was driven by solid operational performance alongside an improved working capital. Business highlights for Q3 • Completed full SureSight solution with launch of SureSight Mobile in the U.S. and UK. • Expanded neurology portfolio with Neuroline Cup MRI/CT solution in Patient Monitoring. • Recircle Program expanded with SureSight blades, now also made with bioplastics. • Expanded EndoIntelligence integration with hospital systems in key markets. • Earned validation of ‘best-in-class’ cybersecurity for aView 2 Advance and aBox 2. • Continued investments in EndoIntelligence to drive differentiated, high-impact solutions. • Strategic AI partnerships initiated with leading U.S. medical institutions to accelerate algorithm development for future bronchoscopy solutions. • Ambu UK recognized as ‘Best Single-Use Cystoscopy Platform in UK’ by MedTech Outlook. • Continued scaling of Mexico manufacturing facility to balance global footprint and manage tariff costs. • First refunds received of IEEPA tariffs, with reclaim process ongoing. • Enhanced supply chain resilience via supplier diversification and strengthened partnerships. • ‘A-’ CDP leadership rating, demonstrating strong sustainability focus across global supply chain. • New multinational survey of 456 endoscopy nurses published, showing that 62% experience procedure delays due to endoscope availability, with 63% seeing single-use scopes as a solution. Updated 2025/26 financial guidance • Organic revenue growth: ~10% • EBIT margin: 12-14%1 1 We initially assumed a ~2%-pts tariff impact in FY 2025/26, but tariff refunds have reduced the expected headwind, supporting the upper end of our 12-14% EBIT margin guidance. We continue to mitigate future tariff exposure through measures, including investments in the Americas. Q3 2025/26 conference call A conference call is broad cast live tomorrow, 26 August 2026 at 11:00 (CEST), via Ambu.com/webcastQ32026. To ask questions during the Q&A session, please register prior to the call via Ambu.com/conferencecallQ32026register. Upon registration, you will receive an email with information to access the call. The presentation can be downloaded at Ambu.com/presentations. INTERIM REPORT FOR Q3 In Q3 2025/26, Ambu delivered organic revenue growth of 10.3%, driven by strong performance in Endoscopy Solutions growing 16.0% organically. Ambu’s continued operating leverage and a positive effect from tariff reclaimsresulted in a 13.5% EBIT margin. Organic revenue growth guidance for the 2025/26 financial year is updated to around 10%, while EBIT margin guidance of 12-14% is maintained. “ We delivered another strong quarter, with 16% growth in Endoscopy Solutions and market share gains in all endoscopy areas, reinforcing Ambu’s leadership in the conversion to single-use endoscopes. Growth has accelerated in Respiratory, driven by strong momentum in bronchoscopy and strong validation of our new SureSight video laryngoscope portfolio. In the quarter, we expanded this with the commercial launch of SureSight Mobile, highlighting our ability to consistently bring differentiated innovation to health systems. I am pleased with the continued successful execution of our ZOOM AHEAD strategy across the business as we realize the substantial runway for growth. With innovation as a key focus area, I am excited about the progress we are making in advancing new solutions across all endoscopy areas, to realize our ambition of achieving global endoscopy leadership.” Britt Meelby Jensen Chief Executive Officer 2Company announcement no. 17 2025/26 | 25 August 2026
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Endoscopy Solutions Anesthesia & Patient Monitoring 64% 36%11.6% BUSINESS PERFORMANCE – IN BRIEF Businesses and business groups Respiratory 12m rolling organic growth URO, ENT & GI 12m rolling organic growth 16.8% Revenue split by businesses Q3 2025/26 3 Growth composition Growth composition Revenue, DKKm Q3 2025/26 Split Q3 2024/25 Organic Currency Reported 9M 2025/26 Split 9M 2024/25 Organic Currency Reported Endoscopy Solutions 1,046 64% 916 16.0% -1.8% 14.2% 3,028 63% 2,755 14.8% -4.9% 9.9% - Respiratory 514 32% 446 17.1% -1.9% 15.2% 1,502 31% 1,387 12.5% -4.2% 8.3% - URO, ENT & GI 532 32% 470 15.0% -1.8% 13.2% 1,526 32% 1,368 17.1% -5.6% 11.5% Anesthesia & Patient Monitoring 594 36% 591 1.6% -1.1% 0.5% 1,743 37% 1,816 -0.3% -3.7% -4.0% - Anesthesia 298 18% 304 -0.4% -1.6% -2.0% 884 19% 948 -2.0% -4.8% -6.8% - Patient Monitoring 296 18% 287 3.6% -0.5% 3.1% 859 18% 868 1.4% -2.4% -1.0% Total 1,640 100% 1,507 10.3% -1.5% 8.8% 4,771 100% 4,571 8.7% -4.3% 4.4% Geographies Growth composition Growth composition Revenue, DKKm Q3 2025/26 Split Q3 2024/25 Organic Currency Reported 9M 2025/26 Split 9M 2024/25 Organic Currency Reported North America 802 49% 750 9.7% -2.8% 6.9% 2,333 49% 2,306 8.5% -7.3% 1.2% Europe 673 41% 612 10.2% -0.2% 10.0% 1,988 42% 1,827 9.2% -0.4% 8.8% Rest of World 165 10% 145 14.4% -0.6% 13.8% 450 9% 438 7.7% -5.0% 2.7% Total 1,640 100% 1,507 10.3% -1.5% 8.8% 4,771 100% 4,571 8.7% -4.3% 4.4% Company announcement no. 17 2025/26 | 25 August 2026
