Ambu A/s Class B · OMXCOP:AMBU_B
Ambu A/s Class B — Investor Day (October 2025)
176 slides from Ambu A/s Class B's investor day presentation, Oct 1, 2025
Slide 1: Capital Markets Day 2025
CAPITAL MARKETS DAY 2025 1 October 2025 1
Slide 2: Disclaimer
This presentation contains certain forward-looking statements, including but not limited to, the statements and expectations contained in the "Financial Outlook" section of this presentation. Statements herein, other than statements of historical fact, regarding our future results of operations, fin
Slide 3: Agenda
AGENDA 10:00 – 10:30 Ambu’s next era Britt M. Setting the strategy towards global Jensen endoscopy leadership CEO 10:30 – 12:00 Winning in attractive markets Unlocking value by transforming high- growth business areas 12:00 – 12:30 Lunch Bassel Rifai Jesper J. Dr. George Dr. Tareq Henrik S. Presiden
Slide 4: Ambu's next era: redefining endoscopy
AMBU’S NEXT ERA AMBU’S COMMITMENT REDEFINING ENDOSCOPY THROUGH GLOBAL LEADERSHIP Britt M. Jensen CEO 4
Slide 5: Key takeaways from today
KEY TAKEAWAYS FROM TODAY Ambu Turnaround delivered – ZOOM IN execution reignited profitable Global #1 in growth and renewed credibility, ahead of the plan single-use Next era – ZOOM AHEAD sets a clear path to global endoscopy endoscopy leadership through a focused strategy and differentiation Attrac
Slide 6: Consistent double-digit growth delivered, outperforming most medtech peers
CONSISTENT DOUBLE-DIGIT GROWTH DELIVERED, OUTPERFORMING MOST MEDTECH PEERS Reported revenue, DKK bn, FY 2018/19 – 2023/24 Global MedTech benchmark Total Endoscopy Solutions Anesthesia & Patient Monitoring 5-year revenue CAGR1 5-year CAGR 2x 14% 14% 28% 5.4 4.8 4.4 4.0 3.6 2.8 6% 2018/19 2019/20 2020
Slide 7: Our purpose
OUR PURPOSE “ Together, we rethink solutions to save lives and improve patient care 7
Slide 8: Endoscopy is transforming how clinicians diagnose and treat patients
ENDOSCOPY IS TRANSFORMING HOW CLINICIANS DIAGNOSE AND TREAT PATIENTS Screening and diagnostics Therapeutics Intelligent care Enabling early detection and Empowering minimal Driving efficiency and better clinical decisions invasive interventions real-time decision-making 8
Slide 9: Millions of patients undergo endoscopy procedures every year
EVERY YEAR, MILLIONS OF PATIENTS AROUND THE WORLD UNDERGO ENDOSCOPY PROCEDURES +150 million +100 million 1 out of 10 people undergo endoscopy of these procedures are in the people in the U.S., Europe, and procedures each year U.S., Europe, and Japan Japan undergo endoscopy each year Source: Ambu Mar
Slide 10: Global market trends fuel the need for more endoscopy procedures
GLOBAL MARKET TRENDS FUEL THE NEED FOR MORE ENDOSCOPY PROCEDURES By 2050 …of the global Aging 16% population will be population +65 years …of the population Chronic 65% over the age of 50 will diseases have minimum one chronic disease Minimally …of surgeries in developed countries invasive 80% are e
Slide 11: Single-use endoscopy helps solve today's healthcare challenges
SINGLE-USE ENDOSCOPY IS A SOLUTION TO HELP SOLVE TODAY'S HEALTHCARE CHALLENGES Healthcare …of healthcare roles workforce 10-20% in the U.S. and EU shortage are unfilled …of the U.S. GDP is Budget ~20% already allocated to pressures healthcare Shift to …of U.S. hospital outpatient +60% revenue is fro
Slide 12: 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 13: Clinicians and hospitals rely on Ambu's solutions
CLINICIANS AND HOSPITALS RELY ON AMBU’S SOLUTIONS TO IMPROVE PATIENT CARE GLOBALLY Patients Clinicians Hospitals and clinics Support patients when it matters Enable clinicians to efficiently Deliver a solutions platform that most by offering early diagnostics deliver better patient care with enable
Slide 14: Clinicians convinced about single use as future standard of care
CLINICIANS ALREADY CONVINCED ABOUT SINGLE USE AS FUTURE STANDARD OF CARE Clinicians believe in U.S. example 70% ~25% Single-use X% market penetration single-use penetration today with current single-use endoscopy solutions1 2009 0% ~5% Bronchoscopy today 2018 0% ENT 2020 0% ~15% today Cystoscopy Amb
Slide 15: Ambu's next era: Zoom Ahead
AMBU’S NEXT ERA ZOOM AHEAD DELIVERING STRONG, SUSTAINABLE GROWTH WITH OUR 2030 STRATEGY Britt M. Jensen CEO 15
Slide 16: Current strategy delivered turnaround ahead of plan
CURRENT STRATEGY DELIVERED TURNAROUND AHEAD OF PLAN ZOOM IN strategy launched in 2022 Solutions for customer needs +7 new solutions in the past 3 years 2.4m endoscopy examinations / year Execution excellence DKK ~1bn free cash flow1 13.9% EBIT margin, 5x higher2 Sustainability progress Recycling pro
Slide 17: Accelerated growth and margin improvement lay foundation for next era
ACCELERATED GROWTH AND MARGIN IMPROVEMENT LAY THE FOUNDATION FOR THE NEXT ERA STRATEGY Reported revenue, FY2020/21 – 9M 2024/25 Organic revenue growth EBIT margin1 X Free cash flow, DKK m Launch of ZOOM IN 16.2% 2 13.8% 14.3% 13.9% 12.0% 7.6% 8.5% 4.3% 6.3% 2.7% 2020/21 2021/22 2022/23 2023/24 9M 20
Slide 18: A bold step forward
A bold step forward …a new aspiration to achieve global endoscopy Today marks a defining leadership moment in Ambu’s journey – shaping the future… 18
Slide 19: Zoom Ahead reflects aspiration to achieve global endoscopy leadership
ZOOM AHEAD REFLECTS ASPIRATION TO ACHIEVE GLOBAL ENDOSCOPY LEADERSHIP 19
Slide 20: Focus and differentiation guide strategic choices
FOCUS AND DIFFERENTIATION GUIDE STRATEGIC CHOICES Advance market leadership in Respiratory1 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 2 Grow profitably in Anesthesia
Slide 21: Impact delivered through four strategic themes
IMPACT DELIVERED 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 21
Slide 22: Customer centricity
Strategic priorities Partner with clinicians and health systems to expand patient access CUSTOMER CENTRICITY Accelerate adoption of solutions through clinical engagement and execution excellence Improve customer outcomes and efficiency Lead in sustainability through a pioneering customer offering an
Slide 23: Innovation
Strategic priorities Champion breakthrough customer-centric solutions with superior performance INNOVATION Deploy transformative technology to drive customer value Deliver integrated and high-impact solutions Build strategic partnerships across the value chain 23
Slide 24: Business platform
Strategic priorities Ensure a resilient global operations setup to adapt to market dynamics BUSINESS PLATFORM Advance operating model by growing scale and cost effectiveness Build a scalable and profitable growth platform Future-proof infrastructure to fuel accelerated growth 24
Slide 25: People & culture
