Interim report
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1 Company announcement no. 13 2024/25 | 7 May 2025 Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup Registration no. 63644919 INTERIM REPORT FOR Q2 2024/25 AND THE HALF-YEAR
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2 Company announcement no. 13 2024/25 | 7 May 2025 INTERIM REPORT FOR Q2 2024 /25 AND THE HALF-YEAR In the second quarter of the 2024/25 financial year, Ambu delivered 11.7% organic revenue growth and a 14.4% EBIT margin before special items. This was driven by continued growth in Endoscopy Solutions, which grew by 13.1%, and strong performance in Anaesthesia & Patient Monitoring, which grew by 9.8%. This brings the organic growth for the half-year to 15.4% and the EBIT margin to 15.2%. The financial guidance for 2024/25 is maintained. “I am proud that Ambu continues to deliver solid growth and profitability, while advancing our innovation for strong future growth. During the quarter, we initiated the launch of our video laryngoscopy solution, fully integrated with our pulmonology portfolio, and further strengthened our urology portfolio with the continued introduction of our ureteroscopy solution. While it is still too early to anticipate large revenue contributions from these new launches, we maintained strong momentum in our Endoscopy Solutions business, achieving 16.7% organic growth in the first half of the fiscal year 2024/25, alongside significant growth in Anaesthesia & Patient Monitoring. Amid growing geopolitical and external financial uncertainties, Ambu remains committed to supporting customers and patients, and we are prepared and well-positioned to navigate and manage the business effectively. With today’s status on tariffs, we remain confident that we will deliver on our 2024/25 guidance.” Britt Meelby Jensen Chief Executive Officer Q2 2024/25 conference call A conference call is broadcast live today, 7 May 2025 at 11:00 (CEST), via ambu.com/webcastQ22025. To ask questions during the Q&A session, please register prior to the call via ambu.com/conferencecallQ22025register. Upon registration, you will receive an e-mail with information to access the call. The presentation can be downloaded at Ambu.com/presentations. HIGHLIGHTS FOR Q2 2024/25 Financial highlights • Revenue increased organically by 11.7% (15.5%) to DKK 1,554m (DKK 1,367m), with reported growth of 13.7% (15.0%). Organic growth for the half-year was 15.4% (14.9%), with reported growth of 16.9% (12.9%). • The Endoscopy Solutions business increased organically by 13.1% (22.3%) and by 16.7% (23.6%) for the half-year. The Pulmonology business group posted 8.5% (13.9%) organic growth, negatively impacted by timing of orders. The Urology, ENT & GI business group posted 18.3% (33.3%) organic growth, reflecting a slower growth than previous quarters. Ambu remains confident that this business group will return to growth rates above 20% with its advanced and extended solutions portfolio. • The Anaesthesia & Patient Monitoring business increased organically by 9.8% (7.0%) and by 13.6% (4.2%) for the half-year, positively impacted by price increases and continued volume growth. • EBIT before special items (b.s.i.) was DKK 224m (DKK 194m), with an EBIT margin b.s.i. of 14.4% (14.2%). EBIT b.s.i. for the half-year ended at DKK 467m (DKK 320m), with an EBIT margin b.s.i. of 15.2% (12.2%). The improved EBIT margin b.s.i. was driven by organic revenue growth, resulting in operational leverage, slightly offset by investments in resources to drive organic growth. Invest- ments in further growth are expected to continue to increase for the remainder of the fiscal year. • Free cash flow before acquisitions totalled DKK 80m (DKK 128m). This was positively impacted by increased profitability, however offset by an increase in inventory and higher tax payment. • The 2024/25 financial guidance is maintained: - Organic revenue growth: 11-14% - EBIT margin before special items: 13-15% Business highlights • Ambu’s new video laryngoscopy solution, Ambu® SureSight™ Connect, launched in initial markets, following a shorter-than-usual “controlled market release” phase. • The urology portfolio was strengthened with CE mark expansion of Ambu® aScope™ 5 Cysto HD, enabling urologists to also use the solution for cysto-nephroscopy procedures. • In April, Ambu renegotiated its sustainability-linked credit facility with improved terms. • Jesper Johnsen Steen joined Ambu’s Executive Leadership Team as Chief Marketing Officer on 1 May. • Ambu will host a Capital Markets Day on 1 October 2025 in Ballerup, Denmark.
