Ambu A/S : Q3 Aide-mémoire file_

Q3 2022/23 AIDE-MÉMOIRE

INTRODUCTION

This aide-mémoire sets forth public information previously provided by Ambu. The information provided below may prove helpful in estimating the financial performance for Q3 2022/23 (April 2023 - June 2023).

Please note that the items listed below are not exhaustive.

2022/23 GUIDANCE

On July 10, 2023, Ambu upgraded full-year 2022/23 earnings expectations on the back of preliminary Q3 2022/23 results.

	Organic	EBIT margin
	revenue growth	(before special items)
Financial guidance,	5-8%	5-6%
2022/23

PRELIMINARY Q3 FINANCIAL FIGURES BASED ON JULY 10, 2023, ANNOUNCEMENT

Last year's comparative figures are stated in brackets.

• Revenue was DKK 1,195m (DKK 1,128m), with organic growth of 8% (8%), driven by strong growth in Endoscopy Solutions. Reported growth for the quarter was 6% (16%). Year-to-date, organic growth was 5% (5%), with reported growth of 7% (10%).
• Gross margin was 56.2% (55.8%) and 56.8% (58.2%) year-to-date. The gross margin is mainly impacted by a strengthened product mix, compared to plan, driven by Endoscope Solutions.
• EBIT before special items was DKK 91m (DKK 42m), corresponding to a margin of 7.6% (3.7%). Year-to- date, EBIT before special items ended at DKK 205m (DKK 129m), corresponding to a margin of 5.8% (3.9%), mainly driven by the gross margin and lower distribution costs.

The stated preliminary results for Q3 2022/23 are unaudited. Ambu will release its full Q3 2022/23 interim earnings results, as previously announced, on 31 August 2023.

WE HAVE COMMUNICATED THE FOLLOWING REGARDING FINANCIAL YEAR 2022/23

ORGANIC REVENUE GROWTH

"2022/23 will be a transition year for Ambu, and combined with high external volatility, the outlook for 2022/23 is associated with uncertainty"

(Q4 2021/22 investor presentation, November 15, 2022)

"The organic revenue growth for 2022/23 is projected at 5-8%, where we will see highest growth coming from Endoscopy Solutions. The ENT (aScope™ 4 RhinoLaryngo) and cystoscopy (aScope™ 4 Cysto) businesses will continue to deliver double-digit growth, and the pulmonology business is expected to deliver year-over-year growth from the second half of 2022/23. The newly launched aScope™ 5 Broncho is expected to contribute positively to the growth in pulmonology"

(Q4 2021/22 investor presentation, November 15, 2022)

"In 2022/23 the GI portfolio (…) is expected to contribute to the growth, however, the uptake for both products (aScope™ Duodeno 1.5 and aScope™ Gastro) will be gradual compared to the other segments we are present in" (Q4 2021/22 investor presentation, November 15, 2022)

Q3 2022_23 AIDE-MÉMOIRE

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"Anaesthesia and Patient Monitoring, combined, showed 3% organic decline in Q2, mainly driven by reduction of backlog last year, offset by a market normalization post Covid 19 (…). It's fair to assume that the revenue for Anesthesia and Patient Monitoring (combined, red.) remaining roughly at the same level (in Q3, red.) as we have seen in Q2."

(Q2 2022/23 investor presentation Transcript, May 3, 2023)

MARGINS

"For Q3 2022/23, EBIT before special items totalled DKK 91m (DKK 42m), with an EBIT-margin before special items of 7.6% (3.7%), mainly driven by a better-than-expected gross margin, based on product mix and lower distributions costs"

(July 10, 2023, preliminary Q3 2022/23 results)

FINANCIALS

"The free cash flow before acquisitions will improve in the range of DKK 350-450m in 2022/23 vs. 2021/22, approaching full-year neutral level, mainly driven by a normalisation of the inventory level and savings from the cost reduction program. The savings are expected to come from lower investment levels into future technologies and

new product developments within Anaesthesia and Patient Monitoring" (Annual Report 2021/22, November 15, 2022)

"CAPEX relative to revenue is expected to be approximately 9% in 2022/23" (Annual Report 2021/22, November 15, 2022)

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LONG TERM FINANCIAL TARGETS

LT Financial Targets	5-year CAGR target (2022/23-2027/28)
Total organic revenue growth	>10%
Endoscopy Solutions	15-20%
Anaesthesia and Patient Monitoring	2-4%
(Capital Market Day Presentation, March 21, 2023)
	5-year target (2027/28)
EBIT margin before special items	~20%
	>10% within next 2 years
	Potential trade-offs with growth investments
(Capital Market Day Presentation, March 21, 2023)

"Ambu expects a 5-year organic revenue CAGR (2022/23-2027/28) of >10%, with revenue growth in Endoscopy Solutions of 15-20% and Anaesthesia and Patient Monitoring combined of 2-4%, respectively"

(Capital Markets Day Press Release, March 21, 2023)

"The company expects an EBIT margin (before special items) >10% within the next two years, with a 5-year target of ~20% (2027/28). Given the market potential, Ambu strives for a balance between revenue growth and profitability that corresponds with Ambu's long-term financial targets, with potential short-termtrade-offs on EBIT margin, if growth investments are available to secure long-term sustainable profitable growth"

(Capital Markets Day Press Release, March 21, 2023)

EXCHANGE RATE ASSUMPTIONS FOR 2022/23

Currency	3 May 2023	7 Feb 2023	15 Nov 2022
USD/DKK	697	696	722
MYR/DKK	156	160	156
CNY/DKK	100	101	103
GBP/DKK	847	845	850

(Q2 2022/23 Earnings release, May 3, 2023)

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INVESTOR RELATIONS CONTACT

Nicolai Thomsen

Director, Investor Relations & Strategic Finance

Telephone: [phone]

E-mail:[e-mail]

Frederik Futtrup

Associate, Investor Relations

Telephone: [phone]

E-mail:[e-mail]

FORWARD-LOOKING STATEMENTS

Forward-looking statements, especially such as relate to future revenue and operating profit, are subject to risks and uncertainties. Various factors, many of which are outside Ambu's control, may cause the actual development to differ materially from the expectations contained in this memo. Factors that might affect such expectations include, among others, changes in health care, in the world economy, in interest rate levels and in exchange rates.

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