Strategic priorities Leverage culture through impactful values and nimble ways of working PEOPLE & CULTURE Advance strategic capabilities to shape the future Fuel a culture of empowerment and growth Lead as one to serve customers with purpose and bold ambition 25
Slide 26: Experienced leadership team driving execution
EXPERIENCED LEADERSHIP TEAM DRIVING EXECUTION Britt M. Jensen Henrik S. Bender Graziela Malucelli Finn Möhring Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Technology Officer Joined in 2022 Joined in 2024 Joined in 2024 Joined in 2023 Jesper J. Steen Sanne K. Hjordru
Slide 27: Growth and value story – leading the shift to single-use endoscopy
GROWTH AND VALUE STORY – LEADING THE SHIFT TO SINGLE-USE ENDOSCOPY Attractive Leading the structural shift to single-use solutions with +20% annual endoscopy market market growth1 Global #1 in single- Broadest single-use portfolio and proprietary technology platform, use endoscopy with +60%2 share a
Slide 28: Long-term financial targets increased to match our ambitions
LONG-TERM FINANCIAL TARGETS INCREASED TO MATCH OUR AMBITIONS 11-13% organic revenue CAGR towards FY 2029/30 15-20% Committed to driving organic endoscopy CAGR towards FY 2029/30 long-term value creation through revenue growth and improved margins +20% EBIT margin by FY 2029/30 28
Slide 29: Winning in attractive markets: endoscopy market
WINNING IN ATTRACTIVE MARKETS ENDOSCOPY MARKET ACCELERATING GROWTH IN AN ATTRACTIVE MARKET Bassel Rifai President of EMEA & APAC 29
Slide 30: Single-use endoscopy is a DKK ~190bn market opportunity
SINGLE-USE ENDOSCOPY IS A DKK ~190BN MARKET OPPORTUNITY Global single-use endoscopy market opportunity Win in Win in Grow in Unlock Total Respiratory Urology ENT GI Global market1 DKK ~15bn DKK ~35bn DKK ~20bn DKK ~120bn DKK ~190bn 2025 Single-use penetration2 ~20% ~10% ~2-4% <1% ~3-4% 2025 1. Globa
Slide 31: DKK 6bn market projected to reach 15bn+ in 5 years
DKK +6BN MARKET PROJECTED TO REACH +15BN IN 5 YEARS – WITH SIGNIFICANT UPSIDE POTENTIAL DKK ~190bn global market today1 Clinicians believe in 70% future single-use penetration in DKK ~50bn Respiratory, Urology, and ENT single-use market in the future with a +20% CAGR DKK +15bn until 2030 single-use
Slide 32: Single-use market growth mainly driven by increased penetration
SINGLE-USE ENDOSCOPY MARKET GROWTH MAINLY DRIVEN BY INCREASED PENETRATION Endoscopy Single-use procedure growth penetration Single-use market Existing +20% growth, solutions 2025-2030 CAGR ~5% + +15% = New solutions CAGR Growth drivers Aging population Efficiency + Chronic diseases Economics Minimal
Slide 33: Clinicians choose single use for efficiency and economics
CLINICIANS CHOOSE SINGLE USE FOR EFFICIENCY AND ECONOMICS ADVANTAGES Efficiency Economics 34% 10% less time lower costs between procedures by eliminating with single-use cystoscopes cleaning and transportation1 vs. reusables2 “ We have been able to increase our number of surgical cystoscopy cases in
Slide 34: Customers choose Ambu for performance without compromise
CUSTOMERS CHOOSE AMBU SOLUTIONS FOR PERFORMANCE WITHOUT COMPROMISE On par or superior clinical performance Sustainability Superior +90% 20% or comparative performance reported very good or good lower CO2 emissions for to reusables reported for performance of Ambu’s single-use cystoscopes vs. Ambu® a
Slide 35: From first mover to leader through scalable innovation
Snapshot: FROM FIRST MOVER TO LEADER aScope 5 Snapshot: THROUGH SCALABLE INNOVATION Bronchoscopy Broncho ~20% Innovated to Global single-use simplify endoscopy penetration today1 Ambu has a unique procedures position with a proven Scaled track record, building a manufacturing solutions platform effe
Slide 36: Solutions built to address customers' highest-priority needs
SOLUTIONS BUILT TO ADDRESS CUSTOMERS’ HIGHEST-PRIORITY NEEDS “Why do you choose Ambu’s solutions?” 2025 Ambu market research: U.S., France, and Germany customer survey Clinical performance Economics Endoscopy portfolio breadth #1 purchasing criteria +80% of clinicians are willing to pay Our goal is
Slide 37: Enabling customers to standardize care across clinical specialties
ENABLING CUSTOMERS TO STANDARDIZE CARE ACROSS CLINICAL SPECIALTIES ENT Urology Full bronchoscopy “ offering Health systems aren't GI Respiratory looking at scopes as just scopes. They're looking at their entire breadth EndoIntelligenceTM Ambu® aScope Ambu® aScope of products, categories, 4 Broncho 5
Slide 38: Well-positioned to accelerate growth
WELL-POSITIONED TO ACCELERATE GROWTH Well-positioned to accelerate with a winning solutions platform, deep expertise, and customer relationships Ambu established as world leader by meeting customers needs in clinical performance, efficiency, and portfolio breadth Attractive endoscopy market that is
Slide 39: Respiratory: continuing the journey towards standard of care
WINNING IN ATTRACTIVE MARKETS RESPIRATORY CONTINUING THE JOURNEY TOWARDS STANDARD OF CARE Jesper J. Steen CMO 39
Slide 40: Respiratory diseases have profound impact on patients
RESPIRATORY DISEASES HAVE PROFOUND IMPACT ON PATIENTS, AFFECTING MILLIONS OF LIVES EVERY YEAR Lung cancer and tumors COPD1 Influenza Bronchitis Healthy Emphysema Healthy #1 #4 4m cause of cancer-related cause of deaths severe influenza cases deaths globally globally globally per year 1. Chronic obst
Slide 41: Respiratory is a DKK 15bn+ single-use endoscopy market opportunity
RESPIRATORY IS A DKK +15BN SINGLE-USE ENDOSCOPY MARKET OPPORTUNITY Intensive Care Unit (ICU) Operating Room (OR) Suite Type of care Emergency and critical care Surgical care High-end advanced care Global market1, 2025 DKK ~10bn DKK ~5bn Addressable market2, 2025 ~80% ~80% Global single- use penetra-
Slide 42: Market-leading respiratory portfolio to deliver next wave of growth
MARKET-LEADING RESPIRATORY PORTFOLIO TO DELIVER NEXT WAVE OF GROWTH Ambu’s portfolio Next wave of growth Illustrative Drive innovation and commercial execution to extend leadership Pioneer intelligent care delivery Expand suite presence with strong clinical performance 42
Slide 43: aScope 5 Broncho to accelerate growth in respiratory
Snapshot: Snapshot: ASCOPE 5 BRONCHO TO ACCELERATE aScope aScope 55 GROWTH IN RESPIRATORY Broncho Broncho Highest performance single-use bronchoscope Launched in 2022 with performance on par or better than reusables1 88% 91% bronchoscopists consider performance bronchoscopists rate image quality the
Slide 44: SureSight launched as superior solution in high-growth market
Snapshot: SURESIGHT LAUNCHED AS SUPERIOR SureSight SOLUTION IN HIGH-GROWTH MARKET Endotracheal intubation is the main Videolaryngoscopy is growing as Launched in 2025 method to secure patient airways the preferred intubation method OR and ICU DKK ~4bn U.S. market Patient prepped for surgery 50% of e
