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DISCLAIMER FORWARD LOOKING STATEMENTS 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 – Q4 2025/26 2
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Britt Meelby Jensen Chief Executive Officer 3Investor presentation – Q4 2025/26 BUSINESS REVIEW
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PROGRESS IN 2025/26 4Investor presentation – Q4 2025/26 Innovation-driven 14.6% organic growth in Respiratory. Urology, ENT & GI continued solid momentum with 18.2% growth driven by existing solutions For the year, total organic growth was 10.1%, driven by a reacceleration of Endoscopy Solutions growth to 16.4%, as we continued to drive single-use adoption 2026/27 guidance of 9.5-11.5% organic revenue growth, to be led by continued strong momentum in Endoscopy Solutions of around 15% A&PM grew 0.4%, positively driven by market-leading portfolio in a stable and growing market, but offset by lower volumes in Anesthesia following price increases EBIT margin at 13.2%, reflecting an improvement in operating scale, offset by strategic investments to drive future growth Strong end to the year with 13.9% organic growth in Q4. Endoscopy Solutions grew 21.2%, while A&PM posted 2.8% growth
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2025/26 WAS ANOTHER YEAR OF DOUBLE-DIGIT GROWTH, WITH ENDOSCOPY SOLUTIONS GROWING MORE THAN 15% 5Investor presentation – Q4 2025/26 Endoscopy Solutions Anesthesia & Patient Monitoring 64% 36% Organic revenue growth 10.1% Endoscopy Solutions organic growth 16.4% Anesthesia & Patient Monitoring organic growth 0.4% EBIT (DKK) 851m EBIT margin 13.2% Free cash flow (DKK) 487m 6,471m DKK REVENUE SPLIT BY BUSINESS Q4: 13.9% Q4: 21.2% Q4: 2.8% Q4: 293m Q4: 17.2% Q4: 216m
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1,645 1,818 2,031 Q4 23/24 Q4 24/25 Q4 25/26 RESPIRATORY ORGANIC REVENUE GROWTH OF 21.0% IN Q4 6Investor presentation – Q4 2025/26 Quarterly revenue (DKKm) 12 months rolling revenue (DKKm) 410 431 529 Q4 23/24 Q4 24/25 Q4 25/26 * Organic growth Reported growth in Q4 was 22.7% 21.0%* 14.6%* Q4 HIGHLIGHTS • Single use is increasingly becoming s tandard of care, offering workflow efficiencies and always-available endoscopes in critical settings • Growth accelerated to 21.0%, driven by increasing demand for our aScope 4 and aScope 5 Broncho solutions and a growing contribution from SureSight, including the launch of SureSight Mobile • Strong momentum is expected to continue in 2026/27, as we leverage our leadership position through an increasingly differentiated full-solution offering, backed by EndoIntelligence
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Quarterly revenue (DKKm) UROLOGY, ENT & GI ORGANIC REVENUE GROWTH OF 21.3% IN Q4 7Investor presentation – Q4 2025/26 12 months rolling revenue (DKKm) 412 458 569 Q4 23/24 Q4 24/25 Q4 25/26 * Organic growth Reported growth in Q4 was 24.2% 1545 1826 2,095 Q4 23/24 Q4 24/25 Q4 25/26 21.3%* 18.2%* Q4 HIGHLIGHTS • Strong conversion from reusable to single-use continues, with Ambu spearheading the transition from a market-leading position • The shift to outpatient and ASC settings is an important structural growth driver, with single-use solutions enabling greater efficiency, higher patient throughput, and reduced waiting lists • Growth accelerated to 21.3% in Q4, driven by strong performance in cystoscopy and rhinolaryngoscopy • Solid momentum is expected into 2026/27, mainly driven by further adoption of existing solutions
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Quarterly revenue (DKKm) A&PM ORGANIC REVENUE GROWTH OF 2.8% IN Q4 8Investor presentation – Q4 2025/26 12 months rolling revenue (DKKm) 565 577 602 Q4 23/24 Q4 24/25 Q4 25/26 * Organic growth Reported growth in Q4 was 4.3% 2,201 2,393 2,345 Q4 23/24 Q4 24/25 Q4 25/26 2.8%* 0.4%* Q4 HIGHLIGHTS • A&PM growth improved in Q4 to 2.8%, supported by solid commercial execution and the strength of our market-leading portfolio • Anesthesia was broadly stable at -0.6% organic growth, reflecting the impact of lower volumes in selected U.S. accounts following price increases in prior years, as communicated in Q2 • Patient Monitoring delivered solid 6.5% organic growth, with Neurology as a key contributor • A&PM is expected to deliver low single- digit growth in 2026/27