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3 Company announcement no. 13 2024/25 | 7 May 2025 FINANCIAL HIGHLIGHTS DKKm Q2 2024/25 Q2 2023/24 YTD 2024/25 YTD 2023/24 FY 2023/24 Income statement Revenue 1,554 1,367 3,064 2,621 5,391 Gross profit 942 813 1,867 1,552 3,201 EBITDA before special items 318 285 649 498 1,009 Depreciation, amortisation and impairment -94 -91 -182 -178 -364 EBIT before special items 224 194 467 320 645 Special items - - - - -334 EBIT 224 194 467 320 311 EBITDA 318 285 649 498 1,007 Net financials -16 -7 -22 -13 -11 Profit before tax 208 187 445 307 300 Net profit for the period 188 144 371 236 235 Cash flow Cash flow from operating activities (CFFO) 161 196 305 385 813 Cash flow from investing activities (CFFI) -81 -68 -156 -122 -289 Free cash flow (FCF) 80 128 149 263 524 CFFO, % of revenue 10 14 10 15 15 CFFI, % of revenue -5 -5 -5 -5 -5 FCF, % of revenue 5 9 5 10 10 Balance sheet Assets 7,414 7,061 7,414 7,061 7,154 Net working capital 1,321 1,011 1,321 1,011 1,050 Equity 5,914 5,605 5,914 5,605 5,594 Net interest-bearing debt -86 243 -86 243 -57 Invested capital 5,828 5,848 5,828 5,848 5,537 DKKm Q2 2024/25 Q2 2023/24 YTD 2024/25 YTD 2023/24 FY 2023/24 Key figures and ratios Organic growth, % 11.7 15.5 15.4 14.9 13.8 Gross margin, % 60.6 59.5 60.9 59.2 59.4 OPEX ratio, % 46.2 45.3 45.7 47.0 47.4 EBIT margin before special items, % 14.4 14.2 15.2 12.2 12.0 EBITDA margin before special items, % 20.5 20.8 21.2 19.0 18.7 EBIT margin, % 14.4 14.2 15.2 12.2 5.8 EBITDA margin, % 20.5 20.8 21.2 19.0 18.7 Tax rate, % 10 23 17 23 22 Return on equity, % 13 13 13 13 4 NIBD/EBITDA before special items -0.1 0.3 -0.1 0.3 -0.1 Equity ratio, % 80 79 80 79 78 Net working capital, % of revenue 23 20 23 20 19 Return on invested capital (ROIC), % 10 7 10 7 9 Average number of employees 5,169 4,799 5,244 4,750 4,894 Share-related ratios (in DKK) Market price per share 118 114 118 114 131 Earnings per share (EPS) 0.71 0.54 1.39 0.89 0.88 Diluted earnings per share (EPS-D) 0.71 0.54 1.39 0.89 0.88 Key figures and ratio definitions are consistent with the ones applied in the Annual Report 2023/24.
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4 Company announcement no. 13 2024/25 | 7 May 2025 BUSINESS PERFORMANCE – IN BRIEF Businesses and business groups DKKm Q2 2024/25 Split Q2 2023/24 Organic Currency Reported H1 2024/25 Split H1 2023/24 Organic Currency Reported Endoscopy Solutions 929 60% 807 13.1% 2.0% 15.1% 1,839 60% 1,555 16.7% 1.6% 18.3% - Pulmonology 469 30% 427 8.5% 1.3% 9.8% 941 31% 825 12.9% 1.2% 14.1% - URO, ENT & GI 460 30% 380 18.3% 2.8% 21.1% 898 29% 730 21.0% 2.0% 23.0% Anaesthesia & Patient Monitoring 625 40% 560 9.8% 1.8% 11.6% 1,225 40% 1,066 13.6% 1.3% 14.9% - Anaesthesia 326 21% 287 11.2% 2.4% 13.6% 644 21% 555 14.4% 1.6% 16.0% - Patient Monitoring 299 19% 273 8.2% 1.3% 9.5% 581 19% 511 12.7% 1.0% 13.7% Total 1,554 100% 1,367 11.7% 2.0% 13.7% 3,064 100% 2,621 15.4% 1.5% 16.9% Geographies DKKm Q2 2024/25 Split Q2 2023/24 Organic Currency Reported H1 2024/25 Split H1 2023/24 Organic Currency Reported North America 799 51% 684 12.4% 4.4% 16.8% 1,556 51% 1,315 15.6% 2.7% 18.3% Europe 616 40% 541 13.1% 0.8% 13.9% 1,215 40% 1,046 15.0% 1.2% 16.2% Rest of World 139 9% 142 3.0% -5.1% -2.1% 293 9% 260 14.7% -2.0% 12.7% Total 1,554 100% 1,367 11.7% 2.0% 13.7% 3,064 100% 2,621 15.4% 1.5% 16.9% Anaesthesia & Patient Monitoring 40% Q2 2024/25 – SHARE OF REVENUE BY BUSINESSES LAST 12M ROLLING (LTM) – ORGANIC GROWTH IN URO, ENT & GI Endoscopy Solutions 60% LAST 12M ROLLING (LTM) – ORGANIC GROWTH IN PULMONOLOGY 10.4% 23.6%
