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| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2024-09-30 | 7154000000 | vDKK |
| ifrs-full:Assets | 2023-09-30 | 6859000000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2023-10-01 | 2024-09-30 | 5391000000 | vDKK |
| ifrs-full:Revenue | 2022-10-01 | 2023-09-30 | 4775000000 | vDKK |
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<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" id="fact4830" xml:lang="en"><table width="100%"><tr><td colspan="2">Working towards diversity, equity &amp; inclusion</td></tr><tr><td colspan="2">Ambu wants to be the employer of choice for</td></tr><tr><td colspan="2">the talent in our industry. Alongside other ini-</td></tr><tr><td colspan="2">tiatives, this means developing an inclusive</td></tr><tr><td colspan="2">and equitable work environment for a highly</td></tr><tr><td colspan="2">diverse workforce.</td></tr><tr><td colspan="2">We hold integrity high in all we do, and this</td></tr><tr><td colspan="2">is part of our company values and a cor-</td></tr><tr><td colspan="2">nerstone in the way we operate, both in the</td></tr><tr><td colspan="2">market, but also towards our people, who, we</td></tr><tr><td colspan="2">believe, should be empowered and valued as</td></tr><tr><td colspan="2">equals in a safe space.</td></tr><tr><td colspan="2">As we operate in a global environment, we</td></tr><tr><td colspan="2">recognise that a diverse and inclusive work-</td></tr><tr><td colspan="2">ing environment will mean different things</td></tr><tr><td colspan="2">for different sets of employees. We therefore</td></tr><tr><td colspan="2">approach this through a mixture of global</td></tr><tr><td colspan="2">and localised initiatives, including, but not</td></tr><tr><td /><td>Ambition</td></tr><tr><td /><td>Promote equality and inclusion for</td></tr><tr><td /><td>all and continue our work to ensure</td></tr><tr><td /><td>that Ambu remains an inclusive,</td></tr><tr><td /><td>equal and diverse place to work</td></tr><tr><td /><td>Target</td></tr><tr><td /><td>40% representation of the</td></tr><tr><td /><td>underrepresented gender in other</td></tr><tr><td /><td>management of Ambu A/S (Parent</td></tr><tr><td /><td>Company) in 2023/24</td></tr><tr><td /><td>Governance</td></tr><tr><td /><td>Governed through the Ambu Code</td></tr><tr><td /><td>of Conduct and our Global Diversity,</td></tr><tr><td /><td>Equity &amp; Inclusion Policy, as well as</td></tr><tr><td /><td>our Labour &amp; Human Rights Policy</td></tr></table><br><table width="100%"><tr><td colspan="4">limited to, being a signatory to the United-</td></tr><tr><td colspan="4">Nationsâ Womenâs Empowerment Principles</td></tr><tr><td colspan="4">(UN WEP) and ensuring an accessible work-</td></tr><tr><td colspan="4">ing environment across all our sites.</td></tr><tr><td colspan="4">We live up to our Global Diversity, Equity &amp;</td></tr><tr><td colspan="4">Inclusion Policy through employee-driven</td></tr><tr><td colspan="4">local initiatives and global strategic</td></tr><tr><td colspan="4">approaches. Inherently, we believe that a</td></tr><tr><td colspan="4">truly inclusive environment is best achieved</td></tr><tr><td colspan="4">by encouraging our employees to speak up</td></tr><tr><td colspan="4">and take ownership of creating a working</td></tr><tr><td colspan="4">environment they feel they belong to, com-</td></tr><tr><td colspan="4">bined with executive sponsorship, enabling</td></tr><tr><td colspan="4">our employees to feel safe and comfortable</td></tr><tr><td colspan="4">in doing so.</td></tr><tr><td /><td>Targets and progress</td></tr><tr><td /><td>Over the past financial year, Ambu continued</td></tr><tr><td /><td>to deliver on our commitment to ensuring a</td></tr><tr><td /><td>truly diverse workforce, as well as to uphold-</td></tr><tr><td /><td>ing our target of 40% representation of the</td></tr><tr><td /><td>underrepresented gender across other man-</td></tr><tr><td /><td>agement in our Parent Company.</td></tr><tr><td /><td>By the end of the 2023/24 financial year, we</td></tr><tr><td /><td>achieved a gender split in other manage-</td></tr><tr><td /><td>ment of 60% men and 40% women in Ambu</td></tr><tr><td /><td>A/S, of a total of 30 employees, achieving an</td></tr><tr><td /><td>equal gender distribution. Additionally, we</td></tr><tr><td /><td>improved the gender split in our Executive</td></tr><tr><td /><td>Leadership Team (for the Ambu Group), with</td></tr><tr><td /><td>a split of 57% men and 43% women, of a</td></tr><tr><td /><td>total of seven members, and across the total</td></tr><tr><td /><td /><td>Ambu workforce, we achieved a gender split</td></tr><tr><td /><td /><td>of 37% men and 63% women.</td></tr><tr><td /><td /><td>Ambu is committed to structural equity and</td></tr><tr><td /><td /><td>inclusion across the organisation.In 2023/24,</td></tr><tr><td /><td /><td>we built on existing progress within Diversity,</td></tr><tr><td /><td /><td>Equity and Inclusion with thorough quanti-</td></tr><tr><td /><td /><td>tative and qualitative analysis. Based on the</td></tr><tr><td /><td /><td>outcome of this research, we will continue to</td></tr><tr><td /><td /><td>ensure structural equity across the organi-</td></tr><tr><td /><td /><td>sation through pay, promotion and develop-</td></tr><tr><td /><td /><td>ment equity.</td></tr><tr><td /><td /><td>Ambu continues to be committed to a bias-</td></tr><tr><td /><td /><td>free recruitment and promotion process.</td></tr><tr><td /><td /><td>In 2023/24, we made significant strides in</td></tr><tr><td /><td /><td>reducing bias in our recruitment process</td></tr><tr><td /><td /><td /><td>and identifying talent from a holistic per-</td></tr><tr><td /><td /><td /><td>spective through upskilling key hiring teams</td></tr><tr><td /><td /><td /><td>and focusing on a skill and potential based</td></tr><tr><td /><td /><td /><td>approach to assessing talent. In 2024/25,</td></tr><tr><td /><td /><td /><td>we will build on this momentum across the</td></tr><tr><td /><td /><td /><td>wider approach to talent in the organisation.</td></tr><tr><td /><td /><td /><td>In our global employee engagement survey,</td></tr><tr><td /><td /><td /><td>Ambu scored 4.2 out of 5 on our DEI driver.</td></tr><tr><td /><td /><td /><td>Based on a range of parameters, we found</td></tr><tr><td /><td /><td /><td>that we are particularly strong on being an</td></tr><tr><td /><td /><td /><td>inclusive workforce, and while the cognitive</td></tr><tr><td /><td /><td /><td>and demographic diversity has improved</td></tr><tr><td /><td /><td /><td>across the organisation, this continues to be</td></tr><tr><td /><td /><td /><td>a focus area for us.</td></tr></table><br><table width="100%"><tr><td colspan="4">Diversity in management positions</td></tr><tr><td colspan="4">Report on the gender composition of the Board of Directors</td></tr><tr><td colspan="4">(members elected at the annual general meeting), pursuant to</td></tr><tr><td colspan="4">Section 99 b, and on diversity, pursuant to Section 107d, of the</td></tr><tr><td colspan="4">Danish Financial Statements Act.</td></tr><tr><td colspan="4">Board diversity</td></tr><tr><td colspan="4">Ambu aims for the Board of Directors and</td></tr><tr><td colspan="4">top-level management to be representative</td></tr><tr><td colspan="4">across genders, nationalities, ages, edu-</td></tr><tr><td colspan="4">cation, qualifications, competences and,</td></tr><tr><td colspan="4">thereby, perspectives.</td></tr><tr><td colspan="4">As stated in our Global Diversity, Equity</td></tr><tr><td colspan="4">&amp; Inclusion Policy, the Board should, as a</td></tr><tr><td colspan="4">group, have sufficient knowledge, insight</td></tr><tr><td colspan="4">and professional experience to understand</td></tr><tr><td colspan="4">Ambu's activities and the risks connected</td></tr><tr><td colspan="4">hereto. It is the Executive Management's</td></tr><tr><td colspan="4">view that the policies are met, as the criteria</td></tr><tr><td colspan="4">on diversity and inclusion has been consid-</td></tr><tr><td colspan="4">ered for selection of the Board members in</td></tr><tr><td colspan="4">2023/24 The members of Ambuâs Board of</td></tr><tr><td colspan="4">Directors were deemed to possess a wide</td></tr><tr><td colspan="4">range of relevant competences in the finan-</td></tr><tr><td colspan="4">cial year 2023/24. For an overview of the</td></tr><tr><td colspan="4">competences of the Board, please refer to</td></tr><tr><td colspan="4">p. 97â.</td></tr><tr><td colspan="4">Since Ambuâs annual general meeting in</td></tr><tr><td colspan="4">December 2022, the Board of Directors has</td></tr><tr><td colspan="4">had two women on the Board. In this context,</td></tr><tr><td colspan="4">board diversity refers to members of the</td></tr><tr><td colspan="4">Board elected at the annual general meeting.</td></tr><tr><td colspan="4">Our ambition is to have at least 28,6% of the</td></tr><tr><td colspan="4">underrepresented gender on our Board.</td></tr><tr><td colspan="4">With two women on a Board of Directors of</td></tr><tr><td colspan="4">six members, Ambu achieved this target in</td></tr><tr><td colspan="4">2023/24, as the underrepresented gender</td></tr><tr><td colspan="4">represented 33%. Thus, we have an equal</td></tr><tr><td colspan="4">gender distribution in our Board of Directors.</td></tr><tr><td colspan="4">We continuously aim to ensure diversity in</td></tr><tr><td colspan="4">our Board and disclose the goals and actual</td></tr><tr><td colspan="4">numbers of different genders, nationalities</td></tr><tr><td colspan="4">and age intervals in our annual reporting.</td></tr><tr><td colspan="4">Our goal is to have genders, nationalities and</td></tr><tr><td colspan="4">age intervals represented, and we continue</td></tr><tr><td colspan="4">our focus on driving broad diversity in the</td></tr><tr><td colspan="4">Board.</td></tr><tr><td /><td>Statutory reporting of gender diversity for Ambu A/S</td></tr><tr><td /><td>Diversity in the Board of Directors (excluding employee-elected)</td></tr><tr><td /><td /><td>Target 2023/24</td><td>2023/24</td></tr><tr><td /><td>Total number of members</td><td>Not required</td><td>6</td></tr><tr><td /><td>Underrepresented gender (%)</td><td>Minimum 28.6</td><td>33</td></tr><tr><td /><td>Number of genders</td><td>2</td><td>2</td></tr><tr><td /><td>Number of nationalities</td><td>2</td><td>3</td></tr><tr><td /><td>Number of age intervals (40-49, 50-59, 60-69)</td><td>3</td><td>3</td></tr></table><br><table width="100%"><tr><td colspan="3">Gender diversity in the other management of Ambu A/S</td></tr><tr><td /><td>Target 2023/24</td><td>2023/24</td></tr><tr><td>Total number of members in other management</td><td>Not required</td><td>30</td></tr><tr><td>Underrepresented gender in other management (%)</td><td>40</td><td>40</td></tr><tr><td /><td>Target 2027/28</td></tr><tr><td>Underrepresented gender in other management (%)</td><td>Minimum 40</td><td>-</td></tr><tr><td colspan="3">*Board of Directors refers to members elected by the shareholders at Ambuâs annual general meeting. Other management</td></tr><tr><td colspan="3">of Ambu A/S relates to Ambu A/S (Parent Company) and features the Executive Leadership Team (including the Executive</td></tr><tr><td colspan="3">Management) and the second management level, consisting of people managers reporting directly to the members of the</td></tr><tr><td colspan="3">Executive Leadership Team.</td></tr></table><br><table width="100%"><tr><td colspan="2">Gender diversity in the other management of Ambu A/S</td></tr><tr><td colspan="2">Ambu aims not just to have a broad diversity</td></tr><tr><td colspan="2">in our Board of Directors, but also to achieve</td></tr><tr><td colspan="2">a diverse management and workforce. From</td></tr><tr><td colspan="2">a management perspective, we report on</td></tr><tr><td colspan="2">gender diversity for both our Group Execu-</td></tr><tr><td colspan="2">tive Leadership Team and our other manage-</td></tr><tr><td colspan="2">ment level, defined only for Ambu A/S (Par-</td></tr><tr><td colspan="2">ent Company. The Executive Leadership</td></tr><tr><td colspan="2">Team comprises our top-level executives</td></tr><tr><td colspan="2">across the Ambu Group (including our</td></tr><tr><td colspan="2">Executive Management). The other manage-</td></tr><tr><td colspan="2">ment, cf. § 99b, in Ambu A/S consist of two</td></tr><tr><td colspan="2">levels of management. Level 1: The Executive</td></tr><tr><td colspan="2">Management and the people who are on the</td></tr><tr><td colspan="2">same organisational level as the Executive</td></tr><tr><td colspan="2">Management. Level 2: People with employee</td></tr><tr><td colspan="2">responsibilities who report directly to the</td></tr><tr><td colspan="2">Executive Management.</td></tr><tr><td colspan="2">In 2023/24, we achieved a gender split in</td></tr><tr><td colspan="2">other management of 60% men and 40%</td></tr><tr><td colspan="2">women in Ambu A/S, of a total of 30 employ-</td></tr><tr><td colspan="2">ees. We therefore have an equal gender</td></tr><tr><td colspan="2">distribution in our Parent Company.</td></tr><tr><td colspan="2">Diversity, equity and inclusion continues</td></tr><tr><td colspan="2">to be important at Ambu, and we strive to</td></tr><tr><td colspan="2">maintain the equal gender distribution we</td></tr><tr><td colspan="2">have achieved.</td></tr><tr><td /><td>To maintain our high ambition for diversity in</td></tr><tr><td /><td>our other management, as well as the aims</td></tr><tr><td /><td>set forth in our Global Diversity, Equity &amp;</td></tr><tr><td /><td>Inclusion Policy, we will continually evaluate</td></tr><tr><td /><td>and improve our practices across all People</td></tr><tr><td /><td>&amp; Culture activities.</td></tr><tr><td /><td>This includes continuing our key initiatives</td></tr><tr><td /><td>from 2023/24. Among other things, our initi-</td></tr><tr><td /><td>atives involved closely tracking and reporting</td></tr><tr><td /><td>measurements of gender diversity, ensur-</td></tr><tr><td /><td>ing accountability and transparency in our</td></tr><tr><td /><td>efforts to achieve target representation of the</td></tr><tr><td /><td>underrepresented gender in our other man-</td></tr><tr><td /><td>agement. Additionally, we made significant</td></tr><tr><td /><td>strides in reducing bias in our recruitment</td></tr><tr><td /><td>process and identifying talent from a holistic</td></tr><tr><td /><td>perspective.</td></tr><tr><td /><td>In 2024/25, we will continue to build on this</td></tr><tr><td /><td>momentum through applying the same prin-</td></tr><tr><td /><td>ciples in identifying, evaluating and promot-</td></tr><tr><td /><td>ing talent within the organisation.</td></tr><tr><td /><td>Above all, we are dedicated to continuing</td></tr><tr><td /><td>our focus on driving diversity, not only at our</td></tr><tr><td /><td>Board, Executive Leadership Team and other</td></tr><tr><td /><td>management levels, but across our global</td></tr><tr><td /><td>organisation.</td></tr></table><br><table width="100%"><tr><td colspan="1">Statement of target figures and policies for the underrepresented gender</td></tr></table></mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
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<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" id="fact1000" xml:lang="en">OUR SUSTAINABILITY FOCUS In a world where sustainability is high on the agenda, we recognise our responsibility to take action and ensure a sustainable future. In recent years, Ambu has experienced growth that enables us to reach more patients, and we are committed to ensuring that our growth goes hand-in-hand with reducing pressure on the environment and climate, while increasing our focus on social and governance aspects. Therefore, we are working to decouple our growth from our environmental footprint. At the same time, we aim to lead the way in developing sustainable practices that help our customers reduce their carbon and environmental footprints. In 2023/24, we focused on driving strong momentum throughout our business by integrating sustainability into our strategy, business processes and value chain. We have two key focus areas within our sustainability agenda, supported and approved by our Executive Leadership Team: "Circular products & packaging" and "Responsible operations". The development of the two focus areas have included identifi- cation of key stakeholders, engagement and analysis of their input on sustainability priorities assessed against the key priorities identified in our materiality analysis. Sustainability is a key pillar of our ZOOM IN strategy, focused on taking leaps towards a sustainable future. This focus on sustainability is built on three enablers, which form the foun- dation for our activities. Sustainability education & communication: We have an obligation to contribute to the education and awareness of sustainability within our own organisation and the health- care sector in which we operate by bringing a data-driven approach to environmental evaluations of medical devices, through robust and high-quality Life Cycle Analyses. Partnerships & stakeholder engagement: We work tougher through our partnerships and network to engage stakehold- ers, provide clear communication on our planned initiatives and engage with partners to challenge us and help us deliver on our sustainability ambitions. Governance, integrity & transparency: Finally, to strengthen our foundation, we lean on governance, integrity and transpa- rency. We continuously improve our ESG and sustainability data collection and reporting processes to support our busi- ness and stakeholders with relevant and transparent data, while also ensuring ongoing compliance with current and future requirements. While our sustainability focus mainly covers environmental activities and initiatives, our social ambitions within Ambu are covered by our People & Culture focus, aiming to âBring people together in one shared cultureâ. Read more about our culture focus on p. 66â. In addition, Ambuâs business model, which forms the basis of this section and our work with sustainability, is presented on p. 22â. SUSTAINABILITY GOVERNANCE Our governance structure To ensure top-level commitment, as well as representation across lines of business, ESG & Sustainability is anchored in the Executive Leadership Team, headed by the CEO. The Sustaina- bility department is headed by the Senior Director, Sustainabi- lity, Risk & Compliance, who reports directly to the CFO. To further ensure ownership and leadership focus, each ESG (related to the European Sustainability Reporting Standards) topic is assigned a sponsor from our Executive Leadership Team. The sponsors are responsible for driving the areas for- ward and are accountable for delivering on associated targets. Responsibility for executing on action plans and targets lies with the associated departments for the respective areas. Sustainability-related issues that require the attention of the Board are presented, reviewed and approved as part of the Board meetings. Our internal quarterly reporting on ESG, which is shared across the organisation, ensures that our per- formance on sustainability-related indicators is reviewed and assessed regularly by the Executive Leadership Team and the Board of Directors. Category-specific ESG governance ENVIRONMENT ESG topic ELT sponsor Owner(s) Circular products & packaging CTO R&D Approaching net-zero emissions COO Operations SOCIAL ESG topic ELT sponsor Owner(s) Our people & culture CPO P&C