Slide 1: Results for Q2 and First Half-Year 2024/25
RESULTS FOR Q2 AND FIRST HALF- YEAR 2024/25 Britt Meelby Jensen Henrik Skak Bender CEO CFO
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: Key Messages for Q2 & H1 2024/25
KEY MESSAGES FOR Q2 & H1 2024/25 Solid organic revenue growth, bringing H1 to 15.4% growth Strong start for Ambu® SureSightTM Connect launch in pulmonology and continued positive momentum in urology launches Continued strong EBIT margin, bringing H1 to 15.2% growth Confirm current FY 2024/25 financi
Slide 4: Q2 2024/25 Financial Results – On Track
Q2 2024/25 FINANCIAL RESULTS – ON TRACK 11.7% 14.4% 80m Organic revenue EBIT margin Free cash flow growth before special items (DKK) Q2 2023/24: 15.5% Q2 2023/24: 14.2% Q2 2023/24: 128m 13.1% 9.8% Endoscopy Solutions Anaesthesia & Patient revenue growth Monitoring revenue growth Q2 2023/24: 22.3% Q2
Slide 5: We Remain Ahead of Plan on Our ZOOM IN Strategy
WE REMAIN AHEAD OF PLAN ON OUR ZOOM IN STRATEGY Key developments in Q2 FY 2024/25 Solutions for customer needs • Continued commercial launch of Ambu® SureSightTM Connect (videolaryngoscopy solution) • Strengthened unique urology portfolio with CE mark expansion of Ambu® aScopeTM 5 Cysto HD to functi
Slide 6: Solid Anaesthesia and Patient Monitoring Organic Revenue Growth of 9.8% in Q2 2024/25
SOLID ANAESTHESIA AND PATIENT MONITORING ORGANIC REVENUE GROWTH OF 9.8% IN Q2 2024/25 Anaesthesia & Patient Monitoring revenue (DKKm) Organic revenue growth: 9.8% Key Q2 highlights Reported growth • Solid growth in Q2, driven by price increases and solid volume growth +11.6% • Last-twelve-months rol
Slide 7: Pulmonology Organic Revenue Growth of 8.5% in Q2 2024/25
PULMONOLOGY ORGANIC REVENUE GROWTH OF 8.5% IN Q2 2024/25 Pulmonology revenue (DKKm) Organic revenue growth: 8.5% Key Q2 highlights Reported growth • Solid Q2 growth of 8.5%, driven by the full pulmonology portfolio, resulting in a last-twelve- +9.8% months rolling organic growth of 10.4% in Q2 469 •
Slide 8: Encouraging Feedback on Ambu SureSight
ENCOURAGING With the addition of the SureSight video laryngoscope, FEEDBACK ON the Ambu airway visualisation platform now has all the tools required to support continuous visualisation of the airway. AMBU® SURESIGHTTM Dr. George Christodoulides Consultant Anaesthetist, Guy’s and St. Thomas’ NHS Foun
Slide 9: 'Urology, ENT and GI' Organic Revenue Growth of 18.3% in Q2 2024/25
‘UROLOGY, ENT AND GI’ ORGANIC REVENUE GROWTH OF 18.3% IN Q2 2024/25 ‘Urology, ENT and GI’ revenue (DKKm) Organic revenue growth: 18.3% Key Q2 highlights Reported growth • ‘Urology, ENT, and GI’ posted 18.3% organic growth, resulting in a last-twelve-months rolling +21.1% growth of 23.4% 460 • Growth
Slide 10: Endoscopy Solutions Have Long Lifecycles, Existing Solutions Driving Majority of Growth
OUR ENDOSCOPY SOLUTIONS HAVE LONG LIFECYCLES, WITH EXISTING SOLUTIONS DRIVING MAJORITY OF GROWTH Today, over 90% of revenue in ‘Urology, ENT and GI’ … Going forward, four new solutions will make comes from two solutions, launched over five years ago up a larger share of total future revenue growth ‘
Slide 11: Uniquely Positioned with a Leading Innovative Solution Portfolio