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5 Company announcement no. 13 2024/25 | 7 May 2025 ENDOSCOPY ANAESTHESIA & SOLUTIONS PATIENT MONITORING The pulmonology business group posted 8.5% organic revenue growth, resulting in a last-twelve-months rolling growth of 10.4%, with solid growth across all solutions and geographies. The flu season had a small positive impact on the growth overall. Specifically, the ICU saw increased activity from the strong flu season, however, both operating rooms and endoscopy suites were more or less unaffected. Additionally, the pulmonology growth in Q2 was negativetely affected by a substantial order placement in Q1, with customers purchasing in expecta- tion of a severe flu season. Recent developments in new solutions In Q2, Ambu began the initial commercialisation of its new video laryngoscopy solution Ambu® SureSight™ Connect, receiving positive feedback from customers. While this supports future pulmonology growth, meaningful revenue will take time to materialise. Ambu commercially launched its ureteroscopy solution, Ambu® aScope™ 5 Uretero, at the start of the 2024/25 financial year, receiving positive feedback. During this early commercial launch phase, Ambu has prioritised a focused ramp-up of production to secure high levels of both product quality and cost efficiency. As expected, the revenue impact remains limited during this phase, as the solution represents a new clinical setting with distinct customer needs and a refined commercial approach. Ambu remains committed to the solution’s strong growth prospects. Finally, Ambu strengthened its urology portfolio with the CE mark expansion of aScope™ 5 Cysto HD, enabling urologists to also perform cysto-nephroscopy proce- dures, a niche procedure within urology. Q2 organic revenue growth 9.8% 13.1 Q2 organic revenue growth Ambu’s Anaesthesia & Patient Monitoring business accounted for 40% of the company’s total revenue in Q2 2024/25. The revenue grew organically by 9.8% (7.0%), primarily driven by price increases and solid volume growth, with both the Anaesthesia business group and the Patient Monitoring business group contributing to the growth. Drivers of the quarter Overall, the growth of the Anaesthesia & Patient Monitoring business was driven by price increases and solid volume growth. As previously announced, Ambu has carried out strategic initiatives to increase profitability by raising prices in selected low-margin areas. Most of the contract negotiations were completed by the end of Q2 2023/24, resulting in a strong year-over-year impact from price increases in H1 2024/25. This contributed positively to the overall growth of the Anaesthesia & Patient Monitoring business, surpassing the long-term market growth projection of 2-4%. Ambu’s Endoscopy Solutions business continued to be the biggest revenue contributor in Q2 2024/25. It accounted for 60% of the total revenue, with an organic revenue growth of 13.1% (22.3%). Ambu experienced growth across both business groups in Endoscopy Solutions, mainly driven by continued growth of existing solutions in a high-growth market, with existing and new customers. Drivers of the quarter The Urology, ENT (ear-nose-throat) and GI (gastro- enterology) business group posted 18.3% organic revenue growth, resulting in a last-twelve-months rolling growth of 23.4%. The growth was primarily driven by continued penetration of the Ambu® aScope™ 4 port- folio, with new and existing customers. The quarter saw slower temporary growth, compared to previous quarters, driven by new competition extending the sales cycles. Although the Ambu® aScope™ 5 Uretero and Ambu® aScope™ 5 Cysto HD were launched in Q1 with positive momentum, the revenue impact of these new solutions was limited in Q2, as expected. Overall, Ambu remains confident in the long-term performance of this business group, due to its advanced and extended solutions portfolio. GI posted high double-digit growth as well, however, the business area remains a smaller part of Ambu’s busi- ness. It was mainly driven by Ambu’s gastroscopy solu- tions, Ambu® aScope™ Gastro and Ambu® aScope™ Gastro Large, both in integration with the digital endo- scopy system, Ambu® aBox™ 2. Among other proce- dures, the two gastroscopy solutions target specific needs for bleed management.
