Investor presentation

June 2015CEO Lars Marcher

• AMBU - transformation process

• Status on business

• Financials and outlook

• Q&A

Agenda

Disclaimer

Forward-looking statements, especially such relating to future

sales and operating profit, are subject to risks and uncertainties.

Various factors, many of which are outside Ambu’s control, may

cause the actual development of the company to differ materially

from the expectations contained in this presentation. Factors that

might affect such expectations include, among others, changes in

healthcare, in the world economy and in exchange rates.2

Ambu at a glance

Revenue of DKK 1,584m in 2013/14.

Ownership: Three families hold Class A shares.

22% of capital and 60% of voting rights.

Listed on NASDAQ OMX Copenhagen with a

market cap of ~ DKK 5bn

Ambu is domiciled in Copenhagen, Denmark

99% of Ambu’s products are exported

2,350 employees worldwide

Ventilation bags, laryngeal

masks and face masks for

artificial ventilation, breathing

bags, circuits as well as

visualisation devices

Users: Hospitals and

ambulance services

Electrodes for mapping

cardiac rhythm and diagnosing

diseases in nerves and muscles,

and sensors for sleep studies

Users: Hospitals, ambulance

services and sleep laboratories

Neck collars and manikins

for first-aid training

Users: Hospitals, ambulance

services, aid organisations

and the armed forces

Anaesthesia (54%) Patient monitoring & diagnostics (38%)

Emergency Care (8%)

Business areas:

1

A rich heritage and history

4

100

150

200

250

300

350

400

450

500

Share price

Ambu the last 5 years- From local to global manufacturing, R&D, IT, RA and sales

- Focus on quality

- Highly scalable business in place

- Growth drivers developed

5

EMS & PMDMarket

Position

KV in EMS 1

Cardiology

EMS 1

Collars 1

Neuro-

physiology 2

IOM 2

ANAESTHESIAMarket

Position

Circuits 1

Face masks 1

Laryngeal

masks 2

Resuscitators 1

Disposable

flexible

intubation1

Leading market positions- Complementary product categories → stronger sales force

6

Manufacturing worldwide

7

Malaysia, Penang

Production of videoscopes, surface electrodes for ECG

measurements, neurological surface and needle electrodes

China, Xiamen

Production of ventilation bags, face masks, laryngeal

masks, PEEP valves and suction pumps, LifeKey, neck

collars and training manikins

USA, Indiana

Production of disposable face masks, breathing bags,

circuits and laryngeal tubes

UK, Warwick

Production of hydrogels for electrode monitoring, ECG

Surface electrodes for Cardiology, diathermy platesEugene Kang, Senior Technician, Penang

Global sales

8Revenue by geographical region

Global innovation

9

Solid financial development

0

500

1000

1500

2000Sales – CAGR of 11%*

0

100

200EBIT - CAGR of 11%

44%

44%

Sales by Geography - 2013/14

North America

Europe

Rest of world

54%38%

Sales by Business Area – 2013/14

Anaesthesia

Patient Monitoring &Diagnostics

Emergency Care

* Including acquisitions

DKKm

DKKm

0,00

20,00

40,00

60,00

80,00

100,00

120,00

140,00

160,00

180,00

200,00

11

Share price past 3 years

186.00

22 May 2015

36.00

1 June 2012

New strategy – climbing new heights- Climbing revenues to DKK 2 Billion

12

Expand visualisation platform

with new products

1

Optimise ‘Ambu Classic’ offering

and improve cross-selling

2

New channels & market

segments

3

Drive Anaesthesia penetration

with combined offering

4

Partnering to adjacent

businesses

5

342403 397

4429%

11%9%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

0

100

200

300

400

500

600

700

800

Revenues(mDKK)

Innovation for

premium price

products

Pricing

optimisation

Synergy effects

and economies

of scale

Operational

optimisation:

Lowest costs in

industry

From 11.6% to 17-18% EBIT margins within 4 years;