Slide 45: Strong portfolio synergies to expand respiratory leadership
Snapshot: STRONG PORTFOLIO SYNERGIES TO SureSight EXPAND RESPIRATORY LEADERSHIP Strong clinical performance OR and ICU Strengthens Respiratory portfolio Market-leading visualization quality Intuitive design with easy blade attachment Strong synergies with broncho- scopes with dual view for faster Si
Slide 46: Continued innovation to deliver improved customer value
CONTINUED INNOVATION TO DELIVER IMPROVED CUSTOMER VALUE AND EXPAND PORTFOLIO OFFERING Next-generation EndoIntelligenceTM Adjacencies to bronchoscopes to empower physicians extend leadership Enhance performance Enhance clinician Adjacent portfolio and enable most confidence with AI- additions to acce
Slide 47: Respiratory to accelerate position as standard of care
RESPIRATORY TO ACCELERATE POSITION AS STANDARD OF CARE FOR CUSTOMERS Well-positioned to win Extend our leadership position #1 global endoscopy company Advance innovation and commercial Single-use bronchoscopy as standard of care execution to grow market leadership and single-use adoption Leverage ex
Slide 48: Dr. George Christodoulides
Dr. George Christodoulides Consultant Anaesthetist, Guy’s & St. Thomas’ Hospital, London Director One Lung Course, Honorary Senior Lecturer King’s College University London 48
Slide 49: Benefits of an integrated airway visualisation platform
Benefits of an integrated airway visualisation platform Dr George Christodoulides, Consultant Thoracic/Head and Neck at Guy’s, One Lung Ventilation Course director, Honorary Anaesthetist Senior Lecturer, King’s College University London 49
Slide 50: Thoracic unit at Guy's Hospital
Thoracic unit at Guy’s Hospital • Guy’s Hospital – large tertiary referral centre in London • One of the largest thoracic units in the UK • Robotic thoracic surgery training centre • On average – 1700 total thoracic cases per year • Approximately 800 lung resections • Approximately 250 robotic lung
Slide 51: Key themes
Key themes Connecting care with continuous visualisation The role of airway visualization tools in improving healthcare and ensuring patient safety Benefits and challenges of single-use endoscopy 51
Slide 52: Connecting care with continuous visualization
Connecting care with continuous visualization 52
Slide 53: Continuous visualization facilitates communication among OR team
Continuous visualization of the airway facilitates communication among OR team members Intraoperative shift from VATS (Video- Assisted Thoracic Surgery) to open thoracotomy Thoracic surgeon and anesthetist discuss procedure in real-time to plan safest approach for patient 53
Slide 54: Different procedures – one platform
Different procedures – one platform Video-enabled Videolaryngoscope double lumen Bronchoscope Bronchoscope and single lumen tubes Intubation Lung isolation / Inspection diagnosis Ventilation treatment 54
Slide 55: Key pains and concerns from a clinician
Key pains and concerns from a clinician Theatre ergonomics Sustainability • Not enough space for more than one • Single-use mostly preferred amongst drip stand clinicians • One device/one screen does all • Recycling – needs to be an option • In an emergency undocking procedure, screen moves with the
Slide 56: Continuous visualisation ensures patient safety during unforeseen events
Continuous Visualisation of the airway ensures patient safety during unforeseen events Video-enabled double lumen tube shows in Surgical view of the same field real-time when surgical tool is too close to from the pleural space (outside) cuff compromising lung isolation 56
Slide 57: Clinical benefits of single-use and continuous visualisation
Clinical benefits of single-use and continuous visualisation 57
Slide 58: Why I prefer single-use airway visualisation tools
Why I prefer single-use airway visualisation tools • If the pandemic taught us anything – limit clinicians contact with the patient airway • Difficult airways more and more common – higher incidence of head and neck cancer/abnormal pathology • Videolarygoscopes are part of the difficult airway guide
Slide 59: Secretion management mitigated with continuous visualisation
Secretion management is a frequent concern – mitigated with continuous visualisation • One particular problem we have is the build up of secretions during lung surgery that can plug off the airway with the implication • need one to one nursing, • chest physiotherapy in the recovery room, • nebulisin
Slide 60: Secretion blocking the airway impacting post-op patient
Secretion blocking the airway that will impact the patient post-op Secretion build-up identified with video-enabled double-lumen tube and managed with suction 60
Slide 61: Video assisted fiberoptic intubation rescue technique
Video assisted fiberoptic intubation – a rescue technique for management of the difficult airway Successful difficult intubation visualised with a videolaryngoscope and single-use bronchoscope - VAFI (video-assisted fiberoptic intubation) 61
Slide 62: Perfect marriage between two products – diagnostic game changer
The perfect marriage between two products – a diagnostic game changer Video-enabled double-lumen tube used for isolation and single-use bronchoscope inspection allowed to identify a lesion not visible during pre- operative imaging. 62
Slide 63: New kid on the block – Robotic-Assisted Bronchoscopy
New kid on the block – Robotic-Assisted Bronchoscopy 63
Slide 64: Why we prefer having single-use in the operating room
Why we prefer having single-use in the operating room Video-enabled single-lumen tube used for intubation Operating room space is limited - single-use and single-use bronchoscope in Dual View for platform offers small footprint inspection during robotic-assisted bronchoscopy 64
Slide 65: Clinical preference towards single-use
Clinical preference towards single-use Clinicians prefer single-use: Face administrative pressure: • Health prevention – minimize BUT • Cost of single-use material anaesthetist contact with airway • Sustainability concerns • Limited space in OR and ICU: • Less bulky • Inventory space • User friendly
Slide 66: Thank you
THORACIC ANAESTHESIA GROUP AT GUY’S Thank you TAGG:
Slide 67: Urology: accelerating single use through leadership
WINNING IN ATTRACTIVE MARKETS UROLOGY ACCELERATING SINGLE USE THROUGH LEADERSHIP Jesper J. Steen CMO 67
Slide 68: Urological conditions contribute to increasing worldwide disease burden