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FINANCIAL HIGHLIGHTS 4 DKKm Q3 2025/26 Q3 2024/25 9M 2025/26 9M 2024/25 FY 2024/25 Income statement Revenue 1,640 1,507 4,771 4,571 6,037 Gross profit 975 887 2,870 2,754 3,633 EBITDA before special items 321 263 853 912 1,156 Depreciation, amortization, and impairment -100 -93 -295 -275 -372 EBIT before special items 221 170 558 637 784 Special items - - - - - EBITDA 321 263 853 912 1,156 EBIT 221 170 558 637 784 Net financials -18 -10 -45 -32 -29 Profit before tax 203 160 513 605 755 Net profit for the period 156 123 395 494 609 Cash flow Cash flow from operating activities (CFFO) 331 237 692 542 791 Cash flow from Investing activities (CFFI) -177 -109 -421 -265 -384 Free cash flow (FCF) 154 128 271 277 407 CFFO, % of revenue 20 16 15 12 13 CFFI, % of revenue -11 -8 -9 -6 -6 FCF, % of revenue 9 8 6 6 7 Cash conversion, % 48 49 32 30 35 Balance sheet Assets 7,775 7,396 7,775 7,396 7,675 Net working capital 1,326 1,266 1,326 1,266 1,238 Equity 6,168 5,905 6,168 5,905 6,035 Net interest-bearing debt -126 -217 -126 -217 -319 Invested capital 6,042 5,688 6,042 5,688 5,716 Q3 2025/26 Q3 2024/25 9M 2025/26 9M 2024/25 FY 2024/25 Key figures and ratios Organic growth, % 10.3 12.0 8.7 14.3 13.1 Gross margin, % 59.5 58.9 60.2 60.2 60.2 OPEX ratio, % 46.0 47.6 48.5 46.3 47.2 EBITDA margin b.s.i., % 19.6 17.5 17.9 20.0 19.1 EBIT margin b.s.i., % 13.5 11.3 11.7 13.9 13.0 EBITDA margin, % 19.6 17.5 17.9 20.0 19.1 EBIT margin, % 13.5 11.3 11.7 13.9 13.0 Tax rate, % 23 23 23 18 19 Return on equity, % 8 12 8 12 10 NIBD/EBITDA b.s.i. -0.1 -0.2 -0.1 -0.2 -0.3 Equity ratio, % 79 80 79 80 79 Net working capital, % of revenue 21 21 21 21 21 Return on invested capital (ROIC), % 9 10 9 10 11 Average number of employees 5,595 5,218 5,498 5,202 5,233 Share-related ratios (in DKK) Market price per share 61 99 61 99 93 Earnings per share 0.59 0.46 1.49 1.85 2.29 Diluted earnings per share (EPS-D) 0.59 0.46 1.49 1.85 2.28 b.s.i. = before special items Key figures and ratio definitions are consistent with the ones applied in the Annual Report 2024/25. Company announcement no. 17 2025/26 | 25 August 2026
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ENDOSCOPY SOLUTIONS ANESTHESIA & PATIENT MONITORING Ambu’s primary growth driver, Endoscopy Solutions, accounted for 64% of the total revenue in Q3 2025/26 and delivered strong organic growth of 16.0% (15.9%). Performance was driven by solid execution and momentum across all endoscopy areas, reflecting demand for Ambu’s innovative solutions and reinforcing our leadership in driving the conversion from reusable to single-use solutions. Drivers of the quarter The global endoscopy market remained strong, supported by increasing procedure volumes and growing adoption of single-use solutions, with Ambu leading the transition from reusable to single-use endoscopes. Respiratory delivered organic revenue growth of 17.1% (11.2%), reflecting accelerated momentum. Growth was driven by increasing demand for our bronchoscopy portfolio, which continues to improve clinical performance and workflow efficiency, further supporting single-use adoption as the future standard of care. In addition, SureSight is becoming an important growth driver, both directly and by supporting broader adoption of our bronchoscopy portfolio. This underpins our confidence in a strong near- to mid-term growth trajectory for Respiratory and demonstrates our ability to leverage our leadership position through full-solution selling, backed by EndoIntelligence. ‘Urology, ENT & GI’ posted organic revenue growth of 15.0% (20.8%), reflecting strong underlying demand for single-use solutions. Growth was largely driven by cystoscopy and rhinolaryngology, where Ambu’s solutions support higher patient throughput and align well with the ongoing migration of procedures to outpatient / ambulatory surgery center (ASC) settings. Urology delivered solid performance in a fast-growing market, driven by very strong volume growth and a rising number of decision-makers recognizing single-use as standard of care. Cystoscopy momentum was strong, supported by Ambu’s market leadership, while ureteroscopy continued to be impacted by long sales cycles as hospitals evaluate a growing number of single- use solutions. We are confident in our ability to continue to gain share through high-quality clinical performance, EndoIntelligence, and further innovation. ENT gained further traction, driven by healthcare providers' efforts to reduce waiting lists through more outpatient and ASC procedures, supported by the cost advantages of our solutions. GI continued to build momentum, driven by increasing customer adoption and strong purchase rates. Continued investment in innovative solutions In the third quarter, Ambu launched SureSight Mobile, further strengthening our Respiratory full-solution offering. We are seeing strong customer feedback, highlighting the value of a solution that supports clinicians across a wide range of procedures. Our full-solution strategy is expected to support the ongoing conversion from reusable to single-use endoscopes while further strengthening Ambu’s differentiated position as the only provider offering a comprehensive single-use endoscopy