Ambu A/S

Strong momentum in Endoscopy (core driver) - Q3 delivered 10.3% organic growth; 12-month rolling organic growth: 9%. - Endoscopy Solutions grew 16% in Q3 and now represents ~64% of company revenue. - Respiratory rebounded strongly: +17.1% in Q3, driven by the bronchoscope portfolio (aScope 4/5) and supported by SureSight videolaryngoscope, with synergy as an “adjacency” revenue driver. - Urology, ENT & GI grew +15% in Q3 (and +16% overall/endoscopy uplift), continuing the positive momentum from earlier U.S. commercial adjustments.

Company guidance updated (growth up, but modest A&PM) - Management confirmed the full-year direction remains consistent with prior “ZOOM AHEAD” framing, but updated revenue guidance to around ~10% growth (organic). - The growth mix is shifting further toward Endoscopy; A&PM is the limiting factor and is expected to remain low single-digit positive (because of prior U.S. volume losses that are now annualizing). - Endoscopy remains on track for +15% organic growth for the year, supporting the longer-term 15%–20% organic CAGR over the strategy period.

Profitability: EBIT margin improved, but Q3 contained identifiable headwinds - Reported EBIT margin: 13.5% (up +2.2pp YoY). - Guidance maintained: EBIT margin 12%–14% with expectation to land in the upper end. - Adjusted EBIT margin in Q3: 12.5%, impacted by temporary items: - Commercial/sales force ramp-up costs (especially U.S. and Urology/ENT sales structure changes) and associated onboarding/training ramp lag. - Strategic project expenses booked in admin (non-recurring). - FX timing effects (USD/DKK headwind). - Management expects Q4 margin to step up due to operating leverage, better gross margin/mix, and lower OpEx ratio, plus tariff reclaims.