UROLOGICAL CONDITIONS ARE CONTRIBUTING TO AN INCREASING WORLDWIDE DISEASE BURDEN Bladder cancer Kidney and ureteral blockage Severe urinary tract infection 1 in 27 1 in 10 +5% will get bladder cancer will suffer from kidney of women suffer from a severe urinary in their lifetime stones in their life
Slide 69: Urology is a DKK 35bn+ single-use market opportunity
UROLOGY IS A DKK +35BN SINGLE-USE MARKET OPPORTUNITY Cystoscopy Ureteroscopy4 Fast procedures in the ICU or outpatient settings Time-consuming procedures in the OR Key differences High volume with lower reimbursement Low volume with higher reimbursement Simpler anatomy to navigate Complex anatomy to
Slide 70: Market-leading integrated portfolio built to accelerate next wave of growth
MARKET-LEADING INTEGRATED PORTFOLIO BUILT TO ACCELERATE NEXT WAVE OF GROWTH Ambu’s portfolio Next wave of growth Extend leading position and drive penetration in cystoscopy Leverage foothold to accelerate ureteroscopy Pioneer intelligent care delivery 70
Slide 71: aScope 5 Uretero set to lead continued single-use transition
Snapshot: ASCOPETM 5 URETERO SET TO LEAD THE aScope 5 CONTINUED SINGLE-USE TRANSITION Uretero “ Solving real customer needs Launched in 2024 in a DKK 15bn market The aScopeTM 5 Uretero is awesome Fragile reusables often break in the OR … It's incredibly with average repair every 15th comfortable, it
Slide 72: Innovation will continue to accelerate urology growth
INNOVATION WILL CONTINUE TO ACCELERATE UROLOGY GROWTH Next generation of core EndoIntelligenceTM to Adjacencies to solutions elevate efficiency extend leadership Drive efficiency and Advance innovative Adjacent portfolio clinician confidence from offerings to elevate additions to accelerate simplifi
Slide 73: Urology market has significant runway for growth
UROLOGY MARKET HAS SIGNIFICANT RUNWAY FOR GROWTH – FUELED BY INNOVATION AND EXECUTION Well-positioned to win Extend our leadership position #1 global endoscopy company Advance innovation and commercial Single use is the leading technology in execution to grow market leadership cystoscopy and uretero
Slide 74: Dr. Tareq Aro
Dr. Tareq Aro Director of Endourology and Stone Disease, Assistant Professor of Urologic Surgery 74
Slide 75: Dr. Tareq Aro, Northwell Health
Dr. Tareq Aro Northwell Health, NY • The Smith Institute for Urology • Director of Endourology and Stone Disease • Assistant Professor Nothing to disclose | This presentation is for informational purposes only and does not constitute investment, legal, tax, or financial advice 75
Slide 76: Endoscopy & Endourology
Endoscopy & Endourology 76
Slide 77: Milestones in flexible cystoscopes and ureteroscopes
Milestones in Flexible Cystoscopes & Ureteroscopes 1950s Modern Era 1973 1987 2000s Fiber optics High-definition Flexible cystoscopy Actively deflectable Digital chip-on-tip revolution by Harold imaging, robotics, gains widespread ureteroscopes scopes replace fiber Hopkins enables & improved clinica
Slide 78: High-level challenges in U.S. healthcare – urology endoscopy
High-Level Challenges in U.S. Healthcare – Urology Endoscopy Access & Cost Pressure Patient Safety & Quality • High cost of scopes, OR time, and disposable (e.g. tools) • Infection risks from sterilization challenges • Reimbursement often below true cost • Complications: ureteral injury, strictures,
Slide 79: Increase in procedures in ureteroscopy
Increase in procedures in ureteroscopy Source: Serrell et al., Journal of Endourology, 2024 (Medicare claims 2013–2021). Source: Oberlin et al., J Urol 2017 (ABU case logs 2003–2013); Matulewicz et al., J Urol 2022 & Haas et al., J Urol 2023 (Medicare 2012–2019); Leow et al., J Urol 2017 / Shah et a
Slide 80: Innovative advancements have paved the path for ureteroscopy
Innovative advancements have paved the path for ureteroscopy Miniaturized flexible URS Ho:YAG pulse modulation Thulium Fiber Laser (TFL) (7.5–8.5 Fr, improved (MOSES & long-pulse (high freq, low pulse deflection) dusting) energy) 2005–2010 2016–2018 2019–2023 Digital-chip scopes Single-use scopes en
Slide 81: Reusable vs disposable ureteroscopy
Reusable vs disposable ureteroscopy • Reusable ureteroscopes remain fragile • Reprocessing is labor-intensive (20–45 min multi-step protocols, high variability) • Contamination risk persists despite strict protocols • High repair + hidden costs challenge financial sustainability • Patient safety and
Slide 82: Drivers for disposables in ureteroscopy: workflow and repair
Drivers for disposables in ureteroscopy: streamlined workflow and absence of repair requirements Average OR Time Cost in U.S. Academic Centers Reusable Flexible Ureteroscopes: Durability & Repair Teaching/High Procedures Time-in-use Source Cost/min Data year(s) Setting Study / Source Repair cost est
Slide 83: Drivers for disposables: patient safety and sustainability
Drivers for disposables in ureteroscopy: Patient safety and sustainability Infection Risk & Sterilization: Disposable vs Reusable Flexible Environmental Impact: Disposable vs Reusable Ureteroscopes – Ureteroscopes Worldwide Evidence Outcome / Measure Disposable (Single-use) Reusable Notes Study / Re
Slide 84: Disposable vs reusable flexible cystoscopes
Disposable vs Reusable Flexible Cystoscopes 84
Slide 85: Single-use vs reusable cystoscope utilization (U.S., 2005–2025)
Single-Use vs Reusable Cystoscope Utilization (U.S., 2005–2025) If RU = 100 in 2005 and still ~128 in 2025, it means reusable cystoscopies increased by ~28% relative to the baseline If SU = 0 in 2005 and ~45 in 2025, it means single-use cystoscopies have emerged and reached a utilization level equiv
Slide 86: Single-use experience
Single-use experience Transforming office cystoscopy Staff availability Simpler Efficiency Less technical challenges Availability for new practices Easier set up Financial incentive Turn over New HD scope 86
Slide 87: Then & Now
33: Northwell Health
Slide 88: Reusable vs disposable
Reusable vs Disposable Key differences Surgeon Vs System needs • High cost of scopes, OR time, and disposables Surgeon • Reliability of equipment • Patient care • Infection risks from sterilization challenges • Outcomes • Rising demand for stone management • Quality of care and complications • Singl
Slide 89: Future: digital and software
s Future: Digital and Software Connectivity Training & Collaboration • Cloud integration • VR/AR training • Built into EHR • Remote access • Tele-mentoring • Skill assessment Patient Integration • Procedure review and transparency • Longitudinal tracking Data Integration Smart Platforms • Automatic
Slide 90: Thank you
Thank you 3: Northwell Health
Slide 91: ENT: growing single-use penetration from strong foundation
WINNING IN ATTRACTIVE MARKETS ENT GROWING SINGLE-USE PENETRATION FROM A STRONG FOUNDATION Jesper J. Steen CMO 91