portfolio. We continue to advance our EndoIntelligence platform, expanding our innovation model beyond hardware through software and AI capabilities that enhance image quality, cybersecurity, and connectivity to electronic health records. This supports workflow optimization at hospitals and strengthens the value proposition of our comprehensive endoscopy portfolio. Anesthesia & Patient Monitoring accounted for 36% of Ambu’s total revenue in Q3 2025/26, with organic growth of 1.6% (6.4%). While the business returned to positive growth, there continues to be a headwind from the annualization effect of the commercial changes that we outlined in the Q2 2025/26 interim report. This was partly offset by solid commercial execution and a market-leading portfolio that is supported by strong brand recognition among customers. Drivers of the quarter The global healthcare market for anesthesiology, neurology, and cardiology remained stable and growing, driven by increasing procedure volumes and supported by demographic trends and expanding access to healthcare. Anesthesia posted -0.4% (3.9%) organic growth. As mentioned previously, growth was impacted by price increases implemented in prior years, which led to lower volumes in Anesthesia in selected U.S. accounts operating under non-exclusive contracts. Patient Monitoring posted 3.6% (9.3%) organic growth. Growth was driven by our market-leading portfolio. Especially, neurology delivered strong growth, supported by an attractive and growing market driven by increasing treatment of neurological conditions. We have expanded our neurology portfolio with FDA approval and CE marking for Neuroline Cup MRI/CT-compatible EEG electrodes. The solution will not have any impact for this financial year, as commercialization begins at the start of next year. The launch will support the 3-5% growth in Anesthesia & Patient Monitoring throughout the strategy period. 16.0% 1.6% Q3 2025/26 organic growth Q3 2025/26 organic growth 5Company announcement no. 17 2025/26 | 25 August 2026
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Sustainability in deeply integrated in Ambu’s strategy, business processes, and value chain. At the same time, we are committed to helping customers reduce waste and decarbonize. Our sustainability focus is centered on three key levers: take-back and recycling program, circular products and packaging, and net-zero emissions. Take-back and recycling program In Q3, we expanded our take-back and recycling program, Recircle, with blades from our SureSight video laryngoscope solution. With the addition of SureSight blades, we continued to broaden our recycling offering across clinical practice. This supports our goal of helping hospitals manage their environmental impact more consistently as part of day-to-day operations, without adding complexity to clinical workflows. The Ambu Recircle program is currently active across the U.S., France, Germany, and the UK, at ~50 hospital sites and in 140+ clinical departments. During the quarter, we also progressed our controlled pilot deployments and continued to evaluate potential commercialization models. Circular products and packaging In Q3, Ambu completed the transition of SureSight video laryngoscope blades to bio- plastics. All blades across the portfolio, comprising 10 different sizes, are now produced using bioplastics. Expanding our use of bioplastics beyond endoscopes further strengthens Ambu's position as a sustainability leader in the MedTech industry. Net-zero emissions Ambu is committed to operating responsibly and approaching net-zero emissions in collaboration with suppliers, customers, and other partners. To deliver on our near-term carbon reduction targets for Scope 1, 2, and 3 greenhouse gas emissions*, we are executing on our plan, which includes: • For targets encompassing Ambu’s facilities (Scope 1 and Scope 2), we will expand the u se of renewable energy and reduce the energy consumption through a combination of Renewable Energy Certificates (RECs), Power Purchase Agreements (PPAs), and investments in installation of renewable power at our production sites. • For targets attributed to Ambu’s entire value chain (Scope 3), we are committed to e ngaging with suppliers to further safeguard our sustainable transformation. • Ambu has officially made a commitment to the official SBTI net-z ero target, and we are preparing for data submission to SBTI. * Scope 1 includes greenhouse gas emissions occurring from activities under Ambu’s direct control in sources that are owned or controlled by Ambu. Scope 2 refers to indirect greenhouse gas emissions caused by the energy Ambu purchases, such as electricity and district heating. Scope 3 reflects indirect greenhouse gas emissions – not included in Scope 2 – that occur in our value chain, including both upstream and downstream emissions. SUSTAINABILITY HIGHLIGHTS Waste management Waste management remains a key priority across Ambu’s manufacturing facilities and offices. For the first 9 months, Ambu achieved an 18% increase in the proportion of recycled waste compared to the same period last year. This improvement was driven by the reclassification of certain waste