Health & safety COO, (CPO) Operations, People & Culture Employee diversity, equity & CPO P&C inclusion Human rights COO, (CPO) Risk & Compliance GOVERNANCE ESG topic ELT sponsor Owner(s) Governance CFO Sustainability Business ethics CFO Risk & Compliance Product quality & safety CTO Operations, R&D Product access & affordablity CMO Marketing Cyber & data security CFO IT Responsible supply chain COO Procurement As a further testament to our commitment to sustainability, Ambu currently has sustainability-linked loans, which incenti- vise delivery on specific ESG KPIs, as Ambuâs interest rate will be adjusted, depending on how successful we are in terms of delivering on the agreed targets. The loan facility was not used in 2023/24, but is available for use in the coming years accord- ing to the business needs. You can read more about our corporate governance structures on p. 96â-p. 103â. Read about Ambuâs transparent tax management in note 2.7 on p. 125â. OUR ESG & SUSTAINABILITY-RELATED POLICIES AND SYSTEMS Policy Area(s) of application Description Systems, procedures and guidelines Code of Conduct (The Code) Overarching The Code is an extension of our values and guides all of us in making ethical decisions ⢠Local employee handbooks Approved in May 2024 and understanding expectations for employees to follow. ⢠Compliance Management System (CMS) ⢠Enterprise Risk Management (ERM) framework Code of Conduct for Overarching The Ambu Code of Conduct for Business Partners defines the basic requirements set for ⢠Code of Conduct Declaration Form Business Partners any person or entity doing business with, or on behalf of, the Ambu Group, with respect to ⢠Responsible Supplier Program Approved in August 2024 its responsibilities towards our stakeholders, employees and business partners to con- ⢠Business Partners Integrity Due Deligence duct business in an ethical, legal and socially responsible manner. Programme Sustainability Engagement Policy Overarching The policy describes our commitments and continuous improvement focus within climate ⢠United Nations Guiding Principles Approved in March 2021 & environment, human & labour rights and anti-corruption. Responsible Supplier Programme Overaching The Responsible Supplier Programme policy is established to ensure that suppliers are ⢠Responsible Supplier Programme Policy carefully selected, evaluated and verified, based on an assessment of their commitment Approved in November 2023 to ethical and sustainable business practices, accommodating our commitments as a signatory of the UN Global Compact. The policy implements a programme to prevent, detect and respond to potential sustainability risks and violations for existing and future suppliers. Global Diversity, Equity Social The policy describes our commitment to diversity, equity and inclusion, which rests on our ⢠Local employee handbooks and Inclusion Policy company values, our commitment to the United Nations Global Compact and our Code Approved in November 2023 of Conduct. It includes Ambuâs commitment to diversity in management, inclusion and gender pay equality, as well as our approach to attracting talent. Labour & Human Rights Policy Social The policy defines the labour and human rights standards, to which all Ambu employees ⢠Human & Labour Rights Guidelines Approved in August 2023 are entitled, irrespective of the country in which they work, and represents our expecta- ⢠UK Modern Slavery Act Statement tions towards our business partners. Conflict Minerals Policy Social The policy describes Ambu's commitment to responsible sourcing of minerals, specifi- ⢠Code of Conduct for Employees Approved in September 2024 cally tin, tantalum, tungsten and gold to avoid supporting conflict or human rights abuses ⢠Code of Conduct for Business Partners in conflict-affected and high-risk areas. It applies globally to all Ambu entities and suppli- ⢠Labour & Human Rights Policy ers, requiring due diligence and accurate reporting on the origin of these minerals. This ⢠Procurement Policy ensures compliance with international regulations and upholds Ambuâs environmental, ⢠Material Characterisation Questionnaire social and governance standards. OUR ESG & SUSTAINABILITY-RELATED POLICIES AND SYSTEMS continued... Policy Area(s) of application Description Systems, procedures and guidelines Anti-Bribery & Corruption Policy Governance The policy describes Ambuâs dedication to ensuring that its business is conducted in ⢠Enterprise Risk Management (ERM) framework Approved in June 2022 an honest way without the use of corrupt practices or acts of bribery to obtain an unfair ⢠Internal Guidelines for Interactions with Healthcare advantage. It describes various types of corruption and bribery applicable to the business Professionals (HCPs) of Ambu, as well as guidelines on how to act appropriately. Specifically, it includes our ⢠Business Partners Integrity Due Diligence Pro- policy towards bribery and corruption in the form of gifts, hospitality and entertainment, gramme interaction with government officials and facilitation payments. Political Contribution Policy Governance The policy describes Ambuâs position on political contributions, as well as employeesâ Approved in May 2024 right to engage personally in political activity. Speak Up â Integrity Line Policy Governance The policy describes Ambuâs commitment to maintaining the highest ethical standard of ⢠Ambu Speak Up â Integrity Line Approved in April 2024 business and offering guidance for Ambu employees and business partners in terms of ⢠Ambu Integrity Line Committee how to act when faced with suspicions or concerns about criminal offences, violations of Ambuâs Code of Conduct and policies, as well as other serious violations of law or regula- tions that govern Ambuâs operations. Anti-Retaliation Policy Governance The policy describes Ambuâs commitment to ensuring that any individual who, in good Approved in November 2020 faith, reports a misconduct or violation, or who participates in an investigation, is not experiencing or suspecting retaliation against themselves or others. Tax Policy Governance The policy presents Ambuâs most relevant tax policies and standards of operation within ⢠OECD Transfer Pricing Guidelines Approved in August 2024 the field of corporate income tax. Quality Policy Governance The policy sets the framework for our commitment to maintaining high quality in all Ambu ⢠Global Quality Management System (QMS) Approved in November 2021 products and processes, and to complying with all applicable regulatory requirements across all Ambu sites. Global Animal Testing & Clinical Governance The policy provides guidance on the ethical aspects of animal testing and clinical trials in ⢠Triple R's Principle Trials Policy relation to research activities and development of Ambu products. Approved in March 2020 Information Security Policy Governance The policy describes information security objectives and Ambuâs risk-based approach to ⢠Information Security Risk Management System Approved in April 2023 information security. It defines the responsibility for implementation and compliance with legal, regulatory and contractual requirements which our organisation is subject to. Data Ethics Policy Governance The policy describes how information about individual persons may be collected, used, ⢠Privacy Statement Approved in November 2021 disclosed, transferred and stored by Ambu. Global Procurement Policy Governance The policy sets the direction for Ambu's global procurement activities, with the purpose of ⢠Responsible Supplier Program Approved in August 2020 ensuring compliance with principles and applicable rules and regulations, as well as the ⢠Global Quality Management System (QMS) incorporation of environmental and social aspects in purchasing decisions, while allowing Ambu to meet its business objectives. COMPLIANCE WITH REGULATIONS CSRD Implementation In the 2023/24, Ambu A/S started preparations for the Corporate Sustainability Reporting Directive (CSRD) and corresponding European Sustainability Reporting Standards (ESRS), applicable to Ambu from 1 October 2024 and the 2024/25 financial year. To prepare for compliance, we established a robust framework for CSRD implementation, reviewed our double materiality assessment (DMA) to meet the new requirements and conducted a gap analysis to build the strong foundation for expanding our ESG reporting scope. During these processes, we engaged extensively with stakeholders across the organisation to assess our current compliance level and develop action plans for the 2024/25 financial year. Our DMA has undergone preliminary review of the process methodology by an independent third party and is detailed on p. 51â-p. 52â, alongside the pro- cess and eligibility of the topical ESRS. Some elements required by the CSRD have already been implemented in this sustainability statement as a preparation step towards full CSRD reporting next year. EU Taxonomy As a listed company with over 500 employees, we fall under the EU Taxonomy Regulation. This year, we screened our activities against the six environmental objectives, assessing our activities by using our NACE codes and by sector within manufacturing, electricity, gas, steam and air conditioning supply, water, sewer- age, waste and remediation, transportation and stor- age, information and communications, and construc- tion and real estate activities. While we found no eligible activities for revenue, OPEX and CAPEX, we identified contributions to climate change adaptation and mitigation that are detailed in our environmental disclosures, see p. 51â-p. 52â. As we did not have any eligible activities within the EU Taxonomy, we have not per- formed any alignment assessment. We remain vigilant of the evolving regulation and our future reporting obligations. Green Claims Directive Ambu welcomes the proposed EU Green Claims Directive, which aims to combat greenwashing by ensuring product-level sustainability claims are reliable and verifiable. During the 2023/24 financial year, we continued to build a data-driven foundation for our product sustainability claims, using Life Cycle Assess- ments (LCAs) and Life Cycle Impact assessments, as elaborated on p. 59â-p. 60â. We continue to monitor legislative progress to ensure compliance with upcoming regulations in this area. Revenue REVENUE Substantial contributions to objectives Do no significant harm to objectives Economic activity Code DKK Y;N; Y;N; Y;N; Y;N; Y;N; Y;N; million % N/L N/L N/L N/L N/L N/L Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A.1. Taxonomy-aligned activities None 0 0% Revenue of taxonomy-aligned activities (A.1) Of which enabling 0 0% Of which transitional 0 0% Taxonomy-eligible, but not -aligned, activities EL; EL; EL; EL; EL; EL; None N/EL N/EL N/EL N/EL N/EL N/EL Revenue of taxonomy-eligible, but not -aligned, activities (A.2) Revenue of taxonomy-eligible activities (A1 + A2) 0 0% B. Taxonomy-non-eligible activities 5,391 100% Revenue of taxonomy-non-eligible activities Total 5,391100%Accounting policy: Revenue is in accordance with Ambu's annual report 2023/24, note 2.2. For calculation of denominator of revenue, figures have been extracted directly from Ambu's enterprise resource planning (ERP) system to ensure that registrations are only counted once. The KPI is defined as Taxonomy-eligible revenue (numerator) divided by the total revenue (denominator). Y = Yes (Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective) N = No (Taxonomy-eligible, but not Taxonomy-aligned activity with the relevant environmtal objective) N/EL = Not eligible (Taxonomy-non-eligible activity for the relevant environmental objective) EL = Eligible (Taxonomy-eligible activity for the relevant environmental objective) NA = Not applicable as we found no eligible activities OPEX OPEX Substantial contributions to objectives Economic activity Code DKK Y;N; Y;N; Y;N; Y;N; Y;N; Y;N; million % N/L N/L N/L N/L N/L N/L Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A.1. Taxonomy-aligned activities None 0 0% OPEX of taxonomy-aligned activities (A.1) Of which enabling 0 0% Of which transitional 0 0% Taxonomy-eligible, but not -aligned, activities EL; EL; EL; EL; EL; EL; None N/EL N/EL N/EL N/EL N/EL N/EL OPEX of taxonomy-eligible, but not -aligned, activities (A.2) OPEX of taxonomy-eligible activities (A1 + A2) 0 0% B. Taxonomy-non-eligible activities 131 100% OPEX of taxonomy-non-eligible activities Total 131100%Accounting policy: OPEX consists of only direct non-capitalised costs that relate to sustainability activities (maintenance, resource efficiency, R&D, training, renovation of buildings, short-term lease and other direct costs relating to day-to-day servicing of property, plant and equipment ). For calculation of denominator of OPEX, figures have been extracted directly from Ambu's enterprise resource planning (ERP) system to ensure that registrations are only counted once. The KPI is defined as Taxonomy-eligible OPEX (numerator) divided by total OPEX (denominator). Y = Yes (Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective) N = No (Taxonomy-eligible, but not Taxonomy-aligned activity with the relevant environmtal objective) N/EL = Not eligible (Taxonomy-non-eligible activity for the relevant environmental objective) EL = Eligible (Taxonomy-eligible activity for the relevant environmental objective) NA = Not applicable as we found no eligible activities CAPEX CAPEX Substantial contributions to objectives Do no significant harm to objectives Economic activity Code DKK Y;N; Y;N; Y;N; Y;N; Y;N; Y;N; million % N/L N/L N/L N/L N/L N/L Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T A.1. Taxonomy-aligned activities None 0 0% CAPEX of taxonomy-aligned activities (A.1) Of which enabling 0 0% Of which transitional 0 0% Taxonomy-eligible, but not -aligned, activities EL; EL; EL; EL; EL; EL; None N/EL N/EL N/EL N/EL N/EL N/EL CAPEX of taxonomy-eligible, but not -aligned, activities (A.2) CAPEX of taxonomy-eligible activities (A1 + A2) 0 0% B. Taxonomy-non-eligible activities 381 100% CAPEX of taxonomy-non-eligible activities Total 381100%Accounting policy: CAPEX consists of additionas in property, plant and equipment, intangible assets, excl. goodwill, and addition of right-of-use assets. For calculation of denominator of CAPEX, figures have been extracted directly from Ambu's enterprise resource planning (ERP) system to ensure that registrations are only counted once. The KPI is defined as Taxonomy-eligible CAPEX (numerator) divided by total CAPEX (denominator). Y = Yes (Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective) N = No (Taxonomy-eligible, but not Taxonomy-aligned activity with the relevant environmtal objective) N/EL = Not eligible (Taxonomy-non-eligible activity for the relevant environmental objective) EL = Eligible (Taxonomy-eligible activity for the relevant environmental objective) NA = Not applicable as we found no eligible activities TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES At Ambu, we acknowledge our impact on the environment and climate, as well as our role in helping to mitigate major repercussions for life on Earth, due to the physical impacts of climate change. Leaning on the recommendations from TCFD (Task Force on Climate-related Finan- cial Disclosures), we report on how climate change impacts Ambuâs business, strategy and financial planning, together with how we strategically manage climate-related risks and opportunities. We continuously assess the requirements concerning risk assessment and materiality under the EU Directive on Corporate Social Responsibility (CRSD) to ensure we are compliant by 2024/25 and that our material- ity assessment gives a true and fair view of Ambuâs impact, as well as the financial risks and opportunities of ESG and sustaina- bility-related issues. Governance The Executive Leadership Team holds the overall responsibility for climate-related issues, and the Board of Directors oversees that all relevant procedures and commit- ments are in place, including target setting and related activities. Climate-related issues that require the attention of the Board are presented, reviewed and approved as part of Ambu's Board meetings. To further ensure top-level commitment and representation across the business, ESG & Sustainability is anchored in the Executive Leadership Team, headed by the CEO. The Sustainability department is headed by the Senior Director, Sustainability, Risk & Compli- ance, who reports directly to the CFO. Read more about our sustainability govern- ance on p. 42â-p. 43â. Read more about the integration of ESG in the Management compensation on p. 102â. Strategy Sustainability is anchored as one of four pillars of our ZOOM IN strategy. With our sustainability focus, we aspire to take leaps towards a sustainable future, as we focus on two key areas, "Responsible operations" and "Circular products & packaging". While our annual report is the main source of disclosure of our climate performance, strategy and risk management, as well as our metrics and targets, we also disclose more granular data into the climate change mod- ule of CDP (Carbon Disclosure Project). Read more about our strategy on p. 18â. Risk management Climate-related risks are identified as part of our risk management process and are assessed and responded to according to a standardised process for estimating the impact and likelihood of risks in view of their impact on revenue, cost and reputation, as well as the related compliance requirements. Read more about our risk management pro- cess on p. 91â-p. 95â. Metrics & targets Ambu's near-term carbon reduction targets were validated by the Science Based Targets initiative (SBTi) in December 2023. Con- cretely, Ambu commits to reducing absolute Scope 1 and 2 greenhouse gas emissions by 75% by 2029/30, from a 2020/21 base year, and to reaching a near-term target of 82% of our suppliers setting Science Based Targets by 2026/27 (Scope 3). In addition, Ambu has set 2045 as the target year for reaching net-zero emissions across our value chain. Read more about our ambitions and targets for carbon emissions and climate change on p. 55â-p. 57â. MATERIALITY AND STAKEHOLDER ENGAGEMENT Materiality During 2023/24, we updated our double materiality assessment (DMA) in preparation for meeting the compliance requirements of the CSRD next year. This update aligns our process with the requirements published in ESRS 1 â General Requirements, as well as additional guidelines developed by Euro- pean Financial Reporting Advisory Group (EFRAG). The DMA will provide the basis for preparation of Ambuâs sustainability state- ments next year, as it outlines the impacts, risks and opportunities relevant to Ambu and, consequently, the reporting standards to which Ambu is eligible as of the 2024/25 financial year. Our DMA has undergone preliminary review of the process methodol- ogy by an independent third party to ensure that it is accurate and aligns with the CSRD requirement. Methodology and assumptions To ensure a comprehensive and accurate outcome, the assessment was conducted from a global perspective, considering sustainability impacts, risks and opportuni- ties on a global scale, while accounting for regional and national differences. It encom- passed Ambuâs operations and our entire value chain, both upstream and downstream, under the assumption that we will maintain our current growth ambitions, as outlined in our business strategy, with the existing busi- ness model and geographical reach of our operational and commercial activities. The process included an assessment of impact and financial materiality, based on due diligence and risk management out- comes, as