Slide 92: ENT offers compelling growth, particularly across U.S. and UK
ENT OFFERS COMPELLING GROWTH, PARTICULARLY ACROSS THE U.S. AND UK Ear-Nose-Throat (ENT) Visualization of sinus and throat in ICU and outpatient – largest Type of care need in U.S. and UK, where cleaning guidelines are strict Global market1, 2025 DKK ~20 bn “ Addressable market2, 2025 ~60% [Single us
Slide 93: New innovation continues to expand single-use endoscopy in ENT
NEW INNOVATION CONTINUES TO EXPAND SINGLE-USE ENDOSCOPY IN ENT Next wave of growth Extend leading single-use position Unlock outpatient growth PIPELINE Pioneer intelligent Next-generation Rhinolaryngo care delivery addressing outpatient care needs 93 Illustrative
Slide 94: Clear path in ENT to grow into new areas
CLEAR PATH IN ENT TO GROW INTO NEW AREAS Well-positioned to grow Extend single-use leadership #1 global endoscopy company Extend leading position in ICU and Single use is the leading technology in both single-use adoption in focus markets ICU and outpatient care settings in focus markets Build on st
Slide 95: Gastroenterology: unlocking the transformation step-by-step
WINNING IN ATTRACTIVE MARKETS GASTROENTEROLOGY UNLOCKING THE GASTROENTEROLOGY TRANSFORMATION STEP-BY-STEP Jesper J. Steen CMO 95
Slide 96: Gastrointestinal diseases are often critical
GASTROINTESTINAL DISEASES ARE OFTEN CRITICAL Colorectal cancer Gastric cancer Gastrointestinal bleeds 1 out of 3 2 out of 3 ~6% patients do not survive patients do not survive 30-day mortality rate among beyond 5 years beyond 5 years hospitalized patients Source: American Cancer Society, National Ca
Slide 97: A large GI market with significant opportunity
A LARGE GI MARKET WITH A SIGNIFICANT OPPORTUNITY AS SINGLE-USE ENDOSCOPY IS IN ITS EARLY STAGES Gastroscopy Colonoscopy Duodenoscopy High volume diagnostic High volume procedures – High risk procedures in Key and therapeutic procedures primarily cancer-related complex anatomy in the suite difference
Slide 98: GI market represents significant growth opportunity over time
GI MARKET REPRESENTS A SIGNIFICANT GROWTH OPPORTUNITY OVER TIME DKK 120bn total GI market today Market trends favor a shift to single-use endoscopy Significant future potential to solve customer pain points, Unlocking 10% single- like in other clinical areas use penetration DKK 12bn equals 2x of Amb
Slide 99: Initial entry into most complex GI market led to modest results
INITIAL ENTRY INTO THE MOST COMPLEX GI MARKET LED TO MODEST RESULTS 2019: Launched the first Several factors led to limited Valuable insights gained aScopeTM Duodeno for ERCP1 success of duodenoscope launch that can be leveraged FDA focus on infection risk spiked Infection risk not the main Efficien
Slide 100: aScope Duodeno 2 enhanced duodenoscope
Snapshot: ENHANCED DUODENOSCOPE INTRODU- aScope CED WITH MINIMAL COMMERCIAL EFFORT Duodeno 2 Improved clinical performance, Launched in 2025 including optimized image quality ~80% Platform synergies through integration with Ambu® aBoxTM 2 Innovative ergonomics for …of users rate complex procedures s
Slide 101: GI strategy refined to focus on high-need niches
GI STRATEGY REFINED TO INITIALLY Snapshot: FOCUS ON HIGH-NEED NICHES aScope Gastro & Gastro Large OR: Intraoperative use OR and ICU: Bleeds Clinicians need Clinicians need Launched in flexibility and availability powerful suction 2022 and 2024 “ better suction The OR prefers your [Ambu] with aScope
Slide 102: Market evidence confirms long-term single-use opportunity in GI
MARKET EVIDENCE CONFIRMS THE LONG-TERM SINGLE-USE OPPORTUNITY TO RESHAPE GI …of surgeons expect increased use Endoscopy procedures in ICU and OR are increasing 65% of intraoperative flexible endoscopy, due to improved access and technology …increase in out-of-hospital vs. in- More procedures move to
Slide 103: Potential to tackle customer pain points similar to other clinical areas
POTENTIAL TO TACKLE CUSTOMER PAIN POINTS SIMILAR TO THOSE IN OTHER CLINICAL AREAS Today’s GI procedures are structured around Imagine how single use can solve reusable infrastructure and workflows today’s complexity Constant availability vs. waiting during cleaning and repairs 30-40% Same performanc
Slide 104: Well-positioned to lead the shift to single use
WELL-POSITIONED TO LEAD THE SHIFT TO SINGLE USE Technology Deep market Commercial platform experience Scale footprint Synergies to advance image to innovate for key to enable cost to leverage access to offer a standardized, vs. cost position customer needs leadership to customers one-platform soluti
Slide 105: Long-term vision to stepwise lead single-use transformation in GI
LONG-TERM VISION TO STEPWISE LEAD THE SINGLE-USE TRANSFORMATION IN GASTROENTEROLOGY Strongly positioned to unlock GI Accelerate single-use market adoption Standard of care in OR and ICU Build strong foothold by educating Single-use adoption in major market areas customers on single-use value proposi
Slide 106: Lunch
LUNCH 106
Slide 107: EndoIntelligence: fueling growth through a platform of intelligent care
WINNING IN ATTRACTIVE MARKETS ENDOINTELLIGENCETM FUELING GROWTH THROUGH A PLATFORM OF INTELLIGENT CARE Bassel Rifai President of EMEA & APAC 107
Slide 108: Health systems have important needs in endoscopy addressed through technology
HEALTH SYSTEMS HAVE IMPORTANT NEEDS IN ENDOSCOPY THAT CAN BE ADDRESSED THROUGH TECHNOLOGY Procedure journey Before During After Automated Training and Disease diagnostic and documentation preparation treatment guidance and reporting Doctors spend ~80 20% supervised bronchoscopies required for new of
Slide 109: Solving customers' most critical needs with advanced technology platform
SOLVING CUSTOMERS’ MOST CRITICAL NEEDS WITH OUR ADVANCED TECHNOLOGY PLATFORM 10 years ago Today ZOOM AHEAD 1.0 Display units 2.0 Endoscopy ecosystem 3.0 EndoIntelligenceTM Simple camera display Advanced imaging, AI-enabled training, screen for one segment + customer integration, + diagnostic support
Slide 110: Delivering customer value through connected endoscopy platform
DELIVERING CUSTOMER VALUE THROUGH A CONNECTED ENDOSCOPY PLATFORM Advanced imaging One software Respiratory Proprietary image enhancement (ARC1) platform to enable better visualization and clinical decision-making Two Urology hardware Customer integration options Direct transfer of data and images to
Slide 111: Customer integration: testimonial
CUSTOMER INTEGRATION: “ TESTIMONIAL The Ambu system basically changed our workflow over night – it made everything streamlined and easier. The Ambu team was able to come and integrate the hardware and the software into our network Philip Zhao, MD, Chief Urology Stone Program NYU Langone Health-Tisch
