Annual report
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Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup Registration no. 63644919 ANNUAL REPORT 2025/26 CARE BEYOND EXPECTATIONS
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FOLLOW US LinkedInAmbu.com X IN BRIEF 4 P urpose and aspiration 5 L etter from our Chair & CEO 7 M ilestones 2025/26 8 A cquisition of TIMS Medical 9 A t a glance 11 R esilient global footprint 12 O wning the value chain 13 A dvancing sustainable healthcare 14 F inancial and ESG highlights 16 F ive-year financial summary 17 E quity story STRATEGY & TARGETS 19 E ndoscopy needs and our response 20 S ingle-use adoption today and in the future 21 Z OOM AHEAD strategy 27 O utlook for 2026/27 29 L ong-term targets 2029/30 FINANCIAL PERFORMANCE 31 B usiness performance in brief 32 E ndoscopy Solutions 34 A nesthesia & Patient Monitoring 35 F inancial results 2025/26 GOVERNANCE 39 Ri sk management 44 Remuneration 46 C orporate governance 49 E xecutive Management 50 E xecutive leadership team 51 B oard of Directors 54 S hareholder information SUSTAINABILITY STATEMENT 59 E SRS 2 General disclosures 69 Environment 91 Social 108 Governance 113 E SRS Disclosure index FINANCIAL STATEMENTS 120 C onsolidated financial statements 157 P arent Company financial statements STATEMENTS 174 M anagement statement 175 I ndependent auditor's report 178 I ndependent auditor's limited assurance report on sustainability statement CONTENTS In the first year of Ambu’s ZOOM AHEAD strategy period, we delivered strong endo- scopy growth and advanced our aspiration to achieve global endoscopy leadership. Read more Annual Report 2025/26 22
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In brief IN BRIEF With Endoscopy Solutions revenue growth above 15% for the fourth year in a row, we reinforced our leading position in the global transition from reusable to single-use endoscopy. Annual Report 2025/26 3In brief Strategy Performance Governance Sustainability Financial statements
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PURPOSE AND ASPIRATION OUR PURPOSE OUR ASPIRATION Together, we rethink solutions to save lives and improve patient care Achieve global endoscopy leadership Annual Report 2025/26 4Financial statementsIn brief Strategy Performance Governance Sustainability
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BRITT MEELBY JENSENJØRGEN FALKEBO JENSEN LETTER FROM OUR CHAIR & CEO ADVANCING TOWARD GLOBAL ENDOSCOPY LEADERSHIP The 2025/26 financial year was the first year of ZOOM AHEAD, our growth strategy setting a long-term aspiration to achieve global endo- scopy leadership. We delivered our third consec- utive year of double-digit growth, with Endosco- py Solutions exceeding 15% organic growth for the fourth consecutive year. At the same time, we continued to expand our portfolio, drive the shift to single-use endoscopy, and build a more scalable organization. Demand for our solutions continued to grow as healthcare providers worldwide face rising patient volumes and persistent workforce short- ages. Ambu is well positioned to meet these changes, with a leading portfolio of endoscopy In the first year of ZOOM AHEAD, we strengthened our position in global endoscopy, accelerated innovation, and built a more scalable Ambu for future growth. solutions, differentiated innovation, a scalable business platform with a very cost-efficient manu- facturing footprint, and a dedicated global team. Another year of standout Endoscopy Solutions growth With 16.4% organic growth, Endoscopy Solutions delivered another strong year and remained the principal engine of Ambu’s growth. Performance reflected solid execution and broad-based mo - mentum across all endoscopy areas, demon- strating the strength and breadth of our leading full-solution offering. Respiratory grew 14.6%, with growth accelerating through the year as adoption of our newly launched SureSight™ video laryngoscope portfolio gained momentum. After Annual Report 2025/26 5In brief Strategy Performance Governance Sustainability Financial statements
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year end, two aScope™ 5 bronchoscopes were cleared for pediatric use in the U.S. and Europe, broadening the patient population we can reach. Urology, Ear-Nose-Throat (ENT), and Gastroenterology (GI) grew 18.2%, reflecting strong underlying conversion to single-use across all areas. In Urology, we added new acces- sories for both cystoscopy and ureteroscopy to support efficiency and patient outcomes. Toward our long-term strategy to unlock GI, we took a fo- cused step by extending our gastroscopy portfo - lio into lower GI with a sigmoidoscopy indication. We delivered organic growth of 10.1%, ending within initial guidance, and continued the double-digit growth journey. The result reflects continued momentum across the business and reinforces Ambu's position as one of the fastest- growing companies in the global MedTech industry. Anesthesia & Patient Monitoring ended below our expectations with 0.4% growth, following signifi - cant above-market organic growth of 9.9% in the previous year. This was driven by volume losses in a few select U.S. accounts following price discipline and focus on earnings. Toward the end of the year, we broadened our Neuroline™ electrode portfolio with a solution for patients undergoing CT and MRI scans. This supports the long-term growth ambitions for this business. During the year, we maintained a disciplined focus on operating efficiency while investing in future growth, delivering an EBIT margin of 13.2%. We continue to operate from a position of financial strength, with solid cash flow and limited debt. This enabled us to make strategic investments while also returning capital to share - holders through two share buyback programs, the first time in 8 years, and a dividend payment during the year. Advancing our leading full-solution offering Ambu serves customers as a full-solution endoscopy partner across the entire endoscopy workflow. A key focus this year was the continued development of EndoIntelligence™, our pro- prietary endoscopy technology platform span - ning Respiratory, Urology, ENT, and GI. EndoIntelligence™ is designed to create a more connected and efficient endoscopy workflow before, during, and after procedures. During the year, we advanced the platform across hardware, software, connectivity, and AI. A key milestone was the acquisition of TIMS Medical, announced on 14 September 2026. Ambu's strength has traditionally centered on the endoscopy procedure itself. TIMS Medical adds proven post-procedure capabilities in con- nectivity, reporting, documentation, and integra - tion with hospital systems and patient records, together with access to around 7,000 installations across U.S. hospitals. We also evolved our commercial setup in key markets. Beyond clinicians, we increasingly engaged with decision-makers at the hospital administration and health system level, where strategic decisions on technology, standardization, capacity, and operational efficiency are made. By leveraging our growing full-solution offering across endoscopes, EndoIntelligence™, accessories, sus - tainability, and services, we partner with customers to help them scale endoscopy care more efficiently while improving patient outcomes. Strengthening resilience, capabilities, and scalability As we grow and extend our leadership position in endoscopy, Ambu is building the scalability and resilience needed to drive long-term profitable growth. In 2025/26, we strengthened our global manufac- turing footprint through the continued ramp-up of our Mexico facility and further strengthened our setup in Malaysia. We increased the resilience of our global supply chain, maintaining high supply reliability as we continue to grow. Beyond our operational setup, we advanced core processes, data analytics, and new technology to improve efficiency. Underpinning all of this are our people. We continued to attract and develop talent in leadership positions and build critical capa- bilities across the organization. Together, these initiatives have created a more scalable, capable, and resilient Ambu that is well positioned to deliver strong future growth while maintaining operational discipline and profitability. Year Two of ZOOM AHEAD: Bringing the next wave of innovation to market As we enter the second year of ZOOM AHEAD, our innovation roadmap will enable us to grow market share, broader customer adoption, and accelerate the transition to single-use endoscopy. Over the next two financial years, we will intro- duce new solutions across all endoscopy areas, expanding our market potential across procedures, sites of care, and patient popu- lations. These new solutions will strengthen our ability to support customers across the full endoscopy workflow. For nearly 90 years, we have built and led new markets through innovation. Our playbook is proven, and our market opportunity is significant. We are excited to continue partnering with our customers, leading the transition to single-use en doscopy, and advancing toward our aspiration to achieve global endoscopy leadership. On behalf of Ambu's Board of Directors and Leadership, we thank all our employees for their commitment and dedication, and our customers, sh areholders, a nd partners f or their continued trust and support. Jørgen Falkebo Jensen Britt M eelby Jensen Chair Chi ef Executive of the Board Of ficer Annual Report 2025/26 6In brief Strategy Performance Governance Sustainability Financial statements
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MILESTONES 2025/26 Financials Innovations Sustainability Cash conversion EBIT margin Revenue growth • A cquired TIMS Medical and invested in EndoIntelli - gence™ capabilities to further advance our integrated en- doscopy technology platform. • A dvanced Respiratory offering with the launch of our full Ambu ® SureSight™ video laryngoscopy portfolio as well as pediatric indications for two bronchoscopes in our Ambu ® aScope™ 5 Broncho portfolio. • S trengthened Urology portfolio with key accessories – grasping forceps for cys- toscopy and a FANS suction access sheath for ureteroscopy. • I ncreased procedural reach in GI with a sigmoidoscopy indication for Ambu ® aScope™ Gastro and Ambu ® aScope™ Gastro Large, making them the first single-use GI endoscopes for use in both upper and lower GI procedures. • E xpanded neurology port - folio in Patient Monitoring with Ambu ® Neuroline™ Cup MRI/CT, an EEG solution that supports brain monitoring for patients undergoing scans. • H ighlighted as a sustain- ability leader in Europe by MedTech Europe. • E xpanded our recycling initiative, Ambu ® Recircle Program to 92 hospital sites and broadened the program to include Ambu ® SureSight™ video laryngoscope blades. • In troduced bioplastics in Ambu® SureSight™ blades, expanding our use of bioplas- tics across our solutions. 10.1% 13.2% 39% Recognitions Ambu® SureSight™ received the Red Dot Product Design 2026 Award for its coherent system architecture, ergonomic handling, and high-quality imaging. Ambu ® SureSight™ was named a finalist in the 2026 Danish Design Award, recognizing its integrated, ergonomic design for clear airway visualization during intubation. Ambu received Frost & Sullivan’s 2025 Technology Innovation Leadership Recognition for excellence in the European single-use endoscopy industry. Endoscopy revenue growth 16.4% Annual Report 2025/26 7In brief Strategy Performance Governance Sustainability Financial statements
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ACQUISITION OF TIMS MEDICAL We took a focused step forward for EndoIntelligence™, expanding our ability to deliver innovative and integrated solutions across the endoscopy continuum of care. In September 2026, Ambu acquired TIMS Medical, a U.S.-based MedTech company specializing in imaging and reporting solutions that integrate with hospital workflows and IT systems. The acquisition accelerates Ambu’s EndoIntelligence™ agenda and advances our position as a partner supporting customers across the full endoscopy workflow, in line with our ZOOM AHEAD strategy and long-term aspiration to achieve global endoscopy leadership. TIMS Medical strengthens our endoscopy offering with proven capabilities in connectivity, reporting, and documentation, while also expanding our customer footprint through access to around 7,000 installations across U.S. hospitals. Together, these strengths enhance our ability to offer end-to-end support and services to healthcare providers to create a more inte- grated workflow across the endoscopy continuum of care, improv- ing efficiency and supporting better patient outcomes. Delivering an integrated workflow solution in ENT Together, Ambu and TIMS Medical can deliver an integrated solution in ENT – from procedure to documentation – supporting customers with a connected and efficient workflow. Over time, we see attractive opportunities to expand these capabilities into other endoscopy areas as well. Purchase price: Enterprise value at debt- free basis, including milestone payments, USD 45m with potentiel future earn-out payments of up to USD 20 m Revenue: DKK ~97m (USD ~15m) annually Employees: 56 Founded in: 2004 Commercial presence: Around 7,000 installations across U.S. hospitals C linical applications: Established position in ENT, including FEES p rocedures Flagship solution: TIMS MVP (Medical Video Platform), cleared by the FDA Annual Report 2025/26 8Financial statementsIn brief Strategy Performance Governance Sustainability
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64% ● Endoscopy Solutions 36% ● A nesthesia & Patient Monitoring 2019/202018/19 2020/21 2021/22 2022/23 2023/24 2025/262024/25 23.5% CAGR AT A GLANCE 1937 founded nearly 90 years ago with a dream to save lives 400m+ DKK invested in R&D annually 2x growth of the global MedTech industry 1 ~5,400 employees across 20+ countries 3 key R&D centers in Denmark, Germany, and Malaysia 60+ markets where our solutions are sold 3-4% Single-use penetration of the global endoscopy market today Significant potential for continued conversion from reusable endoscopes Single-use market growth from 2025-2030 (CAGR) Driven by 5% endoscopy procedure growth and 15%+ single-use adoption Ambu’s Endoscopy Solutions revenue growth in 2025/26 Marking the fourth consecutive year of 15%+ endoscopy revenue growth 20%+ 16.4% 1 Ambu average organic growth of 13% (2019/20–2025/26) versus the 6-7% benchmark for the top 30 companies in the global MedTech industry (2019–2023). McKinsey & Company, “The transformation imperative”, February 2025. 100m patients helped every year 4 factories in Mexico, Malaysia, China, and the U.S. Leading the global shift toward single-use endoscopy Endoscopy Solutions is our strong growth engine Share of total revenue 2025/26 Annual Report 2025/26 9In brief Strategy Performance Governance Sustainability Financial statements
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WE ARE THE GLOBAL LEADER IN SINGLE-USE ENDOSCOPY Full-solution partner 60%+ market share, leading the global conversion from reusable to single-use solutions Market leaders Innovation Portfolio breadth Sustainability Pioneering recycling program and all endoscopes made with bioplastics to help customers reduce waste and emissions EndoIntelligence™ Only single-use provider with one endoscopy technology platform that elevates performance across the endoscopy portfolio Most comprehensive single-use offering across the four major endoscopy areas, Respiratory, Urology, ENT, and GI From 2022 to 2026, we launched 12 solu- tions and secured 4 expanded indications across Respiratory, Urology, ENT, and GI Delivering connected solutions that support the full endoscopy workflow before, during, and after procedures As the market leader in single-use endoscopy, Ambu spearheads the global transition from reusable to single-use solutions, dedicated to making it the future standard of care. Converting the global endoscopy market Annual Report 2025/26 10In brief Strategy Performance Governance Sustainability Financial statements
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* RESILIENT GLOBAL FOOTPRINT ● Direct markets ● Distributor markets Factories Suppliers R&D centers Ambu serves customers across 60+ markets with a global setup built for scale, speed, and resilience, supported by four manufacturing facilities and three dedicated R&D centers across three continents. Our global footprint combines four manufacturing facilities in Mexico, Malaysia, China, and the U.S. with three ded- icated R&D centers in Denmark, Germany, and Malaysia, supported by additional R&D teams in China and the U.S. This integrated setup supports cost-efficient growth, high-quality production, reliable supply, and customer- centric innovation. Our upstream value chain consists primarily of suppliers of raw materials, components, and manufacturing services located across key global sourcing markets within Asia, Europe, and North America, supporting the production of our MedTech solutions. * T his page contains CSRD-compliant text and refers to SBM-1. FOOTPRINT Annual Report 2025/26 11In brief Strategy Performance Governance Sustainability Financial statements
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* OWNING THE VALUE CHAIN We own every stage of our value chain, transforming customer insights into innovative solutions that create value for patients, healthcare providers, shareholders, and society. Our value chain spans the entire journey, from under- standing customer needs and developing innovative solutions to manufacturing, commercial- ization, and ongoing customer engagement. Across every step, we embed sustainability to help reduce the environmental impact for both our customers and our own operations. Our integrated value chain enables us to move with speed, drive scale, deliver high quality, and respond quickly to market needs while supporting more effi- cient, accessible, and impactful healthcare delivery. * T his page contains CSRD-compliant text and refers to SBM-1. BUSINESS MODEL How we create value STRONGHOLDS VALUE CREATION Customer insights Deep understanding of clinical practice and customer needs People and expertise ~5,400 employees driving innovation, scale, and execution Suppliers and partners Trusted collaborations across the value chain Financial capital Supporting innovation, strategic investments, and profitable growth Materials and resources Efficiency use of critical components, including elec - tronics and medical-grade plastics Patients Better outcomes and increased access to high-quality care Healthcare providers Improved efficiency and performance across the entire endoscopy workflow Employees Opportunities to grow, contribute, and shape the future of endoscopy Shareholders Profitable growth and sustain - able long-term value creation Society Supporting more sustainable healthcare and a more circular MedTech industry Customer insights Understanding needs and identifying new innovation opportunities. Global manufacturing Producing at scale with quality, reliability, and efficiency. Global commercialization Partnering with customers to create value and drive adoption. Research & development Turning insights into new solutions and technologies. Annual Report 2025/26 12In brief Strategy Performance Governance Sustainability Financial statements
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* ADVANCING SUSTAINABLE HEALTHCARE Our sustainability agenda focuses on helping healthcare providers reduce waste and lower emissions, while also reducing our own environmental impact. The global healthcare industry accounts for 4.4% of the world’s net emissions, with medical devices contributing to 71% of that footprint. As the leader in single-use endoscopy, we are dedicated to leading the transition toward more sustainable healthcare and a more circular In 2026, MedTech Europe highlighted Ambu as a leader in sustain- ability, recognizing our pioneering use of bioplastics in our solutions and our recycling program, the Ambu Recircle Program. Highlighted as a sustainability leader by MedTech Europe MedTech industry. We do this by helping our customers deliver high-quality care with inno- vative solutions designed for a lower carbon footprint, while continuously working to reduce the environmental impact of our solutions across their lifecycle. OUR SUSTAINABILITY FOCUS Decarbonization of healthcare Recircle Program in 140+ depart- ments across 92 hospital sites Decarbonization through bioplastics in solutions Bioplastics in all endoscopes and video laryngoscope blades Decarbonization across our value chain Net-zero targets are submitted for validation, and we are on track to achieve net zero by 2045, with SBTi targets * T his page contains CSRD-compliant text and refers to SBM-1. Read MedTech Europe’s report: “Decarbonizing healthcare: How a competitive MedTech industry can contribute“ → Annual Report 2025/26 13GovernanceIn brief Strategy Performance Sustainability Financial statements
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Revenue (DKKm) Organic revenue growth (%) EBIT before special items (DKKm) EBIT margin before special items (%) Free cash flow before acquisitionst (DKKm)Gross profit (DKKm) Gross margin (%) 2021/22 2022/23 2023/24 2024/25 2025/26 4,444 4,775 5,391 6,037 6,471 4.3% 7.6% 13.8% 13.1% 10.1% 2021/22 2022/23 2023/24 2024/25 2025/26 122 302 645 784 851 2.7% 6.3% 12.0% 13.0% 13.2% 2021/22 2022/23 2023/24 2024/25 2025/26 2,554 2,713 3,201 3,633 3,890 57. 5% 56.8% 59.4% 60.2% 60.1% EBITDA Change in working capital CAPEX Other Free cash flow 1,264 -224 -578 25 487 FINANCIAL AND ESG HIGHLIGHTS 12% 6,471m 851m 487m voluntary turnover, reflecting Ambu as a place where people want to stay ESG HIGHLIGHTS FINANCIAL HIGHLIGHTS Revenue and organic revenue growth EBIT and EBIT margin before special items Free cash flow before acquisitions 0 confirmed cases of corruption and bribery 52% of all production waste was recycled 100% of leaders enrolled in our leadership development program, LEAD AHEAD 37% of top management positions held by women G ross profit 3,890m Annual Report 2025/26 14In brief Strategy Performance Governance Sustainability Financial statements
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50% 64% 40% 36% 10% North America Endoscopy Solutions Europe Anesthesia & Patient Monitoring Rest of World 11.0% 16.4% 9.1% 0.4% 9.6% FINANCIAL AND ESG HIGHLIGHTS ESG HIGHLIGHTS FINANCIAL HIGHLIGHTS Organic revenue growth in geography Organic revenue growth by businessRevenue split by geography Revenue split by business ● E ndoscopy Solutions (%) ● A nesthesia & Patient Monitoring (%) ● N orth America (%) ● E urope (%) ● R est of World (%) ● E ndoscopy Solutions (%) ● A nesthesia & Patient Monitoring (%) -48% reduction in market-based scope 1 and 2 CO2 emissions since our 2020/21 baseline year 47% of total energy consumption from renewable sources -36% reduction in total market-based GHG intensity since our 2 020/21 baseline year 40,000 devices collected through our Recircle Program 92 hospitals sites enrolled in our Recircle Program (%) Annual Report 2025/26 15In brief Strategy Performance Governance Sustainability Financial statements
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FIVE-YEAR FINANCIAL SUMMARY (DKKm) 2025/26 2024/25 2023/24 2022/23 2021/22 Income statement Revenue 6,471 6,037 5,391 4,775 4,444 Gross profit 3,890 3,633 3,201 2,713 2,554 EBITDA before special items 1,264 1,156 1,009 632 423 Depreciation, amortization, and impairment -413 -372 -364 -330 -301 EBIT before special items 851 784 645 302 122 Special items - - -334 -8 -148 EBITDA 1,264 1,156 1,007 642 325 EBIT 851 784 311 294 -26 Net financials -11 -29 -11 -84 135 Profit before tax 840 755 300 210 109 Net profit for the year 642 609 235 168 93 Cash flow Cash flow from operating activities (CFFO) 1,065 791 813 518 95 Cash flow from investing activities before acquisitions (CFFI) -578 -384 -289 -326 -553 Investments in property, plant, equipment, and right-of-use assets -314 -185 -180 -119 -470 Free cash flow before acquisitions (FCF) 487 407 524 192 -458 Acquisitions of enterprises and technology -189 - - - -5 CFFO, % of revenue 16 13 15 11 2 CFFI, % of revenue -9 -6 -5 -7 -12 FCF, % of revenue 8 7 10 4 -10 Cash conversion, % 39 35 52 30 -108 Balance sheet Assets 8,224 7,675 7,154 6,859 7, 215 Net working capital 1,462 1,238 1,050 939 1,022 Equity 6,251 6,035 5,594 5,393 4,261 Net interest-bearing debt 57 -319 -57 427 1,658 Invested capital 6,308 5,716 5,537 5,820 5,919 (DKKm) 2025/26 2024/25 2023/24 2022/23 2021/22 Key figures and ratios 1 Organic growth, % 10.1 13.1 13.8 7.6 4.3 Gross margin, % 60.1 60.2 59.4 56.8 57.5 OPEX ratio, % 47.0 47. 2 47.4 50.5 54.7 EBITDA margin before special items, % 19.5 19.1 18.7 13.2 9.5 EBIT margin before special items, % 13.2 13.0 12.0 6.3 2.7 EBITDA margin, % 19.5 19.1 18.7 13.4 7. 3 EBIT margin, % 13.2 13.0 5.8 6.2 -0.6 Effective tax rate, % 23.6 19.3 21.7 20.0 14.7 Return on equity, % 10 10 4 3 2 NIBD/EBITDA before special items 0.0 -0.3 -0.1 0.7 3.9 NIBD/EBITDA 0.0 -0.3 -0.1 0.7 5.1 Equity ratio, % 76 79 78 79 59 Net working capital, % of revenue 23 21 19 20 23 Return on invested capital (ROIC), % 11 11 9 4 2 Average number of employees 5,569 5,233 4,894 4,385 4,849 Share-related ratios Market price per share, DKK 69 93 131 74 66 Earnings per share (EPS), DKK 2.42 2.29 0.88 0.64 0.37 Diluted earnings per share (EPS-D), DKK 2.42 2.28 0.88 0.64 0.37 Cash flow per share 3.95 2.94 3.02 1.92 0.37 Equity value per share 23 22 21 20 17 Price/equity value 3.0 4.1 6.3 3.7 4.0 Dividend per share 0.56 0.41 0.38 - - Dividend payout ratio, % 24 18 43 - - P/E ratio 29 41 149 116 178 1 Reference is made to note 5.10 and 5.11 for specification of non-IFRS financial measures and key figures and ratio definitions. Annual Report 2025/26 16In brief Strategy Performance Governance Sustainability Financial statements
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Attractive endoscopy market Structural shift to single-use solutions − with 20%+ annual market growth 1 − driven by workflow efficiencies designed to meet the challenge of rising patient volumes EQUITY STORY Clear path to value creation Double-digit organic growth and solid margin expansion driven by global scale through 2029/30, supported by disciplined capital allocation 1 Single-use market growth. 2 Share of single-use market value. Global #1 in single-use endoscopy Broadest single- use portfolio, 60%+ market share 2 globally, with a large and highly specialized commercial footprint of sales reps and market access professionals Strong innovation pipeline of next gen platforms Proven innovation engine with 7+ new solutions in three years and a pipeline of next-generation endoscopy platforms across Respiratory, Urology, ENT, and GI Leading customer- centric innovation Highest R&D spend within single-use endoscopy – enabling technology leadership via EndoIntelligence™ with EMR integration and post-procedure documentation 3 3 Extended through the TIMS Medical acquisition (Sept 2026), consistent with the platform-extension strategy set out at CMD 2025. Annual Report 2025/26 17In brief Strategy Performance Governance Sustainability Financial statements
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Strategy STRATEGY & TARGETS ZOOM AHEAD translated into tangible progress as we expanded our endoscopy portfolio, advanced EndoIntelligence™, strengthened customer engagement, and built greater scalability across our business. Annual Report 2025/26 18In brief Strategy Performance Governance Sustainability Financial statements
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ENDOSCOPY NEEDS AND OUR RESPONSE MARKET The global population aged 60+ is expected to double by 2050. Combined with the growing prevalence of chronic diseases, demand is increasing for diagnostic and therapeutic endoscopy procedures worldwide. A shortfall of 11 million healthcare workers is projected globally by 2030. As the demand for endoscopy procedures continues to increase, healthcare providers must find ways to treat more patients with fewer hands. Doctors spend ~2 hours per day on documentation outside working hours. In endoscopy, there is a clear demand for solutions that connect visualization, reporting, and documentation in one integrated workflow. Around the globe, health systems are gradually shifting lower risk pro- cedures to outpatient and ambulatory care settings, primarily as a way of reducing procedure cost. Healthcare spending accounts for ~10% of global GDP, raising question around how healthcare resources can be optimized. In endoscopy, focus is on ways to reduce cost per procedure while maintaining high-quality patient care. 40%+ of OECD countries have mandatory green procurement requirements. When evaluating endoscopy solutions and technologies, health providers increasingly incorporate sustainability criteria into purchasing decisions. WHO (2025), Health workforce. OECD (2025); OECD (2023). Bertolo et al. (2024). Medairos et al. (2024). Gaffney et al (2022). Hoffman et al. (2023). Baboudjian et al. (2024). Our response: Our solutions help clinicians treat more patients. In cystoscopy, our cystoscopes have increased procedure capacity by 50% compared to reusables. Our response: Our solutions help improve workflow efficiency. In bronchoscopy, eliminating cleaning and transportation of equipment between procedures can reduce time between procedures by 34%. Our response: Our proprietary EndoIntelligence™ platform offers efficient integration of visualization and documentation into EMR while ensuring top-tier cybersecurity. Our response: Our portable, ready-to-use endoscopy solutions support procedures in outpatient and ambulatory care settings by eliminating the need for cleaning or repair. Our response: Our solutions help healthcare providers improve affordability. Single-use gastroscopes have been associated with $126 saved per procedure compared to reusables. Our response: Through our recycling program and use of bioplastics in our endoscopes, we help customers reduce waste and emissions, reducing on average ~10% CO 2e per endoscope. Growing patient volumes Healthcare staff shortagesDocumentation and workflow integration Shifting to outpatientReducing cost per procedure Green procurement Annual Report 2025/26 19In brief Strategy Performance Governance Sustainability Financial statements
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SINGLE-USE ADOPTION TODAY AND IN THE FUTURE A market opportunity of DKK 190bn At full single-use penetration, the global market potential of single-use endoscopy represents a DKK 190bn opportunity. Across the four major endoscopy areas – Respiratory, Urology, Ear- Nose-Throat, and Gastroenterology – only 3-4% of that potential has been realized, reflecting significant headroom for further growth. Today, the global Respiratory market is 20% penetrated, Urology stands at 10%, and ENT at 2-4%, while GI remains below 1%. For Respira- tory, Urology, and ENT alone, clinicians believe in a future where 70% of procedures will transition to single-use. 1 20%+ annual single-use growth The single-use market is expected to grow 20%+ annually from 2025-2030. This growth is driven by increasing endoscopy procedure volumes and accelerating adoption of single-use tech - nologies, underpinned by clear advantages in efficiency, economics, clinical performance, and sustainability. Global single-use endoscopy market opportunity Clinicians believe in 70% future single- use penetration in Respiratory, Urology, and ENT 1 Ambu market insights. 1 U.S. customer survey (n = 140). 2 Includes procedures in all sites of care across the world (excluding video laryngoscopy). 3 Based on global single-use value / global market value. Global market 20252 DKK Single-use penetration 2025 3 % Single-use market growth 2025-2030 CAGR, % 15%+ single-use penetration driven by efficiency, economics, clinical performance, and sustainability 5% endoscopy procedure growth driven by aging population, chronic diseases, and minimally invasive surgery 190bn 3-4% 20%+ 15bn 20% 35bn 10% 20bn 2-4% 120bn <1% Total Win in Respiratory Win in Urology Grow in ENT Unlock GI Annual Report 2025/26 20In brief Strategy Performance Governance Sustainability Financial statements
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ZOOM AHEAD STRATEGY STR A TEG IC CH O ICES STRATEG IC TH EM ES Win in Urology Grow in Ear-Nose-Throat Unlock Gastroenterology Win in Respiratory Grow pro/f_itably in Patient Monitoring Grow pro/f_itably in Anesthesia Advance EndoIntelligence TM Deliver integrated and high-impact solutions Improve customer outcomes and efficiency CUSTOMER CENTRICITY INNOVATION BUSINESS PLATFORMPEOPLE & CULTURE Fuel a culture of empowerment and growth Build a scalable pro/f_itable growth platform ZOOM AHEAD In the first year of ZOOM AHEAD, we have taken important steps in building the foundation for our aspiration of achieving global endoscopy leadership. 2025/26 marked the first year of ZOOM AHEAD, our am- bitious 2030 strategy and the next era in Ambu’s growth journey. With our turnaround ZOOM IN strategy successfully com - pleted, we launched ZOOM AHEAD on 1 October 2025 at our Capital Markets Day, dedicated to accelerating growth and increasing our impact in the global endoscopy market. ZOOM AHEAD sets clear strategic choices for how we prioritize and where we invest across our endoscopy offering, as well as strategic themes for how we execute across our organization to deliver on our long-term financial targets. At the center of our next-era strategy is our aspira- tion to achieve global endoscopy leadership. The following page explains the rationale underpinning Ambu’s aspiration, followed by an overview of first-year progress across our strategic themes. STRATEGY Achieve global endoscopy leadership Annual Report 2025/26 21In brief Strategy Performance Governance Sustainability Financial statements
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● Single-use endoscopy 4% ● Reusable endoscopy 96% BEHIND OUR ASPIRATION Ambu has evolved from an endoscope supplier to an endoscopy partner supporting health systems, hospitals, and clinicians in achieving greater efficiency and driving better patient outcomes across the full endoscopy workflow. Single-use endoscopy is playing an increasingly important role in addressing these needs, and the transition from reusable to single-use solutions is accelerating. With only 3-4% of the global en- doscopy market converted to single use today, the single-use endoscopy market is expected to grow at an average rate of 20%+ from 2025-2030. As the single-use endoscopy market leaders with the broadest endoscopy portfolio, Ambu is at the forefront of this transition. With our ZOOM AHEAD strategy, we are accel- erating our growth journey toward achieving global endoscopy leadership. Serving customers across the full workflow as an endoscopy partner Meeting today’s endoscopy care needs requires more than individual endoscopes and accesso- ries. It requires integrated and innovative solutions that help hospitals and clinicians improve effi- ciency and enable high-quality care across the full endoscopy workflow – before, during, and after procedures. Embracing this, Ambu has evolved from an endo- scope company to a full-solution endoscopy part - ner, bringing together endoscopes, accessories, digital capabilities, cybersecurity, sustainability, and services. Our strategic focus is to combine portfolio breadth with differentiated innovation, enabling us to create greater value for customers while expanding our presence across clinical proce - dures, patient populations, and care settings. Raising the bar with EndoIntelligence™ At the core of our full-solution offering is Endo- Intelligence™, our proprietary endoscopy tech - nology platform that empowers our offering across Respiratory, Urology, Ear-Nose-Throat (ENT), and Gastroenterology (GI). Through EndoIntelligence™, we are increasingly bringing together devices, software, and AI as we evolve from a primarily device-focused company toward an integrated endoscopy solutions company. Through our technology platform, we can con- tinuously introduce new capabilities that support clinicians in advancing efficiency and perfor - mance – across training and education, clinical detection and decision making, and reporting and documentation. By connecting technologies across one integrated platform, Endo- Intelligence™ enables us to continuously expand capabilities across our portfolio and accelerate innovation at scale. As the only endoscopy company with one single cross-portfolio technology platform, we can support customers across the full endoscopy workflow and across different departments. Supported by a focused strategy and disciplined execution, we are well positioned to continue leading the transition to single-use endoscopy and gain share in the global endoscopy market. Our strategic aspiration Achieve global endoscopy leadership The global endoscopy market is undergoing a structural shift. As healthcare systems face grow- ing patient volumes, workforce shortages, and cost constraints, there is increasing demand for solutions that improve efficiency, expand access to care, and support better patient outcomes. Single-use represents 3-4% of the global endoscopy market, with substantial growth potential and 20%+ average annual growth expected from 2025-2030. Annual Report 2025/26 22In brief Strategy Performance Governance Sustainability Financial statements
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* CUSTOMER CENTRICITY We have strengthened our ability to meet customer needs across the endoscopy continuum of care through enhanced digital capabilities, strengthened commercial execution, and a growing solutions offering. Brand awareness Recircle Program TIMS Medical Commercial executionOur customer survey showed that Ambu has 80% brand awareness, ranking ahead of all other single-use providers in the U.S. and Europe. Customers expect single-use endoscopy to grow over the next five years, and increasing software and digital needs offer further differentiation opportunities. The findings underline our lead - ership position in the transition from reusable to single-use endoscopy. We continued to develop circular solutions through our innovative Recircle Program, en- abling used single-use devices to be recycled into new raw materials. Following a successful pilot with our single-use endoscopes, we ex- panded our program this year to include our SureSight™ video laryngoscope blades, as we prepare for future commercialization. The acquisition of TIMS Medical advanced our EndoIntelligence™ agenda by adding estab - lished connectivity, reporting, and documen - tation capabilities, as well as an expanded customer footprint of ~7,000 installations across U.S. hospitals. Together, these enhancements support our ambition to deliver innovative and integrated solutions across the full endoscopy workflow. We strengthened commercial execution across our major markets through a targeted cus- tomer-centric approach. While clinicians remain key stakeholders, we expanded our engage - ment with purchasing decision-makers at the hospital administration and health system level. This broader customer focus supports stronger alignment between our solutions and customer priorities. Improve customer outcomes and efficiency * T his page contains CSRD-compliant text and refers to SBM-1. Annual Report 2025/26 23In brief Strategy Performance Governance Sustainability Financial statements
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Deliver integrated and high-impact solutions INNOVATION Innovation has enabled us to advance our customer offering through new solutions, expanded clinical applications, more advanced procedures, and stronger digital capabilities. Advancing EndoIntelligence™ Patient Monitoring portfolio Respiratory reacceleration Urology and GI expansion We strengthened our EndoIntelligence™ plat - form through advancements in software, AI, cybersecurity, and connectivity. The acquisition of TIMS Medical further expanded our ability to integrate with hospitals IT systems and electronic medical records, addressing growing customer needs for more streamlined connectivity across the full endoscopy workflow. We expanded our Patient Monitoring portfolio in neurology with FDA clearance and CE mark approval of Neuroline™ Cup CT/MR, a brain monitoring solution designed to remain in place on patients undergoing CT and MR scans. The new solution strengthens our Neuroline portfolio and supports our long-term growth targets within Anesthesia & Patient Monitoring. Regulatory clearances for SureSight™ Mobile in the U.S. and UK enabled the launch of our full SureSight solution, driving reaccelerated growth in Respiratory. Combined with expanded pedi- atric indications for our two smallest aScope™ 5 bronchoscopes, we expanded our Respiratory offering to new procedures and patient popula - tions, supporting continued growth. We strengthened our GI and Urology offerings through portfolio expansion and new indica - tions. In Urology, we added key accessories with a grasper for cystoscopy and a FANS access sheath for ureteroscopy. In GI, new indications for aScope™ Gastro and aScope™ Gastro Large allowed us to address lower GI sigmoidoscopy procedures, supporting our stepwise expansion into new clinical applications. Annual Report 2025/26 24In brief Strategy Performance Governance Sustainability Financial statements
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* BUSINESS PLATFORM Build a scalable, profitable growth platform Throughout the year, we strengthened production capacity, supply chain resilience, and operational excellence across manufacturing, global processes, and data-driven decision making. Operational simplicity Data foundation Global supply resilience Mexico site ramp-upWe continued simplifying and standardizing core business processes across functions, including Finance, Operations, and R&D. In parallel, we ad- vanced preparations to integrate these process- es more closely through future upgrades of our core business systems. This will support more consistent execution, enable greater automation, and improve efficiency as we grow. We strengthened our data foundation through improved data quality, greater standardization of datasets, and expanded reporting and ana - lytics capabilities. This enables more informed business planning, resource allocation, and decision making, while increasing visibility into performance across functions and markets and supporting execution of strategic priorities. We increased global production volumes while maintaining strong supply chain reliability across our global operations and further strengthening our strategic dual sourcing for critical compo- nents. The scalability and resilience of our global manufacturing and supply chain setup supports our ability to meet growing customer demand across all markets. We continued scaling our manufacturing facil - ity in Mexico, supporting a more balanced and resilient global production footprint while help- ing mitigate tariff costs. The continued ramp-up strengthens our regional manufacturing capa - bilities, bringing production closer to customers and supporting proximity and service across North America, our largest market. * T his page contains CSRD-compliant text and refers to SBM-1. Annual Report 2025/26 25In brief Strategy Performance Governance Sustainability Financial statements
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*PEOPLE & CULTURE Fuel a culture of empowerment and growth Advancing leadership, organizational effectiveness, and strategic capabilities remained key priorities during the year, supporting our strategy execution and scalability. Strategic capabilities Engagement and retention Leadership development Working in "One Beat"We strengthened critical capabilities that support our ZOOM AHEAD strategy, including software and AI capabilities within EndoIntelligence™, commercial execution, and strategic partner - ships. Together, these investments enhance our ability to bring innovation to market, accelerate growth, and deliver on our strategic priorities. Employee engagement remained high, ranking Ambu among the top 10% of MedTech peers and reflecting strong alignment with our purpose, val- ues, and strategy. Voluntary employee turnover was stable at 12%, and total turnover decreased slightly from 16% to 15%, reflecting our contin- ued ability to retain talent globally. To strengthen execution of our ZOOM AHEAD strategy, we launched LEAD AHEAD, a dedi- cated Ambu leadership development program. During the year, 300 business leaders enrolled in the program, which is built around our values and the Ambu Leadership Compass, and aims to equip leaders to drive transformation, account- ability, and high performance. We continued to strengthen our ways of work- ing – what we call “One Beat” – by advancing our globally aligned organization across functions, including Finance, IT, Procurement, and People & Culture. Clearer roles and accountability across global and local teams supported more efficient collaboration, stronger execution, and the scala - bility needed to support our growth. * T his page contains CSRD-compliant content and refers to S1 SBM-3. Annual Report 2025/26 26In brief Strategy Performance Governance Sustainability Financial statements
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OUTLOOK FOR 2026/27 A key element of the ZOOM AHEAD strategy is to build a foundation that will enable Ambu to achieve global endoscopy leadership. This will be accomplished through commercial effectiveness and bringing breakthrough innovations to mar - ket. In 2026/27 a central focus across the organi- zation will be to prepare for the product launches that will happen over the next two financial years within each of our Endoscopy Solutions busi- ness areas, while continuing to stay on track to reach the ZOOM AHEAD 11-13% organic revenue CAGR and a 20%+ EBIT margin by 2029/30. Organic revenue growth Ambu expects 9.5-11.5% organic revenue growth in 2026/27. The main growth driver of Endoscopy Solutions is expected to grow at around 15%, while Anesthesia & Patient Monitoring (A&PM) is expected to grow low single-digit. Within Endoscopy Solutions, Respiratory is expected to maintain strong momentum into 2026/27, supported by the ongoing rollout of the SureSight video laryngoscope solution and expanded indications within bronchoscopy for paediatric use. Despite the Respiratory market is the most mature with highest penetration within single-use endoscopy – at an estimated >20% globally – the growth opportunities are still signif- icant. In Urology, ENT & GI, we expect solid per- formance across each end-market, while Cystos - copy should see improving momentum through the year. The TIMS Medical acquisition is expect- ed to contribute around 2.5% inorganic growth to Endoscopy Solutions, while strengthening our customer reach and creating cross-selling oppor - tunities for our ENT business. New innovations across each end-market over the next two finan- cial years will accelerate endoscopy growth and drive further single-use adoption. For A&PM, we expect low single-digit growth. The growth will be driven by a market-leading portfolio that is supported by strong brand rec- ognition among customers. Patient Monitoring is expected to continue at an improved trajectory following a soft H1 2025/26, supported by the new MRI/CT-compatible EEG electrode. Anesthe - sia is expected to recover to positive growth, but performance will be muted by the annualization effect of the lower volumes we experienced in selected U.S. accounts operating under non-ex- clusive contracts, which took place during Q2 2025/26. EBIT margin EBIT margin in 2026/27 is expected to be 13-15%, compared to 13.2% in 2025/26. This assumes a minimal FX impact and a tariff expense of 1% of revenue. No tariff refunds have been included in the guidance, and thus any further refunds that we receive will be incremental to EBIT. We have accelerated certain investments in order to position our upcoming product launches and optimize our commercial footprint. Consequent - ly, the previously interim objective set out in the ZOOM IN strategy at Capital Markets Day in 2023 of around 20% EBIT margin in 2027/28 is re- placed with delivering earnings growth ahead of organic revenue growth in each year throughout the ZOOM AHEAD period. Consistent with our strategy, Ambu will continue to prioritize growth investments, as we prepare for and execute on several significant new product launches over the next two financial years. Gross margin is expected to be at similar level to 2025/26 (60.1%), positively impacted by im- proving output efficiency in Mexico, but offset by higher labor costs due to the migration of manu- facturing from Malaysia to Mexico, as well as the strategic price initiatives in Urology disclosed at Q2 2025/26. Operating leverage is expected to be mainly driven by lower distribution costs (due to manufacturing in closer proximity to our North American customers) and scale in G&A, while we remain committed to focusing on innovation and expanding our commercial footprint to drive sustained long-term growth. FINANCIAL GUIDANCE 2026/27 Organic revenue growth 9.5-11.5% EBIT margin 13-15% Cash conversion Ambu's cash conversion is expected to be ~30%, compared to 39% in 2025/26. The solid cash gen- eration is driven by strong commercial execution and disciplined cost management. In order to support upcoming product launches and execute selected transformation projects to drive future margin expansion, there will be a short-term increase in Operations and R&D capex that will temporarily bring cash conversion below the ZOOM AHEAD target of 40%. Annual Report 2025/26 27In brief Strategy Performance Governance Sustainability Financial statements
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Currency expectations The financial outlook for 2025/26 is based on the exchange rate assumptions stated at the top of the table below. Approximately 51% of Ambu’s total revenue is invoiced in USD. Furthermore, approximately 30% of revenue is invoiced in EUR or DKK, and approximately 8% is invoiced in GBP, while the remaining 11% is invoiced in other currencies. Production and capacity costs are predominantly settled in USD, DKK, EUR, MYR, and CNY. The effect of a weakening of 10% relative to the Danish krone is estimated to be as depicted in the table below. Follow-up on announced outlook Ambu ended the year within its initial guidance, delivering 10.1% organic growth against guidance of 10- 13% and an EBIT margin of 13.2% against guidance of 12-14%. During 2025/26, Ambu narrowed its growth guidance twice. In May, alongside the Q2 results, organic growth guidance was refined to 10-12%, with Ambu indicating that growth was trending toward the lower end of the range as Anesthesia & Patient Monitoring was expected to grow low single digits rather than mid-single digits. In August, alongside the Q3 results, Ambu further narrowed its outlook to around 10% organic growth. EBIT margin guidance remained unchanged throughout the year. Exchange rate assumptions as the basis for the financial outlook for 2026/27 Currency Average in 2024/25 Average in 2025/26 Expected for 2026/27 USD/DKK 6.76 6.43 6.66 MYR/DKK 1.56 1.59 1.63 MXN/DKK 0.34 0.37 0.36 CNY/DKK 0.94 0.93 1.00 GBP/DKK 8.82 8.62 8.91 Estimate of the effect of a weakening of 10% relative to the Danish krone USD MYR MXN CNY GBP Revenue -372 - - -9 -56 EBIT -95 62 31 27 -46 EBIT margin -0.6 ppts 0.9 ppts 0.4 ppts 0.4 ppts -0.5 ppts Forward-looking statements Forward-looking statements, in particular relating to future sales, operating income, and other key financials, are subject to risks and uncertainties. Various factors, many of which lie outside Ambu’s control, may cause the realized results to differ materially from the expectations presented in this report. Such factors include, but are not confined to, changes in market conditions and the competitive situation, changes in demand and purchas - ing patterns, fluctuations in foreign exchange and interest rates, as well as general economic, political, and commercial conditions. See also the section concerning risks on p. 39. Overview of changed outlook expectations throughout 2025/26 Realized 26 Aug 2026 6 May 2026 5 Nov 2025 Organic revenue growth 10.1% ~10% 10-12% 10-13% EBIT margin b.s.i., reported 13.2% 12-14% 12-14% 12-14% Annual Report 2025/26 28In brief Strategy Performance Governance Sustainability Financial statements
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LONG-TERM TARGETS 2029/30 Across ZOOM AHEAD, we expect a 5-year organic revenue CAGR of 11-13% from 2024/25 to 2029/30. Within this, Endoscopy Solutions is expected to grow at a CAGR of 15-20%, while Anesthesia & Patient Monitoring is expected to grow at a CAGR of 3-5%. We are targeting an EBIT margin of 20%+ by the 2029/30 financial year. Given our market poten- tial, Ambu aims to balance growth and prof- itability in line with our long-term targets, allow- ing short-term EBIT margin trade-offs in order to support strategic growth investments. We expect cash conversion (defined as free cash flow before acquisitions divided by EBITDA) of 40%+ for the period. The targeted cash conver- sion is based on net working capital to 12-month rolling sales of around 20% and CAPEX of 6-10% of sales. Strong cash conversion remains a key priority for Ambu to fund and drive accelerated growth. Long-term financial targets toward 2029/30. 1 Cash conversion is equal to free cash flow before acquisitions/EBITDA Cash conversion1 40%+ Total 11-13% Anesthesia & Patient Monitoring 3-5% Endoscopy Solutions 15-20% Organic revenue CAGR 5-year targets toward 2029/30 EBIT margin before special items 20%+ by FY 2029/30 Annual Report 2025/26 29In brief Strategy Performance Governance Sustainability Financial statements
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Performance FINANCIAL PERFORMANCE Endoscopy Solutions grew 16.4%, underscoring its role as our primary growth engine, driven by our leading single-use endoscopy portfolio Annual Report 2025/26 30In brief Strategy Performance Governance Sustainability Financial statements
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BUSINESS PERFORMANCE IN BRIEF Ambu delivered 10.1% organic growth, continuing our strong track record of double-digit growth. The primary growth driver, Endoscopy Solutions, achieved 16.4% growth, supported by our leading single-use endoscopy portfolio. In Respiratory, growth accelerated following the recent launch of our SureSight™ video laryngoscope solution. Urology, ENT & GI also maintained solid momentum throughout the year. The transition toward single-use endoscopy continues to ad- vance, with the single-use increasingly becoming the standard of care in selected end-markets. Over the next two financial years, Ambu plans to further drive the adoption of single-use en- doscopy solutions with a number of new innovations, including new endoscopes in each of our end-markets. This enables our portfolio to address a broader range of patients and procedures. Anesthesia & Patient Monitoring delivered 0.4% growth, reflect- ing high prior-year comparables following one-off price increases implemented in the previous two years. All regions contributed positively to growth, underpinning the strong commercial momentum across our business. In North America, growth was impacted by lower volume in selected Anesthesia accounts. However, the region continued to deliver strong performance in Endoscopy Solutions, reinforcing the underlying strength of the business. Businesses and business groups Growth composition Revenue, DKKm 2025/26 Split 2024/25 Organic Currency Inorganic Reported Endoscopy Solutions 4,126 64% 3,644 16.4% -3.3% 0.1% 13.2% Respiratory 2,031 32% 1,818 14.6% -2.9% 0.0% 11.7% URO, ENT, & GI 2,095 32% 1,826 18.2% -3.8% 0.3% 14.7% Anesthesia & Patient Monitoring 2,345 36% 2,393 0.4% -2.4% 0.0% -2.0% Anesthesia 1,188 18% 1,249 -1.7% -3.2% 0.0% -4.9% Patient Monitoring 1,157 18% 1,144 2.7% -1.6% 0.0% 1.1% Total 6,471 100% 6,037 10.1% -3.0% 0.1% 7.2% Geographies Growth composition Revenue, DKKm 2025/26 Split 2024/25 Organic Currency Inorganic Reported North America 3,233 50% 3,051 11.0% -5.2% 0.2% 6.0% Europe 2,618 40% 2,405 9.1% -0.2% 0.0% 8.9% Rest of World 620 10% 581 9.6% -2.9% 0.0% 6.7% Total 6,471 100% 6,037 10.1% -3.0% 0.1% 7.2% Annual Report 2025/26 31In brief Strategy Performance Governance Sustainability Financial statements
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2021/22 2022/23 2023/24 2024/25 2025/26 2,324 2,687 3,190 3,644 4,126 1.0% 15.0% 19.7% 15.4% 16.4% ENDOSCOPY SOLUTIONS Ambu’s Endoscopy Solutions business was the biggest growth contributor reaching 64% of total revenue in 2025/26. Ambu’s main growth driver, Endoscopy Solu- tions, delivered strong organic growth of 16.4% (15.4%). Performance was driven by strong execu - tion and momentum across all endoscopy areas, reflecting demand for Ambu’s innovative portfo - lio and reinforcing our leadership in driving the conversion from reusable to single-use solutions. Drivers of the year Growth in the global endoscopy market re- mained strong, supported by increasing endos - copy procedure volumes and further adoption of single-use solutions, with Ambu leading the tran - sition from reusable to single-use endoscopes. Respiratory delivered organic revenue growth of 14.6% (11.4%), reflecting accelerated momentum. Growth was driven by increasing demand for our bronchoscopy solutions and growing contribu - tion from SureSight, including the recent launch of SureSight Mobile. Suresight is becoming an increasingly important part of our Respiratory platform, both as a growth driver in its own right 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 EndoIn- telligence. Urology, ENT & GI posted organic revenue growth of 18.2% (19.6%), reflecting strong under- lying demand for single-use solutions. Growth was largely driven by cystoscopy and rhinolaryn- goscopy, where Ambu’s solutions support higher patient throughput and are well-positioned for the continued migration of procedures to out - patient and ambulatory surgery center (ASC) settings. Urology delivered solid performance in a fast-growing market, driven by increasing adoption of single-use solutions. Cystoscopy ENDOSCOPY SOLUTIONS 5-YEAR OVERVIEW organic revenue growth 16.4% R evenue (DKKm) O rganic revenue growth (%) Annual Report 2025/26 32GovernanceIn brief Strategy Performance Sustainability Financial statements