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6 Company announcement no. 13 2024/25 | 7 May 2025 SUSTAINABILITY UPDATE Since 2023, Ambu has been integrating sustainability into the company strategy, business processes and value chain. At the same time, Ambu is committed to pioneering sustainable practices that empower our customers to minimise their carbon and environmental footprints. Focus is centred on two key areas: developing circular products and packaging and achieving net-zero emissions. Circular products and packaging Ambu has set an ambitious goal to ensure recycling options are available in all focus markets by 2025. The Ambu ® Recircle program on recycling has been pilot-tested in Germany and the United Kingdom. The program enables customers to participate in an efficient, traceable recycling process that promotes sustainability, while meeting regulatory requirements. Ambu is in the process of introducing the program to 10–20 hospitals per market, focusing on the United Kingdom, Germany, France and the United States. Next year, efforts will be aimed at expanding and scaling activities further within these key markets. Net-zero emissions Ambu is committed to operating responsibly and approaching net-zero emissions in collaboration with suppliers, customers and other partners. To deliver on its near- term carbon reduction targets for Scope 1, 2 and 3 greenhouse gas emissions*, Ambu is executing on its plan, which includes: • For targets encompassing Ambu’s facilities (Scope 1 and Scope 2), Ambu will expand the use of renewable energy and reduce the energy consumption through a combination of Renewable Energy Certificates (RECs), Power Purchase Agreements (PPAs) 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. • 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. ENVIRONMENTAL SUSTAINABILITY HIGHLIGHTS Focus on waste management Waste management remains a focus area across Ambu. In the first half of the year, Ambu’s total waste per tonne of finished goods increased by 5%, compared to the same period the year before. This was driven by a higher production output at the company’s four manu- facturing sites and an increased waste at offices, due to a growing number of employees. In this scope, Ambu’s share of recycled waste decreased by 18%. This was primarily due to a change in waste mix at the factory in Mexico, driven by fewer recyclable components like plastic and cardboard materials, compared to the same period last year. Ambu continues to focus on waste management initiatives, which includes recycling and converting food waste into biogas and fertilizers, as well as recycling materials (runners) from injection moulding processes at manufacturing sites. Focus on CO2 reduction Ambu continues its carbon reduction efforts in line with our near-term carbon reduction targets validated by the Science Based Target initiative. Year-to-date, the CO2e per tonne finished goods decreased by 5%, due to, among other things, increased production, accompanied by energy efficiency measures at Ambu’s manufacturing sites. The 5% decrease in energy consumed per tonne of finished goods is a positive development, reflecting a decoupling of energy consumption versus product output. Ambu continues its targeted efforts with energy improvement measures and strengthened data collection. H1 2024/25 H1 2023/24 Change (%) Recycled waste, % of total waste 42% 51% -18% Waste per tonne finished goods 0.29 0.28 5% CO2e** per tonne finished goods 1.73 1.82 -5% Energy per product (GJ per tonne finished goods) 18 19 -5% ** Including Scope 1 and 2 Journey towards net-zero emissions
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7 Company announcement no. 13 2024/25 | 7 May 2025 Outlook expectations, FY 2024/25 9 Jan 2025 4 Nov 2024 Organic revenue growth 11-14% 10-13% - Endoscopy Solutions +15% +15% - Anaesthesia & Patient Monitoring Mid-to-high single digits Mid-single digits EBIT margin before special items 13-15% 12-14% Free cash flow (DKKm) +500 +500 FX assumptions for 2024/25 7 May 2025 4 Nov 2024 USD/DKK 6.80 6.85 MYR/DKK 1.55 1.60 CNY/DKK 0.95 0.95 GBP/DKK 8.80 8.85 FINANCIAL OUTLOOK 2024/25 Ambu’s financial outlook for the 2024/25 financial year was upgraded on 9 January 2025 in connection with the company’s preliminary Q1 results. The outlook is now 11-14% for organic revenue growth and 13-15% for EBIT margin before special items. Additionally, Ambu now expects the organic revenue growth for Anaesthesia & Patient Monitoring to reach mid-to-high single digits, Endoscopy Solutions to deliver +15% organic growth and free cash flow to reach DKK +500m. Financial calendar 2024/25æ 22 Aug Earnings release Q3 2024/25 30 Sep End of 2024/25 financial year 2025/26 1 Oct Capital Markets Day 2025 5 Nov Annual report 2024/25 3 Dec Annual general meeting 2025 Forward-looking statements Forward-looking statements, in particular relating to future sales, operating income and other key financials, are subject to risks and uncertainties. Various factors, many of which lie outside of Ambu’s control, may cause the realised results to differ materially from the expectations presented in this earnings release. Such factors include, but are not confined to, changes in market conditions and the competitive situation, changes in demand and purchasing patterns, fluctuations in foreign exchange and interest rates, as well as general economic, political and commercial conditions.
