Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup Registration no. 63644919

INTERIM REPORT FOR Q4 2024/25 (UNAUDITED)

Solid growth in Q4 enables Ambu to close the financial year within the current guidance range, delivering 13.1% organic growth and a 13.0% EBIT margin. This consistent momentum highlights the resilience and strength of Ambu’s business model.

Looking toward next year, Ambu expects 10-13% organic growth, driven by increased overall procedure volume and continued single-use conversion, and an EBIT margin of 12-14%, supported by continued operating leverage, though partially offset by short-term tariff costs. Excluding tariff impacts of ~2%-pts, EBIT margin is expected to be 14-16% given the current schedule of expected tariffs. Mitigation actions, including investing in Americas, are ongoing, and the effect will diminish over the coming years.

“In line with our guidance, we delivered solid financial results, achieving 10.0% organic growth in Q4 and 13.1% for the full year. This performance was fueled by strong momentum in Endoscopy Solutions across all business areas, alongside extraordinary growth in Anesthesia & Patient Monitoring.

With continued profitability improvements, we have achieved a strong turnaround since launching ZOOM IN in November 2022, and I’m incredibly proud of the progress delivered by everyone in Ambu.

As we kicked off our new financial year, we launched our next-era strategy, ZOOM AHEAD, designed to accelerate our growth trajectory and deepen our impact in healthcare. Our long-term aspiration remains clear: to achieve global endoscopy leadership. In a landscape where clinicians face mounting pressure to do more with less, we are committed to helping them treat more patients and improve outcomes, powered by our innovative, efficient, and technologically advanced solutions.”

Britt Meelby Jensen

Chief Executive Officer

Financial highlights for Q4

• Revenue increased organically by 10.0% (10.6%) to DKK 1,466m (DKK 1,387m), with reported growth of 5.7% (10.2%). This brings organic growth for the full year to 13.1% (13.8%), with reported growth of 12.0% (12.9%).

• Endoscopy Solutions increased organically by 12.4% (14.5%). The Respiratory business group posted 8.8% (5.7%) organic growth, positively impacted by continued aScope 5 Broncho adoption, as well as the newly launched video laryngoscopy solution. The Urology, ENT, & GI business group posted 16.0% (24.8%) organic growth, mainly driven by the aScope 4 portfolio, with sustained strong growth momentum for aScope 5 Uretero. Anesthesia & Patient Monitoring increased organically by 6.4% (5.3%), driven by solid volume development.

• EBIT before special items (b.s.i.) was DKK 147m (DKK 147m), with an EBIT margin b.s.i. of 10.0% (10.6%). EBIT margin for the quarter was negatively impacted by both tariff costs and FX headwind but positively impacted by continued operational leverage from solid organic growth. This brings EBIT for the full year to DKK 784m (DKK 645m), with an EBIT margin b.s.i. of 13.0% (12.0%).

• Free cash flow (FCF) before acquisitions totaled DKK 130m (DKK 98m). This was impacted by continued elevated inventory levels to mitigate global geopolitical dynamics and support growth, and profitability was impacted by both FX headwind and tariff costs. This brings FCF before acquisitions to DKK 407m (DKK 524m) for the full year.

• Total distribution of cash of DKK 260m, consisting of a dividend of DKK 110m planned for proposal by the Board of Directors at the annual general meeting, as well as a DKK 150m share buy-back program.

  Business highlights for Q4

• Next-era strategy, ZOOM AHEAD, launched with long-term aspiration to achieve global endoscopy leadership.

• Long-term financial targets increased and extended towards FY 2029/30.

• 2025 technology innovation leadership recognition from Frost & Sullivan, a global firm known for its Best Practices awards.

• Growing portfolio of solutions led to the renaming the business group ‘Pulmonology’ to ‘Respiratory’. No changes to revenue allocation.

  2025/26 financial guidance

• Organic revenue growth: 10-13%

• EBIT margin b.s.i.: 12-14%1

1) 14-16% excluding assumed tariff impacts of ~2%-pts given the current schedule of expected tariffs.

Mitigation actions, including investing in Americas, are on-going, and the effect will diminish over the coming years.

FINANCIAL HIGHLIGHTS

DKKm

Q4 2024/25

Q4 2023/24

FY 2024/25

FY 2023/24

Q4 2024/25

Q4 2023/24

FY 2024/25

FY 2023/24

Key figures and ratio definitions are consistent

with the ones applied in the Annual Report 2024/25

BUSINESS PERFORMANCE – IN BRIEF

Businesses and business groups

Geographies

Respiratory

12m rolling organic growth

Revenue split by businesses

Q4 2024/25

URO, ENT & GI

12m rolling organic growth

19.6%

Endoscopy Solutions

Anesthesia & Patient Monitoring

11.4%

61% 39%

ENDOSCOPY SOLUTIONS ANESTHESIA & PATIENT MONITORING

Ambu’s Endoscopy Solutions business continued to be the biggest revenue contributor in Q4 2024/25. It accounted for 61% of the total revenue, with an organic revenue growth of 12.4% (14.5%), in line with the market growth of procedure volumes and single-use conversion. Ambu experienced growth across both business groups in Endoscopy Solutions, mainly driven by continued growth of existing solutions in a high-growth market.

