Ambu A/s Class B · OMXCOP:AMBU_B
Ambu A/s Class B — Ambu A S Ord — Q3 2026 Earnings Presentation
37 slides from Ambu A/s Class B's earnings presentation, Aug 26, 2026
Slide 1: Results for Q3 2025/26
RESULTS FOR General C Q3 2025/26 Intensive ( Reception Operating xX =.0 By Childrens
Slide 2: Forward Looking Statements
This presentation contains certain forward-looking statements, including but not limited to, the statements and expectations contained in the "Financial Update" section of this presentation. Statements herein, other than statements of historical fact, regarding our future results of operations, fina
Slide 3: Business Review
BUSINESS REVIEW Britt Meelby Jensen Chief Executive Officer Investor presentation – Q3 2025/26 3
Slide 4: Ongoing Progress in Q3
ONGOING PROGRESS IN Q3 Re-acceleration of Endoscopy Solutions growth to 16.0%, with Ambu leading the transition to single-use endoscopy. Total organic growth at 10.3% Innovation-driven 17.1% organic growth in Respiratory. Urology, ENT & GI growth steady at 15.0% A&PM returned to positive growth at 1
Slide 5: Q3 Growth Driven by Strong Endoscopy Solutions
Q3 GROWTH DRIVEN BY STRONG ENDOSCOPY SOLUTIONS Revenue split by business Anesthesia & 10.3% 16.0% 1.6% Patient Monitoring 36% Organic revenue Endoscopy Solutions Anesthesia & Patient growth organic growth Monitoring organic growth 1,640m 9M: 8.7% 9M: 14.8% 9M: -0.3% DKK 221m 13.5% 154m EBIT (DKK) EB
Slide 6: Respiratory Organic Revenue Growth of 17.1% in Q3
RESPIRATORY ORGANIC REVENUE GROWTH OF 17.1% IN Q3 Quarterly revenue (DKKm) 12 months rolling revenue (DKKm) Q3 highlights • Single-use is becoming standard of 17.1%* 11.5%* care, as it offers workflow efficiencies with always-available endoscopes in 1,933 critical settings 514 1,797 446 1,625 410 •
Slide 7: Urology, ENT & GI Organic Revenue Growth of 15.0% in Q3
UROLOGY, ENT & GI ORGANIC REVENUE GROWTH OF 15.0% IN Q3 Quarterly revenue (DKKm) 12 months rolling revenue (DKKm) Q3 highlights • Very strong single-use conversion 15.0%* 16.9%* from reusable, with Ambu leading the transition as market leader 1984 532 1780 • A key driver of conversion is the ability
Slide 8: A&PM Organic Revenue Growth of 1.6% in Q3
A&PM ORGANIC REVENUE GROWTH OF 1.6% IN Q3 Quarterly revenue (DKKm) 12 months rolling revenue (DKKm) Q3 highlights • A&PM total growth was 1.6%, a reflection 1.6%* 1.3%* of the extraordinary growth seen in the prior two years due to price increases 591 594 2381 2320 570 • Anesthesia at -0.4% organic
Slide 9: Clear Progress Against Strategic Goals
CLEAR PROGRESS AGAINST STRATEGIC GOALS CUSTOMER CENTRICITY • Completed full SureSight solution with launch of SureSight Mobile in the U.S. and UK • Recircle Program expanded with bioplastic SureSight blades • Expanded EndoIntelligence integration with hospital systems in key markets INNOVATION • Exp
Slide 10: Focus and Differentiation Guide Strategic Choices
FOCUS AND DIFFERENTIATION GUIDE STRATEGIC CHOICES Advance market leadership in Respiratory and Urology Continue to grow in ENT Lead the transition to single use in GI through a stepwise approach Advance hardware, software, and AI innovation through EndoIntelligenceTM Grow profitably in Anesthesia an
Slide 11: Respiratory Leadership Position Driven by Customer-Centric Innovation
RESPIRATORY LEADERSHIP POSITION IS DRIVEN BY CONTINUOUS CUSTOMER-CENTRIC INNOVATION Our leading Respiratory portfolio drives growth through 3 levers while next-gen innovation will (Illustrative) Single-use endoscopes Conversion from Increase share of reusable endoscopes wallet with existing Videolar
Slide 12: Strong Urology Market Growth Across Cystoscopy and Ureteroscopy
STRONG UROLOGY MARKET GROWTH ACROSS CYSTOSCOPY AND URETEROSCOPY Our leading Urology portfolio drives growth through 3 levers across two distinct subsegments (Illustrative) Single-use endoscopes Conversion from reusable endoscopes Cystoscopy Market leading with Accessories competitive solutions Urolo