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8 Company announcement no. 13 2024/25 | 7 May 2025 MANAGEMENT’S STATEMENT The Board of Directors and the Executive Management have today reviewed and approved the interim report for Ambu A/S for the period from 1 October to 31 March 2025. The interim report has not been audited or reviewed by the company’s independent auditors. The interim report is presented in accordance with IAS 34 – Interim Financial Report- ing, as adopted by the EU and additional Danish disclosure requirements for the interim reporting of listed companies. In our opinion, the interim financial report for the first six months of 2024/25 gives a true and fair view of the Group’s assets, liabilities and financial position at 31 March 2025 and of the results of the Group’s operations and cash flows for the period 1 October to 31 March 2025. Furthermore, in our opinion, Management’s review includes a fair account of the development in the activities and financial position of the Group, as well as a description of the most significant risks and elements of uncertainty to which the Group is subject. Besides what has been disclosed in the quarterly financial report, no changes in the Group’s most significant risks and uncertainties have occurred, relative to what was disclosed in the consolidated annual report 2023/24. Copenhagen, 7 May 2025 EXECUTIVE MANAGEMENT Britt Meelby Jensen Henrik Skak Bender Chief Executive Officer Chief Financial Officer BOARD OF DIRECTORS Jørgen Jensen Shacey Petrovic Chair Vice Chair Susanne Larsson Michael del Prado Member Member Simon Hesse Hoffmann David Hale Member Member Charlotte Elgaard Bjørnhof Jesper Bartroff Frederiksen Employee-elected member Employee-elected member Thomas Bachgaard Jensen Employee-elected member
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9 Company announcement no. 13 2024/25 | 7 May 2025 CONSOLIDATED FINANCIAL STATEMENTS Interim report Q2 2024/25 CONTENTS Page 10 Revenue and earnings Page 11 Income statement and statement of comprehensive income Page 12 Cash flow Page 13 Cash flow statement Page 14 Balance sheet and financial position Page 15 Balance sheet Page 16 Statement of changes in equity Page 17 Notes to the interim report Page 18 Quarterly results Company announcement no. 13 2024/25 | 7 May 2025 9
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10 Company announcement no. 13 2024/25 | 7 May 2025 REVENUE AND EARNINGS Revenue Total revenue in Q2 2024/25 amounted to DKK 1,554m, corresponding to an organic growth of 11.7% and a reported growth of 13.7%, compared to Q2 2023/24. The organic growth was positively impacted by continued solid momen- tum in Endoscopy Solutions and strong performance in Anaesthesia & Patient Monitoring, driven by the strategic decision to increase prices in selected low-margin areas. All geographies continued their solid growth momen- tum. Gross margin Gross margin in Q2 2024/25 was 60.6%, corresponding to an increase of 1.1%- pts, compared to Q2 2023/24. The increase in gross margin was driven by price increases in Anaesthesia & Patient Monitoring, increased revenue share in the more profitable Endoscopy Solutions business, as well as produc- tion efficiencies. This is partially offset by a short-term negative impact to product mix driven by the roll-out of Ambu® SureSight™ Connect. The launch of Ambu® SureSight™ Connect requires hospitals to install an endosco- py system, which represents a modest upfront investment. In exchange for customers committing to purchasing a minimum volume of endoscopes and blades, Ambu agrees to a lower con- tribution margin on the endoscopy system. This approach is designed to drive long-term profitability and foster sustained growth in pulmonology. Therefore, during the roll-out of Ambu® SureSight™ Connect, it may have short- term negative impact to product mix. OPEX to revenue OPEX to revenue in Q2 2024/25 was 46.2%, relating to an increase of 0.9%- pts, compared to Q2 2023/24. The increase should be seen in relation to a low OPEX-to-revenue comparable last year, in combination with increased OPEX investment throughout the year to drive future growth, as previously communicated. Depreciation, amortisation and impairment losses (DA) DA in Q2 2024/25 was DKK -94m, in line with Q2 2023/24. EBIT margin b.s.i. EBIT margin b.s.i. in Q2 2024/25 was 14.4%, corresponding to an increase of 0.2%-pts, compared to Q2 2023/24. The strengthened EBIT margin was primarily driven by gross margin improvements, partially offset by increased investments aimed at driving future organic growth. Net financials Net financials in Q2 2024/25 were DKK -16m, compared to DKK -7m in Q2 2023/24. Tax Tax in Q2 2024/25 amounted to an expense of DKK -48m, before an income of DKK 28m, relating to uncertain tax positions (UTP). The reported tax expense for Q2 then came to DKK -20m, corresponding to an effective tax rate of 10% – and 23% excluding the one-time UTP effect. As reported in the annual report 2023/24, management makes provi- sions for UTP, which included uncer- tainties on how to interpret eligibility for R&D tax incentives in Denmark. During Q2 2024/25, Ambu and the Danish Tax Authorities have clarified the interpretation of the tax legislation, and consequently, the UTP for R&D incentives is no longer provided. Revenue and revenue growth EBIT margin before special items Revenue (DKKm) Organic growth EBIT b.s.i. (DKKm) EBIT margin b.s.i.