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momentum was strong, supported by Ambu’s market leading position, while our ureteroscopy portfolio continued to gain traction in a compet- itive single-use market. We remain confident in our ability to gain share through differentiated clinical performance, EndoIntelligence, and continued innovation. ENT delivered strong growth, supported by healthcare providers’ focus on reducing waiting lists and moving more procedures to outpatient and ASC settings, where the efficiency and cost benefits of our solutions are particularly relevant. The addition of TIMS Medical further strengthens our offering and expands our customer reach. GI continued to build momentum, supported by increasing customer demand and strong purchasing activ - ity. Our targeted approach remains focused on the segments and procedures where we see the strongest potential for near- to mid-term adop- tion of single-use endoscopy. Continued investment in innovative solutions During 2025/26, Ambu continued the commer- cial rollout of our SureSight™ portfolio, enhanced by both FDA clearance and CE mark approval for SureSight™ Mobile. Early customer feedback for our SureSight™ solution has been encouraging, highlighting the value of supporting clinicians across a broad range of airway management pro - cedures. In addition, we received indication for pediatric use of our two smaller-sized fifth-gener- ation bronchoscopes, enabling us to broaden our reach into new patient group. These milestones further strengthened our Respiratory full-solution offering.We also expanded our cystoscopy offer - ing with the launch of a single-use grasper for- ceps for tissue sampling, further strengthening what is already the market’s most comprehensive single-use cystoscopy portfolio. We have also advanced our ureteroscopy solution with FANS access sheath, an accessory to support kidney stone procedures with continuous suction. In GI, Ambu received an additional indication for our gastroscopes, enabling their use in sig- moidscopy procedures. This supports our tar- geted approach to expanding addressable market for our GI portfolio through relevant clini- cal applications. A key milestone during the year was the acqui- sition of TIMS Medical, which significantly advances our EndoIntelligence™ platform from both a commercial and innovation perspective. We continue to broaden our portfolio beyond devices by investing in software and AI-enabled features that enhance image quality, cybersecu - rity, connectivity to electronic medical records, and overall workflow efficiency. These capa- bilities strengthen the value proposition of our endoscopy solutions ecosystem and support the long-term adoption of single-use solution endoscopy. Our full-solution strategy supports the continued conversion from reusable to single-use endo- scopes while further reinforcing Ambu’s differ- entiated position as the only provider offering a comprehensive single-use endoscopy portfolio. 33Annual Report 2025/26 GovernanceIn brief Strategy Performance Sustainability Financial statements
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2021/22 2022/23 2023/24 2024/25 2025/26 2,120 2,088 2,201 2,393 2,345 9.0% -1.0% 6.1% 9.9% 0.4% ANESTHESIA & PATIENT MONITORING Performance was driven by solid commercial execution and a market-leading portfolio that is supported by strong brand recognition among customers. This performance was offset by lower volumes in selected non-exclusive U.S. accounts within Anesthesia following two strong years of growth at the back of significant price increases. This stabilized in H2, but carried an annualization effect. Drivers of the year 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 -1.7% (3.9%) organic growth. Growth was impacted by price increases imple- mented in prior years, which led to lower vol- umes in selected U.S. accounts operating under non-exclusive contracts. Patient Monitoring posted 2.7% (9.3%) organic growth, driven by our market-leading portfolio. In particular, neurology delivered strong perfor - mance, supported by an attractive and growing market, driven by increasing treatment of neuro - logical conditions. During the year, we expanded our neurology portfolio with FDA clearance and CE mark ap- proval for Neuroline™ Cup MRI/CT-compatible EEG electrodes. The solution did not have any impact for the 2025/26 financial year, as commer- cialization will begin at the start of 2026/27. The launch will support the 3-5% revenue CAGR in Anesthesia & Patient Monitoring throughout the ZOOM AHEAD strategy period. Anesthesia & Patient Monitoring accounted for 36% of Ambu’s total revenue in 2025/26. ANESTHESIA & PATIENT MONITORING 5-YEAR OVERVIEW organic revenue growth 0.4% R evenue (DKKm) O rganic revenue growth (%) Annual Report 2025/26 34GovernanceIn brief Strategy Performance Sustainability Financial statements
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2021/22 2022/23 2023/24 2024/25 2025/26 4,444 4,775 5,391 6,037 6,471 4.3% 7.6% 13.8% 13.1% 10.1% 2021/22 2022/23 2023/24 2024/25 2025/26 122 302 645 784 851 2.7% 6.3% 12.0% 13.0% 13.2% Revenue Total reported revenue in 2025/26 was DKK 6,471m, corresponding to a reported growth of 7.2% and an organic growth of 10.1%, compared to 2024/25. Organic revenue growth was primarily driven by strong Endoscopy Solutions growth, while Anesthesia & Patient Monitoring (A&PM) was impacted by strong prior year comparables due to significant price increases. All regions main - tained solid growth momentum. Revenue and organic revenue growth EBIT margin before special items FINANCIAL RESULTS 2025/26 Income statement compared to 2024/25. The slight improvement was driven by a more efficient distribution setup with higher share of output in our Mexico factory to support our fast-growing North American mar- ket. This was offset by strategic initiatives to drive future growth, including transaction costs related to the acquisition of TIMS Medical, increased sales and marketing costs, as well as increased development costs. Depreciation, amortization, and impairment losses (D&A) D&A in 2025/26 was DKK -413m, compared to DKK-372m in 2024/25. D&A is primarily com- prised of amortization of internal development projects and acquired technologies. EBIT margin EBIT margin in 2025/26 was 13.2%, correspond- ing to an increase of 0.2%-pts, compared to 2024/25. The slight improvement largely re- flected ZOOM AHEAD priorities to drive growth initiatives before margin expansion initiatives. Ambu has advanced our business platform to drive significant scale toward 2029/30, while carrying out tariff mitigation actions. The tariff expense amounted to around DKK 160m, representing 2.5% of total revenue, Gross margin Gross margin in 2025/26 was 60.1%, compared to 60.2% in 2024/25. The flat development in gross margin was positively affected by like-for-like economies of scale in production and higher rev- enue share in Endoscopy Solutions business, but offset by strategic price initiatives in Urology and increased share of output in our Mexico factory. OPEX to revenue OPEX to revenue in 2025/26 was 47.0%, corre- sponding to an improvement of 0.2%-pts, while tariff refunds amounted to DKK 125m. FX had a neutral impact on EBIT margin. Net financials Net financials in 2025/26 were DKK -11m, compared to DKK -29m in 2024/25. The limited net financial amount reflected our strong finan - cial position with minimal debt. Tax Tax in 2025/26 was DKK -198m, corresponding to an effective tax rate of 23.6%, compared to 19.3% in 2024/25. This is overall in line with the Danish corporate tax rate of 22.0%. R evenue (DKKm) O rganic growth E BIT b.s.i. (DKKm) E BIT margin b.s.i. Annual Report 2025/26 35In brief Strategy Performance Governance Sustainability Financial statements
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EBITDA Change in working capital CAPEX Other Free cash flow 1,264 -224 -578 25 487 Cash flow from operating activities (CFFO) CFFO in 2025/26 was DKK 1,065m. The solid cash flow was driven by improved operating profitability (EBITDA), offset by elevated inventory levels to support the commercializa- tion of new solutions and secure a stable supply chain. Cash flow from investing activities (CFFI) before acquisitions CFFI before acquisitions was DKK -578m, corre- sponding to 9% of total revenue, or 14% of endo- scopy revenue as most CFFI goes into Endosco- py Solutions. CFFI was primarily driven by R&D investments amounting to DKK -307m, corresponding to 5% of revenue. However, when factoring in develop- ment costs less depreciation, amortization, and impairment losses that includes R&D related PP&E and instangible asset investments, total R&D cash spend amounted to DKK -449m, corre- sponding to 7% of total revenue. Free cash flow (FCF) before acquisitions FCF before acquisitions in 2025/26 was DKK 487m, corresponding to an increase of DKK 80m, compared to 2024/25. Our underlying profitable growth continued to improve. Despite facing external headwinds, including unfavorable FX impacts and increased tariffs, innovation and commercial investments proceeded as planned to support long-term growth. Acquisitions of enterprises and technology Acquisitions in 2025/26 amounted to DKK 189m, which is related to the acquisition of TIMS Medical on 11 September 2026. TIMS Medical will support growth and help drive EndoIntelli- gence™ innovation. Cash flow impact of development costs DKKm 2025/26 2024/25 Development costs -369 -347 Depreciation, amortization, and impairment losses 227 210 Investments -307 -244 Cash flow, R&D -449 -381 Free cash flow before acquisitions – main components (DKKm) Free cash flow before acquisitions (DKKm) Cash flow 2021/22 2022/23 2023/24 2024/25 2025/26 -458 192 524 407 487 Cash flow from financing activities (CFFF) CFFF in 2025/26 was DKK -632m, stemming from dividend payments of DKK -110m and purchase of shares of DKK -450m. Cash position At 30 September 2026, cash and cash equiva- lents were DKK 536m, reflecting a decrease of DKK 330m. This is mainly a reflection of contin- ued strong cash flow generation, offset by financ - ing activities and continued strong free cash flow. Committed undrawn sustainability-linked credit facilities amounted to DKK 1,000m, with an additional accordion of DKK 1,000m. Annual Report 2025/26 36In brief Strategy Performance Governance Sustainability Financial statements
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1,658 427 -57 -319 57 2021/22 2022/23 2023/24 2024/25 2025/26 0.0x-0.3x 3.9x -0.1x 0.7x Balance sheet Total assets At 30 September 2026, total assets were DKK 8,224m, corresponding to an increase of DKK 549m compared to 30 September 2025. The increase was mainly driven by higher goodwill and increased investments in projects in devel- opment. Invested capital At 30 September 2026, invested capital was DKK 6,308m, corresponding to an increase of DKK 592m compared to 30 September 2025. The increase was driven by a reduction of cash and cash equivalents. Return on invested capital (ROIC) ROIC in 2025/26 was 11%, similar to 2024/25 of 11% This reflected the ZOOM AHEAD priority of driving long-term profitable growth through a focused investment approach. Net working capital At 30 September 2026, net working capital was DKK 1,462m, corresponding to 23% of revenue. The current level was slightly above the target of 20% of revenue, mainly driven by elevated inventory levels. Net interest-bearing debt (NIBD) At 30 September 2026, NIBD was DKK 57m, corresponding to an increase of DKK 376m, compared to 30 September 2025. The increase was mainly driven by a reduction of cash and cash equivalents. Net interest-bearing debt (NIBD) to EBITDA before special items (b.s.i.) At 30 September 2026, NIBD to EBITDA was 0.0x ,corresponding to an increase of 0.3x compared to 30 September 2025. The increase was mainly driven by a reduction of cash and cash equiva- lents. Invested capital and ROIC Net interest-bearing debt (NIBD) and gearing Equity statement Equity At 30 September 2026, equity was DKK 6,251m, corresponding to an increase of DKK 216m, com- pared to 30 September 2025. The increase was mainly due to increased free cash flow. Total comprehensive income Total comprehensive income in 2025/26 was DKK 751m, driven by profitable growth and translation adjustment in subsidiaries. Cash distribution Total cash distribution worth of DKK 559m was paid out in 2025/26, consisting of DKK 109m in dividends and DKK 450m in share buybacks. Other Other in 2025/26 was DKK 24m, mainly due to share-based compensation. Treasury shares At 30 September 2026, treasury shares amounted to 8.642m shares, changed from 2.739m since 30 September 2025. The increase of 5.903m shares was mainly due to share repur- chases of 6.238m. A bsolute invested capital (DKKm) ROIC N IBD (DKKm) NI BD/EBITDA b.s.i. Changes in equity Balance sheet and equity 2021/22 2022/23 2023/24 2024/25 2025/26 5,919 5,820 5,537 5,716 6,308 2.0% 4.0% 9.0% 11.0% 11.0% Equity, Oct 1, 2025 Total compre- hensive income Cash distri- bution Other Equity, Sep 30, 2026 6,035 751 -559 24 6,251 C hanges in equity (DKKm) Annual Report 2025/26 37In brief Strategy Performance Governance Sustainability Financial statements
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Governance GOVERNANCE Strong governance across our Board and leadership continued to support effective accountability, risk management, and execution of our ZOOM AHEAD strategy. Annual Report 2025/26 38In brief Strategy Performance Governance Sustainability Financial statements
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RISK MANAGEMENT For Ambu, effective risk management is an im- portant part of responsible corporate gover- nance and supports our ability to deliver sustain- able growth and long-term value creation. Ambu operates in a global, highly regulated medical device industry where risks and opportunities may arise from changes in markets, regulation, technology, supply chains, geopolitics, and customer expectations. We therefore work systematically to identify, assess, and manage risks that could affect our strategy, operations, financial performance, compliance, reputation, or ability to serve customers and patients. Risk management is integrated into our business planning and decision making processes. Our Enterprise Risk Management (ERM) process supports early identification, consistent assess - ments, and continuous follow-up on risks as well as mitigation activities. The goal is to reduce risks to acceptable levels and ensure only calculated risks are taken. Company-wide risk management process and organization Ambu has established a company-wide ERM framework to ensure that the most significant risks and opportunities are identified, assessed, and managed in a structured way. Potential new risks, changes to existing risks, and updates to mitigation plans are reported to Global Risk & Compliance on a quarterly basis. While reporting generally follows a quarterly cycle, this regular reporting process is complemented by an ad hoc reporting process that aims to escalate critical issues in a timely way. Long-term risks are ad- dressed as part of Ambu’s strategy and business planning, while short- and medium-term risks are monitored through the quarterly ERM process. Risks are assessed according to impact and likelihood and evaluated from several perspec - tives, including strategic objectives, financial performance, operations, compliance, reputa - tion, and customer impact. Each risk is assigned clear ownership, and relevant mitigation activities are defined and monitored. Depending on the nature of the risk, Ambu may choose to reduce, transfer, avoid, accept, or continue monitoring the risk. Opportunities are assessed with the aim of pursuing them where they support Ambu’s strategic priorities. Based on reported risks and updated mitiga - tion plans, Global Risk & Compliance conducts reviews with risk owners across the organiza- tion. The most significant risks are assessed by relevant risk boards and reviewed by Executive Management before being reported to the Audit Committee and the Board of Directors. This approach provides a consistent view of Ambu’s risk landscape, mitigation progress, and expect - ed development of material risks. The management of each function is responsible for identifying, assessing, and managing risks within its area of responsibility, and for defining relevant mitigation actions. Executive Manage - ment is responsible for determining Ambu’s overall risk profile in alignment with Ambu’s strategy and values, prioritizing risks that cut across functions and approving mitigation activities for the most significant risks. The Audit Committee and the Board of Directors oversee the development of Ambu’s risk land- scape, including mitigation status and expected future risk levels on a quarterly basis. In the 2025/26 financial year, Ambu’s current risk landscape mainly reflected inherent and Med - Tech-specific risks related to product supply and quality, cybersecurity, and business continuity, legal and regulatory compliance, sustainability, geopolitical trade tensions, and selected finan - cial exposures. Annual Report 2025/26 39In brief Strategy Performance Governance Sustainability Financial statements
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Innovation and development risks Product supply, quality, and safety risks* Ambu’s ability to deliver on its strategy depends on continued development of relevant, differentiated, and high-quality solutions. Successful innovation requires strong clinical and commercial insight, close under - standing of customer needs, effective product development capabilities, and timely adaptation to regulatory and technological developments. As a manufacturer and distributor of medical solutions, Ambu must comply with applicable legislation and quality requirements in the markets where we operate. Product supply, quality, and safety risks are inherent to Ambu’s business and include potential disruption at manufacturing sites, dependency on selected suppliers for critical components and materials, and the need to ensure consistent implementation of quality and reg - ulatory processes across the organization and distribution channels. Increased demand, supply shortages, geopolitical developments, and commodity price movements may also affect customer supply and cost lev - els. Risk examples • I nsufficient integration of customer, user, and clinical insights into product development. • D elays in establishing relevant partnerships or capabilities to support growth in targeted busi- ness areas. • R equirements following new digital and AI-re- lated regulation. Primary risk mitigation activities • C ontinuous review of market developments, customer needs, and clinical trends against key assumptions in product development. • S tructured screening of potential partnerships and technologies to strengthen Ambu’s innova - tion capabilities and solution offering. • C ross-functional governance and implementa - tion planning for relevant digital and AI-related regulatory requirements. Risk examples • M ajor disruption at a manufacturing facility or key supplier, due to natural disasters, opera- tional breakdowns, political unrest, or other emergencies. • D ependency on selected manufacturing sites or single-source suppliers for critical products, components, or materials. • I nsufficient implementation of quality and reg - ulatory processes across markets, outsourced activities, or distribution channels. • T rade restrictions, sanctions, tariffs, or com- modity price increases affecting availability, cost, or timely delivery of products and compo- nent. Primary risk mitigation activities • C ontinued development of Ambu’s manufac- turing footprint, including regional production capabilities, capacity planning, and adequate safety stock. • O ngoing evaluation of sourcing, distribution network, and production strategies based on geopolitical, tariff, and supply chain develop - ments. • D ual sourcing, supplier strategy projects, identi - fication of high-risk suppliers, and development of contingency plans. • C ontinuous improvement of quality controls, distributor and sample management process - es, and monitoring of legislation and market standards. * T his page contains CSRD-compliant content and refers to S4-4. Risk assessment Annual Report 2025/26 40In brief Strategy Performance Governance Sustainability Financial statements
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Commercial risks* Climate-related risks There is a constant and ongoing focus on reducing healthcare costs and ensuring better patient care in Ambu's key markets. This leads to a general demand for hospitals to become more efficient. Ambu’s Anes- thesia & Patient Monitoring business has historically experienced modest price pressures, while prices within the Endoscopy Solutions business have been more stable. Climate change in general, including the increased frequency of extreme weather conditions, is assessed to pose a limited risk to Ambu. Climate-related risks are identified as part of our risk management process and are assessed and responded to according to a standardized process for estimating the impact and likelihood of risks in view of their impact on revenue, cost, and reputation, as well as the related compliance require- ments. Risk examples • D elays in product launches and penetration into a market. • P ace of market creation and product accep- tance in single-use endoscopy. • E conomic and political development, leading to budgetary constraints and healthcare reforms. Primary risk mitigation activities • V alidation of value proposition in single-use, for instance, workflow efficiency and sterility. • C ontinuous improvement of product launch capabilities. • E nsuring low-cost production, with manufactur - ing in low-cost jurisdictions, to enable compet- itive pricing. Risk examples • H igh temperatures are affecting our operations, as well as our employees. • E xtreme weather conditions, such as heavy rain, floods, cyclones, and other natural disasters, lead to supply chain disruption. • I ncreased compliance requirements and de - mand for more sustainable products and pack- aging. Primary risk mitigation activities • R isk scenario analyses are conducted at regular intervals in accordance with the Task Force on Climate-related Financial Disclosure framework (TCFD) to assess the potential future risks and to ensure business continuity. • D evelop forecasts and projections on climate changes to ensure timely preparedness. • S ustainability is a key focus area in our business strategy, including circularity as a core concept in how we develop, manufacture, and dispose of products and packaging material. * T his page contains CSRD-compliant content and refers to S4-4. Risk assessment Annual Report 2025/26 41In brief Strategy Performance Governance Sustainability Financial statements
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Cybersecurity risks Geopolitical risks Cybercriminal, geopolitical, and operational technology-related threats continue to evolve globally. Cyber - security incidents, ransomware attacks, or major IT outages could affect Ambu’s operations, delivery perfor- mance, data protection, regulatory compliance, and competitive advantage. Ambu therefore treats cyberse - curity, IT resilience, and business continuity as closely connected risk areas. Ambu operates in a global environment where geopolitical tensions, trade disputes, tariffs, protectionist measures, and regulatory shifts can create uncertainty and disruption. As a MedTech company with a global footprint, Ambu is exposed to geographically driven and industry-specific trade measures affecting key mar- kets. Such developments may affect Ambu’s market access, cost structure, manufacturing footprint, supply chain, and strategic planning. Risk examples • C ybersecurity incidents or major IT breakdowns could disrupt Ambu’s ability to maintain daily operations, sales, and shipments to customers. • I nsufficient business continuity or disaster recovery preparedness for critical systems could delay restoration of operations after an outage or cyberattack. • Un authorized disclosure of confidential infor - mation could compromise data privacy or expose business-critical information. • T heft of intellectual property could affect Ambu’s competitive advantage. Primary risk mitigation activities • C ontinuous enhancement of Ambu’s cyberse - curity measures to detect, prevent, and respond to potential data breaches and cyberattacks. • F urther strengthening of cybersecurity gover- nance, access management, secure configura - tion practices, and monitoring capabilities. • R egular internal and external security assess - ments, penetration testing, and awareness activities to identify vulnerabilities and strength - en resilience. • F urther development of business continuity, disaster recovery, and crisis management plans for critical infrastructure and systems. • In frastructure modernization initiatives and strengthened information security require - ments in relevant supplier contracts. Risk examples • I ncreased costs due to tariffs. Tariffs on imports adversely affect our operating profit. • O perational complexity and strategic disrup - tion. Tariff pressures may cause changes in production strategy, increasing complexity, and risk in global operations. • I ncreased competition in the markets. Higher costs could lead to increased competition against domestic or tariff-exempt suppliers. Primary risk mitigation activities • D iversification of supply chains. Reduce dependency on single countries by sourcing materials and components from multiple regions. • S cenario planning and flexibility in setup. Devel - op and maintain scenarios to manage potential tariff impacts, ensuring operational flexibility in our setup. • S takeholder engagement and advocacy. Collaborate with external collaboration partners and stakeholders to promote understanding and awareness of the consequences of unfa - vorable trading conditions. Risk assessment Annual Report 2025/26 42In brief Strategy Performance Governance Sustainability Financial statements
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Financial risks Legal and compliance risks The development of Ambu’s results and financial position is subject to several financial risks, including for - eign exchange risks, interest rate risks, liquidity risks, and credit risks, as well as risks related to changing international trading conditions and selected commodity price movements. Ambu operates in a highly regulated industry with significant variation in laws and regulations across ge - ographies and business areas. This creates a complex and evolving legal and compliance environment. Enforcement of anti-corruption, data privacy, healthcare-related, and product-related legislation, as well as expectations for business ethics, product quality, and protection of personal data, contribute to Ambu’s legal and compliance risk exposure. Ambu also monitors new and evolving requirements, including those related to medical device regulation, customer sample management, artificial intelligence, and sustainability. Risk examples • C hanges to tax legislation and the inherent tax risks associated with being a multinational company. • I mplementation of customs barriers, tariffs, or limitations to free trade. • F luctuations in interest rates, inflation, and cur - rency exchange rates. • M aterial increases in selected commodity prices may affect production costs. Primary risk mitigation activities • C entralization of financial risks in the Group’s finance function, which also serves as a service center for all subsidiaries. • A s a general rule, Ambu relies on the natural hedging of currency risks that are embedded in the ordinary cash flows. • T he management of financial risks is described in further detail in note 4.1 in the consolidated financial statement. Risk examples • L awsuits, investigations by authorities, and/or sanctions in case of non-compliance. • V iolations of healthcare-related laws, prod - uct-related requirements, data privacy require - ments, or Ambu’s Code of Conduct. • I nsufficient implementation of new or evolving regulatory requirements across relevant func - tions and markets. Primary risk mitigation activities • O ngoing implementation and monitoring of Ambu’s compliance programs, including train - ing, auditing activities, and policy updates. • L egal and compliance reviews of key activities, contracts, and business processes. • C ross-functional implementation planning for new regulatory requirements and continued strengthening of quality and distributor-related processes. • I ndependent and confidential ethics hotline for reporting unethical situations, violations, and misconduct. Risk assessment Annual Report 2025/26 43In brief Strategy Performance Governance Sustainability Financial statements
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REMUNERATION * * This page contains CSRD-compliant content and refers to GOV-3 and E1-GOV-3. The overall objective of remuneration is to create value for shareholders by enabling Ambu to attract and retain the best qualified directors and executives. The Remuneration policy and Remuneration report for the Board of Directors and Executive Management are available at Ambu.com/reports. The remuneration of the Board of Directors and Executive Management is in accordance with the Remuneration policy and the incentive guide- lines, and the latest revision was adopted at the Annual General Meeting in 2023. Remuneration of the CEO and CFO at Ambu con- sists of a fixed base salary and a variable compo- nent linked to performance. The variable com- ponent is primarily based on the achievement of financial targets, and areas material to Ambu’s ongoing strategic focus on sustainability. Each year, specific sustainability-related targets are selected based on Ambu's strategic priori- ties. For the current year, two key targets have been integrated into a variable remuneration component: • E SRS E1 – Climate Change: Reduction of scope 1 & 2 emissions compared to the baseline year. • E SRS E1 – Reduction in total market-based GHG (Greenhouse Gas) intensity. Each of these targets account for 5% of the variable component of remuneration for the Executive Management. In total, 10% of the variable remuneration is linked to sustain- ability-related performance. The Remuneration Committee is responsible for evaluating whether the Remuneration policy supports the realization of Ambu’s short- and long-term goals and aligns with shareholders’ interests. This evaluation occurs at least annually, particularly in connection with the preparation of the Remuneration Report. If significant revisions to the policy are proposed, they are submitted for approval at Ambu’s Annual General Meeting. In accordance with the Danish Companies Act, section 139 (2), the Remuneration policy is presented for a share- holder vote at least every four years. The Remu- neration Report is subject to an advisory vote under section 139b (4) of the same Act*. Annual Report 2025/26 44In brief Strategy Performance Governance Sustainability Financial statements
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Executive Management The total remuneration earned by the Executive Management was DKK 26.5m (DKK 25.5m). Short-term incentives earned were DKK 5.7m (DKK 5.9m), equivalent to 45% (51%) of the full bonus potential, based on the financial and ESG performance for the year for the pre-defined KPIs of organic revenue growth, EBIT margin, free cash flow, and ESG. Long-term incentives earned were DKK 5.9m, which reflects 50% of the full potential. The pre-defined annually weighted financial per - formance metrics over three years are organic revenue growth for the Group and Endoscopy Solutions, respectively, and EBIT margin. In 2024/25 the long-term incentive scheme was earned at 53% of maximum. Board of Directors Board members receive no variable remuneration or share-based incentives. Subject to shareholder approval at the Annual General Meeting, the fixed annual base fee is DKK 400,000 (DKK 400,000). The Chair and Vice Chair receive three and two times the base fee, respectively. The Chairs of the committees receive a fee of DKK 200,000 (DKK 200,000), while committee mem - bers receive a fee of DKK 132,000 (DKK 132,000). The total remuneration paid to the Board of Directors, including the Board committees, travel allowance, and social security costs constituted DKK 7.1m (DKK 7.3m). (DKKm) 2025/26 2024/25 Fixed compensation 14.9 13.8 Short-term incentive scheme 5.7 5.9 Long-term incentive scheme 5.9 5.8 Total remuneration earned by Executive Management 26.5 25.5 Remuneration of Board of Directors 7.1 7. 3 Remuneration of Board of Directors and Executive Management 33.6 32.8 Adjustment of earned incentive schemes* 0.6 - Total expense in the income Statement 34.2 32.8 * T he adjustment bridges the accounting expense in the income statement for various earned incentive schemes, including long-term incentive schemes that are earned over three years (2024/25: one year) but vest over three years. Annual Report 2025/26 45In brief Strategy Performance Governance Sustainability Financial statements
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Board of Directors Chair Council Audit Committee Remuneration Committee Innovation Committee Nomination Committee CORPORATE GOVERNANCE Corporate governance concerns the way Ambu is managed and controlled. We are continuously developing our corporate governance in response to strategic development, goals, and activities. We seek to establish close and trusted relations with relevant stakeholders, including shareholders, employees, customers, suppliers, and society as a whole. We also seek to ensure transparency, and we want to openly share relevant information with our stakeholders. Corporate governance reporting As a Danish company listed on Nasdaq Copen- hagen, Ambu A/S must comply with, or explain deviations from, the “Recommendations for Corporate Governance”, implemented by Nasdaq Copenhagen, in the Rules for issuers of shares and Section 107b of the Danish Financial State- ments Act. The Board of Directors has considered the recommendations from the Committee on Cor - porate Governance and has reported on them in a corporate governance document. Ambu com - plies with all but one of the recommendations of the Committee on Corporate Governance. The Company's report on compliance with corpo - rate governance recommendations, including a description and explanation of the deviation, can be found at Ambu.com/corpgov . Governance structure The shareholders of Ambu A/S exercise their rights at the general meeting (AGM), which is the supreme governing body of the company. At the AGM, the shareholders approve the Annual Report, and the distribution of dividends, elect the Board members and the auditors of the com- pany, and adopt Ambu's Articles of Association and proposals submitted by shareholders and the Board. Any shareholder has the right to raise questions and suggestions for consideration at the general meeting. Ambu has two share classes, and our Articles of Association do not impose any restrictions on ownership or voting rights. Class A shares carry ten votes per share, while class B shares carry one vote per share. Class A and class B shares carry equal economic rights. The class B shares are traded publicly at Nasdaq Copenhagen. Any shareholder is entitled to attend and vote at the general meeting. The Board of Directors regularly discusses the existing ownership structure with the holders of class A shares. The Board of Directors and the holders of class A shares agree that the owner- ship structure has been and remains expedient for all of Ambu's stakeholders, as it lays a sound framework for the implementation of our strategy and plans, thereby safeguarding the interests of all shareholders. Board of Directors Ambu has a two-tier management structure, consisting of the Board of Directors and the Executive Management. The two bodies are inde- pendent of each other, and no person serves as a member of both. The Board of Directors consists Annual Report 2025/26 46In brief Strategy Performance Governance Sustainability Financial statements
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of nine independent non-executive members. They are responsible for, but not limited to, the overall management of Ambu, defining strate- gies and setting objectives, as well as approving the overall budgets and plans. The Board of Directors also undertakes overall supervision of the company’s activities and ensures that Ambu is managed in a responsible manner and in compliance with legislation and the Articles of Association. The Board of Directors has established an annual process, whereby self-evaluation of the Board of Directors’ work and performance is assessed. At least every three years, the evaluation is conduct- ed by an experienced external facilitator. While the next externally assisted evaluation was origi- nally scheduled for 2026, it has been postponed to 2027, which is described and explained in the Corporate Governance report available at Ambu. com/corpgov. The self-evaluation in 2025/26 led to focus areas, which will be included in the work of the Board of Directors in 2026/27.* Qualifications and composition of the Board of Directors The Board of Directors currently has six mem- bers elected by the shareholders at the Annual General Meeting, and three members elected by the employees, pursuant to the Danish rules concerning employee representation. The share - holder-elected members are elected for one year at a time, while the employee-elected members are elected for a four-year period. For the Board of Directors to undertake its responsibilities and act as a good sounding board for the Executive Management, experience within the following areas is particularly relevant: Global strategy & execution, MedTech industry, organizational transformation and restructuring, finance, audit & risk management, compliance, regulatory & legal, supply chain & manufacturing, sustain- ability, board governance & ESG, HR & compensa tion, and digital/technology experience. The members of Ambu’s Board of Directors are deemed to possess these competences.* On 28 September 2026, Jose Ignacio Abia Buenache (Nacho Abia) was appointed observer to Ambu's Board of Directors and Innovation Committee. He will be proposed for election as a member of the Board of Directors at the Com- pany's Annual General Meeting on 2 December 2026. The Board of Directors aims to have at least 40% of the underrepresented gender among the Board members elected by the shareholders and for the staff-elected members, as this constitutes an even distribution in terms of gender refer to section 4 of the Danish Act on Gender Balance among members of the board and other man- agement levels. Ambu met the representation target in 2025/26 and is working on setting a new target for 2026/27. As of 30 September 2026, the Board comprised nine members, of whom six are elected by the shareholders at the Annual General Meeting and three of whom are employee-elected. Among the shareholder-elected members, two are women and four are men, corresponding to 33.3% women and 66.7% men. Among the em - ploee-elected members, one is a woman and two are men, corresponding to the same gender distribution. In accordance with the Danish Gender Balance Act, gender balance was achieved in both groups. * T his page contains CSRD compliant content and refers to GOV-1. Read more about our gender diversity in top management under Gender distribution, senior management, p. 99. Read more about our Glob- al Diversity, Equity, and Inclusion policy under Ambu's policies, p. 67. The members of the Board of Directors reside in Denmark, the U.S., France, and Sweden. The Board consists of nine members of which six are independent and three are employee-elected, resulting in an independence rate of 66.7%. In addition, we have two executive directors, the CEO and the CFO, who are not part of the Board. Overview of attendance rate for 2025/26 The Board of Directors held eight meetings during 2025/26. To ensure dedicated and in-depth work in specif- ic areas, the Board of Directors has established several committees and one council that report to the Board of Directors: Chair Council, Audit Committee, Remuneration Committee, Innova - tion Committee, and Nomination Committee. Chair Council The Chair Council consists of the Chair and the Vice Chair of the Board of Directors. The Chair Council performs certain preparation and plan - ning in relation to Board meetings and is a forum for the Chair Council’s and Executive Manage - ment’s reflections. The Chair Council held nine meetings during 2025/26. Gender balance in Ambu 2025/26 % Headcount Board of Directors – shareholder-elected members (female/male) 1 33/67 6 Board of Directors – staff-elected members (female/male) 2 33/67 3 Executive Board members (female/male) 3 50/50 2 Other levels of Management (female/male) 4 37/63 60 1 & 2 E qual to an even (40/60%) distribution, cf. Annex 1 to the Danish Act on Gender balance 3 Reporting requirement cf. section 107 f of the Danish Financial Statement Act 4 Executive Board Members include direct reports employed under Ambu A/S Annual Report 2025/26 47In brief Strategy Performance Governance Sustainability Financial statements
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Overview of committee members and attendance rates for 2025/26 Board of Directors Chair Council Audit Committee Remuneration Committee Innovation Committee Nomination Committee Jørgen Falkebo Jensen (Chair)* 8/8 9/9 - 3/3 2/2 2/2 Shacey Petrovic (Vice Chair) 8/8 9/9 - 3/3 - 2/2 Susanne Larsson 7/8 - 4/4 3/3 - - Michael Del Prado 8/8 - - - 3/3 2/2 Simon Hesse Hoffmann 8/8 - 4/4 - - - David Hale 8/8 - 3/4 - 3/3 - Charlotte Elkjær Bjørnhof** 2/2 - - - - - Thomas Bachgaard Jensen** 2/2 - - - - - Jesper Mads Bartroff Frederiksen 8/8 - - - - - Gry Sahner Gundestrup*** 6/6 - - - - - Jakob Koch*** 6/6 - - - - - Board governance 2025/26 2024/25 2023/24 2022/23 2021/22 CEO pay ratio (times) 18 18 24 20 11 Board meeting attendance rate (%) 99 99 97 100 94* S tepped down from the Innovation Committee in June 2026 ** L eft Board of Directors on 3 December 2025 *** J oined BoD on 3 December 2025 Audit Committee The Audit Committee consists of three members of the Board of Directors. In addition, the Chief Executive Officer, the Chief Financial Officer, the VP Finance & Accounting, and the auditor appointed at the Annual General Meeting attend the Audit Committee meetings. The Audit Com- mittee held four meetings during 2025/26. The purpose of the Audit Committee is to assist the Board of Directors in ensuring the quality and integrity of the presentation of the Company’s financial statements, financial and ESG reporting, and auditing, as well as reviewing the risk and control management systems in connection with Ambu's financial reporting and ESG reporting. The charter of the Audit Committee can be found at Ambu.com/auditcom . Remuneration Committee The Remuneration Committee consists of three members of the Board of Directors. In addition, the Chief Executive Officer and the Chief People Officer attend the meetings. The Remuneration Committee held three meetings during 2025/26. The duties of the Remuneration Committee are set to ensure that the remuneration offered by Ambu is competitive and sufficient to attract and retain the best qualified directors and executives. The charter of the Remuneration Committee can be found at Ambu.com/remcom . Innovation Committee The Innovation Committee consists of three members of the Board of Directors. In addition, the Chief Executive Officer, the Chief Marketing Officer, and the Chief Technology Officer attend the Innovation Committee meetings. The Inno- vation Committee held three meetings during 2025/26. The purpose of the Innovation Commit- tee is to oversee and make recommendations for the innovation strategy and its execution, and to consider external innovation opportunities. The charter of the Innovation Committee can be found at Ambu.com/innovationcom . Nomination Committee The Nomination Committee consists of three members of the Board of Directors. The Nomina- tion Committee held two meetings during 2025/26. Ambu’s Chief Executive Officer attends the meetings of the Nomination Committee. The Nomination Committee and the Chief People Officer are charged with evaluating the compo- sition of the Executive Management, and with evaluating and possibly renewing the Board of Directors to ensure that the members of the Board meet the requirements and possess the skills required. The charter of the Nomination Committee can be found at Ambu.com/nomcom . Annual Report 2025/26 48In brief Strategy Performance Governance Sustainability Financial statements
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EXECUTIVE MANAGEMENT The Board of Directors appoints the Executive Management and lays down its terms of service. The Executive Management is responsible for Ambu’s day-to-day management, including, but not limited to, the development of Ambu’s activities and operations and our risk management, financial reporting, and internal affairs. The Executive Management prepares and presents Am- bu's strategy, long-term financial planning, and budgets to the Board of Directors. The delegation of powers and responsibilities by the Board of Directors to the Executive Management is defined in the Rules of Procedure for Ambu’s Board of Directors ( Bestyrelsens Forretningsor - den) and the provisions of the Danish Companies Act (Selskabs l oven). The Executive Management consists of Ambu's Chief Executive Officer, Britt Meelby Jensen, and Chief Financial Officer, Henrik Skak Bender. The Executive Management is also part of the Executive Leadership Team. To ensure oversight of sustainability matters, Ambu has anchored them in the Executive Management. The Executive Leadership Team (ELT) is chaired by Ambu’s CEO and CFO (Executive Management) and is composed of senior executives responsible for central functions, such as R&D, Operations, Sales, Marketing, Procurement, Peo- ple & Culture 1, IT, Risk & Compliance, and Legal. To ensure ownership and leadership focus, each material topic related to the European Sustainability Reporting Standards (ESRS) has an assigned sponsor from the ELT. The sponsors are responsible for driving the areas forward and are accountable for delivering on associated targets. Responsibility for executing action plans and targets lies with the associated departments for the respective areas. Women represent in 2025/26 42.9% of the Executive Lead- ership Team, while men account for 57.1%. BRITT MEELBY JENSEN HENRIK SKAK BENDER Chief Executive Officer (she/her/hers) Joined Ambu in 2022 Born 1973 Danish 149,736 B shares Chief Financial Officer (he/him/his) Joined Ambu in 2024 Born 1984 Danish 61,780 B shares Special competences Britt brings business and leadership experience from both listed and private companies in the global healthcare indus - try. She has in-depth knowledge of the commercial area, including sustainability governance and strategy, and strategic development. Britt holds a Master’s degree in Inter- national Marketing from Copenhagen Business School. In addition, she earned an MBA from Solvay Business School in Brussels, Université Libre de Bruxelles. Honorary offices Novo Holdings A/S (VC), Novo A/S (MB), IAD (MB), and DI's main board (MB). Special competences Henrik brings experience from finance, IT, legal, ESG performance and reporting, and M&A experience in private and listed companies, combined with in-depth knowledge of business transformations and execution of global growth strategies within the global MedTech industry. Henrik holds a Bachelor’s degree in Math- ematics from the University of Copen- hagen and a Master’s degree in Science in Applied Economics and Finance from Copenhagen Business School. Honorary offices Adent A/S (C), Teach First Denmark (MB), UNEEG Medical A/S (MB). * * T his page contains CSRD-compliant content and refers to GOV-1 and GOV-2. The 2025/26 disclosures include the Chief People Officer (female), who left Ambu after the end of the financial year. 1 Sanne Kjærsgaard Hjordrup left Ambu as Chief People Officer on 23 October 2026, with Dorthe Rønnau taking over as interim Chief People Officer. Dorthe most recently served as Executive Vice President of People & Culture at Coloplast. Annual Report 2025/26 49In brief Strategy Performance Governance Sustainability Financial statements
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* EXECUTIVE LEADERSHIP TEAM FINN MÖHRING JESPER JOHNSEN STEEN GRAZIELA MALUCELLI SCOTT HEINZELMAN Chief Technology Officer (he/him/his) Joined Ambu in 2023 Born 1965 Danish Chief Marketing Officer (he/him/his) Joined Ambu in 2025 Born 1982 Danish Chief Operations Officer (she/her/hers) Joined Ambu in 2024 Born 1973 Brazilian-Italian President, North America (he/him/his) Joined Ambu in 2025 Born 1980 American Special competences Finn brings engineering and leadership experience from listed and private com- panies in the global MedTech, mobile, and defense industries. He has in-depth knowledge of strategic development, professional services business, sustain - ability-driven product development, and quality management. Finn holds a Bachelor of Science in Elec- trical Engineering from the Technical University of Denmark. In addition, he has supplementary education from Harvard Business School within professional ser- vices and from UC Berkeley within en- trepreneurship and innovation. Special competences Jesper brings extensive business lead- ership, strategy development, and com- mercial experience from both listed and private global companies in the MedTech industry. He has in-depth and handson knowledge, insight, and experience across the entire value chain, ranging from early-stage innovation to marketing and sustainability, to sales from a variety of global, regional, and local roles. Jesper holds a Master’s degree in Man- agement Accounting and Control from Aarhus Business School, Aarhus Univer- sity. Special competences Graziela brings decades of global execu- tive leadership experience within pharma, BioTech, and MedTech in Europe, Asia Pa- cific, Latin America, and North America. She has strong insights and experience with profitable growth strategy, customer focus, innovation, sustainability, and transformational change, fostering collaborative global and regional teams end-to-end, including operations, global supply chain, global procurement, and global quality areas. Graziela holds a Master’s degree in Food Engineering from Pontifical Catholic Uni- versity of Paraná, Brazil. Special competences Scott brings extensive experience in driving strong growth and organizational transformation from two decades of expe - rience from the MedTech industry in global healthcare companies. He has a strong ability to shape commercial strategy, including go-to-market ap - proach, drive profitable growth, and lead high-performing sales organizations. Scott holds a Bachelor’s degree in Polit- ical Science and Spanish, International Relations from Troy University, and a Master’s degree in Public Affairs, Health Policy from the University of Texas. * T his page contains CSRD-compliant content and refers to GOV-1. Annual Report 2025/26 50In brief Strategy Performance Governance Sustainability Financial statements
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* BOARD OF DIRECTORS JØRGEN FALKEBO JENSEN SHACEY PETROVIC SUSANNE LARSSON MICHAEL DEL PRADO SIMON HESSE HOFFMANN Chair of the Board (he/him/his) Joined Board in 2020 Appointed until 2026 Independent Born 1968 Danish 16,236 B shares Vice Chair of the Board (she/her/hers) Joined Board in 2022 Appointed until 2026 Independent Born 1973 American 5,535 B shares Board member (she/her/hers) Joined Board in 2021 Appointed until 2026 Independent Born 1968 Swedish 1,000 B shares Board member (he/him/his) Joined Board in 2021 Appointed until 2026 Independent Born 1963 American 3,000 B shares Board member (he/him/his) Joined Board in 2022 Appointed until 2026 Independent Born 1978 Danish 5,717,500 A shares 1,985,000 B shares Chair of the Remuneration Committee, the Nomination Committee, and the Chair Council Member of the Nomination Committee, the Remuneration Committee, and the Chair Council Chair of the Audit Committee and mem- ber of the Remuneration Committee Chair of the Innovation Committee and member of the Nomination Committee Member of the Audit Committee Position and honorary offices Position: Professional board member Honorary offices: 3Shape A/S (C), VELUX A/S (C), Micro Matic A/S (C), Weibel A/S (C), VKR Holding A/S (VC), Nordic Paper AB (C), Armacell International S.A. (MB) Special competences Extensive leadership experience across global corporations and MedTech, with a proven track record in driving perfor- mance and transformation in sales, R&D, manufacturing, supply chain, sustainabili - ty governance, and M&A. Position and honorary offices Position: Professional board member Honorary offices: Hologic (MB), Impera- tive Care (VC), NovoCuff (C), Axena Health (MB) Special competences Extensive international executive experi - ence within global MedTech companies, with a proven track record in commercial and operational leadership across strat - egy, sales, R&D, manufacturing, supply chain, sustainability, and M&A. Position and honorary offices Position: Group Chief Financial Officer & Chief Sustainability Officer at AB SKF Special competences Extensive general management and fi - nancial leadership experience within pub - licly listed companies, with a strong focus on strategy, M&A, transformation, change management, finance, sustain- ability, and IT. Position and honorary offices Position: Professional board member and strategic advisor Honorary offices: Cochlear Limited ASX (MB), Franciscan University, Steubenville, Ohio (Member, Board of Trustees) Special competences Global senior leadership experience within major healthcare companies, with a focus on disruptive innovation, commer - cialization, governance, acquisitions and strategic partnerships, business model transformation, and health policy. Position and honorary offices Position: Professional board member Honorary offices: Magenta (C), HC An- dersen Capital (C), Testa Invest (MB), WireOnAir (MB), JHO Holding (Director) Special competences Extensive experience in financial manage - ment, governance, reporting, budgeting, sustainability, and funding, and third-gen - eration member of the founding family of Ambu. * T his page contains CSRD-compliant content and refers to GOV-1 and GOV-2. Annual Report 2025/26 51In brief Strategy Performance Governance Sustainability Financial statements
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BOARD OF DIRECTORS DAVID HALE JESPER BARTROFF FREDERIKSEN JAKOB KOCH GRY SAHNER GUNDESTRUP Board member (he/him/his) Joined Board in 2024 Appointed until 2026 Independent Born 1968 French/American 2,800 B shares Employee-elected member (he/him/his) Joined Board in 2021 Appointed until 2029 Born 1975 Danish 2,756 B shares Employee-elected member (he/him/his) Joined Board in 2025 Appointed until 2029 Born 1979 Danish 8,042 B shares Employee-elected member (she/her/hers) Joined Board in 2025 Appointed until 2029 Born 1976 Danish 1,904 B shares Member of the Audit Committee and Innovation Committee Position and honorary offices Position: Chief Executive Officer at Ascom Holding AG Special competences Extensive experience from global pharma and MedTech companies, encompassing healthcare services, MedTech operations, healthcare IT, and digital solutions, sales & marketing, product management, sus- tainability, and operations. Position Team Manager, Systems Engineering, R&D Joined Ambu in 2016 Position Senior Director, IP, Global IP Affairs, Global Legal Joined Ambu in 2012 Position Lead Legal Procurement and Head of Data Privacy, Global Legal Joined Ambu in 2020 Annual Report 2025/26 52In brief Strategy Performance Governance Sustainability Financial statements
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Ambu Speak Up – Integrity Line* * T his page contains CSRD-compliant content and refers to S1-1, S1-3, S2-2, S4-3, G1-1, and G1-3. General description The Speak Up – Integrity Line is a secure, confidential, and anonymous reporting channel, available 24/7, and hosted by an in- dependent third party. To support thorough investigation, cases can be reported by submitting a written report online. Links to the Speak Up – Integrity Line are available on Ambu’s corporate intranet and website. Re- ports can be submitted in English or select- ed local languages, and may be filed anon- ymously, except where restricted by local law. Once a report is submitted, a case file is created and assigned to a case-handler appointed by the Hotline Committee. The case-handler may delegate tasks to relevant global or local investigators as needed. The Hotline Committee consists of the Vice President, Sustainability & Public Affairs, the Vice President, General Counsel, and the Chief People Officer. Global Risk & Compli- ance acts as the secretariat and reports to the CFO and Audit Committee. Each case is assessed individually, and remedies – if deemed necessary – are as- signed based on the nature of the grievance and the stakeholders involved. Remedies may range from internal corrective actions to contractual or legal measures, depending on the severity and scope of the issue. Investigation procedure Ambu has a dedicated Standard Operating Procedure for internal investigations, which applies uniformly to all reported grievances. The purpose of investigation is to determine whether operations or personal conduct deviate from legal requirements and/or Am- bu’s internal policies. Investigations are managed by the Hotline Committee, Lead Investigator, and Hotline Secretariat, with support from internal ex - perts and, when necessary, both internal and external investigators. Each case is han - dled in three phases: 1. P re-investigation – case intake and as- signment 2. I nvestigation – planning and execution of investigative activities 3. P ost-investigation – conclusion report, sanctions, and follow-up In certain cases, it may be necessary to review stakeholders’ files or activities. Such reviews are conducted strictly in accordance with personal data protection legislation, only when essential, and when the infor- mation cannot be obtained through other means. In line with legal requirements, the employee must be informed of the review either beforehand or at a later stage. Case handling Ambu’s Speak Up – Integrity Line supports Ambu’s Code of Conduct by offering a se- cure and confidential channel for reporting serious concerns. Employees and business partners are encouraged to report suspect- ed criminal offenses, policy breaches, or legal violations, including those involving third parties. Reportable issues include fraud, corruption, bribery, anti-trust viola- tions, discrimination, harassment, major quality non-compliance, conflicts of interest, improper sales practices, health, safety, and environmental risks, human rights viola- tions, insider trading, data privacy breaches, IT security issues, and trade sanctions. All reports and investigation materials are han - dled confidentially and in accordance with applicable data protection laws. Access is restricted to authorized personnel directly involved in case handling. Purpose and scope Ambu expects all employees, business partners, customers, and stakeholders across the value chain to uphold the highest eth- ical standards in their business conduct. The Speak Up – Integrity Line is designed to encourage and enable stakeholders to report serious concerns or suspected misconduct, allowing Ambu to prevent, detect, and address potential abuse or malpractice. The Speak Up – Integrity Line also supports Ambu's commitment to responsible business conduct and human rights due diligence, in line with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights. Reporters are encouraged to pro- vide detailed information, enabling the Hotline Committee to assess the grievance and determine an appropriate remedy if needed. Anti-retaliation Ambu has a clear Anti-Retaliation- policy and does not tolerate retal- iation against any individual who, in good faith, reports misconduct or violations, or participates in an investigation. Governance The governance of Ambu’s Speak Up – Integrity Line operates on two levels. All reports submitted through the system are first received by the Global Risk & Compliance team, which acts as the secretariat responsible for case intake, docu- mentation, coordination, and inter - nal reporting. Once a case is logged and assessed, the Hotline Commit- tee is engaged as the primary de- cision making body to manage the investigation and determine appro - priate actions. Following resolution, Global Risk & Compliance escalates the case outcomes to the C-suite, CFO, and Audit Committee, ensur- ing senior leadership oversight and accountability. Annual Report 2025/26 53In brief Strategy Performance Governance Sustainability Financial statements