well as an analysis of Ambuâs value chain, to determine how and to what extent Ambu influences and is influenced by various stakeholders and activities in the short, medium and long term. An initial list of topics was developed from the sustainability matters covered in topical ESRS, incorporat- ing inputs from ESG rating agencies, internal and external stakeholders and various ESG reports issued by reputable publishers. A mix of qualitative and quantitative meth- ods was applied to the DMA, including workshops with subject matter experts and organisational representatives, to define topics and related impacts, risks and oppor- tunities, as well as scoring sessions to assess each topic according to ESRS 1 require- ments. These sessions included inputs from primary and secondary stakeholders (see page p. 54â for stakeholder engagement details), which supported the assessment and provided valuable insights for defining materiality. The process included continuous validation and feedback with internal stakeholders, as well as Executive Leadership Team and the Board, to whom the process and results were presented and validated before undergoing preliminary review of the process method- ology by an independent third party. Going forward, we plan to review the process as part of the annual reporting process for sustainabil- ity disclosures. Material topics The assessment categorised topics into material and non-material. While material topics represent those which we will dis- close information on in our future sustain- ability statements, non-material topics will be mostly excluded from our sustainability activities and reporting, with exception of few that we will continue reporting on voluntarily. While the DMA did not result in any major changes to the overall list of material topics identified in 2021, it reinforced our strategic priorities within sustainability. The assess- ment highlighted two key areas with high materiality scores that are already within our sustainability focus and our ambition to 'Take leaps towards a sustainable future': 'Respon- sible operations' (net-zero emissions) and 'Circular products & packaging'. Ambu's material topics For the financial year 2023/24, the material topics for Ambu are: ENVIRONMENT Carbon emissions, climate change, energy consumption, responsible supply chain management*, circular products & packag- ing design, environmental impact of products, material consumption, manufac- turing waste and hazardous materials, substances of concern Condensed into overall topics: E1 Climate change* E5Water managementE3Resource use and circu-lar economy and waste management* SOCIAL Safeguarding the rights of our employees, human cap- ital management, employee diversity, equity & inclusion, employee health & safety, protection of workers in the value chain, responsible supply chain management* Condensed into overall topics: S1 Own workforce S2Workers in the valuechain* S4Consumers andend-users GOVERNANCE Corporate governance & reporting, business ethics & integrity, product quality & safety, cyber- & data secu- rity, access & affordability of products & services, responsible supply chain management* Condensed into overall topics: G1 Business conduct Partnerships & stakeholder engagement Since 1937, Ambu has been rethinking solu- tions, together with healthcare professionals, to save lives and improve patient care. We have a longstanding tradition of supporting the communities in which we operate. As part of our commitment to fostering edu- cation and awareness around sustainability within the healthcare sector, we have made significant strides over the past year. We recognise our obligation to simple and clear sustainability communication, ensuring that it is accessible and easy to understand for all stakeholders. Therefore, we have prioritised the internal education of our salesforce to better equip them for communicating sus- tainability initiatives to our broader network. A key achievement in this area is the launch of a mandatory digital sustainability course, which has been released across our organisation. We are also intensifying our efforts in evi- dence generation, aiming to communicate evidence transparently to our stakeholders. We acknowledge that the current evidence base is incomplete, and we are dedicated to taking a holistic approach in communicating the environmental impact of our products. This includes all aspects of our environmen- tal footprint. To ensure the success of these initiatives, we are actively collaborating with industry experts who bring the necessary skills, networks and capabilities. These part- nerships are crucial in challenging us and enhancing the effectiveness of our sustaina- bility efforts. Through these actions, we are not only advancing our sustainability goals, but also contributing to a broader understanding and adoption of circular practices within the healthcare sector. At Ambu, we are proud of our legacy and the fact that our products continue to play an important part in saving lives across the globe, and we are proud to have employees who care deeply for the communities in which we operate. This year, Ambu's headquarters office in Denmark engaged in a local munic- ipality project about green mobility, explor- ing the opportunities to increase employee engagement and use of green means of transportation for their daily commute to their workplace. Around 1,000 employees partic- ipated in the survey globally, of whom 300 were in Denmark. Ten employees engaged directly in activities, such as, suggesting and testing of green mobility awareness cam- paigns, setting up discounts for public trans- port and bicycle rentals. During 2023/24, Ambu did not make any donations. At Ambu, we interact with many different stakeholder groups in our efforts to provide world-class medical solutions and deliver strong, profitable growth. Although our stakeholders represent different demands and agendas, we are committed to understanding their wants and needs to engage in meaningful collaborations and strong value creation. Stakeholder group Why we engage Engagement Value created Customers Through ongoing customer engagement and feedback, we ⢠Innovation days Ambu provides benefits for healthcare professionals and identify and adopt customer needs in the development process, ⢠Development activities and feedback patients through our single-use endoscopy solutions, which contributing to Ambu delivering world-class solutions that make ⢠Performance trials and data assessment provide workflow efficiency, availability, patient safety and a difference in healthcare, while also contributing to reducing the ⢠Hospital visits economics, as well as an improved environmental impact. environmental footprint of the healthcare sector. ⢠Conferences ⢠Management interactions Employees We are focused on building a purposeful and diverse, engaged ⢠Global engagement surveys Ambu creates value for employees by continuously advancing and inclusive culture where our employees can harness their com- ⢠Global town halls our shared culture and sustainability awareness, driven by our petences and ideas, thrive in close collaborations with colleagues ⢠Ambu purpose and values team sessions strong purpose, actionable values and strategic direction. and customers, apply high levels of trust and take ownership of ⢠CEO letters and strategy newsletters driving shared success. ⢠Intranet communication ⢠Performance and development dialogues ⢠Workersâ councils ⢠Sustainability trainings Suppliers Ambu is reliant on our many suppliers to reach our emission ⢠Responsible supplier program Ambu focuses on supporting and collaborating with our sup- reduction goals and approach net-zero emissions. Therefore, we ply chain to ensure that our suppliers live up to the increasing aim to work with and support suppliers that share our commitment standards within sustainability. to sustainability and responsible business practices. Investors To ensure efficient financial allocation, Ambu regularly engages ⢠Investor roadshows and conferences Ambu provides long-term shareholder return by investing with analysts and institutional investors to support a fair company ⢠Investor calls capital in projects and utilising our strong commercial and valuation and ensure liquidity of the Ambu share. ⢠Briefings with equity research analysts innovation infrastructure to achieve high growth, as well as ⢠Capital market days a return on invested capital (ROIC) that exceeds the cost of ⢠Annual general meeting capital (WACC). Regulators & authorities Compliance with existing regulations on responsible business prac- ⢠Industry associations Ambu supports and complies with legislations developed to tices is a requirement for Ambu to retain our licence to operate. ⢠Roundtables with key stakeholders maintain stable and efficient institutions, as well as resilient societies in which people and businesses can thrive. Society Community engagement is pivotal to building trust between ⢠Engagement with NGOs Ambu engages with and supports the communities in which Ambu and the communities in which we operate, to reduce the risk ⢠Collective action alliances and partnerships we operate to ensure that Ambu understands and responds of conflicts that may affect the success of Ambu. to the impact we have on people and the planet. ENVIRONMENTAL INFORMATION GHG emissions & climate change We are committed to operating responsibly and approaching net-zero emissions As we have seen multiple global tempera- ture records broken during the past year, the urgency of immediate action to tackle climate change is becoming more evident to avoid serious negative repercussions for life on Earth. The 1.5°C target of the Paris Agreement indicates that global emissions need to be reduced by 50% by 2030 and become net- zero in 2050. Achieving this goal requires sub- stantial effort. Ambu aims to remain a leader in the transition towards a net-zero future by reducing its emissions through innovative and circular products and packaging, transporta- tion and production sites powered by renew- able energy sources, setting the sustainability standards in the MedTech industry. Near-term Science Based Targets (SBTi) In December 2023, the Science Based Targets initiative (SBTi) validated and published Ambuâs near-term carbon reduction targets for Scope 1, 2 and 3 greenhouse gas emissions. Ambu has committed to reducing absolute Scope 1 and 2 greenhouse gas emissions by 75% by the 2029/30 financial year, from a 2020/21 base year, and reaching a near-term target of 82% of its suppliers setting Science Based Targets by the 2026/27 financial year (Scope 3). Since 2020/21, we reduced absolute Scope 1 and 2 emissions by 23%, targeting a 35% reduction in 2024/25 and anticipating to achieve our target reduction of 75% a year ahead of schedule - in 2028/29. We expect to publish our Scope 3 reduction target in 2024/25, when submitting net-zero targets. The SBTi validation and our 2045 target year underscore Ambu's strong commitment to sustainability. This aligns with our strategic priorities of reaching net-zero emissions and creating circular products and packaging, which are becoming key factors for our customers. Ambition Reduce our impact on the environ- ment and climate, while helping to mitigate major repercussions for life on Earth, due to the physical impacts of climate change Target 75% absolute reduction of Scope 1 and Scope 2 emissions by 2029/30 82% of suppliers engaged to set SBTi targets by 2026/27 Governance Governed through our Sustainability Engagement Policy and overseen as a strategic priority by the Executive Leadership Team Net-zero target year set for 2045 Ambuâs near-term targets are key building blocks in our long-term objective to achieve net-zero emissions across our value chain. The executional steps towards approaching net-zero emissions are already in motion, as we have committed to reaching this milestone by 2045 by developing a 'Carbon Reduction Plan' and a long-term roadmap for achieving net-zero emissions. The term 'net-zero' describes a commitment to decarbonisation. The reduction can occur, among other things, by increasing the use of renewable energy, reducing consumption of fossil-based energy sources, developing more sustainable products and packaging, and cooperating with suppliers who, by reducing their emissions, will contribute to a decrease in Ambuâs Scope 3 emissions. Over the past years, we have laid the foun- dation for reducing our greenhouse gas (GHG) emissions by mapping our Scope 1, 2 and 3 emissions. Our analysis indicates that Scope 3 emissions account for 91% of our total GHG emissions, with the majority occurring upstream and downstream of our operations. This highlights our reliance on numerous suppliers to achieve our emis- sion reduction goals. Consequently, we are focusing on establishing closer, trustful collaborations with our key suppliers, par- ticularly in purchased goods and services to drive down emissions. We are dedicated to disclosing our annual Scope 1, 2 and 3 emis- sions, including historical data, as part of our progress reporting towards our near-term Science Based Targets (SBTi). In 2023/24, we have been working on improving our GHG calculation tools, calculation methods, inven- tory and data quality. Carbon Reduction Plan We are committed to operating responsi- bly and approaching net-zero emissions. Our strategy includes energy efficiency measures, purchasing Renewable Energy Certificates (RECs) and establishing Power Purchase Agreements (PPAs) to support renewable energy production. Through energy monitoring and audits, our sites are gaining a clearer understanding of where the highest energy consumption occurs. We are actively sharing insights across locations to help reduce local energy use and emissions by implementing the following measures: Energy Efficiency: Our sites have imple- mented various initiatives to reduce energy consumption, including replacing old equip- ment and optimising production processes. Renewable Energy: Our share of renew- able energy increased to 25% in 2023/24, supported by the purchase of RECs and the production of electricity at our sites using solar panels, reduction of our car fleet and production optimisation processes. We have a LEED Silver certification for our production site in Mexico Targets and progress We continue to make progress on near-term SBTi targets for Scope 1 and Scope 2, by reducing our market-based emissions by 23%, compared to the baseline year. Since last year, our Scope 1 and Scope 2 emissions decreased by 7%, mainly driven by increas- ing renewable energy consumption of 25%, compared to 18% last year. This year, our renewable electricity share increased to 34% covering consumption of 15,510 MWh, compared to 26% in 2022/23. This was driven by the purchase of RECs, covering 99.9% of the electricity consump- tion at our site in Xiamen, China, as well as 33% of our electricity consumption at our site in Penang, Malaysia. RECs cover 13,982 MWh, or 90%, of our total renewable electric- ity, while our solar panels in Penang, Malay- sia, and Ballerup, Denmark, have produced 1,528 MWh, covering 10%. The reductions achieved this year were also attributable to various initiatives at our sites, aimed to bring down energy consumption. This included initiatives related to transfor- ming our company car and truck fleet from fuel based to electric- and hybrid-based, energy saving programmes, such as, aircon optimisation that saved 111 MWh of electri- city and replacement of injection moulding tools estimated to save 13MWh/Pcs annually. Also, we managed to reduce our GHG emis- sions intensity per DKKm revenue (market- based) by 6,6% in the last four financial years - a testament to a successful decoupling of our GHG emissions from our growth. Com- pared to last financial year, the increase in emissions was mainly driven by significantly reduced production in 2022/23, intended to lower inventories. With our focus on transitioning our products to bioplastics and other low-carbon materials, we expect to continue to observe reduction of the GHG emissions intensity per revenue. In 2023/24, we significantly improved our data quality and methodology for GHG emission calculations. Specifically, we standardised the emission factors for all three Scopes and have therefore restated all financial years, starting from the 2020/21 financial year (baseline year) to the 2023/24 financial year. Read more on the p. 85â. We will continue to improve our quality of data and reporting in the coming years. This prepares us for the requirements set by the CSRD, effective as of January 2024, which Ambu will apply to from the 2024/25 financial year, starting on 1 October 2024. Circular products & packaging We are committed to sustainable endoscopy through circular products and packaging Our commitment to sustainability is reflected in our approach to product design and packaging. We aim to develop circular prod- ucts that minimise environmental impact throughout their lifecycle. This includes using renewable materials, reducing greenhouse gas (GHG) emissions and ensuring recycla- bility through the following initiatives: Bioplastics in endoscope handles: We have successfully implemented bioplastics in the handles of all our currently marketed endo- scopes, as well as achieved FDA clearance for the worldâs first endoscope manufactured with bioplastic materials in the handle. We are exploring the use of additional bioplastic types to further reduce our GHG emissions and enhance recyclability. Primary packaging: We have integrated bio- plastics into the cuff protector of the Ambu® Aura laryngeal mask packaging. Recycling programmes: We have initiated take-back recycling pilot programmes in Germany and the UK, with plans to expand to the other markets. Circular design Ambu's single-use endoscopes have an environmental impact throughout their life- cycle â from raw material extraction until they are disposed of after use. At Ambu, we use high-quality plastic in our products to ensure that our solutions are safe for patients and users and to ensure flexible products that adapt to the human anatomy in a way that is gentle for patients. The choices we make when designing new products impact our operations, suppliers and customers, making sustainability inte- gral to our R&D processes and governance. All innovation projects must follow a sustain- ability standard operating procedure (SOP), defined in our Quality Management System (QMS), which extends our circular design guide. This guide outlines six principles and Ambition Develop more sustainable products to minimise our environmental impact and, if possible, contribute to the circular economy Target â¢Bioplastics in all the handle of allmarketed endoscopes by the end of 2024 ⢠Primary packaging for high-volume products made from bioplastics ⢠Recycling offering in all major markets Governance Governed through our Sustainability Engagement Policy and overseen as a strategic priority by the Executive Leadership Team Circular design guide Healthy substances Refuse harmful substances when choosing materials to avoid exposure of people and the environment to substances of concern and to enable safe recycling. Materials innovation Rethink the way we enable circulation of low-carbon-footprint materials (bioplastics and chemically recycled content) in our products. Circular product design Redefine the product structure to enable recycling by design and strive to keep materials at the highest possible value. Circular packaging & logistics Rethink packaging and the way we ship our products by designing recyclable pack- aging and using renewable or recycled packaging