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11 Company announcement no. 13 2024/25 | 7 May 2025 INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME Interim report Q2 2024/25 Income statement Note Q2 2024/25 Q2 2023/24 YTD 2024/25 YTD 2023/24 FY 2023/24 Revenue 3 1,554 1,367 3,064 2,621 5,391 Production costs -612 -554 -1,197 -1,069 -2,190 Gross profit 942 813 1,867 1,552 3,201 Selling and distribution costs -448 -381 -876 -759 -1,571 Development costs -88 -81 -167 -155 -325 Management and administrative costs -182 -157 -357 -318 -660 Operating profit (EBIT) b. s. i. 224 194 467 320 645 Special items - - - - -334 Operating profit (EBIT) 224 194 467 320 311 Financial income 4 4 8 7 16 Financial expenses -20 -11 -30 -20 -27 Profit before tax 208 187 445 307 300 Tax on profit for the period -20 -43 -74 -71 -65 Net profit for the period 188 144 371 236 235 Earnings per share in DKK Earnings per share (EPS) 0.71 0.54 1.39 0.89 0.88 Diluted earnings per share (EPS-D) 0.71 0.54 1.39 0.89 0.88 Statement of comprehensive income Q2 2024/25 Q2 2023/24 YTD 2024/25 YTD 2023/24 FY 2023/24 Net profit for the period 188 144 371 236 235 Other comprehensive income: Translation adj. in foreign subsidiaries -87 33 29 -37 -66 Other comprehensive income after tax -87 33 29 -37 -66 Comprehensive income for the period 101 177 400 199 169 Items which are moved to the income statement under certain conditions: DKKm DKKm
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12 Company announcement no. 13 2024/25 | 7 May 2025 CASH FLOW Cash flow from operating activities (CFFO) CFFO in Q2 2024/25 was DKK 161m. The solid cash flow was driven by im- proved operating profitability (EBITDA), offset by higher net working capital, due to increased inventory levels to support the commercialisation of new products, among other things. Cash flow from investing activities (CFFI) before acquisitions CFFI before acquisitions in Q2 2024/25 was DKK 81m, corresponding to 5% of revenue. This fell slightly below Ambu’s long-term projection of allocating 7-9% of revenue to investment activities. CFFI was primarily driven by R&D activities, which amounted to DKK 50m, corresponding to 3% of revenue, how- ever, when factoring in development costs, less depreciation and amortisa- tion, total R&D expenditure amounted to DKK 85m, corresponding to 5% of the total revenue. Free cash flow (FCF) before acquisition FCF before acquisitions came to DKK 80m in Q2 2024/25. FCF is mainly driven by profitable growth and trade payables, however, this quarter, FCF was offset by high inventory levels, trade receivables and higher investments in R&D and other CAPEX. Acquisitions of enterprises and technology No acquisitions were made in Q2 2024/25. Cash flow from financing activities (CFFF) CFFF in Q2 2024/25 was DKK -25m. This was primarily related to repayment of lease liabilities and dividend payment. Dividend At the annual general meeting, held on 4 December 2024, it was decided to pay dividend of DKK 102m to Ambu’s shareholders. Total dividends have been declared and subsequently paid out in Q1, and the withholding taxes payable to the Danish Tax Authorities were settled in Q2. Cash position On 31 March 2025, cash and cash equivalents were DKK 640m, compared to DKK 387m on 31 March 2023. This improvement was driven by solid cash flow and limited debt obligations. Committed undrawn credit facilities amounted to DKK 1,800m. In April 2025, Ambu refinanced the committed sustainability-linked credit facility to extend the maturity from 2026 to 2028 and at the same time reduce Ambu's funding cost. After the refinance, Ambu's total committed credit facility is DKK 1,000m with an additional accordion of DKK 1,000m. 318 -125 -81 -32 80 128 163 98 69 80 0 20 40 60 80 100 120 140 160 180 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 EBITDA Change CAPEX1 Other2 Free in working cash flow capital 1 CAPEX is defined as cash flow from investing activities 2 'Other' includes: change in provisions, income tax and interest paid Free cash flow – main components (DKKm) Cash flow impact of development costs (DKKm) Free cash flow before acquisitions (DKKm)
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13 Company announcement no. 13 2024/25 | 7 May 2025 CASH FLOW STATEMENT Interim report Q2 2024/25 YTD 2024/25 YTD 2023/24 FY 2023/24 Net profit 371 236 235 Adjustment for non-cash items: Income taxes in the Income statement 74 71 65 Financial items 22 13 11 Depreciation, amortisation and impairment losses 182 178 696 Share-based payment 11 11 26 Change in working capital -269 -82 -111 Change in provisions -2 -3 -3 Interest received 8 4 14 Interest paid -12 -16 -30 Income tax paid -80 -27 -90 Cash flow from operating activities 305 385 813 Investments in intangible assets -121 -91 -201 Investments in tangible assets -35 -31 -88 Cash flow from investing activities -156 -122 -289 Free cash flow 149 263 524 Repayment in respect of lease liability -32 -31 -65 Exercise of options 11 - - Dividend paid -102 - - Dividend, treasury shares 1 - - Cash flow from financing activities -122 -31 -65 Changes in cash and cash equivalents 27 232 459 Cash and cash equivalents, beginning of period 615 157 157 Translation adjustment of cash and cash equivalents -2 -2 -1 Cash and cash equivalents, end of period 640 387 615 YTD 2024/25 YTD 2023/24 FY 2023/24 Cash and cash equivalents 267 233 265 Short-term deposits 373 154 350 Cash and cash equivalents, end of year 640 387 615 Cash and cash equivalents, end of period, are composed as follows: DKKm DKKm