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SHAREHOLDER INFORMATION Share capital Ambu’s share capital is divided into two classes of shares, each with a nominal share value of DKK 0.50. Class A shares carry 10 votes per share, while class B shares carry one vote per share. There is no difference between the financial rights pertaining to the individual share classes. All shares are paid-up in full. Ambu’s class B shares are listed on Nasdaq Copenhagen under ISIN code DK0060946788 and named 'AMBU-B’, while the class A shares are unlisted. Ambu's share capital consists of 234,974,389 B shares of DKK 0.50 each, together with 34,320,000 A shares of DKK 0.50 each, equivalent to registered share capital of DKK 134,647,194.50. All class A shares are owned by the three lines of descendants of Ambu’s founder, Dr. Holger Hesse. Please refer to the table on the next page for an overview of voting rights. The class A shares are negotiable instruments. For further details, please refer to our Articles of Association available on Ambu's website. In addition to the class A shares, the family holds ~12.3m class B shares, corresponding to 5.2% (5.2%) of the class B share capital. The family thus controls a total of 17.3% (17.3%) of the combined class A and class B share capital and 61.5% (61.5%) of the votes. Shareholders On 30 September 2026, the total number of shareholders in Ambu, whose holdings are regis- tered by name, was 65,258 (58,817). They hold a combined 97% (98%) of the total share capital. The treasury shares comprised 8,641,687 (2,738,985), corresponding to 3.2% (1.0%) of the share capital. The shareholders, featured in the table below, had filed ownership of more than 5% of the share capital and/or votes. Shareholders with voting rights of more than 5% Shareholder Share of capital, % Share of votes, % Simon Hesse Hoffmann and family, Copenhagen 1 5.9 20.5 Kim Ragle and family, Kgs. Lyngby 2 5.6 20.4 Pia Hesse and family, Hellerup 3 5.8 20.5 Total family 17.3 61.5 N. P. Louis Hansen ApS, Nivå 14.0 6.5 1 Simon Hesse (Copenhagen) and Hannah Hesse (Frederiksberg) each own above 5% of votings rights 2 Kim Ragle (Kongens Lyngby) and Anne-Mette Ragle (Bagsværd) each own above 5% of voting rights 3 Pia Hesse (Hellerup) and Eva Hesse (Kongens Lyngby) each own above 5% of voting rights Overview of A and B shares 2025/26 2024/25 Total number of shares ('000) 269,294 269,294 Total number of A shares 34,320 34,320 Total number of B shares 234,974 234,974 Change in number of shares - - Nominal value per share, DKK 0.50 0.50 Share capital (DKK '000) 134,647 134,647 Number of treasury shares ('000) 8,642 2,739 Annual Report 2025/26 54In brief Strategy Performance Governance Sustainability Financial statements
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120 100 80 60 40 20 0 Oct 25 Feb 26 Jun 26Dec 25 Apr 26 Aug 26Nov 25 Mar 26 Jul 26Jan 26 May 26 Sep 26 Oct 26 • NASDAQ OMXC25 (rebased) • Ambu Share price development On 30 September 2026, Ambu’s Class B share price was DKK 68.95 per share, equal to a market capitalization of the the Class B shares of DKK 16.2bn (EUR 2.2bn). Adding the non-listed Class A shares, if traded at a similar price as the Class B shares of DKK 68.95, the total market cap would be DKK 18.6bn (EUR 2.5bn). The share price decreased by 26% in the 2025/26 financial year. The average daily turnover of Ambu shares on Nasdaq Copenhagen increased by 20% to DKK 68.5m (DKK 56.9m), while the average number of trades per day increased by 11% to 2,016 (1,810). Development in share price 2025/26 Financial calendar 2026/27 This financial calendar lists the expected release dates of Ambu’s financial announcements for the financial year 2026/27, as well as the date of Ambu’s Annual General Meeting. 2026 5 N ovember 2026 A nnual Report 2025/26 2 D ecember 2026 A nnual General Meeting 2027 28 J anuary 2027 E arnings Release Q1 2026/27 5 M ay 2027 E arnings Release Q2 2026/27 2 5 A ugust 2027 E arnings Release Q3 2026/27 3 0 S eptember 2027 E nd of fiscal year 2026/27 1 0 N ovember 2027 A nnual Report 2026/27 8 D ecember 2027 A nnual General Meeting Annual Report 2025/26 55In brief Strategy Performance Governance Sustainability Financial statements
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2022/23 2023/24 2024/25 2025/26 2026/27E 102 450 400 110 151 Investor Relations Ambu pursues an open dialogue with investors and analysts about our business and financial performance. In order to ensure that all Ambu’s stakeholders have equal access to corporate information, news is released to Nasdaq Copen- hagen, the media, and on Ambu’s website, where users can also subscribe to Ambu’s news service. Ambu’s Investor Relations team handles all contact with investors and the press on issues relating to the company’s shares. Please contact: Lisa Clive, Head of Investor Relations, Phone: +44 7385 420133, licl@ambu.com. Annual General Meeting 2026 The Annual General Meeting 2026 will be held on Tuesday 2 December 2026 at 15.00 CET at the Ambu A/S headquarters, Baltorpbakken 13, 2750 Ballerup, Denmark. Shareholders can sign up to attend the Annual General Meeting, and download all relevant material in relation to the meeting at Ambu.com/ AGM For 2026/27, Ambu intends to distribute a further DKK 551m to shareholders consisting of: • A p roposed dividend distribution of DKK 151m, equivalent to DKK 0.56 per share and corre- sponding to 24% of net profit. • A s hare buyback program of DKK 400m. The proposed dividend of DKK 151m will be recommended by the Board of Directors at the Annual General Meeting in December 2026. The Board of Directors has decided to initiate the share buyback programme of DKK 400m, to be executed over a period of 6 months, running from 9 November 2026 to 30 April 2027. Shares repurchased under the program are intended for future cancellation. The two share buyback programs executed during 2025/26, with a combined value of DKK 450m, resulted in the repurchase of 6,237,110 shares. At the Annual General Meeting on 2 December, the Board of Directors will propose the cancel- lation of 7,294m shares, leaving 1,347m treasury shares as a prudent buffer for future perfor- mance-based compensation. Dividends and share buybacks S hare buyback Dividends Capital allocation Ambu’s ambition is to create a strong balance sheet, and we are committed to our long-term objective of a NIBD/EBITDA ratio of less than 2.5x. Continued solid cash flow generation and a strong financial position enable operational flexibility to deliver on our long-term sustainable and profitable growth targets. Distribution to shareholders During 2025/26, Ambu distributed a total of DKK 560m to shareholders, consisting of dividends of DKK 110m, corresponding to 18% of net profit for 2024/25, and share buybacks of DKK 450m. Annual Report 2025/26 56In brief Strategy Performance Governance Sustainability Financial statements
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Sustainability SUSTAINABILITY STATEMENT This sustainability statement presents Ambu’s material sustainability impacts, risks, and opportunities and the policies, actions, targets, and governance used to manage them. Annual Report 2025/26 57In brief Strategy Performance Governance Sustainability Financial statements
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CONTENTS GENERAL DISCLOSURES 59 B asis for preparation 60 S ustainability governance 62 E ngaging with stakeholders 64 D ouble materiality assessment 66 A mbu's policies ENVIRONMENT DISCLOSURES 70 E 1 – Climate change adaptation and mitigation 82 E U taxonomy 85 E 5 – Resource use & circular economy SOCIAL DISCLOSURES 92 S 1 – Own workforce 102 S 2 – Workers in the value chain 104 S 4 – Consumers and end users GOVERNANCE DISCLOSURES 109 G 1 – Governance 113 E SRS disclosure index Ambu is a growth company with a clear ambition to decouple financial growth from environmental impact. Our aspiration is to scale our operations while decreas- ing emissions and resource use. Sustainability is embedded across everything we do, from product development and sourcing to manufac - turing and energy use. With a net-zero commitment by 2045 under the Science Based Targets initiative, we are accelerating the transition to sustainable healthcare through responsible operations, circular product and packaging design, and our pioneering Ambu ® Recircle Program – the world’s first endoscope recycling initia- tive. As we grow, we remain equally committed to fostering a safe, inclusive, and empowering workplace where our people thrive alongside our business. -5% Reduction in scope 3 emissions compared to 2024/25 47% Share of renewable energy sources in total energy consumption -10% Reduction in scope 1 and 2 emissions compared with 2024/25 Annual Report 2025/26 58In brief Strategy Performance Governance Sustainability Financial statements
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AUG 2024 ESRS 2 GENERAL DISCLOSURES Basis for preparation The sustainability statement forms an integral part of the management’s review in this Annual Report and provides transparent information on Ambu A/S's environmental, social, and governance (ESG) performance for the financial year 2025/26. The structure of the statement has been prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD) and the European Sus - tainability Reporting Standards (ESRS). The state - ment has been subject to limited assurance by an auditor elected at the Annual General Assembly. The statement includes disclosures addressing Ambu’s obligations under Article 99d ( Data Ethics policy, p. 67) and 107d Gender Balance Act (Board of Directors, pp. 51-53 ) of the Danish Financial Statements Act. The statement reflects the out- come of a comprehensive Double Materiality As- sessment (DMA), which identified the topics most relevant to Ambu and our stakeholders. To support and interpret the ESRS disclosures, additional frameworks have been applied, including the Greenhouse Gas Protocol (GHGP), the UN Global Compact principles (UNGC), the EU Taxonomy, and the Science Based Targets initiative (SBTi). The reporting period runs from 1 October 2025 to 30 September 2026. During the reporting period, Ambu acquired TIMS Medical, a U.S.-based MedTech company specializing in imaging and reporting solutions designed for integration with hospital workflows and IT systems. Read more about the acquisition on p. 8 . As the acquisition was completed 19 days prior to year end, the related changes were not reflected in quantitative and qualitative disclosures in this statement. Disclosures on methodology or scope changes, restatements, estimates and data limitations are presented alongside the relevant topics and accounting policies. The sustainability statement is prepared on a consolidated basis, consistent with the financial statements, except for one devi - ation concerning the acquisition of TIMS Medical. It covers Ambu A/S, our subsidiaries and affili- ates under financial control, and leased or rented assets under Ambu’s operational control. For a complete overview of the consolidated group, refer to the financial statements, p. 120 . The statement covers the Group’s entire value chain, as detailed in the Owning the value chain, p. 12 . This approach aligns with the DMA outcomes and reflects where Ambu has the greatest ability to influence ESG impacts. The time horizons used in this report align with those recommended by the ESRS and are con- sistent with our financial reporting. 'Short-term' refers to the current one-year financial reporting period, 'medium-term' covers the period from one up to five years, and 'long-term' is defined as more than five years. For climate matters, long-term horizons are extended, considering climate projections from the Intergovernmental Panel on Climate Change (IPCC), as well as our scenario modeling, based on the Task Force on Climate-related Financial Disclosures (TCFD) and Science Based Targets initiative (SBTi) climate targets. Several of Ambu’s manufacturing facilities, sales offices, and processes, including our Quality Management System (QMS), are certified to relevant standards, including ISO 9001 and ISO 14001. The QMS further complies with ISO 13485, MDSAP, EU MDR, and UKCA require- ments, helping ensure product quality and safety, while reducing recall and compliance risks. ESG ratings and commitments This year, we achieved an A- rating in the CDP Supplier Assessment and improved our CDP Climate score to B. Our ISS rating also improved to B- Prime. Current ESG ratings primarily reflect our 2024/25 performance, except for CDP, which is based on 2023/24 data. Recognized for our sustainability efforts We are proud to be recognized for sustainability performance by many leading rating agencies. EcoVadis ‘Committed’ badge Fast mover to Platinum S&P Global ESG score of 46 Measured on a scale from 1 to 100 CDP B rating for FY 2023/24 From A to D on Climate and Water ISS ESG B- Prime rating On a scale from A+ down to D- Read more about our ratings and performance on our website General disclosures BASIS FOR PREPARATION → Annual Report 2025/26 59In brief Strategy Performance Governance Sustainability Financial statements General
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Estimates and uncertainties Estimates and informed assumptions were used for metrics where directly measurable data was not available. This is addressed in each account- ing policy under the relevant metrics. Read more under respective accounting policies, pp. 76, 80-81, 89-91, 99-101. This financial year, we identified the gender pay gap and resource inflows and outflows as metrics exposed to a high level of measurement uncertainty, which will be addressed through im- provements to calculation methodologies for the future reporting years. Details of the estimates and assumptions applied are provided under Resource inflows & outflows, pp. 89-90 , Gender pay gap, p. 101, and Sustainability reporting data controls, p. 62. We apply all relevant phase-in provisions and exclude voluntary disclosures that do not affect the assessment of a topic. In accordance with the ESRS incorporation-by-reference approach, certain disclosures are presented outside this statement and identified in the disclosure index. Read more in ESRS disclosure index, pp. 114-117, and Datapoints that derive from other EU legisla- tion, pp. 118 -119. Sustainability governance We operate a two-tier management structure comprising the Board of Directors (BoD) and Executive Management. The two bodies are inde- pendent; no individual serves on both. Shareholder-elected members are appointed annually, while employee-elected members serve four-year terms. Oversight of sustainability matters is anchored in the Executive Leadership Team (ELT). This sustainability statement has been prepared with input from the CEO, CFO, CTO, CMO, COO, CPO, and all other members of the ELT. The ELT comprises Ambu’s senior executives; “top management” includes the ELT and the management level directly below it. Further details on the BoD’s structure, number of executive members, gender diversity ratio, independence, and governance framework are provided under Corporate governance, pp. 46- 48. The DMA confirms that our key business areas are closely linked to our long-term strategic goals: decoupling growth from environmen - tal footprint, creating an attractive workplace, building long-term customer relationships, and ensuring resilient operations. Sustainability goals and indicators are integrated into the Group’s strategy and annual planning, with ambitions set annually by the ELT and Group function leaders based on stakeholder input. Progress is monitored quarterly. The ELT and BoD approve targets related to material impacts, risks, and opportunities (IROs), while climate-re - lated targets are presented by the Vice President, Sustainability & Public Affairs. A detailed descrip - tion of Ambu’s strategy and goals is available in the ZOOM AHEAD section, pp. 21-26. The BoD and ELT collectively possess the sus- tainability-related competencies required to oversee and guide Ambu’s sustainability strategy across all material ESG topics. We regularly assess and maintain this expertise in line with capital market expectations and good corporate governance practices. Further information on the experience and competencies of BoD and ELT members is pro- vided under Corporate Governance, pp. 46-48. Our updated DMA identifies key environmental and social priorities, which are reflected in our strategy and daily operations. Initiatives such as the Ambu ® Recircle Program and circular product and packaging design demonstrate our commit - ment to continuously improving sustainability performance. For strategic sustainability priorities, see the ZOOM AHEAD section, pp. 21-26. For remuneration of the CEO and CFO, including sustainability-linked components, see Remuner - ation, pp. 44-45. The ELT is responsible for overseeing Ambu's material IROs. Each material IRO has a desig- nated ELT sponsor to ensure ownership and accountability. During BoD meetings, the ELT contributes its operational expertise and expe - rience to support decision making on sustain- ability matters. Final decisions regarding IROs, including policy approval, action planning, target setting, and ongoing monitoring, are made joint - ly by the BoD and ELT. The Audit Committee (AC) oversees ESG perfor- mance quarterly to enhance transparency and ensure consistent evaluation of our material IROs and relevant metrics. The BoD, ELT, and AC rely on established reporting processes, internal con- trols, and DMA outcomes to set targets related to material IROs. Reporting lines for policies man- aging relevant and material IROs are disclosed under Ambu's policies, pp. 66-68. The roles and procedures of the governance bodies are de- scribed under Corporate governance, p. 46 . Our reporting platform covers material perfor- mance areas and enables managers to track developments within their functions. Key climate and social metrics, including safety, are collected and reported quarterly alongside relevant regional data. The platform currently does not in- clude employee and customer satisfaction, which are captured annually in other tools. Read more under Our Voice employee engagement survey, p. 94. We embed material IROs within strategy, guiding decision making across all organization- al levels, including major transactions and risk management. This serves as the foundation for governance structures, internal controls, and risk management described in the preceding section. Policies, actions, and targets linked to IROs are referenced under Corporate governance, p. 61 , which describes the relevant governance and control frameworks. SUSTAINABILITY GOVERNANCE Annual Report 2025/26 60In brief Strategy Performance Governance Sustainability Financial statements General
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Statement on Ambu’s due diligence The table below maps where information on Ambu’s due diligence process is provided in this sustainability statement. Core elements of our due diligence Relevant disclosures in this sustainability statement Embedding due diligence in govern - ance, strategy, and business model GOV-1 Management responsibilities GOV-1 Oversight of sustainability IROs GOV-2 Sustainability matters addressed by Management GOV-3 Incentive schemes SBM-3 Double materiality assessment Sustainability due diligence Engaging with affected stakeholders Engaging with stakeholders GOV-2 Sustainability matters addressed by Management IRO-1 DMA process Sustainability due diligence Identifying and assessing negative impacts on people and the environment SBM-3 Double materiality assessment IRO-1 DMA process Sustainability due diligence Taking action to address negative impacts on people and the environment E1-3 Climate transition plan E5-4 Resource inflows E5-5 Resource outflows S1-4 Impacts on own workforce S4-4 Impacts on customers and end users Sustainability due diligence Tracking the effectiveness of those efforts and communi - cating Sustainability due diligence Sustainability reporting data controls This year, our systems remained the same as last year with regard to managing sustainability reporting risks following the implementation of CSRD in 2024/25. In collaboration with data owners and relevant stakeholders, we strengthened internal controls through training and capacity-building initiatives designed to align sustainability reporting with financial reporting standards and improve data accuracy and completeness. Our risk management and internal control pro - cesses for sustainability reporting are designed to identify, assess, and mitigate risks of material misstatement and include established proce - dures for data collection, validation, and review; clear roles and responsibilities across functions; and ongoing monitoring to ensure the complete - ness, accuracy, and reliability of reported sustain- ability information. Findings from risk assessments and internal control evaluations are reported through a structured process to the relevant administra - tive, management, and supervisory bodies. This includes quarterly updates to the ELT and AC, an- nual summaries to the BoD as part of the Annual Report process, external audit review, and ad hoc reporting in response to significant changes in risk exposure or control effectiveness. Depending on materiality, sustainability data and reporting risks are addressed individually in coordination with data owners, the ELT, or the AC. Findings from risk assessments and internal control evaluations are integrated into the sustainability reporting process through updates to data collection methodologies, validation controls, and reporting procedures, with identi - fied issues addressed in collaboration with rele- vant data owners and incorporated into ongoing process improvements. To mitigate these risks, the ESG Reporting & Data Management team works with internal and external subject-matter experts to strengthen governance over data collection and controls and improve the quality and scope of the datasets used in calculations. During the year, we automated and digitized the consolidation of a significant number of KPIs, strengthening data controls and improving the efficiency and reliability of internal reporting processes. Annual Report 2025/26 61In brief Strategy Performance Governance Sustainability Financial statements General
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Strategy, business model, and value chain We are a global MedTech company delivering solutions in endoscopy, anesthesia, and patient monitoring. Our business model is supported by a global value chain spanning suppliers, pro- duction sites, innovation centers, sales offices, distributors, and healthcare providers. Key inputs include medical-grade materials, components, manufacturing services, technology, intellectual property, and a skilled global workforce. These inputs are supported by supplier qualification, quality management, and responsible sourcing processes. Read more about our business model under Owning the value chain, p. 12 , and our overall strategy under ZOOM AHEAD strategy, p. 21. Our upstream value chain consists of suppliers of medical-grade materials, components, and manufacturing services that support the produc- tion of our medical solutions. Read more about geographic distribution under Resilient global footprint, p. 11. Read more about our due dili- gence under Responsible supplier program, p. 112, and Workers in the value chain, pp. 103-104. Our operations span production facilities, sales offices, headquarters, and innovation centers across Europe, North America, and Asia. Read more about our solutions under Endoscopy needs and our response, p. 19, and about how we integrate sustainability into our overall strategy under Advancing sustainable healthcare, p. 13. Our downstream value chain connects our medical solutions with healthcare professionals and patients in approximately 60 countries. Read more about our Consumers and end users, pp. 104-107. Engaging with stakeholders We have identified our external and internal stakeholders that contribute to and benefit from the value we create. Stakeholder engagement is also a core component of our sustainability due diligence process, and we disclose key actions under each material topic in this report. Over the past two years, we have conducted structured stakeholder dialogues to identify and prioritize sustainability-related impacts, risks, and opportunities (IROs), forming the basis of our DMA. In the current reporting year, the DMA update was primarily informed by internal stake - holder engagement that focused on reviewing and validating existing IROs and related assess - ments. External stakeholder input from prior en- gagement cycles continues to inform the overall understanding of stakeholder priorities and has been considered in the ongoing evaluation. Material topics, such as environmental and social sustainability, were highlighted by healthcare professionals and organizations as central to meeting evolving market demands. The inter - ests and expectations of our stakeholders vary depending on the nature of the relationship, but generally, they expect us to operate ethically and uphold high standards of business conduct, including environmental sustainability. Insights from stakeholder engagement have strengthened our focus on environmental sus - tainability, responsible sourcing, and employee engagement. While our business model remains unchanged, these insights continue to inform product development, supply chain decisions, and strategic priorities. We complement stake - holder input with operational insights from internal subject-matter experts and environmen - tal expertise from external advisors. Over the next 12–24 months, we plan to further expand our stakeholder engagement framework globally and integrate stakeholder feedback more sys- tematically into decision making, reinforcing our commitment to accountability and continuous improvement. Stakeholder views and interests are regularly discussed within relevant departments and business units and at ELT and BoD meetings. The ELT is formally updated at least once a year during the DMA review process, ensuring that stakeholder perspectives are actively considered in the ongoing development of our strategy and business model. ENGAGING WITH STAKEHOLDERS Annual Report 2025/26 62In brief Strategy Performance Governance Sustainability Financial statements General
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Stakeholder group Why we engage Engagement Outcomes of engagement Consumers and end users Through ongoing customer engagement and feedback, we identify customer needs and expectations to support the de- velopment of healthcare solutions. HCP and HCO interactions help us improve solutions, address product-related issues, and identify sustainability-related impacts, risks, and oppor - tunities. Engagement is ongoing, and frequency depends on the specific type of engagement. Effectiveness is assessed regularly through direct engagement, surveys, audits, and dialogue. • I nnovation days • D evelopment activities and feedback • P erformance trials and data assessment • H ospital visits • C onferences • M anagement interactions • D MA engagement through relevant customer proxies A better understanding of customer needs, product perfor- mance, product-related issues, and sustainability-related im - pacts, risks, and opportunities, such as development of take- back and recycling programs, and partnerships. Employees We actively maintain an open dialogue with our employees. It surfaces direct employee experiences, allowing us to create a safe and inclusive workplace. This continuous feedback grounds our operational reality and actively updates the work- force-related IROs within our DMA. • Gl obal employee engagement surveys • G lobal town halls • A mbu purpose and values team sessions • C EO letters and strategy newsletters • In tranet communication • P erformance and development dialogues • W orkers’ councils • S ustainability training sessions Insights into employee experiences, needs and expectations, helping us improve working conditions, employee well-being, health and safety, learning and development, and diversity and inclusion. Employee feedback also informs the identification and assessment of sustainability-related impacts, risks, and opportunities. Suppliers We rely on our suppliers to achieve our emissions-reduction goals and progress toward net-zero emissions. Therefore, we aim to work with and support suppliers that share our com- mitment to sustainability and responsible business practices, including the well-being of our value chain workers. • R esponsible supplier program • S upplier engagement on climate transition We focus on supporting and collaborating with our supply chain to ensure that our suppliers live up to the increasing standards within sustainability. We support raw material suppliers in transi- tioning to bio-based materials and jointly develop take-back and recycling infrastructure with our recycling partners. Investors and shareholders To ensure efficient financial allocation, we regularly engage with analysts and institutional investors to support a fair com - pany valuation and ensure liquidity of the Ambu share. • I nvestor roadshows and conferences • I nvestor calls • B riefings with equity research analysts • C apital market days • A nnual General Meetings We provide long-term shareholder return by investing capital in projects and utilizing our strong commercial and innovation infrastructure to achieve high growth, as well as a return on in- vested capital (ROIC) that exceeds the cost of capital (WACC). Regulators and authorities Regular engagement with regulators and authorities helps us monitor regulatory developments, maintain compliance, and manage material IROs. • I ndustry associations • R oundtables with key stakeholders We support and comply with legislation developed to maintain stable and efficient institutions, as well as resilient societies in which people and businesses can thrive. Society We are committed to understanding societal expectations, contributing positively to the communities in which we oper - ate, and maintaining an open dialogue on matters relevant to healthcare, sustainability, and responsible business conduct. • E ngagement with NGOs • C ollective action alliances and partnerships Insights into societal expectations, community concerns, emerging sustainability topics, and sustainability-related im - pacts, risks, and opportunities. Stakeholders Annual Report 2025/26 63In brief Strategy Performance Governance Sustainability Financial statements General
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Double materiality assessment Outcomes of the DMA The DMA defines the scope of the sustainability statement through the identification of IROs material to Ambu and its stakeholders. Material IROs are presented under each ESRS standard in Our material topics, pp. 70, 85, 92, 102, 104, and 109. Our 2025/26 update of the DMA iden- tified material topics related to climate change (E1), resource use & circular economy (E5), own workforce (S1), value-chain workers (S2), con- sumers & end users (S4), and corporate ethics & business conduct (G1). These topics reflect our most business-critical environmental, social, and governance-related IROs, as well as financial 1. DMA review Building on the previous year’s DMA, we revisited the assessment to strengthen our approach. We have a struc- tured scoring system and clear thresholds in our methodology and ensure consistency in eval - uating sustainability matters in line with ESRS. 2. Core elements of DMA The ESG Reporting & Data Management team conducted data reviews and stakeholder engagement with support from internal subject-matter experts. 3. ESRS topics We reassessed our core DMA topics, including Ambu’s busi- ness model, strategy, value chain, stakeholder landscape, geographic footprint, and resource dependencies. The re - view ensured alignment with ESRS requirements through consistent assessment of financial and im - pact materiality across all environ- mental, social, and governance topics, sub-topics, and sub-sub - topics relevant to Ambu. 4. Internal reviews The ESG Reporting & Data Management team conducted comprehensive internal reviews in close collab- oration with the Legal, Risk & Compliance, Global Finance, Operations, and R&D teams prior to the AC’s review and subsequent approval. 5. Scoring system and thresholds Materiality thresholds were set based on regulatory guidance, with financial materiality tied to quantitative metrics and impact materiality to the sig- nificance of stakeholder and environmental effects. risks and opportunities affecting performance and long-term value creation. In line with our governance, the ESG Reporting & Data Management team led the annual update of the DMA. The review focused on validating existing IROs and identifying opportunities for consolidation. As our business model and activities remained unchanged, no rescoring was required, and the materiality conclusions con- tinued to apply. A portion of impacts and risks occur upstream and downstream, reinforcing the importance of supplier engagement and broader value chain oversight. Although topics related to pollution (E2), water (E3), biodiversity and ecosystems (E4), and affected communities (S3) were assessed for actual and potential impacts, risks, and opportunities, they were determined to be immaterial and therefore fall outside the reporting scope. The DMA is maintained through annual reviews, including updates to underlying IROs. Interactions with Ambu’s strategy and business model Material IROs are integrated into Ambu’s business model and strategy and inform deci- sion-making across functions. Sustainability IROs are assessed for actual and potential impacts, risks and opportunities related to long-term performance, cost structures, operational resil - ience, and market access. These considerations are embedded in core business processes and governance structures. Processes to identify and assess material IROs As a MedTech company, we generate both positive and negative impacts across our oper- ations and value chain. Positive impacts include improving patient outcomes, supporting health - care professionals, and contributing to circular solutions through initiatives such as our Ambu ® Recircle Program. Our primary negative impacts relate to climate change, our workforce, products, and respon - DOUBLE MATERIALITY ASSESSMENT Annual Report 2025/26 64In brief Strategy Performance Governance Sustainability Financial statements General
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sible business conduct. To address negative impacts, we apply policies, actions, and targets focused on climate, nature, materials, employ - ees, value chain workers, and end users. Due diligence is supported by stakeholder engage - ment and informs ongoing updates to our assessment. Stakeholder surveys are used to validate the materiality of identified IROs. We re- spond to material IROs by adapting and amend- ing policies, actions, and targets. For financial materiality, Ambu assesses both the likelihood and magnitude of potential financial effects, covering sustainability matters in line with ESRS requirements. Financial and impact materiality assessments are conducted using a consistent methodology, ensuring alignment across all identified IROs. The DMA is based on a structured methodology aligned with ESRS 1. Impacts are assessed based on scale, scope, remediability, and likelihood, and both actual and potential impacts are considered. Positive impacts are not scored on remediability. For potential negative human rights impacts, severity is prioritized over likelihood. Financial materiality reflects the potential effect on Ambu’s financial position, performance, and future development. The as - sessment covers Ambu’s entire value chain and incorporates input from internal subject-matter experts, stakeholder perspectives, and relevant external sources. Resource dependencies and geographic exposure are considered for each IRO to ensure a comprehensive evaluation. Ambu’s Enterprise Risk Management (ERM) and DMA scoring systems are closely aligned, sharing a core methodology – particularly in assessing financial impacts. The financial effects of material risks and opportunities vary depend- ing on the nature of each case, with some being harder to quantify than others. Decision making process In line with our sustainability governance, the ESG Reporting & Data Management team led the DMA process, including the identifica - tion and assessment of impacts, risks, and opportunities (IROs) to determine which topics are material. The DMA is reviewed annually and updated as data, insights, and regulatory requirements evolve. Each ESRS disclosure requirement is assessed against the material IROs to ensure that relevant topics are included in the report. DOUBLE MATERIALITY Product quality & safety Product access & affordability GHG emissions Energy consumption Resource inflows & material consumption Environmental impact of circular product & packaging Environmental impact of disposal of products Working conditions Data privacy Cybersecurity Governance & business conduct Corporate ethics FINANCIAL MATERIALITY Natural disasters IMPACT MATERIALITY Manufacturing and hazardous waste disposal Human rights, including belonging Responsible marketing Our material topics Annual Report 2025/26 65In brief Strategy Performance Governance Sustainability Financial statements General
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Policy ESRS standards Area of application Availability Impacted stakeholders Governance (most senior person overseeing policy) Value chain Description Systems, procedures, guidelines Scope of policy Code of Conduct Approved in May 2024 ESRS S1, ESRS S2, ESRS G1 Corporate intranet Employees, regulators & authorities Vice President, Sustainability & Public Affairs ↑ ⌂ ↓ The Ambu Code of Conduct sets minimum standards for integrity, based on international principles. Violations are reported through various channels, including our Speak Up – Integrity Line. It promotes anti-discrimination, anti- harassment, and a safe and healthy working environment by supporting compliance with health and safety regulations. • L ocal employee handbooks • C ompliance management systems • E nterprise Risk Management (ERM) framework Group Code of Conduct for Business Partners Approved in August 2024 ESRS S2, ESRS G1 Corporate intranet Customers, employees, suppliers Vice President, Sustainability & Public Affairs ↑ ↓ The Ambu Code of Conduct for Business Partners defines the requirements for any person or entity doing business with or on behalf of Ambu. It requires business to be conducted ethically, legally, and in a socially responsible manner toward stakeholders, employees, and business partners. • C ode of Conduct declaration form • R esponsible Supplier Program • B usiness partners integrity due diligence program Group, suppliers, business relationships Labor & Human Rights policy Approved in November 2023 ESRS S1, ESRS S2 Corporate intranet Employees, suppliers, regulators & authorities Vice President, Sustainability & Public Affairs ↑ ⌂ ↓ The policy defines the labor and human rights standards to which all employees are entitled, regardless of where they work, and sets out our expectations of business partners and value chain workers. • H uman & labor rights guidelines • U K Modern Slavery Act Statement Group, suppliers, business relationships Anti-Bribery & Corruption policy Approved in June 2022 ESRS G1 Corporate intranet Vice President, Sustainability & Public Affairs ↑ ⌂ ↓ This policy sets requirements for preventing corruption and bribery and provides guidance on identifying, reporting, and responding to related risks. It is aligned with the UN Convention against Corruption and applicable regional legislation. • E nterprise Risk Management (ERM) framework • I nternal guidelines for interactions with • H ealthcare Professionals (HCPs) • B usiness Partners Integrity Due Diligence Program Group, suppliers, business relationships Speak Up – Integrity Line policy Approved in April 2024 ESRS S1, ESRS S2, ESRS S4, ESRS G1 Ambu website & corporate intranet Customers, employees, suppliers, investors, society Vice President, Sustainability & Public Affairs ↑ ⌂ ↓ This policy outlines Ambu's commitment to maintaining high ethical standards and provides guidance on reporting suspected misconduct, policy violations, or other concerns through the Speak Up – Integrity Line. • A mbu Speak Up – Integrity Line • A mbu Integrity Line Committee Group, suppliers, business relationships Anti-Retaliation policy Approved in November 2020 ESRS S1, ESRS S2, ESRS S4, ESRS G1 Ambu website & corporate intranet Customers, employees, suppliers, investors, regulators & authorities Vice President, Sustainability & Public Affairs ↑ ⌂ ↓ This policy reflects Ambu’s commitment to protecting individuals who, in good faith, report misconduct or violations, or participate in investigations, from retaliation. Group, suppliers, business relationships ↑ Upstream ⌂ Own operations ↓ Downstream Ambu’s policies We monitor policy effectiveness and report related actions within the relevant disclosures. All policies were revisited this financial year. AMBU'S POLICIES Annual Report 2025/26 66In brief Strategy Performance Governance Sustainability Financial statements General
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Ambu’s policies Policy ESRS standards Area of application Availability Impacted stakeholders Governance (most senior person overseeing policy) Value chain Description Systems, procedures, guidelines Scope of policy Quality policy Approved in November 2021 ESRS S4 Ambu website & corporate intranet Customers, employees, regulators & authorities Vice President, Global Quality Management ↓ This policy sets requirements for product quality, process excellence, and compliance with applicable regulatory requirements across Ambu. • G lobal Quality Management System (QMS) Group Information Security policy Approved in April 2023 ESRS S4 Corporate intranet Customers, employees, suppliers, investors, regulators & authorities, society Chief Information Security Officer ↑ ⌂ ↓ This policy describes information security objectives and Ambu’s risk-based approach to information security. It defines responsibilities for implementation and compliance with the legal, regulatory, and contractual requirements applicable to our organization. • In formation Security Risk Management system Group, suppliers, business relationships Data Ethics policy Approved in November 2021 ESRS S4 Ambu website Customers, employees, suppliers, investors, regulators & authorities, society Vice President, Sustainability & Public Affairs ↑ ⌂ ↓ This policy describes how information about individual persons may be collected, used, disclosed, transferred, and stored by Ambu. Group Global Procurement policy Approved in August 2020 ESRS G1 Corporate intranet Customers, employees, suppliers Vice President, Global Procurement ↑ ↓ This policy sets the direction for Ambu’s global procurement activities to ensure compliance with applicable principles, rules, and regulations; incorporate environmental and social considerations into purchasing decisions; and support Ambu’s business objectives. • R esponsible Supplier Program • G lobal Quality Management System (QMS) Group, suppliers Ambu Environmental policy Approved in August 2025 ESRS E1, ESRS E5 Corporate intranet Customers, employees, suppliers, regulators & authorities, society Vice President, Sustainability & Public Affairs ↑ ⌂ ↓ This policy describes our commitments to minimizing our climate impact and promoting circular use of resources across our value chain. It embeds our commitment to reducing greenhouse gas emissions in line with the Paris Agreement, while optimizing energy efficiency and transitioning to renewable sources. Through responsible product design, sustainable sourcing, and waste reduction initiatives, we support a circular economy and ensure efficient use of materials and resources. • C limate transition plan, EU Taxonomy screening of eligible and aligned activities Group Global Diversity, Equity, and Inclusion policy Revisited in 2026 ESRS S1 Ambu website, corporate intranet BoD, ELT, employees Chief People Officer ⌂ This policy outlines our commitment to diversity, equity, and inclusion, based on our company values, our commitment to the United Nations Global Compact, and our Code of Conduct. It also describes Ambu’s commitment to diversity in management and on the BoD, and complies with Section 4 of the Danish Act on Gender Balance. • L ocal employee handbooks Group ↑ Upstream ⌂ Own operations ↓ Downstream Annual Report 2025/26 67In brief Strategy Performance Governance Sustainability Financial statements General
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Policy ESRS standards Area of application Availability Impacted stakeholders Governance (most senior person overseeing policy) Value chain Description Systems, procedures, guidelines Scope of policy Ambu’s policy on Demonstration Products and Samples Approved in July 2022 ESRS S4 Corporate intranet Customers, employees Vice President, General Counsel ⌂ ↓ This policy ensures we provide products at no charge to HCPs and HCOs solely for evaluation purposes, enabling informed future use. All offerings must comply with national laws, regulations, and industry codes. We must not improperly influence HCPs or HCOs to purchase, recommend, or use our products. Demo products, whether single-use or reusable, are intended only to support familiarization and proper assessment. • G eneral principles for the demonstration and evaluation of products and samples; product-specific principles for demonstrations; product- specific principles for samples; specific principles for product evaluations Group Global Engagement of Health Care Professionals policy Approved in September 2023 ESRS S4 Corporate intranet Customers, employees Vice President, Sustainability & Public Affairs ⌂ ↓ This policy ensures we maintain procedures to comply with applicable laws, regulations, and industry standards when engaging HCPs. It governs all global interactions between our employees and HCPs. To uphold product quality and expertise, we may engage specialists for services such as product development, scientific exchange, awareness- building, and training. This policy does not override national laws. We adhere to transparency and disclosure requirements in markets such as the U.S., Denmark, France, and Belgium. This policy also covers human rights of consumers and end users. • I nteractions with healthcare professionals Group, suppliers, business partners Marketing policy Modified in February 2024 ESRS S4 Corporate intranet Customers, employees Vice President, General Counsel ⌂ ↓ This policy ensures we align our marketing practices with local laws in key markets – Denmark, France, Germany, Italy, Spain, the UK, and the U.S. It sets standards for post-launch marketing, targeting HCPs, HCOs, and end users, requiring all communications to be accurate, factual, and aligned with product use. We also follow electronic marketing laws and protect personal data in outreach activities. • L ocal marketing guidelines as per relevant national legislation Group Ambu’s policies ↑ Upstream ⌂ Own operations ↓ Downstream Annual Report 2025/26 68In brief Strategy Performance Governance Sustainability Financial statements General
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ENVIRONMENT We are advancing our ambition to enable more sustainable healthcare. This year, we submitted our SBTi targets, reinforcing our commitment to achieve net-zero emissions by 2045. We expanded our recycling program, advanced circular design initiatives, and commissioned Phase 1 of the rooftop solar installation at our Mexico manufacturing site. Together, these actions support our transition to a lower-carbon and more circular business. 52% of waste from our operations was recycled 59% of our total electricity consumption comes from renewables 9% of the electricity used at our Mexico factory was generated by our own solar panels 2025/26 HIGHLIGHTS Environment disclosures Annual Report 2025/26 69In brief Strategy Performance Governance Sustainability Financial statements Environment
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We are committed to decoupling business growth from carbon emissions to support sustainable growth. By improving energy efficiency, investing in operational resilience, and building operations that can withstand extreme weather events, we maintain the stability needed to reliably serve our customers. Our approach As a global MedTech company, we recognize that our activities, from sourcing raw materials to manufacturing and distribution, have a material climate impact. Climate change mitigation and adaptation are integrated into Ambu’s resilience analysis, risk management processes, and DMA. As part of our resilience analysis, we have screened our operations, offices, and supply chain to understand exposure to climate-related risks, transition events, and opportunities. Resilience analysis has been updated this year. The analysis is aligned with ESRS time horizons and assesses dependencies, risks, and opportunities based on likelihood, magnitude, duration, and overall hazard level across short-, medium-, and long-term horizons. Short- and medium-term risks are assessed at business area level, while long-term risks are considered through company-wide risk identifi - cation processes aligned with TCFD, IFRS S2, and E1 CLIMATE CHANGE ADAPTATION AND MITIGATION IRO topic Value chain location Time horizon Climate change Negative impact: As a producer of single-use medical devices, we have a negative im- pact on the environment through GHG emissions from activities across our operations and value chain. ↑ ⌂ ↓ S M L Material risk: Ambu is exposed to both physical and transitional climate-related risks, including extreme weather events, evolving market dynamics, reputational impacts from shifting public sentiment on climate, and increasing transparency and reporting requirements. ↑ ⌂ ↓ S M L Material opportunity: Decarbonization via circular product design, bioplastics, and the Recircle Program may lead to financial opportunities in the future. ↑ ⌂ ↓ M L Energy Negative impact: We consume significant amounts of energy for production, and we partially rely on nonrenewable energy supplied through the grid at our production sites and sales offices. ⌂ S M L Positive impact: By implementing various energy efficiency measures and installing energy-efficient equipment as well as solar panels in Malaysia, Germany, Denmark, and Mexico, Ambu has reduced energy demand, dependence on non-renewable ener- gy, and environmental footprint. ⌂ S M L Material risk: Energy price volatility driven by geopolitical and climate factors pre- sents a material risk to Ambu. ⌂ S M L Material opportunity: Ambu has the opportunity to expand on-site renewables and purchase Renewable Energy Certificates (RECs). ⌂ S M L ↑ Upstream ⌂ Own operations ↓ Downstream S Short term M Medium term L Long term Our material topics E1 – CLIMATE CHANGE ADAPTATION AND MITIGATION Annual Report 2025/26 70In brief Strategy Performance Governance Sustainability Financial statements Environment
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TNFD. The assessment includes both physical and transition risks across operations and the value chain. Read more under Double materi - ality assessment, pp. 64–65 . Ambu assessed resilience using external climate scenarios (IPCC SSP1-2.6, SSP2-4.5, and SSP5-8.5), covering a range of low- to high-warming pathways. These scenarios incorporate key drivers such as policy developments, macroeconomic trends, energy systems, technological change, and physical climate hazards, which may affect costs, capital allocation, production continuity, and supply chain resilience. The analysis combines global scenario assumptions with site-specific assess - ments to identify potential impacts on key oper- ations. The assessment covers operations and the value chain, including production sites, sales offices, and suppliers, and draws on available operational and financial data. It provides indic- ative insights into potential financial impacts, including revenue, cost, and investment effects, and supports strategic decision making. These impacts are scenario-based estimates and do not require adjustments to the financial statements. The analysis incorporates assumptions related to macroeconomic trends, energy consumption and mix, and technology deployment, including regulatory developments, carbon pricing, renew - able energy transition, and low-carbon product innovation. These assumptions are primarily as - sessed qualitatively within the scenario narratives and are not yet consistently quantified across scenarios. The analysis is subject to uncertainties related to assumptions, data limitations, and indicative financial estimates, particularly regard - ing supplier resilience and recovery dynamics. The identified risks are reflected in Ambu’s strat- egy, capital allocation, and mitigation actions, including diversification, the strengthening of our own operations, and low-carbon investments. The results suggest that Ambu is resilient under an orderly transition scenario but exposed to material physical and supply chain risks under a high-emissions scenario, especially water scarcity and flood/heat risk in our own opera- tions, and supplier concentration risks in our val- ue chain. The analysis indicates potential revenue exposure from disruptions, while diversification and stronger operational capabilities support resilience. Low-carbon innovation supports Ambu’s transition toward a lower-emis- sions pathway. The analysis currently excludes probability weighting, detailed downstream resilience, recovery dynamics, and robust suppli - er-level stress data, meaning that risk quantifica- tion remains incomplete. Our exposure to climate-related risks is as- sessed as moderate. Low-emissions pathways are considered manageable and may present opportunities, while delayed or fragmented transitions would increase complexity and cost. High-emissions scenarios pose greater challenges, particularly from physical risks and supply chain disruption, underscoring the need for ongoing monitoring and integration into risk management. LEED Silver Certification Our largest production site in Mexico is LEED Silver certified, demonstrating benefits such as improved energy efficiency, advanced recycling, lower water consumption, and reduced operating costs. During the year, we commissioned Phase 1 of a rooftop solar panel installation and plan to complete Phase 2 during FY 2026/27. 71Annual Report 2025/26 Environment GovernanceIn brief Strategy Performance Sustainability Financial statements
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We are adapting our business model by enhanc- ing supply chain resilience, strengthening our own operations, investing in renewable energy and low-carbon materials, and leveraging circu - lar solutions to maintain competitiveness in a low-carbon economy. This includes measures to enhance the resilience of our supply chain, such as increasing visibility over key suppliers, assessing geographic risk exposure, and engaging suppliers on decarbonization initiatives and transparency requirements. We are also working to reduce dependency on high-risk regions and improve sourcing flexibility where possible. At the operational level, we are addressing phys- ical climate risks through site-specific mitigation measures, including infrastructure upgrades and business continuity planning at production sites exposed to flooding, water stress, or extreme weather. We are increasing renewable energy use and improving energy efficiency, while shifting to low carbon and biobased materials and advancing circular solutions, such as the Ambu ®Recircle Program, to reduce lifecycle emissions and re- source use. Read more under Climate transition plan, p. 73; Resource Use & Circular Economy pp. 85-90. These actions are complemented by ongoing efforts to embed climate considerations into cap- ital allocation, product innovation, and strategic planning, ensuring that climate-related risks and opportunities are reflected in decision making across the business. Climate transition plan We are dedicated to responsible operations and have publicly committed to achieving our SBTi-aligned net-zero target by 2045, p. 75 . In December 2023, our targets were published and validated. This year, we have submitted our up- dated SBTi targets for validation, aligning them with the Paris Agreement’s goal of limiting the global temperature rise. Our targets apply to the entire Ambu Group and our value chain. We aim to lead by reducing emissions through innovative circular products, recycling initiatives, renewable energy, and by promoting sustainability stand - ards across the MedTech industry and beyond. Our potential locked-in GHG emissions are limited but remain relevant due to partially fossil fuel-powered equipment at our production sites, which we are working to convert to electricity whenever possible. To achieve our targets, we have developed a climate transition plan that outlines our strategic approach to mitigating GHG emissions across our value chain. This plan is aligned with a 1.5°C scenario under the Paris Agreement and the SBTi, and it forms an integral part of our ZOOM AHEAD strategy. Read more about our net-zero journey under Climate targets, p. 75. Read more about our decarbonization levers on p. 74 . Read more about the financial resources allo - cated to our climate transition plan, including CAPEX and OPEX, under EU Taxonomy, pp. 82- 84, and under each action under relevant topical standard. The climate transition plan is guided by the TCFD recommendations, the GHG Protocol, and the SBTi framework. The plan is approved by Ambu’s ELT and BoD and reviewed annually to ensure continued alignment with evolving science, regu- lation, and stakeholder expectations. We continue to implement our climate transition plan by strengthening data-driven decarboniza - tion, operational engagement, and energy trans - formation. We have established a central decar- bonization tracker to identify emissions hotspots across our operations and value chain. We continue to monitor progress toward our targets. Our global operations are supported by a dedi- cated center of excellence that provides targeted training and hands-on guidance to identify and implement CO₂-reduction opportunities. We are further accelerating the shift to renewable energy through increased investments and procurement initiatives, while embedding decarbonization and sustainability knowledge into the organization through structured engagement. The implementation of the climate transition plan is embedded in core governance and decision making, ensuring that decarbonization is inte - grated into how we serve our customers and aligned with product innovation, operations, and capital allocation. Progress is continuously tracked against our targets. Read more about our targets under Climate targets, p. 75 . Read more about our product-related targets under Re - source use & circular economy targets, p. 86 . Environmental policy Our Environmental policy reflects our commit- ment to providing life-changing solutions for customers and patients while addressing the climate impact of our business. Our single-use endoscopy products generate a material foot- print across raw materials, manufacturing, trans - port, packaging, distribution, and end-of-life. The Environmental policy supports mitigation of climate-related operational risks by driving emissions reductions, improving energy efficien - cy, and increasing the share of renewable energy, thereby reducing exposure to regulatory changes, energy price volatility, and supply-relat - ed disruptions. Read more about implementation, scope, and governance of our Environmental policy under Ambu’s policies, pp. 66-68 . Annual Report 2025/26 72In brief Strategy Performance Governance Sustainability Financial statements Environment