Drivers of the quarter

The global endoscopy market continued to grow in number of procedures as expected, contributing to strong growth in the single-use market through further adoption.

The Urology, ENT, & GI business group posted 16.0% organic revenue growth. Ambu’s single-use market share continued to grow, primarily driven by continued penetration of our aScope 4 portfolio. Urology continued strong growth momentum, while ENT grew at a lower pace. As expected, revenue from newly launched solutions was limited, reflecting the typical length of hospitals’ sales processes. Growth in GI was mainly driven by Ambu’s two gastroscopy solutions, Ambu® aScope Gastro and Ambu® aScope Gastro Large, successfully targeting specific needs for bleed management. Although GI remains a smaller part of Ambu’s total endoscopy growth today, it holds significant long-term growth potential – with Ambu as the natural leader to drive single-use conversion in GI through a stepwise and focused approach.

The Respiratory (formerly named Pulmonology) business group posted 8.8% organic revenue growth. The continued growth acceleration was driven by both Ambu’s existing broad portfolio of bronchoscopy

solutions and the launch of the new Ambu® SureSight Connect video laryngoscopy solution, launched this financial year. Respiratory was renamed from Pulmonology to reflect the broad clinical scope of Ambu’s offering – from bronchoscopy, video laryngoscopy, and one-lung ventilation – under one inclusive term. A comprehensive offering that is continuously expanding and evolving, all with the aim of driving further single-use conversion.

Ambu’s Anesthesia & Patient Monitoring business accounted for 39% of the company’s total revenue in Q4 2024/25. The revenue grew organically by 6.4% (5.3%), mainly volume-driven with a modest impact from pricing.

Drivers of the quarter

Overall, the growth of Ambu’s Anesthesia & Patient Monitoring business was driven by strong volume development, while previously announced price increases had an extraordinarily positive effect in the first half of the year but more inflation-alike price increases in the second half of the year.

The markets within Anesthesia & Patient Monitoring are fragmented, but typically more mature and stable growing markets, driven by demographics, increased healthcare access, and chronic diseases. With refined market data access and the acceptance of price increases in selected low-margin areas, the assumption of market outlook has changed to 3-5% market growth versus previously 2-4%. Ambu holds, and is expected to continue to hold, a dominant position in these markets with innovative solutions that have been developed over decades.

Recent developments in new solutions

In Urology, the commercialization of Ambu® aScope 5 Uretero and Ambu® aScope 5 Cysto HD solutions continued. Following the CE mark in Europe earlier this year, Ambu strengthened its Urology offering with FDA clearance for aScope 5 Cysto HD, clearing it to function as a cysto-nephroscope for PCNL procedures. Although these new solutions and indications did not contribute significantly to this year’s endoscopy growth, the performance feedback was very positive, and we remain confident of the growth potential.

In Respiratory, we launched our video laryngoscopy solution, Ambu® SureSight Connect, throughout the year. In the beginning of 2025, it was launched together with a handful of blades; then we expanded the solution with more blades for pediatric patients later in the year, completing the blade portfolio. The feedback from clinicians on Ambu® SureSight Connect has been highly positive. They highlight the benefit of Ambu’s Respiratory portfolio synergies, where Ambu®

SureSight and aScope bronchoscopes can be used simultaneously with dual view functionality. Looking ahead, this positions Ambu well to win in Respiratory and extend its global endoscopy leadership position.

12.4%

Q4 2024/25

organic growth

6.4%

Q4 2024/25

organic growth

SUSTAINABILITY UPDATE

Sustainability is playing an increasingly important role in healthcare – both for clinicians using our solutions and for hospitals and health systems. Ambu is integrating sustainability into its strategy, innovations, business processes, and value chain, serving as a valuable partner in helping customers reach their sustainability goals.

Ambu’s sustainability focus is centered on three key areas: developing circular products and packaging, take-back and recycling, and achieving net-zero emissions.

SUSTAINABILITY HIGHLIGHTS

Journey towards net-zero emissions

FY FY

Circular products and packaging

To provide customers with an opportunity to collect and recycle used Ambu endoscopes for new non-medical purposes, Ambu launched a first-of-its-kind endoscope recycling program, the Ambu® Recircle Program, in June 2025. Initially launched in the UK and the U.S., the program has since been expanded to Germany and France. Ambu plans to expand the program further within these four key markets, supporting a growing number of customers in participating in an efficient, traceable recycling process that promotes sustainability, meets regulatory requirements, and reduces plastic waste.

In addition, on 29 October 2025, Ambu announced that the recycling program will be expanded beyond endoscopes to also include blades from the company’s single-use video

* Including scope 1 and 2

Focus on waste management

2024/25

2023/24 Change

laryngoscopy solution, Ambu® SureSight Connect. This expansion of the program is a natural next step in Ambu’s growing recycling efforts across multiple solutions, reinforcing the company’s commitment to customers as a full-service partner.