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Investor presentation – Q4 2025/26 9 2025/26 strategic highlights Customer centricity • Completed SureSight solution with SureSight Mobile • Extended Recircle Program with bioplastic SureSight blades • Expanded EndoIntelligence integration with hospital systems • Acquired TIMS Medical, adding workflow technology and ~7,000 U.S. installations Innovation • Strengthened ureteroscopy with new suction access sheath • Expanded neurology with Neuroline Cup MRI/CT • Achieved “best-in-class” cybersecurity validation for aView 2 Advance and aBox 2 • Established AI partnerships with leading U.S. medical institutions Business platform • Scaled Mexico manufacturing, strengthening our global footprint • Strengthened supply chain resilience through diversification and partnerships People & culture • Expanded EndoIntelligence capabilities • Maintained strong employee engagement, supporting strategy execution
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FOCUS AND DIFFERENTIATION GUIDE STRATEGIC CHOICES Advance market leadership in Respiratory and Urology Advance hardware, software, and AI innovation through EndoIntelligence Grow profitably in Anesthesia and Patient Monitoring Continue to grow in ENT Lead the transition to single use in GI through a stepwise approach Investor presentation – Q4 2025/26 10
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Respiratory has delivered innovation-led double-digit growth nearly every quarter over the past 17 years • Leading position in the DKK 10bn OR/ICU m arket, with single-use penetration still only ~25% globally • Single use is increasingly becoming s tandard of care, with the potential for much higher penetration • Continued innovation will expand o pportunities in the bronchoscopy suite • Ambu’s full- solution offering and breakthrough innovation to accelerate the next phase of conversion 11.7% 11.4% 14.6% 0% 5% 10% 15% 20% Q1 Q2 Q3 Q4 23/24 Q1 Q2 Q3 Q4 24/25 Q1 Q2 Q3 Q4 25/26 VALUE-CREATING INNOVATION TO DRIVE SUSTAINABLE GROWTH 11 Respiratory: Re-acceleration driven by product innovation Respiratory portfolio development Respiratory, 12m rolling organic growth 2009 2015 2019 2023 2026 2011 2017 2023 2025 aScope 1 aScope 3 aScope BronchoSampler VivaSight 2 SLT SureSight Mobile aScope 2 aScope 4 aScope 5 SureSight Connect Investor presentation – Q4 2025/26 Slim Regular Large 4.2/2.2 2.7/1.2 HD 5.6/2.8 HD 5.0/2.2
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4 new major next generation endoscope approvals expected in 2026/27 and 2027/28 10+ additional new solution innovation projects ongoing with expected regulatory approval through 2029/30 >10% of Endoscopy Solutions revenue invested in innovation annually EXTENDING OUR SINGLE-USE LEADERSHIP THROUGH STRONG INNOVATION PIPELINE 12 Current portfolio (non-exhaustive) Key regulatory approvals expected next two financial years (non-exhaustive) ENT aScope 4 Rhinolaryngo intervention aScope 4 Rhinolaryngo slim Respiratory aScope 4 Broncho aScope 4 BronchoSampler VivSight 2 SLT/DLT aScope 5 Broncho (incl HD version) aScope 5 BronchoSampler SureSight Connect / Mobile GI aScope Duodeno 1.5 / 2.0 aScope Gastro (incl. Large) aScope Colon Urology aScope 4 Cysto aScope 5 Cysto HD Grasper aScope 5 Uretero FANS suction access sheath Endo- Intelligence aView 2 Advance & aBox 2 EMR documentation (TIMS Medical) Continuous software releases incl. TIMS and EMR integration New solutions last 12 months Investor presentation – Q4 2025/26AI-enabled features Next-gen ureteroscope Next-gen cystoscope Next-gen rhinolaryngoscope Expanded procedure indication(s) Next-gen bronchoscope Expanded procedure indication(s) Additional SureSight blades