UNIQUELY POSITIONED WITH A LEADING INNOVATIVE SOLUTION PORTFOLIO Market estimates 2023/241 Pulmonology Urology ENT GI and growth drivers Market position #1 #1 #1 #1 (global, single-use) Market size 5m 12m 17m 68m (annual procedures) Single-use penetration Near-term Existing and new Existing and new
Slide 12: Henrik Skak Bender, CFO
Henrik Skak Bender CFO 12
Slide 13: Organic Revenue Growth of 11.7% in Q2 2024/25
ORGANIC REVENUE GROWTH OF 11.7% IN Q2 2024/25 Total revenue (DKKm) Organic revenue growth: 11.7% Key Q2 highlights Reported growth • Reported revenue growth of 13.7%, +13.7% driven by solid organic of 11.7% 1,554 2.0% • The currency effect of 2.0%-points was mainly due to USD/DKK development • All t
Slide 14: EBIT Margin of 14.4% in Q2 2024/25, Driven by Gross Margin Expansion
EBIT MARGIN OF 14.4% IN Q2 2024/25, DRIVEN BY GROSS MARGIN EXPANSION EBIT margin1 EBIT margin1 bridge 16.1% 14.2% 14.4% 12.9% +0.2%-pts 10.6% Q2 Q3 Q4 Q1 Q2 23/24 23/24 23/24 24/25 24/25 -0.9% 1.1% EBIT1 (DKKm) 14.4% 243 224 14.2% 194 178 147 EBIT margin Δ Gross Δ OPEX EBIT margin Q2 23/24 margin to
Slide 15: Gross Margin of 60.6% in Q2 2024/25
GROSS MARGIN OF 60.6% IN Q2 2024/25 Gross margin 61.3% 60.2% 60.6% Key Q2 highlights 59.5% 58.9% • Gross margin was 60.6%, corresponding to an increase of 1.1%-pts y-o-y Q2 Q3 Q4 Q1 Q2 23/24 23/24 23/24 24/25 24/25 • Increase in gross margin was driven by: o Price increases in Anaesthesia & Patient
Slide 16: OPEX to Revenue Ratio of 46.2% in Q2 2024/25
OPEX TO REVENUE RATIO OF 46.2% IN Q2 2024/25 OPEX-to-revenue ratio 48.3% 47.3% 45.3% 46.2% Key Q2 highlights 45.2% • The OPEX ratio was 46.2%, corresponding to an increase of 0.9%-pts, compared to Q2 2023/24 Q2 Q3 Q4 Q1 Q2 23/24 23/24 23/24 24/25 24/25 • The increase was in line with the planned com
Slide 17: EBIT Margin Improvement Continues
EBIT MARGIN IMPROVEMENT CONTINUES Solid development in EBIT margin is expected to continue in alignment with strategy Regain financial Fuel long-term growth control and drive while delivering on ”ZOOM IN” profitable growth Half-way through operational leverage launched end financial targets of FY 21
Slide 18: Ambu Well-Positioned to Manage Potential Tariff Impact Within Existing Guidance
AMBU REMAINS WELL-POSITIONED TO MANAGE POTENTIAL TARIFF IMPACT WITHIN EXISTING GUIDANCE Ability to mitigate tariff impact through global manufacturing and distribution footprint, further supported by Mexico manufacturing site now at same output efficiency level as other sites Revenue split and produ
Slide 19: Free Cash Flow of DKK 80m in Q2 2024/25
FREE CASH FLOW OF DKK 80M IN Q2 2024/25 Free cash flow – main components (DKKm) Free cash flow, % of revenue 318 12% -125 9% 163 7% -81 128 5% 5% -32 80 98 80 69 EBITDA Change in CAPEX1 Other2 Free cash flow Q2 Q3 Q4 Q1 Q2 working capital Q2 24/25 23/24 23/24 23/24 24/25 24/25 1) CAPEX is defined as
Slide 20: NWC and Higher CAPEX Reduced Free Cash Flow in Q2 2024/25
NWC AND HIGHER CAPEX REDUCED FREE CASH EBITDA before special items 21.9% FLOW IN Q2 2024/25 20.8% 20.5% 19.3% 17.6% 285 331 318 267 244 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Key Q2 highlights • Free cash flow of DKK 80m – and below the CAPEX1, % of revenue DKK 128m reported in Q2 last year 7%
