Ambu A/s Class B · OMXCOP:AMBU_B
Ambu A/s Class B — Ambu A S Ord — FY 2024/25 Earnings Presentation
27 slides from Ambu A/s Class B's earnings presentation, Nov 5, 2025
Slide 1: Results for Q4 & FY 2024/25
RESULTS FOR Q4 & FY 2024/25 Britt Meelby Jensen Henrik Skak Bender Chief Executive Officer Chief Financial Officer
Slide 2: Disclaimer
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: Another year of continued, persistent single-use endoscopy conversion
ANOTHER YEAR OF CONTINUED, PERSISTENT SINGLE-USE ENDOSCOPY CONVERSION Solid year delivering 13.1% total growth and 15.4% endoscopy growth, underscoring continued conversion from reusable to single-use endoscopy. EBIT margin of 13.0% continued to improve, positively impacted by operating leverage, of
Slide 4: FY 2024/25 Financial Results
FY 2024/25 FINANCIAL RESULTS 13.1% 13.0% Organic revenue EBIT margin growth before special items Q4 2024/25: 10.0% Q4 2024/25: 10.0% 9.9% 15.4% 407m Anesthesia & Patient Endoscopy Solutions Free cash flow Monitoring organic growth organic growth (DKK) Q4 2024/25: 6.4% Q4 2024/25: 12.4% Q4 2024/25: 1
Slide 5: Respiratory organic revenue growth of 11.4% in 2024/25
RESPIRATORY ORGANIC REVENUE GROWTH OF 11.4% IN 2024/25 Respiratory Key FY & Q4 highlights Reported revenue, DKKm X% organic growth X% reported growth • Our respiratory business delivered strong full-year organic growth of 11.4%, with 8.8% growth in Q4. 11.4% • Growth was fueled by robust underlying
Slide 6: Urology, ENT, & GI organic revenue growth of 19.6% in 2024/25
UROLOGY, ENT, & GI ORGANIC REVENUE GROWTH OF 19.6% IN 2024/25 Urology, ENT, & GI Key FY & Q4 highlights Reported revenue, DKKm X% organic growth X% reported growth • Urology, ENT, & GI delivered 19.6% organic growth for the full year, with solid growth of 16.0% in Q4. 19.6% • Growth was driven by un
Slide 7: A & PM organic revenue growth of 9.9% in 2024/25
A & PM ORGANIC REVENUE GROWTH OF 9.9% IN 2024/25 Anesthesia & Patient Monitoring (A & PM) Key FY & Q4 highlights Reported revenue, DKKm X% organic growth X% reported growth • A & PM delivered 9.9% organic growth for the full year, with solid growth of 6.4% in Q4. 9.9% • Growth was mainly driven by c
Slide 8: ZOOM AHEAD reflects aspiration to achieve global endoscopy leadership
ZOOM AHEAD REFLECTS ASPIRATION TO ACHIEVE GLOBAL ENDOSCOPY LEADERSHIP 8
Slide 9: Focused and differentiated strategic choices
FOCUSED AND DIFFERENTIATED STRATEGIC CHOICES Advancing market leadership in Respiratory1 and Urology Continue to grow in ENT Lead transition to single use in GI through a stepwise approach Advance hardware, software, and AI innovation through EndoIntelligenceTM Grow profitably in Anesthesia and Pati
Slide 10: Delivering impact through four strategic themes
DELIVERING IMPACT 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 10
Slide 11: Single-use endoscopy market growth mainly driven by increased penetration
SINGLE-USE ENDOSCOPY MARKET GROWTH MAINLY DRIVEN BY INCREASED PENETRATION Endoscopy procedure growth Single-use penetration Single-use market Existing +20% growth, solutions 2025-2030 CAGR ~5% + +15% = New solutions CAGR Growth drivers + Adjacent • Aging population • Efficiency categories • Chronic
Slide 12: Single-use adoption driven by enhanced efficiency & patient outcomes in a sustainable way
SINGLE-USE ADOPTION IS DRIVEN BY ENHANCED EFFICIENCY & PATIENT OUTCOMES IN A SUSTAINABLE WAY HIGHER BETTER STRONG CLINICAL SUSTAINABILITY- EFFICIENCY ECONOMICS PERFORMANCE DRIVEN SOLUTION Mobile, portable, and do not require Discarded after use, removing 100% sterile and thus eliminate the Reduce th
Slide 13: Growth and value story – leading the shift to single-use endoscopy
GROWTH AND VALUE STORY – LEADING THE SHIFT TO SINGLE-USE ENDOSCOPY 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 a
Slide 14: EndoIntelligence accelerates our trajectory toward endoscopy market leadership
EndoIntelligenceTM ENDOINTELLIGENCE ACCELERATES AI-enabled OUR TRAJECTORY TOWARD ENDOSCOPY applications built into Ambu’s MARKET LEADERSHIP integrated ecosystem Enhancing customer impact at every stage of the procedure Before During After Next-gen software enabling advanced Training Diagnostic Autom
Slide 15: Enabling customers to standardize care across clinical specialties
