Slide 1: Results for Q1 2025/26
RESULTS FOR Q1 2025/26
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 - Q1 2025/26 3
Slide 4: #1 in Single-Use Endoscopy: Successful Start to FY 2025/26
#1 IN SINGLE-USE SUCCESSFUL START TO FY 2025/26 ENDOSCOPY Solid Q1 endoscopy revenue growth, delivered against a high Respiratory comparable Strong momentum across all endoscopy business areas, with sustained conversion from reusable to single-use solutions EBIT margin continues to demonstrate opera
Slide 5: Q1 FY 2025/26 Financial Summary
Q1 FY 2025/26 FINANCIAL SUMMARY Revenue split by business Anesthesia & 8.6% 14.4% -0.1% Patient Monitoring 37% Organic revenue Endoscopy Solutions Anesthesia & Patient growth organic growth Monitoring organic growth 1,558m DKK 63% 164m 10.5% 13m EBIT b.s.i. EBIT margin Free cash flow Endoscopy (DKK)
Slide 6: Q1 Single-Use Market Growth Supported by Efficiency and Economics Benefits
Q1 SINGLE-USE MARKET GROWTH SUPPORTED BY EFFICIENCY AND ECONOMICS BENEFITS Global Single-use endoscopy endoscopy procedure penetration growth Total endoscopy Respiratory ENT procedure volumes Efficiency and economics supported The market remained increased mid-single digits strong conversion. Flu-re
Slide 7: Q1 progress across portfolio
Q1 progress across portfolio Win in Respiratory • SureSightTM Mobile video laryngoscope introduced in North America and Great Britain. Win in Urology • Increased penetration of aScopeTM 5 Cysto and aScopeTM 5 Uretero. • Launch of aScopeTM 4 Cysto in China. Advance EndoIntelligenceTM • Advanced autom
Slide 8: Respiratory Organic Revenue Growth of 8.3% in Q1
RESPIRATORY ORGANIC REVENUE GROWTH OF 8.3% IN Q1 Key Q1 highlights Quarterly reported revenue and 12 months rolling revenue and organic growth (DKKm) organic growth (DKKm) • Solid organic growth despite high comparable revenue in Q1 last year. 8.3%* 16 1,833 • Growth driven by broad bronchoscopy 1,7
Slide 9: SureSight Mobile Introduction Expands Respiratory Portfolio
Broadest single-use SURESIGHTTM MOBILE Respiratory solutions portfolio INTRODUCTION EXPANDS RESPIRATORY PORTFOLIO Video laryngoscopy market of DKK 4bn in U.S. alone. Video laryngoscopy is a growing endotracheal intubation method, now accounting for ~50% of U.S. intubations. . SureSightTM Mobile supp
Slide 10: Urology, ENT, & GI Organic Revenue Growth of 21.0% in Q1
UROLOGY, ENT, & GI ORGANIC REVENUE GROWTH OF 21.0% IN Q1 Key Q1 highlights Quarterly reported revenue and 12 months rolling revenue in organic growth (DKKm) constant currency (DKKm) • Strong growth momentum in Urology, which remained the primary growth contributor in the business area. 21.0%* 34.1%
Slide 11: EndoIntelligence Becoming a More Significant Part of Our Value Proposition
ENDOINTELLIGENCE BECOMING A MORE SIGNIFICANT PART OF OUR DIFFERENTIATED VALUE PROPOSITION One software platform, Two hardware monitors, • ONE software platform gives health systems Full endoscopy portfolio simplicity that others can’t match. • Proprietary imaging enhancement ARC* algorithm provides
Slide 12: A & PM Organic Revenue Growth in Q1 Flat vs Last Year
A & PM ORGANIC REVENUE GROWTH IN Q1 FLAT VS LAST YEAR Key Q1 highlights Quarterly reported revenue and 12 months rolling revenue and organic growth (DKKm) organic growth (DKKm) • Anesthesia declined by -1.2%, whereas Patient Monitoring grew by 1.1%. Growth was impacted by extraordinary high revenue
Slide 13: Q1 progress in strategic themes
Q1 progress in strategic themes Customer centricity • Recircle Program now in four markets, covering ~50 hospital sites and +100 clinical departments – and extended with SureSightTM blades Innovation • Strengthening software and AI technology capabilities Business platform • Continued investments to
Slide 14: Financial Review
FINANCIAL REVIEW Henrik Skak Bender Chief Financial Officer Investor presentation - Q1 2025/26 14
Slide 15: Organic Revenue Growth of 8.6% and Reported Growth of 3.2%
ORGANIC REVENUE GROWTH OF 8.6% AND REPORTED GROWTH OF 3.2% Key Q1 highlights Quarterly reported revenue and 12 months rolling revenue and organic growth (DKKm) organic growth (DKKm) • Solid organic growth of 8.6%, although negatively impacted by FX of 5.4%-pts, due to USD/DKK depreciation. 8.6% 16 1
Slide 16: Q1 – Solid Growth in Key Geographies
Q1 – SOLID GROWTH IN KEY GEOGRAPHIES Revenue by Organic geography growth Solid organic growth in North North America 49% 9.8% America of 9.8%, driven by Endoscopy Solutions. Continued solid organic growth in EMEA 42% 9.7% EMEA of 9.7%, driven by both Endoscopy Solutions and A & PM. Rest of Rest of W
Slide 17: Gross Margin in Line with Expectations
GROSS MARGIN IN LINE WITH EXPECTATIONS Q1 highlights Gross margin development • Gross margin in line with expectations – decline due to a high comparable gross margin last year. • In general, gross margin is expected to 59.4% 60.2% FY 2023/24 FY 2024/25 increase over time, due to: • Production effic
Slide 18: Underlying EBIT Margin on Solid Track – Reported EBIT Margin Impacted by External Factors
UNDERLYING EBIT MARGIN ON SOLID TRACK – REPORTED EBIT MARGIN IMPACTED BY EXTERNAL FACTORS EBIT margin bridge EBIT margin development before special items before special items -5.6%-pts 12.0% 13.0% FY 2023/24 FY 2024/25 16.1% 4.7% 15.2% -0.5% -5.1% 10.5% 16.1% 10.0% 10.5% EBIT margin Δ Gross Δ OPEX E
Slide 19: Free Cash Flow Development in Line with Expectations
FREE CASH FLOW DEVELOPMENT IN LINE WITH EXPECTATIONS Key Q1 highlights Free cash flow – main components (DKKm) • Free cash flow (FCF) of DKK 13m. 261 • The decline was mainly driven by: • Change in net working capital, which remained elevated to mitigate -107 geopolitical uncertainties and support g
Slide 20: 2025/26 Outlook Maintained
2025/26 OUTLOOK MAINTAINED 2024/25 2025/26 Comments on actuals outlook 2025/26 outlook Organic Continued growth in Endoscopy Solutions, which is expected to grow +15%, with accelerated growth in revenue 13.1% 10-13% ‘Respiratory’ and continued growth momentum in growth ‘Urology, ENT, & GI’. Anesthes
Slide 21: 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
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: Direct Commercial Model in All Major Markets Unlocks Attractive Growth Potential
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 25: 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 26: 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 27: 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 28: 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 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