Slide 112: EndoIntelligence enhances customer impact at every stage
EndoIntelligenceTM ENDOINTELLIGENCETM ENHANCES AI-enabled CUSTOMER IMPACT AT EVERY applications built into Ambu’s STAGE OF THE PROCEDURE integrated ecosystem Procedure journey Before During After Next-gen software enabling advanced Training Diagnostic Automated analytics solutions solutions support
Slide 113: EndoIntelligence in action: improving bronchoscopy skills using AI
ENDOINTELLIGENCETM IN ACTION IMPROVING BRONCHOSCOPY SKILLS USING AI “ Training using an AI system resulted in faster and more efficient broncho- scopy performance by critical-care physicians when compared to expert human tutor instruction. This could change the future of bronchoscopy training in cri
Slide 114: Expanding EndoIntelligence platform enables path to leadership
EXPANDING ENDOINTELLIGENCE PLATFORM ENABLES STRONG PATH TO ENDOSCOPY LEADERSHIP Well-positioned to win Extend our leadership position #1 within digital solutions for endoscopy Increase installed base of customers Technology-enabled procedures established by connecting customers to our market-leading
Slide 115: Sustainability: continuing a responsible growth journey
WINNING IN ATTRACTIVE MARKETS SUSTAINABILITY CONTINUING A RESPONSIBLE GROWTH JOURNEY Bassel Rifai President of EMEA & APAC 115
Slide 116: Working alongside customers to embed sustainability
WORKING ALONGSIDE CUSTOMERS TO EMBED SUSTAINABILITY INTO EVERYDAY PRACTICE Sustainability +10% of large tenders in EU5 1 is becoming a tender criteria include sustainability as a criteria Net-zero commitments are rising among health systems “ If we could change one thing about single use, it would b
Slide 117: Single-use endoscopy can be more sustainable than reusable options
SINGLE-USE ENDOSCOPY CAN BE MORE SUSTAINABLE THAN REUSABLE OPTIONS Single use eliminates waste from reusable cleaning Avoids cleaning tools and disposable protective equipment Examples of cleaning equipment 20% lower emissions in single-use Avoids using harsh chemicals and cystoscopes vs. reusables1
Slide 118: First-mover advantage translating into tangible customer impact
FIRST-MOVER ADVANTAGE IS ALREADY TRANSLATING INTO TANGIBLE CUSTOMER IMPACT Leading in bioplastics Leading in recycling Recognized solutions setting the future standard First and only company to First to launch take-back and implement bioplastic in recycling for single-use endoscopes endoscopes Secon
Slide 119: ReCircle program
RECIRCLE PROGRAM Leading the recycling agenda by helping customers reduce emissions and waste complexity 119
Slide 120: Leading transition to sustainable healthcare through customer partnerships
LEADING THE TRANSITION TO SUSTAINABLE HEALTHCARE THROUGH STRONG CUSTOMER PARTNERSHIPS Leading the sustainable agenda together with customers Leading the Expand recycling initiative sustainable agenda +1 million together with medical devices collected by 2030 customers Increase use of circular materi
Slide 121: Driving profitable growth in Anesthesia & Patient Monitoring
WINNING IN ATTRACTIVE MARKETS Anesthesia & Patient Monitoring DRIVING PROFITABLE GROWTH IN ANESTHESIA & PATIENT MONITORING Henrik S. Bender CFO 121
Slide 122: Anesthesia & Patient Monitoring delivered ~8% annual growth
ANESTHESIA & PATIENT MONITORING DELIVERED ~8% ANNUAL GROWTH IN THE PAST TWO YEARS A & PM reported revenue, DKK m, FY2018/19 – 9M 2024/25 Focus Patient Monitoring Anesthesia X% Organic revenue CAGR Strengthen pricing governance to expand margins 8.4%1 1.9% 8.0%1 Optimize commercial 2.5% Mid-to-high s
Slide 123: 70 years saving lives with the Ambu Bag
70 years saving lives with the Ambu Bag +6 million patients ventilated every year 123
Slide 124: A solid anesthesia portfolio in a large, resilient market
A SOLID ANESTHESIA PORTFOLIO IN A LARGE, RESILIENT MARKET Market size, DKK bn Ambu’s products Strengths Ambu Profitable growth Market-leading portfolio ~4.5 bn Face masks Strong brand and customer loyalty Synergies with Respiratory Laryngeal masks Strategic focus Maintain leading position as reliabl
Slide 125: 50 years of patient monitoring leadership
50 years of Patient Monitoring leadership +50 million patients monitored each year 125
Slide 126: Strong patient monitoring portfolio positioned for success
STRONG PATIENT MONITORING PORTFOLIO POSITIONED FOR SUCCESS IN ATTRACTIVE MARKET Market size, DKK bn Ambu’s products Neurology Strengths Ambu Solid profitable growth Market-leading portfolio ~3.5 bn Strong brand and customer loyalty EMG and EEG electrodes Strategic focus Cardiology Maintain leading p
Slide 127: Wrap-up and M&A accelerating the growth journey
WINNING IN ATTRACTIVE MARKETS WRAP-UP AND M&A ACCELERATING THE GROWTH JOURNEY Henrik S. Bender CFO 127
Slide 128: Zoom Ahead – strategic choices to win
ZOOM AHEAD – STRATEGIC CHOICES TO WIN Attractive endoscopy market with +20% annual single-use growth expected in the next 5 years Focused strategy to accelerate and win in Respiratory and Urology, while growing ENT and unlocking GI EndoIntelligenceTM integrates Ambu’s platform and accelerates custom
Slide 129: M&A will accelerate journey towards global endoscopy leadership
M&A WILL ACCELERATE THE JOURNEY TOWARDS GLOBAL ENDOSCOPY LEADERSHIP M&A rationale Examples Key priorities guiding M&A Acceleration of organic endoscopy Technology growth by adding value to the solutions offering Capabilities Solid financial return and within the financial policy Software solutions S
Slide 130: Ambu
Ambu 130 a
Slide 131: Break
BREAK 131
Slide 132: Driving growth through our strategic priorities
DRIVING GROWTH THROUGH OUR STRATEGIC PRIORITIES AMBU’S WINNING STRATEGY ACHIEVING GLOBAL ENDOSCOPY LEADERSHIP Britt M. Jensen CEO 132
Slide 133: Four strategic themes enable Ambu's growth journey
FOUR STRATEGIC THEMES ENABLE AMBU’S GROWTH JOURNEY 133
Slide 134: Customer centricity: improve customer outcomes and efficiency
DRIVING GROWTH THROUGH OUR STRATEGIC PRIORITIES CUSTOMER CENTRICITY IMPROVE CUSTOMER OUTCOMES AND EFFICIENCY Scott Heinzelman President of North America 134
Slide 135: Direct commercial model in all major markets unlocks growth
DIRECT COMMERCIAL MODEL IN ALL MAJOR MARKETS UNLOCKS AN ATTRACTIVE GROWTH POTENTIAL Ambu’s commercial footprint Direct markets Distributor markets Reported revenue, DKK bn X% Reported growth CAGR, FY 2021/22 – 23/24 North America Europe Rest of world 13% 8% 2.7 2.4 2.1 1.9 2.1 1.8 7% 0.5 0.5 0.5 202
Slide 136: Differentiated solutions and customer engagement drive market leadership
