Ambu A/s Class B · OMXCOP:AMBU_B
Ambu A/s Class B — Ambu A S Ord — Q2 2026 Earnings Presentation
35 slides from Ambu A/s Class B's earnings presentation, May 6, 2026
Slide 1: Results for Q2 and H1 2025/26
RESULTS FOR Q2 AND H1 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 – Q2 2025/26 3
Slide 4: Successful first half of 2025/26
SUCCESSFUL FIRST HALF OF 2025/26 Endoscopy growth of 14.1% drives 7.9% organic revenue growth in H1 Continued conversion from reusable to single use drives endoscopy growth, with new launches gaining increasing traction Progress in innovation, focused on next-gen endoscopy solutions and expanded End
Slide 5: Q2 2025/26 growth driven by strong Endoscopy, offset by A&PM
Q2 2025/26 GROWTH DRIVEN BY STRONG ENDOSCOPY, OFFSET BY A&PM Revenue split by business Anesthesia & 7.3% 13.8% -2.5% Patient Monitoring 37% Organic revenue Endoscopy Solutions Anesthesia & Patient growth organic growth Monitoring organic growth 1,573m H1: 7.9% H1: 14.1% H1: -1.3% DKK 63% 173m 11.0%
Slide 6: Respiratory organic revenue growth of 12.2% in Q2
RESPIRATORY ORGANIC REVENUE GROWTH OF 12.2% IN Q2 Quarterly reported revenue (DKKm) 12 months rolling revenue (DKKm) and organic growth and organic growth Key Q2 highlights • Increasing procedure volumes and 12.2%* 10.1%* accelerating adoption of single-use 501 1,865 solutions across bronchoscopy 46
Slide 7: Urology, ENT, & GI organic revenue growth of 15.5% in Q2
UROLOGY, ENT, & GI ORGANIC REVENUE GROWTH OF 15.5% IN Q2 Quarterly reported revenue (DKKm) 12 months rolling revenue (DKKm) and organic growth and organic growth Key Q2 highlights • Growth across all businesses, with our 15.5%* 18.3%* cystoscopy portfolio being the biggest 495 1,922 growth driver in
Slide 8: A&PM organic revenue growth in Q2 down 2.5%
A&PM ORGANIC REVENUE GROWTH IN Q2 DOWN 2.5% VS LAST YEAR Quarterly reported revenue (DKKm) 12 months rolling revenue (DKKm) and organic growth and organic growth Key Q2 highlights • Patient Monitoring declined by 0.4% -2.5%* 2.5%* and Anesthesia by 4.4% 625 2,360 2,317 560 577 2,113 • Anesthesia gro
Slide 9: Clear progress against strategic goals
CLEAR PROGRESS AGAINST STRATEGIC GOALS Customer Centricity • Enhancements implemented in the U.S. commercial organization to better serve the needs of our diverse customer base Innovation • CE mark obtained for full SureSightTM video laryngoscope portfolio in Europe • SureSight honored with Red Dot
Slide 10: Innovation strengthening our path toward global endoscopy leadership
INNOVATION STRENGTHENING OUR PATH TOWARD GLOBAL ENDOSCOPY LEADERSHIP Single-use penetration rate1 Largest single-use portfolio Innovation pipeline to further expand and market opportunity2 today (not exhaustive) single-use endoscopy leadership DKK 15bn • aScope 4 Broncho portfolio • aScope 5 Broncho
Slide 11: Financial Review
FINANCIAL REVIEW Henrik Skak Bender Chief Financial Officer Investor presentation – Q2 2025/26 11
Slide 12: Organic revenue growth of 7.3% in Q2
ORGANIC REVENUE GROWTH OF 7.3% IN Q2 Quarterly reported revenue (DKKm) 12 months rolling revenue (DKKm) and organic growth and organic growth Key Q2 highlights • Solid organic growth of 7.3%, offset by 9.4%* FX impact of 6.1%-pts, due to 7.3%* 6,104 USD/DKK depreciation 5,834 1,554 1,573 5,075 • Gro
Slide 13: Q2 growth in North America impacted by negative development in A&PM
Q2 GROWTH IN NORTH AMERICA IMPACTED BY NEGATIVE DEVELOPMENT IN A&PM Revenue by Organic geography growth Strong performance in Endoscopy North America 49% 6.1% Solutions, offset by lower volumes on non-exclusive contracts in A&PM Continued solid organic growth, EMEA 42% 7.9% driven by both Endoscopy
Slide 14: Gross margin trending in line with expectations in Q2
GROSS MARGIN TRENDING IN LINE WITH EXPECTATIONS IN Q2 Gross margin development Q2 key highlights • Gross margin of 60.3% in line with expectations, reflecting a minor decline, due to a high com- parable gross margin last year and product mix 59.4% 60.2% 60.5% FY 2023/24 FY 2024/25 H1 2025/26 • Gross
Slide 15: Core EBIT margin on track, aligned with long-term plan
CORE EBIT MARGIN ON TRACK, ALIGNED WITH LONG-TERM PLAN Q2 adjusted EBIT increased year-over-year EBIT margin development Before special items More than DKK 50m Before special items tariff cost expensed in Q2. No potential ffs refunds from paid IEEPA tariffs have been included yet 12.0% 13.0% 10.8% -
Slide 16: Solid free cash flow development in Q2
SOLID FREE CASH FLOW DEVELOPMENT IN Q2 Free cash flow – main components in Q2 (DKKm) Key Q2 highlights 271 • Free cash flow (FCF) of DKK 104m, -10 up from DKK 80m last year • The increase was mainly driven by: • Solid operational performance despite -151 tariff cost and FX headwinds • Improved net w
Slide 17: 2025/26 outlook precised
2025/26 OUTLOOK PRECISED 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% 10-12% ‘Respiratory’ and sustained performance in Urology, growth (previously ENT & GI’ 10-13
Slide 18: Announcement of additional share buyback of DKK 300m
ANNOUNCEMENT OF ADDITIONAL SHARE BUYBACK OF DKK 300M, IN LINE WITH FINANCE POLICY Capital allocation highlights Dividends and share buy-backs past two years • An additional share buyback program will be DKKm Additional share buyback Paid out dividend launched, under which Ambu will repurchase shares
Slide 19: Q&A
Q&A Investor presentation – Q2 2025/26 19
Slide 20: 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 21: Appendix
APPENDIX
Slide 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: Achieving global endoscopy leadership through Zoom Ahead strategy execution
ACHIEVING GLOBAL ENDOSCOPY LEADERSHIP THROUGH ZOOM AHEAD STRATEGY EXECUTION 29
Slide 30: 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 31: 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 31
Slide 32: 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 33: 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 34: 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 35: 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 35