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200,000 160,000 120,000 80,000 40,000 0 tCO2eq Near-term transition 2045/462025/26 2029/302020/21 Baseline year scope 3 scope 1 & 2 Performance to date Long-term transition VALIDATED NEAR-TERM TARGETS 75% reduction in scope 1 and 2 GHG emissions 82% of suppliers engaged to set climate targets SUBMITTED NET-ZERO TARGETS 100% reduction in scope 1 & 2 and 90% reduction in scope 3 Key levers to reduce total GHG emissions Lever 1 Circular products & packaging Designing products and packaging with sustainability, reusability, and recyclability in mind. Read more under Our resource use & circular economy actions, p. 87. Lever 2 Take-back & recycling Establishing systems to recover and recycle used products, reducing waste and resource use. Read more under Our resource use & circular economy actions section, p. 87. Lever 3 Responsible operations Improving energy efficiency and in - creasing our use of renewable energy across all sites. Read more under Responsible operations, p. 73 . As we accelerate progress toward our net-zero ambition, we focus on three key levers to reduce emissions across our oper- ations and product life cycle. These levers form the foundation of our decarbonization strategy and are supported by targeted projects, investments, and operational initiatives aligned with our climate transition plan and climate targets. Further details on key actions are provided throughout this section. 2024/25 Annual Report 2025/26 73In brief Strategy Performance Governance Sustainability Financial statements Environment
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Our actions Transition to renewable energy (Climate change mitigation) In 2025/26, we continued to advance our climate mitigation efforts by investing in renewable energy and energy efficiency across our global operations. As part of our ZOOM AHEAD strategy, we allocated capital to install solar panels at our headquarters in Denmark and at our production site in Mexico, building on previous deployments in Germany, Malaysia, the UK, and Denmark. In addition to infra- structure investments, we dedicated operational resources to maintaining these systems, conducting energy audits, and im- plementing energy-saving initiatives across our sites. We also invested in employee training and digital tools to monitor and reduce energy consumption. These efforts directly contribute to reducing our scope 2 emissions. This year, scope 2 emissions were 52% below the baseline-year level, and we target a 100% reduction by 2045. This initiative remains ongoing. Renewable electricity certificates (Climate change mitigation) We are committed to reducing scope 2 emissions and support- ing the global transition to renewable energy. During 2025/26, we invested in Renewable Energy Certificates (RECs) covering a portion of the electricity consumed at our facilities in the U.S., Malaysia, and China. We use RECs to source renewable electricity and reduce our market-based emissions. Combined with our existing solar installations, this strategy helps maximize the share of renewable electricity across our global operations. We worked closely with our Global Opera- tions teams to ensure our approach aligns with international standards, reinforcing the credibility and traceability of our renewable energy sourcing. This initiative remains ongoing. Climate resilience and business continuity planning We manage physical climate risks across our operations and value chain through resilience analysis, risk management, and ongoing business continuity efforts. As part of our resilience analysis, we assess the vulnerability of our operations and critical suppliers to physical climate hazards, including flood- ing, heat stress, typhoons, water scarcity, and power instability. These assessments support our ongoing efforts to strengthen operational resilience and continuity across our global opera- tions and supply chain. Climate-related physical risks are inte - grated into our enterprise risk management processes, where they are regularly monitored and reviewed through defined governance structures. We also assess supplier and logistics dependencies across regions to support continuity of supply and delivery during potential disruptions. This initiative remains ongoing. Progress on energy efficiency is measured quarterly and reported under Energy, p. 76. Progress on energy efficiency is measured quarterly and reported under Energy, p. 76. Read more about this methodology under Our resilience analysis, pp. 71-73. Annual Report 2025/26 74In brief Strategy Performance Governance Sustainability Financial statements Environment
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Carbon reduction targets To mitigate our environmental impact, we are committed to reducing greenhouse gas emis- sions across our operations and value chain. Emissions reduction efforts in our own opera- tions are focused on renewable energy, energy efficiency, and electrification initiatives, while our scope 3 transition pathway relies on circular products and packaging, supplier engagement, lower-carbon materials, and optimization of logistics and operational processes. In December 2023, the Science Based Targets initiative (SBTi) validated Ambu’s near-term emissions reduction targets for scopes 1, 2, and 3, aligned with the 1.5°C pathway under the Paris Agreement. Ambu has committed to reducing absolute market-based scope 1 and 2 emissions by 75% by FY 2029/30, from a 2020/21 baseline. For scope 3, we aim for 82% of our suppliers to set SBTi-validated targets by the 2026/27 finan- cial year. These targets have been approved by our ELT and BoD, are governed through our Envi- ronmental policy, and are overseen as a strategic priority by the ELT. In FY 2025/26, we submitted our net-zero targets to the SBTi for validation. Our long-term ambition is to reduce absolute scope 1 and 2 emissions by 100% and scope 3 emissions by at least 90%, against the 2020/21 baseline. Our transition pathway reflects expected business growth, projected production development, and the anticipated timing of decarbonization measures across our value chain. Our decarbonization strategy is embedded into our climate transition plan and is integrated into our ZOOM AHEAD strategy, ensuring alignment between climate ambitions, operational prior - ities, and long-term growth objectives. As we continue expanding access to our solutions glob- ally, we remain focused on decoupling business growth from emissions while supporting health- care professionals and reducing the environmen - tal footprint associated with healthcare delivery. Read more about our decarbonization levers under Key levers to reduce total GHG emissions, p. 73. We currently anticipate scope 3 reductions by 2045 through our circular products and pack - aging initiatives and supplier-related decarbon - ization measures. Due to continued business growth and the delayed effects of certain decar- bonization levers, emissions may decline slowly in the near term before larger reductions materi- alize later in the transition pathway. Progress against our targets is monitored through ongoing tracking and interim mile - stones. Based on our current decarbonization pathway, approximately 160,000 tonnes CO₂e of scope 3 emissions reductions are required by 2045 to reach net-zero. This figure includes both projected emissions growth and planned initia- tives, with around 100,000 tonnes CO₂e already attributed to circular products and packaging efforts, including the Ambu ® Recircle Program. This leaves an estimated gap of 60,000 tonnes CO₂e, which we aim to close by scaling existing measures and exploring new opportunities, such as automation and advancements in production technology. In addition, we project reductions of 25,000 tonnes CO₂e in scope 1 and 2 emissions by 2030, driven by our Responsible Operations lever. A visual overview of our decarbonization trajectory is presented on p. 73. Despite continued business growth, our emis- sions decreased by 6% in 2025/26, reflecting the tangible impact of our decarbonization efforts. Despite anticipated business growth, we expect total GHG emissions to decrease slightly by 2030 compared with the 2020/21 baseline. This devel- opment would be driven by operational invest- ment activities and price increases, as a signif- icant share of our GHG emissions is calculated using spend-based methodologies. Post-2030, emissions are expected to decline as the targeted mitigation measures are implemented and begin to take full effect. We expect this downward trajectory to continue as we progress toward achieving our net-zero commitment. We currently do not use carbon off- setting as a way of reducing our emissions. Our long-term target is to achieve net-zero by 2045 and balance any residual emissions through per- manent carbon removals and other high-quality carbon credits. Target absolute reduction of scope 1 and scope 2 emissions by 2029/30 75% 82% of suppliers engaged to set SBTi by 2026/27 Governance Targets are overseen by the ELT as a strategic priority and approved by the BoD as part of our strategy Science Based Targets Submitted Net-zero targets submitted to the SBTi for validation Annual Report 2025/26 75In brief Strategy Performance Governance Sustainability Financial statements Environment
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Energy Aligned with our climate transition plan, we con- tinued to advance energy efficiency and renewable energy initiatives during 2025/26. As a result of energy efficiency improvements, total energy consumption decreased by 3% from 58,505 MWh to 56,543 MWh, despite continued growth in production and business activities. Fossil energy consumption decreased by 18%, while renewable energy consumption increased by 22%, raising the share of renewable energy from 37% to 47%. Renewable electricity increased to 24,397 MWh, while self-generated solar energy increased by 43% to 2,220 MWh. Together, renewable energy sources represented 47% of total energy con - sumption, compared with 37% in 2024/25. We continue to expand renewable electricity across our operations, including through solar installations at selected production sites and offices, supporting our transition toward renewable-powered operations. This marks an important milestone in our transition toward 100% renewable-powered operations. To further strengthen the resilience of our operations, we plan to expand our solar installations to our headquarters in Denmark and production site in Mexico, building on existing installations in the UK, Germany, Denmark, and Malaysia. Our methodology distinguishes between renew - able and non-renewable sources of electricity, steam, and heat, with energy classified as renew- able only when explicitly identified as such in supplier contracts. § Accounting policy Energy consumption comprises direct fuel use, purchased electricity, district heating, and renew - able energy consumed across Ambu’s operations. Energy data is collected quarterly through stan- dardized reporting processes. Where actual con- sumption data is unavailable, estimates are based on operational data such as floor space, energy intensity assumptions, or vehicle distance traveled. Energy quantities are reported in MWh using rec- ognized conversion factors based primarily on the GHG Protocol and guidance from the UK DEFRA and the U.S. EPA, where applicable. Electricity gen- erated from onsite solar installations is classified as self-generated renewable energy. Renewable electricity purchased through REC and I-REC instru- ments is recognized based on retired certificates. Renewable energy share is calculated as renewable energy consumption divided by total energy con- sumption, while renewable electricity share is calcu- lated as renewable electricity consumption divided by total electricity consumption. Our manufacturing activities under NACE C 32.5 are classified as belonging to a high climate impact sector; offices and staff are excluded from this clas- sification. Total revenue is aligned with the revenue disclosed in Note 2.1 Segment and Revenue infor- mation, p. 129. TIMS is not included in the emissions and energy data, but is included in net revenue. Energy intensity in high climate impact sectors Unit Data Total energy consumption from activities in high climate impact sectors (NACE 32.5) MWh 46,916 Net revenue from activities in high-climate impact sectors DKKm 6,471 Renewable energy production MWh 2,220 Energy intensity in high-climate impact sectors MWh/DKKm 7. 25 Energy consumption & mix Unit 2025/26 2024/25 Fuel consumption from coal and products MWh 0 0 Fuel consumption from crude oil and petroleum products MWh 4,197 5,308 Fuel consumption from natural gas MWh 6,007 8,020 Fuel consumption from other fossil sources MWh 243 241 Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources MWh 19,478 23,026 Total fossil energy consumption MWh 29,925 36,595 Share of fossil sources in total energy consumption % 53 63 Consumption from nuclear sources MWh 0 0 Share of consumption from nuclear sources in total energy consumption % 0 0 Fuel consumption from renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin, biogas, renewable hydrogen, etc.) MWh 0 0 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (RECs) MWh 24,397 20,367 Consumption of self-generated non-fuel renewable energy (solar) MWh 2,220 1,553 Total renewable energy consumption MWh 26,617 21,910 Share of renewable energy sources in total energy consumption % 47 37 Total energy consumption MWh 56,543 58,505 Annual Report 2025/26 76In brief Strategy Performance Governance Sustainability Financial statements Environment
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Scope 3 Scope 3 Scope 1 Scope 2 Our carbon footprint Ambu is focused on decoupling economic growth from emissions growth. Despite in- creased business activity, total market-based GHG emissions decreased by 6%, from 164,248 tCO₂e in 2024/25 to 154,757 tCO₂e in 2025/26. Scope 1 emissions decreased by 4%, while mar- ket-based scope 2 emissions decreased by 12%. Scope 3 emissions, which represent the major- ity of our carbon footprint, decreased by 5% to 142,138 tCO₂e. The decrease reflects continued emissions-re - duction efforts, including more efficient use of materials, a greener company car fleet, improved energy efficiency, and a higher share of renewa- ble energy. We continue to expand on-site solar generation and supplement renewable electricity sourcing with RECs, supporting further reduc - tions in scope 1 and 2 emissions. We continue to refine our calculation methods and improve our activity-based data, which contributed to emis- sions decreases across several categories. The updated methodology has been systematically reviewed and refined across the most material scope 3 categories. Updates include transfer- ring key manufacturing categories from spend- based to activity-based accounting, as well as adjustments to emission factors and volume conversions. The share of primary data used in our calculations of scope 3 emissions decreased slightly to 3% this financial year. Where do our emissions come from? Total emissions by GHG scope (market-based) Raw material extraction Material formulation Material transportation Offices and innovation Distribution Use of products sold Waste management Component production and product assembly ● S cope 1 comprises direct GHG emissions from sources owned or con- trolled by Ambu. They include emissions from Ambu's company cars, emissions from fuel used at our production sites, and fugitive emissions that occur from refilling of cooling agents in air-conditioning units. ● S cope 2 comprises indirect GHG emissions from purchased energy, such as electricity and district heating. ● S cope 3 comprises all other indirect GHG emissions not included in scopes 1 and 2 that occur across our upstream and downstream value chain. ● Scope 3 92% ● Scope 2 6% ● Scope 1 2% Annual Report 2025/26 77In brief Strategy Performance Governance Sustainability Financial statements Environment
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Scope 1 Scope 2 0 5,000 10,000 15,000 20,000 25,000 2021/22 2022/23 2023/24 2025/262024/25 16,904 5,047 16,168 3,945 15,400 3,369 10,884 3,165 9,573 3,045 Total GHG emissions per DKKm revenue 0 10 20 30 40 50 2021/22 2022/23 2023/24 2025/262024/25 36 30 31 27 24 -48% -36% Total scope 1 and scope 2 emissions (market-based) Metric tonnes of CO 2e Total market-based GHG intensity Metric tonnes of CO 2e/DKKm revenue We report market-based scope 2 GHG emissions using contractual instruments for purchased energy, including bundled energy generation attributes and unbundled energy attribute claims. Of total electricity consumption, 54% was covered by I-RECs, while 5% was generated from owned solar installations. In 2025/26, we procured renewable electricity for three production sites using these instru - ments. We substantiate all claims with traceable contracts to ensure accuracy and avoid double counting. In line with the GHG Protocol, we report biogenic emissions across all scopes totaling 5,011 tonnes CO₂e. In scope 1, we include direct emissions from the combustion of biofuels or biomass in our vehicles and facilities. In scope 2, we account for indirect emissions from purchased energy, such as electricity, heat, steam, or cooling. Scope 3 reflects upstream emissions from supplier processing of plant-based feedstocks used in bioplastics. Compared to the previous financial year, Ambu reduced market-based scope 1 and 2 emissions by 10%, primarily due to increased procurement of renewable electricity. Compared with the baseline year, we reduced market-based scope 1 and 2 emissions by 48%, representing significant progress toward our near-term SBTi target of a 75% reduction by 2030. This progress positions us to achieve a 100% reduction ahead of the projected trajectory. Over the past five financial years, we have re- duced our market-based GHG emission intensity per DKKm revenue by 36%, demonstrating our ability to decouple emissions from business growth. Compared to the previous financial year, total absolute market-based GHG emissions decreased by 6%, while our business and revenue grew, reflecting improved resource effi - ciency and a lower-carbon production footprint. This progress highlights our commitment to reducing the environmental intensity of our prod- ucts while scaling operations to serve a growing global customer and patient base. Read about our calculation methods and reported emissions under Our carbon footprint, p. 79, and relevant accounting policies pp. 80-81. Annual Report 2025/26 78In brief Strategy Performance Governance Sustainability Financial statements Environment
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Our carbon footprint Unit 2025/26 2024/25 2023/24 2022/23 2021/22 Baseline 2020/21 % Change % Change to baseline 2020/21 SBTi target Scope 1 Gross scope 1 GHG emissions tCO2e 3,045 3,165 3,369 3,945 5,047 4,346 -4 -30 Gross scope 1 GHG emissions from regulated emission trading schemes % 0 0 0 0 0 0 Biogenic emissions (out-of-scope emissions) scope 1 tCO2e 42 53 0 0 0 0 -21 -21 Scope 2 Gross location-based scope 2 GHG emissions tCO 2e 22,459 21,692 23,173 21,202 21,912 19,628 4 14 Gross market-based scope 2 GHG emissions tCO2e 9,573 10,884 15,400 16,168 16,904 20,106 -12 -52 Biogenic emissions (out-of-scope emissions) scope 2 tCO2e 4,540 4,995 5,198 4,729 4,696 4,106 -9 11 Total scope 1 & 2 Total scope 1 & 2 location-based GHG emissions tCO 2e 25,503 24,857 26,541 25,147 26,959 23,974 3 6 Total scope 1 & 2 market-based GHG emissions tCO2e 12,618 14,049 18,769 20,113 21,950 24,452 -10 -48 -75 Scope 3 Total gross scope 3 emissions* tCO 2e 142,138 150,230 150,565 124,687 139,393 125,691 -5 13 Significant scope 3 categories Category 1: Purchased goods and services tCO 2e 102,294 106,002 107,150 89,096 102,851 95,665 -3 7 Category 2: Capital goods tCO2e 4,371 6,313 8,269 5,498 5,037 5,130 -31 -15 Category 3: Fuel and energy-related activities tCO2e 7,690 7, 579 8,031 7,4 4 3 8,090 5,128 1 50 Category 4: Upstream transportation and distribution tCO2e 11,708 12,839 10,759 9,478 10,787 9,358 -9 25 Category 5: Waste generated in operations tCO2e 820 853 801 658 756 753 -4 9 Category 6: Business travel tCO2e 8,646 10,332 8,917 6,330 5,613 2,896 -16 199 Category 7: Employee commuting tCO2e 4,814 4,455 4,580 4,235 4,133 4,682 8 3 Category 11: Use of sold products tCO2e 134 183 92 143 176 277 -27 -52 Category 12: End-of-life treatment of sold products tCO2e 1,662 1,673 1,966 1,807 1,951 1,802 -1 -8 Biogenic emissions (out-of-scope emissions) scope 3 tCO2e 429 324 275 0 0 0 32 N/A Total GHG emissions Total location-based GHG emissions tCO 2e 167,642 175,087 177,107 149,833 166,351 149,665 -4 12 Total market-based GHG emissions tCO2e 154,757 164,248 169,333 144,799 161,343 150,143 -6 3 GHG intensity Total location-based GHG intensity (total location-based GHG emissions per net revenue) tCO 2e /DKKm 26 29 33 31 37 38 -11 -31 Total market-based GHG intensity (total market-based GHG emissions per net revenue) tCO2e /DKKm 24 27 31 30 36 38 -12 -36 Our carbon footprint Annual Report 2025/26 79In brief Strategy Performance Governance Sustainability Financial statements Environment
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§ Accounting policy Scope 1 and 2 emissions We report GHG emissions in accordance with the GHGP, covering carbon dioxide – CO₂ and the six gases from the Kyoto Protocol, expressed as CO₂ equivalents (CO₂e) using their Global Warming Potential (GWP) for a common basis of measure- ment. Actual consumption data is used for fuel and electricity at our four production sites, one R&D office, and headquarters, while estimated data is applied to warehouses, additional R&D and sales offices, and company cars where direct data is unavailable. TIMS is not included in the emissions and energy data, but is included in the revenue part. Scope 1 emissions include direct GHG emissions from sources controlled by Ambu, such as the com- bustion of natural gas, LPG, and diesel for heating and stationary engines, as well as fuel consumption in company cars. Due to incomplete data from our salesforce vehicles, emissions are estimated using standardized annual driving distances and fuel consumption-based conversion factors. Refrigerant refills from air conditioning and ventilation systems are also included. Scope 2 emissions cover indirect emissions from purchased electricity and heat, reported using both market-based and location-based methods. To reduce scope 2 emissions, we use electricity from our own solar generation capacity and RECs, which are accounted for as zero emissions. Electricity con- sumption at sales offices and warehouses is esti- mated using a standardized kWh per square meter. Biogenic emissions Biogenic emissions from scope 1 and 2 are reported separately as they are considered carbon neutral under the GHG Protocol. These include direct emis- sions from burning biofuels or biomass in our vehi- cles or facilities, calculated using DEFRA emission factors for biogenic CO₂. Indirect biogenic emis- sions from purchased electricity, heating, or cool- ing are estimated using regional emission factors where available. In the absence of comprehensive data, Ambu applies a conservative average based on UK and Danish sources. This tailored method- ology, developed with external advisors, ensures consistency in reporting despite global variability in biogenic emission factors. Our CO₂ accounting platform supports this approach until standardized factors are published by recognized bodies, such as the IEA, at which point they will be incorporated into future calculations. Scope 3 biogenic emissions are reported separately and primarily reflect emissions from the production of bioplastics by our suppliers, specifically from the processing of plant-based feed - stock. As bioplastics are believed to be the main source of our scope 3 biogenic emissions, the emis- sions from other parts of the value chain are consid- ered immaterial for disclosure. These emissions are calculated by multiplying the volume of bioplastics purchased by supplier-provided emission factors. Scope 3 emissions Scope 3 covers the indirect GHG emissions that occur both upstream and downstream in our value chain. For certain categories, emissions for the final month of the reporting period were extrapolated using data from the preceding eleven months to ensure consis- tency and completeness. Prior to disclosure, the scope 3 emissions inventory underwent a thorough review to ensure complete - ness and accuracy. This included validation of the underlying methodology, as well as updates to emission factors and conversion factors in line with the latest available data and standards. Category 1: Purchased goods and services Emissions are calculated using both quantity and monetary data across three purchase types: • D irect Purchases: Raw materials, components, hardware, and services essential to our core busi- ness operations. • I ndirect Purchases: Goods and services not directly involved in manufacturing or core busi- ness processes. • F inished Goods Purchases: Our products pro - duced by external suppliers through outsourced manufacturing. Category 2: Capital goods Emissions are calculated based on monetary data from purchases of manufacturing machines, IT equipment, and other larger purchases that deviate from the purchases made in every financial year. Category 3: Fuel- and energy-related activities Emissions are calculated based on energy con- sumption data, according to the location-based approach reported in scope 1 and 2, including elec- tricity, district heating, and various fuels used at our production sites, headquarters, sales offices, ware - houses, and company cars. Category 4: Upstream transpor - tation and distribution Emissions are calculated based on actual well-to- wheel CO₂e data from supplier-specific reports and monetary data for other third-party transportation and distribution services purchased by Ambu. This includes inbound logistics, outbound logistics, and transfers between own facilities. Transportation of goods from tier-one suppliers to Ambu is implicitly included in Category 1 and 2, when the transporta- tion is ensured by the suppliers. Category 5: Waste generated in operations Emissions from the treatment of waste and waste- water generated in operations are calculated based on the actual waste and water data from our produc- tion sites and headquarters, together with estimates of waste generation and water consumption per employee, using HQ data as the basis for the esti- mate, multiplied by the total number of employees in Ambu sales offices. For waste that is recycled or incinerated with energy recovery, only transporta- tion-related emissions are included, as emissions from the recovery process are considered out of scope. Category 6: Business travel Emissions from flights, trains, car rentals, and mile- age paid by Ambu are calculated using emission data or distance and monetary data provided by our supplier. Other business travel emissions are based on monetary data recorded in Ambu’s procurement system. Emissions from hotel stays are excluded, in line with SBTi guidelines. Category 7: Employee commuting Emissions from employee commuting are calcu- lated using data from a global employee survey cov- ering travel distances and modes of transportation. This information is used to extrapolate emissions for the entire Group for different locations, based on the total number of employees as per Q3. Category 11: Use of sold products Emissions from the use of products that directly consume electricity are calculated based on sales quantity data. Energy consumption has been esti- mated by considering inputs on the product usage time for different medical interventions, number of products used per unit, and maximum usage hours. Products that indirectly consume energy are excluded, in accordance with SBTi requirements. Category 12: End-of-Life Treat- ment of Sold Products Emissions are calculated based on the weight of sold Ambu products, categorized by the material composition of both the product and its packaging. Waste treatment methods are estimated using input from customers and publicly available reports. For waste incinerated with energy recovery, only transportation-related emissions are included, as emissions from the recovery process fall outside the reporting scope. Annual Report 2025/26 80In brief Strategy Performance Governance Sustainability Financial statements Environment
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Electronics, paper, and cardboard are assumed to be recycled. All other materials are assumed to be incinerated, with 7% incinerated without energy recovery and 93% with energy recovery, based on data from a UNDP report. Categories 8, 9, 10, 13, 14, and 15 Categories 8, 10, 13, 14, and 15 are considered not relevant to Ambu due to the nature of our opera- tions. An estimate was performed for Category 9, and the resulting emissions were assessed to be immaterial. Overview of Global Warming Potential sets and emission factor sets used in this year's calculation: Global Warming Potential sets: • I PCC Fifth Assessment Report (AR5) • I PCC Sixth Assessment Report (AR6) Emission Factors Sets: • E xiobase – Monetary 3.11.1 • U K DEFRA – Conversion Factors 2025 • U S EPA – Emission Factor Hub 2025 • U. S. EPA – eGRID 2022 Subregion (Publication Year 2025) • A IB 2025 • I EA International Electricity Factors (2025) Primary data: Emission data is considered primary when the emis- sion values, or both the activity data and emission factors, are obtained directly from original sources (e.g., supplier declarations), reflecting actual values specific to Ambu’s operations. Secondary data: Emission data is considered secondary when the activity data and/or emission factors are derived from estimates, industry averages, or third-party databases rather than original sources. Annual Report 2025/26 81In brief Strategy Performance Governance Sustainability Financial statements Environment
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EU TAXONOMY The EU Taxonomy (the Taxonomy) is a classification system for environmentally sustainable economic ac - tivities, as set out in Regulation (EU) 2020/852 and its delegated acts, including the Climate Delegated Act, the Complementary Climate Delegated Act, and the Environmental Delegated Act, as amended. In 2025/26, we continued to assess capital expenditure against the EU Taxonomy environmen- tal objectives and applicable criteria. The assess- ment included all activities, including eligible ones such as renovations and upgrades of existing sites in Denmark, Malaysia, and China, the acquisition of a site in Malaysia, the development of a new clean- room in China, and investments in offices, ware - houses, infrastructure, and IT systems. As these assets are further developed and assessed against the applicable EU Taxonomy criteria, they may in- crease the proportion of Taxonomy-eligible CAPEX in future reporting periods. This year, Ambu has identified a limited number of activities that meet the eligibility requirements. The Taxonomy-related disclosure process at Ambu con - sists of three main steps: 1. S creening of potentially eligible economic activities is conducted in accordance with the technical annexes of the Climate Delegated Act (Annex I on climate change mitigation and Annex II on climate change adaptation) and the Environ- mental Delegated Act (Annex I on sustainable use and protection of water and marine resources, Annex II on transition to a circular economy, Annex III on pollution prevention and control, and Annex IV on protection and restora- tion of biodiversity and ecosystems). This screen - ing results in a refined list of relevant activities. 2. I dentified economic activities are assessed based on how Ambu performs each activity, con- sidering materiality. This is followed by a detailed evaluation of alignment with the Taxonomy crite- ria, including substantial contribution, Do No Sig - nificant Harm (DNSH), and minimum safeguards. 3. E xtraction and reporting of KPIs required for Taxonomy disclosure completes the process. The ESG Reporting & Data Management team compiles a list of ongoing and planned projects and activities from relevant functions, including R&D, Facility Management, and Sustainability, using internal systems and databases. Projects are screened against the Taxonomy criteria, in- cluding those related to manufacturing, energy efficiency, renewable energy, and environmental impacts. The screening is conducted by the ESG Reporting & Data Management team in collabo - ration with relevant internal stakeholders. For the 2025/26 financial year, we implemented the EU Taxonomy Delegated Act (Regulation (EU) 2026/73) amendments to the Taxonomy and its del- egated acts, introducing a 10% materiality threshold for screening of CAPEX, with OPEX being immaterial. This approach allows us to focus on ac- tivities that are material to our business and comply with applicable regulatory requirements. Taxonomy eligibility The following economic activities were identified as Taxonomy-eligible and material: • C CM/CCA 7.7 Acquisition and ownership of buildings. Ambu’s core economic activities are not covered by the EU Taxonomy. No eligible and material rev- enue activities were identified, while OPEX was not screened for eligibility as it was not considered material to Ambu’s business model. None of the re- ported activities met the DNSH technical screening criteria. Taxonomy alignment Ambu identified no EU Taxonomy-aligned activities in its 2025/26 Taxonomy assessment. The assessed activities did not meet the Do No Sig- nificant Harm (DNSH) criteria and therefore did not qualify as Taxonomy-aligned. Disaggregation of KPIs There has been no disaggregation of KPIs for any economic activity assessed. Annual Report 2025/26 82In brief Strategy Performance Governance Sustainability Financial statements Environment
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PROPORTION OF TURNOVER, CAPEX, OPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY ELIGIBLE ECONOMIC ACTIVITIES Financial year 2025/2026 Breakdown by environmental objectives of Taxonomy aligned activities KPI Total Proportion of Taxonomy-eligible activities Taxonomy-aligned activities Proportion of Taxonomy-aligned activities Climate change mitigation Climate change adaptation Water Circular economy Pollution Biodiversity Proportion of enabling activities Proportion of transactional activities Not assessed activities considered nonmaterial Taxonomy-aligned activities in previous financial period (N-1) Proportions of Taxonomy-aligned activities in previous reporting period (N-1) DKK m % DKK m % % % % % % % % % % DKK m % REVENUE 6,471 0 - - - - - - - - - - - - - CAPEX 686 11% - - - - - - - - - - 7 - - OPEX 159 0 - - - - - - - - - - - - - * T he six environmental objectives under the EU Taxonomy are: climate change mitigation (CCM), climate change adaptation (CCA), sustainable use and protection of water and marine resources (WTR), transition to a circular economy (CE), pollution prevention and control (PPC), and protection and restoration of biodiversity and ecosystems (BIO). § Accounting policy Total turnover is aligned with the revenue disclosed in Note 2.2 Segment and Revenue Information of the finan- cial statements. The EU Taxonomy revenue KPI is calculated as the proportion of Taxonomy-eligible revenue (numerator) to total turnover (denominator), in accordance with Article 8 of the EU Taxonomy Regulation. OPEX, as defined under the EU Taxonomy, is not considered material to Ambu’s business model and has therefore not been screened for Taxonomy eligibility. The OPEX denominator comprises direct non-capitalized costs related to maintenance, resource efficiency, R&D, training, building renovation, short-term leases, and other direct costs relating to the day-to-day servicing of property, plant, and equipment. Figures were extracted directly from Ambu’s ERP system to ensure that registrations were counted only once. Annual Report 2025/26 83In brief Strategy Performance Governance Sustainability Financial statements Environment
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PROPORTION OF CAPEX FROM PRODUCTS OR SERVICES ASSOCIATED WITH TAXONOMY ELIGIBLE ECONOMIC ACTIVITIES Financial year 2025/2026 Environmental objectives of Taxonomy aligned activities Economic Activities Code Taxonomy eligible KPI (Proportion of Taxonomy-eligible CAPEX) Taxonomy-aligned KPI (monetary value of CAPEX) Taxonomy-aligned KPI (Proportion of Taxonomy aligned CAPEX) Climate change mitigation Climate change adaptation Water Circular economy Pollution Biodiversity Enabling activity Transitional activity Proportion of Taxonomy-aligned in Taxonomy-eligible % DKK m % % % % % % % % Acquisition and ownership of buildings CCM 7.7, CC A 7.7 11% - - - - - - - Sum of alignment per objective 0% - - - - - - - Total KPI (CAPEX) 11% - - - - - - - § Accounting policy Total CAPEX is aligned with additions during the year reported in Note 3.2 Other Intangible Assets (IAS 38), Note 3.3 Property, Plant and Equipment (IAS 16), and Note 3.4 Leases (IFRS 16). Goodwill is excluded from CAPEX, as it is not defined as an intangible asset under the EU Taxonomy Regulation. The CAPEX KPI is cal- culated as Taxonomy-eligible CAPEX (numerator) divided by total CAPEX (denominator), in accordance with Article 8 of the EU Taxonomy Regulation. To avoid double counting in the CAPEX KPI, we only include CAPEX related to purchased outputs and individual measures once, namely assets or processes linked to Taxonomy-el- igible economic activities. Annual Report 2025/26 84In brief Strategy Performance Governance Sustainability Financial statements Environment
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E5 RESOURCE USE & CIRCULAR ECONOMY We continued to strengthen our focus on circularity in product design, giving healthcare providers solutions that help reduce environmental impact. Through the Ambu ®Recircle Program and our use of bio- attributed materials, we support customers in advancing their sustainability goals and improving resource efficiency. Our approach Impacts, risks, opportunities At Ambu, innovation focuses on advancing healthcare while making more efficient use of resources. As a pioneer in single-use endoscopy, we continuously innovate to deliver solutions that help healthcare professionals improve patient care, while considering how materials are sourced, used, and managed throughout the product life cycle. As the majority of our solutions are single-use medical devices, material selec- tion and resource management are fundamental to balancing patient safety, product performance, and environmental considerations. Over the years, we have increasingly embedded circular economy principles into product development and sourcing decisions. What began as targeted initiatives is becoming an integral part of how we design products, engage suppliers, and evalu- ate materials, helping position Ambu for more resource-efficient and resilient long-term growth. IRO topic Value chain location Time horizon Resource inflows Negative impact: We depend on virgin, oil-based, non-renewable raw materials to pro - duce our life-saving medical devices. ↑ ⌂ S Positive impact: By transitioning to bio-attributed plastics derived from second-gen- eration feedstock, we reduce our environmental footprint by converting waste into valuable product materials. This shift supports a more sustainable and circular ap- proach to resource inflows, lowering reliance on fossil-based inputs and contributing to climate mitigation across the upstream value chain. ↑ ⌂ M Material risk: Ambu is at risk of losing market share as customers increasingly de- mand low-carbon and sustainable medical devices. ↑ ⌂ M Material opportunity: Ambu can shift to bio-attributed plastics to decouple growth from fossil resource dependency. ↑ ⌂ M Resource outflows & waste Negative impact: Ambu’s production depends on technical, non-biodegradable ma - terials and generates both hazardous and non-hazardous waste, all of which require effective waste management in compliance with local laws. ⌂ ↓ S Positive impact: Ambu has a positive impact through compliant handling of hazardous and non-biodegradable waste. We also design products for recyclability, supporting circularity. These efforts are embedded in our development strategy to promote sustainable resource use and minimize waste. ⌂ ↓ S Material risk: Ambu is at risk of fines, pollution, and severe reputational damage from improper hazardous and non-hazardous waste disposal. ⌂ ↓ S Material opportunity: Ambu can scale the Ambu ® Recircle Program to close the loop on high-volume single-use devices, reduce material waste, and support lower life-cy- cle emissions. ⌂ ↓ S ↑ Upstream ⌂ Own operations ↓ Downstream S Short term M Medium term L Long term Our material topics E5 – RESOURCE USE & CIRCULAR ECONOMY Annual Report 2025/26 85In brief Strategy Performance Governance Sustainability Financial statements Environment
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The outcome of our DMA, including risk identifi- cation, has been established on the assumption that Ambu continues to operate under normal business conditions. The DMA identifies oper- ations and procurement as the areas where our most significant impacts occur, reflecting their responsibility for material sourcing, R&D, suppli- er relationships, production, and waste handling. Read more about our DMA on pp. 64-65. Environmental policy Our Environmental policy guides our efforts to reduce climate impact and promote circular resource use across the value chain. Read more about our Environmental policy under Ambu’s policies, pp. 66-68. We continue to advance our circularity ambitions through long-term initiatives focused on product design, material use, and end-of-life recovery. During the year, we established internal targets to reduce virgin plastic consumption, product disposal impacts, and operational waste gen- eration. Our key focus areas include scaling our Ambu ® Recircle Program by 2030, and increasing the use of sustainably sourced materials and components in our products. While progress against these priorities is monitored through internal targets and governance processes, Ambu has not established public targets related to this topic. We expect to reassess the maturity of these initiatives and the potential for external target-setting in 2026/27. Read more about how we plan to achieve this am- bition under Our actions – resource use & circular economy, p. 87; Climate transition plan p. 73. Annual Report 2025/26 86 Environment Financial statementsIn brief Strategy Performance Governance Sustainability
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Our actions Waste in our operations We have implemented structured waste management practices across our production sites, supported by internal operation- al resources, such as production data systems and standard operating procedures. These practices are revisited annually to track progress and ensure continuous improvement. At our pro- duction facilities in China and the U.S., we apply circular waste management practices by recycling runners from the injection molding process. These runners are mechanically reground and reintegrated into the production cycle, reducing material waste and supporting resource efficiency. This initiative is operationally embedded and ongoing, with no defined end date. Circular products and packaging We advanced circular economy principles across product de - sign, packaging, and materials, driven by 3.5 FTEs in R&D Sus- tainability. Efforts are ongoing and include technology scouting and participation in recycling scale-up initiatives, including HOLIMED in Denmark. Circular design is embedded across all new product develop- ments and design change requests under our sustainability standard operating procedures. Bioplastics are fully implement - ed in all SureSight products and across marketed endoscope handles, with FDA clearance for the first bioplastic endoscope handle, reducing life cycle emissions by 6-13%. Bioplastics are also used in selected packaging components, and further alter- natives are being assessed. We apply LCAs (ISO 14040/14044) to substantiate claims. Dur- ing the year, five LCAs were completed and two initiated, along- side ongoing comparative LCAs for endoscopy (in gastroscopy and cystoscopy) and development of a Product Circularity Report. A prior comparative LCA of single-use versus reusable endoscopy was externally reviewed. Ambu® Recircle Program The Ambu® Recircle Program is successfully concluding its pi- lot phase, serving as our global initiative to safely collect, trans- port, and recycle used single-use endoscopes into new raw materials. The program has been active in four key markets: the U.S., the UK, France, and Germany. The experience gained in these markets will form the basis of the controlled commercial launch of the Ambu ® Recircle Program. To date, 92 hospital locations have participated in the program, providing valuable insights into how end-of-life solutions can be integrated into existing hospital workflows. The pilot phase has delivered strong confirmation of customer interest in practical circularity solutions that fit into the daily operations of healthcare provid- ers. We have begun exploring a sustainability program funded entirely by our customers. Backed by strategic partnerships with circularity experts, dedicated local and headquarters resources, and a governance model anchored by our CFO, the program is fully embedded in our commercial and sustainability strategy. The initiative expanded to include blades from our video laryngoscopy portfolio in 2025/26 and represents an ongoing commitment with no defined end date. Annual Report 2025/26 87In brief Strategy Performance Governance Sustainability Financial statements Environment
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Resource inflows Ambu seeks to reduce reliance on virgin, fos- sil-based materials by increasing the use of sustainably sourced and recycled materials in our solutions and packaging. Circular inflows are defined as bio-based, recycled (mechanically or chemically), and recyclable materials. The share of sustainably sourced materials remained stable, alongside an increase in recycled materi- als from 74 tonnes to 78 tonnes. These develop- ments reflect Ambu’s ongoing efforts to replace virgin materials with more sustainable alter- natives and increase circular material inflows. Products sold during the year contained a higher overall volume of sustainably sourced materials, compared with the previous year. Our primary material inflows include plastics, electronics, metals, paper, cardboard, adhesives, chemicals, and water. Plastics represent the largest share of material use and therefore remain a key focus area. Ambu continues to increase the use of sustainably sourced and recy - cled materials while reducing material consump - tion through product and packaging optimiza - tion. Key initiatives include the use of bioplastics in endoscope handles and efforts to reduce material weight in products and packaging. We are restating our resource-inflow data as part of ongoing improvements enabled by increasingly granular information. Resource inflows Unit 2025/26 2024/25 Weight of products and technical and biological materials* Mass (tonnes) 14,486 15,038 Percentage of biological materials (and biofuels) used for non-energy purposes % 0 0 Rate of sustainably sourced content in products* % 0.5 0.5 Absolute weight of recycled materials used to manufacture products and services, including packaging* Mass (tonnes) 78 75 Percentage of recycled materials (secondary reused, or recycled components, secondary intermediary)* % 1 1 * M arked KPIs have been restated for FY 2024/25, due to improvements in data quality. The previously reported values were 12,788, 0.53, 67, and 0, respectively. § Accounting policy Ambu reports on material inflows by weight and percentage, categorized by technical and biological materials, as well as secondary (recycled), sustainably sourced (renewable), virgin, and fossil-based materials. This clas- sification aligns with ISO 59004:2024 definitions and circular economy principles. We distinguish our material inflows by aligning with circular economic principles, which inherently address both technical and biological material cycles. Variations may arise due to differences in underlying data sources and methodologies. Ambu is continuously improving our systems and processes to strengthen data consistency and transparency. Key definitions: • T echnical materials: Durable, non-biodegradable materials designed for reuse or recycling. • B iological materials: Renewable, biodegradable materials intended to return safely to the biosphere. • S econdary materials: Recycled content reprocessed through manufacturing. Sustainably sourced materials: Bio-based, bio-attributed, or renewable inputs (e.g., FSC-certified cardboard, second-generation bioplastics). Bioplastics fall under technical materials, as they are not biodegradable or renewable. Data is calculated using product-level material composition and sales information. Primary data is derived from internal product documentation, covering the majority of sold units. For the remaining portion, estimates are based on average product weights and material profiles, applying conservative assumptions informed by avail- able product insights. Double counting has been avoided by grouping resources distinctly and preventing the same resource inflows from being counted across multiple entities or departments. Some data was excluded due to missing weight information, accounting for 5% of total volume. Resource inflows and outflows are metrics exposed to a certain level of measurement uncertainty, which will be addressed through improvements to calculation methodologies in future reporting years. Annual Report 2025/26 88In brief Strategy Performance Governance Sustainability Financial statements Environment
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Resource outflows Ambu primarily manufactures single-use en - doscopy solutions designed to support patient outcomes and workflow efficiency. In accordance with clinical waste requirements, these products are typically incinerated after use. Through the Ambu ® Recircle Program, we seek to increase material recovery by collecting used endoscopes for recycling and processing recovered materials into secondary raw materials. This year, we col- lected 40,000 devices and saved approximately 20 tCO₂e across four key markets. Resource outflows consist primarily of plastics, metals, electronics, cardboard, paper, and other materials suitable for recovery. Circularity consid - erations are integrated into product development through material selection and product and pack- aging design. The rate of recyclable content in product packag- ing remained stable at 69% in 2025/26. We con- tinue to increase the use of recyclable materials Resource outflows Unit 2025/26 2024/25 The expected durability of the products placed on the market (shelf-life) Years 1. Single-use products - 3 3 2. Reusable products - 5 5 The repairability of products Points N/A N/A Recyclability rates % 1. Rate of recyclable contents in products* % 2.3 2.3 2. Rate of recyclable content in product packaging* % 69 69 * M arked KPIs have been restated for FY 2024/25, due to improvements in data quality. The previously reported values were 2.7 and 68, respectively. § Accounting policy Products and materials – durability: Durability is the expected lifetime of the product. As our products are pri- marily single-use, we have used the definition of shelf-life, which refers to the period during which a product remains safe and effective for use while in storage. We measure it in years. Products and materials repairability: We have taken a conservative approach, assuming that we have no repairable products. Rates of recyclable content in products: We used the total weight of products designed for recycling and the weight of products not designed for recycling. The product recyclability rate is calculated as the proportion of total product weight that is designed for recycling, based on internal design principles. Rates of recyclable content in packaging: We used the total weight of packaging designed for recycling and the weight of packaging not designed for recycling. The packaging recyclability rate is calculated as the proportion of total packaging weight that is designed for recycling, based on internal design principles. We have used product-level data on material composition, design attributes, and sales quantities. The core data source provides detailed component-level information on finished goods (products, packaging, and IFUs). This includes weights, materials, circular content, and design for recycling. Necessary estimates are derived from FG data and the estimation sheet, which include total weight data for shipped items. Where data is unavailable, conservative assumptions are applied based on average profiles from an internal product database. The reported figures represent products or packaging designed to be recyclable, meaning they are manufac - tured in a way that enables recycling where appropriate infrastructure exists. and improve material circularity across products and packaging. These efforts support Ambu’s ambition to reduce waste and dependence on virgin materials while advancing long-term sustainable growth. For durable devices, such as the EndoIntelligence™ endoscopy technology platform, product design prioritizes repairability, reusability, and recycla - bility to extend product life. Ambu has not yet established a standardized methodology for as - sessing the repairability of all devices. Once such a methodology is established, Ambu will report on repairability accordingly. We are restating our resource-outflow data as part of ongoing improvements enabled by increasingly granular information. Annual Report 2025/26 89In brief Strategy Performance Governance Sustainability Financial statements Environment
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Waste Operational efficiency initiatives and improved waste management contributed to a 6.3% reduc- tion in total waste generation during 2025/26. At the same time, recycled waste increased by 6.2%, increasing the recycling rate from 46% to 52%, while hazardous waste generation decreased from 54 tonnes to 38 tonnes. These develop- ments reflect continued improvements in waste segregation, recovery, and disposal practices Hazardous waste Unit 2025/26 2024/25 Total hazardous waste diverted from disposal Mass (tonnes) 35 51 Due to recycling Mass (tonnes) 13 25 Due to preparation for reuse Mass (tonnes) 0 0 Due to recovery operations Mass (tonnes) 22 26 Total hazardous waste directed to disposal Mass (tonnes) 4 3 Directed to disposal by incineration Mass (tonnes) 3 3 Directed to disposal by landfill Mass (tonnes) 1 0 Directed to disposal by other disposal operations Mass (tonnes) 0 0 Total amount of hazardous waste generated Mass (tonnes) 39 54 Non-hazardous waste Total non-hazardous waste diverted from disposal Mass (tonnes) 1,892 1,769 Due to recycling Mass (tonnes) 1,667 1,557 Due to preparation for reuse Mass (tonnes) 0 0 Due to other recovery operations Mass (tonnes) 225 212 Total non-hazardous waste directed to disposal Mass (tonnes) 1,271 1,595 Directed to disposal by incineration Mass (tonnes) 25 25 Directed to disposal by landfilling Mass (tonnes) 1,246 1,570 Directed to disposal by other disposal operations Mass (tonnes) 0 0 Total amount of non-hazardous waste generated Mass (tonnes) 3,163 3,364 Total amount of waste generated Unit 2025/26 2024/25 Total amount of waste generated Mass (tonnes) 3,202 3,418 Total amount of recycled waste Mass (tonnes) 1,680 1,582 Total amount of non-recycled waste Mass (tonnes) 1,522 1,836 Percentage of non-recycled waste % 48 54 Percentage of recycled waste % 52 46 § Accounting policy Total amounts of waste generated: Ambu has collected data on actual amount of waste generated at our HQ, production sites, and Malaysia warehouse from our local EHS / ESG teams. We calculated an estimation value for our sales offices, innovation, and warehouses based on HQ consumption, which we then multiplied by headcount number in each office, with estimated disposal methods based on data from the UNDP. This has been done as we have not obtained actual data for our offices. We include waste that goes to recycling, recov- ery, incineration, and landfill in total waste. Ambu has historically excluded materials diverted through reuse from its waste reporting, as such materials are not classified as waste. Plastics reused internally do not meet the CSRD definition of 'waste' and are therefore reported as zero. Total hazardous waste: Ambu counts hazardous waste as waste material that poses substantial or potential threats to public health or the environment due to its chemical, physical, or biological properties, based on local regulations at each of our production sites, the warehouse in Malaysia, and HQ. For our sales offices we have estimated waste generation based on HQ’s waste consumption and headcount at each office. Total non-hazardous waste: Ambu counts non-hazardous waste as waste materials that do not pose an imme- diate threat to human health or the environment. We have collected actual data for each of our production sites, Malaysia warehouse and HQ and calculated an estimation for our sales offices based on HQ waste consump- tion and headcount number in each office. Percentage of non-recycled waste: This refers to waste that is recovered, incinerated, or sent to landfill at our production sites, Malaysia warehouse, headquarters, and offices (estimated values). It is calculated by dividing the amount of non-recycled waste by the total amount of waste generated. Percentage of recycled waste: This is waste that has been sent for recycling at our production sites, Malaysia warehouse, HQ, and offices (estimated value). This is calculated by dividing the waste that is recycled by the total amount of waste generated. across our operations. Waste generated from Ambu's operations primarily consisted of plas - tics, metals, electronics, cardboard, and paper. Production sites mainly generated manufactur - ing and packaging waste, while offices primarily generated paper, cardboard, and general waste. Annual Report 2025/26 90In brief Strategy Performance Governance Sustainability Financial statements Environment
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SOCIAL People are central to delivering our ZOOM AHEAD strategy and long-term success. Through our own workforce, value chain relationships, and interactions with consumers and end users, we promote safe, fair, and responsible practices that support well-being, human rights, and trust, helping drive innovation, resilient growth, and better patient outcomes. 4.1 engagement score, ranking Ambu among the top 10% of MedTech companies 37% of our top management are women 59% of Ambu's global workforce are women 2025/26 HIGHLIGHTS Social disclosures Annual Report 2025/26 91In brief Strategy Performance Governance Sustainability Financial statements Social