Slide 13: Financial Review
FINANCIAL REVIEW Henrik Skak Bender Chief Financial Officer Investor presentation – Q3 2025/26 13
Slide 14: Organic Revenue Growth of 10.3% in Q3
ORGANIC REVENUE GROWTH OF 10.3% IN Q3 Quarterly revenue (DKKm) 12 months rolling revenue (DKKm) Q3 highlights 10.3%* 9.0%* • The main driver of total growth is 1640 Endoscopy Solutions (64% of our 1507 6237 5958 business), driven by conversion from 1383 5263 reusable to single-use and new innovation
Slide 15: Q3 Growth Improvement Driven by All Regions
Q3 GROWTH IMPROVEMENT DRIVEN BY ALL REGIONS Revenue by Organic geography growth Strong performance in Endoscopy North America 49% 9.7% Solutions, offset by annualization of the lower volumes on non-exclusive contracts in A&PM seen in Q2 Continued solid organic growth, EMEA 41% 10.2% driven by both E
Slide 16: Gross Margin Trending in Line with Expectations in Q3
GROSS MARGIN TRENDING IN LINE WITH EXPECTATIONS IN Q3 Gross margin development Q3 highlights • Gross margin of 59.5%, reflecting 0.6% pts increase compared to 58.9% in Q3 last year, mainly a result of improved output efficiency 60.2% 60.2% FY 2024/25 9M 2025/26 • Gross margin movements in the short
Slide 17: EBIT Margin of 13.5% Impacted by Incremental Tariff Benefit
EBIT MARGIN OF 13.5% IMPACTED BY INCREMENTAL TARIFF BENEFIT Q3 key highlights EBIT margin development • EBIT margin in Q3 2025/26 was 13.5%, The impact of external corresponding to an increase of 2.2% pts factors including FX and net tariffs was compared to Q3 2024/25 positive in the quarter 2.2% pt
Slide 18: Solid Free Cash Flow Development in Q3
SOLID FREE CASH FLOW DEVELOPMENT IN Q3 Free cash flow – main components in Q3 (DKKm) Q3 highlights • Free cash flow of DKK 154m, driven by 321 17 continued profitable growth and improved working capital -177 • This strong cash generation resulted in cash conversion of 48.0% 154 -7 EBITDA Change in C
Slide 19: Updated 2025/26 Outlook
UPDATED 2025/26 OUTLOOK 2024/25 2025/26 Comments on actuals outlook 2025/26 outlook Organic Continued strong growth in Endoscopy Solutions, revenue 13.1% ~10% which is expected to grow +15%, with accelerated growth in Respiratory and sustained performance in growth Urology, ENT & GI Anesthesia & Pat
Slide 20: Q&A
Q&A Investor presentation – Q3 2025/26 20
Slide 21: Thank you for your attention
Thank you for your attention INVESTOR RELATIONS CONTACTS Lisa Clive Head of Investor Relations licl@ambu.com | +44 7385 420133 Frederik Futtrup Investor Relations frfu@ambu.com | +45 6070 9526 Confidential
Slide 22: Appendix
APPENDIX
Slide 23: From Single Use Towards Global Endoscopy Leadership
FROM SINGLE USE TOWARDS GLOBAL ENDOSCOPY Broadest single-use Customer- #1 single-use LEADERSHIP endoscopy portfolio centric solutions manufacturer “ Ambu created the single- use endoscopy market Endoscopy Solutions Anesthesia & Patient Monitoring and now leads it, driving innovation that raises the
Slide 24: Strong Double-Digit Revenue Growth, Well Above MedTech Benchmark
STRONG DOUBLE-DIGIT REVENUE GROWTH, WELL ABOVE MEDTECH BENCHMARK Reported revenue, DKK bn, FY 2018/19 – 2024/25 Global MedTech benchmark Total Endoscopy Solutions Anesthesia & Patient Monitoring Revenue CAGR 6-year CAGR 2x 14% 14% 25% 6.0 5.4 4.8 4.4 4.0 3.6 6% 2.8 2018/19 2019/20 2020/21 2021/22 20
Slide 25: Compelling High-Growth Market Opportunity
COMPELLING HIGH-GROWTH MARKET OPPORTUNITY Single-use endoscopy Current single-use market opportunity1 penetration1 Single-use market growth2 Ear/Nose/Throat (ENT) 5-year CAGR DKK 20 bn 2-4% +20% for single-use endoscopy Respiratory DKK 15 bn 20% +15% penetration Gastroenterology (GI) From single-use
Slide 26: Significant Penetration Potential Supports Growth Ambitions