treatments from “recovered” to “recycled,” as well as the introduction of new production lines that generate higher volumes of recyclable waste. Improved material use contributed to an 8% reduction in waste generated per tonne of finished goods. CO2 reduction Ambu continues our commitment to lowering carbon emissions in accordance with our near-term SBTi validated targets. Year to date, the CO2e emissions per tonne of finished goods have been stable. The 9% reduction in energy consumption per tonne of finished goods is a positive outcome of our energy efficiency measures and demonstrates a decoupling of energy use from product output. We continue to focus on targeted energy improvement initiatives and enhanced data collection. The development in above metrics over the past three years should be viewed in the context of Ambu’s production cycle. Inventory was built in FY 2022/23 to support expected growth and subsequently reduced in FY 2023/24, lowering the immediate need for additional production capacity. In FY 2024/25, investment resumed, and new production lines were created to support future growth, temporarily affecting waste recycling and energy intensity metrics. As the operational impact of the ramp- up moderates, these metrics are normalizing, and the underlying improvement trend is becoming more visible. Ambu remains focused on translating our sustainability priorities into measurable operational progress over time. 9M 2025/26 9M 2024/25 Change Recycled waste, % of total waste 53% 44% 18% Waste, per tonne finished goods 0.28 0.30 -8% CO2e** per tonne finished goods 0.94 0.94 0% Energy (GJ) per tonne finished goods 17 18 -9% ** including Scope 1 and 2 6 SUSTAINABILITY UPDATE Company announcement no. 17 2025/26 | 25 August 2026
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7 FINANCIAL OUTLOOK 2025/26 Financial calendar Forward-looking statements Forward-looking statements, in particular relating to future sales, operating income, and other key financials, are subject to r isks and uncertainties. Various factors, many of which lie outside of Ambu’s control, may cause the realized results to differ materially from the ex pectations presented in this earnings release. Such factors include, but are not confined to, changes in market conditions and the competitive situation, changes in demand and purchasing patterns, fluctuations in foreign exchange and interest rates, as well as general economic, political, and commerc ial conditions. For the full year 2025/26, Ambu now expects organic revenue growth of around 10% and EBIT margin of 12-14%. The updated organic revenue growth guidance reflects slower volume uptake in Anesthesia & Patient Monitoring, which is now expected to deliver very low-single-digit organic growth for the full year. As the key growth driver, Endoscopy Solutions maintains its +15% organic growth outlook. The EBIT margin is expected to be toward the high end of the 12-14% guidance range, supported by continued operating leverage and tariff refunds. Outlook expectations, FY 2025/26 25 Aug 2026 6 May 2026 4 Feb 2026 5 Nov 2025 Organic revenue growth ~10% 10-12% 10-13% 10-13% - Endoscopy Solutions +15% +15% +15% +15% - Anesthesia & Patient Monitoring Very LSD LSD MSD MSD EBIT margin before special items 12-14% 12-14% 12-14% 12-14% Cash conversion +40% +40% +40% +40% Exchange rates assumptions, FY 2025/26 25 Aug 2026 6 May 2026 4 Feb 2026 5 Nov 2025 USD/DKK 6.40 6.40 6.35 6.50 MYR/DKK 1.60 1.60 1.60 1.55 MXN/DKK 0.35 0.35 0.35 0.35 CNY/DKK 0.95 0.90 0.90 0.90 GBP/DKK 8.60 8.60 8.60 8.50 2025/26 30 Sep End of FY 2025/26 2026/27 5 Nov Annual report 2025/26 2 Dec Annual general meeting 2026 Company announcement no. 17 2025/26 | 25 August 2026
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MANAGEMENT’S STATEMENT Executive Management Board of Directors Britt Meelby Jensen Chief Executive Officer Henrik Bender Chief Financial Officer Jørgen Jensen Chair Shacey Petrovic Vice Chair Susanne Larsson Member Michael Del Prado Member Simon Hesse Hoffmann Member David Hale Member Gry Sahner Gundestrup Employee-elected member Jesper Bartroff Frederiksen Employee-elected member Jakob Koch Employee-elected member The Board of Directors and the Executive Management have today reviewed and approved the interim report for Ambu A/S for the period from 1 October 2025 to 30 June 2026. The interim report has not been audited or reviewed by the company’s independent auditors. The interim report is presented in accordance with IAS 34 – Interim Financial Reporting, as adopted by the EU and additional Danish disclosure requirements for the interim reporting of listed companies. In our opinion, the interim financial report for the first nine months of 2025/26 gives a true and fair view of the Group’s assets, liabilities and financial position at 30 June 2026 and of the results of the Group’s operations and cash flows for the period 1 October 2025 to 30 June 2026. Furthermore, in our opinion, Management’s review includes a fair account of the development in the activities and financial position of the Group, as well as a description of the most significant risks and elements of uncertainty to which the Group is subject. Besides what has been disclosed in the quarterly financial report, no changes in the Group’s most significant risks and uncertainties have occurred, relative to what was disclosed in the consolidated Annual Report 2024/25. Copenhagen, 26 August 2026 8Company announcement no. 17 2025/26 | 25 August 2026