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14 Company announcement no. 13 2024/25 | 7 May 2025 BALANCE SHEET AND FINANCIAL POSITION Total assets At 31 March 2025, total assets were DKK 7,414m, corresponding to an increase of DKK 260m, compared to 30 September 2024. Invested capital At 31 March 2025, invested capital was DKK 5,828m, corresponding to an increase of DKK 291m, compared to 30 September 2024. ROIC ROIC in Q2 2024/25 was 10%, corre- sponding to an improvement of 3%- pts, compared to Q2 2023/24. The increase reflected the aim of Ambu’s ZOOM IN strategy to drive profitable growth through a focused investment approach. Net working capital At 31 March 2025, net working capital was DKK 1,321m, corresponding to 23% of revenue. This was slightly higher than Ambu’s objective of 20%, due to elevated inventory levels (to support the commercialisation of new solutions, among other things), as well as slightly higher trade receivables, driven by higher sales in the quarter. Net interest-bearing debt (NIBD) At 31 March 2025, NIBD was DKK -86m, reflected by solid cash flow and limited liabilities. Net interest-bearing debt (NIBD) to EBITDA b.s.i. At 31 March 2025, NIBD to EBITDA b.s.i. was -0.1x, demonstrating a solid financial position. Total assets (DKKm) 7,061 7,288 7,154 7,380 7,414 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 5,848 5,832 5,537 5,771 5,828 7% 8% 9% 10% 10% 5,350 5,400 5,450 5,500 5,550 5,600 5,650 5,700 5,750 5,800 5,850 5,900 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Invested capital and ROIC (DKKm) 243 78 -57 -24 -86 0.3x 0.1x -0.1x 0.0x -0.1x -0.2x -0.1x -0.1x 0.0x 0.1x 0.1x 0.2x 0.2x 0.3x 0.3x 0.4x - 2 00 - 1 00 0 100 200 300 400 500 600 Q2 23/24 Q3 23/24 Q4 23/24 Q1 24/25 Q2 24/25 Net interest-bearing debt (NIBD) and gearing (DKKm) Invested capital ROIC NIBD/EBITDA b.s.i. NIBD
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15 Company announcement no. 13 2024/25 | 7 May 2025 BALANCE SHEET Interim report Q2 2024/25 Assets 31.03.25 31.03.24 30.09.24 Goodwill 1,551 1,551 1,527 Acquired technologies, trademarks and customer relations 356 613 376 Completed development projects 1,053 940 905 Other incl. IT software 69 71 72 Development projects and other assets in progress 239 407 350 Intangible assets 3,268 3,582 3,230 Property, plant and equipment 570 566 582 Right-of-use assets 530 615 545 Deferred tax asset 155 58 160 Total non-current assets 4,523 4,821 4,517 Inventories 1,214 920 1,078 Trade receivables 877 744 745 Other receivables 34 44 44 Income tax receivable 29 50 40 Prepayments 96 88 112 Derivative financial instruments 1 7 3 Cash and cash equivalents 640 387 615 Total current assets 2,891 2,240 2,637 Total assets 7,414 7,061 7,154 Equity and liabilities 31.03.25 31.03.24 30.09.24 Share capital 135 135 135 Other reserves 5,779 5,470 5,459 Equity 5,914 5,605 5,594 Deferred tax 4 4 4 Provisions 15 9 14 Lease liabilities 478 557 483 Non-current liabilities 497 570 501 Provisions 1 6 6 Lease liabilities 76 73 75 Trade payables 522 376 490 Income tax 26 22 49 Other payables 378 409 439 Current liabilities 1,003 886 1,059 Total liabilities 1,500 1,456 1,560 Total equity and liabilities 7,414 7,061 7,154 DKKm DKKm
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16 Company announcement no. 13 2024/25 | 7 May 2025 STATEMENT OF CHANGE IN EQUITY Interim report Q2 2024/25 Share capital Reserve for foreign currency translation adjustments Retained earnings Proposed dividend Total Equity 1 October 2024 135 145 5,212 102 5,594 Net profit for the period - - 371 - 371 Other comprehensive income for the period - 29 - - 29 Total comprehensive income - 29 371 - 400 Transactions with the owners: Share-based payment - - 10 - 10 Exercise of options 11 11 Distributed dividend - - - -102 -102 Dividend, treasury shares - - 1 - 1 Equity 31 March 2025 135 174 5,605 - 5,914 Equity 1 October 2023 135 211 5,047 - 5,393 Net profit for the period - - 236 - 236 Other comprehensive income for the period - -37 - - -37 Total comprehensive income - -37 236 - 199 Transactions with the owners: Share-based payment - - 11 - 11 Tax deduction relating to share-based pay 2 2 Equity 31 March 2024 135 174 5,296 - 5,605 Other reserves are made up of reserve for foreign currency translation adjustment, retained earnings and proposed dividend and total DKK 5,779m (31.03.2024: DKK 5,470m). DKKm