materials. Manufacturing cascades Reduce and recirculate materials, energy and water from side streams of our pro- cesses to make more from less through cascaded use. System innovation Reconfigure the health and waste system through pilots and partnerships to achieve actual take-back and recycling in key regional markets. KPIs to integrate our strategic sustainability ambitions into design. These principles help identify the best opportunities to reduce our environmental footprint. Additionally, the SOP requires each project to set targets, baselines, deliverables and metrics, support- ing our data-driven approach to sustaina- bility. This means that all new development projects must include a sustainability objec- tive, be developed in line with that goal and implement measures to capture the neces- sary data and documentation to support any green claims. Life cycle assessment Evaluating the holistic environmental impact of a product can be challenging, as there are 16 potential environmental parameters to consider in an analysis. Moreover, to be done accurately and fairly, it requires following strict Life Cycle Analysis (LCA) standards, such as, ISO 14040 and ISO 14044. The use of LCAs to evaluate medical devices is increasing, and so is the understanding that there is not always a clear environmen- tally better option between a single-use endoscope and a reusable endoscope. Additionally, from an LCA perspective, the comparative climate and environmental footprints of single-use devices and reusable devices often depend on the specific type of medical device. From a carbon footprint perspective within endoscopy, the emissions from the produc- tion, delivery and end-of-life treatment of a single-use endoscope can be lower than the emissions released during the cleaning (reprocessing) of a reusable endoscope. Existing studies on single-use vs reusable endoscopes have a wide range of conclu- sions, of which many highlight single-use devices as having a lower carbon footprint than reusable devices - while in a few catego- ries, the opposite is the case. We therefore need continued focus and investment in more high-quality comparative LCA analyses, across medical devices, before any strong conclusions can be drawn. Product-level sustainability is highly requested by our customers, and we believe that we are applying the right approach for continuous improvement in this aspect. In these efforts, we welcome a data-driven approach, as it also feeds directly into regu- latory requirements, such as, the European CSRD and the Green Claims Directive. Targets and progress Our efforts to reduce the impact from our products rest on a foundation of research and investments in the use of renewable materials like bio-based feedstock for plastic, as well as the development of solutions for take-back and recycling purposes. The intro- duction of bio-ABS in our endoscope han- dles has already provided us with substantial carbon reductions at a material level. Still, we continue to look into better low-carbon mate- rial alternatives to ensure further reduction of emissions related to the production of our products, as well as to ensure that recyclabil- ity for our products will be a viable end-of-life treatment (once we have established our take-back and recycling infrastructure). Being a first mover in this area presents some challenges, as the access to materials and technologies for recycling is limited. While we have already established partner- ships with our suppliers, we believe more collaboration across the sector is needed to drive the agenda and the change needed to reduce the overall environmental impact of the healthcare sector. Taking a data-driven approach to product sustainability As a next step on our journey to improve the sustainability of our pro- ducts, Ambu is taking a data-driven approach. Specifically, we are build- ing a strong data-driven foundation for decision-making, which rests on the development of targets and solid data sets to track our progress. This includes the use of literature search systems to secure evidence for claims made on product sustainability, as well as LCAs to calculate and evalu- ate the environmental impact of our products. This data driven approach is important to ensure we contribute and help nurture a fair, objective and holistic environmental evaluation of medical devices across all relevant parameters. Further, we are develop- ing roadmaps, targets and baselines at product level to create realistic action plans that match the oppor- tunities within our product portfolio when it comes to sustainability. Overview of our 2025 targets and progress within sustainable product development Target Progress 2023/24 Details and next steps Bioplastics in all Implementation of bioplastics is well The use of bioplastic material in our endoscope handles reduces currently marketed underway and expected to be completed the carbon footprint of our single-use endoscopes. The introduction endoscope handles for all currently marketed endoscopes by of bioABS reduces GHG emissions at a raw material level (cradle by the end of 2024 the end of this 2024 calendar year. to gate) by more than 70%, compared to traditional fossil-based plastics. FDA clearance of Ambu® aScopeTM Gastro Large â the worldâs first endoscope manu- We continue to explore even better bioplastic options to further factured with bioplastic materials. reduce the carbon footprint of the materials we use, as well as converting more parts of our endoscopes to other appropriate FDA clearance of our first-generation bioplastics. single-use ureteroscope solution, Ambu® aScopeTM 5 Uretero â the first ureteroscope manufactured with bioplastic materials. Primary packaging Implementation of bioplastics in protec- We continue to roll out new packaging options that include lower for high-volume tive parts is implemented for products in carbon bioplastics, including exploring new bioplastic options for products made from development. increased carbon footprint reductions. bioplastics Recycling offering in Take-back pilot continued in Germany. Throughout the 2023/24 financial year, we progressed with the all focus markets ongoing pilot of our take-back recycling initiatives in key markets, Take-back pilot initiated in the UK. including Germany and the UK. In addition, we enhanced our capa- bilities through carefully selected strategic partnerships. We remain committed to advancing recycling options in our focus markets, and while we continue to assess and refine our approach, we aim to explore opportunities for expanding these solutions to other mar- kets in the coming year. We continue to work on our objective to phase out PVC from our new products. During 2022/23, we launched five new products1, of which all five are PVC- free. Moreover, we are working on redesigning our packaging to reduce the amounts of packaging material and to ensure recyclability and reduce our plastic usage. This year, we implemented changes in the packaging of our Ambu® AuraTM laryngeal masks to reduce the amount of waste associated with the packaging and by introducing bioplastics in the cuff protector. We have also implemented bioplastics in the handles of all endoscopes ahead of the target for completion in 2025. Our main challenge still lies within primary packaging, where sterility and high performance barriers are essential and require intensive innovation in new solutions. This year, we identified a viable option for recyclable, sterile packaging that is moving into implementation. 1 We define a new product launch as when a product has obtained its first market clearance. We exclude products line extension products, software updates, sustaining activities or minor change projects. Bioplastics The bioplastics we use are called bio-attributed plastics, which are a type of plastics of which the sourcing is controlled under a so-called mass-balance approach. Here, the material is made from a combination of bio-based- and fossil-based feedstock. Second-generation feedstock comes from, e.g. recycled food waste. The use of bioplastic materials in our endoscope handles sends a message aimed at driving positive change in the industry in the area of global sustainability â a small, but crucial step towards preserving our planet for future generations. Bioplastics reduce our carbon footprint The use of bioplastic material in our endoscope handles will reduce the carbon footprint of the ABS plastics we use by 70%. In the future, we will build on this initiative by expanding the use of bioplastics in other parts of our endoscopes. Raw materials are the largest contributor to carbon emissions for our products, and our efforts are therefore focused on transition- ing our products to lower-carbon materials. Bioplastics offer an innovative opportunity within medical devices to replace traditional fossil-based plastics with lower-carbon alter- natives that maintain the needed strength, hygienic qualities and performance. This use of bioplastic represents a small, but crucial step towards reducing the carbon footprint of our industry and driving down emissions for our customers. We use several different types of bioplastics in our products (following a bio-attribution by mass balance approach) to ensure that the bioplastics we source are attributed to our products. In our endoscope handles, we use bioABS, a bioplastic that will reduce the car- bon footprint of the traditional fossil-based ABS plastics by 70% (based on cradle-to- grave LCA). In the future, we will build on this initiative by expanding the use of this bio- plastics in other parts of our endoscopes. The largest contributor to carbon emissions for Ambu's products comes from our mate- rials, and as we continue to transition our products to bioplastics and other low-carbon materials or plant materials that actually absorb carbon as they grow, we can continue to drive down the environmental footprint of our products through smart and selective environmental choices, as we aim to make sure our single-use devices become the more environmentally friendly choice for our customers. Water management Water is a critical resource for life on Earth, and as water scarcity becomes more wide- spread, it is important to reduce water con- sumption where possible. As production of Ambu products is not categorised as water intensive, water is mainly used for hygiene reasons, and consumption is therefore related to the number of employees. We ensure sustainable water management at our sites through monitoring and continuous upgrades to our water consumption systems. Progress In 2023/24, we experienced a 6% increase in total water consumption. The increase in water consumption is a result of growing number of employees in our offices, as well as our production sites, and may be further influenced by weather fluctu- ations. Ambition Execute sustainable water manage- ment at our production sites and headquarters through monitoring and assessment of the development in water consumption and conti- nuous adaptation to any changes. Governance Governed through our Sustainability Engagement Policy Waste management At Ambu, we see waste as a valuable resource waiting to be transformed through innovative solutions. Like water consump- tion, we monitor the amount of waste at our production sites and at our headquarters. By measuring waste amounts, each produc- tion site gains a better understanding of the waste streams and upcycling opportunities. While eliminating waste entirely is not yet possible, we are dedicated to maximising its value along the upstream and downstream value chain. Our sites are increasingly sorting waste into various categories to increase recycling rates. Through partnerships and local initiatives, we are exploring ways to expand the reuse of waste or convert it into energy, fertilisers or components for new materials by increasing our recycling rate and reusing the waste material for other purposes. Progress We continue to focus on reducing the amounts of waste generated at our sites and the diversion of waste to energy or recycling instead of landfill. One way to further reduce waste from production is by using hot runners, where applicable, which does not create any waste during production. In 2023/24, total waste increased by 21%, compared to 2022/23 due to increase of production output, sales and our new facil- ity that continues setting up new produc- tion lines. Overall, we also see an increase in the share of recycled waste, which has increased to 52% this year, compared to 46% in 2022/23. Ambition Reduce waste where possible and recycle our waste according to the waste hierarchy in order to minimise use of virgin resources, thereby reducing our impact on the environ- ment and climate. Governance Governed through our Sustainability Engagement Policy. Examples of initiatives within waste management Initiatives Activities Details and next steps Recycling of Since the last financial year, Ambu has entered In 2023/24, we continued our partnership with Tier1Asset, and we IT equipment into a global partnership with Tier1Asset, which sent 1503 kg of IT equipment for recycling from our headquarters. specialises in the refurbishment and recycling of Out of 1503 kg, the 1013 kg of equipment was refurbished and given worn-out IT equipment. The equipment undergoes a new lifespan, 478 kg was recycled, 7kg was sent to waste to energy a stringent process, which includes certified data recovery and only 5 kg was sent to landfill. erasure and a meticulous sorting process, whereby the equipment is either sent for refurbishment and We expect to further expand the scope of the partnership next year. resale, or recycled with an external partner special- ising in recycling the different components into raw materials for a new lifecycle. Internal recycling of At our Xiamen and Noblesville production sites, in In 2023/24, we recycled a total of 370 tonnes of plastics internally from runners from injection China and the USA, respectively, we recycle runners our injection moulding processes in Xiamen and Noblesville. We con- moulding processes arising from the injection moulding process by tinue to focus on optimising and reusing the plastic in our production regrinding the runners and feeding them back into processes. the production machines in an internal setup. Our increased share of recycled waste is a testament to the vigorous efforts of our colleagues at our sites, who work every day to increase the amount of recycled waste, diverting it from landfill and ensuring it can serve a new purpose As Ambu continues to evolve and grow, so does our approach to people development. The AmbuDialogue, a process of regular yearly touchpoints between our leaders and employees, ensures a structured develop- ment dialogue for all employees. We also remain committed to people development through our ZOOM IN pillar of âFostering a highly engaged, diverse and inclusive cul- tureâ. In addition to developing our existing work- force, Ambu is dedicated to attracting the best talent in the market. By maintaining a globally aligned approach to our employer brand and ensuring consistency in identi- fying and attracting talent, we provide an objective process that focuses on both com- pany needs and candidate aspirations. Targets and progress For our annual global engagement survey, we continued our Ambu-wide survey, which we call âOur Voiceâ. This year, for the first time ever, our survey enabled all voices across Ambu to be heard, including all our colleagues working in our four factories. The global results showed that we surpassed last yearâs results on nearly all parameters, reflecting that our engagement levels are on the rise. Concretely, Ambuâs 2024 Our Voice results demonstrated an overall engagement score of 4.1, reflecting a tangible increase, compared to 3.9 last year â and a result exceeding the benchmark of the medical device industry. Employee feedback remains critical to us, and we will continue to track this closely going forward. For our voluntary turnover, we saw a signif- icant decrease in turnover for the second year in a row. We consider this to be a result of some of the actions taken in response to Ambuâs Our Voice survey, as well as a sign of increased stability two years into our trans- formation journey. Similarly, as some of our manufacturing sites are becoming more established, we are see- ing significant improvements in the turnover across this employee population. Moving forward, we will continue to closely monitor our global employee turnover, while continuing to venture forward on our trans- formation journey. Our Voice: Our annual global engagement survey In our continuous efforts to foster an engaged culture, we keep track of the engagement of our people. Our annual Our Voice global employee engage- ment survey is a key tool, allowing colleagues worldwide to share their individual and anonymised feedback. This year, for the first time, we included all our operational colleagues in the survey, giving us a truly global perspec- tive. The results showed improvements on nearly all counts, compared to last year, with a global engagement score above industry benchmarks. Building an engaged global Ambu culture is a key priority, and based on our global results, Ambuâs Executive Leadership team identifies focus areas for conti- nued development and momentum. At least once a year, we will run a global survey to track our progress, advancing our truly global set-up and reflecting the unique voices of all our employees â regardless of position or function. Health & safety At Ambu, we are committed to ensuring safe and healthy working conditions for all, and we maintain that health and safety include both the physical and mental well-being of our employees. We believe that our purpose of saving lives and improving patient care through rethink- ing solutions, combined with our values and focus on mental well-being, lead to high job satisfaction and a healthy working environ- ment. As we operate in a global environment with a diverse range of business activities, we recognise that a safe and healthy work environment will vary, depending on the context. We therefore approach this through a mix of global and localised processes and initiatives. Number Number of lost-time of working Location injuries days lost Production site 5 33 Office 4 90 Through global approaches, such as, engagement surveys, AmbuDialogue and our Speak Up â Integrity Line (formerly called Whisteblower Hotline), we ensure a contin- uous feedback loop from our employees on topics, such as, a psychologically safe and inclusive working environment, as well as other aspects related to health and safety. The health and safety officers appointed at our locations are responsible for systematic training, registration and reporting â and for checking that safety procedures adequately match the risk level. In 2023/24, all our pro- duction sites and headquarters organised a Safety Week with comprehensive pro- grammes aimed at raising and enhancing employee awareness of workplace safety. We do this to ensure that our safety man- agement systems and training are tailored to local needs and allows for flexibility that takes local laws and traditions into account. If an accident does occur, preventive action will be taken to avoid similar accidents from happening in the future. This action includes, but is not limited to, regular risk assessments and updates of safety instructions, as well as briefings on correct procedures and the importance of using the correct personal protective equipment (PPE) when handling certain procedures and machines. Further- more, general safety awareness training