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Contents Page 10 Income statement comments Page 11 Income statement and statement of comprehensive income Page 12 Cash flow comments Page 13 Cash flow statement Page 14 Balance sheet comments Page 15 Balance sheet Page 16 Statement of changes in equity Page 17 Notes to the interim report Page 18 Quarterly results overview CONSOLIDATED FINANCIAL STATEMENTS 9 Company announcement no. 17 2025/26 | 25 August 2026
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INCOME STATEMENTS COMMENTS Revenue Total revenue in Q3 2025/26 amounted to DKK 1,640m, corresponding to an organic growth of 10.3% and a reported growth of 8.8%, compared to Q3 2024/25. The organic growth was positively impacted by continued solid growth in Endoscopy Solutions of 16.0%. Anesthesia & Patient Monitoring (A&PM) delivered 1.6% growth, a reflection of high comparable prior-year numbers, as well as lower volumes on non- exclusive contracts in selected U.S. accounts. Gross margin Gross margin in Q3 2025/26 was 59.5%, corresponding to an increase of 0.6% pts, compared to Q3 2024/25. In general, the gross margin is expected to increase over time, influenced by better price governance, increased revenue share in the more profitable Endoscopy Solutions business, as well as production efficiencies. OPEX to revenue OPEX to revenue in Q3 2025/26 was 46.0%, corresponding to an improvement of 1.6% pts, compared to Q3 2024/25. The improvement was driven by continued operating scale. Overall, Ambu continues to have significant potential to realize operating leverage, however, as previously communicated, we remain committed to investing in future growth by allocating resources to drive organic growth, particularly within our commercial setup. Depreciation, amortization, and impairment losses (DA) DA in Q3 2025/26 was DKK -100m, slightly higher than in Q3 2024/25. EBIT margin EBIT margin in Q3 2025/26 was 13.5%, corresponding to an increase of 2.2% pts, compared to Q3 2024/25. EBIT margin benefited slightly from the combined net effects of FX and tariffs. Overall, the underlying EBIT margin was positively impacted by continued operating leverage from the solid organic growth. Net financials Net financials in Q3 2025/26 were DKK -18m, in line with the level in Q3 2024/25. Tax Tax in Q3 2025/26 amounted to an expense of DKK -47m, corresponding to an effective tax rate of 23%. EBIT margin DKKm EBIT EBIT margin Revenue DKKm Revenue Organic growth 10 170 147 164 173 221 11.3% 10.0% 10.5% 11.0% 13.5% 0 50 100 150 200 250 300 350 400 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 1,507 1,466 1,558 1,573 1,640 12.0% 10.0% 8.6% 7.3% 10.3% 1000 1100 1200 1300 1400 1500 1600 1700 1800 1900 2000 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Company announcement no. 17 2025/26 | 25 August 2026
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INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME Interim report for Q3 2025/26 11 Income statement DKKm Q3 2025/26 Q3 2024/25 9M 2025/26 9M 2024/25 FY 2024/25 Revenue 1,640 1,507 4,771 4,571 6,037 Production costs -665 -620 -1,901 -1,817 -2,404 Gross profit 975 887 2,870 2,754 3,633 Selling and distribution costs -465 -457 -1,460 -1,333 -1,792 Development costs -87 -87 -272 -254 -347 Management and administrative costs -202 -173 -580 -530 -710 Operating profit (EBIT) b.s.i. 221 170 558 637 784 Special items - - - - - Operating profit (EBIT) 221 170 558 637 784 Financial income 6 3 13 11 15 Financial expenses -24 -13 -58 -43 -44 Profit before tax 203 160 513 605 755 Tax on profit for the period -47 -37 -118 -111 -146 Net profit for the period 156 123 395 494 609 Earnings per share in DKK Earnings per share (EPS) 0.59 0.46 1.49 1.85 2.29 Diluted earnings per share (EPS-D) 0.59 0.46 1.49 1.85 2.28 Statement of comprehensive income DKKm Q3 2025/26 Q3 2024/25 9M 2025/26 9M 2024/25 FY 2024/25 Net profit for the period 156 123 395 494 609 Other comprehensive income: Items which are moved to the income statement under certain conditions Translation adj. in foreign subsidiaries 31 -138 103 -109 -109 Other comprehensive income after tax 31 -138 103 -109 -109 Comprehensive income for the period 187 -15 498 385 500 Company announcement no. 17 2025/26 | 25 August 2026