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S1 OWN WORKFORCE Our people are fundamental to delivering on Ambu's purpose and long- term strategy. Through our People & Culture strategic theme, we are committed to building an organization where talented employees can thrive, develop, and contribute to meaningful innovation that improves patient outcomes, and workflow efficiency around the world. Our approach Impacts, risks, opportunities Our ~5,400 employees across 20 countries are central to delivering our ZOOM AHEAD strategy and long-term success. We seek to provide equal opportunities, promote diversity of thought and background, and maintain safe and healthy working environments that enable employees to develop and contribute to meaningful inno- vation. Through this strategic focus, we seek to provide equal opportunities, promote diversity of thought and background, ensure good working conditions, and enable our employees to realize their full potential. This section describes how we manage work- force-related impacts, risks, and opportunities, including employee engagement, talent develop - ment, diversity and inclusion, and health and safety. Together, these efforts support our ambi- tion to remain an attractive employer and deliver sustainable value for patients, customers, em- ployees, and shareholders. IRO topic Value chain location Time horizon Working conditions Negative impact: Ambu may negatively impact our own workforce and value chain workers if we fail to ensure a safe working environment. Exposure to unsafe conditions or workplace accidents can lead to harm, especially in production settings. ⌂ S M L Positive impact: Ambu prioritizes workplace safety and complies with relevant legislation, actively minimizing injuries. This commitment extends to our value chain, promoting safe practices among partners. Within our own operations, Ambu supports global employees through training and diverse career opportunities. ⌂ S M L Material risk: Failing to ensure safe working conditions and adequate training can lead to lower productivity, difficulties in attracting and retaining talent, legal consequences, reputa- tional harm, and weakened relationships with suppliers and partners. ⌂ S M L Material opportunity: Improved operational efficiency and workforce engagement through a strong safety culture. ⌂ S M L Human rights Potential negative impact: Ambu may negatively impact our own workforce and value chain workers if we fail to uphold employee rights, including fair wages and safe working conditions, particularly in regions such as Asia. A lack of inclusive practices can also undermine employ - ees’ sense of belonging, affecting morale and long-term engagement. ⌂ S M L Positive impact: Ambu has a positive impact on human rights by ensuring fair wages, sup- porting collective bargaining, and implementing initiatives to address regional risks and improve worker welfare, including workplace belonging and expression. ⌂ S M L Material risk: Given Ambu’s dependence on its own workforce and value chain workers in Asia, human rights violations could lead to legal liabilities, operational and supply chain dis- ruptions, and reputational damage. ⌂ S M L Material opportunity: Ambu could strengthen human rights across our operations and sup- ply chain by expanding employee-driven initiatives, promoting belonging, and maintaining fair and equitable wage practices. ⌂ S Cybersecurity Material risk: As a medical device company, Ambu is exposed to cybersecurity threats. While Ambu does not directly process patient or healthcare organization (HCO) data, mishandling inter - nal or customer-related data could lead to legal liability, reputational damage, and regulatory fines. ⌂ S M L ↑ Upstream ⌂ Own operations ↓ Downstream S Short term M Medium term L Long term Our material topics S1 – OWN WORKFORCE Annual Report 2025/26 92In brief Strategy Performance Governance Sustainability Financial statements Social
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monitoring of recruitment trends. As part of our DMA, we have identified key categories within our workforce who may be more vulnerable to negative impacts from our business activities. Quarterly engagement with local teams informs our understanding of workforce conditions and talent-related risks. Read more under Workforce characteristics, p. 99 , and Health and safety metrics, p. 101. We promote safe, fair working conditions and support the well-being, engagement, and per - formance of our entire workforce across all roles and locations. We respect human rights, uphold employees’ rights to organize and engage in col- lective bargaining, foster equal access to devel- opment opportunities, and cultivate a culture of continuous learning, inclusion, and collaboration. Our three employee representatives on the BoD hold the same mandate as shareholder- e lected members and contribute directly to discussions on business strategy and workplace improve- ments. Reported concerns are reviewed and investigated in accordance with our internal procedures. Where adverse impacts are substan- tiated, Ambu implements appropriate corrective actions and remediation measures, supports affected individuals where relevant, and takes steps to prevent similar incidents from recurring through policy enhancements, training, process improvements, and ongoing monitoring. To understand how views, interests, and rights of people in our own workforce influence our business model and strategy, refer to Engaging with stakeholders, pp. 62–63. Read more about our DMA on pp. 64-65. We recognize that these impacts may affect employees differently depending on factors such as role, location, and employment type. Certain groups may be more exposed to risks due to the nature of their work, including employees in production roles, temporary workers, and workers in certain geographies. Risks related to forced or child labor are primarily associated with our value chain and are addressed through supplier requirements and due diligence processes. Workforce impacts arising from environmental transition initiatives, including changes in processes or skills requirements, are managed through reskilling and change manage - ment activities. Certain operations rely on workers provided through third-party labor arrangements in Malaysia and China, where workforce availability and skillsets are critical to business continuity and strategic execution. These dependencies pri - marily affect specialized roles in production and innovation. Ambu seeks to mitigate potential hu- man rights risks through policies, due diligence processes, and stakeholder engagement. We address labor shortage risks through com- pensation reviews, employee development, and 93Annual Report 2025/26 Social GovernanceIn brief Strategy Performance Sustainability Financial statements
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By investing in our people and promoting fair, respectful treatment, we strengthen employee engagement, attract and retain talent, and sup- port the well-being of our end users, ultimately contributing to stronger organizational perfor - mance. Own workforce policies Ambu’s commitment to human and labor rights is embedded in our global policies, including the Code of Conduct, Global Diversity, Equity, and Inclusion policy, Speak Up – Integrity Line policy, and Labor & Human Rights policy, which collec- tively guide our workforce practices and ensure alignment with ILO standards. Our Code of Con- duct and Code of Conduct for Business Partners address discrimination, safety, human trafficking, forced labor, and child labor. Currently, Ambu only recognizes the grounds for discrimina - tion listed in ESRS S1-24(b) and any additional grounds specified under national legislation. Respect for workers' rights is further supported through Global Framework Agreements embed - ded in our Code of Conduct. Our policies, including our Code of Conduct, are aligned with internationally recognized human rights instruments and the core conventions of the International Labor Organization (ILO). The Labor & Human Rights policy clearly articulates Ambu’s zero-tolerance stance on child labor and forced labor. For further information on the governance, scope, and implications of these policies, refer to Ambu's policies, pp. 66-68. While we do not currently have a standalone global health and safety policy, all employees are covered by a comprehensive accident man- agement system. This also extends to workers provided through third-party agencies at our production sites, who are covered by the same health and safety processes and safeguards. We are committed to fostering a purposeful and in - clusive culture where employees are empowered to contribute their expertise, collaborate across functions, and take ownership of results and shared success. Concerns may also be reported directly to our Global Risk & Compliance team, members of management, line managers, repre - sentatives from global or local People & Culture, or our legal teams. We have not identified any human rights viola- tions requiring remediation. While we do not currently have a dedicated policy for vulnerable groups, we continue to strengthen our approach to supporting and protecting them across our operations and value chain. Engagement with own workforce We encourage employees to share feedback through structured engagement channels. We foster open dialogue through structured engage - ment channels such as surveys, events, local town hall meetings, and other feedback mecha- nisms. This input plays a vital role in shaping our decisions and actions, helping us identify and address both actual and potential impacts on our workforce from employees across all roles and regions. Our annual "Our Voice" global employee engagement survey – led by the Chief People Officer and managed by Group People & Cul- ture – achieved a participation rate of 91% and an engagement score of 4.1, sustaining last year's strong performance and ranking Ambu among the top 10% of MedTech industry benchmarks. The survey supports improvement efforts by collecting feedback on working conditions from employees across all countries, including in- sights from potentially vulnerable groups. Ambu maintains regular dialogue with em- ployees through engagement activities and communication channels. Each quarter, we host live-streamed global town hall meetings, where employees can interact directly with members of the ELT. Functional town halls provide opportu- nities for more focused discussions. Leadership development initiatives and employee-driven events support engagement and belonging. Their impact is assessed through social surveys, with feedback actively informing future planning. Additional engagement channels include sur - veys, town halls, newsletters, manager updates, and workers’ councils. Across our engagement activities, we strive to ensure employees feel informed, involved, and empowered to contrib- ute to Ambu's success and the execution of our ZOOM AHEAD strategy. Grievance mechanisms and providing remedies Ambu provides multiple protected channels – including the Speak Up – Integrity Line and direct reporting options – to empower employees, customers, and all other stakeholders across the value chain to safely raise serious concerns about misconduct, human rights, environmental viola - tions, and other critical issues. Employees who experience discrimination or harassment are en - couraged to report concerns through established channels. Reports can be submitted directly to People & Culture or through our Speak Up – Integrity Line if the employee wishes to remain anonymous. Bullying can be reported directly to the Speak Up – Integrity Line. Reporting is anony- mous and does not require personal details. We run annual campaigns and awareness initiatives for employees and external stakeholders and are strengthening collaboration across the business to streamline concern-raising. Ongoing com - munication supports awareness and trust in the Speak Up – Integrity Line. For more information on the Speak Up – Integrity Line, our grievance investigations, and relevant governance of handling grievances, refer to Speak Up – Integrity Line, p. 53 . Annual Report 2025/26 94In brief Strategy Performance Governance Sustainability Financial statements Social
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Through our monitoring and auditing process, we assess the effectiveness of the remedy provided. This is anchored in our Labor & Human Rights policy, Code of Conduct, and Code of Conduct for Business Partners, and complies with the relevant legislation. To learn more about our approach to reporting grievances, investigation process and oversight, and our Anti-Retaliation policy, read more under Speak Up – Integrity Line, p. 53 , and Ambu's policies, p. 66 . Creating a safe and engaging workplace Our employee engagement survey, “Our Voice,” collects employee feedback to ensure increased engagement. Our approach to tracking diversity, equity, and inclusion (DEI) results is data-driven and designed to minimize bias. To mitigate material risks arising from our impact and de- pendencies on our own workforce, we take pro- active actions. Read more under Own workforce actions, p. 96 . When occupational health and safety incidents occur, Ambu seeks to remedy adverse impacts through a combination of immediate response, investigation, corrective actions, and preventive measures. Affected workers receive appropriate support and follow-up in accordance with local procedures, while incidents are investigated to identify root causes and determine necessary improvements. Based on lessons learned, Ambu implements corrective and preventive actions aimed at reducing the likelihood of similar in - cidents recurring. These actions may include enhanced safety training and awareness initia - tives, targeted communication of safety cases and near misses, updates to operational proce- dures and training materials, implementation of engineering controls and machine safeguards, strengthening of safety requirements in equip- ment design and procurement, installation of additional warning systems, emergency prepar - edness training, and periodic workplace inspec - tions. Ambu also conducts ongoing reviews of health and safety practices across our operations to identify broader improvement opportunities and ensure that corrective actions are effectively implemented. We seek to address individual inci- dents while strengthening long-term protection of worker health and safety. To effectively engage with at-risk employees within our workforce, Ambu has dedicated local teams consisting of People & Culture and Health & Safety professionals. These local teams collab- orate closely with the global functions, enabling responsive and context-specific actions. To pursue material opportunities in relation to our own workforce, Ambu has several actions planned or underway. Our focus remains on maintaining consistently high workforce practice standards that align with legal requirements and ethical expectations, ensuring that all employees are treated fairly, respectfully, and with integrity. Read more about Own workforce actions, p. 96 . We remain firmly committed to our long-term objective of providing a safe and healthy working environment across our operations. We have set an annual Lost Time Injury Frequency (LTIF) target of 2.0 for production. We aim to meet this target annually and report on progress in our sustainability statement. While the number of work-related accidents with lost time increased compared to the previous year, the increase has further strengthened our focus on accident prevention. We focus on root-cause analysis, employee train- ing, and the implementation of corrective and preventive measures across our operations. Read more on Health and safety, p. 100, to understand methodologies, progress, and metrics used to calculate this number. Progress is measured quarterly. Total recordable work-related accidents decreased from 84 to 58, corresponding to a decrease in the record- able accident rate from 7 to 5 per million hours worked. The LTIF rate increased from 0.796 to 1.756 per million hours worked, reflecting an increase in accidents resulting in lost time. Work- place representatives on the BoD are involved in monitoring the health and safety target. Annual Report 2025/26 95In brief Strategy Performance Governance Sustainability Financial statements Social
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Own workforce actions Belonging initiatives across Ambu As part of our material topic on human rights, including belong- ing, Ambu’s approach to diversity focuses on cognitive diversity rather than external characteristics such as gender, race, or age, an approach established in 2023/24. By bringing together diverse perspectives, experiences, and ways of thinking, we continued to strengthen collaboration, innovation, and busi - ness performance across the organization. In 2025/26, our continued focus on cognitive diversity helped foster a culture of collaboration and high performance, aligned with our values of Take Charge, Team Up, and Be True. These values remain embedded in performance reviews, leadership development programs, and local initiatives across our organization. Both local and global actions are guided by in- sights from Ambu’s "Our Voice" global employee engagement survey and other feedback channels. These insights help shape actions that strengthen employee engagement, development, and inclusion across Ambu. The progress of these initiatives is monitored annually, with local People & Culture representa- tives determining the actions most relevant to their functions and teams. The Chief People Officer is the most senior person accountable for overseeing implementation. LEAD AHEAD As part of our material topic on working conditions, including talent retention, we continued to strengthen leadership capabilities across Ambu during the year. Building on the Ambu Leadership Compass launched in December 2024, we introduced a global leadership development program for white-collar employees with direct reports. The program focuses on leadership effectiveness, employee engagement, performance, and retention. Key topics include feedback and recognition, coaching for performance, psychological safety, conflict management, and self-management. Leaders are also equipped to use engagement survey insights to support team development and help mitigate unwanted turnover. The program is currently being rolled out globally, and while not all leaders have completed it, 300 leaders participated dur- ing the year. Through this initiative, Ambu continues to invest in leadership capabilities as a means of supporting employee development, engagement, retention, and long-term business performance. The LEAD AHEAD development program remains the foundation for all leadership development activities and is supported by a dedicated department of Organizational Devel- opment under the oversight of our Chief People Officer. Strengthening local workplace health and safety At our Mexico site, we promote a safe and healthy work environ - ment through structured health and safety practices. In 2025/26, the site received the ELSSA Distinction for Safe and Healthy Work Environments, recognizing its participation in the ELSSA program and approved self-assessment, covering workplace safety, ergonomics, occupational health, psychosocial risks, and employee health and well-being. We use LTIF and the number of recordable workplace accidents in Mexico to track performance. Responsibility for the process is anchored within local People & Culture and overseen by our Chief People Officer. While this specific action has been completed, our focus on health and safety across our production sites remains ongoing. Annual Report 2025/26 96In brief Strategy Performance Governance Sustainability Financial statements Social
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Own workforce performance In 2025/26, our total headcount increased slightly, reflecting our focus on sustainable growth and operational resilience. At the same time, employee retention remained stable: turnover decreased slightly from 16% in 2024/25 to 15% in 2025/26, while voluntary turnover re- mained at 12%. This development is a testament to our ongoing focus on fostering an engaged culture and consistent global communication. By consistently spotlighting our strong financial results, experienced executive leadership, high ambitions, breakthrough innovations, and local milestones, we strengthened employee connection and alignment. These developments fuel internal pride and reinforce a shared sense of purpose, helping employees see the direct link between their contributions and Ambu's success. Employment characteristics Unit 2025/26 2024/25 Permanent employees (headcount) No 4,664 4,267 Male permanent employees 2,156 1,978 Female permanent employees 2,506 2,287 Other permanent employees 2 2 Temporary employees No 716 740 Male temporary employees 64 79 Female temporary employees 652 661 Non-guaranteed hours employees No 0 0 Male non-guaranteed hours employees 0 0 Female non-guaranteed hours employees 0 0 Total 5,380 5,007 Employee turnover Employee turnover rate % 15 16 Number of employees No 810 772* Voluntary employee turnover rate % 12 12 * N umber of employees under turnover has been restated, due to review and correction of the prior year. The previously disclosed figure was 1,101. § Accounting policy Ambu categorizes employees into three groups: white-collar, indirect blue-collar, and blue-collar. White-collar employees include those in administrative functions such as Sales, Marketing, Innovation, Finance, and IT, as well as production planners, Heads of Production, student workers, and trainees; indirect blue-collar employ- ees support Production without direct product contact, including roles in QC, warehousing, and transport, but are externally reported as white-collar from FY 2024/25; blue-collar employees work directly with products at production sites, including apprentices. Headcount data is collected quarterly and reported at the end of the financial year. Gender is reported across three categories, male, female, and other. Permanent employees are defined as those on open-ended contracts with no predetermined end date, while temporary employees are on fixed-term contracts with a defined start and end date, such as maternity cover or traineeships. Employees with no Ambu contract are excluded from headcount but included under Employee Cost in Section 2: Oper- ating profit and tax, p. 129 , and included in employee turnover metrics. Employee departures are categorized as voluntary, involuntary, retirement, or death. Employee turnover is calculated by dividing the total number of leavers, including voluntary and involuntary departures and retirements, by the total headcount and multiplying by 100. Voluntary turnover rate is calculated as the sum of voluntary leavers, including retirement, divided by the average employee headcount. Number of employees under turnover is taken from average headcount. The total number of FTEs is disclosed in the financial statement, under staff cost. Read about Employee cost and Remuneration (note 2.3) under Section 2: Operating profit and tax, p. 129 . Compared to the previous year, employee cover- age by collective bargaining agreements (CBAs) increased by 1%, primarily driven by headcount growth in China. Ambu has five CBAs within the European Economic Area (EEA) and does not have employee representation through a European Works Council (EWC), Societas Euro- paea (SE) Works Council, or Societas Cooperativa Europaea (SCE) Works Council. Annual Report 2025/26 97In brief Strategy Performance Governance Sustainability Financial statements Social
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Workforce characteristics Number of employees (headcount) Unit 2025/26 2024/25 Male employees No 2,220 2,057 Female employees 3,158 2,948 Not reported/others 2 2 Total employees 5,380 5,007 Geographic distribution Unit 2025/26 2024/25 Australia No 55 53 France 71 65 Denmark 626 557 Germany (innovation + sales) 225 183 Malaysia (all legal entities) 1,627 1,628 Mexico 860 672 United Kingdom 75 70 U.S. (production + sales) 736 737 China (production + sales) 849 817 Spain 54 50 Others 202 175 Total 5,380 5,007 § Accounting policy The geographic distribution of employees is calculated by aggregating the total headcount within the specific geographic locations where our legal entities are established. The calculation is based on total headcount at year end. Employees with no Ambu contract are excluded from headcount, but included under Employee costs in Section 2: Operating profit and tax, p. 129 . Two employees are identified as “other” and are included in the total number of employees. A detailed breakdown is provided for locations with 50 or more employees. All other locations are grouped under the “Others” category. Headcount data is captured quarterly and represents consolidated data. Collective bargaining and social dialogue Collective bargaining Unit 2025/26 Total percentage of employees covered by CBAs % 19 Coverage rates 0-19% 20-39% 40-59% 60-79% 80-100% Collective bargaining coverage Employees – EEA coverage Denmark France, Spain, Italy Social dialogue Workplace representatives (EEA only) France, Denmark § Accounting policy The coverage of collective bargaining is calculated by dividing the total number of employees covered by CBAs during the reporting period by the total number of employees at Ambu across all legal entities globally. For entities with significant employment — defined as having more than 50 employees or representing at least 10% of Ambu’s total workforce — coverage is calculated at the entity level by dividing the number of employees cov- ered by CBAs by the total number of employees in that entity. Although we do not report the number of employ- ees covered by CBAs outside the EEA separately, this data is included in the calculation of the total percentage of employees covered by CBAs. Workers’ representatives are employee-elected individuals who represent staff on matters such as working conditions and the work environment. Data for both CBAs and workers’ representative coverage is collected annually through a structured survey dis- tributed to local People & Culture representatives across all legal entities. Annual Report 2025/26 98In brief Strategy Performance Governance Sustainability Financial statements Social
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Gender distribution, senior management We define top management as the ELT and management one level below. Female representation in senior man- agement increased to 37% in 2025/26, while total senior management headcount increased from 58 to 60 em- ployees. This year, we also report under Section 107f of the Danish Financial Statements Act. Read more about our BoD & ELT diversity under Corporate governance, pp. 46-48. Employees in top management by gender Headcount 2025/26 Rate 2025/26 Headcount 2024/25 Rate 2024/25 Male 38 63% 39 67% Female 22 37% 19 33% Total employees 60 100% 58 100% Age distribution Compared to the previous year, the workforce demographic shifted slightly toward older age groups, with an increase in employees aged between 30-50 and a minor decrease in employees under age 30. Age distribution Unit 2025/26 2024/25 Under 30 years % 28 30 30-50 years % 59 56 Over 50 years % 13 14 Adequate wage All employees receive appropriate and adequate pay in accordance with legal and industry standards, which are compiled in our Labor & Human Rights policy. Read more about our Labor & Human Rights policy in Ambu's policies, p. 67. § Accounting policy Gender distribution at Ambu is calculated by aggregating the total headcount for women and men in top man- agement. Top management includes ELT and one level below the ELT with direct reports. The distribution is measured quarterly. At the end of each reporting period, the number of women and men in top management is summed and each gender’s share is calculated as a percentage of the total combined headcount. The age distribution of employees is calculated by aggregating the total headcount across three age groups: under 30 (29 or below), 30 to 49, and 50 or above. Percentages are calculated using total headcount as the denominator. Date of birth information was unavailable for three employees, representing 0.1% of the work- force. The adequate wage analysis covers Ambu’s three largest manufacturing locations: China, Malaysia, and Mexico. These sites were selected based on their total headcount of direct and indirect blue-collar employees, which represents a significant portion of Ambu’s global workforce (~50%). Each employee’s base salary is bench- marked against the applicable statutory minimum wage in accordance with the principles of ESRS. All employ- ees in these sites are paid at least an adequate wage in accordance with the applicable minimum wage. The analysis is based on compensation data extracted from our HR system, SuccessFactors. It includes all employ- ees at the three selected manufacturing locations, including blue-collar, indirect blue-collar, and white-collar employees, except interns. Each employee has their salary benchmarked against the applicable statutory minimum wage. For China and Mexico, where minimum wage levels vary by region, the analysis applies the location-specific minimum wage corresponding to each employee’s work location to ensure accurate bench- marking. For Mexico, where the minimum wage is reported daily, it is converted to an annual equivalent. Annual Report 2025/26 99In brief Strategy Performance Governance Sustainability Financial statements Social
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Health and safety metrics Health and safety management system Unit 2025/26 2024/25 Percentage of employees in our own workforce who are covered by a health and safety management system based on legal requirements and/or recognized standards or guidelines % 100 100 Fatalities Unit 2025/26 2024/25 Fatalities reported as a result of work-related injuries and work-related ill health No 0 0 Fatalities reported because of work-related injuries and ill health concerning other workers at Ambu’s sites No 0 0 Workplace accidents Unit 2025/26 2024/25 Number of recordable work-related accidents for own workforce No 58 84 Rate of recordable work-related accidents for own workforce (%) 5 7 Lost Time Injury Frequency (LTIF) per million hours worked 1.756 0.796 § Accounting policy Recordable work-related accidents: The number of recordable work-related accidents for our own workforce includes accidents with and without time lost. All workplace accidents are reported locally through a centralized system. Reporting procedures and workplace instructions are in place at all production sites, offices, and legal entities, including those without physical office locations. The rate of recordable work-related accidents is calculated by dividing the total work-related acci - dents by the total hours worked at year end and multiplying it by 1,000,000. The total number of work-related accidents includes lost-time accidents and accidents without lost time. Lost Time Injury Frequency: LTIF is calculated by dividing the number of registered lost-time injuries and acci- dents by the total hours worked for the period and multiplying it by 1,000,000 hours worked. We have followed the formula created by the Global General HSE policy for calculating LTIF. We collect health and safety data quarterly and report annual figures. Compensation metrics Gender pay gap The gender pay gap reflects historical sector factors in the Science, Technology, Engineering, and Mathematics (STEM) industry, where men typically occupy senior roles. Ambu is actively preparing for the EU Pay Transpar- ency Directive. Although the current gender pay gap does not exceed the 5% threshold, we are committed to ensuring that all pay differences are based on objective, gender-neutral criteria. Remuneration ratios The annual total remuneration ratio of the highest-paid individual to the average annual total remuneration for all employees (excluding the highest-paid individual) is disclosed in the table below. This ratio reflects the sig- nificant disparity in compensation within Ambu. Gender pay gap and remuneration Unit 2025/26 2024/25 Gender pay gap (Denmark) % 5 5 Annual total remuneration Ratio 56 59 § Accounting policy Gender pay gap: The analysis covers all salaried employees on Ambu A/S’s Danish payroll only, due to lim- ited access to structured data at Group level. The gender pay gap is calculated as the percentage difference between average male and female total remuneration, which includes base salary, allowances, pension con - tributions, and target-value incentives. Ambu is actively preparing for the upcoming EU Pay Transparency Directive, with reporting obligations already initiated under ESRS S1-16, while also improving the data structures at Group level. These early requirements are being addressed through enhanced data systems and internal alignment. Annual total remuneration ratio: Our Code of Conduct prescribes the principle of fair remuneration, ensuring all employees receive at least the applicable national minimum wage. Salary levels for Operators across our oper- ations reflect this principle, as they are aligned with or exceed relevant minimum wage thresholds. The CEO pay ratio is calculated by dividing the total annual remuneration of the CEO by the average remuneration of all employees, excluding the CEO, based on full-time equivalent figures across all geographies. This includes fixed salary, bonuses, and other benefits. The resulting ratio reflects the composition of our workforce across regions, differences in local purchasing power, and our headquarters being located in Denmark. Annual Report 2025/26 100In brief Strategy Performance Governance Sustainability Financial statements Social
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Human rights impacts Ambu received seven reports related to discrimination or harassment. Four cases were closed and three re- mained under investigation at year end. Closed cases resulted in one termination, two disciplinary actions, and one unsubstantiated finding. No severe human rights issues were reported. The increase in reported cases may indicate growing awareness of and trust in Ambu's Speak Up – Integrity Line. As part of our People & Culture agenda, we actively encourage employees to speak up, raise concerns, and seek support where needed. Read more about Ambu's Speak Up - Integrity Line, p. 53. Human rights incidents Unit 2025/26 Type of incident Number of reported incidents Discrimination No 1 Harassment No 6 Total No 7 Amount of fines, penalties, and compensation Unit 2025/26 Amount of material fines, penalties, and compensation for damages as a result of violations regarding social and human rights factors DKK 0 Compensation for damages DKK 0 § Accounting policy Data on incidents of discrimination and harassment were obtained directly from our Speak Up – Integrity Line. The disclosed amount has been reconciled with the financial statements. In 2025/26, the total amount of fines, penalties, and compensation for damages resulting from such incidents amounted to DKK 0m. This includes DKK 0m in fines, DKK 0m in penalties, and DKK 0m in compensation for damages. Annual Report 2025/26 101 Social Financial statementsIn brief Strategy Performance Governance Sustainability
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S2 WORKERS IN THE VALUE CHAIN At Ambu, we are committed to upholding human rights and promoting responsible working conditions across our value chain. Through our Responsible Supplier Program, Code of Conduct for Business Partners, and supplier due diligence processes, we seek to promote fair labor practices, safe working conditions, and responsible business conduct. Our approach Impacts, risks, opportunities We rely on a global value chain of suppliers that provide goods and services essential to our busi- ness. As a result, our activities may directly and indirectly affect workers throughout the value chain, whether through sourcing raw materials for our medical solutions, hiring external contrac- tors for expansion projects, or partnering with logistics providers to distribute our solutions. Our suppliers are primarily located in parts of Northern Europe, Southeast Asia, East Asia, and North America. Working conditions within our value chain may be influenced by factors such as wages, working hours, freedom of association, and occupational health and safety. We seek to address these risks through our Code of Conduct for Business Partners, Responsible Supplier Pro- gram, and supplier due diligence processes. We recognize the risk of reputational damage if these impacts are not properly addressed. This commitment is embedded in both the Ambu Code of Conduct and the Ambu Code of IRO topic Value chain location Time horizon Human rights & working conditions Potential negative impact: Ambu may negatively impact value chain workers if hu- man rights, fair wages, safe working conditions, or inclusive workplace practices are not upheld. ↑ ↓ L Positive impact: Ambu promotes responsible working conditions through supplier engagement. ↑ ↓ L Material risk: Breaches of human rights or inadequate working conditions in Ambu’s val- ue chain may lead to legal liabilities, supply chain disruptions, and reputational damage. ↑ ↓ L Material opportunity: Ambu can strengthen supplier relationships by promoting re - sponsible working conditions and respect for human rights. ↑ ↓ L ↑ Upstream ⌂ Own operations ↓ Downstream S Short term M Medium term L Long term Our material topics Conduct for Business Partners, which set out our ethical standards and expectations. Our Labor & Human Rights policy aligns with internationally recognized standards, including the Universal Declaration of Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, and the UN Guiding Principles on Business and Human Rights. These principles are integrated into our overall approach to responsible busi- ness conduct. We are committed to establishing processes to identify, prevent, and mitigate po- tential and actual adverse human rights impacts that we may cause or contribute to through our direct operations or to which we may contribute or be directly linked through our business rela- tionships. Workers in our value chain who may be exposed to human rights risks are primarily located in Southeast and East Asia, where key components are sourced. As part of our Labor & Human Rights policy, we engage external experts to review our policies and procedures and involve relevant stakehold- ers in our due diligence processes and discus- S2 – WORKERS IN THE VALUE CHAIN Annual Report 2025/26 102In brief Strategy Performance Governance Sustainability Financial statements Social
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Read more under Responsible supplier program, pp. 110 -111. We prohibit human trafficking, forced labor, and child labor through our Code of Conduct for Busi- ness Partners. We assess, monitor, and address human rights risks across our operations and val- ue chain via our Responsible Supplier Program. Read more under Responsible supplier program, p. 110; Speak Up – Integrity Line, p. 53. Mitigation is risk-based and action-oriented. Measures include questionnaires, audits, on- site visits, and targeted improvement plans. The Code of Conduct for Business partners, embed- ded in supplier agreements, sets our human rights requirements. All suppliers must sign the Code. Read more under Ambu’s policies, p. 66 . We are preparing to comply with the emerging due diligence requirements, including the Cor- porate Sustainability Due Diligence Directive (CSDDD). We do not yet have dedicated targets for value chain workers and are working to imple- ment more specific actions outside the Respon- sible Supplier Program. sions on remediation. We maintain appropriate grievance mechanisms to enable stakeholders to raise concerns. Where we have leverage, we seek to influence business partners to cease activities that may lead to adverse human rights impacts. In addition to endorsing the Ten Principles of the UN Global Compact, our Code of Conduct for Business Partners and our Labor & Human Rights policy are grounded in internationally recognized standards. These include the UN Guiding Princi- ples on Business and Human Rights, the OECD Guidelines for Multinational Enterprises, and the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas. We also align with the Con- ventions of the ILO, particularly its fundamental principles and rights at work. Our Code of Conduct reflects both national and international standards, including the Universal Declaration of Human Rights, as codified in the International Covenant on Civil and Political Rights (ICCPR) and the International Covenant on Economic, Social and Cultural Rights. It also incorporates the Guiding Principles of the Drive Sustainability initiative. No breach of the UN Guiding Principles on Busi- ness and Human Rights, the ILO Declaration on Fundamental Principles and Rights at Work, or the OECD Guidelines for Multinational Enterpris - es involving value chain workers has been identi- fied this financial year. Read more about our policies related to value chain workers under Ambu's policies, pp. 66-68. Engagement with value chain workers We have established a process to respond when potential adverse impacts on value chain workers are identified. In such cases, we act to ensure that the issue is addressed with transparency and accountability, in line with our commitment to in - ternational human rights principles. Engagement is overseen by the Vice President, Sustainability & Public Affairs. The interests, views, rights, and potential human rights impacts affecting our value chain work- ers inform our strategy by guiding responsible sourcing practices, supplier engagement, and risk management activities throughout our value chain. Ambu gains insight into the perspectives of value chain workers primarily through supplier assessments, audits, self-assessments, and on - going supplier dialogue. These processes help identify and manage actual and potential impacts related to labor rights, working conditions, and human rights. While Ambu does not currently conduct dedicated engagement with particularly vulnerable groups of value chain workers, this remains an area for future development as our human rights due diligence processes mature. 103Annual Report 2025/26 In brief Strategy Performance Governance Sustainability Financial statements Social
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S4 CONSUMERS AND END USERS At Ambu, we are committed to delivering safe, effective, and high- quality solutions that meet the needs of healthcare providers and support patient outcomes. We prioritize product safety and quality to contribute to safe and effective care. Our approach Impacts, risks, opportunities We identify our consumers and end users who are materially impacted by our operations as follows: 1. C onsumers primarily include private, public, and regional hospitals – healthcare organiza - tions (HCOs). 2. E nd users primarily include physicians and nurses who operate our solutions – healthcare professionals (HCPs). These stakeholder groups are defined based on their financial and functional roles: the organiza - tions purchasing our solutions are considered consumers, while the healthcare professionals who use our solutions are classified as end users. We do not classify patients as end users, as they do not directly handle or perform procedures using our solutions. Insights into the needs and concerns of consum- ers and end users inform the identification of material IROs and related decisions concerning governance, oversight, product development, safety, and affordability in priority markets. While all end users may be affected, impacts vary by IRO topic Value chain location Time horizon Access to information & responsible marketing Positive impact: Ambu ensures a positive impact on consumers and end users by providing clear, accessible product information and adhering to responsible marketing practices. All products come with detailed manuals to support safe and effective use. Ambu follows a formal policy on responsible marketing, ensuring transparency and safety in all communications. ↓ S M L Material risk: Product failures or safety issues may lead to recalls, regulatory scrutiny, and reputational damage. This risk is heightened by the critical nature of Ambu’s devices in clini- cal settings. To mitigate this, Ambu ensures all products include clear manuals and adheres to strict quality and safety standards throughout the product lifecycle. ↓ S M L Product access & affordability Potential negative impact: Ambu’s operations vary across countries, and due to the pricing of our products, access may differ among end users depending on local market conditions. ⌂ ↓ S M L Positive impact: Ambu has a positive impact on end users by enabling healthcare profession - als to diagnose patients early and by ensuring the quality and affordability of our products, which serve millions of patients worldwide. ⌂ ↓ S M L Material opportunity: Ambu has an opportunity to further our partnership with healthcare professionals to increase productivity and deliver better outcomes for more patients. ⌂ ↓ S M L Personal safety of consumers and end users Potential negative impact: Ambu acknowledges that any failure to meet safety or perfor- mance standards could negatively impact consumers and end users. As a MedTech company, we recognize that product malfunctions or unclear usage instructions may com- promise patient safety. While product recalls are rare, they can disrupt clinical workflows and affect trust in our brand. ⌂ ↓ S M L Material risk: Product failures or safety issues may lead to recalls, regulatory scrutiny, and reputational damage. ⌂ ↓ S M L Cybersecurity Material risk: Ambu is exposed to cybersecurity threats. While Ambu does not directly process patient or healthcare organization (HCO) data, mishandling internal or customer-re - lated data could lead to legal liability, reputational damage, and regulatory fines. ⌂ ↓ S ↑ Upstream ⌂ Own operations ↓ Downstream S Short term M Medium term L Long term Our material topics S4 – CONSUMERS AND END USERS Annual Report 2025/26 104In brief Strategy Performance Governance Sustainability Financial statements Social
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stakeholder group. No groups are considered particularly vulnerable to our sales and marketing practices. We create positive impacts by equipping HCPs, hospitals, and health systems with solutions that enable timely diagnosis, effective treatment, and broader access to high-quality, affordable care. Our solutions support front-line clinicians, allevi - ate staff shortages, and help increase workflow efficiency and outcomes for consumers and end users while upholding our commitment to quality standards. Although patients are neither direct consum- ers nor end users of our solutions, our material impacts regarding product safety and correct use affect them by proxy, whereas responsible marketing solely impacts the HCOs and HCPs we target. Product quality and safety are also identified as material risks in our DMA, along with cyber- security and data protection. In parallel, our risk assessment identifies the importance of maintaining rigorous quality and safety assur - ance processes within our Quality Management System (QMS). To manage these risks, our QMS complies with ISO 13485, MDSAP, EU MDR, and UKCA standards, helping to reduce product safety issues, recalls, and financial risk. Address- ing equipment failures, defects, or inadequate risk disclosures also helps limit liability and protect shareholder value. If we do not uphold our commitment to delivering high-quality, safe Annual Report 2025/26 105 Social Financial statementsIn brief Strategy Performance Governance Sustainability
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includes the Universal Declaration of Human Rights and the two Covenants that implement it. This understanding informs the alignment of our human rights policies and practices in relation to consumers and end users. Policies related to our consumers and end users Our policies related to consumers and end users are found in Ambu's policies, pp. 66-68. Global Engagement of Health Care Profession - als policy, Ambu’s policy on Demonstration Products and Samples, and Quality policy are currently being updated to fully align with the UN Guiding Principles, ILO Conventions, and OECD Guidelines. Our Healthcare Professionals En - gagement policy directly addresses respect for human rights, engagement with consumers and end users, and measures to remedy any adverse impacts. Our policies are also aligned with the MedTech Europe Code of Ethical Business Prac- tice and the AdvaMed Code of Ethics. We have not identified any human rights viola- tions involving consumers and end users in our downstream value chain. Customer-centric engagement Consumers and end users remain the main strategic priority for us, and we place significant value on their perspectives. Read more about customer engagement at Engaging with stake - holders, p. 63 . Across all key markets, we deliver innovative solutions that address real clinical needs. Our actions are guided by market indi- cators, performance data, and direct input from consumers and end users. During and after the 2025/26 financial year, key milestones included the launch of Ambu ® SureSight™ Mobile in the U.S. and UK, completing the SureSight™ video laryngoscope portfolio. Across Respiratory and GI, two fifth-generation bronchoscopes were cleared for pediatric use, while two gastroscopes received expanded indications for sigmoidoscopy. In Urology, we introduced grasp - er forceps for cystoscopy and access sheaths for ureteroscopy. In Anesthesia & Patient Monitor- ing, the Ambu ® Neuroline™ Cup MRI/CT solution received FDA 510(k) clearance and CE marking. Ambu recognizes that material negative impacts may vary in nature and severity. Therefore, each impact is assessed and, when necessary, reme- diated individually, with product-related impacts subject to dedicated investigation and evaluation to determine appropriate mitigation, remedia - tion, or preventive actions. We engage with consumers and end users either directly, as outlined in our Engagement policy, or through credible proxies – primarily our own workforce – following the Global Engagement of Healthcare Professionals policy. The most senior role responsible for ensuring stakeholder engagement and integrating its out - comes into Ambu’s strategic approach is the Vice President, Sustainability & Public Affairs. Through our Quality Management System, we mitigate and remediate health and safety risks through product recalls and vigilance reporting, ensuring rigorous proactive measures to prevent negative safety impacts on consumers and end users. Read more about our remediation pro- cesses under Product-related risks, pp. 39-40. To understand our engagement channels, read Speak Up – Integrity Line, p. 53. Despite many internal ambitions, we have not set any targets with regard to consumers and end users this financial year. This is to be revisited next year. solutions, we may face reputational damage, business disruption, and financial consequences, including product recalls or regulatory actions, such as FDA warnings. We continuously monitor opportunities to strengthen product quality and safety. Infor - mation on product safety, quality, and recalls is publicly available on our website. These measures complement our QMS and reinforce our commitment to delivering safe, effective, and high-performance solutions that meet regulatory standards. Based on the current assessment, we have not identified any increased risk of harm to consumers or end users, defined as HCPs who operate our solutions. We recognize that delays in diagnosis or treatment may indirectly affect patient outcomes, underscoring the importance of timely access to safe and effective medical devices. We have identified fair product pricing and affordability as impact areas for certain consumer groups. Fair pricing not only helps contain healthcare costs but also supports rev- enue growth by enabling broader access to our solutions. While we have not identified specific consumers or end users – primarily HCPs – as disproportionately affected, we have strategically withdrawn from selected emerging markets to focus on fewer, prioritized geographies. We consider the United Nations Guiding Princi- ples on Business and Human Rights to reference the International Bill of Human Rights, which Annual Report 2025/26 106In brief Strategy Performance Governance Sustainability Financial statements Social
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Our actions Providing innovative solutions (access to quality and affordable care IRO) Ambu is committed to delivering inno- vative solutions that address clinical needs, improve workflow efficiency, and support better patient outcomes. During and after the 2025/26 financial year, key milestones included the launch of Ambu ® SureSight™ Mobile in the U.S. and UK, completing the SureSight™ video laryn - goscope portfolio, as well as expanded indications across Respiratory and GI and the introduction of new accessories within Urology. In Anesthesia & Patient Monitoring, the Ambu ® Neuroline™ Cup MRI/CT solution received FDA 510(k) clearance and CE marking, further ex - panding our neurology portfolio. These activities form part of our ongoing innovation strategy and are embedded in our product development processes to support continuous improvement and responsiveness to healthcare needs. This action is ongoing. Quality standards for our solutions Upholding quality standards in our solutions and processes is central to Ambu's license to operate and a core requirement for delivering high-quality solutions. The Ambu Quality Manage- ment System (QMS) covers all aspects of our operations, including management responsibilities, design control, risk man- agement, process and production con - trols, and product surveillance, ensuring compliance with applicable regulatory requirements. This is an ongoing effort embedded in our operational framework, supported by dedicated resources and systems. We continuously allocate ca- pacity to maintain and enhance the QMS, ensuring it evolves in line with regulatory developments and product innovation. Responsible marketing Ambu maintains controls and review processes to ensure that marketing communications are truthful, accurate, and supported by appro- priate evidence. Marketing claims are verified before use, and materials are reviewed to ensure compliance with requirements related to comparative advertising, electronic marketing, and B2B communications. Ongoing oversight and internal guidance support consistent and ethical marketing practices across all markets. Data privacy, data safety, and cybersecurity Ambu uses specialized third-party platforms to support compliance with applicable data privacy legislation and maintain structured doc - umentation of personal data processing activi- ties across the organization. To strengthen local ownership, Global Legal engages with relevant business areas on a structured and recurring basis, supporting the integration of data privacy requirements into day-to-day operations. This engagement forms part of Ambu’s governance framework and is continuously maintained to reflect evolving regulatory requirements and business needs. Annual Report 2025/26 107In brief Strategy Performance Governance Sustainability Financial statements Social
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GOVERNANCE At Ambu, ethical conduct underpins our focus on serving our customers, delivering patient safety, and driving market trust. Guided by our Code of Conduct, we embed transparency and integrity across our operations, supported by strong governance, anti-corruption practices, and a speak- up culture. Through initiatives like our Responsible Supplier Program, we strengthen compliance, sustainability, and resilient partnerships, enabling long-term value and continued access to global markets. 98% of employees completed Code of Conduct training 99% of suppliers have signed our Code of Conduct for Business Partners 2025/26 HIGHLIGHTS 0 confirmed incidents of corruption and bribery Governance disclosures Annual Report 2025/26 108In brief Strategy Performance Governance Sustainability Financial statements Governance
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G1 GOVERNANCE At Ambu, ethical conduct underpins our focus on serving our customers, delivering patient safety, and drive market trust. Guided by our Code of Conduct, we embed transparency and integrity across our operations, supported by strong governance, anti-corruption practices, and a speak- up culture. Through initiatives like our Responsible Supplier Program, we strengthen compliance, sustainability, and resilient partnerships, enabling long-term value and continued access to global markets. Our approach Impacts, risks, opportunities Ambu’s administrative, management, and super - visory bodies oversee business conduct through a structured governance model anchored at Board and Executive Leadership Team (ELT) level. The Board of Directors sets the overall expecta- tions for ethical conduct, risk management, and compliance, while oversight is operationalized through the ELT and relevant governance fora. Day-to-day responsibility is delegated to Group functions, including Risk & Compliance and Le - gal, which ensure implementation of policies on anti-corruption, whistleblowing, data protection, and supplier conduct. Key mechanisms include: A global Code of Conduct and supporting poli- cies, a whistleblower system with independent handling, supplier requirements embedded in procurement processes, regular monitoring, and reporting and escalation to the ELT and BoD where relevant. Escalation of material issues follows defined governance channels to ensure timely management attention and accountability. These governing bodies possess extensive expertise in business conduct, including a deep understanding of regulatory requirements, IRO topic Value chain location Time horizon Corporate reporting, business conduct, business ethics Potential negative impact: Failure to follow our Procurement policy and payment terms can potentially strain supplier relationships, disrupt sourcing, and negatively affect workers’ livelihoods – particularly in regions where suppliers rely on timely payments to ensure fair wages and operational stability. ↑ ⌂ ↓ S L Potential negative impact: Risk of greenwashing, regulatory findings, or loss of stakeholder confidence when reporting lacks accuracy or integrity. ↑ ⌂ ↓ S Positive impact: We enhance stakeholder trust and informed decision making through transparent, credible reporting and strong governance. Material risk: Failure to ensure accurate, transparent, and credible reporting exposes Ambu to risks such as greenwashing allegations, regulatory fines, legal liabilities, and erosion of trust from investors and stakeholders. ↑ ⌂ ↓ S Material opportunity: Robust and transparent reporting can unlock access to green-linked financing, improve eligibility for sustainability-focused tenders, strengthen stakeholder trust, and enhance Ambu’s employer brand by demonstrating accountability and leadership in responsible business conduct. ↑ ⌂ ↓ S M L Corruption & bribery, including protection of whistleblowers Negative impact: Any instance of corruption or conflict of interest undermines Ambu’s ethical standards and can erode stakeholder trust, damaging the company’s reputation and credibility. Failing to protect whistleblowers may discourage reporting and expose Ambu to regulatory penalties and reputational harm. ↑ ⌂ ↓ S M L Material risk: Corruption represents a material risk that, if not proactively mitigated through strong controls, training, and whistleblower protection, can result in legal consequences, finan - cial penalties, and exclusion from tenders or partnerships – particularly in high-risk markets. ↑ ⌂ ↓ S M Supply chain management and value chain oversight Material risk: Weak supplier oversight may result in labor rights violations, sourcing disrup- tions, or reputational and compliance risks. ↑ ⌂ ↓ S M L Material opportunity: Our Supplier Code of Conduct, Responsible Supplier Program and regular audits strengthen supplier practices, compliance, and resilience across the value chain. ↑ ⌂ ↓ S M L Material opportunity: Ethical sourcing and supplier due diligence improve social and envi- ronmental outcomes and strengthen supply chain resilience. ↑ ⌂ ↓ S ↑ Upstream ⌂ Own operations ↓ Downstream S Short term M Medium term L Long term Our material topics G1 – GOVERNANCE Annual Report 2025/26 109In brief Strategy Performance Governance Sustainability Financial statements Governance