performed at sites reminds people of the correct procedures. At Ambu, we monitor the health and safety of our employees through data points for accidents and fatalities, as well as sickness absence. Safety is a top priority, and we take all accidents very seriously. We continuously work to avoid and mitigate the occurrence of accidents, as well as their severity. In 2023/24, we had nine lost-time accidents, which translated to a Lost-Time Injury fre- quency (LTIf) of 0.83, a small decrease from a LTIf of 0.93 in 2022/23. While we have no official target for our global sickness absence rate, we monitor our performance closely to ensure that we maintain a healthy working environment that does not contribute to ill health among our employees. During 2023/24, our sickness absence rate across Ambu remained at a stable level at 1.78 similar to the previous year, with a few temporary increases at local level, due to Covid-19, among other things. Ambition Ensure safe working conditions for all Target 0 fatalities Stay below 2.0 for Lost-Time Injury frequency (LTIf) * covers Ambu globally Governance Governed through the Ambu Code of Conduct and our Global Inclusion & Diversity Policy, as well as our Labour & Human Rights Policy GOVERNANCE INFORMATION Product quality & safety As a producer of medical solutions used by hospitals, clinics and rescue services all over the world, Ambu has a great impact on peopleâs health and safety. Quality standards Upholding quality standards in our solutions and processes is our licence to operate and imperative for bringing high-quality products to the market. Ambu must therefore demon- strate excellence within product governance and ensure that our products and processes live up to all applicable external regulatory requirements and are safe and effective. The Ambu Quality Management System (QMS) covers all aspects of our operations, including management responsibilities, design control, risk management, process- and production controls, as well as product surveillance, and ensures that Ambu com- plies with all applicable regulatory require- ments. Ambuâs QMS is certified according to: ⢠ISO 13485 ⢠Medical Device Single Audit Program (MDSAP) ⢠EU Medical Device Regulation (EU MDR) ⢠UKCA (UK Conformity Assessment). MDSAP certification covers the requirements of the US FDA, the Japanese Ministry of Health, Australia TGA, Health Canada and Brazil ANVISA. For training devices, Ambu adheres to ISO 9001 requirements, and our manufacturing site in Xiamen (China) holds an ISO 9001 certification. Our Global Quality Man- agement Review Committee ensures that qua- lity management is anchored and in compliance across Ambuâs functions and operations. The quality management review process ensures top-level management commitment, as well as decision-making and actions related to quality. Targets and progress In 2023/24, we achieved several significant milestones that allow us to further revolution- ise the field of single-use endoscopy. Ambu received CE marking and FDA clearance for our single-use ureteroscopy solution as well as for our HD cystoscopy solution.This represents a significant milestone in the expansion of Ambu's urology offering, as it enables us to serve and support our custom- ers with a wide range of endoscopy needs within urology. In addition, we received FDA clearance and CE marking for our new generation duodenoscopy solution, Ambu® aScopeTM Duodeno 2 with Ambu® aBoxTM 2, designed for use in ERCP procedures. Our Ambu® aScopeTM Gastro Large together with Ambu® aBoxTM 2 was also cleared by the FDA and obtained CE mark. On the back of these regulatory clearances, we advanced our long-term fondation in gastroenterology (GI). Furthermore, if a device manufactured by Ambu or its subsidiaries is deemed to poten- tially affect the safety of patients or users, Ambu will take immediate action to ensure the highest standards of safety and com- pliance. This includes conducting thorough investigations to identify the root cause, collaborating with regulatory authorities to provide transparent and timely updates and implementing corrective measures to pre- vent future occurrences. Ambition Demonstrate excellence within pro- duct governance and ensure that our products and processes live up to all applicable external regulatory require- ments and are safe and effective Maintain the highest ethical standards and comply with all applicable laws, rules and regulations, and only use animal testing where no non-animal alternatives are available. Governance Governed through Ambu's Quality Policy and the Global Quality Management Review Committee, as well as Ambuâs Ethics Committee and Ambu's Global Animal Testing & Clinical Trials policy Substances of concern Ethylene oxide (EtO) The Ethylene Oxide (EO) Emission Reduction initiative by Ambu, launched in May 2022, aimed to develop a more sustainable sterili- sation method for our products. The initiative focused on reducing the concentration of ethylene oxide (EtO) without compromising sterilisation effectiveness. In collaboration with Malaysian and US partners committed to emission reduction, Ambu qualified and validated a new sterili- sation recipe for all products sterilised with EtO, including endoscopes and needle elec- trodes. The results were significant: aScopeTM endoscopes in Mexico: Imple- mented the emission reduced EO recipe from primo January 2023. aScopeTM endoscopes in Malaysia: Recorded a 37-45% reduction since January 2024. Needle electrodes: Achieved a 36-42% reduction in EtO use since March 2023. The transition to emission-reduced EO recipes led to a substantial decrease in EtO usage, benefiting the environment and the safety of the products. For instance, Ambuâs needle electrodes have been sterilised exclusively with the emission-reduced EO recipe since Q3 in the 2022/23 financial year, marking a complete shift from conventional methods. Ambuâs endoscopes have also seen a shift towards emission-reduced EO, with two sterilisation partners adopting the recipe. By Q3 2023/24, it is forecasted that 52% of our endoscopes would be sterilised using emission-reduced EO, with plans to further increase this ratio, as Ambu aims to imple- ment emission-reduced EO, or other sustain- able methods, for all sterilised products in the future. As such, Ambuâs emission-reduced EO initi- ative represents a significant stride towards sustainability in the medical device industry. PFAS Ambu recognises and takes active part in the global initiatives to eliminate PFAS from medical devices, due to concern for their impact on human health and the environ- ment. During the ongoing investigation, it was confirmed that no regulated PFAS were identified in our products. Animal testing & clinical trials Animal testing and clinical trials for clinical investigations are important elements in bringing solutions to market and are, in some situations and in certain countries, required during research and development to demon- strate the safety and effectiveness of a solu- tion, as part of the regulatory authorisation process, or to further substantiate the perfor- mance of the product in a real-world setting. Ambu is committed to only using animal testing where no non-animal alternatives are available, or when regulatory bodies, such as the FDA, do not accept the non-animal alternatives. When animal testing is required, we follow all applicable laws and regulations, as well as the Triple Râs Principle. This means that we will 'Replace, Reduce and Refine' ani- mal studies used for biocompatibility testing, without compromising patient safety and regulatory requirements whenever possible. Ambu aims to replace animal trials with in-vitro studies or chemical characterisation tests, which in 2023/24 accounted for 75% of a total of - 41 studies, of which 10 or 25% were animal trials. These trials involved 117 animals, of which 85% were rodents (mice, rats, guinea pigs) and 15% were other animals (rabbits, dogs, pigs). The number of animals used has increased, compared to the previous year, due to increased R&D activities. During the deve- lopment phase, two animal tests were run, with a total of five live pigs, testing specific performance parameters. Clinical investigations All of Ambuâs clinical investigations are con- ducted in accordance with our ethical princi- ples, as well as international standards and local regulatory requirements. Clinical investi- gations, both completed and terminated, are registered at Clinicaltrials.gov and published within 12 months from the last patient primary endpoint, according to Clinicaltrials.govâs pub- lication principles. We did not run any clinical investigations in 2023/24. Business ethics & integrity As a global company with a long history in the medical device industry, we promote business ethics and compliance and act with integrity. This is what our stakeholders expect of us and what is needed for us to retain our licence to operate and safeguard our business. Our business activities are subject to nume- rous national legal systems, as well as vari- ous political, social and cultural frameworks that are constantly changing. Navigating the complex landscape of local laws, rules, legislation and customs requires a high level of due diligence and processes to ensure compliance and ethical business conduct in our engagement and interactions with stake- holders. We continuously work to ensure that we are not complicit in any forms of corruption, as we enter new contexts where we cannot automatically expect the same standards. Our compliance management system (CMS) is designed to ensure that our worldwide business practices comply with internal and external rules, and it provides a framework for compliant behaviour. Our CMS is based on three pillars: prevent, detect and respond. It is based on an extensive internal set of rules: The Ambu Code of Conduct defines the basic principles and standards of beha- viour that must be observed by all employ- ees in the company units and in relation to third parties, external partners and the pub- lic. In addition, there are extensive internal compliance regulations, including associated controls, which oblige all Ambu employees to ensure the implementation of the CMS. They contain topic-specific implementation regulations for the individual risk areas with regard to compliance processes and tools, as well as additional guidelines and infor- mation. The system allows us to continu- ously monitor and evaluate our compliance efforts and ensure that we adhere to all the standards set for us within healthcare sys- tems globally, and that there is consistency and authenticity in the way we work. The entire CMS is continually adapted to busi- ness-specific risks and various local legal requirements. The findings from compliance risk management and compliance controls and audits are used to derive measures for further development of the CMS. Resting on the foundation of the Ambu CMS, individual compliance programmes ensure we act with integrity in everything we do, as we continuously carry out risks assessment which provides basis for development of Ambition Maintain the highest ethical standards by carrying out our business honestly, fairly, ethically and openly, while complying with all applicable laws, rules, regulations and local customary practices Target 100% completion rate on employee online training course in our Code of Conduct Governance Governed by the Ambu Code of Conduct action plans and targets, implementation, evaluation and trainings, among others. With the adoption of the Corporate Sustainability Due Diligence Directive (CSDDD), we will work on further updating the system to meet the future requirements. To anchor compliance and integrity in the organisation, all employees are trained in our Code of Conduct, which contains the basic principles and rules for ethical business conduct within Ambu, and in relation to our employees, external partners and the gene- ral public, covering various topics, including business ethics and compliance, diversity and inclusion, health and safety, as well as human rights and labour standards. In 2023/2024, we launched the Ambu Code of Conduct Campaign with the theme âInclu- sive, diverse and respectful workplace for all employeesâ which included a re-launch of our Ambu Code of Conduct and our Code of Conduct for Business Partners, which have both been updated to follow with new deve- lopments in legislation, as well as expecta- tions and requirements from stakeholders. During the campaign, our employees parti- cipated in local sessions, facilitated by their managers, focused on maintaining respect- ful interactions and understanding the importance of diversity in driving innovation and success. The campaign also revealed the rebranding of our Whistleblower Hotline â now the âSpeak up â Integrity Lineâ â whose new name reflects our dedication to inte- grity and encourages employees to voice any concerns they may have regarding unethical behaviour or violations. In 2023/24, 99% our in-scope employees completed the online training course in our Code of Conduct, and we continued the implementation of our local training sessions for our blue-collar employees. Anti-corruption and bribery Ambu has zero tolerance towards any form of bribery and/or corruption, and it is our policy to comply with all applicable anti-bribery and anti-corruption laws. Furthermore, we strive to only work with third parties who maintain the same policy. Through annual training of our employees on our Code of Conduct, we ensure that each and every one of us is prepared to act with integrity in our business conduct and know how to avoid the risks of corruption and bri- bery. Together, our Speak Up â Integrity Line, Business Partners Integrity Due Diligence Process and Responsible Supplier Program contribute to our work to prevent and detect the risks of corruption and bribery in our operations. Ethical marketing practices As the production of medical devices requires interaction and collaboration with healthcare professionals (HCPs) to ensure safe and efficient devices that meet the requirements and needs of the market, Ambu has an ethical responsibility to ensure that this is not perceived as an improper inducement for positive evaluation and pro- motion of our products. To ensure this, we do our utmost to ensure openness and trans- parency, also to protect the HCPs with whom we interact. These include our customers and key opinion leaders in the industry. Ethical marketing promotion risks are identi- fied as part of our Enterprise Risk Manage- ment (ERM) framework. The risks are man- aged as part of our healthcare compliance procedures, and approval of marketing material is integrated in our internal quality management system to ensure compliance with relevant regulations. Our internal train- ing and guidelines for interactions with HCPs help our sales and marketing employees in their daily work and strengthen our global and local marketing policies and procedures. Internal monitoring, as well as our Speak Up â Integrity Line, help us detect and investigate non-compliance incidents. Speak Up â Integrity Line All employees, customers, business partners and stakeholders, within Ambu and along our supply chain, are strongly encouraged to act promptly when faced with suspicions or concerns about criminal offences, viola- tions of Ambuâs Code of Conduct or policies, human rights and/or environmental viola- tions or other serious violations of laws or regulations that govern Ambuâs operations. Via the Speak up â Integrity Line (formerly known as the Ambu Whistleblower Hotline), Ambu provides protected reporting chan- nels for all employees, customers, business partners and stakeholders within Ambu and along the supply chain to raise serious con- cerns about misconduct and improper man- agement, including fraud, bribery, serious breaches of occupational health and safety standards, human rights and/or environmen- tal violations and serious issues directed towards individuals, such as, discrimination, violence or sexual assault, or serious viola- tions of local policies. In addition, possible misconduct can also be reported directly to the Global Risk & Compliance Officers, another member of management, line managers, Global or local People & Culture personnel and/or Global or local Legal. Our Speak up â Integrity Line provides a global, accessible channel for reporting con- cerns and is available 24 hours a day, 7 days a week. It is independent (hosted externally by an independent third party), secure and confidential, guaranteeing a safe mechanism for anonymous reporting (where permitted by local law) of suspected concerns or poten- tial violations. Moreover, Ambu has a clear anti-retaliation policy. Ambu does not toler- ate retaliation against any individual who, in good faith, reports misconduct or violations or who participates in an investigation. Ambuâs Speak up â Integrity Line received 15 reports in 2023/24. All reports, except one, fell within the scope and were investigated. Three reports related to data privacy and IT security. Three reports concerned conflict of interest, one case involved theft, and five reports dealt with discrimination and harass- ment. Finally, one report concerned business practices and one employee treatment. All cases were thoroughly investigated and handled according to Ambu whistleblower procedure. Additionally, one case involving a violation of internal policies related to data privacy and IT security was substantiated and resulted in termination of employment. Despite receiving fewer reports to the Speak Up â Integrity Line than the industry bench- mark, the number of reports increased by 36% in comparison to the last year. Our ongoing efforts include annual campaigns and awareness initiatives among employees and external stakeholders. We are enhanc- ing collaboration across the business to streamline concern-raising processes. While employees generally feel comfortable speak- ing up, we aim to ensure that relevant issues are reported to the Speak Up â Integrity Line. To further expand the reach of the Speak Up - Integrity Line, we are planning to roll out an initiative in our supply chain with the aim of further cementing the system as a grievance mechanism for workers in our supply chain to raise concerns. Governance of the Speak Up â Integrity Line The governance of Ambuâs Speak Up â Integrity Line is two-fold. Our Hotline Committee serves as a decision-making secretariat for handling whistleblower reports. All reports generated in the system are forwarded to the Global Risk & Compliance team and then reported to the C-suites, CFO and Audit Committee. This ensures that all whistleblower reports are handled properly and brought to the attention of the appropriate management level. Protection of human rights and labour rights Ambu respects the internationally recog- nised human rights of all people, and we are committed to identifying and addressing any adverse impacts which may result from our own operations or business relationships. Our commitment to respecting human rights is anchored in our Ambu Code of Conduct, which, together with our Human & Labour Rights Policy, supports the principles con- tained within the Universal Declaration of Human Rights, the International Labour Organizationâs Declaration on Fundamental Principles and Rights at Work and the UN Guiding Principles on Business and Human Rights. In addition to promoting ethical and envi- ronmentally sound actions, we recognise the importance of assessing, monitoring and taking action to protect human rights in our own operations, as well as our value chain. Due to the nature of Ambu