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CASH FLOW COMMENTS Cash flow from operating activities (CFFO) CFFO in Q3 2025/26 was DKK 331m, compared to DKK 237m last year. The higher cash flow was driven by higher EBITDA and positively impacted by improvement in working capital. Cash flow from investing activities (CFFI) before acquisitions CFFI before acquisitions in Q3 2025/26 was DKK 177m, corresponding to 11% of revenue. CFFI was primarily driven by R&D activities, which amounted to DKK 82m, and when factoring in development costs, less depreciation and amortization, total R&D expenditure amounted to DKK 114m. Free cash flow (FCF) before acquisition FCF before acquisitions came to DKK 154m in Q3 2025/26. This was mainly due to solid operational performance alongside an improved working capital. Acquisitions of enterprises and technology No acquisitions were made in Q3 2025/26. Cash flow from financing activities (CFFF) CFFF in Q3 2025/26 was DKK -141m. This was related to repurchase of shares, in line with the share buyback program of up to DKK 300m from 6 May until no later than 30 Sep. The intention with the acquired shares is cancellation. Cash position At 30 June 2026, cash and cash equivalents were DKK 705m, reflecting a decrease of DKK 161m since 30 September 2025, mainly driven by the payout of dividends and share buyback. Committed undrawn sustainability-linked credit facilities amounted to DKK 1,000m, with an additional accordion of DKK 1,000m. Free cash flow DKKm, before acquisitions Free cash flow DKKm, main components in Q3 Cash flow impact of development costs DKKm Q3 2025/26 Q3 2024/25 Development costs 87 87 Depreciation, amortization, and impairment losses -55 -53 Investments 82 65 Cash flow, R&D 114 99 EBITDA Change in working capital CAPEX1 Other2 Free cash flow 12 128 130 13 104 154 0 20 40 60 80 100 120 140 160 180 200 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 321 17 -177 -7 154 EBITDA Change in working capital CAPEX* Other** Free cash flow Company announcement no. 17 2025/26 | 25 August 2026
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CASH FLOW STATEMENT DKKm 9M 2025/26 9M 2024/25 FY 2024/25 Net profit 395 494 609 Adjustment for non-cash items: Income taxes 118 111 146 Financial items 45 32 29 Depreciation, amortization, and impairment losses 295 275 372 Share-based payments 21 18 31 Change in working capital -100 -293 -273 Change in provisions -1 -2 -9 Interest received 13 11 15 Interest paid -18 -22 -28 Income tax paid -76 -82 -101 Cash flow from operating activities 692 542 791 Investment in intangible assets -265 -196 -267 Investments in tangible assets -156 -69 -117 Cash flow from investing activities -421 -265 -384 Free cash flow 271 277 407 Repayment of lease liability -54 -48 -63 Purchase of treasury shares -274 - - Exercise of options - 11 11 Dividend paid -110 -102 -102 Dividend, treasury shares 1 1 1 Cash flow from financing activities -437 -138 -153 Changes in cash and cash equivalents -166 139 254 Cash and cash equivalents, beginning of period 866 615 615 Translation adjustment of cash and cash equivalents 5 -3 -3 Cash and cash equivalents, end of period 705 751 866 DKKm 9M 2025/26 9M 2024/25 FY 2024/25 Cash and cash equivalents, end of period, are composed as follows: Cash and cash equivalents 206 170 195 Short-term deposits 499 581 671 Cash and cash equivalents, end of period 705 751 866 Interim report for Q3 2025/26 13Company announcement no. 17 2025/26 | 25 August 2026
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BALANCE SHEET COMMENTS Total assets At 30 June 2026, total assets were DKK 7,775m, corresponding to an increase of DKK 100m, compared to 30 September 2025. The development was mainly driven by an increase of new development projects, offset by decreased cash and cash equivalents as a result of dividend payment and share buyback. Invested capital At 30 June 2026, invested capital was DKK 6,042 m, corresponding to an increase of DKK 326m, compared to 30 September 2025. The increase was driven by development projects and expansion of manufacturing sites (PPE). ROIC ROIC in Q3 2025/26 was 9%, corresponding to a decline of 1% pts, compared to Q3 2024/25. The decrease was largely attributable to an increase in invested capital. Net working capital At 30 June 2026, net working capital was DKK 1,326m, corresponding to 21% of revenue. The current level exceeded the 20% of revenue target slightly, driven primarily by elevated inventory levels. Net interest-bearing debt (NIBD) At 30 June 2026, NIBD was DKK -126m, compared to DKK -319m at 30 September 2025. Through the first 9M of 2025/26, Ambu paid dividend of DKK 110m, completed the share buyback program of DKK 150m, and initiated a new share buyback program of DKK 300m, of which DKK 124m was completed. Net interest-bearing debt (NIBD) to EBITDA At 30 June 2026, NIBD to EBITDA was -0.1x, compared to -0.3x at 30 September 2025. NIBD and gearing DKKm NIBD NIBD to EBITDA Invested capital and ROIC DKKm Invested capital ROIC Total assets DKKm 14 -217 -319 -178 -140 -126 -0.2x -0.3x -0.2x -0.1x -0.1x - 5 00 - 4 00 - 3 00 - 2 00 - 1 00 0 100 200 300 400 500 -0.5x -0.4x -0.3x -0.2x -0.1x 0.0x 0.1x 0.2x 0.3x 0.4x 0.5x Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 5,688 5,716 5,858 5,961 6,042 10% 11% 9% 9% 9% 4,000 4,500 5,000 5,500 6,000 6,500 7,000 0% 2% 4% 6% 8% 10% 12% Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 7,396 7,675 7,581 7,606 7,775 5000 5500 6000 6500 7000 7500 8000 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Company announcement no. 17 2025/26 | 25 August 2026