DIFFERENTIATED SOLUTIONS AND STRONG CUSTOMER ENGAGEMENT ARE KEY DRIVERS OF MARKET LEADERSHIP Largest single-use Customer-centric Broadest Scalable commercial footprint solutions single-use portfolio commercial platform Direct presence in all Clinical engagement One-stop shop across Recurring revenue
Slide 137: Customer centricity
Strategic priorities Partner with clinicians and health systems to expand patient access CUSTOMER CENTRICITY Accelerate adoption of solutions through clinical engagement and execution excellence Improve customer outcomes and efficiency Lead in sustainability through a pioneering customer offering an
Slide 138: Case study: U.S. hospital system partnering with Ambu
CASE STUDY: U.S. HOSPITAL SYSTEM PARTNERING WITH AMBU “ Ambu has proven to be a trusted and reliable partner to [us]. Their extensive product coverage allows us to consistently meet the diverse needs of our organization, while the quality of their products has established a foundation of confidence
Slide 139: Collaborating with customers accelerates uptake of single use
COLLABORATING WITH CUSTOMERS ACCELERATES UPTAKE AND UNLOCKS THE POTENTIAL OF SINGLE USE Adoption Growth Standardization (initial uptake) (expansion) (full integration) Health System-wide From first use to full systems integration across integration – Ambu’s sales departments model drives consistent
Slide 140: Gradual adoption of new solutions as training shapes practice
GRADUAL ADOPTION OF NEW SOLUTIONS AS TRAINING SHAPES CLINICAL PRACTICE Customer adoption involves multiple healthcare stakeholders Adoption timelines vary Adoption Growth Standardization across clinical areas Example: Department Hospital Cystoscopy vs. Ureteroscopy procurement Hospital Health system
Slide 141: Increased penetration is key growth driver towards 2030
INCREASED PENETRATION IS A KEY GROWTH DRIVER TOWARDS 2030 Ambu’s growth drivers Ambu’s 2030 focus areas Existing 1 2 1 Increase penetration with existing customers solutions Drive adoption of single-use endoscopy across hospital departments, leveraging clinical evidence, Increase Win new integration
Slide 142: Innovation: deliver integrated and high-impact solutions
DRIVING GROWTH THROUGH OUR STRATEGIC PRIORITIES INNOVATION DELIVER INTEGRATED AND HIGH-IMPACT SOLUTIONS Finn Möhring CTO 142
Slide 143: Innovation is part of our DNA
INNOVATION IS PART OF OUR DNA 70 years 50 years +15 years since the invention of the Ambu Bag since Ambu invented the BlueSensor since Ambu invented the bronchoscope Revolutionized Defined the gold standard in Redefined the emergency ventilation patient monitoring electrodes future of endoscopy Deca
Slide 144: Our innovation engine sets us apart
OUR INNOVATION ENGINE SETS US APART Global talent base Customer-centric Scale and Market creator with +15 years of development and portfolio breadth and pioneer experience co-creation Superior solutions from Differentiated positioning Cost advantage from Market expansion from technical capabilities
Slide 145: Innovation
Strategic priorities Champion breakthrough customer-centric solutions with superior performance INNOVATION Deploy transformative technology to drive customer value Deliver integrated and high-impact solutions Build strategic partnerships across the value chain 145
Slide 146: Customers are at the heart of innovation
CUSTOMERS ARE AT THE HEART OF INNOVATION Solving true customer needs Ambu’s experience Ergonomics aScopeTM 5 40-90% of clinicians Broncho experience musculo- Customer feedback Ergonomic, skeletal injuries light-weight grip and co-creation allow for product differentiation Innovation takes point of E
Slide 147: Transformative technologies enable continued leadership
TRANSFORMATIVE TECHNOLOGIES ENABLE CONTINUED LEADERSHIP Illustrative Future innovation themes Improved Stronger Next-generation Next-generation Next-generation systems and visualization data upgrades performance and Urology portfolio processing software optimized channel power and Improving and desi
Slide 148: Accelerating innovation with new partnerships
ACCELERATING INNOVATION WITH NEW PARTNERSHIPS Partnership ecosystem Future priorities and examples Future acceleration Data partners to secure training for our AI-enabled Technology Engineering services and features Leading hospitals to access clinical data Integration and workflow Manu- AI data par
Slide 149: Technology platform drives superior performance for customers
TECHNOLOGY PLATFORM DRIVES SUPERIOR PERFORMANCE FOR CUSTOMERS Hardware Software platform Advanced applications Micro cameras enable optimization of tool AI-enabled image enhancement provide Training applications enable clinical passage for better access superior visualization at attractive costs con
Slide 150: Business platform: build scalable profitable growth platform
DRIVING GROWTH THROUGH OUR STRATEGIC PRIORITIES BUSINESS PLATFORM BUILD A SCALABLE PROFITABLE GROWTH PLATFORM Graziela Malucelli COO 150
Slide 151: Significant progress on margin expansion journey
SIGNIFICANT PROGRESS ON MARGIN EXPANSION JOURNEY EBIT margin1 Key improvement drivers Operating leverage 2x 4.2 G&A scaling, improved distribution 13.9% %-pts forecasting, and commercial effectiveness Gross margin expansion 6.3% 3.4 Greater operations output, %-pts utilization, and improved product
Slide 152: Global footprint with unmatched scale and resilience
GLOBAL FOOTPRINT WITH UNMATCHED SCALE AND RESILIENCE 2000 2001 2012 2022 Xiamen, China Penang, Malaysia Noblesville, US Juárez, Mexico Proven ability to build Strong capabilities to Delivered fast scale-up robust operations deliver innovative high- of differentiated customer throughout years quality
Slide 153: Case study: successful ramp-up of Mexico site
CASE STUDY: SUCCESSFUL RAMP-UP OF MEXICO SITE Mexico site Capacity space built ahead of time to support volume expansion and ensure delivery as demand increases through 2030 +1 million high-quality endoscopes from Mexico to Americas market 3X volume output increase in 1 year, delivering a fast ramp-
Slide 154: Platform scalability key enabler for sustainable revenue growth
PLATFORM SCALABILITY IS A KEY ENABLER FOR SUSTAINABLE REVENUE GROWTH AND RESILIENCE #1 manufacturer Resilient Strategic Quality and in endoscopy sustainable footprint capabilities supply reliability Cost effective from Flexibility from diverse Strategic supplier Quality from extensive economies of s
Slide 155: Business platform
Strategic priorities Ensure a resilient global operations setup to adapt to market dynamics BUSINESS PLATFORM Advance operating model by growing scale and cost effectiveness Build a scalable and profitable growth platform Future-proof infrastructure to fuel accelerated growth 155
Slide 156: Strengthening Americas footprint to drive resilient growth