produc- tion and the skills needed to operate, the risk of forced labour and child labour are not considered material within Ambuâs direct operations. Ambu is aware that this may be different when it comes to suppliers. Through our Responsible Supplier Pro- gram, we track our suppliers' commitment within the scope of our Code of Conduct for Business Partners by monitoring the rate of signage. Ambu has a team that carry out due diligence of relevant business partners, suppliers and other relevant parties. Due diligence includes business ethics, human rights, environment, etc., and include all suppliers above a minimum threshold, covering the majority of our total spend and all distributors, agents, etc. Due diligence is carried out based on relevant information from and about the external partner, use of external ESG and compliance databases, as well as screening of other public forums. The result of the due diligence process contains concrete recommendations for mitigations if needed. Mitigation activities can include follow up questionnaires, on-site visits and audits, and will always include an improve- ment plan. Any individual, either inside or outside of Ambu, can report suspected human rights violations anywhere in the world using the Ambu Speak Up â Integrity Line. While we expected the CSDDD to enter into force this year, we had started our initial preparations for compliance. However, with the delay in the implementation of this new EU Directive, we decided to postpone our initial plans and focus on strengthening our existing programs and processes. As we lay the foundation for complying with the new requirements of the CSDDD as well as CSRD, we have updated our Enterprise Risk Management (ERM) framework to expand beyond inherent business risks and thereby include human rights risks, among others. Next financial year we plan to perform a human and environmental impact assess- ment together with the development of a due diligence policy and responsible purchasing practices as part of our preparations for the CSDDD. Responsible supplier management As a multinational company, we believe that we can make a difference in our global sup- ply chain. As part of achieving our sustaina- bility goals, close collaboration with our sup- pliers is essential to foster the sustainability of our end-to-end supply chain. As Scope 3 emissions cover 91% of our total emissions, Ambu is reliant on our many suppliers in order to achieve our emission reduction goals and approach net-zero emissions. Therefore, we aim to work with and sup- port suppliers that share our commitment to sustainability and responsible business practices. In addition to signing the Ambu Code of Conduct for Business Partners, our suppliers are subject to risk assessment, as we audit selected suppliers and describe and implement mitigation measures, if appli- cable and necessary, which are validated together with the supplier. This means that if a potential issue is identified during the due diligence process, Ambu and the supplier will agree and collaborate on the required improvements, rather than simply terminat- ing the collaboration. Our Responsible Supplier Program, coup- led with our Code of Conduct for Business Partners, is developed to ensure that our suppliers not only address quality and cost requirements, but also a wide range of sus- tainability and integrity considerations, such as, business ethics, human rights and labour standards, as well as environmental impact and awareness. Supplier due diligence is conducted on an ongoing basis, with revi- sion and repetition of the exercise every 2-3 years, based on the current risk profile. New suppliers enter the program through the sup- plier onboarding processes. In 2023/2024, we continued to strengthen our responsible supplier program to conform to its increasing importance to our other priori- ties related to environment and human rights, among others. We continued the roll-out of self-assessment questionnaires included in our due diligence processes to include a wider range of questions on human rights and labour standards, as well as the environ- ment, energy and climate and anti-corruption. In 2023/2024, we conducted two supplier audits in China that focused on key areas of responsible business practices throughout the supply chain, including ethics, human rights, labour, environment and health & safety. None of the audits revealed signif- icant findings related to the mentioned aspects that would require addressing. Further, we updated our Code of Conduct for Business Partners which now outlines the relevant international standards, reporting channels and grievance mechanism (Speak Up - Integrity Line), as well as aspects related to remedies and continuous improvement. We continue our preparations to ensure compliance with new and upcoming regula- tions, such as, the CSDDD and US measures addressing supply chain compliance as well as other multilateral efforts in relation to economic sanctions in response to con- cerns about human rights and forced labour. The goal of all these activities is to reduce or eliminate human rights-related risks and ensure supply chain stability, while providing our customers with high-quality products. The rate of Code of Conduct signage for business partners increased to 98% this year. Ambition Work with and support suppliers that share our commitment to sustainability and responsible business practices Target 98% rate of signage of Code of Conduct for Business partners by suppliers in scope* Governance Governed through the Ambu Code of Conduct and the Code of Conduct for Ambu Business Partners, as well as the Ambu Global Procurement Policy and our Sustainability Engagement Policy Code of Conduct signed by suppliers in scope* Target 2023/24 2022/23 Rate of signage (%) 98% 98 93.4 * Suppliers in scope are all A, B or C suppliers, regardless of spend volume, and D suppliers with a yearly spend above DKK 250,000. Cyber and data security Cyberthreats are evolving constantly, with information and cyber security becoming increasingly necessary in the digitalisation era. Technology moves very fast, and we must ensure we continuously guard against and prepare for cyberattacks by staying up to date with security best practices, tools and technologies. In addition, information secu- rity and cybersecurity regulations are expand- ing internationally, and security is becoming part of our licence to operate. Our customers are also increasingly focused on how we pro- tect them and how we protect our products from tampering, attacks and breaches. The new EU-regulation, NIS2 directive (Net- work and Information Security), is expected to come into effect by July 2025. This NIS2 directive aims to enforce cybersecurity posture and capability across all EU mem- ber state countries in organisations that are supplying the public and society with critical functions. This directive requires companies, like Ambu, to understand how and to what extent the legislation dictates further efforts. As a supplier of vital healthcare equipment to our customers and the society, Ambu takes this responsibility very seriously. Targets and progress We aim to secure that it remains a business priority to maintain our operations and pro- tect our intellectual property at Ambu, with a focus on safeguarding our business value and our customers. Ambuâs security-organi- sation continues to address security threats by strengthening our capabilities in terms of risk management, regulatory compliance and improved awareness across our organ- isation. These measures are continuously improved to ensure we avoid business dis- ruption and to protect our information from being compromised. Our information and cybersecurity strategy are aligned with the NIST CSF and ISO 27001/27002 security frameworks. In the context of NIS2-Directive, Ambu has under- taken collaborative efforts across business functions and IT to comply with the statutory requirements. These efforts have resulted in a focused range of initiatives designed to meet the NIS2 requirements. As part of the security journey, Ambu employees receive annual cybersecurity training, to foster a security-conscious mind- set among employees, promoting vigilance and proactive risk management. Ambu will launch a new advanced security training platform to ensure that security targeted trainings are effectively addressed. All Ambu employees are trained annually in cybersecurity and are regularly provided with alerts and periodic information on impor- tant and pertinent topics related to security through, for instance, specific campaigns and phishing simulations. This creates a cadence of responsibility throughout the organisation concerning the importance of this topic. We recently conducted several phishing simulations and information cam- paigns to increase the awareness of cyber threats and the need to be careful and vigi- lant when interacting and communicating in the digital space. Ambition Maintain robust cybersecurity, embedded throughout the organisation. Governance Governed through Ambuâs Information Security Policy, which is the overarching policy for information security and cybersecurity. Our privacy statement further describes how information about individual persons may be collected, used, disclosed, transferred and stored by Ambu. ESG & SUSTAINABILITY DATA COLLECTION We are committed to enhancing ESG & sus- tainability data collection and reporting to support the business and provide stakehold- ers with transparent, relevant insights. To ensure transparency, we provide a detailed overview of ESG and sustainability indicators on p. 83â. During 2023/24, there were no mergers or acquisitions impacting ESG & sustainability data. Revised ESG & sustainability indicators During 2023/24, Ambu undertook a signifi- cant review of our ESG indicators to prepare for the forthcoming Corporate Sustainability Reporting Directive (CSRD) reporting stand- ards. This process led to the introduction of new indicators, the discontinuation of out- dated ones and the revision of several exist- ing indicators, with data restated as needed, to maintain accuracy and ensure compara- bility over time. Indicators affected by restatement are marked with numerated footnotes on p. 83â. If the update has resulted in material changes to the data collec- tion or the indicators, a note on the change and its effect is provided on p. 85â-p. 89â. New ESG & sustainability indicators: Due to changes in the requirements for reporting of the gender composition of management, cf. Section 99b, applicable from 1 January 2023, Ambu has revised the indicators for reporting on gender diversity. This means that, going forward, Ambu will report on gen- der diversity in the management of Ambu A/S on two levels: ⢠Women on the Board of Directors ⢠Women at other management levels in Ambu A/S, consisting of the Executive Leadership Team (ELT) and their direct reports, both contracted at Ambu A/S. Due to the major update of our GHG inven- tory, Ambu will going forward report on: ⢠Total GHG emissions (market-based) ⢠Total GHG emissions per tonne of manu- factured products (market-based) ⢠Total GHG emissions per DKKm revenue (market-based) ⢠Scope 3 ⢠Energy from hybrid fuels Discontinued ESG & sustainability indica- tors: Due to the aforementioned changes in the requirements for reporting of the gender composition of management, Ambu will dis- continue reporting on the following: ⢠Women in management, all employees ⢠Women in management, white-collar employees Due to the major update of our GHG inven- tory, Ambu will discontinue reporting on: ⢠Scope 1 and 2 per tonne of manufactured- products (location- and market-based) ⢠Scope 1 and 2 per DKKm revenue (loca- tion- and market-based) While, we discontinue segregated reporting on: ⢠Emissions from natural gas and LPG ⢠Emissions from petrol and diesel ⢠Emissions from refrigerants we still report on these emissions as a part of total Scope 1. Ambu has revised the governance indicators for GDPR and cybersecurity trainings com- pletion percentage. This means that we will no longer report on the following: ⢠GDPR training (%) . ⢠Cybersecurity training (%) Revised ESG & sustainability indicators: As part of our preparations for compliance with the CSRD, Ambu has decided to change the unit of measurement for our own work- force from full-time equivalents (FTE) to headcount. This means that all calculations, including number of employees, will apply headcount instead of FTE as the unit of measurment going forward. Previous years' data will not be restated and cannot be compared. Indirect blue-collar employees and their voluntary turnover is now merged together with white-collar employees into the new metric called 'White-collar and indirect blue-collar employees'. FIVE-YEAR ESG & SUSTAINABILITY PERFORMANCE 2023/24 2022/22021/222020/212019/20Greenhouse Gas Emissions1 (Metric tonnes CO2e) *-market-based Total GHG emissions* 209,157 160,923 179,850 166,718 - Total GHG emissions per tonne of manufactured products* 16,7 15,5 16,7 16.0 - Total GHG emissions per DKKm revenue* 38.8 33.7 40.5 41.5 - Scope 1 3,369 3,945 5,047 4,346 957 Scope 2* 15,400 16,168 16,904 20,106 Scope 2 (location-based) 23,173 21,202 21,912 19,628 18,249 Scope 1 + 2* 18,769 20,113 21,950 24,452 - Scope 1 + 2 (location-based) 26,541 25,147 26,959 23,974 19,206 Scope 3 190,388 140,810 157,899 142,266 - Energy consumption (GJ)2 Total energy consumption 219,619 214,303 227,082 201,973 138,411 Energy from natural gas and LPG 30,005 33,468 52,676 47,493 16,947 Energy from petrol and diesel 14,880 21,159 16,382 15,654 1,324 Energy from hybrid fuels for hybrid cars 6,765 6,495 5,927 4,950 - Energy from electricity from grid 159,609 144,971 143,298 124,819 116,978 Energy from electricity from solar panels 5,500 5,319 5,262 5,501 179 Energy from district heating 2,859 2,890 3,538 3,556 2,982 Renewable energy share (%) 25.0 18.0 17.2 2.8 0.1 Renewable electricity share (%) 34.0 26.0 26.1 4.2 0.2 Water consumption (m3)3 Total water consumption 122,392 115,850 125,390 141,863 123,115 1 All indicators in the section related to GHG emissions in FY 2022/23, FY 2021/22 and FY 2020/21 have been restated, due to improvement of GHG inventory, data quality and data sources, change in calculation methods and change of emission factors. Read more on p. 82â-p. 86â. 2 All indicators in the section related to energy consumption in FY 2022/23, FY 2021/22 and FY 2020/21 have been restated, due to improvement of ESG inventory, data quality and data sources, change in calculation methods and change of energy intensity factors. Read more on p. 82â-p. 86â. 3 All indicators in the section related to water consumption in FY 2022/23, FY 2021/22 and FY 2020/21 have been restated, due to improvement of ESG inventory, data quality and data sources, change in calculation methods. Read more on p. 82â-p. 86â. 4 All indicators in the section related to waste in FY 2022/23, FY 2021/22 and FY 2020/21 have been restated, due to improvement of ESG, data quality and data sources, change in calculation methods. Read more on p. 82â-p. 86â. 2023/24 2022/22021/222020/212019/20Waste (metric tonnes)4 Total waste 3,379 2,788 3,007 2,532 2,276 Waste sent to incineration 220 222 254 159 55 Waste sent to recycling 1,761 1,320 1,291 1,013 937 Waste sent to landfill 1,398 1,247 1,461 1,360 1,284 Waste recycled (%) 52.0 46.0 43.0 40.0 41.0 Hazardous waste (%) 0.8 1.1 0.5 0.6 - Gender diversity (%) Women in workforce7 63.0 59.0 57.0 57.0 60.0 Women in the other management positions3 40.0 - - - Women on Executive Leadership Team of Ambu Group 43.0 29.0 42.0 33.0 25.0 Women on Board of Directors5,6 33.0 29.0 20.0 20.0 17.0 Employee turnover rate (%)7 All employees 23.0 30.0 34.0 20.0 15.0 Voluntary turnover 20.0 25.0 30.0 17.0 - White-collar & indirect blue-collar employees 15.0 23 - - Voluntary turnover 11.0 16 - - - Blue-collar employees 31.0 38.0 45.0 - - Voluntary turnover 29.0 33.0 42.0 - - Employee health & safety Fatalities (number) 0 0 0 0 0 Lost-time Injury frequency (per million hours worked) 0.83 0.93 0.92 1.07 1.44 Sickness absence rate (%) 1.78 1.79 2.29 1.76 1.76 E-learning completion rate (%) Code of Conduct training 99.0 99.0 99.0 100.0 - 5 Persuant to 99b and reported only for the employees with contractual relationship with Ambu A/S. 6 The term "Women on Board of Directors" refers to members elected at the annual general meeting (AGM). 7 Indicators are affected by the change from full-time equivalent (FTE) to headcount (HC), but are not restated. Years with no data ("-") reflect that data collection for that specific indicator did not take place at that point in time. ACCOUNTING PRACTICES Reporting standards Key ESG data follows the recommendations as per âESG key figures in annual reportingâ, prepared by the Danish Finance Society/CFA Society Denmark, FSR â Danish Auditors and Nasdaq Copenhagen, with assistance from the Centre for ESG Research. Deviations of the standards will be described. Our materiality assessment, conducted in alignment with the Global Reporting Initia- tiveâs (GRI) Reporting Principles, serves as the foundation for determining the content of this report. The double materiality assess- ment conducted this financial year, in line with CSRD requirements, closely overlaps with our GRI-based assessment; however, it was not used to determine the scope of this report. The reporting period is 1 October 2023 to 30 September 2024. Controls Our sustainability reporting manual is a core element of our annual reporting cycle. It defines the reporting rules, processes and responsibilities for ESG & sustainability reporting at Ambu, including a two-tier control mechanism. Specifically, data owners are requested to ensure the four-eye princi- ple to include another colleague for control/ quality assurance of data. Data owners are also required to provide an explanation for significant developments of +/-5% in the data reported. Reporting scope Unless otherwise stated, the data and report- ing included in the ESG & sustainability performance tables cover the entire Ambu Group. Specifically, the scope of ESG data covers: four production sites, headquarters, R&D and sales offices, as well as warehouses owned or controlled by Ambu. It also covers all company cars owned or leased by Ambu. In the financial year 2023/24, Ambu opened a new R&D office in Penang, for which con- sumption of electricity, water and waste is accounted for in 2023/24 for the first time. Ambu also opened two new warehouses in Penang and India. Here, we have estimated electricity, water and waste consumption for 2023/2024, using the same approach as for sales offices, see p. 88â. Restatement policy Materiality threshold Restatements of ESG metrics or indicators will only be made when the identified error or change materially affects the reported performance or may influence stakeholders' decision-making. As indicators are different in their nature, it is not always possible or relevant to set a fixed numerical threshold. Materiality will therefore be assessed based on quantitative and qualitative factors for each of the individual indicators. Restatement triggers A restatement may be triggered by factors, such as, changes in methodology, baseline revisions, improved data quality, error cor- rections, or mergers, acquisitions and dives- ments. However, these factors will not result in a restatement if the old metric is replaced by a new metric that is calculated differently in terms of both data input and output, or if the company decides to implement a new reporting standard that mandates calcu- lation or reporting of metrics in a different way to that currently established - if deemed immaterial. If there is a change triggered by any of these factors used to calculate ESG indicators, prior-period data will be restated to ensure consistency and comparability. The nature of the reason for restatement and the change, along with the impact on previously reported data, will be disclosed. Frequency of restatement Factors that can trigger restatements will be reviewed and, if deemed material, issued on an annual basis during Ambu's ESG report- ing cycle, and will be reflected in the relevant sustainability or integrated reports. Disclosure of restatement All restatements will be clearly disclosed in the relevant ESG reports, including the reason for the restatement, the nature of the changes and their impact on previously reported data. This will ensure transparency and accountability in Ambuâs ESG reporting. Recalculation of GHG emissions In connection with our submission to SBTi, we have formulated a policy for recalculating the base year, in alignment with criteria 26 and criteria 27 of the SBTi criteria v.5.1. Recalculation of the base year is thus trig- gered by significant changes in company structure, such as, acquisitions, divestments, etc. Recalculation is also triggered if data sources or calculation methodologies are updated, resulting in significant changes. This might for example be improving data quality by using physical units instead of monetary units, as a basis for calculating emissions or the discovery of significant errors that would result in + - 5% variance. In 2023/24, we significantly improved our GHG inventory, data quality, methodology and calculation tools for GHG emission calculations. Specifically, we use third-party specialised GHG protocol compliant soft- ware that provides regularly updated and standardised emission and conversion factors for Scope 1, 2 and 3. While imple- menting new calculation tools, we reviewed the completeness of our GHG inventory, data sources and historical data. This review resulted in a significant improvement of data quality, accounting transparency and calcu- lation methods. We have therefore decided to restate all financial years, starting from the 2020/21 financial year (baseline year) to the 2023/24 financial year. Restated numbers for the last three financial years can be found in the five-year ESG & Sustainability perfor- mance overview on p. 83â. Discussion of new versus old disclosures The updated Scope 1 and Scope 2 figures are higher than previously reported, reflecting enhanced inventory completeness by includ- ing estimates for previously unaccounted offices and other parts of the inventory, while at the same time, removing emissions from gasses that do not belong to the Kyoto Protocol. In addition we changed and stand- ardised emission factors source to IEA latest available version, see p. 83â. The revised Scope 3 figures are lower, due to several key factors. We refined our data sources and excluded emissions that are out of scope. For Categories 1, 2, 4 and 6, revised and audited financial data was used, while for Category 11 and 12, we incorporated improved prod- uct weight data. Additionally, for Category 11, emissions from sold products that indi- rectly use energy were removed, as per SBTi requirements, since they fall outside Scope 3 boundaries. We also applied more accurate and consistent emission factor sets across all categories. Lastly, for Categories 5, 7 and 12, we adopted an updated calculation and estimation methodology, based on newer data sources and industry reports, to improve accuracy. Overall, the application of clear inclusion and exclusion criteria to raw data sets further strengthens the integrity of the data treatment process, ensuring a more precise and transparent calculation of our emissions. These improvements reflect our ongoing commitment to enhancing the accu- racy of our GHG accounting and reporting. Restatement descriptions for 2022/23, 2021/22 and 2020/21 are explained in the previous sections of this page and below: In 2022/23, Scope 1 emissions were restated from 3,687 to 3,945 metric tonnes CO2e, reflecting improved data accuracy for direct emissions. Scope 2 emissions (loca- tion-based) were revised from 20,316 to 21,202 metric tonnes CO2e. Scope 2 emis- sions (market-based) increased slightly from 16,083 to 16,168 metric tonnes CO2e. Total Scope 1 and 2 emissions (location-based) were restated from 24,003 to 25,147 metric tonnes CO2e, driven by adjustments in both Scope 1 and 2. Total Scope 1 and 2 emis- sions (market-based) increased from 19,771 to 20,113 metric tonnes CO2e, reflecting corrections in both Scope 1 and Scope 2 figures. Water consumption and total waste remained the same, while incinerated waste decreased from 296 to 222 tonnes, and waste to recycling increased from 1,283 to 1,320, along with waste to landfill from 1,209 to 1,247. In 2022/23, total energy consump- tion increased from 211,398 GJ to 214,303 GJ, reflecting improved data accuracy. Energy from natural gas and LPG remained the same at 33,468 GJ. Energy from petrol and diesel decreased from 24,949 GJ to 21,159 GJ, due to distinguishing fuel con- sumption for hybrid-based company cars as a separate indicator. Energy from electricity from the grid increased slightly from 144,771 GJ to 144,971 GJ. Energy from electricity from solar panels remained the same at 5,319 GJ. Energy from district heating remained the same at 2,890 GJ. For 2021/22, Scope 1 emissions were restated from 4.832 to 5,047 metric tonnes CO2e, reducing the figure. Scope 2 emissions (loca- tion-based) increased from 19,206 to 21,912 metric tonnes CO2e, as a result of improved accuracy in energy consumption data and changes to IEA emission factors. Scope 2 emissions (market-based) were adjusted from 14,797 to 16,904 metric tonnes CO2e. Scope 3 emissions are not restated as they were not reported, but are calculated to be 157,899 metric tonnes CO2e. Total Scope 1 and 2 emissions (location-based) were restated from 24,571 to 26,959 metric tonnes CO2e, following corrections in Scope 1 and 2 emis- sions. Total Scope 1 and 2 emissions (mar- ket-based) increased from 19,630 to 21,950 metric tonnes CO2e, reflecting updated calcu- lations for both Scopes. Water consumption decreased from 125,549 to 125,390, and total waste decreased from 3,011 to 3,007, while incinerated waste decreased from 346 to 254 tonnes, and waste to recycling increased from 1,246 to 1,291, along with waste to landfill from 1,419 to 1,461. In 2021/22, total energy consumption increased from 224,343 GJ to 227,082 GJ. Energy from natural gas and LPG decreased slightly from 52,704 GJ to 52,676 GJ. Energy from petrol and diesel decreased from 19,863 GJ to 16,382 GJ, due to distin- guishing fuel consumption for hybrid-based company cars as a separate indicator. Energy from electricity from the grid increased from 142,976 GJ to 143,298 GJ. Energy from elec- tricity from solar panels remained the same at 5,262 GJ. Energy from district heating remained the same at 3,538 GJ. In 2020/21, Scope 1 emissions saw a slight adjustment from 4,329 to 4,346 metric tonnes CO2e, improving the accuracy of direct emissions reporting. Scope 2 emis- sions (location-based) were restated from 18,027 to 19,628 metric tonnes CO2e, due to updates in energy consumption data and changes to IEA emission factors. Scope 2 emissions (market-based) increased from 18,505 to 20,106 metric tonnes CO2e, reflect- ing corrections in energy source data. Scope 3 emissions were restated from 419,783 to 142,266 metric tonnes CO2e, due to signif- icant improvements in the spend dataset, an improved calculation method and con- sistency in emission factors used. Total Scope 1 and 2 emissions (location-based) increased from 22,356 to 23,974 metric tonnes CO2e, reflecting corrections in both Scope 1 and 2. Total Scope 1 and 2 emis- sions (market-based) were revised from 22,834 to 24,452 metric tonnes CO2e, incor- porating adjustments across both Scopes. Water consumption increased from 137,115 to 141,863, and total waste increased 2,429 to 2,532, while incinerated waste increased from 146 to 159 tonnes, and waste to recy- cling increased from 968 to 1,013, along with waste to landfill from 1,315 to 1,360. In 2020/21, total energy consumption increased from 199,927 GJ to 201,973 GJ. Energy from natural gas and LPG decreased from 47,634 GJ to 47,493 GJ. Energy from petrol and diesel decreased from 18,865 GJ to 15,654 GJ, due to distinguishing fuel consumption for hybrid-based company cars as a separate indicator. Energy from electricity from the grid increased from 124,371 GJ to 124,819 GJ. Energy from electricity from solar panels remained the same at 5,501 GJ. Energy from district heating remained the same at 3,556 GJ. These restatements ensure more accu- rate and transparent reporting of Ambuâs greenhouse gas emissions across all years. We improved the data quality and complete- ness for energy, water and waste indicators during the GHG review process. Although the changes for these indicators are consid- ered immaterial, we choose to restate them to ensure the figures reflect a comprehensive and updated inventory, enabling consistent comparisons over time. Environmental indicators Greenhouse gas emissions (CO2e) Besides accounting for CO2 emissions, we also include other greenhouse gas emissions. GHG emissions are disclosed in line with the guidelines of the Greenhouse Gas Protocol. Fuel and electricity consumption in our four production sites, one R&D office and head- quarters are based on actual consumption or purchase. Consumption of fuel and electri- city by warehouses, R&D offices, sales offices and related company cars are based on esti- mated data, due to non-accessible data. Scope 1 covers direct GHG emissions from sources that are controlled by the company. Ambu has the following sources of Scope 1 emissions: ⢠Consumption of natural gas and LPG and diesel to power heat sources or stationary combustion engines ⢠Consumption of fuels, both at production sites and in company cars. As it is not possible to collect complete fuel or driving data for our company cars used by our sales force, emissions are calculated using a standardised yearly driving distance and emissions from an average car. ⢠Refilling of refrigerants from air condition- ing and ventilation units. Scope 2 covers indirect GHG emissions from the generation of electricity and heat, including renewable energy. The GHG emis- sions physically occur at the facility where the electricity or heat is generated. As from 2020/21, Ambu discloses Scope 2 emissions according to both the market- and location- based method. This year, our renewable electricity share increased to 34%, covering consumption of 15,510 MWh, compared to 26% in 2022/23. This result is driven by the purchase of RECs, covering 99.9% of the electricity consumption at our site in Xiamen, China, and 33% of our electricity consumption at our site in Penang, Malaysia. RECs cover 13,982 MWh or 90% of our total renewable electricity, while our solar panels in Penang, Malaysia, and Ballerup, Denmark, have produced 1,528 MWh and cover 10%. Consumption of electricity used at our sales offices and warehouses is based on a standardised number of kWh per m2. Scope 3 covers the indirect GHG emissions that occur both up and down the value chain. The emissions disclosed in this report are calculated on data for this financial year, FY 2023/24, covering the period of 11 months, from 1st of October 2023 to 31st of August 2024 for categories 6 (supplier data), 11 and 12, while the emissions for the last month of the financial year (September 2024) are extrapolated. For categories 1, 2, 4 and 6, we use the data for the entire year. Rental car for supplier-specific data is extrapolated for the last two months. Categories 3 and 5 are cal- culated based on the entire year consump- tion and estimate, while category 7 is calcu- lated for the entire year, based on the survey that took place in September, covering the reporting period of 11 months and extrapola- tion for employees who did not respond the survey, based on the headcount for Q3. Activity data in the shape of monetary data, quantity data, supplier-specific data and estimates are multiplied with relevant emis- sion factors retrieved mainly from UK DEFRA and IEA. In cases where the monetary data is used, emission factors from Exiobase 3.8.2 are applied. Emission factors from other databases are applied only when necessary, please refer to p. 83â. Category 1: Purchased goods and services Purchased goods and services include three types of purchases and are calculated using both quantity and monetary data from: â¢Direct Purchases: Raw materials, compo-nents, hardware and services essential to Ambu's core business operations. â¢Indirect Purchases: Goods and services notdirectly involved in manufacturing or core business processes. â¢Finished Goods Purchases: Ambu productsproduced by external suppliers through outsourced manufacturing. Category 2: Capital goods Capital goods include purchases of manu- facturing machines, IT equipment and other larger purchases that deviate from the pur- chases made in every financial year. Emis- sions are calculated based on monetary data. Category 3: Fuel- and energy-related activities Emissions are calculated based on energy consumption data, according to the location- based approach reported in Scope 1 and 2, including electricity, district heating and various fuels used at our production sites, headquarters, sales offices, warehouses and company cars owned by Ambu. Category 4: Upstream transportation and distribution Emissions are calculated based on actual well-to-wheel CO2e data from supplier-spe- cific reports and monetary data for all third- party transportation and distribution ser- vices purchased by Ambu, including inbound logistics, outbound logistics and between own facilities. Transportation of goods from tier one suppliers to Ambu is implicitly included in Category 1 and 2, when the trans- portation is ensured by the suppliers. Category 5: Waste generated in operations Emissions from the treatment of waste and wastewater generated in operations are calculated based on the actual waste and water data from our production sites and headquarters, together with an estimation of waste and water generated per employee, multiplied with the total number of employ- ees in Ambu sales offices. For waste that is recycled or incinerated with energy recovery, only transportation-related emissions are included, as emissions from the recovery process are considered out of scope. Category 6: Business travel Emissions from flights, trains, car rentals and car mileage are calculated using dis- tance data provided by our supplier. Emis- sions from other business travel activities are based on monetary data recorded in Ambuâs procurement management system. Emissions from hotel stays are excluded, in accordance with SBTi requirements. Category 7: Employee commuting Emissions from employees commuting to Ambuâs entities are calculated based on information provided via a global sur- vey, filled out by employees, depicting the share of employees commuting by private car, Ambu bus and other public means of transportation. This information is applied to extrapolate the emissions for the entire Group, based on the total number of employ- ees as per Q3. Category 11: Use of sold products Emissions from the use of products that directly consume electricity are calculated based on sales quantity data. Energy con- sumption has been estimated by consi- dering inputs on the product usage time for different medical interventions that spans between a few seconds to a number of hours, number of single-use products used per unit and maximum usage hours by design. Products that indirectly consume energy are excluded, in accordance with SBTi requirements. Category 12: End-of-life treatment of sold products Emissions are calculated based on weight data (some of it extrapolated) for sold Ambu products, mapped in categories represent- ing the different material components of product and packaging. For waste that is recycled or incinerated with energy recovery, with 93/7 split for incineration with/without energy recovery, only transportation-related emissions are included, as emissions from the recovery process are considered out of scope. Categories 8, 9, 10, 13, 14 and 15 are deemed not relevant for Ambu, due to the nature of the company. In addition, we have performed an estimate of Category 9, for which emissions were deemed to be imma- terial. A completeness check of the inventory and a review of emission and conversion factors are reviewed annualy and were conducted prior to our sustainability disclosure. For FY 2023/24, Global Warming Potentials Set is a mix of IPCC Fifth Assessment Report (AR5) and IPCC Fifth Assessment Report (AR4) List of Emission Factor Sets: ⢠Exiobase - Monetary 3.8.2 ⢠UK DEFRA - Conversion Factors 2022 ⢠UK DEFRA - Conversion Factors 2023 ⢠US EPA - Emission Factor Hub 2023 ⢠US EPA - eGRID 2022 Sub Region (Publication Year 2024) ⢠AIB 2023 ⢠IEA International Electricity Factors (2023) Carbon intensity metrics (CO2e per manu- factured product and CO2e per unit of reve- nue) are calculated using total market-based emissions (Scope 1, 2 and 3), divided by the total metric tonnes of manufactured prod- ucts or DKKm revenue, respectively. Tonnes of manufactured products include packaging and are based on the number and weight of products produced at our factories. Inter- company parts and products are excluded to avoid double-counting manufactured products. Data is extracted from local ERP systems. Revenue is defined as per Note 2.2 on p. 121â. Total energy consumption is summarised in GJ. Conversion of units to GJ is based on factors presented by the GHG protocol cross-sector tool, DEFRA conversion factors and other recognised sources. Energy for sales offices and other facilities where we do not collect data, is estimated based on energy intensity per m2. Energy from com- pany cars (fuel-based cars and hybrid cars) is estimated based on the annual driving distance and distance to energy conversion factors from UK DEFRA. Renewable electricity is generated by solar panels installed at our headquarters and at our Penang production site. The renewa- ble energy volume from our headquarters is based on a performance calculation, for Penang it is based on invoices. We purchase Renewable Energy Certificates (RECs). Renewable energy share is the share of renewable energy from solar panels and RECs of all energy used. Renewable electri- city share is the share of renewable electricity from solar panels and RECs of all electricity used. In 2023/24, we purchased 13982 units (MWh) of renewable energy certificates RECs, covering 34% of our total energy consumption, specifically, 9447 units (MWh) covering 99.9% of our electricity consump- tion at our site in Xiamen and 4,535 units (MWh) covering 33% of our electricity con- sumption at our site in Penang, for which we have obtained invoices and certificates for our RECs, as well as cancellation proof. Water consumption is the sum of all water consumed. The sum of all water drawn into the boundaries of the company from all sources, including surface water, ground- water, rainwater and any municipal water sup- ply. Water consumption is based on meter readings and invoices from our four produc- tion sites and headquarters. Water consump- tion from Ambuâs sales offices is estimated on the basis of employee headcount, using a standard derived from water consumption per employee at our headquarters. Waste is defined as what is left when pro- duction or consumption end. It is material that must be disposed