Net-zero emissions

Ambu is working towards net-zero emissions by 2045 in collaboration with suppliers, customers, and other partners. This year, total emissions decreased by 3%, compared to the last financial year. To deliver on the Ambu’s near-term carbon reduction targets for scope 1, 2, and 3 greenhouse gas emissions*, the company is executing on its plan, which includes:

• For targets encompassing Ambu’s facilities (scope 1 and scope 2), Ambu decreased emissions by 43% this year, compared to the baseline, and will continue to expand the use of renewable energy and reduce the energy consumption through a combination of Renewable Energy Certificates (RECs) and investments in installation of renewable power, e.g., solar panels near the company’s production sites.

• For targets attributed to its entire value chain (scope 3), Ambu is committed to engaging with suppliers to further safeguard the company’s sustainable transformation.

Waste management continued to be a priority across Ambu’s manufacturing facilities and offices. In 2024/25, Ambu experienced a 12% decline in the proportion of recycled waste, compared to the same period last year. This was driven by changes in operations and lower amounts of recyclable waste. Due to the rise in waste at manufacturing locations and an insignificant drop in production output, the waste generated per tonne of finished goods rose by 7%. Ambu remains dedicated to waste management initiatives, including recycling efforts and conversion of food waste into biogas and fertilizers, as well as recycling of materials (runners) from injection molding processes at its production sites.

Focus on CO2reduction

Ambu continues its commitment to lowering carbon emissions in accordance with its near-term reduction targets, validated by the Science Based Targets initiative. In 2024/25, the CO2e emissions per tonne of finished goods decreased by 19%. This was driven by factors such as increased production and enhanced energy efficiency measures implemented at Ambu’s manufacturing sites, alongside the early acquisition of IREC in the U.S., Malaysia, and China. Ambu continues to focus on targeted energy improvement initiatives and enhanced data collection.

* Scope 1 includes greenhouse gas emissions occurring from activities under Ambu’s direct control in sources that are owned or controlled by Ambu. Scope 2 refers to indirect greenhouse gas emissions caused by the energy Ambu purchases, such as electricity and district heating. Scope 3 encapsulates indirect greenhouse gas emissions – not included in scope 2 – that occur in our value chain, including both upstream and downstream emissions.

FINANCIAL OUTLOOK 2025/26

Ambu has launched its next-era strategy, ZOOM AHEAD, signaling a pivotal step in the company’s long-term growth trajectory. This strategy reflects the aspiration to achieve global endoscopy leadership and underscores a commitment to setting new standards in the field. In 2024/25, Ambu continued to generate double-digit organic revenue growth, while also improving profitability.

Market conditions

In 2024/25, the global economy demonstrated resilience amid ongoing geopolitical dynamics. The geopolitical dynamics contributed to fluctuations in foreign exchange rates and increased costs of raw materials, energy, and logistics. Part of the inflationary pressures are expected to continue into 2025/26.

Despite this dynamic environment, the single-use endoscopy market is expected to demonstrate continued growth. This is underpinned by increasing demand from hospitals and clinics for solutions that enhance efficiency and cost-effectiveness, alongside heightened focus on infection prevention and the proven clinical benefits of single-use technologies. These dynamics position Ambu well to capture long-term value in a structurally high-growing market.

Organic revenue

Ambu’s Endoscopy Solutions business continues to be the primary growth driver. For 2025/26, Ambu expects Endoscopy Solutions to post organic growth of +15%, with all four endoscopy business areas expected to contribute. This broad-based momentum reflects strong market demand and reinforces Ambu’s confidence in the scalability and resilience of the endoscopy portfolio.

For Endoscopy Solutions, the more established, yet significantly underpene-trated, Respiratory business group is expected to deliver accelerated organic growth momentum in 2025/26, supported by ongoing enhancements to Ambu’s Respiratory portfolio solutions. In the business group ‘Urology, Ear-Nose-Throat (ENT), and Gastroenterology (GI)’, Ambu expects continued strong growth momentum, particularly driven by Urology with existing and new solutions.

For Anesthesia & Patient Monitoring (A & PM), Ambu has managed to increase profitability by raising prices in selected low-margin areas. Ambu will continue to strengthen pricing governance to expand margins. Furthermore, the company will optimize its commercial organization to support growth as well as invest in its supply chain to maintain high reliability.

For 2025/26, Ambu expects Anesthesia & Patient Monitoring to grow mid-single digits.

Overall, for the 2025/26 financial year, Ambu’s total organic revenue growth is expected to be 10-13%, compared to 13.1% in 2024/25. The total growth is expected to be back-end loaded.

EBIT margin

EBIT margin before special items is expected to be 12-14%, compared to 13.0% in 2024/25. This will be driven by both an improved gross margin and operating leverage, partly offset by growth investments. The EBIT margin is expected to be back-end loaded.

Excluding tariff impacts of ~2%-pts, EBIT margin is expected to be 14-16% given the current schedule of expected tariffs. Mitigation actions, including investing in Americas, are ongoing, and the effect will diminish over the coming years.

Cash conversion

Ambu’s cash conversion is expected to be +40%, compared to 35% in 2024/25. The continued increased cash flow will be driven by a higher EBIT before special items and continued improvements from transformation efforts.