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ethical standards, and best practices in corporate governance. Their collective experience ensures that we operate with integrity, accountability, and a strong commitment to ethical practices. As a MedTech company, we have identified material opportunities with regard to transparent reporting. We have also identified risks related to corporate reporting and business ethics, particularly the risk of non-compliance with business conduct rules and regulations. There is a risk associated with not effectively streamlining our operations, as well as the potential for revenue loss and reputational damage if our supply chain lacks resilience – for example, due to poor working conditions or inadequate environmental perfor - mance among suppliers. Read more about our DMA process under DMA, pp. 64-65. Our administrative and management bodies (BoD and ELT) collectively cover expertise across legal compliance, risk management, sustainability, procurement, and commercial op - erations. This includes expertise in areas such as anti-corruption, responsible sourcing, data protection, ESG reporting and regulatory compli - ance relevant to the MedTech industry. Expertise is maintained and continuously strengthened through regular training and certification pro - grams (e.g., Code of Conduct, compliance train- ing). OExpertise is also strengthened through ongoing engagement with external advisors and industry organizations, including MedTech Europe, and continuous updates to policies and procedures in response to regulatory de- velopments. In addition, specialized functions (e.g., Risk & Compliance, Sustainability) provide subject-matter expertise, and support decision making at ELT and Board level. Business conduct and ethics We address our policies regarding business con- duct and corporate culture in detail in the section on Ambu's policies, pp. 66-68. Ambu enforces strict supplier compliance with our Code of Conduct for Business Partners, mitigating ESG and operational risks. This year, 99% of suppliers signed our Code of Conduct for Business Partners. In 2025/26, 98% of our employees – including white-collar, blue-collar, and indirect blue-collar staff globally – completed the Code of Conduct training. All white-collar employees are required to complete an annual e-learning module on the Code of Conduct, which includes training on anti-corruption and bribery. Blue-collar employ - ees participate in in-person training sessions covering the same topics. These training initiatives ensure that all employ - ees and partners are aligned with our ethical standards and business conduct expectations. Employees are informed about the expected ethical standards, the potential consequences of non-compliance with relevant guidelines and policies, and the available channels for reporting concerns. The ELT is considered an at-risk function, and Global Risk & Compliance conducts annual in-person training with its members in connec- tion with the BoD meeting, where detailed risks are discussed. During the reporting period, two conflict of inter- est cases were identified and substantiated. Both cases related to secondary employment that conflicted with the employees’ responsibilities to Ambu and resulted in termination of employ- ment. One case remained open at year end, pending completion of administrative documen - tation. 100% of employees in functions identified as at risk of corruption and bribery received relevant conflict of interest training during the reporting period. We have also introduced short, targeted quizzes enabling employees to assess their understand- ing of whistleblowing procedures, including their rights, the scope of reportable concerns, and the use of the Speak Up – Integrity Line. These quizzes support ongoing awareness and rein- force key compliance principles, particularly around acting with integrity, maintaining open - ness, and having the courage to speak up. Managing supplier risk and due diligence In Ambu, we have implemented our Global Procurement policy, which sets the direction for our global procurement activities. The policy has been updated this year to reflect SME suppliers. The policy provides clear guidelines aimed at min- imizing the impacts of disruptions to our supply chains through: 1. O utlining purchasing principles applicable to all own employees and external consultants mak- ing a purchase on behalf of Ambu, or in relation to working at Ambu. 2. A ssessing supplier risk and quality class – Suppliers are classified using a risk-based approach reflecting patient safety, with quality classes ranging from high (A) to no risk (D). 3. S ustainable procurement – Purchases consider full lifecycle environmental and social impacts, supported by a Responsible Supplier Program aligned with legislation and the UN Global Compact. 4. D ealing with vulnerable suppliers – We deal with vulnerable suppliers via the above-men- tioned risk assessment. If the supplier is clas- sified as low risk, the supplier is sustainability approved. If the outcome is medium-risk or high-risk, a supplier improvement plan must be initiated, triggering an audit where necessary. 5. S ustainability due diligence process – The pur- pose of the due diligence process is to assess potential needs for improvements and to verify that potential improvement actions have been completed. Annual Report 2025/26 110In brief Strategy Performance Governance Sustainability Financial statements Governance
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Social and environmental criteria are considered in our Responsible Supplier Program. Ambu’s Responsible Supplier Program helps identify, prevent, and mitigate actual and potential impacts on value chain workers by assessing suppliers’ performance on labor rights, working conditions, and human rights standards. This is done through a risk-profiling assessment for each supplier in scope, including upstream and downstream suppliers. The risk profiling is based on seven parameters: 1. A mbu spend with supplier 2. Quality class 3. Country risk 4. Certificates 5. Supplier revenue 6. S upplier number of employees 7. L ocal, national, or global supplier After risk profiling, the suppliers are divided into high-risk suppliers, medium-risk suppliers, and low-risk suppliers. If the outcome of risk profiling is medium risk or high risk, a supplier improvement plan must be initiated. Our suppliers must go through the sustainability due diligence process to assess potential sus- tainability risks associated with the suppliers, to identify potential needs for improvements, and to verify potential improvement actions that have been completed. The process could consist of a supplier sustainability questionnaire, supplier improvement plan, and supplier visits. If the supplier is identified as a low risk profile; if they can be approved based on the supplier due diligence questionnaire; if implementation of the supplier improvement plan can be verified; and if the supplier can be approved based on a supplier visit, the supplier will be approved as sustainable. All suppliers in scope are monitored on an ongoing basis. Periodic audits will be carried out of a selected group of suppliers. Depending on the outcome of risk profiling, suppliers are reassessed every two or three years. Read more under Speak Up – Integrity Line, p. 53, and learn more about our Anti-Retaliation policy and Anti-Corruption & Bribery policy under Ambu's policies, pp. 66-68. 111Annual Report 2025/26 In brief Strategy Performance Governance Sustainability Financial statements Governance
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Payment practices We apply standard contractual payment terms of month end plus 95 days consistently across all supplier categories – direct, indirect, and finished goods – to ensure fair and uniform treatment globally, stemming from our Procurement policy. In 2025/26, the actual average payment period was approximately 32 days, reflecting the av- erage time between invoice date and payment date. In 2025/26, 99% of payments were made on time, with approximately 1% paid after the standard contractual term defined in our policy. Timing variations may occur due to supplier-specific arrangements or administrative factors, but no legal proceedings or fines were incurred. Payment practices Unit 2025/26 Number of fines for late payments No 0 Average days for payment to suppliers No 32 Percentage of payments with agreed terms % 99 § Accounting policy The average payment period is calculated as the average number of days between the invoice date and the pay- ment date. This metric is based on invoice data from all Ambu legal entities. Malaysia, China, and Switzerland do not process invoices in our spend management and accounts payable automation suite. A negative value indi- cates payments made after the defined contractual term. In addition, Ambu reports the percentage of invoices aligned with its standard payment terms, calculated as the proportion of global invoices that follow our defined payment practices. Corruption and bribery Unit 2025/26 Fines for violation of anti-corruption and anti-bribery laws DKKm 0 Confirmed incidents of corruption or bribery No 0 Confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-related incidents No 0 Confirmed incidents relating to contracts with business partners that were ter- minated or not renewed, due to violations related to corruption or bribery No 0 Information about details of public legal cases regarding corruption or bribery brought against Ambu and own workers about the outcomes of such cases No N/A § Accounting policy Data on confirmed incidents of corruption and bribery is obtained directly from Ambu's Speak Up - Integrity Line System. Anti-corruption and bribery The Hotline Committee Secretariat consists of a Global Risk & Compliance team that reports to the CFO and AC. The investigators are separate from the chain of management involved in the matter. The reporting process for investigation outcomes or accusations aligns with the gov- ernance structure outlined in our management responsibilities. Read more about our investiga- tion procedure, reporting grievances, protection of whistleblowers, governance, and processes for reporting corruption and bribery under Speak Up – Integrity Line, p. 53 . Also, read more about our Anti-Retaliation policy, Ambu's policies, p. 66. Policies are communicated to all internal stakeholders (employees) and external stake- holders (business partners, suppliers, etc.) either via corporate intranet, Global Risk & Compliance campaigns, or via on-site training conducted by Global Risk & Compliance. As a member of the UN Global Compact, Ambu promotes ethical business conduct through policies, training, and awareness activities. During the reporting period, Ambu received four reports related to alleged corruption or bribery. Two cases were investigated and closed as unsubstantiated, one case related to alleged conduct prior to employment at Ambu, and one case remained under investigation at year end. No confirmed incidents of corruption or bribery, fines, dismissals, or disciplinary actions related to corruption or bribery were recorded during the reporting period. Locally, anti-corruption and bribery trainings were conducted for business partners and internal sales teams in Italy and Spain. These activities are risk-based and prior- itized locations with elevated exposure to cor - ruption and bribery risks, including Italy, Spain, Malaysia, and China. Ambu does not support political parties, lobbying, or political activities, consistent with our Code of Conduct. Annual Report 2025/26 112In brief Strategy Performance Governance Sustainability Financial statements Governance
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ESRS DISCLOSURE INDEX Forward-looking statements This sustainability statement includes forward-looking statements based on disclosed assumptions about events that may occur in the future, and possible future actions by Ambu. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. Reader's guide for sustainability statement This sustainability statement has been prepared in accordance with the EU Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). It outlines the foundation of our approach, including Ambu’s DMA, our six most material sustainability topics (ESRS E1, ESRS E5, ESRS S1, ESRS S2, ESRS S4, ESRS G1), and their associated impacts, risks, and opportunities. Subsequent sections detail our performance and initiatives across Environmental, Social, and Govern- ance areas, including our approach, actions, targets, and key metrics for each material topic. Under each metric, we listed an accounting policy to showcase our calculation methodology, and our data sources, including where we used estimates. The sustainability statement was subjected to limited assurance by independent auditors. ESRS DISCLOSURE INDEX Annual Report 2025/26 113In brief Strategy Performance Governance Sustainability Financial statements
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ESRS 2 General disclosures Section/report Page Comment BP-1 General basis for preparation of sustainability statement Sustainability statement 59 Basis for preparation BP-2 Disclosures in relation to specific circum- stances Sustainability statement 59 60 Basis for preparation, Estimates and uncertainties GOV-1 The role of the administrative, management, and supervisory bodies Management review 46-48; 49-52 Corporate governance, Management responsibilities GOV-2 Information provided to and sustainability matters addressed by Ambu’s administrative, management, and supervisory bodies Sustainability statement Management review 46-48 49-52 60 Corporate governance, Executive Management Sustainability governance GOV-3 Integration of sustainability-related performance in incentive schemes Management review 44 Remuneration GOV-4 Statement of sustainability due diligence Sustainability statement 61 Statement on Ambu's due diligence GOV-5 Risk management and internal controls over sustainability reporting Sustainability statement 61 Sustainability reporting data controls SBM-1 Strategy, business model, and value chain Management review Sustainability statement 14-15 11 12 13 Financial and ESG Highlights, Resilient global footprint Owning the value chain, Advancing sustainable healthcare SBM-2 Interests and views of stakeholders Sustainability statement 62-63 Engaging with stakeholders SBM-3 Material impacts, risks, and opportunities, and their interaction with strategy and business model Management review Sustainability statement 64 Double materiality assessment IRO-1 Processes to identify and assess material IROs Sustainability statement 65 DMA process IRO-2 Requirements in ESRS covered by Ambu’s sustainability statement Sustainability statement 67-72 IRO overview ESRS 2 General disclosures Section/report Page Comment E1-GOV-3 Sustainability-related performance in incentive schemes Management review 44 Remuneration E1-1 Climate transition plan Sustainability statement 73 Climate transition plan ESRS 2, SBM-3 Material IROs and their interaction with strategy and business model Sustainability statement 70-72 Our approach – Impacts, risks, and opportunities ESRS 2, IRO-1 Description of the processes to identify and assess material climate-related impacts, risks, and opportunities Sustainability statement 70-72 Our approach – Impacts, risks, and opportunities E1-2 Policies related to climate change mitigation and adaptation Sustainability statement 67 Environmental policy, Ambu's policies E1-3 Actions and resources in relation to climate change policies Sustainability statement 74 Levers to reduce global emissions, Our climate change actions E1-4 Targets related to climate change mitigation, and adaptation Sustainability statement 75 Carbon reduction targets E1-5 Energy consumption and mix Sustainability statement 76 Energy E1-6 Gross scope 1, 2, 3, and total GHG emissions Sustainability statement 77-79 Our carbon footprint E1-7 GHG removals, carbon credits Non-material - E1-8 Internal carbon pricing Non-material - E1-9 Anticipated financial effects from material physical and transition risks and potential climate-related opportunities Phase-in - ESRS DISCLOSURE INDEX Annual Report 2025/26 114In brief Strategy Performance Governance Sustainability Financial statements
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ESRS General disclosures Section/report Page Comment ESRS 2 IRO-1 Descriptions of the processes to identify and assess material resource use and circular economy-related impacts, risks, and opportunities Sustainability statement 65-66 85-86 IRO overview, Our approach Impacts, risks, and opportunities E5-1 Policies related to resource use and circular economy Sustainability statement 86 Environmental policies, Ambu's policies E5-2 Actions and resources related to resource use and circular economy Sustainability statement 87 Our resource use, circular economy, and waste actions E5-3 Targets related to resource use and circular economy Sustainability statement 86 Environmental policy E5-4 Resource inflows Sustainability statement 88 Resource inflows E5-5 Resource outflows and waste Sustainability statement 89-90 Resource outflows, Waste E5-6 Anticipated financial effects from resource use and circular economy related IROs Phase-in - ESRS General disclosures Section/report Page Comment ESRS 2 SBM-2 Interests and views of stakeholders Sustainability statement 62-63 Engaging with stakeholders ESRS 2 SBM-3 Material IROs and their interaction with strategy and business model Sustainability statement 92-94 Our approach Impacts, risks, and opportunities S1-1 Policies related to own workforce Sustainability statement 94 Policies related to own workforce, Ambu's policies S1-2 Processes with engaging with own workers and worker’s representatives about impacts Sustainability statement 94 Engagement with own workforce S1-3 Processes to remediate negative impacts and channels for own workforce to raise concerns Sustainability statement 94 Grievance mechanisms and providing remedies S1-4 Actions on material impacts, approach to material risks, pursuing opportunities Sustainability statement 96 Own workforce actions S1-5 Targets related to own workforce Sustainability statement 95 Targets related to own workforce S1-6 Characteristics of own workforce Sustainability statement 97 Own workforce performance S1-7 Non-employees in Ambu’s workforce Phase-in - S1-8 Collective bargaining agreements and social dialogue Sustainability statement 98 Collective bargaining and social dialogue S1-9 Diversity metrics Sustainability statement 99 Gender distribution, Age distribution S1-10 Adequate wages Adequate wage 99 Adequate wage S1-11 Social protection Phase-in - S1-12 Persons with disabilities Phase-in - S1-13 Training and skills development Phase-in - S1-14 Health and safety metrics Sustainability statement 100 Health & safety metrics S1-15 Work-life balance metrics Phase-in - S1-16 Compensation metrics (gender pay gap and CEO remuneration ratio) Sustainability statement 100 Gender pay gap, Remuneration ratio S1-17 Incidents, complaints, severe human rights impacts Sustainability statement 101 Human rights impacts ESRS DISCLOSURE INDEX Annual Report 2025/26 115In brief Strategy Performance Governance Sustainability Financial statements
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ESRS DISCLOSURE INDEX ESRS General disclosures Section/report Page Comment ESRS 2, SBM-2 Interests and views of stakeholders Sustainability statement 62-63 Engaging with stakeholders ESRS 2, SBM-3 Material IROs and their interaction with strategy and business model Sustainability statement 102 Our approach Impacts, risks, and opportunities S2-1 Policies related to value chain workers Sustainability statement 102 Policies related to value chain workers, Ambu's policies S2-2 Processes for engaging with value chain workers Sustainability statement 103 Engagement with value chain workers S2-3 Processes to remediate negative impacts, and channels for value chain workers to raise concerns Sustainability statement 103 Engagement with value chain workers S2-4 Actions related to value chain workers Sustainability statement 103 Engagement with value chain workers S2-5 Targets related to value chain workers Sustainability statement 103 Engagement with value chain workers ESRS General disclosures Section/report Page Comment ESRS 2, SBM-2 Interests and views of stakeholders Sustainability statement 62-63 Engaging with stakeholders ESRS 2, SBM-3 Material IROs and their interaction with strategy and business model Sustainability statement 104 39 Our approach, Impacts, risks, and opportunities Risk management S4-1 Policies related to consumers and end users Sustainability statement 106 Ambu's policies S4-2 Engagement with consumers and end users Sustainability statement 106 Customer-centric engagement S4-3 Channels for raising concerns and engagement for consumers and end users Sustainability statement 106 Grievance mechanisms S4-4 Actions related to consumers and end users Sustainability statement 107 Our actions S4-5 Targets related to consumers and end users Sustainability statement 106 Addressing consumer needs ESRS General disclosures Section/report Page Comment ESRS 2, GOV-1 The role of administrative, supervisory, and management bodies Management review 46-48; 49-52 Corporate governance Executive Management Board of Directors ESRS 2 IRO-1 Processes to identify and assess material IROs Sustainability statement 109 Our approach Impacts, risks, and opportunities G1-1 Corporate culture and business conduct policies Sustainability statement 110 Business conduct and ethics G1-2 Management of relationships with suppliers Sustainability statement 110 -111 Managing supplier risk and due diligence G1-3 Prevention and detection of corruption and bribery Sustainability statement 112 Anti-corruption and bribery G1-4 Confirmed incidents of corruption and bribery Sustainability statement 112 Anti-corruption and bribery G1-5 Political influence and lobbying activities NA - G1-6 Payment practices Sustainability statement 112 Payment practices Annual Report 2025/26 116In brief Strategy Performance Governance Sustainability Financial statements
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Datapoints that derive from other EU legislation SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Page ESRS 2 General disclosures 21 (d) Board's gender diversity ● ● 47 21 (e) Percentage of Board members who are independent ● 47 30 Statement on due diligence ● 61 40 (d) i Involvement in activities related to fossil fuel activities ● ● ● Not relevant 40 (d) ii Involvement in activities related to chemical production ● ● Not relevant 40 (d) iii Involvement in activities related to controversial weapons ● ● Not relevant 40 (d) iv Involvement in activities related to cultivation and production of tobacco ● Not relevant ESRS E1 Climate change 14 Transition plan to reach climate neutrality by 2050 ● 72-73 16 (g) Undertakings excluded from Paris-aligned benchmarks ● ● Not relevant 34 GHG emission reduction targets ● ● ● 76 38 Energy consumption from fossil sources disaggregated by sources (only high-climate-impact sectors) ● 76 37 Energy consumption and mix ● 76 40-43 Energy intensity associated with activities in high-climate-impact sectors ● 76 44 Gross scope 1, 2, 3, and total GHG emissions ● ● ● 77-79 53-55 Gross GHG emissions intensity ● ● ● 79 56 GHG removals and carbon credits ● 79 66 Exposure of the benchmark portfolio to climate-related physical risks ● Phase-in 66 (a); 66 (c) Disaggregation of monetary amounts by acute and chronic physical risk; Location of significant assets at material physical risk ● Phase-in 67 (c) Breakdown of the carrying value of its real estate assets by energy-efficiency classes ● Phase-in 69 Degree of exposure of the portfolio to climate-related opportunities ● Phase-in ESRS E5 Resource use and circular economy 37 (d) Non-recycled waste ● 90 39 Hazardous waste and radioactive waste ● 90 DATAPOINTS THAT DERIVE FROM OTHER EU LEGISLATION The table below includes all of the datapoints that derive from other EU legislation as listed in ESRS 2 appendix B, indicating where the standard-specific and Ambu material information can be found. Annual Report 2025/26 117In brief Strategy Performance Governance Sustainability Financial statements
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Datapoints that derive from other EU legislation SFDR reference Pillar 3 reference Benchmark regulation reference EU Climate Law reference Page ESRS S1 Own workforce 14 (f) Risk of incidents of forced labor ● Not material 14 (g) Risk of incidents of child labor ● Not material 20 Human rights policy commitment ● 66 21 Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8 ● 106 22 Processes and measures for preventing trafficking in human beings ● 94 23 Workplace accident prevention policy or management system ● 100 32 (c) Grievance/complaints handling mechanisms ● 53 88 (b) and (c) Number of fatalities and number and rate of work-related accidents ● ● 100 88 (e) Number of days lost to injuries, accidents, fatalities, or illness ● 100 97 (a) Unadjusted gender pay gap ● ● 100 97 (b) Excessive CEO pay ratio ● 100 103 (a) Incidents of discrimination ● 101 104 (a) Non-respect of UNGPs on Business and Human Rights and OECD guidelines ● ● 101 36 Human rights issues and incidents connected to its upstream and downstream value chain ● 103, 105 ESRS S2 Workers in the value chain 11 (b) Significant risk of child labor or forced labor in the value chain ● ● 102 17 Human rights policy commitments ● 102 18 Policies related to value chain workers ● 102 19 Non-respect of UNGPs on Business and Human Rights and OECD guidelines ● 102 19 Due diligence policies on issues addressed by the fundamental International Labour Organisation Conventions 1 to 8 ● ● 102 36 Human rights issues and incidents connected to its upstream and downstream value chain ● 103 ESRS S4 Consumers and end users 16 Policies related to consumers and end users, paragraph 16 ● 94 17 Non-respect of UNGPs on Business and Human Rights and OECD guidelines paragraph ● ● 103 35 Human rights issues and incidents paragraph ● 106 ESRS G1 Governance 10 (b) United Nations Convention against Corruption ● 110 10 (d) Protection of whistleblowers ● 53 24 (a) Fines for violation of anti-corruption and anti-bribery laws ● ● 112 24 (b) Anti-corruption and anti-bribery standard ● 112 DATAPOINTS THAT DERIVE FROM OTHER EU LEGISLATION Annual Report 2025/26 118In brief Strategy Performance Governance Sustainability Financial statements
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Financial statements FINANCIAL STATEMENTS Explore Ambu’s consolidated financial statements, key accounting policies, and notes for a detailed view of the 2025/26 financial year's financial performance and position. Annual Report 2025/26 119In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 1: B ASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS 1.1 B asis of preparation and significant accounting estimates and judgments 1 25 1.2 C hanges in accounting policies and disclosures 1 26 1.3 G eneral accounting policies 1 26 SECTION 2: O PERATING PROFIT AND TAX 2.1 S egment information 1 28 2.2 Revenue 1 28 2.3 E mployee costs 1 29 2.4 D epreciation, amortization, and impairment losses on non-current assets 1 30 2.5 F inancial risks from operating activities 1 31 2.6 I ncome taxes 1 31 2.7 D eferred tax 1 33 2.8 E arnings per share 1 34 SECTION 3: I NVESTED CAPITAL AND NET WORKING CAPITAL 3.1 Goodwill 1 35 3.2 O ther intangible assets 1 36 3.3 P roperty, plant, and equipment 1 40 3.4 L eases 1 41 3.5 Inventories 1 42 3.6 T rade receivables 1 42 3.7 B usiness combinations 1 43 SECTION 4: F INANCIAL RISK MANAGEMENT, CAPITAL STRUCTURE AND NET FINANCIALS 4.1 F inancial risk management 1 45 4.2 F inancial instruments 1 46 4.3 N et financials 1 47 4.4 I nterest-bearing debt 1 47 4.5 S hare capital and treasury shares 1 48 4.6 C ash flows from financial liabilities classified as financing activities 1 48 SECTION 5: P ROVISIONS, OTHER LIABILITIES, ETC. 5.1 Provisions 1 49 5.2 D eferred revenue 1 49 5.3 F ee to auditors appointed by the Annual General Meeting 1 50 5.4 R elated parties 1 50 5.5 S hare-based payment 1 51 5.6 G roup companies 1 52 5.7 C ontingent liabilities and other contractual liabilities 1 53 5.8 S ubsequent events 1 53 5.9 A doption of the Annual Report and distribution of profit 1 53 5.10 N on-IFRS financial measures 1 54 5.11 D efinitions of key figures and ratios 1 55 CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement and Statement of comprehensive income 1 21 Consolidated cash flow statement 1 22 Consolidated balance sheet 1 23 Consolidated statement of changes in equity 1 24 NOTES TO CONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATED FINANCIAL STATEMENTS Annual Report 2025/26 120In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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(DKKm) Note 2025/26 2024/25 CONSOLIDATED INCOME STATEMENT Revenue 2.2 6,471 6,037 Production costs 2.3, 2.4 -2,581 -2,404 Gross profit 3,890 3,633 Selling and distribution costs 2.3, 2.4 -1,890 -1,792 Research and development costs 2.3, 2.4 -369 -347 Management and administrative costs 2.3, 2.4 -780 -710 Operating profit (EBIT) 851 784 Financial income 4.3 22 15 Financial expenses 4.3 -33 -44 Profit before tax 840 755 Tax on profit for the year 2.6 -198 -146 Net profit for the year 642 609 Earnings per share in DKK Earnings per share (EPS) 2.8 2.42 2.29 Diluted earnings per share (EPS-D) 2.8 2.42 2.28 (DKKm) 2025/26 2024/25 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Net profit for the year 642 609 Other comprehensive income: Items which are moved to the income statement under certain conditions: Translation adjustment in subsidiaries 109 -109 Other comprehensive income after tax 109 -109 Comprehensive income for the year 751 500 CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME 1 October – 30 September Annual Report 2025/26 121In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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CONSOLIDATED CASH FLOW STATEMENT 1 October – 30 September (DKKm) Note 2025/26 2024/25 Net profit 642 609 Adjustment for non-cash items: I ncome taxes in the income statement 2.6 198 146 F inancial items in the income statement 4.3 11 29 D epreciation, amortization, and impairment losses 2.4 413 372 S hare-based payment 5.5 30 31 Change in inventories -4 -251 Change in receivables, etc. -165 -107 Change in trade payables and other liabilities, etc. 26 85 Change in provisions 5.1 -2 -9 Interest received 23 15 Interest paid -25 -28 Income tax paid 2.6 -82 -101 Cash flow from operating activities 1,065 791 Investments in intangible assets 3.2 -374 -267 Investments in tangible assets 3.3 -204 -117 Cash flow from investing activities before acquisitions -578 -384 Free cash flow before acquisitions 487 407 Acquisition of enterprises 3.7 -189 - Cash flow from acquisitions -189 - Cash flow from investing activities -767 -384 Free cash flow after acquisitions 298 407 (DKKm) Note 2025/26 2024/25 Repayment of lease liability 4.6 -73 -63 Share buyback 4.5 -450 - Exercise of options - 11 Dividends paid -110 -102 Dividend, treasury shares 1 1 Cash flow from financing activities -632 -153 Changes in cash and cash equivalents -334 254 Cash and cash equivalents, beginning of year 866 615 Translation adjustment of cash and cash equivalents 4 -3 Cash and cash equivalents, end of year 536 866 Cash and cash equivalents, end of year, are composed as follows: Cash and cash equivalents 253 195 Short-term deposits 283 671 Cash and cash equivalents, end of year 536 866 Annual Report 2025/26 122In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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CONSOLIDATED BALANCE SHEET 30 September (DKKm) Note 30.09.26 30.09.25 ASSETS Goodwill 3.1 1,746 1,497 Acquired technologies, trademarks, and customer relations 3.2 384 339 Completed development projects 3.2 900 994 Other, including IT software 3.2 129 100 Development projects and other assets in progress 3.2 551 319 Intangible assets 3,710 3,249 Property, plant, and equipment 3.3 736 588 Right-of-use assets 3.4 589 544 Deferred tax assets 2.7 94 137 Total non-current assets 5,129 4,518 Inventories 3.5 1,360 1,272 Trade receivables 3.6, 4.2 1,017 834 Other receivables 4.2 28 40 Income tax receivable 17 33 Prepayments 137 112 Cash and cash equivalents 4.2, 4.4 536 866 Total current assets 3,095 3,157 Total assets 8,224 7,675 (DKKm) Note 30.09.26 30.09.25 EQUITY AND LIABILITIES Share capital 4.5 135 135 Other reserves 6,116 5,900 Equity 6,251 6,035 Deferred tax 2.7 82 11 Provisions 4.2, 5.1 35 3 Credit institutions 4.4, 4.6 33 5 Lease liabilities 4.4 469 462 Deferred revenue 5.2 37 - Non-current liabilities 656 481 Provisions 5.1 52 3 Lease liabilities 4.4 91 80 Trade payables 4.2 615 572 Income tax 35 56 Other payables 4.2 465 448 Deferred revenue 5.2 59 - Current liabilities 1,317 1,159 Total liabilities 1,973 1,640 Total equity and liabilities 8,224 7,675 Annual Report 2025/26 123In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 1 October – 30 September (DKKm) Note 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 year 642 642 Other comprehensive income for the year 109 109 Total comprehensive income 109 642 751 Transactions with the owners: Share-based payment 5.5 30 30 Tax deduction relating to share options -6 -6 Share buyback 4.5 -450 -450 Distributed dividend 5.9 -110 -110 Dividend, treasury shares 1 1 Equity 30 September 2026 135 145 5,971 6,251 Equity 1 October 2024 135 145 5,314 5,594 Net profit for the year 609 609 Other comprehensive income for the year -109 -109 Total comprehensive income -109 609 500 Transactions with the owners: Share-based payment 5.5 31 31 Tax deduction relating to share options - - Exercise of options 11 11 Distributed dividend 5.9 -102 -102 Dividend, treasury shares 1 1 Equity 30 September 2025 135 36 5,864 6,035 § Accounting policies Reserve for foreign currency translation adjustments in the consoli - d ated financial statements comprised exchange rate differences arising from the translation of the financial statements of foreign subsidiaries to DKK, as well as foreign currency translation adjust - ments of intercompany balances, regarded as a supplement to the net investment in foreign subsidiaries. Annual Report 2025/26 124In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 1 : BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS 1.1 Basis of preparation and significant accounting estimates and judgments The Group’s general accounting policies are described below. In connection with this, specific accounting policies have been incorporated into each of the individual notes to the consolidated financial statements. The consolidated financial statements are presented in accordance with IFRS accounting standards as adopted by the EU and additional disclosure requirements in the Danish Financial Statements Act. The financial statements of the Parent Company, Ambu A/S, are presented separately from the consolidated financial statements and can be found on the last pages of this report. The Parent Company’s separate accounting policies are shown in conjunction with the financial statements of the Parent Company. The accounting policies described below have been applied consistently in the preparation of the consoli- dated financial statements in the years presented. The accounting policies have been applied consistently with prior year. Basis of measurement The consolidated financial statements are presented in Danish kroner (DKK), which is also Ambu A/S’ func- tional currency. All amounts are rounded to the nearest million, unless otherwise stated. The Annual Report has been prepared in accordance with the historical cost principle, except for acquired net assets and contin- gent considerations, derived from business combinations, which are measured at fair value. Applying materiality The consolidated financial statements are a result of processing large numbers of transactions and aggre- gating those transactions into classes according to their nature or function. The transactions are presented in classes of similar items in the consolidated financial statements. If a line item is not individually material, it is aggregated with other items of a similar nature in the consolidated financial statements or in the notes. Management provides specific disclosure required by IFRS, unless the information is not applicable or con- sidered immaterial to the economic decision making of the users of these consolidated financial statements. Significant accounting estimates and judgments The preparation of the Group’s consolidated financial statements requires Management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, income, and expenses, and the accompanying disclosures, including contingent liabilities. Management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances. The results hereof form the basis for making judgments about the reported carrying amounts of assets and liabilities, and the reported amounts of income and expenses that may not be readily apparent from other sources. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. The estimates and underlying assumptions are reviewed on an ongoing basis. Changes in estimates may be necessary if there are changes in the circumstances on which an estimate was based, or more detailed information becomes available. Such changes are recognized in the period in which the estimate is revised. Management has made significant accounting estimates and judgments in respect of the following areas: Key accounting estimates and judgments Note Estimate / judgment Impact Measurement of unsettled price adjustments in U.S., revenue 2.2 Estimate ● ● ● Impairment test, goodwill 3.1 Judgment ● ● ● Impairment test, other intangible assets 3.2 Estimate and judgment ● ● ● Level of potential impact on the consolidated financial statements: Medium ● ● High ● ● ● A further description of the principal accounting estimates and judgments is provided in the relevant notes. Climate risk The Group is exposed to risks associated with climate change. In preparing the consolidated financial state- ments for 2025/26, Management has considered the impact of climate change. While sustainability is an embedded part of the business, Management does not consider sustainability targets or climate change to have a significant impact on the accounting estimates and judgments, consistent with the assessment that climate change is not expected to have a significant impact on the Group’s future cash flows, the carrying amount of non-current assets, or going concern assessment, given the geographical location of the Group's tangible assets, and the sector and markets in which we conduct our business. Reference is made to the Sustainability Statement section for EU Taxonomy disclosures on eligible activities pp. 70-72 and pp. 80-84 , which complement the assessment of climate-related risks in the financial state- ments. Annual Report 2025/26 125In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 1 : BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS Adoption of new or amended IFRS' Management has assessed that new or amended IFRS Accounting Standards and interpretations issued by the IASB and endorsed by the EU, effective for the 2025/26, financial year have not had a significant effect on the consolidated financial statements. Standards not yet adopted New or amended IFRS Accounting Standards and interpretations issued by the IASB that have not yet become effective are generally not adopted until they become effective and are endorsed by the EU. The new standards that are not yet effective are not expected to have any material impact on the Group, except for IFRS 18 Presentation and Disclosure in Financial Statements, which was issued in April 2024 and will be effective from our financial year 2027/28. The standard introduces new presentation requirements for the income statement, including defined categories for operating, investing, and financing activities, as well as new mandatory subtotals. Based on the Group’s preliminary assessment, the implementation of IFRS 18 is expected primarily to affect the classification of certain items currently presented within 'financial income' and 'financial expenses’, including foreign exchange differences arising from operating activities. As a result, operating profit reported under IFRS 18 will differ from operating profit presented under IAS 1. The adoption of IFRS 18 is not expected to affect the Group’s net profit or equity. The Group also expects to present management-defined performance measures and related disclosures in accordance with IFRS 18. 1.3 General accounting policies Principles of consolidation The consolidated financial statements comprise Ambu A/S and companies in which Ambu A/S has a con- trolling interest. Control is deemed to be obtained if Ambu A/S owns more than 50% of the voting rights, or if Ambu A/S in any other way has a controlling interest in the company. The subsidiaries’ financial statements are adjusted, if necessary, to ensure that their accounting policies are consistent with those of the rest of the Group. All intercompany transactions, balances, income, and expenses are fully eliminated on consolidation except for currency translations of intercompany balances, which are recognized as financial items. Foreign currency translation A functional currency is determined for each company in the Ambu Group. The functional currency is the cur- rency used in the primary economic environment in which the individual subsidiary operates. Transactions in foreign currencies are translated to the functional currency using the exchange rate applica- ble at the transaction date. Foreign exchange gains and losses in connection with the settlement of these transactions and the translation of monetary assets and liabilities in foreign currencies at the exchange rates applicable at the balance sheet date are recognized in the income statement under net financials. Receivables, payables, and other monetary items denominated in foreign currencies are translated to the functional currency at the exchange rate applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and the exchange rate applicable at the date on which the receivable or payable occurred or the exchange rate stated in the most recent Annual Report is recognized in the income statement under net financials. The financial statements of subsidiaries with a functional currency other than Danish kroner (DKK) are trans- lated to DKK at the exchange rates for balance sheet items applicable at the balance sheet date and at average exchange rates as far as income statement items are concerned. Exchange rate differences arising from the translation of the net assets of such subsidiaries at the beginning of the year using the exchange rates applicable at the balance sheet date and the translation of income statement items from the exchange rates applicable at the transaction date to the exchange rates applicable at the balance sheet date are recognized in other compre- hensive income and presented as a separate reserve for foreign currency translation adjustments under equity. 1.2 Changes in accounting policies and disclosures Annual Report 2025/26 126In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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1.3 General accounting policies (continued) SECTION 1 : BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS Presentation of income statement Income statement Income and expenses are recognized according to the accruals concept. The income statement is presented by functions where the respective cost impacts the function to which the cost is deemed to relate. The Group’s functions are divided into production, selling, and distribution, research and development, and management and administrative costs. Production costs Production costs comprise costs incurred in generating the revenue for the year. Production costs include direct and indirect costs for raw materials and consumables, freight costs incurred in connection with the purchase of commodities, etc., production wages and salaries for support functions, and factory manage- ment, as well as depreciation and impairment of plant and depreciation of leases. Selling and distribution costs Selling and distribution costs comprise costs for sales staff, advertising and exhibitions, depreciation, impairment, and operation of central warehouses, as well as all costs relating to the transport of goods from the Group’s factories to the customers. Research and development costs Research and development costs comprise salaries and costs which, directly or indirectly, can be attributed to product improvements and the development of new products which do not meet the criteria for capitaliza- tion of an internally generated development project. In addition, the amortization and impairment of capital- ized development costs and rights and acquired technologies are recognized. Management and administrative costs Management and administrative costs comprise expenses incurred for management and administration, including expenses for the administrative staff, office premises, office expenses, and IT, as well as amortiza- tion and impairment, and depreciation of leases. Presentation of balance sheet Cash and cash equivalents Cash and cash equivalents comprise cash in bank, alternating between positive and negative balances, and short-term deposits with a maturity of less than three months. Prepayments Prepayments comprise various payments, mainly related to IT licenses, utilities, and insurance. Amortization of prepayments is recognized in the income statement over the period of time the pre-payments cover. Cash flow statement The cash flow statement has been prepared on the basis of the indirect method and shows the Group’s cash flows from operating, investing, and financing activities for the year. Cash flows from operating activities are presented as the net profit adjusted for non-cash operating items, working capital changes, as well as financial income received, and financial expenses, and net income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition of subsidiaries, activ- ities, and fixed and intangible asset investments, and proceeds from the sale of property, plant, and equip- ment. In the Parent financial statements, investing activities also include receipt of dividends from subsidiaries. Leases are considered to be non-cash transactions. Cash flows relating to assets held under leases are recognized as payment of interest and repayment of debt. Cash flows from financing activities comprise changes in the size or composition of share capital and costs incidental thereto, as well as the arrangement of loans, the repayment of interest-bearing debt, payment of dividend to the Group's shareholders, and the purchase and sale of treasury shares. Cash flows denominated in currencies other than Danish kroner (DKK) are translated using average exchange rates, unless such rates deviate materially from the exchange rates applicable on the transaction date. Reporting under the ESEF regulation With securities listed on a regulated market within the EU, Ambu is required to prepare the Annual Report using a combination of the HTML format and to tag the primary consolidated financial statements using iXBRL (Inline eXtensible Business Reporting Language). The Group’s iXBRL tags have been prepared in accordance with the ESEF taxonomy, which is included in the ESEF regulation and developed based on the IFRS taxonomy, published by the IFRS Foundation. The line items in the consolidated financial statements are tagged to elements in the ESEF taxonomy. For financial line items that are not directly defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions that are subtotals. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mecha-nism) is included in the zip file Ambu-2026-09-30-en.zip. Annual Report 2025/26 127In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 2 : OPERATING PROFIT AND TAX 2.1 Segment information Segment reporting 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 of these functional activities take place and are managed globally on a highly integrated basis. These individ- ual functional areas are not managed separately. The Executive Management, established and chaired by the CEO, is the vehicle through which the CEO exer- cises the authority delegated to her from the Board of Directors, for the management, development, and performance of Ambu as a whole. The Executive Management is considered to be Ambu’s Chief Operating Decision Making body ("CODM"), as defined by IFRS 8. The Group operates in three geographical regions: North America, Europe, and Rest of World. The geo- graphical distribution of revenue is based on the country in which the goods are delivered. See note 2.2 for disclosure of revenue by geography and countries that individually represent more than 10% of the Group's revenue. The acquisition of Foresight Imaging, LLC (“TIMS Medical”), made in 2025/26, has not changed the operating structure nor the continuous monitoring of the Group, carried out by the CODM. The Group continues to operate as one segment, following the acquisition. The majority of the Group’s total intangible and tangible assets are located in Denmark, as the Parent Com- pany owns the Group's intellectual property rights. Denmark accounts for DKK 2,052 m ( DKK 1,887m) of the amounts in Europe presented below. Deployed assets in North America and Rest of World primarily relate to the Group's production facilities. Management monitors goodwill as a whole, and goodwill is thus not allocated to geographical areas. (DKKm) 2025/26 2024/25 Intangible and tangible assets less goodwill by geographical region: North America 203 104 Europe 2,200 2,044 Rest of World 886 736 Total 3,289 2,884 2.2 Revenue (DKKm) 2025/26 2024/25 Respiratory 2,031 1,818 URO, ENT & GI 2,095 1,826 Anesthesia 1,188 1,249 Patient Monitoring 1,157 1,144 Total revenue by business groups 1 6,471 6,037 North America 2 3,233 3,051 Europe3 2,618 2,405 Rest of World 620 581 Total revenue by markets 6,471 6,037 1 Revenue from Foresight Imaging, LLC (“TIMS Medical”), totaled DKK 19m and is included in the business group URO, ENT & GI. 2 North America includes revenue in the U.S. of DKK 3,158m (DKK 2,980m). 3 The Group's domicile country, Denmark, is included in Europe at DKK 57m (DKK 58m). § Accounting policies Revenue from the sale of goods and services is recognized in the income statement when all performance obligations have been fulfilled when the risk of the goods is passed to the buyer. Revenue is measured at the fair value of the agreed consideration, excluding VAT and taxes collected on behalf of a third party. At the time of recognition of revenue, a number of price adjustments are also estimated. These are recognized as a reduction to revenue. The most significant price adjustments stem from sales generated through dealers in the U.S. The dealer contracts contain chargebacks related to contractual arrangements between Ambu and the distributors whereby products are sold to the end-customers at contract prices lower than the list prices originally charged to the distributors. This requires monitoring of sales to individual dealers at the product level. In addition, the sales contracts also contain volume and product-specific rebates, as well as other types of rebates. Annual Report 2025/26 128In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 2 : OPERATING PROFIT AND TAX 2.2 Revenue (continued) Delivery and payment terms The Group's primary performance obligation is the sale and delivery of medical technology solutions to cus- tomers. The performance obligation is fulfilled when the risk of the goods is passed to the customer, which most often occurs at a prior-agreed delivery address. Due to the Group's focus on disposable devices, the Group is not subject to any material guarantee obligations. Upon acquisition of Foresight Imaging, LLC (“TIMS Medical”), the Group now has performance obligations expected to be delivered more than one year from the balance sheet date. See note 5.2 on deferred revenue. In 2025/26, DKK 19m is derived from revenue recognized over time. The remaining Group revenue has been recognized at the point in time where all performance obligations have been fulfilled when the risk of the goods is passed to the buyer. The Group's customers have payment terms that reflect the market in which the sale takes place. For the majority of sales, payment terms are 15-60 days. Historically, the Group has not experienced any major losses on trade receivables. See note 3.6 on trade receivables. ! Material accounting estimates Unsettled price adjustments in the U.S. The primary unsettled price adjustments relate to chargebacks stemming from sales to dealers in the U.S., which also constitute the material accounting estimate impacting revenue. Chargebacks are offset against revenue and trade receivables. Chargebacks in the U.S. market are subject to estimation uncertainty, as the actual price adjustment is not determined until the dealers sell the products to the end customers (hospitals, clinics, etc.). Chargebacks are the difference between the prices agreed with the end customers and the list prices originally charged to the dealers. The price adjustments are estimated using a combination of factors, such as historical experience from actual received claims, contract terms, and the value of claims received but not yet processed. The chargebacks are estimated at the time the related sales are recorded. These estimates of unsettled chargebacks are considered a key accounting estimate as not all conditions are known at the time of the sale, for example information about which end customer will purchase the products from the dealer and at which price. The accruals are calculated on the basis of a percentage of sales for each product, as defined by the contracts with the various dealers. Unsettled price adjustments recognized in the balance sheet amounted to DKK 124m (DKK 115m) as of 30 September 2026. 2.3 Employee costs (DKKm) 2025/26 2024/25 Wages and salaries 2,004 1,795 Pension contributions 123 104 Social security costs 160 131 Share-based payment 30 31 Remuneration fee for Board of Directors 7 7 Total employee costs 2,324 2,068 The employee costs of the Group are distributed on the respective functions as follows: (DKKm) 2025/26 2024/25 Production costs 532 487 Selling and distribution costs 1,079 981 Research and development costs 96 97 Management and administrative costs 416 359 Total employee costs recognized in the income statement 2,123 1,924 Employee costs included in intangible assets 198 140 Employee costs included in property, plant, and equipment 3 4 Total employee costs 2,324 2,068 (DKKm) 2025/26 2024/25 Average number of employees during the year 5,569 5,233 Number of full-time employees at the end of the year 5,877 5,384 Annual Report 2025/26 129In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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Employee costs for Executive Management and Board of Directors are included in total employee costs as follows: (DKKm) 2025/26 2024/25 Remuneration, Executive Management 20 20 Share-based payment 7 6 Employee costs, Executive Management 27 26 Remuneration fee for Board of Directors 7 7 Total remuneration for Executive Management and Board of Directors 34 33 § Accounting policies Employee costs comprise remuneration, wages, and salaries, pension contributions, etc., and share-based payment to the company’s employees, incl. termination benefits. The Group has no defined benefit plans. SECTION 2 : OPERATING PROFIT AND TAX 2.3 Employee costs (continued) 2.4 Depreciation, amortization, and impairment losses on non-current assets (DKKm) 2025/26 2024/25 Amortization of intangible assets identified in connection with business combinations 35 37 Amortization of intangible development projects and other, incl. IT software 201 182 Depreciation of property, plant, and equipment 86 82 Depreciation of right-of-use assets 79 69 Net loss on disposed non-current assets 10 2 Impairment losses on non-current assets 2 - Total depreciation, amortization, and impairment losses 413 372 Depreciation, amortization, and impairment losses have been allocated to the following functions: (DKKm) 2025/26 2024/25 Production costs 92 85 Selling and distribution costs 42 27 Research and development costs 228 210 Management and administrative costs 51 50 Total depreciation, amortization, and impairment losses 413 372 § Accounting policies For a description of accounting policies, reference is made to notes 3.1, 3.2, and 3.3. Annual Report 2025/26 130In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 2 : OPERATING PROFIT AND TAX 2.5 Financial risks from operating activities Foreign currency risks The majority of Ambu's sales are invoiced in USD, EUR, and GBP. The majority of Ambu's production costs and OPEX are in DKK, USD, EUR, MYR, MXN, and CNY. All assets and liabilities in the subsidiaries' balance sheets are denominated in foreign currency. As a consequence, fluctuations in these exchange rates against DKK might impact Ambu’s financial position and results. The most important exchange rates in relation to risk exposure are USD, MYR, MXN, CNY, and GBP (collectively referred to as ‘main currencies’). Furthermore, EUR is a currency with large exposure, but the risk is deemed limited, due to DKK being pegged to EUR. Sensitivity analysis The following table shows the impact on the Group's net profit and other comprehensive income in the event of a 10% fluctuation in the main currencies relative to the recognized financial instruments. The fluctuation of 10% constitutes the Management’s assessment of a realistic exchange rate development within the main currencies. The financial instruments comprised by the sensitivity analysis include trade receivables, cash, payables, trade payables, and intercompany balances. The sensitivity analysis does not take any translation effect from functional currency to presentation currency into consideration. Decrease of 10% in main currencies Increase of 10% in main currencies (DKKm) 2025/26 2024/25 2025/26 2024/25 Income statement -10 11 10 -11 Other comprehensive income - - - - -10 11 10 -11 2.6 Income taxes Ambu strives to meet the standard of being a good corporate citizen in all countries in which we operate. Ambu develops, manufactures, and sells solutions to hospitals and rescue services all over the world through own companies or in collaboration with third parties. This naturally leads to cross-border transactions. In order to counter the inherent tax risk associated with being a multinational company, Ambu follows the OECD’s transfer pricing principles and general guidelines. Even though Ambu operates in OECD member countries, a tax risk still exists given the fact that applicable principles and guidelines are, to some extent, subject to interpretation by the member countries, and that applicable case law is not always clear and changes over time. Ambu utilizes a straightforward transfer pricing system that adheres to the principal structure. In this arrangement, the Parent Company earns residual profits, due to its ownership of intangible assets, and pays corporate income tax in the countries where we conduct business. Tax governance Our work with income taxes is governed by the Tax policy , approved by the Board of Directors. Ambu’s policy is to have a low tax risk appetite and to refrain from having business in tax havens or low tax jurisdictions for the purpose of conducting tax optimization. Ambu does not have activities in tax havens, as defined accord- ing to the EU list of non-cooperative jurisdictions for tax purposes. In some jurisdictions where we operate, tax incentives are offered to all market participants. Our tax approach does not prevent us from making use of such incentives insofar as our activities are business driven and not motivated by tax considerations. Tax incentives utilized by Ambu mainly relate to R&D activities. Most of the current tax incentives relate to R&D uplift in Denmark, entailing a R&D uplift and additionally 116% deprecia- tion of new equipment rolled forward. In the U.S., the tax incentives received relate to R&D tax credit. Tax risks To counter any future tax disputes and disagreements with the tax authorities, Management makes estimates and assessments of the Group's tax exposure and, on the basis thereof, makes a provision for uncertain tax positions. Even though Management considers this provision to be sufficient, future liabilities may deviate from this. Annual Report 2025/26 131In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 2 : OPERATING PROFIT AND TAX (DKKm) 2025/26 2024/25 Tax for the year comprises Current tax on profit for the year 83 113 Deferred tax on profit for the year 114 62 Adjustment, previous years 1 -29 Tax on profit for the year 198 146 Current tax on other comprehensive income and entries on equity for the year -3 - Deferred tax on other comprehensive income and entries on equity for the year 9 - Tax on other comprehensive income and entries on equity for the year 6 - Total income taxes for the year 204 146 2025/26 2024/25 Reconciliation of effective tax rate and tax % DKKm % DKKm Profit before tax 840 755 Applicable tax rate for the year in Parent Company 22.0 185 22.0 166 Effect of tax rate in foreign subsidiaries 1.6 13 0.9 7 Income not subject to tax -0.8 -7 -0.1 -1 Non-deductible costs 2.0 17 1.8 14 Adjustment, change in tax rates 0.0 0 -0.1 -1 Tax adjustment in respect of previous years 0.1 1 -0.2 -1 Additional tax deduction on R&D costs related to prior years 0.0 0 -3.7 -28 Additional tax deduction on R&D costs -1.3 -11 -1.0 -8 Recognition of tax assets not previously recognized 0.0 0 -0.3 -2 23.6 198 19.3 146 2.6 Income taxes (continued) Current tax / income tax paid Current tax Income tax paid (DKKm) 2025/26 2024/25 2025/26 2024/25 China 5 6 3 4 Denmark 30 40 46 21 France 3 2 2 4 Germany 7 5 11 2 Italy 4 1 0 11 Malaysia 8 19 12 18 Mexico 7 3 - - Spain 1 2 - 6 UK 4 4 2 3 U.S. 8 26 2 28 Other countries 6 5 4 4 83 113 82 101 Income tax paid for the year was DKK 82m (DKK 101m) of which DKK 46m (DKK 21m) was paid in Denmark. Annual Report 2025/26 132In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 2 : OPERATING PROFIT AND TAX 2.6 Income taxes (continued) Global minimum corporate tax rate – Pillar Two requirements The legislation implementing the OECD’s proposals for a global minimum corporate tax rate (Pillar Two) was enacted into Danish law at the end of 2023, with effect from 2024. Ambu will be subject to this legislation as from 1 October 2026 and onward. The Group has performed a high-level assessment of the Group’s potential exposure to Pillar Two income taxes for periods from 1 October 2026. The assessments of the potential exposure to Pillar Two income taxes are based on the most recent tax fil- ings and financial statements for the entities in the Group. Based on the assessments, the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15% and the transitional safe harbor relief is expected to apply. On this basis, the Group does not expect a material exposure to Pillar Two income taxes in any jurisdiction. § Accounting policies The tax for the year, which consists of current tax and changes in deferred tax, is recognized in the income statement, with the portion attributable to the profit for the year; and in other comprehensive income with the portion attributable to amounts recognized directly in other comprehensive income; and in equity with the portion attributable to amounts recognized directly in equity. The tax effect of share-based payment is included in tax on the profit for the year with the portion attributable to the Group’s deductible share of the cost from the Black-Scholes or other applied valuation model, and the remaining tax effect is included in equity. Tax is provided on the basis of the tax rules and tax rates applicable in the individual countries. 