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17 Company announcement no. 13 2024/25 | 7 May 2025 NOTES TO THE INTERIM REPORT Interim report Q2 2024/25 Note 1 – Basis of preparation of the interim report The interim report for the period 1 October 2024 to 31 March 2025 is presented in accordance with IAS 34 – Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for the interim reporting of listed companies. The accounting principles applied are consistent with the principles applied in the annual report for 2023/24. Note 2 – Segment information Ambu is engaged in a single business activity of medtech products for the global market, and the Group does not have multiple operating segments. Ambus business consists of research and development of new products, which are then manufactured, marketed and sold. Except for the sales of the various products, all of these functional activities take place, and are managed, globally on a highly integrated basis. These individual functional areas are not managed separately. Note 3 – Revenue Q2 2024/25 Q2 2023/24 YTD 2024/25 YTD 2023/24 FY 2023/24 Pulmonology 469 427 941 825 1,645 URO, ENT & GI 460 380 898 730 1,545 Anaesthesia 326 287 644 555 1,155 Patient Monitoring 299 273 581 511 1,046 Total revenue by business groups 1,554 1,367 3,064 2,621 5,391 North America 799 684 1,556 1,315 2,732 Europe 616 541 1,215 1,046 2,114 Rest of World 139 142 293 260 545 Total revenue by markets 1,554 1,367 3,064 2,621 5,391 Note 4 – Contingent liabilities Ambu does not expect any pending litigations, claims and investigations to have a material effect on the Group’s financial position. Provisions for probable losses have been made for those matters that Management has assessed as needed, but there are uncertainties associated with these estimates. Ambu is involved in pending litigations, claims and investigations arising out of the normal conduct of its business. Ambu’s ongoing operations and the use of Ambu’s products in hospitals and clinics, etc., involve the general risk of claims for damages and sanctions against Ambu. The risk is deemed to be customary for the industry. Note 5 – Subsequent events In addition to the matters described in this interim report, the Management is not aware of any events subsequent to 31 March 2025 which could be expected to have a significant impact on the Group’s financial position. DKKm
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18 Company announcement no. 13 2024/25 | 7 May 2025 QUARTERLY RESULTS DKKm Q2 2024/25 Q1 2024/25 Q4 2023/24 Q3 2023/24 Q2 2023/24 Q1 2023/24 Organic growth, business groups, % Pulmonology 8.5 17.7 5.7 9.9 13.9 18.1 URO, ENT & GI 18.3 23.9 24.8 27.6 33.3 34.2 Endoscopy Solutions 13.1 20.6 14.5 18.0 22.3 25.1 Anaesthesia 11.2 17.8 4.3 11.2 9.1 2.2 Patient Monitoring 8.2 17.8 6.4 10.6 4.8 0.0 A & PM 9.8 17.8 5.3 10.9 7.0 1.2 Organic growth 11.7 19.5 10.6 15.0 15.5 14.2 Exchange rate effects 2.0 0.9 -0.4 0.7 -0.5 -3.3 Reported revenue growth 13.7 20.4 10.2 15.7 15.0 10.9 Organic growth, markets, % North America 12.4 19.2 8.0 17.8 18.9 13.2 Europe 13.1 17.1 12.5 11.3 13.7 14.6 Rest of World 3.0 28.0 16.2 15.7 7.5 18.2 Organic growth 11.7 19.5 10.6 15.0 15.5 14.2 Cash flow, DKKm Cash flow from operating activities 161 144 193 235 196 189 -81 -75 -95 -72 -68 -54 80 69 98 163 128 135 Cash flow, % of revenue Cash flow from operating activities 10 10 14 17 14 15 -5 -5 -7 -5 -5 -4 5 5 7 12 9 11 Balance sheet Assets 7,414 7,380 7,154 7,288 7,061 6,838 Net working capital 1,321 1,228 1,050 1,025 1,011 932 Equity 5,914 5,795 5,594 5,754 5,605 5,421 Net interest-bearing debt -86 -24 -57 78 243 351 Invested capital 5,828 5,771 5,537 5,832 5,848 5,772 Share-related ratios (in DKK) Market price per share 118 104 131 134 114 105 Earnings per share (EPS) 0.71 0.68 -0.51 0.50 0.54 0.35 Diluted earnings per share (EPS-D) 0.71 0.68 -0.51 0.50 0.54 0.35 Cash flow from investing activities Free cash flow Free cash flow Cash flow from investing activities
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ABOUT AMBU Since 1937, Ambu has been rethinking solutions, together with healthcare professionals, to save lives and improve patient care. From development and manufacturing to distribution and sale, we oversee the entire product lifecycle for our healthcare solutions across the fields of single-use endoscopy, anaesthesia and patient monitoring. Today, millions of patients and healthcare professionals worldwide depend on the efficiency, safety and performance of our high-quality solutions. Headquartered near Copenhagen in Denmark, Ambu employs around 5,000 people in Europe, North America, Latin America and Asia Pacific. For more information, please visit Ambu.com . CONTACT Investors Media Anders Hjort Tine Bjørn Schmidt Head of Investor Relations Head of Corporate Communications anhj@ambu.com | +45 2892 8881 tisc@ambu.com | +45 2264 0697 Ambu A/S Baltorpbakken 13 DK-2750 Ballerup, Denmark Tel.: +45 7225 2000 CVR no.: 63 64 49 19 Ambu.com