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KEY FACTS WHAT TIMS ADDS STRATEGIC VALUE TIMS MEDICAL EXPANDS ENDOINTELLIGENCE, BENEFITTING CUSTOMERS BY REDUCING ADMINISTRATIVE BURDEN 13 Flagship solution TIMS MVP (Medical Video Platform), cleared by the FDA Hospital connectivity Connects medical imaging devices (such as endoscopy systems) with hospital IT systems Automated documentation Helps clinicians create structured reports using procedure data, videos, and images • Reporting and documentation integrated into hospital workflows • Reduces administrative burden and improves clinical workflow efficiency Clinical applications Established position in ENT, including FEES procedures Broader commercial access ~7,000 installations across hospitals and other sites of care in the U.S. Expanded EndoIntelligence offering Enhanced features through connectivity, reporting, and documentation Added software capabilities Experienced software development talent across the organization Stronger commercialization capabilities Established expertise selling software to U.S. hospitals Purchase price Upfront payment of USD 45m and additional milestone payments of up to USD 20m Revenue DKK ~97m (USD ~15m) annually Employees 56 Headquarters Near Boston, Massachusetts Year founded 2004 Investor presentation – Q4 2025/26
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AMBU’S PATH AHEAD 1. Single-use market growth 2. Share of single-use market value 3. Extended through the TIMS Medical acquisition (Sept 2026) 14 Broadest single-use portfolio, 60%+ market share2 globally, with a large and highly specialized commercial footprint of sales reps and market access professionals Global #1 in single-use endoscopy Highest R&D spend within single-use endoscopy – enabling technology leadership via EndoIntelligence with EMR integration and post-procedure documentation3 Double-digit organic growth and solid margin expansion driven by global scale through 2029/30, supported by disciplined capital allocation Structural shift to single-use solutions − with 20%+ annual market growth1 − driven by workflow efficiencies designed to meet the challenge of rising patient volumes Attractive single-use endoscopy market Leading customer-centric innovation Strong innovation pipeline of next generation platforms Clear path to value creation Proven innovation engine with 7+ new solutions in three years, and a pipeline of next-generation endoscopy platforms across Respiratory, Urology, ENT, and GI Investor presentation – Q4 2025/26
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Henrik Skak Bender Chief Financial Officer 15Investor presentation – Q4 2025/26 FINANCIAL REVIEW
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Quarterly revenue (DKKm) ORGANIC REVENUE GROWTH OF 13.9% IN Q4 16Investor presentation – Q4 2025/26 12 months rolling revenue (DKKm) 1,387 1,466 1,700 Q4 23/24 Q4 24/25 Q4 25/26 * Organic growth Reported growth in Q4 was 16.0% 5,391 6,037 6,471 Q4 23/24 Q4 24/25 Q4 25/26 13.9%* 10.1%* Q4 HIGHLIGHTS • The main driver of total growth was Endoscopy Solutions (65% of Q4 revenue), driven by conversion from reusable to single use and new innovations • Organic growth was 13.9%, driven by 21.2% Endoscopy Solutions growth, with A&PM growing 2.8% • Reported growth was 16.0%, positively impacted by USD/DKK appreciation
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Q4 GROWTH IMPROVEMENT DRIVEN BY ALL REGIONS 17 North America EMEA Rest of World Revenue by geography 17.9% 8.5% 15.1% Organic growth Strong performance in Endoscopy Solutions, partly offset by annualization of the lower volumes on non-exclusive contracts in A&PM Continued solid organic growth, driven by both Endoscopy Solutions and A&PM Strong growth driven by Endoscopy Solutions Investor presentation – Q4 2025/26 17 53% 37% 10%
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61.3% 60.6% 58.9% 60.0% 60.8% 60.3% 59.5% 60.0% Q1 24/25 Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Q4 GROSS MARGIN CONSISTENT WITH TREND FOR THE YEAR 18 • Gross margin of 60.0%, flat vs. 60.0% in Q4 last year • Gross margin movements in the short term are impacted by product mix, moving manufacturing from Malaysia to Mexico • 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 Q4 HIGHLIGHTS Gross margin development 60.2% FY 2024/25 Investor presentation – Q4 2025/26 60.1% FY 2025/26