Improving profitability

Financial results and outlook

Europe

• Growth of 5%

• Good momentum across major markets

• Strong sales of new and classic Ambu products

Strong growth in North America

43%

49%

8%

Q2 revenue splitNorth America

• Growth of 13%

• Backlog of orders now eliminated

• New GPO contracts won in Q2

Rest of the world

• Growth of 6%

• Negative growth in Latin America due to delayed product

registrations

• Growth in Asia is 32%

Growth rates stated in local currency

6%13%

5%

Q2 organic growth

15

Anaesthesia continues outperform

market

59%34%

7%

Q2 revenue split

Anaesthesia

• Growth of 19%

• Above market growth in all product categories

• aScope 3 sales up 32% compared to Q1

Patient Monitoring & Diagnostics

• Negative growth of 2%

• Growth affected by periodic variations of contracts

Emergency Care

• Negative growth of 8%

• Segment is sensitive to project sales

Growth rates stated in local currency

-8%-2%

19%

Q2 organic growth

16

The aScope case

17

CostA total of 7 studies has compared costs.

6 of them in favour of aScope

AvailabilityaScope now available at

1,500 hospitals worldwide

Cross-infection riskIncreasing international concern

regarding drug-resistant infections

aScope trends in direct markets

Europe1

Australia

1. Direct markets in Europe: Denmark, Sweden, Finland, UK, Germany, France, Netherlands, Spain, Italy

2. Rebuy rate based on aScope 3 & 3 Slim sales to direct customers in Q2 2014/15

USA

of hospitals

buy aScope

7%

aScope 3

rebuy rate2

67%

0 100

of hospitals

buy aScope

14%

aScope 3

rebuy rate2

78%

0 100 of hospitals

buy aScope

26%

aScope 3

rebuy rate2

78%

0 100

Q2: Highest aScope growth yet

• 32% increase in number of aScopes

sold compared to Q1

• Year-to-date sales of aScope equals

full-year sales last year

• Q2 average rebuy rate 75%

• More sales reps and focus on

training

• Increased production capacity in Q1

19

Q1 Q2 Q3 Q4 Q1 Q2

2013/2014 2014/2015

Financial results

• Organic growth of 9% and 20% in DKK

• Significant impact from appreciating

USD on top-line while neutral on EBIT

• Scale effect on gross margin from Fx

and impact from price and mix

• Capacity costs impacted by Fx, while

underlying run rate is flat

• Financials impacted by Fx gain

• Lower cash flow from operations due to

increasing inventories and receivables

• Higher investments due to aScope

factory and R&D activities

DKKm Q2 14/15 Q2 13/14

Revenue 483 403

Gross profit 231 194

Gross Margin (%) 47.8 48.1

Capacity costs -183 -147

EBIT b.s.i. 48 47

EBIT-margin b.s.i. (%) 9.9 11.7

Financials, net 29 -6

Net result 58 30

DKKm Q2 14/15 Q2 13/14

Cash flow from operations 27 37

Cash flow from investments -23 -11

Free cash flow 4 2620

Balance sheet

DKKm Q2 14/15 Q2 13/14

Total assets 2,371 1,925

Equity 978 663

Working capital 556 394

Net interest-bearing debt 832 729

Gearing (NIBD/EBITDA b.s.i.) 2.8 3.0

Working capital (% of revenue) 33 26

Investments (% of revenue) 5 3

ROIC (% after tax incl. goodwill) 12 10

21

• Additional working capital required

to support growth

• Increased investments to support

R&D and factory in Malaysia

• Collections slightly below previous

quarter due to seasonality

• Peak in net interest-bearing debt

• Gearing at 2.8. Full-year target

remains at 2.2

Full-year 2014/15 outlook

Outlook for

2014/15Local currency Danish kroner

6 May, 2015 2 February, 2015 6 May, 2015 2 February, 2015

Revenue 8-8.5% 7-8% ~19% ~16%

EBIT-margin 12.5-13%(fixed rate)

12.5-13%(fixed rate)

~12.0% ~12.5%

Free cash flows - - DKK 110-120m DKK 130-140m

Gearing - - ~2.2 ~2.2

22

In summary

• Strong growth case maintained

• New product introductions generating strong positions

• Global position continued to strengthen

• Full-year outlook adjusted for higher growth

• AMBU well on track to achieve 2017 targets

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Q&A

Read more at www.ambu.com

Contact

CEO Lars Marcher, lm@ambu.com or +45 5136 2490

CFO Michael Højgaard, miho@ambu.com or +45 4030 4349

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