2.7 Deferred tax (DKKm) 30.09.26 30.09.25 Deferred tax at 1 October 126 156 Additions in connection with business combination 10 - Currency translation adjustment 1 -1 Deferred tax on share-based payment recognized in equity -9 - Deferred tax for the year recognized in the income statement -114 -62 Adjustments in respect of previous years -2 33 Deferred tax at 30 September 12 126 Deferred tax relates to: Intangible assets -376 -345 Property, plant, and equipment -24 -24 Current assets 40 84 Deferred tax on share-based payment recognized in equity 7 10 Provisions 11 5 Payables 31 35 Tax loss carry-forwards 323 361 12 126 Classified in the balance sheet as follows: Deferred tax asset 94 137 Deferred tax -82 -11 12 126 Annual Report 2025/26 133In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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Tax losses in the Group On recognizing tax loss carry-forwards in Denmark, Management has assessed the recoverability of the related deferred tax asset based on historical and expected future taxable income. Ambu A/S has generated positive taxable income in Denmark for the past three financial years and is expected to continue to do so based on Management-approved budgets and strategy plans. Tax loss carry-forwards in Denmark amounted to DKK 1,450m (DKK 1,630m at 30 September 2025). An amount of DKK 319m (DKK 358m) was recognized at the end of the year. In Germany, unrecognized tax assets amounted to DKK 25m (DKK 29m). § Accounting policies Deferred tax is measured under the balance sheet liability method on the basis of all temporary differences between the carrying amount and tax base of assets and liabilities. Deferred tax is not recognized on tempo- rary differences resulting from the initial recognition of goodwill. Deferred tax assets, including the tax base of tax loss carry-forwards, are recognized under other non-current assets at the expected usable value, either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Adjustment is made of deferred tax in relation to eliminations made with regard to unrealized intercompany profits and losses. The value of deductible temporary differences is recognized to the extent that Management, on the basis of budgets, business plans, etc., is able to render probable that the value can be offset against temporary deferred tax liabilities or against future taxable income. Tax losses are recognized to the extent that Manage- ment can render probable that these can be offset against future taxable income. Deferred tax is calculated on share-based payments to the extent that the individual scheme is deductible for the Group. Deferred tax is calculated as the difference between the value of the share-based payment at the time of allocation and the fair value, whichever is higher. Deferred tax assets from share-based payment schemes are recognized proportionately over the vesting period. The tax asset is recognized in the income statement at a value corresponding to the tax deduction for the scheme-related costs recognized in the income statement. Any additional values are recognized directly in equity. Deferred tax is measured on the basis of the taxation rules and tax rates, which, pursuant to the legislation in force at the balance sheet date, will apply in the individual countries at the time when the deferred tax is expected to become payable as current tax. Changes in deferred tax resulting from changes in tax rates are recognized in the income statement. 2.7 Deferred tax (continued) 2.8 Earnings per share (DKKm) 2025/26 2024/25 Net profit for the year 642 609 Average number of class A and class B shares in circulation (’000) 264,627 266,476 Dilutive effect of outstanding incentive programs settled in shares (’000) 451 526 Average number of outstanding class A and class B shares, including the dilutive effect of share-based payment settled in shares (’000) 265,078 267,002 Earnings per share (EPS) in DKK 2.42 2.29 Diluted earnings per share (EPS-D) in DKK 2.42 2.28 § Accounting policies Earnings per share are presented as both earnings per share and diluted earnings per share. Earnings per share are calculated as the net profit for the year divided by the average number of outstanding shares. Diluted earnings per share are calculated as the net profit for the year divided by the sum of the average number of outstanding shares, including the dilutive effect of outstanding share-based payment settled in shares that are ‘in the money’. The dilutive effect of share-based payment that is ‘in the money’ is calculated as the difference between the number of shares that could be acquired at fair value for the proceeds from the exercise of the share-based payment, offset against the share of the granted fair value of the share-based payment not yet recognized. SECTION 2 : OPERATING PROFIT AND TAX Annual Report 2025/26 134In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL 3.1 Goodwill (DKKm) 30.09.26 30.09.25 Cost at 1 October 1,497 1,527 Additions in connection with business combination 221 - Currency translation adjustment 28 -30 Cost at 30 September 1,746 1,497 The carrying amount of goodwill at DKK 1,746m (DKK 1,497m) stems primarily from the business combi- nations of Invendo Medical GmbH in 2017, King Systems Corp. in 2013, and Foresight Imaging, LLC (“TIMS Medical”) in 2026. Foresight Imaging, LLC, has been integrated into Ambu's existing endoscopy business, and its solutions are complementary to Ambu's existing solutions and are already used in combination by many hospitals. Management has assessed the Group's cash-generating units following the acquisition and concluded that the activities of Foresight Imaging does not generate cash inflows that are largely independent of the cash inflows generated by Ambu's existing activities. As outlined in note 2.1, the acquisition of Foresight Imaging has not changed the operating structure of the Group, accordingly, Management continues to consider the Group as one cash-generating unit for impairment testing purposes. The market value of Ambu A/S’s shares is based on the quoted price of DKK 68.95 per share on Nasdaq Copenhagen at 30 September 2026 (DKK 92.60 per share at 30 September 2025). Based on this market value approximation, Ambu's equity value is DKK 18.0bn (DKK 24.7bn), which leaves DKK 11.7bn (DKK 18.7bn) in headroom to the carrying amount of equity. Therefore, the Management has concluded that no indication of impairment of goodwill is present. § Accounting policies On recognition, goodwill represents the excess cost of an acquisition over the fair value of the identifiable net assets of the acquired company. Subsequently, goodwill is measured at cost less accumulated impairment losses. Goodwill is not amortized. At the time of acquisition, goodwill is attributed to the cash-generating units which are expected to benefit from the business combination; however, not to a level lower than the segment level and the level at which goodwill is monitored as part of the internal financial management. The allocation is consistent with how management monitors and manages the business. The Management has identified one operating segment as being the whole Group to which goodwill is allocated. The carrying amount of goodwill is tested for impairment together with the other non-current assets of the cash-generating unit to which goodwill has been allocated (being the whole Group) and is impaired to the recoverable amount in the income statement if the carrying amount is higher. Impairment of goodwill is rec- ognized as a separate item in the income statement. Goodwill is tested annually for impairment, the first time being by the end of the year of recognition in connection with a business combination. The impairment test of goodwill is based on the quoted price on Nasdaq Copenhagen at the balance sheet date. Therefore, the impairment test is taking base in level 1 in accordance with the fair value hierarchy. Impairment of goodwill is not reversed. Impairment of other assets is reversed insofar as the assumptions and estimates on the basis of which the impairment is made have been changed. Impairments are only reversed insofar as the new carrying amount of the asset does not exceed the carrying amount of the asset after amortization, had the asset not been impaired. ! Material accounting judgment Impairment testing For impairment testing purposes, goodwill acquired in a business combination is allocated to the cash-gen- erating units or groups of cash-generating units that are expected to benefit from the synergies of the combi- nation. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of cash inflows from other assets or groups of assets. The allocation is made at the lowest level at which goodwill is monitored for internal management purposes and cannot be higher than an operating segment before aggregation. Management has assessed that the Group constitutes one cash-generating unit and goodwill is therefore monitored and tested for impairment at Group level. Annual Report 2025/26 135In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL 3.2 Other intangible assets (DKKm) Acquired technologies, trademarks and cust. relations Completed development projects Other, incl. IT software Development projects and other assets in progress Total 2025/26 Cost at 1 October 916 2,008 274 319 3,517 Currency translation adjustment 6 - - - 6 Additions during the year - - - 374 374 Additions in connection with business combination 79 - - - 79 Disposals during the year -27 -6 - - -33 Transferred during the year - 78 64 -142 - Cost at 30 September 974 2,080 338 551 3,943 Amortization and impairment losses at 1 October -577 -1,014 -174 - -1,765 Currency translation adjustment -5 - - - -5 Disposals during the year 27 - - - 27 Amortization for the year -35 -166 -35 - -236 Amortization and impairment losses at 30 September -590 -1,180 -209 - -1,979 Carrying amount at 30 September 384 900 129 551 1,964 2024/25 Cost at 1 October 923 1,762 282 350 3,317 Currency translation adjustment -7 - - - -7 Additions during the year - - - 267 267 Disposals during the year - - -60 - -60 Transferred during the year - 246 52 -298 - Cost at 30 September 916 2,008 274 319 3,517 Amortization and impairment losses at 1 October -547 -857 -210 - -1,614 Currency translation adjustment 7 - 1 - 8 Disposals during the year - - 60 - 60 Amortization for the year -37 -157 -25 - -219 Amortization and impairment losses at 30 September -577 -1,014 -174 - -1,765 Carrying amount at 30 September 339 994 100 319 1,752 § Accounting policies Acquired technologies, trademarks, and customer relations, primarily comprising identified technologies, are recognized at fair value at the time of acquisition in connection with a business combination. Any other intangible asset is recognized at cost. Development and IT projects are recognized as intangible assets if they meet certain criteria. These projects must be clearly defined and identifiable, with proven technical feasibility and sufficient resources available for completion. Additionally, there should be a potential mar- ket or scope for the project, and the Group must intend to produce, market, or use the project. The directly attributable cost should be reliably measurable, and there must be certainty that future earnings or the net selling price will cover all costs. Useful lifetime and residual value Intangible assets, excluding goodwill, are amortized according to the straight-line method over the expected useful lifetime of the indi- vidual asset. The residual value for all intangible assets is assessed as zero. The amortization of the intangible asset commences upon completion of the project or when the asset is ready for use. The basis of amortization is reduced by impairment losses, if any. The useful life of the asset may subsequently be changed if the original assump- tions on which the useful life and any residual value are based have changed significantly. The expected useful lifetimes of intangible assets are as follows: Acquired technologies 5 -15 years Completed development projects 5 -10 years Distribution rights, patents, and licenses, etc. 5 -20 years IT software projects 3 -5 years Annual Report 2025/26 136In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL 3.2 Other intangible assets (continued) Result of impairment testing of other intangible assets Result of impairment testing of the GI technologies The impairment test of the GI technologies is covering assets related to the three technologies, which are included within the asset categories ‘Acquired technologies, trademarks, and cust. relations’, ‘Completed development projects’, and ‘Development projects and other assets in progress’. In accordance with the Group accounting policy for impairment testing of other intangible assets, both fair value and value-in-use are evaluated as part of the 2025/26 impairment test of the GI technologies. The impairment test confirmed that the fair value represents the recoverable amount of the assets. The impair- ment test concluded that there are no indications of further impairment, nor any basis for reversing the previ- ously recognized impairment loss. In 2025/26, the impairment test of aScope™ Colon reflects updated revenue expectations related to the anticipated development, and thereby expected launch, of the next product generation. Furthermore, the forecasted period for aScope™ Duodeno has been updated based on the FDA clearance for Duodeno 2.0, which is the current in-market version of the technology and has replaced the previous ver- sion. The key assumptions used in the impairment test of aScope™ Gastro are largely unchanged, compared to last year. Result of impairment testing of other intangible assets The impairment test of other intangible assets is covering the remaining part of ‘Development projects and other assets in progress’ in scope for annual impairment testing. The impairment tests of other intangible assets in 2025/26, did not result in recognition of impairment losses (2024/25: no impairment losses). No sensitivity analysis has been made for the impairment test of other intangible assets as the impairment test shows a clear result of no need for recognition of impairment losses. Sensitivity analysis for the impairment test of the GI technologies The sensitivity analysis assesses the impact of changes in key assumptions of the result of the impairment test. The ‘relief from royalty’ method estimates the discounted value of an intangible asset determined by the expected royalty payments to a third party to be saved by owning the respective asset instead of licensing the respective asset. When applying the ‘relief from royalty’ method in the impairment test for the GI tech- nologies, the fair value is measured over the useful lifetime of the individual assets and by applying the main key assumptions as revenue, royalty rate, and pre-tax discount rate. Useful lifetime for GI technologies is 15 years from FDA clearance of the launched products. The sensitivity shown for revenue is the amount of decrease in headroom, when reducing the expected revenue in all budgeted years by 5%-pts, everything else kept equal. The sensitivity shown for royalty rate is the amount of decrease in headroom, when reducing the applied roy- alty rate by 5%-pts, everything else kept equal. The sensitivity shown for pre-tax discount rate is the amount of decrease in headroom, when increasing the applied pre-tax discount rate by 1%-pts, everything else kept equal. Key assumptions Description Revenue (CAGR) • R evenue in the budgeted period is based on a combination of expected quanti- ties sold and the average selling price, together with a 15 years of survival curve for each technology, commencing upon FDA clearence Royalty rate • B ased on an expected royalty rate paid to an independent third party to license the individual technology Discounted rates (net of tax) • B ased on 20-year government bonds • E quity risk premium: 8.8% (8.3%) • P remium added to adjust for variability and associated risks of the in-market and pipeline products Annual Report 2025/26 137In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL 3.2 Other intangible assets (continued) (DKKm) Colon Duodeno Gastro 2025/26 Carrying amount, tested technology 76 217 192 Impairment loss (-) / headroom (+) 6 8 7 Carrying amount at 30 September 76 217 192 Carrying amount is classified as: Acquired technologies, trademarks, and cust. relations 61 131 77 Completed development projects 15 86 103 Development projects and other assets in progress - - 12 Budget period Revenue (CAGR) 48% 39% 31% Royalty rate 20% 25% 20% Pre-tax discount rate 15.2% 14.7% 15.0% Sensitivity analysis – impact on headroom 1 Revenue (CAGR) -6 -11 -13 Royalty rate -29 -46 -65 Pre-tax discount rate -8 -12 -12 1 S ensitivity for revenue and royalty rate is based on a 5%-pts decrease, and pre-tax d iscount rate is based on a 1%-pts increase (DKKm) Colon Duodeno Gastro 2024/25 Carrying amount, tested technology 84 247 207 Impairment loss (-) / headroom (+) 9 10 16 Carrying amount at 30 September 84 247 207 Carrying amount is classified as: Acquired technologies, trademarks, and cust. relations 66 146 85 Completed development projects 18 101 111 Development projects and other assets in progress - - 11 Budget period Revenue (CAGR) 19% 76% 30% Royalty rate 20% 25% 20% Pre-tax discount rate 15.3% 14.6% 13.9% Sensitivity analysis – impact on headroom 1 Revenue (CAGR) -6 -13 -15 Royalty rate -29 -51 -75 Pre-tax discount rate -7 -13 -14 1 S ensitivity for revenue and royalty rate is based on a 5%-pts decrease, and pre-tax d iscount rate is based on a 1%-pts increase Annual Report 2025/26 138In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL 3.2 Other intangible assets (continued) § Accounting policies Impairment testing of other intangible assets At each reporting date, Management performs an assessment of whether internal or external indications of impairment of the identified intangible assets exist. If there is any indication of impairment, an impairment test is carried out. If an indication of impairment exists, the recoverable amount of the asset is determined, i.e. the higher of the fair value of the asset, less anticipated costs of disposal and its value-in-use. For assets that are either fully or partially impaired, both their fair value and value-in-use are assessed to verify whether the impairment remains and to determine if further impairment, or a reversal of previously recorded impair- ment losses, is necessary. Reversals of previously recognized impairment losses are only recorded when there is a change in the assumptions for the original impairment. This includes changes in expected future cash flows or the discount rate, in the case of value-in-use or an increase in fair value, reflecting a genuine improvement of the asset’s recoverable amount, excluding changes solely due to the passage of time. Development projects in progress, either acquired or internally generated, are tested for impairment mini- mum on an annual basis and to see if there is any indication of impairment. For completed development projects, it is continuously assessed whether there is any indication of impairment. Impairment tests are either carried out by calculating the value-in-use, by using a discounted cash flow model, or by calculating the fair value, depending on the type of intangible asset. If the initial impairment test shows a calculated amount lower than the carrying value of the asset, both fair value and value-in-use are cal - culated, and an impairment loss is recognized at the higher amount of either fair value or value-in-use if both calculated values are below the carrying amount of the asset. The impairment assessment, and the possible following impairment test, is carried out per individual asset. ! Material accounting estimates and judgment Impairment test of other intangible assets Management assesses the risk of impairment of the Ambu Group’s intangible assets. This requires judgment in relation to the underlying assumptions of the future expected cash flows, of the individual assets, to be applied in the Group’s impairment model. An impairment test is performed at least once a year for develop- ment projects in progress. The impairment test is for each development project in progress determined on the basis of certain key assumptions, i.e., payback time, net present value, and actual development costs realized, compared to the business case. For acquired and completed development projects related to the GI technologies, the impairment test is conducted by use of the ‘relief from royalty’ method as valuation model for determining the fair value. This is consistent with the valuation method applied when the technologies were acquired. The fair value hierarchy, by use of the ‘relief from royalty’ method is level 3, as unobservable inputs are used to measure the fair value to the extent that relevant observable inputs are not available, which include any information about market participant assumptions that is reasonably available. The recoverable amount of each identified intangible asset related to the GI technologies is determined on the basis of certain key assumptions, i.e., expected revenue, royalty rate, and discount rate. The cash flow projections for the individual assets, applied in the short-, mid-, and long-term perspective, reflect Manage- ment’s best estimate, including Group strategic initiatives, local initiatives, past experience, and external sources of information, where possible and relevant for the individual assets. Annual Report 2025/26 139In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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3.3 Property, plant, and equipment (DKKm) Land and buildings Plant and machinery Other fixtures and equipment Property, plant and equipment in progress Total 2025/26 Cost at 1 October 282 608 262 88 1,240 Currency translation adjustment 17 43 10 6 76 Additions during the year - - - 204 204 Disposals during the year -2 -13 -7 - -22 Transferred during the year 32 62 22 -116 - Cost at 30 September 329 700 287 182 1,498 Depreciation and impairment losses at 1 October -115 -391 -146 - -652 Currency translation adjustment -7 -27 -6 - -40 Disposals during the year 2 9 7 - 18 Impairment losses for the year - -2 - - -2 Depreciation for the year -10 -52 -24 - -86 Depreciation and impairment losses at 30 September -130 -463 -169 - -762 Carrying amount at 30 September 199 237 118 182 736 2024/25 Cost at 1 October 291 583 265 82 1,221 Currency translation adjustment -17 -35 -6 -3 -61 Additions during the year - - - 117 117 Disposals during the year -1 -22 -14 - -37 Transferred during the year 9 82 17 -108 - Cost at 30 September 282 608 262 88 1,240 Depreciation and impairment losses at 1 October -114 -387 -138 - -639 Currency translation adjustment 7 23 4 - 34 Disposals during the year - 20 15 - 35 Depreciation for the year -8 -47 -27 - -82 Depreciation and impairment losses at 30 September -115 -391 -146 - -652 Carrying amount at 30 September 167 217 116 88 588 SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL § Accounting policies Land and buildings, plant and machinery, and other plant, fixtures and fittings, tools and equipment are measured at cost less accu- mulated depreciation and impairment losses. Cost comprises the acquisition price and any costs directly attributable to the acquisition until the date when the asset is ready for use. The cost of a total asset is divided into separate elements which are depreciated individually when the useful lives of the individual elements differ. Useful lifetime and residual value The basis of depreciation is calculated in consideration of the resid- ual value of the asset and is reduced by impairment losses, if any. The residual value is fixed at the date of acquisition and is subject to annual review. When the residual value exceeds the carrying amount of the asset, depreciation will no longer take place. In connection with changes in the depreciation period or the residual value, the effect of depreciation is recognized in the future as a change in the accounting estimate. The carrying amount of property, plant, and equipment is assessed on an annual basis to establish whether there is any indication of impairment. When such indication exists, an impairment test is per- formed. An impairment loss is recognized when the carrying amount of an asset exceeds the recoverable amount of the asset. Property, plant, and equipment are depreciated according to the straight-line method over the expected useful lives of the assets/com- ponents as follows: Buildings 1 0-40 years Building installations 1 0 years Plant and machinery 2 -10 years Other fixtures and equipment 3 -5 years Land is not depreciated. Depreciation is recognized in the income statement under production costs, selling and distribution costs, research and development costs, or management and administrative expenses, as appropriate. See note 2.4. Annual Report 2025/26 140In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL 3.4 Leases (DKKm) 30.09.26 30.09.25 Land and buildings 504 497 Other plant, fixtures and fittings, tools and equipment 51 42 Right-of-use assets in progress 1 34 5 Carrying amount of lease assets 589 544 Additions on lease assets during the year 110 68 (DKKm) 30.09.26 30.09.25 Lease liabilities Less than 1 year 93 82 Between 1 and 5 years 271 245 More than 5 years 399 417 Undiscounted lease liabilities 763 744 (DKKm) 2025/26 2024/25 Amounts recognized in the income statement Expenses related to low value and short-term leases 2 1 Interest on lease liabilities 18 18 Depreciation of lease assets per asset class Land and buildings 55 51 Other plant, fixtures and fittings, tools and equipment 24 18 Depreciation of lease assets 79 69 Amounts recognized in the cash flow statement Total cash outflow for leases 94 82 1 Right-of-use assets in progress relate to the rebuilding of the leased office premises in Ballerup, Denmark. The rebuild is financed through a construction loan facility, which will be converted into a lease agreement upon completion, currently expected in October 2027. § Accounting policies ‘Right-of-use assets’ refer to a contract or part of a contract that conveys the lessee’s right to use an asset for a period of time. At the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset at the same amount. A right-of-use asset is initially measured at cost, which equals the ini- tial lease liability and initial direct costs, less any lease incentives received. The Group has applied the practi- cal expedient option allowed under IFRS by using a portfolio approach for the recognition of lease contracts related to assets of the same nature and with similar lease terms. The right-of-use asset is depreciated over the earlier of the lease term or the useful life of the asset. The impairment testing of right-of-use assets follows the same principles as those applied for property, plant, and equipment, refer to note 3.3. The cost price is adjusted for remeasurement of the lease liability. The Group has elected not to recognize right-of-use assets and liabilities for leases with a term of 12 months or less, and leases of low-value assets. Lease payments related to such leases are recognized in the income statement as an expense on a straight-line basis over the lease term. For right-of-use assets, cost is calculated at the lower of the fair value of the assets and the present value of the future minimum lease payments. For calculating the present value, the internal rate of interest of the lease is used as the discount rate. Right-of-use assets are measured at cost, less depreciation and impairment losses, and adjusted for remeasurement of the lease liability. Right-of-use assets in progress are measured at cost in line with the accounting policy for property, plant, and machinery, refer to note 3.3, where the Group has control of the underlying assets during the rebuilding phases. Annual Report 2025/26 141In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL 3.5 Inventories (DKKm) 30.09.26 30.09.25 Raw materials and purchased components 530 455 Finished goods 830 817 1,360 1,272 The above includes write-downs amounting to -14 -9 Direct production costs 2,066 1,895 Unallocated indirect production costs, incl. inbound freight 504 498 Freight costs and tariffs on transportation between Ambu's warehouses 104 157 Cost of sales for the year 2,674 2,550 (DKKm) 2025/26 2024/25 Cost of sales for the year is incurred under the following functions: Production costs 2,570 2,393 Selling and distribution costs 104 157 Cost of sales for the year 2,674 2,550 § Accounting policies Inventories are measured at the lower of cost calculated according to the FIFO principle and net realizable value. The net realizable value is calculated as the selling price, less costs of completion and costs necessary to make the sale. The cost of goods for resale as well as raw materials and purchased components comprises the acquisition price plus delivery costs and tariffs. The cost of manufactured goods comprises the cost of raw materials, purchased components, direct labor costs, and production overheads in the form of logistics and planning costs, production management as well as expenses for production facilities and equipment etc. 3.6 Trade receivables Trade receivables fall due as follows: (DKKm) Not due Due 1-90 days Due 91-180 days Due > 180 days Total 2025/26 Trade receivables, amortized cost 814 189 18 15 1,036 Write-down for expected credit loss -3 -6 -3 -7 -19 Trade receivables 811 183 15 8 1,017 Provision for bad debt at 1 October -15 Bad debt realized during the year 2 Bad debt provision for the year -10 Bad debt provision reversed for the year 4 Currency translation adjustment - Provision for bad debt at 30 September -19 2024/25 Trade receivables, amortized cost 646 172 15 16 849 Write-down for expected credit loss -2 -4 -3 -6 -15 Trade receivables 644 168 12 10 834 Provision for bad debt at 1 October -20 Bad debt realized during the year 3 Bad debt provision for the year -5 Bad debt provision reversed for the year 6 Currency translation adjustment 1 Provision for bad debt at 30 September -15 Annual Report 2025/26 142In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL 3.6 Trade receivables (continued) Credit risks Ambu monitors trade receivables on a daily basis by means of due date reports, changes in payment pattern trends, and ordinary follow-up routines to identify any indications that the initial expectations for credit losses on the individual receivables should be adjusted. This risk assessment is targeted at private customers. Public-sector customers are an important part of the company’s receivables, and it is believed that no debtor risks are associated with public-sector customers. In addition to a specific assessment for expected credit losses on private customers, the Management estimates general macro risks on the portfolio of trade receiv- ables. The Group does not use factoring in connection with the collection of debts. § Accounting policies Trade receivables are measured at amortized cost less write-down for lifetime expected credit losses. To measure the expected credit losses, trade receivables are grouped according to shared credit risk character- istics and days overdue. Furthermore, an allowance for lifetime credit losses for trade receivables is recog- nized on initial recognition. 3.7 Business combinations Ambu made one acquisition during 2025/26 On 11 September 2026, Ambu acquired the entire share capital and voting rights in Foresight Imaging, LLC (doing business as “TIMS Medical”), a privately held company based in Boston, U.S. Foresight Imaging, LLC has 56 employees, an annual revenue of DKK ~97m, and has become a widely adopted standard for ENT procedures, including FEES examinations, with its commercial footprint of around 7,000 installations across U.S. hospitals. The acquisition supports Ambu’s aspiration to achieve global endoscopy leadership by combining TIMS Medical’s workflow and connectivity solutions with Ambu’s endoscopy portfolio. The combination strength- ens Ambu’s offering across visualization, connectivity, reporting, and documentation, with the most immedi- ate opportunity within Ear-Nose-Throat (ENT), where the two companies’ solutions are already used in combi- nation by many hospitals. (DKKm) Fair value at acq. date Technologies 53 Customer relations 20 Trademarks 5 Right-of-use assets 4 Deferred tax assets 9 Inventories 24 Trade receivables and other receivables 13 Cash and cash equivalents 29 Total assets 157 Lease liabilities 4 Provisions 19 Trade payables and other payables 4 Deferred revenue 76 Total liabilities 103 Fair value of net assets acquired (provisional) 54 Goodwill 221 Fair value of total consideration transferred 275 Contingent consideration and deferred payments -57 Acquired Cash and cash equivalents -29 Cash flow for acquisition of enterprise 189 Annual Report 2025/26 143In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 3 : INVESTED CAPITAL AND NET WORKING CAPITAL Provisional fair value of acquired net assets Fair value of the acquired net assets recognized at the reporting date are provisional. Adjustments can be applied to these amounts for a period of up to 12 months from the acquisition date in accordance with IFRS 3. Technologies are considered the most significant acquired asset and is measured using the Multi-Pe- riod Excess Earnings Method by assessing the present value of future excess earnings attributable to the acquired technology adjusted for required returns on all contributory assets involved and tax. These inputs are based on Management’s judgment, historical data, and general business insights. Customer relationships are measured using the distributor method, which estimates the value attributable to the acquired customer base, based on the earnings of a hypothetical distributor performing only cus- tomer-facing activities. Trademarks are measured using the relief from royalty method. The key assumptions are based on standard industry levels, indicating a royalty range of 1.0-3.0%. All three intangible assets are discounted using an after tax WACC of 13.5% specific to the intangible asset. Contract liabilities relate mainly to advance payments for software and services (i.e. ‘Deferred revenue’). Rev- enue is recognized over the contractual period as the related performance obligations are satisfied. Goodwill Goodwill is mainly related to the know-how within the acquired business and revenue synergies. The good- will is tax deductible in accordance with U.S. Code § 197 Amortization of goodwill and certain other intangi- ble assets. Contingent considerations and deferred payments The contingent considerations relate to annual earn-out payments. The annual earn-out comprise of both recognized revenue in the period and unearned revenue from contracts with customers committed after the acquisition date. The two-year earn-out payment is capped at DKK 129m. Key assumptions in the fair value of contingent considerations are budgeted revenue, budgeted contracts with customers to be signed for specific products and services and an applied discount rate of 13.5%. The deferred payments are subject to achievement of specified commercial milestones within the three years of the acquisition date. The maximum aggregate payment is DKK 45m, with a discounted value of DKK 38m at acquisition date. 3.7 Business combinations (continued) Impact on the Group’s income statement From the acquisition date until 30 September 2026, TIMS Medical contributed DKK 19m to consolidated rev- enue. Had the acquisition been consolidated from 1 October 2025, TIMS would have contributed DKK 113m to revenue. The impact on the Group’s net results is immaterial for both periods. The total transaction costs amounted to DKK 16m. Transaction costs are charged to Management and administrative costs. § Accounting policies Business combinations are accounted for using the acquisition method. The cost of an acquisition is mea- sured as the consideration transferred for the assets acquired and liabilities assumed in the business combi- nation measured at fair value on acquisition date including any contingent considerations. Identifiable intangible assets are recognized if they are separable or arise from a contractual right. Deferred tax on revaluations is recognized. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the net identifiable assets acquired and liabilities assumed. Goodwill and fair value adjustments in connection with the acquisition of an entity are treated as assets and liabilities belonging to the foreign entity and translated into the foreign entity’s functional currency at the exchange rate at the acquisition date. Acquirees are recognized in the consolidated financial statements from the date of acquisition. The date of acquisition is the date on which Ambu obtains control of the company. Transaction costs incurred in connection with business combinations are expensed as Management and administrative costs. Subsequent changes in the fair value of the contingent consideration will be recognized in accordance with IFRS 9 in the income statement. Annual Report 2025/26 144In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 4 : FINANCIAL RISK MANAGEMENT, CAPITAL STRUCTURE AND NET FINANCIALS 4.1 Financial risk management Ambu is exposed to fluctuations in foreign exchange and interest rates. Furthermore, Ambu is exposed to liquidity and financing risks. These risks are managed and monitored by the Global Treasury function in accor - dance with the Finance policy approved by the Board of Directors. Ambu does not undertake any active specu - lation in financial risks. Market risk Ambu is, as a global business, exposed to tariffs where applicable to Ambu's business sector and its specific products and components. Tariffs are partly mitigated by the utilization of Ambu's global footprint with flexibil - ity to move some production between the existing production sites in Asia, and North America. Additionally, the Group is exposed to changing raw materials prices and freight rates. Ambu's Global Procure - ment and Global Supply Chain functions, respectively, monitor these risks and work to mitigate them to an acceptable level. Management assesses these risks to be manageable as they represent a small value of the total cost, despite substantial volatility in recent years. Currency risk The effect of fluctuations in foreign exchange rates on the Group’s financial targets and financial position is monitored on an ongoing basis. Prior years' analyses and ongoing quantification of short-term exposure using recognized statistical models have indicated an acceptable level of currency risk to Ambu's cash flow and finan - cial targets. On this background, Ambu continues to rely on natural hedging given the current mix of transac - tions in different foreign exchange rates. See note 2.5 for further information about foreign currency exposure and the 'Outlook for 2026/27' section in the Management's commentary section. Interest rate risk Ambu's policy is to hedge material interest rate risk to mitigate fluctuating interest payments, e.g., related to the group’s committed credit facilities with a floating interest rate where the exposure is linked to IBOR/SOFR reference rates. At year end, Ambu had no utilization of committed credit facilities and therefore also no hedge in place. Liquidity and financing risk Financing and sufficient liquidity are fundamental to Ambu’s continued operation and growth. Liquidity is man - aged centrally from the Parent Company. The objective of the cash management is to ensure that adequate and flexible cash resources are being maintained, thus enabling Ambu to honor its current obligations such as repaying loans and settling other liabilities. Supply chain financing (SCF) To improve the relationship with Ambu's suppliers and minimize the financing cost in the value chain, Ambu offers a SCF program on voluntary basis. When participating in this program, the supplier has the option to receive early payment from the bank based on the invoices approved by Ambu through a factoring arrangement between the supplier and the bank, where the outstanding invoices are transferred to the bank without recourse. Ambu's liability in relation to the SCF program is the outstanding invoices, which are recognized and presented as trade payables until paid upon maturity. The trade payables covered by the SCF program arise in the ordinary course of business from supply of goods and services and the payment terms of the suppliers that are partici - pating in the SCF program are not significantly extended compared to trade payables not part of the SCF pro - gram. At the end of 2025/26, trade payables covered by the program amounted to DKK 22m (DKK 16m). Credit facility To cover the Group’s liquidity needs, Ambu has committed credit facilities for a total of DKK 1,000m. The facil - ities carry floating interest rates with a margin in the range of 0.53-1.13%, depending on the Group’s gearing and ESG performance. At year end, there was no utilization of the facilities. The credit facilities expire on 30 April 2029 and are subject to standard financial covenants. The cash resources, which consist of cash at bank, committed and uncommitted unutilized credit facilities in banks, amount to DKK 1.8bn (DKK 2bn). Considering committed facilities and cash at bank only, the cash resources were DKK 1.6bn (DKK 1.9bn). Cash-pool solutions are applied and intercompany loans have been granted by Ambu A/S to relevant sub- sidiaries. The liquidity risk is mitigated by a consistent focus on budgeted and realized cash flow. Credit risk Ambu is mainly exposed to credit risks in respect of trade receivables. The maximum credit risk corresponds to the carrying amount. For many years, Ambu has not realized any significant losses on receivables. Reference is made to note 3.6. Counterparty risk Counterparty risk related to financial instruments is mitigated by Ambu setting cash limits for each institution based on their respective credit rating. Capital management The Group’s objective when managing capital is to maintain a capital structure that provides sufficient financial flexibility to support operations, organic growth and strategic investments, while safeguarding the Group’s abil - ity to continue as a going concern and deliver sustainable returns to shareholders. The Group considers equity, net interest-bearing debt, and available liquidity when assessing its capital struc - ture. Capital requirements are evaluated in light of the Group’s dividend policy , investments supporting organic growth, expected operating cash flows, and acquisition opportunities. The Board of Directors regularly reviews the Group’s capital structure and may adjust dividends, share buybacks, and financing arrangements in response to changes in the Group’s financial position and strategic priorities. Annual Report 2025/26 145In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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4.2 Financial instruments Contractual cash flows (DKKm) 0-1 year 1-5 years > 5 years Total Carrying amount 2025/26 Trade receivables 1,017 - - 1,017 1,017 Other receivables 26 2 - 28 28 Cash and cash equivalents 536 - - 536 536 Financial assets measured at amortized cost 1,579 2 0 1,581 1,581 Trade payables 615 - - 615 615 Other payables 459 2 4 465 465 Financial liabilities measured at amortized cost 1,074 2 4 1,080 1,080 Contingent consideration (level 3) - 24 - 24 19 Financial liabilities stated at fair value through profit or loss - 24 - 24 19 2024/25 Trade receivables 834 - - 834 834 Other receivables 30 10 - 40 40 Cash and cash equivalents 866 - - 866 866 Financial assets measured at amortized cost 1,730 10 - 1,740 1,740 Trade payables 572 - - 572 572 Other payables 441 5 2 448 448 Financial liabilities measured at amortized cost 1,013 5 2 1,020 1,020 SECTION 4 : FINANCIAL RISK MANAGEMENT, CAPITAL STRUCTURE AND NET FINANCIALS Financial instruments measured at fair value At the end of the financial year, it is assessed whether an instrument has moved between the levels of the fair value hierarchy. There have been no movements between the various levels this year or the year before. Methods and assumptions for the determination of fair value Contingent considerations Contingent considerations are recognized at fair value by discounting expected cash flows based on contrac- tual conditions and unobservable inputs such as milestone achievements and expected performance (fair value level 3). For more details, please refer to note 3.7. § Accounting policies Debt to credit institutions, etc., is recognized at the date of borrowing at fair value corresponding to the pro- ceeds received, less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortized cost using the ‘effective rate of interest method’, so that the difference between the proceeds and the nominal value is recognized under financial expenses in the income statement for the duration of the loan term. Contingent considerations arising as result of a business combination are recognized as from the acquisi- tion date and are measured at fair value in the balance sheet. The applied methods and assumptions are described separately for contingent considerations. Changes in the fair value of contingent considerations are recognized on an ongoing basis in the income statement. Other liabilities are measured at amortized cost. Fair value hierarchy is as following: Level 1: T he fair value of financial instruments traded on active markets is based on the listed market prices at the balance sheet date. The listed price is used for the Group’s financial assets as the current purchase price. Level 2: T he fair value of financial instruments which are not traded in an active market (e.g., over-the-counter derivatives), is determined using ordinary valuation methods. Level 3: Valuation techniques primarily based on If no unobservable market data Annual Report 2025/26 146In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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4.3 Net financials (DKKm) 2025/26 2024/25 Interest income, banks 21 15 Interest income, others 1 - Financial income 22 15 (DKKm) 2025/26 2024/25 Interest expenses, banks 6 8 Interest expenses, leases 18 18 Interest expenses, others 1 4 Foreign exchange loss, net 8 14 Financial expenses 33 44 § Accounting policies Financial income and expenses comprise interest, exchange gains and losses, transactions in foreign cur - rencies, and amortization of financial assets and liabilities, including leases. The timing effect and fair value adjustment of contingent consideration and the purchase price payable are classified under net financials. 4.4 Interest-bearing debt (DKKm) 30.09.26 30.09.25 Borrowings 33 5 Lease liabilities 469 462 Long-term interest-bearing debt 502 467 Lease liabilities 91 80 Short-term interest-bearing debt 91 80 Interest-bearing debt 593 547 The table below shows the composition of the Group’s net interest-bearing debt. (DKKm) 30.09.26 30.09.25 Interest-bearing debt 593 547 Cash and cash equivalents -536 -866 Net interest-bearing debt 57 -319 SECTION 4 : FINANCIAL RISK MANAGEMENT, CAPITAL STRUCTURE AND NET FINANCIALS Annual Report 2025/26 147In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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4.5 Share capital and treasury shares Share capital Ambu's share capital is DKK 135m, divided into two classes of shares with a nominal share value of DKK 0.50. At 30 September 2026, the share capital comprised 34.3 million Class A shares and 235.0 million Class B shares, corresponding to a total of 269.3 million shares. Ambu's share capital remained unchanged during 2025/26 and in 2024/25. A class A share carries 10 votes per share, while a class B share carries one vote per share. There is no differ- ence between the economic rights pertaining to the individual share classes. All shares are paid-up in full. Treasury shares In 2025/26, Ambu completed two share buyback programs under which Ambu purchased 6,238,110 treasury shares, corresponding to a total purchase price of DKK 450m. The share buyback programs are carried out with the purpose of adjusting the capital structure of the company with the purpose of completing a share capital decrease. Treasury shares include hedge for share-based incentive plans to Executive Management and other employees. Development in treasury shares: No. ('000) Nominal value (DKKm) In % of share capital 2025/26 2024/25 2025/26 2024/25 2025/26 2024/25 1 October 2,739 2,905 1.5 1.6 1.0% 1.1% Disposals, long-term incentive schemes -290 -25 -0.1 0.0 -0.1% 0.0% Disposals, employee shares (matching shares) -45 -59 0.0 0.0 0.0% 0.0% Disposals, share options - -82 0.0 -0.1 0.0% -0.1% Purchase, treasury shares 6,238 - 3.0 0.0 2.2% 0.0 30 September 8,642 2,739 4.4 1.5 3.1% 1.0% § Accounting policies Acquisition costs and consideration, as well as the dividend on treasury shares, are recognized directly in retained earnings under equity. Proceeds from the sale of treasury shares and the issue of shares in Ambu A/S in connection with the exercise of share options and from the sale of employee shares, are taken directly to equity. SECTION 4 : FINANCIAL RISK MANAGEMENT, CAPITAL STRUCTURE AND NET FINANCIALS 4.6 Cash flows from financial liabilities classified as financing activities Non-cash movements (DKKm) 30.09.25 Cash flow Additions Adjust- ments1 30.09.26 Credit institutions 5 - 28 - 33 Lease liabilities 542 -73 78 13 560 547 -73 106 13 593 Non-cash movements (DKKm) 30.09.24 Cash flow Additions Adjust- ments1 30.09.25 Credit institutions - - 5 - 5 Lease liabilities 558 -63 62 -15 542 558 -63 67 -15 547 1 Non-cash adjustments mainly relate to foreign currency translation. Annual Report 2025/26 148In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 5 : PROVISIONS, OTHER LIABILITIES, ETC. 5.1 Provisions (DKKm) 2025/26 2024/25 Provisions at 1 October 6 20 Additions during the year 4 1 Additions in connection with business combination 19 - Contingent consideration and deferred payments in connection with business combination 57 - Used during the year -2 -9 Value adjustment 1 -6 Currency translation adjustment 2 - Provisions at 30 September 87 6 Provisions expected to fall due: Non-current liabilities 35 3 Current liabilities 52 3 Provisions at 30 September 87 6 Provisions at the balance sheet date consist of earn-out liabilities and deferred payments related to acquisi- tions completed during the year and other provisions. § Accounting policies Provisions are recognized when the Group, as a result of an event occurring before or on the balance sheet date, has incurred a legal or actual liability, and it is probable that economic benefits will flow from the Group in order to settle the liability. If the effect of the time value of money is significant, provisions are discounted using a pre-tax discount rate. When applying a discount rate, the change in provisions, due to the timing, is recognized as a financial cost. 5.2 Deferred revenue (DKKm) 2025/26 2024/25 Additions in connection with business combination 76 - Net movement for the year 20 - Deferred revenue at 30 September 96 - (DKKm) 2025/26 2024/25 Classification at 30 September 0-1 year 59 - 1-5 years 37 - Total 96 - Deferred revenue primarily derives from the acquisition of Foresight Imaging, LLC, (“TIMS Medical”) related to advance payments for software and services. Revenue from these prepayments is recognized over the contractual period as the related performance obligations are satisfied. § Accounting policies Deferred revenue comprises consideration received from customers before the related goods or services have been transferred. The liability is recognized as revenue over time, when the performance obligations are satisfied. All other performance obligations are fulfilled at the point in time where the risk of the goods is passed to the buyer. These performance obligations all relate to sales orders expected to be fulfilled within one year from the balance sheet date. No performance obligations have therefore been disclosed for these open sales orders, in accordance with IFRS 15 par 121. Annual Report 2025/26 149In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 5 : PROVISIONS, OTHER LIABILITIES, ETC. 5.3 Fee to auditors appointed by the Annual General Meeting (DKKm) 2025/26 2024/25 Audit fee 4.5 5.5 Other assurance engagements 0.9 1.7 Tax consultancy services 0.3 - Total fees 5.7 7.2 Fee for non-audit services provided to the Group by EY Godkendt Revisionspartnerselskab, Denmark, amounted to DKK 0.9m (DKK 1.7m), relating mainly to other assurance reports. 5.4 Related parties The Group’s related parties include Ambu's Board of Directors and Executive Management and members of their families. Related parties furthermore include enterprises in which the aforementioned persons have a significant interest. During the year, no transactions, except for payment of Management’s remuneration (notes 2.3 and 5.5) and ordinary dividend payments, took place with the Board of Directors, Executive Man- agement, major shareholders, or other related parties. Annual Report 2025/26 150In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 5 : PROVISIONS, OTHER LIABILITIES, ETC. 5.5 Share-based payment The Group's incentive-based remuneration to the Executive Management is described in the Remuneration report 2025/26. Share-based payment is governed by the Remuneration policy approved by the Board of Directors. The Board of Directors does not receive share-based payment. The total expense in profit or loss for share-based payment was DKK 30m (DKK 31m). Performance Share Units (PSU) In 2025/26, Ambu established a share-based long-term incentive plan for the Executive Management and key employees selected on the basis of job level by way of granting PSUs. The performance measures for all employees except Executive Management pertaining to the certain financial metrics for the FY 2025/26. Effectively 2025/26, the Executive Management has been allocated PSUs with financial performance metrics achieved over three financial years. In 2024/25 a PSU program was granted under the same conditions as 2025/26, except the PSUs for the Exec- utive Management which were achieved over one year. The fair value per share at grant date was DKK 86 (DKK 111). PSU programs vest three years after grant. Employee shares Ambu is offering all its white-collar employees (full- and part-time) the opportunity to acquire a number of shares based on a fixed percentage of their annual base salary. The number of shares with which an employee participates are matched free of charge after two years (Restricted Stock Units). The fair value per share at grant date was DKK 67 (DKK 109). § Accounting policy The fair value of Ambu’s share-based payment is expensed on an accrual basis. Fair value of equity-based schemes at the time of allocation is calculated according to recognized valuation models or methods. This value is expensed over the service period for each of the respective schemes and is taken to equity. On recognition of the fair value during the service period, account is taken of the number of employees who are expected to obtain a final right to the scheme, including the conditions to which the allocation is subject. This estimate is reassessed at the end of each reporting period so that only the number of rights expected to be vested is recognized. Adjustments relating to previous periods are recognized in the period in which the adjustment is made. The fair value per unit does not change. Shares outstanding Executive Management Other employees Total Shares outstanding at 1 October 2024 154,498 1, 597,601 1,752,099 Shares granted during the year 53,981 247, 390 301,371 Shares exercised during the year 1 -8,548 -157,076 -165,624 Shares lapsed during the year - -941,733 -941,733 Shares outstanding at 30 September 2025 199,931 746,182 946,113 Shares granted during the year 71,513 305,840 377, 353 Shares exercised during the year 1 -56,326 -279,080 -335,406 Shares lapsed during the year - -65,225 -65,225 Shares outstanding at 30 September 2026 215,118 707,717 922,835 1 The average market price on the date of exercise in 2025/26 was DKK 88 (DKK 104) for PSUs and DKK 67 (DKK 101) for employee shares. In 2024/25, the remaining legacy program of stock options expired, except for 82,228 stock options exercised at an average market price of DKK 142 and an exercise price of DKK 134. Number of outstanding shares in Ambu A/S Shares at 30 September 2026 Maximum market value at grant Accumu- lated cost recognized (DKKm) Remaining value to be expensed (DKKm) Program granted, (vesting) January 2024, (2027)1 287,037 37 31 2 January 2025, (2028)1 200,431 46 15 10 May 2025, (2027)2 73,106 8 6 2 January 2026, (2029)1 255,239 47 6 18 May 2026, (2028)2 111,022 8 1 6 Total number of shares outstanding 922,835 146 59 38 1 The weighted average remaining contractual life of all outstanding PSUs was 1.2 years. 