Slide 21: 2024/25 Financial Guidance Maintained
2024/25 FINANCIAL GUIDANCE MAINTAINED 2024/25 2023/24 Comments on outlook actuals 2024/25 outlook Growth will be driven by Endoscopy Organic Solutions, which is expected to grow +15% revenue 11-14% 13.8% growth Anaesthesia & Patient Monitoring is expected to grow mid-to-high single digits EBIT Drive
Slide 22: Ambu Capital Markets Day
Save the date! AMBU CAPITAL MARKETS DAY 1 October 2025 Copenhagen 22
Slide 23: 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 24: Appendix
APPENDIX 24
Slide 25: Our Growth Story Started in 1937 – World Leaders in Single-Use Endoscopy
OUR GROWTH STORY STARTED IN 1937 – TODAY, WE ARE WORLD LEADERS IN SINGLE-USE ENDOSCOPY Purpose-driven World leader Together, we rethink In single-use endoscopy solutions to save lives and solutions and inventor of improve patient care the famous “Ambu Bag” Innovation Future proof Global medtech comp
Slide 26: We Are the Pioneers in Single-Use Endoscopy
WE ARE THE PIONEERS IN SINGLE-USE ENDOSCOPY Procedures performed 2.4 using an Ambu single-use endoscope in 2024 million Ambu market share of total ~65% single-use endoscopy market1 23 Annual procedures in Ambu target market with current million solutions portfolio1,2 100 Annual procedures in focus m
Slide 27: Attractive Growth Journey with 28% CAGR in Single-Use Endoscopy
ATTRACTIVE GROWTH JOURNEY WITH 28% CAGR IN SINGLE-USE ENDOSCOPY Endoscopy Anaesthesia & Solutions Patient Monitoring (A & PM) Endoscopy Solutions more than tripled in past 5 years, with 28% CAGR DKK bn 59% 41% share of total revenue (ín 2023/24) Total revenue 14%1 North Europe Rest of Endoscopy Solu
Slide 28: Our Global Presence
OUR GLOBAL PRESENCE Headquarters Ballerup, Denmark Noblesville, Xiamen, USA Augsburg, China Germany Juárez, Mexico Penang, Malaysia R&D centres Direct markets Factories Distributor markets 28
Slide 29: Well-Positioned for Continued Success
WELL-POSITIONED FOR CONTINUED SUCCESS 1 | Delivering on our ZOOM-IN strategy and strengthening our future foundation 2 | Global leader in attractive high-growth single-use endoscopy market 3 | Unique market position and leading solutions portfolio driven by innovation 4 | Strong growth momentum in 2
Slide 30: Ahead of Plan on Our ZOOM IN Strategy
AHEAD OF PLAN ON OUR ZOOM IN STRATEGY Key achievements since strategy launch in November 2022 Solutions for customer needs Leading airway visualization and pulmonology offering with recent launches of aScope 5 Broncho and video laryngoscope solution1 Unique urology portfolio, with recent launche
Slide 31: We Have Completed a Transformation and Continue to Strengthen Our Foundation
WE HAVE COMPLETED A TRANSFORMATION AND CONTINUE TO STRENGTHEN OUR FOUNDATION FOR SCALABLE GROWTH EBIT margin Revenue (bnDKK) Accelerate Our focus has been to: growth Regain 5.4 Build a new management control team with new capabilities RebuilD foundation 4.8 Deliver on end-to-end transformation initi
Slide 32: Delivering a Strong Endoscopy Growth Momentum
DELIVERING A STRONG ENDOSCOPY GROWTH MOMENTUM Pulmonology (DKKbn) Pulmonology 1.7%1 +11.7%1 1.4 1.5 1.6 • Mass adoption of aScope 4 Broncho • Launch of aScope 5 Broncho in 2022/232 • Launch of video laryngoscope in 2024/25 FY 2021/22 FY 2022/23 FY 2023/24 Urology, ENT and GI (DKKbn) Urology, ENT and