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Assets DKKm 30.06.26 30.06.25 30.09.25 Goodwill 1,517 1,498 1,497 Acquired technologies, trademarks, and customer relations 313 348 339 Completed development projects 906 1,029 994 Other, incl. IT software 128 63 100 Development projects and other assets in progress 495 296 319 Intangible assets 3,359 3,234 3,249 Property, plant, and equipment 717 560 588 Right-of-use assets 585 526 544 Deferred tax assets 45 133 137 Total non-current assets 4,706 4,453 4,518 Inventories 1,202 1,193 1,272 Trade receivables 970 852 834 Other receivables 46 30 40 Income tax receivable 30 16 33 Prepayments 116 101 112 Derivative financial instruments - - - Cash and cash equivalents 705 751 866 Total current assets 3,069 2,943 3,157 Total assets 7,775 7,396 7,675 Interim report for Q3 2025/26 Equity and liabilities DKKm 30.06.26 30.06.25 30.09.25 Share capital 135 135 135 Other reserves 6,033 5,770 5,900 Equity 6,168 5,905 6,035 Deferred tax 7 3 11 Provisions - 15 3 Credit institutions 19 - 5 Lease liabilities 473 459 462 Non-current liabilities 499 477 481 Provisions 6 1 3 Lease liabilities 87 75 80 Trade payables 574 520 572 Income tax 7 28 56 Other payables 434 390 448 Current liabilities 1,108 1,014 1,159 Total liabilities 1,607 1,491 1,640 Total equity and liabilities 7,775 7,396 7,675 15 BALANCE SHEET Company announcement no. 17 2025/26 | 25 August 2026
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DKKm Share Capital Reserve for foreign currency translation adjustments Retained earnings Total Equity 1 October 2025 135 36 5,864 6,035 Net profit for the period - - 395 395 Other comprehensive income for the period - 103 - 103 Total comprehensive income - 103 395 498 Transactions with the owners: Share-based payment - - 21 21 Tax deduction relating to share-based pay - - -3 -3 Purchase of treasury shares -274 -274 Distributed dividend - - -110 -110 Dividend, treasury shares - - 1 1 Equity 30 June 2026 135 139 5,894 6,168 Equity 1 October 2024 135 145 5,314 5,594 Net profit for the period - - 494 494 Other comprehensive income for the period - -109 - -109 Total comprehensive income - -109 494 385 Transactions with the owners: Share-based payment - - 18 18 Tax deduction relating to share-based pay - - -2 -2 Exercise of options - - 11 11 Distributed dividend - - -102 -102 Dividend, treasury shares - - 1 1 Equity 30 June 2025 135 36 5,734 5,905 STATEMENT OF CHANGE IN EQUITY Interim report for Q3 2025/26 16 At the annual general meeting on 4 December 2025, a dividend of DKK 110m was proposed by the Board of Directors for 2024/25 and approved by the annual general meeting. Total dividends have been declared and subsequently paid out, less withholding taxes paid to the Danish Tax Authorities. On 10 December 2025, Ambu announced a share buyback program, which was initiated on 29 December 2025 and completed as of 11 February 2026. Ambu repurchased a total number of 1,746,034 treasury shares, totaling DKK 150m and corresponding to an average purchase price of DKK 85.91. On 6 May 2026, Ambu launched a new share buyback program of up to DKK 300 million, to be completed by 30 September 2026. As of 30 June 2026, the company had repurchased 1,963,517 treasury shares for a total amount of DKK 123.6 million, representing an average purchase price of DKK 62.9616 per share. Company announcement no. 17 2025/26 | 25 August 2026
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17 NOTES TO THE INTERIM REPORT Interim report for Q3 2025/26 Note 1 – Basis of preparation of the interim report The interim report for the period 1 October 2025 to 30 June 2026 is presented in accordance with IAS 34 – Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for the interim reporting of listed companies. The accounting principles applied are consistent with the principles applied in the Annual Report for 2024/25. Note 2 – Segment information Ambu is engaged in a single business activity of medical technology solutions for the global market, and the Group is seen as one operating segment. Ambu's business consists of research and development of new solutions, which are then manufactured, marketed, and sold. Except for the sales of the various solutions, all these functional activities take place and are managed globally on a highly integrated basis. These individual functional areas are not managed separately. Note 3 – Revenue Note 4 – Contingent assets On 20 February 2026, the US Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not provide authority to impose tariffs. Consequently, tariffs imposed under Executive Orders were deemed invalid and terminated. U.S. Customs and Border Protection (CBP) was instructed to establish a process for refunding such tariffs under the supervision of the U.S. Court of International Trade. Ambu has incurred total IEEPA tariffs of DKK 195m (USD 29.8m), of which DKK 40m (USD 6.1m) was recognized as an expense in the 2024/25 financial year. As of 30 June 2026, total outstanding refunds amount to DKK 155m. Management has assessed that the recognition criteria for the outstanding refund claims were not met, as realization was not considered virtually certain. Accordingly, no receivable has been recognized in respect of remaining potential refunds. Management will reassess the matter as further information becomes