2 The weighted average remaining contractual life of all outstanding employee shares was 1.3 years. Annual Report 2025/26 151In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 5 : PROVISIONS, OTHER LIABILITIES, ETC. 5.6 Group companies This note shows the legal entities which are consolidated in the consolidated financial statements. Activity Company Reg. office Cur- rency Owner- s hip interest Sales1 Pro d . 2 R&D Other Parent Company Ambu A/S Denmark DKK 100% ● ● ● ● Subsidiaries Ambu Australia Pty. Ltd. Australia AUD 100% ● Ambu Healthcare Solutions Canada Inc. Canada CAD 100% ● Ambu Ltd. China CNY 100% ● ● Ambu (Xiamen) Trading Co., Ltd. China CNY 100% ● Ambu Nordic A/S Denmark DKK 100% ● Ambu Operations A/S Denmark USD 100% ● Ambu Sarl France EUR 100% ● Ambu GmbH Germany EUR 100% ● Ambu Innovation GmbH Germany EUR 100% ● Ambu India Private Limited India INR 100% ● Ambu s.r.l. Italy EUR 100% ● Ambu KK Japan JPY 100% ● Activity Company Reg. office Cur- rency Owner- s hip interest Sales1 Pro d . 2 R&D Other Ambu Sdn. Bhd. Malaysia MYR 100% ● Ambu Sales & Services Sdn. Bhd. Malaysia MYR 100% ● Ambu Innovation Sdn. Bhd. Malaysia MYR 100% ● ● Ambu Mexico Operations S. A. DE C. V. Mexico MXN 100% ● Ambu Mexico S. DE R.L. DE C.C. Mexico MXN 100% ● Ambu B.V. Netherlands EUR 100% ● Ambu New Zealand Pty. Ltd. New Zealand NZD 100% ● Firma Ambu, S.L. Spain EUR 100% ● Ambu AG Switzerland CHF 100% ● Ambu Ltd. UK GBP 100% ● Ambu Inc. USA USD 100% ● Foresight Imaging, LLC USA USD 100% ● ● ● King Systems Holding Inc. USA USD 100% ● King Systems Corp. USA USD 100% ● ● 1 Sales include promotional activities. 2 Production includes the purchase of goods for resale and the coordination thereof. Annual Report 2025/26 152In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 5 : PROVISIONS, OTHER LIABILITIES, ETC. 5.7 Contingent liabilities and other contractual liabilities 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 our 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 Management has assessed as needed, but there are uncertainties associated with these estimates. Ambu does not expect any pending litigations, claims, and investigations to have a material effect on the Group’s financial position. Other contractual liabilities Ambu enters into various contractual agreements in the normal course of business, including purchase, sup- ply, distribution, and service arrangements. These contracts may include customary indemnities, warranties, and purchase obligations. Management has evaluated these obligations and does not expect any material financial impact beyond amounts already recognized in the financial statements. 5.8 Subsequent events No material events have occurred in the period between the end of the financial year and the Board of Directors’ approval of the Annual Report. 5.9 Adoption of the Annual Report and distribution of profit At the Board meeting on 5 November 2026, the Board of Directors approved the Annual Report presented. Subsequently, the Annual Report will be presented to the shareholders of Ambu A/S for adoption at the Annual General Meeting on 2 December 2026, including the proposed distribution of the profits for the year. At the Annual General Meeting on 3 December 2025, the dividend proposed by the Board of Directors, for 2024/25, was approved. The dividends were paid in the first half of 2025/26. (DKKm) 2025/26 2024/25 Proposed dividend for the year 151 110 Transferred to distributable reserves 491 499 642 609 Dividend per share in DKK 0.56 0.41 Pay-out ratio, in % of net profit 24% 18% Share buyback during the year 450 - § Accounting policies Proposed dividend is recognized as a liability at the time of adoption by the Annual General Meeting. Annual Report 2025/26 153In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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SECTION 5 : PROVISIONS, OTHER LIABILITIES, ETC. 5.10 Non-IFRS financial measures The Group uses several financial metrics, which are not defined in IFRS accounting. These Alternative Per- formance Measures (APMs) are used in the daily management of the Group and in the communication with external stakeholders. The non-IFRS financial measures are defined by Management and therefore may not be comparable with other companies' measures. The most relevant APMs are: 'Organic growth', 'Special items', 'EBITDA before special items', 'Net working capital', 'Net-interest bearing debt', and 'Free cash flow before acquisitions of enterprises and technology'. Below is a reconciliation of the different APMs used in the Annual Report. Key figure and ratio definitions are found in note 5.11. Income statement APMs (DKKm) 2025/26 2024/25 Reported revenue, preceding year 6,037 5,391 Reported revenue, current year, refer to note 2.2 6,471 6,037 Reported growth 7.2% 12.0% Exchange rate effects 3.0% 1.1% In-organic growth -0.1% -% Organic growth 10.1% 13.1% Operating profit (EBIT) 851 784 Depreciation, amortization, and impairment losses on non-current assets, refer to note 2.4 413 372 EBITDA 1,264 1,156 Special items - - EBITDA before special items 1,264 1,156 Depreciation, amortization, and impairment losses, not classified as special items, refer to note 2.4 -413 -372 EBIT before special items 851 784 Balance sheet and cash flow APMs (DKKm) 2025/26 2024/25 Total current assets (IFRS) 3,095 3,157 Income tax receivable -17 -33 Cash and cash equivalents -536 -866 Total current assets adjusted 2,542 2,258 Total current liabilities (IFRS) -1,317 -1,159 Provisions 52 3 Lease liabilities 91 80 Income tax 35 56 Deferred revenue 59 - Net working capital 1,462 1,238 (DKKm) 2025/26 2024/25 Cash and cash equivalents -536 -866 Lease liabilities 560 542 Credit institutions 33 5 Net interest-bearing debt 57 -319 (DKKm) 2025/26 2024/25 Cash flow from operating activities (IFRS) 1,065 791 Cash flow from investing activities (IFRS) -767 -384 o f which are acquisitions of enterprises 189 - Free cash flow before acquisition 487 407 Annual Report 2025/26 154In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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5.11 Definitions of key figures and ratios The key figures and ratios used in the Annual Report are defined as shown below. 'APM' (Alternative Performance Measure) / 'IFRS' indicates whether the metric is defined by IFRS or not. Reference is made to note 5.10 for a reconciliation of APM's to IFRS. APM IFRS Income statement Gross margin, % Gross profit in % of revenue. ● Operating expenditures (OPEX) Selling and distribution costs, Research and development costs, Management and administrative costs, as well as other operating income and expenses. ● EBITDA before special items Operating profit before special items, depreciation, amortization, and impairment losses. ● Operating profit (EBIT) before special items Profit for the year before special items, net financials and tax ● Operating profit (EBIT) Profit for the year before net financials and tax ● Special items (s.i.) Special items comprise costs that cannot be attributed directly to the Group's ordinary activities and are non- recurring in nature. ● Balance sheet Net working capital Inventories, trade receivables, other receivables, and prepayments, less trade payables and other payables. ● Interest-bearing debt Debt on which interest is paid, including bank debt, debt to credit institutions and lease debt. ● Net interest-bearing debt (NIBD) Interest-bearing debt, less cash, and cash equivalents. ● Invested capital Equity and net interest-bearing debt. ● APM IFRS Cash flows Cash flow from operating activities Cash flow from operating activities, as defined in IAS 7. ● Cash flow from investing activities before acquisitions of enterprises and technology Cash flow from investing activities, as defined in IAS 7, excluding cash flow for the acquisition of technologies and enterprises. ● Free cash flow before acquisitions of enterprises and technology The sum of cash flow from operating activities and cash flow from investing activities before acquisitions of enterprises and technology. ● Acquisitions of enterprises and technology Cash flow from the acquisition of enterprises and tech- nologies, including payment to the seller and payment of earn-outs less cash in acquired enterprises. ● SECTION 5 : PROVISIONS, OTHER LIABILITIES, ETC. Annual Report 2025/26 155In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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5.11 Key figure and ratio definitions (continued) APM IFRS Key figures and ratios Organic growth Growth in revenue compared with the previous report- ing period, excluding the effects of foreign exchange rate movements and acquisitions, to provide a like-for- like comparison at constant exchange rates. ● In-organic growth Growth in revenue attributable to acquisitions com- pared with the previous reporting period, calculated as a percentage of revenue in the comparison period. Growth in revenue of acquired businesses relative to the historical baseline is included in organic growth from the acquisition date. ● OPEX ratio Operating expenses in % of revenue. ● Effective tax rate Tax for the year relative to the profit before tax. ● EBITDA margin before special items EBITDA before special items in % of revenue. ● EBIT margin EBIT in % of revenue. ● EBIT margin before special items EBIT before special items in % of revenue. ● Return on equity Net profit/loss for the year for a rolling 12-month period in relation to average equity. ● NIBD/EBITDA before special items Net interest-bearing debt/EBITDA before special items. ● Equity ratio Equity’s share of total assets at end of year. ● CFFI, % of revenue Cash flow from investing activities, including assets disposed of, in % of revenue. ● APM IFRS Key figures and ratios (continued) Cash conversion Cash conversion is equal to free cash flow before acquisitions, in % of EBITDA before special items. ● Net working capital, % of revenue Inventories, trade receivables, other receivables, and prepayments, less trade payables and other payables in % of revenue. ● Return on invested capital (ROIC) EBIT b.s.i. for a rolling 12-month period, less the Group’s expected long-term tax rate, relative to the average equity, plus the average net interest-bearing debt. ● Share-related ratios Earnings per share (EPS) Earnings per share for the year, calculated in accor - dance with IAS 33. ● Diluted earnings per share (EPS-D) Diluted earnings per share, calculated in accordance with IAS 33. ● Cash flow per share Cash flow from operating activities, relative to number of shares at end of year. ● Equity value per share Total equity relative to number of shares at end of year. ● Dividend per share Dividend relative to number of shares at end of year. ● Dividend pay-out ratio, % Dividend as a percentage of net profit/loss for the year. ● P/E ratio Market price relative to earnings per share (EPS). ● SECTION 5 : PROVISIONS, OTHER LIABILITIES, ETC. Annual Report 2025/26 156In brief Strategy Performance Governance Sustainability Financial statements Consolidated financial statements
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1.1 B asis of preparation 1 63 PARENT COMPANY FINANCIAL STATEMENTS Ambu A/S management review 1 58 Income statement and statement of comprehensive income 1 59 Cash flow statement 1 60 Balance sheet 1 61 Equity statement 1 62 2.1 Revenue 1 63 2.2 E mployee costs 1 64 2.3 D epreciation, amortization, and impairment losses on non-current assets 1 65 2.4 T ax on profit for the year 1 65 2.5 D eferred tax 1 66 3.1 I ntangible assets 1 67 3.2 P roperty, plant, and equipment 1 68 3.3 I nvestments in subsidiaries 1 69 3.4 L eases 1 69 3.5 Inventories 1 70 3.6 T rade receivables 1 70 3.7 C hange in working capital 1 70 4.1 C ategories of financial instruments 1 71 4.2 N et financials 1 71 5.1 Provisions 1 72 5.2 F ee to auditors appointed by the Annual General Meeting 1 72 5.3 R elated parties 1 72 NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTSPARENT COMPANY FINANCIAL STATEMENTS Annual Report 2025/26 157In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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The Parent Company, Ambu A/S, operates as the principal of Ambu Group and is headquartered in Denmark. All inventories are traded from Ambu’s production facilities through the Parent Company to the sales sub- sidiaries as well as external customers. The Parent Company owns the Group’s intellectual property rights, with most of the Group’s intangible assets located in Denmark. Apart from the sale of MedTech solutions, the Parent Company maintains and develops Group functions. Financial review Total reported revenue in 2025/26 was DKK 4,660m (DKK 4,656m), while net profit for the year was DKK 399m (DKK 476m). The decrease in net profit is mainly related to an increase in employees, activities related to research and development, and lower dividends from subsidiaries this year. Ambu A/S received dividends of DKK 35m in 2025/26 compared with DKK 39m in 2024/25. As of 30 September 2026, equity amounted to DKK 5,041m (DKK 5,185m), impacted by profit for the year off- set by paid dividend of DKK 0.41 per share, corresponding to DKK 110m (2024/25: DKK 102m). Free cash flow decreased to DKK 243m (2024/25: DKK 319m), mainly driven by increased investments in development projects. AMBU A/S MANAGEMENT REVIEW 158Annual Report 2025/26 Parent Company In brief Strategy Performance Governance Sustainability Financial statements
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(DKKm) Note 2025/26 2024/25 INCOME STATEMENT Revenue 2.1 4,660 4,656 Production costs 2.2, 2.3 -2,854 -2,944 Gross profit 1,806 1,712 Selling and distribution costs 2.2, 2.3 -419 -399 Research and development costs 2.2, 2.3 -433 -330 Management and administrative costs 2.2, 2.3 -483 -448 Operating profit (EBIT) 471 535 Financial income 4.2 59 53 Financial expenses 4.2 -41 -26 Profit before tax 489 562 Tax on profit for the year 2.4 -90 -86 Net profit for the year 399 476 (DKKm) 2025/26 2024/25 STATEMENT OF COMPREHENSIVE INCOME Net profit for the year 399 476 Other comprehensive income - - Comprehensive income for the year 399 476 INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME Ambu A/S financial statements for the period 1 October – 30 September Annual Report 2025/26 159In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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(DKKm) Note 2025/26 2024/25 Net profit 399 476 Adjustment for non-cash items: I ncome taxes in the income statement 2.4 90 86 F inancial items in the income statement 4.2 -18 -27 D epreciation, amortization, and impairment losses 2.3 254 228 S hare-based payment 18 13 Change in working capital 3.7 -97 -192 Change in provisions 5.1 2 - Interest received 24 14 Interest paid -41 -26 Income tax paid -41 -21 Cash flow from operating activities 590 551 Investments in non-current assets 3.2, 3.3 -382 -271 Dividend from subsidiaries 35 39 Cash flow from investing activities -347 -232 Free cash flow 243 319 Repayment in respect of lease liabilities -10 -9 Exercise of options - 11 Share buyback -450 - Dividend paid -110 -102 Dividend, treasury shares 1 1 Cash flow from financing activities -569 -99 (DKKm) Note 2025/26 2024/25 Changes in cash and cash equivalents -326 220 Cash and cash equivalents, beginning of year 757 537 Cash and cash equivalents, end of year 431 757 Cash and cash equivalents, end of year, are composed as follows: Cash and cash equivalents 148 86 Short-term deposits 283 671 Cash and cash equivalents, end of year 431 757 CASH FLOW STATEMENT Ambu A/S financial statements for the period 1 October – 30 September Annual Report 2025/26 160In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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(DKKm) Note 30.09.26 30.09.25 ASSETS Goodwill 3.1 147 147 Completed development projects 3.1 900 993 Other, including IT software 3.1 433 439 Development projects and other assets in progress 3.1 551 320 Intangible assets 2,031 1,899 Property, plant, and equipment 3.2 22 17 Rights-of-use assets 3.4 146 119 Investments in subsidiaries 3.3 2,076 2,095 Deferred tax assets 2.5 - 9 Total non-current assets 4,275 4,139 Inventories 3.5, 4.1 406 323 Trade receivables 3.6, 4.1 138 99 Receivables from subsidiaries 4.1 711 618 Other receivables 4.1 6 4 Prepayments 75 63 Cash and cash equivalents 4.1 431 757 Total current assets 1,767 1,864 Total assets 6,042 6,003 (DKKm) Note 30.09.26 30.09.25 EQUITY AND LIABILITIES Share capital 135 135 Other reserves 4,906 5,050 Equity 5,041 5,185 Provisions 5.1 - 3 Credit institutions 4.1 34 5 Lease liabilities 3.4 76 81 Deferred tax liabilities 2.5 56 - Non-current liabilities 166 89 Provisions 5.1 6 1 Lease liabilities 3.4 14 12 Trade payables 4.1 193 155 Payables to subsidiaries 4.1 517 431 Income tax 22 37 Other payables 4.1 83 93 Current liabilities 835 729 Total liabilities 1,001 818 Total equity and liabilities 6,042 6,003 BALANCE SHEET Ambu A/S financial statements at 30 September Annual Report 2025/26 161In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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(DKKm) Note Share capital Reserve for develop- ment costs Retained earnings Total Equity 1 October 2025 135 1,020 4,030 5,185 Net profit for the year 109 290 399 Other comprehensive income for the year - - Total comprehensive income 109 290 399 Transactions with the owners: Share-based payment 2.2 18 18 Tax deduction relating to share options -2 -2 Share buyback -450 -450 Distributed dividend -110 -110 Dividend, treasury shares 1 1 Equity 30 September 2026 135 1,129 3,777 5,041 Equity 1 October 2024 135 969 3,681 4,785 Net profit for the year 51 425 476 Other comprehensive income for the year - - Total comprehensive income 51 425 476 Transactions with the owners: Share-based payment 2.2 13 13 Tax deduction relating to share options 1 1 Exercise of options 11 11 Distributed dividend -102 -102 Dividend, treasury shares 1 1 Equity 30 September 2025 135 1,020 4,030 5,185 At the Annual General Meeting on 3 December 2025, the dividend proposed by the Board of Directors was approved. Reference is made to note 5.9 in the consolidated financial statements for specification of the Group's distributed profit, including proposed and paid dividend. § Accounting policies Reserve for development costs Contrary to the accounting policies applied in the consolidated financial statements, in accordance with the Danish Financial Statements Act, Ambu A/S must tie up a reserve in equity, corresponding to the capitalized value of development costs (see note 3.1). The amortization of the capitalized development costs, as well as deferred tax, is offset against this reserve. EQUITY STATEMENT Ambu A/S financial statements for the period 1 October – 30 September Annual Report 2025/26 162In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 1.1 Basis of preparation Ambu A/S is a public limited company domiciled in Denmark. Ambu A/S is the Parent Company of the Ambu Group. The financial statements of the Parent Company are presented in accordance with IFRS accounting standards as adopted by the EU and additional disclosure requirements in the Danish Financial Statements Act. The following notes to the financial statements are not presented separately for the Parent Company. Accord- ingly, reference is made to the notes in the consolidated financial statements, which also include disclosures relevant to the Parent Company. 1.1 Basis of preparation 1.2 Changes in accounting policies and disclosures 1.3 General accounting policies 5.7 Contingent liabilities 5.8 Subsequent events 5.9 Adoption of the Annual Report, etc. The accounting policies have been applied consistently in the preparation of the financial statements of the Parent Company for the years presented, as well as being consistent with previous years. 2.1 Revenue (DKKm) 2025/26 2024/25 Revenue from sales to Group companies 4,047 4,107 Revenue from sales to external customers 613 549 Total revenue 4,660 4,656 Europe 360 331 Rest of World 253 218 Total external revenue by markets 613 549 The Parent's domicile country, Denmark, is included in Europe at DKK 57m (DKK 58m). § Accounting policies Revenue from the sale of goods is recognized in the income statement when all performance obligations have been fulfilled, at the point in time when risk is transferred. Revenue is measured at the fair value of the agreed consideration, exclusive of VAT and taxes collected on behalf of a third party. At the time of recogni- tion of revenue, a number of price adjustments are also estimated. These are recognized as a reduction of revenue. Delivery and payment terms The Parent's primary performance obligation is the sale and delivery of medical technology products to cus- tomers, both internally in the Group and to external customers. The performance obligation is fulfilled when the risk of the goods is passed to the buyer, which most often occurs at the prior agreed delivery address. Due to the focus on disposable devices, the Parent is not subject to any material guarantee obligations. The Parent's customers have payment terms that reflect the market in which the sale takes place. For the majority of sales, payment terms are 15-60 days. Historically, the Parent has not experienced any major losses on trade receivables. See note 3.6 on trade receivables. The Parent Company has no open sales orders expected to be delivered more than one year from the balance sheet date, and therefore no performance obligations have been disclosed in accordance with IFRS 15 par 121. Annual Report 2025/26 163In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 2.2 Employee costs (DKKm) 2025/26 2024/25 Wages and salaries 562 467 Pension contributions 46 39 Social security costs 13 12 Share-based payment 18 13 Remuneration fee for Board of Directors 7 7 Total employee costs 646 538 The employee costs of the Parent Company are allocated to the respective functions as follows: (DKKm) 2025/26 2024/25 Production costs 17 14 Selling and distribution costs 175 136 Research and development costs 180 153 Management and administrative costs 274 235 Total employee costs recognized in the income statement 646 538 (DKKm) 2025/26 2024/25 Average number of employees during the year 601 520 Number of full-time employees at the end of the year 631 563 Employee costs for Executive Management and Board of Directors are included in total employee costs as follows: (DKKm) 2025/26 2024/25 Remuneration, Executive Management 20 20 Share-based payment 7 6 Employee costs, Executive Management 27 26 Remuneration fee for Board of Directors 7 7 Total remuneration for Executive Management and Board of Directors 34 33 For information on accounting policies, reference is made to note 2.3 and 5.5 in the Group financial state- ment. Annual Report 2025/26 164In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 2.4 Tax on profit for the year (DKKm) 2025/26 2024/25 Current tax on profit for the year 28 41 Deferred tax on profit for the year 60 71 Adjustment, previous years 2 -26 Total tax on profit for the year 90 86 Tax on profit for the year comprises (in DKKm): Applicable tax rate on profit for the year in Parent Company 108 123 Income not subject to tax -13 -9 Non-deductible costs 2 3 Additional tax deduction on R&D costs -9 -5 Additional tax deduction on R&D costs in respect of previous years - -28 Tax adjustment in respect of previous years 2 2 Total tax on profit for the year 90 86 2.3 Depreciation, amortization, and impairment losses on non-current assets (DKKm) 2025/26 2024/25 Amortization of intangible development projects and other incl. IT software 236 217 Depreciation of property, plant, and equipment 4 4 Depreciation of right-of-use assets 8 7 Net loss on disposed non-current assets 6 - Total depreciation, amortization, and impairment losses 254 228 Depreciation, amortization, and impairment losses have been allocated to the following functions: (DKKm) 2025/26 2024/25 Production costs 1 1 Selling and distribution costs 14 3 Research and development costs 212 195 Management and administrative costs 27 29 Total depreciation, amortization, and impairment losses 254 228 Annual Report 2025/26 165In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 2.5 Deferred tax (DKKm) 30.09.26 30.09.25 Deferred tax at 1 October 9 53 Deferred tax on share-based payment recognized in equity -4 1 Deferred tax for the year recognized in the income statement -60 -71 Change in respect of previous years -1 26 Deferred tax at 30 September -56 9 Deferred tax relates to: Intangible assets -375 -348 Property, plant, and equipment -1 -3 Current assets -6 -4 Deferred tax on share-based payment recognized in equity 4 6 Provisions 3 - Tax loss carry-forwards 319 358 -56 9 Tax losses in Ambu A/S On recognizing tax loss carry-forwards in Denmark, Management has assessed the recoverability of the related deferred tax asset based on historical and expected future taxable income. Ambu A/S has generated positive taxable income in Denmark for the past three financial years and is expected to continue to do so based on Management approved budgets and strategy plans. Tax loss carry-forwards in Denmark amount to DKK 1,450m (DKK 1,630m). An amount of DKK 319m (DKK 358m) was recognized at the end of the year. Annual Report 2025/26 166In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 3.1 Intangible assets (DKKm) Goodwill Completed development projects Other incl. IT software* Development projects and other assets in progress Total 2025/26 Cost at 1 October 147 1,950 1,066 320 3,483 Additions during the year - - - 373 373 Disposals during the year - -5 - - -5 Transferred during the year - 78 64 -142 - Cost at 30 September 147 2,023 1,130 551 3,851 Amortization and impairment losses at 1 October - -957 -627 - -1,584 Amortization for the year - -166 -70 - -236 Amortization and impairment losses at 30 September - -1,123 -697 - -1,820 Carrying amount at 30 September 147 900 433 551 2,031 2024/25 Cost at 1 October 147 1,704 1,074 351 3,276 Additions during the year - - - 267 267 Disposals during the year - - -60 - -60 Transferred during the year - 246 52 -298 - Cost at 30 September 147 1,950 1,066 320 3,483 Amortization and impairment losses at 1 October - -800 -628 - -1,428 Disposals during the year - - 60 - 60 Amortization for the year - -157 -59 - -216 Amortization and impairment losses at 30 September - -957 -627 - -1,584 Carrying amount at 30 September 147 993 439 320 1,899 * C arrying amount at 30 September of Other including IT software includes intangible rights of DKK 308m (DKK 339m). § Accounting policies Reference is made to note 3.1 to the consolidated financial statements for the accounting policy and impairment consid- erations related to goodwill. Reference is made to note 3.2 to the consolidated financial statements for the accounting policy and impairment consid- erations for other intangible assets. Annual Report 2025/26 167In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 3.2 Property, plant, and equipment (DKKm) Land and buildings Plant and machinery Other plant, fixtures and equipment Property, plant and equipment in progress Total 2025/26 Cost at 1 October 17 3 37 2 59 Additions during the year - - - 9 9 Disposals during the year - - -2 - -2 Transferred during the year - - 9 -9 - Cost at 30 September 17 3 44 2 66 Depreciation and impairment losses at 1 October -12 - -30 - -42 Disposals during the year - - 2 - 2 Depreciation for the year -1 - -3 - -4 Depreciation and impairment losses at 30 September -13 - -31 - -44 Carrying amount at 30 September 4 3 13 2 22 2024/25 Cost at 1 October 17 1 32 5 55 Additions during the year - - - 4 4 Transferred during the year - 2 5 -7 - Cost at 30 September 17 3 37 2 59 Depreciation and impairment losses at 1 October -11 - -27 - -38 Depreciation for the year -1 - -3 - -4 Depreciation and impairment losses at 30 September -12 - -30 - -42 Carrying amount at 30 September 5 3 7 2 17 § Accounting policies Reference is made to note 3.3 to the consolidated financial statements for the accounting policy and impairment consid- erations for property, plant, and equipment. Annual Report 2025/26 168In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 3.3 Investments in subsidiaries (DKKm) 2025/26 2024/25 Cost at 1 October 2,592 2,592 Disposals -19 - Cost at 30 September 2,573 2,592 Impairment losses at 1 October -497 -497 Impairment losses for the year - - Impairment losses at 30 September -497 -497 Carrying amount at 30 September 2,076 2,095 Dividends distributed by subsidiaries are specified according to note 4.2 to the Parent financial statement. Impairment losses related to investments in subsidiaries are specified according to note 4.2 to the Parent financial statement. Reference is made to note 5.4 to the consolidated financial statements for an overview of the subsidiaries of the Parent Company. § Accounting policies Investments in subsidiaries are measured at cost. If there is any indication of impairment, an impairment test is carried out. Indication of impairment includes, but is not limited to, dividends distributed by subsidiaries exceeding either the profit for the year, or the net book value or the net assets of the subsidiary. Where the cost exceeds the recoverable amount, write-down for impairment is made to the lower value, and impairment losses are recognized as financial expenses. 3.4 Leases (DKKm) 30.09.26 30.09.25 Land and buildings 102 104 Other plant, fixtures and fittings, tools and equipment 10 10 Right-of-use assets in progress 1 34 5 Carrying amount of lease assets 146 119 Additions on lease assets during the year 33 12 Lease liabilities Less than 1 year 14 10 Between 1 and 5 years 75 82 More than 5 years 1 1 Undiscounted lease liabilities 90 93 (DKKm) 2025/26 2024/25 Amounts recognized in the income statement Expenses related to low value and short-term leases - - Interest on lease liabilities 3 3 Depreciation of lease assets per asset class Land and buildings 3 3 Other plant, fixtures and fittings, tools and equipment 5 4 Depreciation of lease assets 8 7 Amounts recognized in the cash flow statement Total cash outflow for leases 10 12 1 Right of use assets in progress relate to the rebuilding of the leased office premises in Ballerup, Denmark. The rebuild is financed through a construction loan facility, which will be converted into a lease agreement upon completion, currently expected in October 2027. § Accounting policies Reference is made to note 3.4 to the consolidated financial statements for information on accounting policies. Annual Report 2025/26 169In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 3.5 Inventories (DKKm) 30.09.26 30.09.25 Raw materials and consumables 37 23 Finished goods 369 300 406 323 The above includes write-downs amounting to -5 -5 Cost of sales for the year 2,818 2,962 § Accounting policies Reference is made to note 3.5 to the consolidated financial statements for the accounting policy for inventories. 3.6 Trade receivables Trade receivables fall due as follows: (DKKm) Not due Due 1-90 days Due 91-180 days Due > 180 days Total 2025/26 Trade receivables, amortized cost 123 14 1 - 138 Write-down for expected credit loss - - - - - Trade receivables 123 14 1 - 138 Provision for bad debt at 1 October -1 Bad debt realized during the year 1 Provision for bad debt at 30 September - 2024/25 Trade receivables, amortized cost 91 7 2 - 100 Write-down for expected credit loss - - -1 - -1 Trade receivables 91 7 1 - 99 Provision for bad debt at 1 October -1 Provision for bad debt at 30 September -1 3.6 Trade receivables (continued) Credit risks Ambu monitors trade receivables on a daily basis by means of due date reports, changes in payment pat- tern trends, and ordinary follow-up routines, to identify any indications that the initial expectations for credit losses on the individual receivables should be adjusted. This risk assessment is targeted at all relevant receivables. In addition, Management estimates general macro risks on the portfolio of trade receivables. The Parent Company does not use factoring in connection with the collection of debts. For information on accounting policies, reference is made to note 3.6 in the consolidated financial state- ments. 3.7 Change in working capital (DKKm) 2025/26 2024/25 Change in inventories -83 -31 Change in receivables -34 -2 Change in balances with Group companies -7 -181 Change in trade payables, etc. 27 22 -97 -192 Annual Report 2025/26 170In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 4.1 Categories of financial instruments The Parent Company has recognized the following financial instruments: (DKKm) 30.09.26 30.09.25 Trade receivables 138 99 Receivables from subsidiaries 711 618 Other receivables 6 4 Cash and cash equivalents 431 757 Receivables and cash and cash equivalents 1,286 1,478 Credit institutions 34 5 Trade payables 193 155 Payables to subsidiaries 517 431 Other payables 83 93 Financial liabilities recognized at amortized cost 827 684 The Parent Company’s payables fall due as follows: (DKKm) 0-1 year 1-5 years > 5 years Total 2025/26 Credit institutions - 34 - 34 Other financial liabilities 793 793 793 34 - 827 2024/25 Credit institutions - 5 - 5 Other financial liabilities 679 - - 679 679 5 - 684 4.2 Net financials (DKKm) 2025/26 2024/25 Interest income, subsidiaries 11 - Interest income, banks 13 14 Dividend from subsidiaries 35 39 Financial income 59 53 (DKKm) 2025/26 2024/25 Interest expenses, subsidiaries 7 1 Interest expenses, banks 5 8 Interest expenses, leases 3 3 Financial expenses, others 1 2 Foreign exchange loss, net 25 12 Financial expenses 41 26 § Accounting policies Dividend from subsidiaries is recognized under financial income at the time that the dividend is declared. Annual Report 2025/26 171In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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NOTES ON THE FINANCIAL STATEMENTS Ambu A/S financial statements 5.1 Provisions (DKKm) 2025/26 2024/25 Provisions at 1 October 4 4 Additions during the year 3 - Used during the year -2 - Value adjustment 1 - Provisions at 30 September 6 4 Provisions expected to fall due: - - Non-current liabilities - 3 Current liabilities 6 1 Provisions at 30 September 6 4 5.2 Fee to auditors appointed by the Annual General Meeting (DKKm) 2025/26 2024/25 Audit fee 1.7 2.4 Other assurance engagements 0.9 1.6 Tax consultancy services 0.0 0.0 Other services 0.0 0.0 Total fees 2.6 4.0 Fee for non-audit services provided to the Parent Company by EY Statsautoriseret Revisionspartnerselskab, Denmark, amounted to DKK 0.9m (DKK 1.6m), relating mainly to IT assessment and other assurance assess- ments and reports. 5.3 Related parties The Parent Company’s related parties include subsidiaries, Ambu A/S’s Board of Directors and Executive Management and members of their families. Related parties furthermore include enterprises in which the aforementioned persons have a significant interest. Ambu A/S has engaged in the following important transactions with related parties: (DKKm) 2025/26 2024/25 Sale of goods and services to subsidiaries 4,047 4,107 Purchase of goods and services from subsidiaries -2,491 -2,757 Recharges of services to subsidiaries 101 76 Purchase of development services from subsidiaries capitalized as development projects -72 -45 Dividend received from subsidiaries 35 39 During the year, no transactions, except for payment of Management’s remuneration and intercompany trans - actions eliminated in the consolidated financial statements, were carried out with the Board of Directors, Exec - utive Management, senior employees, major shareholders, or other related parties. Outstanding balances and receivables in respect of related parties, essentially arising from ordinary business relations, i.e., the purchase and sale of goods and services, are included in the balance sheet of the Parent Company. Such transactions are carried out on the same terms as apply to the Group’s other customers and suppliers. For information on the year’s interest on intercompany loans, see note 4.2. Sale of services to Group companies includes freight and facility services and IT costs. The purchase of ser- vices from Group companies mainly consists of research and development services. The Parent Company has provided loans to a number of subsidiaries. The loans carry interest on market terms. Guarantees have been provided to banks in respect of the subsidiaries. The subsidiaries have not furnished security for their debt to the Parent Company. (DKKm) 2025/26 2024/25 Guarantees and security provided on behalf of subsidiaries 481 401 Annual Report 2025/26 172In brief Strategy Performance Governance Sustainability Financial statements Parent Company
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STATEMENTS Explore statements from Management and independent auditors. Annual Report 2025/26 173In brief Strategy Performance Governance Sustainability Financial statements Statements
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The Board of Directors and the Executive Management have today considered and approved the Annual Report of Ambu A/S for the financial year from 1 October 2025 to 30 September 2026. The Annual Report has been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consol- idated financial statements and the parent financial statements give a true and fair view of the Group’s and the Parent Company’s assets, equity, and liabilities, and financial position at 30 September 2026, and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year from 1 October 2025 to 30 September 2026. The sustainability statement is prepared in accordance with the European Sustainability Reporting Stan - dards ESRS as required by the Danish Financial Statement Act section 99a as well as article 8 in the EU Taxonomy regulation. In our opinion, the Management’s review gives a fair account of the development and performance of the Group and the Parent Company, the results for the year and the Group’s and the Parent Company’s financial position, together with a description of the principal risks and uncertainties faced by the Group and the Parent Company. The Consolidated ESG data have been prepared in accordance with the stated accounting policies. In our opinion, it gives a fair view of the Group’s environmental, social, and gov- ernance performance. In our opinion, the Annual Report of Ambu A/S, for the financial year 1 October 2025 to 30 September 2026 identified as AMBU-2026-09-30-en.zip, has been prepared, in all material respects, in compliance with the ESEF Regulation. The Annual Report is submitted for adoption by the Annual General Meeting. Copenhagen, 5 November 2026 Executive Management Britt Meelby Jensen Hen rik Skak Bender Chief Executive Officer C hief Financial Officer Board of Directors Jørgen Falkebo Jensen S hacey Petrovic C hair V ice Chair Susanne Larsson M ichael Del Prado Si mon Hesse Hoffmann D avid Hale G ry Sahner Gundestrup J esper Bartroff Frederiksen J akob Koch Employee-elected E mployee-elected E mployee-elected MANAGEMENT STATEMENT Annual Report 2025/26 174In brief Strategy Performance Governance Sustainability Financial statements Statements
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To the shareholders of Ambu A/S Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements Opinion We have audited the consolidated financial statements and the Parent Company financial statements of Ambu A/S for the financial year 1 October 2025 – 30 September 2026, which comprise income statement, statement of comprehensive income, cash flow statement, balance sheet, statement of changes in equity and notes, including material accounting policy information, for the Group and the Parent Company. The consolidated financial statements and the Parent Company finan - cial statements are prepared in accordance with IFRS Accounting Stan- dards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 30 September 2026 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 October 2025 – 30 September 2026 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consol- idated financial statements and the Parent Company financial state - ments" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code), as applicable to audits of financial statements of public interest entities, and the additional ethical requirements applicable in Denmark to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsi- bilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014. Appointment of auditor We were initially appointed as auditor of Ambu A/S on 13 December 2017 for the financial year 2017/18. We have been reappointed annually by resolution of the general meeting for a total consecutive period of nine years up until the financial year 2025/2026. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the financial year 2025/2026. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the mat- ter is provided in that context. We have fulfilled our responsibilities described in the "Auditor's respon- sibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assess- ment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures per- formed to address the matters below, provide the basis for our audit opinion on the financial statements. Recognition of revenue in the U.S. due to price adjustment structure In the U.S. market, a significant portion of Ambu’s sales flow through dealers (third-party warehouses) who sell the products to public and private hospitals and clinics (the end-customers). Ambu’s sales price to the dealer depends on the pricing arrangement Ambu has agreed with the end-customer. As Ambu’s sales to end-customers deviate in amounts and timing from the amounts invoiced to the dealer, Ambu subsequently adjusts the price stated in the preliminary invoice. Price adjustments are recog- nized on an ongoing basis, and price adjustments which have not been settled at the balance sheet date are recognized as a reduction in trade receivables in the balance sheet. We focus on this area, as the assessment of non-settled price adjust- ments to dealers is complex and includes Management estimates and judgments. Reference is made to note 2.2 in the consolidated financial statements. How our audit addressed the key audit matter We have identified, tested and assessed key internal controls and related systems which are used to process and calculate price adjust- ments for dealers. We assessed and reviewed Management’s calculation of price adjust- ments by comparing the assumptions applied with the group’s trading policies, the terms of existing contracts, third-party reported data and historical price adjustment levels. Further, we assessed the most significant parameters included in the calculation of the non-settled price adjustments as per 30 September 2026 based on historical data, accounting records, external inventory statements and the terms of existing contracts. INDEPENDENT AUDITOR'S REPORT Annual Report 2025/26 175In brief Strategy Performance Governance Sustainability Financial statements Statements
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Valuation of acquired GI technologies The carrying value of acquired GI technologies and subsequently capi- talized development costs amount to DKK 485 million as at 30 Septem- ber 2026. The value of acquired GI technologies was initially determined in connection with the purchase price allocation from the acquisition of Invendo Medical GmbH in October 2017. Subsequently, additional internally generated development costs associated with the acquired GI technologies have been capitalized. In case of indications of impair- ment, an impairment test is prepared, based on Management’s esti- mates of the recoverable amount from an assessment of net present value of future cash flows on the basis of strategic revenue plans, long- term growth, royalty rate and discount rate, etc. Due to the inherent uncertainty involved in determining the recoverable amount, we considered these impairment tests to be a key audit matter. Reference is made to note 3.2 in the consolidated financial statements. How our audit addressed the key audit matter Our audit procedures included testing the mathematical accuracy of the impairment models applied by Management to calculate the recover- able amount of investments in acquired GI technologies and comparing forecasted profitability with internally approved budgets and long-term strategy. We evaluated the assumptions and methodologies used in the impair- ment models, particularly the assumptions relating to the forecasted revenue growth, including comparing with historical growth rates and the royalty rate and discount rate. Further, we evaluated the sensitivity analysis on the assumptions applied in the impairment models prepared by Management. Statement on the Management's review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Manage- ment's review, and we do not as part of our audit express any assurance conclusion thereon. In connection with our audit of the financial statements, our respon- sibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regula - tions. This does not include the requirements in paragraph 99a related to the sustainability statement covered by the separate auditor’s limited assurance report hereon. Based on our procedures, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of relevant law and regulations. We did not identify any material misstatement of the Management's review. Management's responsibilities for the financial statements Management is responsible for the preparation of consolidated financial statements and Parent Company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial State- ments Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going con- cern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggre- gate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judge- ment and maintain professional scepticism throughout the audit. We also: • I dentify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collu- sion, forgery, intentional omissions, misrepresentations or the over - ride of internal control. • O btain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the cir- cumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control. • E valuate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • C onclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast sig- nificant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncer- tainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such dis- closures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. • E valuate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. • P lan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or Annual Report 2025/26 176In brief Strategy Performance Governance Sustainability Financial statements Statements
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business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inter - nal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding inde- pendence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the Parent Company finan - cial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter. Report on other legal and regulatory requirements Report on compliance with the ESEF Regulation As part of our audit of the Consolidated Financial Statements and Par- ent Company Financial Statements of Ambu A/S, we performed proce- dures to express an opinion on whether the Annual Report of Ambu A/S for the financial year 1 October 2025 – 30 September 2026 with the file name Ambu-2026-09-30-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the Annual Report in XHTML format and iXBRL tagging of the Consolidated Financial State- ments including notes. Management is responsible for preparing an Annual Report that com- plies with the ESEF Regulation. This responsibility includes: • T he preparation of the Annual Report in XHTML format; • T he selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to ele- ments in the taxonomy, for all financial information required to be tagged using judgement where necessary; • E nsuring consistency between iXBRL tagged data and the Consol- idated Financial Statements presented in human readable format; and • F or such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the Annual Report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditor’s judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The proce- dures include: • T esting whether the Annual Report is prepared in XHTML format; • O btaining an understanding of the company’s iXBRL tagging process and of internal control over the tagging process; • E valuating the completeness of the iXBRL tagging of the Consoli - dated Financial Statements including notes; • E valuating the appropriateness of the company’s use of iXBRL ele- ments selected from the ESEF taxonomy and the creation of exten- sion elements where no suitable element in the ESEF taxonomy has been identified; • E valuating the use of anchoring of extension elements to elements in the ESEF taxonomy; and • R econciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the Annual Report of Ambu A/S for the financial year 1 October 2025 – 30 September 2026 with the file name Ambu-2026-09- 30-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation. Statement on report on income tax information As the company's auditor, we are required to provide a statement as to whether the company was required to prepare a report on income tax information for the financial year 1 October 2024 – 30 September 2025 and, if so, whether the company has published the report in accordance with the requirements of the Danish Financial Statements Act. This statement does not constitute an assurance engagement. We have based our work on the information applied by management in their assessment of whether the company was subject to the requirement to prepare a report on income tax information, the knowledge obtained in connection with our audit of the consolidated financial statements and the Parent Company financial statements, and such procedures as we considered necessary to enable us to provide this statement. Based on the work we have performed, we conclude that the company was not required to prepare a report on income tax information for the financial year 1 October 2024 – 30 September 2025. Copenhagen, 5 November 2026 EY Godkendt Revisionspartnerselskab CVR no. 30 70 02 28 Mikkel Styhr Morten Weinreich Larsen State Authorized Public Accountant State Authorized Public Accoutant mne26693 mne42791 Annual Report 2025/26 177In brief Strategy Performance Governance Sustainability Financial statements Statements
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To the shareholders of Ambu A/S Limited assurance conclusion We have conducted a limited assurance engagement on the Sustainabil - ity Statement of Ambu A/S (‘the Group’) included in the Annual Report 2025/2026, pages 57-118 (the Sustainability Statement), for the financial year 1 October 2025 – 30 September 2026 including disclosures incor- porated by reference listed on pages 113-116. Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the Sustainability Statement is not prepared, in all material respects, in accordance with the Danish Financial Statements Act sec- tion 99a, including: • C ompliance with the European Sustainability Reporting Standards (ESRS), including that the process carried out by the management to identify the information reported in the Sustainability Statement (the process) is in accordance with the description set out in the ‘Double materiality assessment’ pages 64-65; and • C ompliance of the disclosures in the section EU Taxonomy within the Environment section on pages 82-84 of the Sustainability Statement with Article 8 of EU Regulation 2020/852 (the Taxonomy Regulation). Basis for conclusion We conducted our limited assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or reviews of his - torical financial information (ISAE 3000 (Revised)) and the additional requirements applicable in Denmark. The procedures in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. We believe that the evidence we have obtained is sufficient and appro- priate to provide a basis for our conclusion. Our responsibilities under this standard are further described in the Auditor's responsibilities for the assurance engagement section of our report. Our independence and quality management We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. EY Godkendt Revisionspartnerselskab applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or pro- cedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Inherent limitations in preparing the Sustainability Statement In reporting forward-looking information in accordance with ESRS, management is required to prepare the forward-looking information on the basis of disclosed assumptions about events that may occur in the future and possible future actions by the Group. Actual outcomes are likely to be different since anticipated events frequently do not occur as expected. Management's responsibilities for the Sustainability Statement Management is responsible for designing and implementing a process to identify the information reported in the Sustainability Statement in accordance with the ESRS and for disclosing this process in the ‘Double materiality assessment’ of the Sustainability Statement, pages 64-65. This responsibility includes: • U nderstanding the context in which the Group’s activities and busi- ness relationships take place and developing an understanding of its affected stakeholders; • T he identification of the actual and potential impacts (both negative and positive) related to sustainability matters, as well as risks and opportunities that affect, or could reasonably be expected to affect, the Group’s financial position, financial performance, cash flows, access to finance or cost of capital over the short-, medium-, or long- term; • T he assessment of the materiality of the identified impacts, risks and opportunities related to sustainability matters by selecting and applying appropriate thresholds; and • M aking assumptions that are reasonable in the circumstances. INDEPENDENT AUDITOR'S LIMITED ASSURANCE REPORT ON SUSTAINABILITY STATEMENT Annual Report 2025/26 178In brief Strategy Performance Governance Sustainability Financial statements Statements
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Management is further responsible for the preparation of the Sustain- ability Statement, in accordance with the Danish Financial Statements Act section 99a, including: • C ompliance with the ESRS; • P reparing the disclosures in the section EU Taxonomy within the Environment section, pages 82-84 of the Sustainability Statement, in compliance with Article 8 of the Taxonomy Regulation; • D esigning, implementing and maintaining such internal control that management determines is necessary to enable the preparation of the Sustainability Statement that is free from material misstatement, whether due to fraud or error; and • T he selection and application of appropriate sustainability reporting methods and making assumptions and estimates that are reason - able in the circumstances. Auditor's responsibilities for the assurance engagement Our objectives are to plan and perform the assurance engagement to obtain limited assurance about whether the Sustainability Statement is free from material misstatement, whether due to fraud or error, and to issue a limited assurance report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole. As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise professional judgment and maintain profes- sional skepticism throughout the engagement. Our responsibilities in respect of the process include: • O btaining an understanding of the process but not for the purpose of providing a conclusion on the effectiveness of the process, includ- ing the outcome of the process; • C onsidering whether the information identified addresses the appli - cable disclosure requirements of the ESRS; and • D esigning and performing procedures to evaluate whether the process is consistent with the Group’s description of its process, as disclosed in the ‘Double materiality assessment’ on pages 64-65. Our other responsibilities in respect of the Sustainability Statement include: • I dentifying disclosures where material misstatements are likely to arise, whether due to fraud or error; and • D esigning and performing procedures responsive to disclosures in the Sustainability Statement where material misstatements are likely to arise. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Summary of the work performed A limited assurance engagement involves performing procedures to obtain evidence about the Sustainability Statement. The nature, timing and extent of procedures selected depend on pro- fessional judgement, including the identification of disclosures where material misstatements are likely to arise, whether due to fraud or error, in the Sustainability Statement. In conducting our limited assurance engagement, with respect to the process, we: • O btained an understanding of the process by performing inquiries to understand the sources of the information used by management; and reviewing the Group’s internal documentation of its process; and • E valuated whether the evidence obtained from our procedures about the process implemented by the Group was consistent with the description of the process set out in the ‘Double materiality assess- ment’ on pages 64-65. In conducting our limited assurance engagement, with respect to the Sustainability Statement, we: • O btained an understanding of the Group’s reporting processes rele - vant to the preparation of its Sustainability Statement by obtaining an understanding of the Group’s control environment, processes and information systems relevant to the preparation of the Sustainability Statement but not evaluating the design of particular control activi - ties, obtaining evidence about their implementation or testing their operating effectiveness; • E valuated whether material information identified by the process is included in the Sustainability Statement; • E valuated whether the structure and the presentation of the Sustain- ability Statement are in accordance with the ESRS; • P erformed inquiries of relevant personnel and analytical procedures on selected information in the Sustainability Statement; • P erformed substantive assurance procedures on selected informa- tion in the Sustainability Statement; • E valuated methods, assumptions and data for developing material estimates and forward-looking information and how these methods were applied; • O btained an understanding of the process to identify EU taxonomy economic activities for turnover, CAPEX and OPEX and the corre- sponding disclosures in the Sustainability Statement; • E valuated the presentation and use of EU taxonomy templates in accordance with relevant requirements; and • R econciled and ensured consistency between the reported EU tax- onomy economic activities and the items reported in the primary financial statements including the disclosures provided in related notes. Copenhagen, 5 November 2026 EY Godkendt Revisionspartnerselskab CVR no. 30 70 02 28 Mikkel Styhr Morten Weinreich Larsen State Authorized Public Accountant State Authorized Public Accoutant mne26693 mne42791 Annual Report 2025/26 179In brief Strategy Performance Governance Sustainability Financial statements Statements
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