STRENGTHENING AMERICAS FOOTPRINT TO DRIVE RESILIENT GROWTH AND MARKET RESPONSIVENESS Global footprint enables growth and navigates disruptions Illustrative Endoscopy production in the Americas Global production capacity space North America endoscopy sales volumes produced in Americas Global utilized
Slide 157: Advance future-proof operating model by growing scale and expanding margins
ADVANCE FUTURE-PROOF OPERATING MODEL BY GROWING SCALE AND EXPANDING MARGINS Strategic priorities Margin expansion Focus areas (non-exhaustive) (approx. split towards FY 29/30) Integrated value chain and balanced footprint Balanced Advance manufacturing, supply locations, and capacity footprint Gross
Slide 158: People & culture: fuel a culture of empowerment and growth
DRIVING GROWTH THROUGH OUR STRATEGIC PRIORITIES PEOPLE & CULTURE FUEL A CULTURE OF EMPOWERMENT AND GROWTH Sanne K. Hjordrup CPO 158
Slide 159: Unified culture key to unlocking growth across global footprint
A UNIFIED CULTURE IS KEY TO UNLOCKING GROWTH ACROSS AN EXPANDING GLOBAL FOOTPRINT Number of employees Global Denmark +2x ~5,200 ~3,600 ~2,300 ~93% of employees in global locations Ambu has more than doubled the workforce in the past decade – and brought people together in one shared culture with ZOO
Slide 160: Culture is our edge, driven by purpose and powered by people
CULTURE IS OUR EDGE, DRIVEN BY PURPOSE AND POWERED BY PEOPLE Purpose-driven Employer of Customer-centric Responsive culture choice capabilities operating model Employee engagement Talent attraction and Close customer interaction Agile response to dynamic from meaningful purpose retention from impact
Slide 161: People & culture
Strategic priorities Leverage culture through impactful values and nimble ways of working PEOPLE & CULTURE Advance strategic capabilities to shape the future Fuel a culture of empowerment and growth Lead as one to serve customers with purpose and bold ambition 161
Slide 162: Clear values and aligned ways of working drive focused execution
CLEAR VALUES AND ALIGNED WAYS OF WORKING DRIVE FOCUSED EXECUTION Company values Streamlined ways of ensure ownership working drive speed and collaboration in decision-making Direction TAKE CHARGE TEAM UP BE TRUE Ambu’s people and business We aim high We collaborate with We act with platform and adap
Slide 163: Accelerate high-impact capabilities to unlock growth potential
ACCELERATE HIGH-IMPACT CAPABILITIES TO UNLOCK GROWTH POTENTIAL Build selected strategic capabilities Move with speed and impact through to scale and grow a deliberate and balanced approach Technology innovation to unlock new growth levers DEVELOP INVEST PARTNER Commercial execution … internal talent
Slide 164: Lead as one to deliver on strategy
LEAD AS ONE TO DELIVER ON STRATEGY As Ambu transforms and scales, aligned leadership is critical for driving high performance, culture, and growth Shared direction, elevated skills, and clear accountability +85% Align Develop Measure of employees say Ambu’s strategy, vision, and culture resonates st
Slide 165: Financial outlook and Q&A: increasing financial ambition
FINANCIAL OUTLOOK AND Q&A FINANCIALS INCREASING FINANCIAL AMBITION Henrik S. Bender CFO 165
Slide 166: Momentum ahead of plan – Zoom In unlocked faster growth
MOMENTUM AHEAD OF PLAN – ZOOM IN UNLOCKED FASTER GROWTH AND STRONGER CASH FLOW Strong performance since last Capital Markets Day FY 2022/23 to 9M 2024/25 18.3% Growth acceleration endoscopy revenue CAGR1 by launching innovative solutions, driving conversion to single use, and investing in commercial
Slide 167: Financial targets increased and extended to FY 2029/30
FINANCIAL TARGETS INCREASED AND EXTENDED TO FY 2029/30 ZOOM IN ZOOM AHEAD 5-year targets towards 5-year targets towards Organic revenue FY 2027/28 FY 2029/30 CAGR, % Endoscopy 15-20% 15-20% Solutions Anesthesia & 2-4% 3-5% Patient Monitoring Total +10% 11-13% EBIT margin before ~20%2 +20% special it
Slide 168: 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 Cysto 20 10% Uretero 15 10% ENT ENT 20 2-4% +15% single-use
Slide 169: Endoscopy Solutions business is the primary growth driver
THE ENDOSCOPY SOLUTIONS BUSINESS IS THE PRIMARY GROWTH DRIVER Organic revenue, FY 2022/23 – 2029/30, DKK bn and % split Endoscopy Solutions Anesthesia & Patient Monitoring Total organic growth CAGR 11-13% Respiratory and Urology continue to be the largest business areas within the endoscopy business
Slide 170: On track to deliver ~20% EBIT margin by FY 2027/28
ON TRACK TO DELIVER ~20% EBIT MARGIN BY FY 2027/28 AND +20% BY FY 2029/30 EBIT margin development, FY 2022/23 – 2029/30 Actuals Absolute Guidance and targets EBIT CAGR Illustrative +20% +20% ~20% FY 2027/28 Set to deliver EBIT margin of ~20% despite headwinds from current 13-15% schedule of expected
Slide 171: EBIT margin improvement from gross margin and opex leverage
EBIT MARGIN IMPROVEMENT CONTINUES WITH 1/3 FROM GROSS MARGIN AND 2/3 FROM OPEX LEVERAGE Scaling revenue drives EBIT margin expansion, FY 2022/23 – 2029/30, % Gross margin OPEX-to-revenue EBIT margin Gross margin expansion: Efficiencies +20% + Higher production output per site + Product mix (higher c
Slide 172: Earnings and balance sheet management to deliver 40%+ cash conversion
EARNINGS AND DISCIPLINED BALANCE SHEET MANAGEMENT TO DELIVER +40% CASH CONVERSION Cash conversion1, FY 2024/25 – 2029/30 Illustrative CAPEX: 6-10% of total revenue CAPEX primarily needed for further Endoscopy Solutions EBITDA growth (R&D and maintenance CAPEX for manufacturing) CAPEX2 Δ NWC: ~20% of
Slide 173: Capital allocation prioritizes organic growth, M&A and capital distribution
CAPITAL ALLOCATION PRIORITIZES ORGANIC GROWTH WITH ROOM FOR M&A AND CAPITAL DISTRIBUTION Growth investments Capital distribution Organic investments: Reinvest cash flow into business Return of capital to shareholders Standard payout policy of up to 30% net profit Strategic priorities Aim to increase
Slide 174: Growth and value story – leading the shift to single-use endoscopy
GROWTH AND VALUE STORY – LEADING THE SHIFT TO SINGLE-USE ENDOSCOPY Attractive Leading the structural shift to single-use solutions with +20% annual endoscopy market market growth1 Global #1 in single- Broadest single-use portfolio and proprietary technology platform, use endoscopy with +60%2 share a
Slide 175: Ambu
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Slide 176: Thank you! Redefining endoscopy
THANK YOU! Closing remarks REDEFINING ENDOSCOPY THROUGH GLOBAL LEADERSHIP Investor relations contact: Anders Hjort Head of Investor Relations anhj@ambu.com | +45 7225 2910 Britt M. Jensen Frederik Futtrup Associate, Investor Relations CEO frfu@ambu.com | +45 6070 9526 176