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OPEX DEVELOPMENT REFLECTS Q4 IMPROVEMENT AND FY STABILITY 19 • OPEX to revenue for FY was 47.0%, improved by 0.2%-pts, compared to last year. OPEX to revenue for Q4 ended at 42.8%, improved by 7.2%-pts from Q4 last year • Q4 was positively impacted by DKK 85m in tariff refunds and negatively impacted by tariff cost of around DKK 20m • Additionally, OPEX was negatively impacted by transaction cost and integration cost related to the acquisition of TIMS Medical • Adjusting for tariff cost & refunds, as well as one-off costs around TIMS Medical, OPEX to revenue was positively impacted by the continued operating leverage Q4 HIGHLIGHTS Investor presentation – Q4 2025/26 OPEX to revenue development 45.2% 46.2% 47.6% 49.9% 50.3% 49.3% 46.0% 42.8% 46.9% 48.6% 46.7% 45.8% 46.6% 46.6% 40. 0% 45. 0% 50. 0% 55. 0% 60. 0% Q1 24/25 Q2 24/25 Q3 24/25 Q4 24/25 Q1 25/26 Q2 25/26 Q3 25/26 Q4 25/26 Reported Excluding tariff expense and refunds FY 2024/25 47.2% 46.7% FY 2025/26 47.0% 46.4%
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Q4 2024/25 EBIT margin ∆ Gross margin 7.2% ∆ OPEX to revenue Q4 2025/26 EBIT margin -1.0% Tariff expenses 5.0% Tariff Refunds 10.0% 17.2% Q4 REPORTED EBIT MARGIN OF 17.2% WITH TARIFF REFUNDS OF DKK 85M 20 EBIT margin development Investor presentation – Q4 2025/26 • EBIT margin in Q4 2025/26 was 17.2%, c orresponding to an increase of 7.2%-pts, compared to Q4 2024/25 • The net tariff impact was positive this quarter, due to the DKK 85m refund that was received. The tariff cost in the quarter was DKK 20m • Adjusting only for the tariff refund, the Q4 margin was 12.2%, which included costs around the closing and integration of the TIMS Medical acquisition Q4 KEY HIGHLIGHTS
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411 216 CONTINUED SOLID FREE CASH FLOW DEVELOPMENT IN Q4 21 Free cash flow – main components in Q4 (DKKm) 1. CAPEX is defined as cash flow from investing activities before acquisitions 2. ‘Other’ includes: change in provisions, income tax, interest paid, and share-based payments Q4 HIGHLIGHTS • Free cash flow of DKK 216m before acquisitions, driven by continued profitable growth and solid net working capital management. FY 2025/26 cash flow at DKK 487m • The strong cash generation resulted in cash conversion of 39.0% for FY 2025/26 • Acquisition of TIMS Medical impacted cash flow with DKK 189m in Q4, bringing FY 2025/26 free cash flow after acquisitions to DKK 298m Investor presentation – Q4 2025/26 EBITDA Change in working capital CAPEX Other Free cash flow Q4 25/26 -2 -36 -157
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102 110 151 450 400 102 560 551 0 100 200 300 400 500 600 0 100 200 300 400 500 600 2022/23 2023/24 2024/25 2025/26 2026/27E • Total cash distribution of DKK 551m expected for 2026/27, corresponding to a total pay-out ratio of 86%. This consist of: o A proposed dividend distribution of DKK 151m (DKK 0.56 per share) o A share buyback program of DKK 400m • The dividend will be proposed at Annual General Meeting on 2 December • The share buyback will be initiated on 9 November as part of Ambu’s currently authorized program • Strong balance sheet. Maintain a long- term target of a NIBD/EBITDA up to 2.5x • Disciplined capital allocation and strong free cash flow generation provides operational flexibility to deliver on our long-term sustainable and profitable growth targets PROPOSED DIVIDEND OF DKK 151M AND SHARE BUYBACK OF DKK 400M 22Investor presentation – Q4 2025/26 Dividends and share buybacks (DKKm) 0% 18% 24% %Dividends Share buybacks Pay-out ratio1 0% 43% 1) Pay-out ratio = dividends / prior year’s net profit
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23 2026/27 OUTLOOK 2025/26 actuals 2026/27 outlook Comments on 2026/27 outlook Organic revenue growth 10.1% 9.5-11.5% Endoscopy Solutions expected to deliver ~15% organic growth. Respiratory will moderate vs H2 25/26 but remain at a higher level than recent years. Urology, ENT & GI to see improved stability, while at a lower organic growth run-rate than LTM A&PM expected to grow low-single-digit EBIT margin (reported) 13.2% 13-15% EBIT margin uplift expected to be driven by operating leverage on OPEX, partly offset by growth investments and modest dilution from the TIMS Medical acquisition Tariffs are expected to have an effect of 1%-pts. Mitigation actions − including investing in North America − are ongoing, and the impact of tariffs will diminish further over the coming years No tariff refunds are included in the EBIT margin guidance Cash conversion1 39% ~30% Solid cash flow is driven by higher EBITDA, but partly offset by higher investments in capex in preparation for upcoming product launches 1. Cash conversion is equal to free cash flow before acquisitions/EBITDA