Slide 33: Significant Growth Opportunities
SIGNIFICANT GROWTH OPPORTUNITIES In Ambu’s focus market, the annual endoscopy procedures performed are ~100m1 5.0m 11.5m 17.0m 68.5m ~100m Addressable market with current portfolio2 4.1m 1.0m Ambu’ sales volume Uretero in 2023/24 6.0m Cysto 6.0m Duodeno Cholangio Gastro Colon ~2.4m Pulmo- Urology Ea
Slide 34: Proven Customer Value Proposition of Single Use Endoscopy
PROVEN CUSTOMER VALUE PROPOSITION OF SINGLE USE ENDOSCOPY Enhancing efficiency and patient outcomes, while lowering costs in a sustainable way WORKFLOW ECONOMICS PATIENT SAFETY SUSTAINABILITY Mobile, portable, and do not require Discarded after use, removing the 100% sterile and thus eliminate the R
Slide 35: Customer Case: Improved Workflow Boosts Patient Throughput
CUSTOMER CASE: IMPROVED WORKFLOW BOOSTS PATIENT THROUGHPUT From complex reusable… Ambu® aScope 4 Cysto “It has improved our workflow tremendously, Storage Transport to In use during Manual Endoscope reprocessing and we have been able to increase our procedure procedure cleaning entails +100 individu
Slide 36: Unique Positioned with Leading Innovative Solution Portfolio
UNIQUE POSITIONED WITH LEADING INNOVATIVE SOLUTION PORTFOLIO Broadest single- use endoscopy solutions portfolio Enhancing workflow efficiency & patient care ONE software platform across portfolio 36
Slide 37: Focused to Enhance System and Integration
FOCUSED TO ENHANCE SYSTEM AND INTEGRATION Marketed solutions Newly approved solutions Endoscopy system innovations Endoscopy system compatibility across therapy areas Not exhaustive list of full product portfolio o Same endoscopy system across products allowing simpler setup aView 2 Advance aBox 2 E
Slide 38: Revenue Growth Ahead of Long-Term Guidance, EBIT Margin Progressing as Planned
REVENUE GROWTH AHEAD OF LONG-TERM GUIDANCE, EBIT MARGIN PROGRESSING AS PLANNED Updated guidance 24/25 Long-term guidance Organic revenue growth Total 11-14% +10%1 Endoscopy Solutions +15% 15-20%1 Anaesthesia & Patient Mid-to-high 2-4%1 Monitoring single digits EBIT margin b.s.i. 13-15% ~20%2 1) CAGR
Slide 39: A Compelling Value Proposition & Growth Story
A COMPELLING VALUE PROPOSITION & GROWTH STORY Attractive market position Leading transition in single-use endoscopy solution to deliver on our customers unmet needs Leading solution portfolio Proven value proposition and innovative solution portfolio, drives adoption across sites of care Future proo
Slide 40: Key Products Across A & PM
KEY PRODUCTS ACROSS A & PM ANAESTHESIA PATIENT MONITORING Needle electrodes used to measure electrical signals from the muscles in Used for oxygenating and ventilating patients in combination electromyography (EMG) and nerve conduction studies. Inoject needle used Face masks with manual and automati
Slide 41: P&L Details
P&L DETAILS DKKm FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 reported figures 21/22 22/23 22/23 22/23 22/23 22/23 23/24 23/24 23/24 23/24 23/24 24/25 24/25 Revenue 4,444 1,132 1,189 1,195 1,259 4,775 1,254 1,367 1,383 1,387 5,391 1,510 1,554 Gross profit 2,554 662 664 672 715 2,713 739 813 832 817 3,201