SIGNIFICANT PENETRATION POTENTIAL SUPPORTS GROWTH AMBITIONS Single-use market growth Single-use towards 2030, CAGR Global endoscopy market, 2025, DKK bn penetration Respiratory ICU and OR 10 25% + Adjacent categories Suite 5 5% +20% Urology 10% Cysto 20 Uretero 15 10% ENT 2-4% ENT 20 +15% single-use
Slide 27: Better Economics and Outcomes Drive Adoption of Single-Use Endoscopy
BETTER ECONOMICS AND OUTCOMES DRIVE ADOPTION OF SINGLE-USE ENDOSCOPY Higher efficiency Better economics Strong performance 50% 13% Superior increase in cystoscopy lower cost of single-use or comparative performance procedures from using bronchoscopes vs. to reusables for Ambu® single-use vs. reusabl
Slide 28: Innovation Has Driven Our Leading Single-Use Portfolio
INNOVATION HAS DRIVEN OUR LEADING SINGLE-USE PORTFOLIO 2021/22 2022/23 2023/24 2024/25 2025/2026 aScope 4 Broncho aScope Broncho Sampler aScope 4 Broncho Sampler Set Regulatory approval VivSight 2 DLT aScope 5 Broncho HD aScope 5 Broncho Respiratory aScope 5 Broncho Sampler Set HD aScope 5 Broncho S
Slide 29: Equity Story
EQUITY STORY Attractive endoscopy Leading the structural shift to single-use solutions with market +20% annual market growth1 Global #1 in single- Broadest single-use portfolio and proprietary technology platform, use endoscopy with +60%2 share and the largest direct footprint Customer-centric Unmat
Slide 30: Fast Turnaround Has Powered New Accelerated Growth Strategy
FAST TURNAROUND HAS POWERED NEW ACCELERATED GROWTH STRATEGY Reported revenue, FY 2020/21 – 2024/25 Guiding insights Organic revenue growth EBIT margin1 X Free cash flow, DKK m Launch of Launch of ZOOM IN ZOOM AHEAD Innovation: Strengthen a focus strategy a growth strategy customization to specialty
Slide 31: Achieving Global Endoscopy Leadership Through Zoom Ahead Strategy Execution
ACHIEVING GLOBAL ENDOSCOPY LEADERSHIP THROUGH ZOOM AHEAD STRATEGY EXECUTION 31
Slide 32: Clear Strategic Choices to Win
CLEAR STRATEGIC CHOICES TO WIN Advancing market leadership in Respiratory1 and Urology Continue to grow in ENT 1 Lead transition to single-use in GI through a stepwise approach Advance hardware, software, and AI innovation through EndoIntelligenceTM 2 Grow profitably in Anesthesia and Patient Monito
Slide 33: Drive Sustainable Growth Through Four Strategic Themes
DRIVE SUSTAINABLE GROWTH THROUGH FOUR STRATEGIC THEMES Customer centricity to improve customer outcomes and efficiency Innovation to deliver integrated and high-impact solutions Business platform to build a scalable profitable platform People & culture to fuel a culture of empowerment and growth 33
Slide 34: Delivering Customer Value Through a Connected Endoscopy Platform
DELIVERING CUSTOMER VALUE THROUGH A CONNECTED ENDOSCOPY PLATFORM Respiratory ONE SOFTWARE PLATFORM ADVANCED IMAGING TWO HARDWARE OPTIONS Proprietary image enhancement (ARC1) to enable better visualization and clinical Urology decision-making CUSTOMER INTEGRATION Direct transfer of data and images to
Slide 35: EndoIntelligence Enhances Customer Impact at Every Stage of the Procedure
EndoIntelligenceTM ENHANCES CUSTOMER IMPACT AT EVERY STAGE OF THE PROCEDURE AI-ENABLED APPLICATIONS built into Ambu’s integrated ecosystem PROCEDURE JOURNEY NEXT-GEN Before During After SOFTWARE enabling advanced analytics solutions NEXT-GEN HARDWARE SYSTEM with advanced data processing power Traini
Slide 36: Clear Path to +20% EBIT by FY 2029/30
CLEAR PATH TO +20% EBIT BY FY 2029/30 Strong organic growth drives EBIT margin expansion, FY 2022/23 – 2029/30, % Gross margin OPEX-to-revenue EBIT margin +20% ~2/3 Gross margin expansion driven by Continuing our higher growth in Endoscopy Solutions, disciplined pricing governance, and transformatio
Slide 37: Long-Term Financial Targets Increased to Match Ambitions
LONG-TERM FINANCIAL TARGETS INCREASED TO MATCH AMBITIONS 11-13% organic revenue CAGR towards FY 2029/30 15-20% organic endoscopy CAGR towards FY 2029/30 Committed to driving long-term value creation through revenue growth +20% and improved margins EBIT margin by FY 2029/30 37