available. Received tariff refunds are recognized as a recovery of tariffs and presented consistently with the original classification of the related tariff expenses. Subsequent to 30 June 2026, Ambu received additional cash refunds of DKK 85m. As the refunds were received after the reporting date, the related incomehas been recognized in Q4 2025/26. Note 5 – Contingent liabilities Ambu is involved in pending litigations, claims, and investigations arising out of the normal conduct of our business. Ambu’s ongoing operations and the use of Ambu’s solutions in hospitals and clinics, etc., involve the general risk of claims for damages and sanctions against Ambu. The risk is deemed to be customary for the industry. Provisions for probable losses have been made for those matters that Management has assessed as needed, but there are uncertainties associated with these estimates. Ambu does not expect any pending litigations, claims, or investigations to have a material effect on the Group’s financial position. Note 6 – Subsequent events Apart from the matters described in this interim report and Note 4, Management is not aware of any events subsequent to 30 June 2026 which could be expected to have a significant impact on the Group’s financial position. DKKm Q3 2025/26 Q3 2024/25 9M 2025/26 9M 2024/25 FY 2024/25 Respiratory 514 446 1,502 1,387 1,818 URO, ENT & GI 532 470 1,526 1,368 1,826 Anesthesia 298 304 884 948 1,249 Patient Monitoring 296 287 859 868 1,144 Total revenue by business groups 1,640 1,507 4,771 4,571 6,037 North America 802 750 2,333 2,306 3,051 Europe 673 612 1,988 1,827 2,405 Rest of World 165 145 450 438 581 Total revenue by markets 1,640 1,507 4,771 4,571 6,037 Company announcement no. 17 2025/26 | 25 August 2026
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18 DKKm Q3 2025/26 Q2 2025/26 Q1 2025/26 Q4 2024/25 Q3 2024/25 Q2 2024/25 Q1 2024/25 Revenue by business groups Respiratory 514 501 487 431 446 469 472 URO, ENT, & GI 532 495 499 458 470 460 438 Endoscopy Solutions 1,046 996 986 889 916 929 910 Anesthesia 298 290 296 301 304 326 318 Patient Monitoring 296 287 276 276 287 299 282 Anesthesia & Patient Monitoring 594 577 572 577 591 625 600 Total revenue 1,640 1,573 1,558 1,466 1,507 1,554 1,510 Production costs -665 -625 -611 -587 -620 -612 -585 Gross profit 975 948 947 879 887 942 925 Selling and distribution costs -465 -496 -499 -459 -457 -448 -428 Development costs -87 -91 -94 -93 -87 -88 -79 Management and administrative costs -202 -188 -190 -180 -173 -182 -175 Operating profit (EBIT) b.s.i. 221 173 164 147 170 224 243 Special items - - - - - - - Operating profit (EBIT) 221 173 164 147 170 224 243 Financial income 6 3 4 4 3 4 4 Financial expenses -24 -19 -15 -1 -13 -20 -10 Profit before tax 203 157 153 150 160 208 237 Tax on profit for the period -47 -36 -35 -35 -37 -20 -54 Net profit for the period 156 121 118 115 123 188 183 Key figures and ratios Gross margin, % 59.5 60.3 60.8 60.0 58.9 60.6 61.3 OPEX 754 775 783 732 717 718 682 OPEX ratio, % 46.0 49.3 50.3 49.9 47.6 46.2 45.2 EBITDA before special items 321 271 261 244 263 318 331 EBITDA margin before special items, % 19.6 17.2 16.8 16.6 17.5 20.5 21.9 EBIT margin before special items, % 13.5 11.0 10.5 10.0 11.3 14.4 16.1 NIBD/EBITDA before special items -0.1 -0.1 -0.2 -0.3 -0.2 -0.1 0.0 Net working capital, % of revenue 21 22 22 21 21 23 22 QUARTERLY RESULTS DKKm Q3 2025/26 Q2 2025/26 Q1 2025/26 Q4 2024/25 Q3 2024/25 Q2 2024/25 Q1 2024/25 Organic growth, business groups, % Respiratory 17.1 12.2 8.3 8.8 11.2 8.5 17.7 URO, ENT, & GI 15.0 15.5 21.0 16.0 20.8 18.3 23.9 Endoscopy Solutions 16.0 13.8 14.4 12.4 15.9 13.1 20.6 Anesthesia -0.4 -4.4 -1.2 6.4 3.9 11.2 17.8 Patient Monitoring 3.6 -0.4 1.1 6.4 9.3 8.2 17.8 Anesthesia & Patient Monitoring 1.6 -2.5 -0.1 6.4 6.4 9.8 17.8 Organic growth, total revenue, % 10.3 7.3 8.6 10.0 12.0 11.7 19.5 Exchange rate effects -1.5 -6.1 -5.4 -4.3 -3.0 2.0 0.9 Reported growth, total revenue, % 8.8 1.2 3.2 5.7 9.0 13.7 20.4 Organic growth, geographies, % North America 9.7 6.1 9.8 11.4 12.8 12.4 19.2 Europe 10.2 7.9 9.7 10.2 11.5 13.1 17.1 Rest of World 14.4 10.7 -1.6 1.3 7.9 3.0 28.0 Organic growth, total revenue, % 10.3 7.3 8.6 10.0 12.0 11.7 19.5 Cash flow, DKKm Cash flow from operating activities 331 255 106 249 237 161 144 Cash flow from investing activities -177 -151 -93 -119 -109 -81 -75 Free cash flow 154 104 13 130 128 80 69 Cash flow, % of revenue Cash flow from operating activities 20 16 7 17 16 10 10 Cash flow from investing activities -11 -9 -6 -8 -8 -5 -5 Free cash flow 9 7 1 9 8 5 5 Cash conversion, % of EBITDA 48 38 5 53 49 25 21 Balance sheet Assets 7,775 7,606 7,581 7,675 7,396 7,414 7,380 Net working capital 1,326 1,352 1,321 1,238 1,266 1,321 1,228 Equity 6,168 6,101 6,036 6,035 5,905 5,914 5,795 Net interest-bearing debt (NIBD) -126 -140 -178 -319 -217 -86 -24 Invested capital 6,042 5,961 5,858 5,716 5,688 5,828 5,771 Share-related ratios (in DKK) Market price per share 61 68 88 93 99 118 104 Earnings per share (EPS) 0.59 0.46 0.44 0.43 0.46 0.71 0.68 Diluted earnings per share (EPS-D) 0.59 0.46 0.44 0.43 0.46 0.71 0.68 Company announcement no. 17 2025/26 | 25 August 2026