ENABLING CUSTOMERS TO STANDARDIZE CARE ACROSS CLINICAL SPECIALTIES Full bronchoscopy offering Respiratory Hospitals and health Endo IntelligenceTM “ Health systems aren't looking at scopes as just scopes. They're looking systems Urology Ambu® Ambu® at their entire breadth aScope 4 aScope 5 Broncho B
Slide 16: Henrik Skak Bender, Chief Financial Officer
Henrik Skak Bender Chief Financial Officer 16
Slide 17: Organic revenue growth of 13.1% in 2024/25
ORGANIC REVENUE GROWTH OF 13.1% IN 2024/25 Group Key FY & Q4 highlights Reported revenue, DKKm X% organic growth X% reported growth • The full year posted strong organic growth of 13.1%, slightly negatively impacted by FX, due to USD/DKK depreciation. 13.1% 12.0% 6,037 5,391 • Especially the second
Slide 18: Solid EBIT margin expansion, with investments continuing as planned
SOLID EBIT MARGIN EXPANSION, WITH INVESTMENTS CONTINUING AS PLANNED TO FUEL FUTURE GROWTH EBIT margin bridge Excluding the negative impact EBIT margin development before special items of more than DKK 50m by before special items external factors, EBIT margin would have been 13.4% 12.0% 13.0% 3.4% 13
Slide 19: Gross margin of 60.2% in 2024/25
GROSS MARGIN OF 60.2% IN 2024/25 Key FY & Q4 highlights Gross margin development • Gross margin for FY ended at 60.2%, up 0.8%-pts from last year. For Q4, the gross margin ended at 60.0%, up 1.1%-pts from Q4 last year. 59.4% 60.2% • The second half of FY 2024/25 was negatively impacted FY 2023/24 FY
Slide 20: Continued operating leverage, offset by operational investments and tariff costs
CONTINUED OPERATING LEVERAGE, ALTHOUGH OFFSET BY OPERATIONAL INVESTMENTS AND TARIFF COSTS Key FY & Q4 highlights OPEX to revenue development • OPEX to revenue for FY was 47.2%, improved by 0.2%-pts, compared to last year. OPEX to revenue for Q4 ended at 49.9%, up 1.7%-pts from Q4 last year. 47.4% 47
Slide 21: Solid free cash flow development despite short-term external headwind
SOLID FREE CASH FLOW DEVELOPMENT DESPITE SHORT-TERM EXTERNAL HEADWIND Free cash flow – main components (DKKm) Key Q4 highlights • Free cash flow (FCF) of DKK 130m, leaving FCF for the full year at DKK 407m. 244 20 • This was impacted by: -119 o Solid profitable growth, although partly offset by FX h
Slide 22: CAPEX level in line with long-term projection
CAPEX LEVEL IN LINE WITH LONG-TERM PROJECTION Key Q4 highlights EBITDA before special items 21.9% 20.5% • Q4 CAPEX of DKK 119m corresponded to 8% of revenue – 17.6% 17.5% 16.6% and in line with Ambu’s new long-term projection of allocating 6-10% of revenue to investment activities, set at the CMD on
Slide 23: Proposed total cash distribution of DKK 260m
PROPOSED TOTAL CASH DISTRIBUTION OF DKK 260M, WITH CONTINUED OPERATING AND FINANCIAL FLEXIBILITY Capital allocation highlights Proposed dividends and share buy-backs • Total cash distribution of DKK 260m, corresponding to a pay-out ratio1 of 43%. DKKm Dividends X% Total pay-out ratio1 This consist o
Slide 24: 2025/26 Outlook
2025/26 OUTLOOK 2024/25 2025/26 Comments on actuals outlook 2025/26 outlook Organic Endoscopy Solutions continues to drive growth, which is revenue 13.1% 10-13% expected to grow +15% with accelerated growth in Respiratory and continued growth momentum in ‘Urology, ENT, & GI’. growth Anesthesia & Pat
Slide 25: Accelerating the expansion of North American manufacturing to mitigate tariffs
ACCELERATING THE EXPANSION OF NORTH AMERICAN MANUFACTURING TO MITIGATE TARIFFS Expanding manufacturing in North America to meet ... to ensure we can serve our customers with the high demand for single-use endoscopes… high-quality solutions, while mitigating tariffs Illustrative % of North America en
Slide 26: Long-term financial targets increased and extended to FY 2029/30
LONG-TERM FINANCIAL TARGETS INCREASED AND EXTENDED TO FY 2029/30 ZOOM AHEAD 5-year targets towards Organic revenue FY 2029/30 CAGR, % Endoscopy 15-20% Solutions Anesthesia & 3-5% Patient Monitoring Total 11-13% EBIT margin before +20% special items by FY 2029/30 Cash conversion1 +40% 1. Cash convers
Slide 27: Thank you for your attention
THANK YOU FOR YOUR ATTENTION INVESTOR RELATIONS CONTACT Anders Hjort Head of Investor Relations anhj@ambu.com | +45 7225 2910 Frederik Futtrup Associate, Investor Relations frfu@ambu.com | +45 6070 9526 Confidential