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Organic revenue CAGR (%) Cash conversion1 REITERATING ZOOM AHEAD LONG-TERM FINANCIAL TARGETS 1. Cash conversion is equal to free cash flow before acquisitions/EBITDA Endoscopy Solutions Anesthesia & Patient Monitoring Total EBIT margin ZOOM AHEAD 5-year targets towards 2029/30 15-20% 3-5% 11-13% 20%+ by 2029/30 40%+
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Efficiencies + Higher production output per site + Product mix (higher contribution margin for Endoscopy Solutions vs. Anesthesia & Patient Monitoring) + Pricing governance - New product launches (short-term effect) - Manufacturing shift from Malaysia to Mexico EBIT MARGIN IMPROVEMENT OVER ZOOM AHEAD 25 2024/25 2026/27 ~1/5 ~4/5 2029/30 13.0% 13-15% 20%+ Scaling revenue drives EBIT margin expansion, 2024/25 – 2029/30 Gross margin OPEX-to-revenue GROSS MARGIN EXPANSION OPEX IMPROVEMENT EBIT margin Operating leverage + G&A: Leveraging current back-office set-up + Selling and marketing: Investing to drive organic growth, while driving scale in commercial model + Distribution: Lower costs from proximity to customers + R&D: Leveraging scale of technology platform - Tariffs: Gradually reducing with mitigation actions + + - + + + + - - +
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Q&A Investor presentation – Q4 2025/26 26
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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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2025/26 EBIT MARGIN AS REPORTED, EXCLUDING TARIFF REFUNDS, AND THE LFL COMPARISON BASE FOR 2026/27 29 10.5% 11.0% 13.5% 17.2% 13.2% Q1 Q2 Q3 Q4 FY EBIT margin As reported EBIT margin Excluding tariff refunds EBIT margin Comparison base for FY 26/27 (LFL tariffs) 1 10.5% 11.0% 11.0% 12.2% 11.2% Q1 Q2 Q3 Q4 FY 12.8% 13.2% 11.6% 12.2% 12.5% Q1 Q2 Q3 Q4 FY (1) Comparison base EBIT margin excludes tariff refunds and is adjusted to be like-for-like (LFL) for the expected tariff run-rate of 1%-pts impact in 2026/27 • No adjustments • Removes tariffs refunds of DKK 125m • No adjustments for the DKK 16m of strategic project costs for TIMS Medical acquisition (DKK 10m in Q3 and DKK 6m in Q4), as well as other integration costs associated with the transaction closing • Removes tariff refunds of DKK 125m • No adjustments for TIMS acquisition and integration cost • Removes tariff expense of ~3.5% of sales in H1 and ~1.5% in H2 (~DKK 160m total for 2025/26) • Adds tariff expense of ~1% of sales (~DKK 80m), which is the expected tariff expense in 2026/27
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FROM SINGLE USE TOWARDS GLOBAL ENDOSCOPY LEADERSHIP 1. Revenue and growth FY 24/25 30 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 0.4% Organic growth 64% 36%16.4% Organic growth 6.5 DKK bn #1 single-use manufacturer “
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STRONG DOUBLE-DIGIT REVENUE GROWTH, WELL ABOVE MEDTECH BENCHMARK 31 Reported revenue, DKK bn, FY 2018/19 – 2025/26 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 6.0 2025/26 6.524% 7-year CAGR Global MedTech average1 Ambu 6% 13% 1. McKinsey & Company “The transformation imperative: Igniting value creation in MedTech”, February 2025 (Global top 30 MedTech company benchmark 2019-2023) 13% 2x Global MedTech benchmark Revenue CAGR Total Endoscopy Solutions Anesthesia & Patient Monitoring
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50% increase in cystoscopy procedures from using single-use endoscopes vs. reusables 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 32
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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 toward 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 33
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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