of, so that it does not accumulate to become a nuisance. Waste data are based on invoices from waste collectors and divided into total volumes of waste and the various waste treatment methods. Hazardous waste, as defined in the European Waste Directive, is disclosed as a percentage of the total waste amount. Waste generation from Ambuâs sales offices is esti- mated based on employee headcount, using a standard derived from waste generated per employee at our headquarters. Waste recycled (%) is calculated by dividing the recycled waste amount by the total waste amount. Hazardous waste (%) is calculated by divid- ing the hazardous waste amount by the total waste amount. Social indicators Headcount (number) is measured as the current employee headcount per end of financial year 2023/24, on 30 September 2024. It includes all active employees, as well as employees on paid and unpaid leave, with a temporary or permanent Ambu con- tract. People without an Ambu contract, e.g., interns, consultants and externally hired temps, are excluded. Average headcount (number) is mea- sured over the course of 12 months (roll- ing average), leading up to the end of the financial year 2023/24, on 30 September 2024. The rolling average is an average of employee headcount at the last day of each of the 12 months, running from October 2023 to September 2024. It includes all active employees, as well as employees on paid and unpaid leave, with a temporary or permanent Ambu contract. People without an Ambu contract, e.g., interns, consultants and externally hired temps, are excluded. The 'Average headcount (number)' figure for the current year and the prior years (FY 2020/21, FY 2021/22 and FY 2022/23) are not fully comparable, as full-time equivalent (FTE) was used previously, whereas rolling headcount (HC) is applied in the current year (FY 2023/24), due to a change in accounting practices. Gender diversity (%) includes temporary and permanent employees (based on headcount) with an Ambu contract. People without an Ambu contract, e.g., interns, consultants and externally hired temps, are excluded. Gender diversity is calculated by comparing the num- ber of women at year-end with the average headcount. Gender diversity at management levels (in the Board of Directors and in other management) is calculated by comparing the number of underrepresented gender within the management level in question with the headcount within the same management level. The gender diversity for members of the Board, specifically Board members elected at the annual general meeting (AGM), does not include employee-elected members. Gender denotations, currently available from the system provider in the global employee system, are Female, Male, Unknown, Undeclared and Others. Genders are self-declared. Unknown or undeclared gender entries will be presented as Others. A manager is defined as an employee who is on management level (F-level). Employee turnover rate (%) includes tem- porary and permanent employees (based on headcount) with an Ambu contract. People without an Ambu contract, e.g., interns, consultants and externally hired temps, are excluded. An employee that has been internally transferred from one legal entity to another within Ambuâs network is not con- sidered as turnover and hence, it has been excluded too. The turnover rate only includes employees with an Ambu contract who have been employed for seven days or more. It is calculated by comparing the total number of voluntary and non-voluntary leavers (retirees and terminations due to abscondment are considered voluntary leavers) with the ave- rage headcount. The 'Employee turnover rate (%)' figure for the current year and the prior years (FY 2020/21, FY 2021/22 and FY 2022/23) are not fully comparable, as full- time equivalent (FTE) was used previously, whereas rolling headcount (HC) is applied in the current year FY23/24, due to a change in accounting practices. Thus, prior-year and current-year numbers are not fully compara- ble, due to a change in accounting practice, whereas in the current year, rolling HC is applied, while for the prior year, FTE was applied. Sickness absence rate (%) includes all employees with an Ambu contract. Data compares the total number of sickness days reported with the total number of working days in the year (excluding planned leave). Working days for our white-collar and indi- rect blue-collar employees are based on national averages or derived from contrac- tual agreements on working time. For our blue-collar employees, we use planned working days registered on-site. In 2019/20 and 2020/21, sickness absence data for our production site in Malaysia included exter- nally hired workers. Sickness absence for our 12 employees in Sweden, Norway and Fin- land is not captured. Lost-Time Injury Frequency (LTIF) Lost- Time Injury Frequency (LTIF) includes all employees at our production sites, includ- ing employees with an Ambu contract and externally hired employees without an Ambu contract. The data from our office locations solely include employees with an Ambu contract. It is calculated as the reported number of accidents with lost time per million hours worked. A lost time injury is an accident resulting in more than eight hours of absence from work in connection with the accident. Our production sites in China, Malaysia, the USA and Mexico report actual working hours. Our headquarters in Ballerup, as well as our warehouse and office locations, use an estimate based on national averages or contractual agreements (e.g., 37 hours/week), excluding absence, such as, planned leave, sickness absence or other absence. In 2019/20 and 2020/21, data from our production site in China only included employees with an Ambu contract. Safety data for our 12 employees in Sweden, Nor- way and Finland is not captured. Fatalities is the sum of fatalities reported at our four production sites in China, Malaysia, the USA and Mexico and at our headquarters, as well as our warehouse and office loca- tions. Governance indicators Code of Conduct training (%) is calculated by comparing the number of employees who have completed training in our Code of Conduct, with the number of employees in scope. Employees in scope are white-collar and indirect blue-collar employees.</mrv:StatementOfCorporateSocialResponsibility>
<mrv:StatementOfTheDiversityPolicies contextRef="ctx1" id="fact4550" xml:lang="en">SOCIAL INFORMATION Underpinning our purpose are our Ambu values: Take Charge, Team Up and Be True. Social capital management Ambu is a purpose- and values-driven com- pany. Across the Group, we aspire to foster a highly engaged, diverse and inclusive culture where our people and teams can grow, as Ambu grows. We are made up of people who want to be challenged, drive results and make a differ- ence for our customers, and we are commit- ted to continuing to unlock the full power of our people and culture. At the core of our business lies our purpose. Together, we rethink solutions to save lives and improve patient care. It encapsulates our âwhyâ as a company and constitutes the guid- ing star for our one shared Ambu culture. In November 2022, we launched our purpose alongside our ZOOM IN strategy, thereby fostering a strong interconnection between our reason for being and our concrete plan of action for winning in the market. Furthermore, in September 2023, we launched our refreshed values â Take Charge, Team Up and Be True. Together with our purpose, these values shape our company culture, guide our behaviours and capture the essence of our culture. They were derived from extensive feedback from across our global organisation and highlight our way of working together with colleagues across functions and country borders, as well as with partners and customers. Ambition Ensure a safe and healthy work- ing environment, characterised by mutual trust and respect as a workplace, where every employee is treated fairly and can prosper. Governance Governed through the Ambu Code of Conduct and our Global Diversity, Equity & Inclusion Policy, as well as our Human & Labour Rights Policy</mrv:StatementOfTheDiversityPolicies>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" id="fact4598" xml:lang="en">Working towards diversity, equity & inclusion Ambu wants to be the employer of choice for the talent in our industry. Alongside other ini- tiatives, this means developing an inclusive and equitable work environment for a highly diverse workforce. We hold integrity high in all we do, and this is part of our company values and a cor- nerstone in the way we operate, both in the market, but also towards our people, who, we believe, should be empowered and valued as equals in a safe space. As we operate in a global environment, we recognise that a diverse and inclusive work- ing environment will mean different things for different sets of employees. We therefore approach this through a mixture of global and localised initiatives, including, but not Ambition Promote equality and inclusion for all and continue our work to ensure that Ambu remains an inclusive, equal and diverse place to work Target 40% representation of the underrepresented gender in other management of Ambu A/S (Parent Company) in 2023/24 Governance Governed through the Ambu Code of Conduct and our Global Diversity, Equity & Inclusion Policy, as well as our Labour & Human Rights Policy limited to, being a signatory to the United- Nationsâ Womenâs Empowerment Principles (UN WEP) and ensuring an accessible work- ing environment across all our sites. We live up to our Global Diversity, Equity & Inclusion Policy through employee-driven local initiatives and global strategic approaches. Inherently, we believe that a truly inclusive environment is best achieved by encouraging our employees to speak up and take ownership of creating a working environment they feel they belong to, com- bined with executive sponsorship, enabling our employees to feel safe and comfortable in doing so. Targets and progress Over the past financial year, Ambu continued to deliver on our commitment to ensuring a truly diverse workforce, as well as to uphold- ing our target of 40% representation of the underrepresented gender across other man- agement in our Parent Company. By the end of the 2023/24 financial year, we achieved a gender split in other manage- ment of 60% men and 40% women in Ambu A/S, of a total of 30 employees, achieving an equal gender distribution. Additionally, we improved the gender split in our Executive Leadership Team (for the Ambu Group), with a split of 57% men and 43% women, of a total of seven members, and across the total Ambu workforce, we achieved a gender split of 37% men and 63% women. Ambu is committed to structural equity and inclusion across the organisation.In 2023/24, we built on existing progress within Diversity, Equity and Inclusion with thorough quanti- tative and qualitative analysis. Based on the outcome of this research, we will continue to ensure structural equity across the organi- sation through pay, promotion and develop- ment equity. Ambu continues to be committed to a bias- free recruitment and promotion process. In 2023/24, we made significant strides in reducing bias in our recruitment process and identifying talent from a holistic per- spective through upskilling key hiring teams and focusing on a skill and potential based approach to assessing talent. In 2024/25, we will build on this momentum across the wider approach to talent in the organisation. In our global employee engagement survey, Ambu scored 4.2 out of 5 on our DEI driver. Based on a range of parameters, we found that we are particularly strong on being an inclusive workforce, and while the cognitive and demographic diversity has improved across the organisation, this continues to be a focus area for us. Diversity in management positions Report on the gender composition of the Board of Directors (members elected at the annual general meeting), pursuant to Section 99 b, and on diversity, pursuant to Section 107d, of the Danish Financial Statements Act. Board diversity Ambu aims for the Board of Directors and top-level management to be representative across genders, nationalities, ages, edu- cation, qualifications, competences and, thereby, perspectives. As stated in our Global Diversity, Equity & Inclusion Policy, the Board should, as a group, have sufficient knowledge, insight and professional experience to understand Ambu's activities and the risks connected hereto. It is the Executive Management's view that the policies are met, as the criteria on diversity and inclusion has been consid- ered for selection of the Board members in 2023/24 The members of Ambuâs Board of Directors were deemed to possess a wide range of relevant competences in the finan- cial year 2023/24. For an overview of the competences of the Board, please refer to p. 97â. Since Ambuâs annual general meeting in December 2022, the Board of Directors has had two women on the Board. In this context, board diversity refers to members of the Board elected at the annual general meeting. Our ambition is to have at least 28,6% of the underrepresented gender on our Board. With two women on a Board of Directors of six members, Ambu achieved this target in 2023/24, as the underrepresented gender represented 33%. Thus, we have an equal gender distribution in our Board of Directors. We continuously aim to ensure diversity in our Board and disclose the goals and actual numbers of different genders, nationalities and age intervals in our annual reporting. Our goal is to have genders, nationalities and age intervals represented, and we continue our focus on driving broad diversity in the Board. Statutory reporting of gender diversity for Ambu A/S Diversity in the Board of Directors (excluding employee-elected) Target 2023/24 2023/24 Total number of members Not required 6 Underrepresented gender (%) Minimum 28.6 33 Number of genders 2 2 Number of nationalities 2 3 Number of age intervals (40-49, 50-59, 60-69) 3 3 Gender diversity in the other management of Ambu A/S Target 2023/24 2023/24 Total number of members in other management Not required 30 Underrepresented gender in other management (%) 40 40 Target 2027/28 Underrepresented gender in other management (%) Minimum 40 - * Board of Directors refers to members elected by the shareholders at Ambuâs annual general meeting. Other management of Ambu A/S relates to Ambu A/S (Parent Company) and features the Executive Leadership Team (including the Executive Management) and the second management level, consisting of people managers reporting directly to the members of the Executive Leadership Team. Gender diversity in the other management of Ambu A/S Ambu aims not just to have a broad diversity in our Board of Directors, but also to achieve a diverse management and workforce. From a management perspective, we report on gender diversity for both our Group Execu- tive Leadership Team and our other manage- ment level, defined only for Ambu A/S (Par- ent Company. The Executive Leadership Team comprises our top-level executives across the Ambu Group (including our Executive Management). The other manage- ment, cf. § 99b, in Ambu A/S consist of two levels of management. Level 1: The Executive Management and the people who are on the same organisational level as the Executive Management. Level 2: People with employee responsibilities who report directly to the Executive Management. In 2023/24, we achieved a gender split in other management of 60% men and 40% women in Ambu A/S, of a total of 30 employ- ees. We therefore have an equal gender distribution in our Parent Company. Diversity, equity and inclusion continues to be important at Ambu, and we strive to maintain the equal gender distribution we have achieved. To maintain our high ambition for diversity in our other management, as well as the aims set forth in our Global Diversity, Equity & Inclusion Policy, we will continually evaluate and improve our practices across all People & Culture activities. This includes continuing our key initiatives from 2023/24. Among other things, our initi- atives involved closely tracking and reporting measurements of gender diversity, ensur- ing accountability and transparency in our efforts to achieve target representation of the underrepresented gender in our other man- agement. Additionally, we made significant strides in reducing bias in our recruitment process and identifying talent from a holistic perspective. In 2024/25, we will continue to build on this momentum through applying the same prin- ciples in identifying, evaluating and promot- ing talent within the organisation. Above all, we are dedicated to continuing our focus on driving diversity, not only at our Board, Executive Leadership Team and other management levels, but across our global organisation.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatementOfPolicyForDataEthics contextRef="ctx1" id="fact4831" xml:lang="en">Data Ethics It is Ambuâs policy to maintain the highest ethical standards and comply with all applicable data and privacy laws and regulations. Our work with data ethics is governed by the data ethics policy, as well as internal policies and standard operating procedures. Please go to Ambu.com/data ethics for more information on our Data Ethics Policy, prepared in accordance with Section 99d of the Danish Financial Statements Act.</mrv:StatementOfPolicyForDataEthics>
<mrv:CorporateGovernanceReport contextRef="ctx1" id="fact4841" xml:lang="en">CORPORATE GOVERNANCE Corporate governance concerns the way Ambu is managed and controlled. We are continuously developing our corporate governance in response to the strategic development, goals and activities. Ambu seeks to establish close and trusted relations with relevant stakeholders, including shareholders, employees, customers, suppliers and society as a whole. We also seek to ensure transparency, and we want to openly share relevant information with our stakeholders. Corporate governance reporting Ambuâs Board of Directors complies with all of Nasdaq Copenhagenâs recommendations regarding corporate governance and reports. More information on the mandatory annual corporate governance report is disclosed at www.ambu.com in accordance with section 107(b) of the Danish Financial Statements Act. Governance structure The shareholders of Ambu A/S exercise their rights at the general meeting, which is the supreme governing body of the company. At the annual general meeting, the sharehold- ers approve the annual report, dividends, elect the Board members and the auditors of the company, and adopt the companyâs Articles of Association and proposals sub- mitted by shareholders and the Board. Any shareholder has the right to raise questions and suggestions for consideration at the general meetings. The company has two share classes and Ambuâs Articles of Association do not impose any restrictions on ownership or vot- ing rights. Class A shares carry ten votes per share, while Class B shares carry one vote per share. Class A and Class B shares carry equal economic rights. The Class B shares are traded publicly at NASDAQ Copenhagen. Any shareholder is entitled to attend and vote at the general meetings. The Board of Directors regularly discusses the existing ownership structure with the holders of Class A shares. The Board of Directors and the holders of Class A shares agree that the ownership structure has been and remains expedient for all of the companyâs stakeholders, as it lays a sound framework for the implementation of Ambuâs strategy and plans, thereby safeguarding the interests of all shareholders. Board of Directors Ambu has a two-tier management structure, consisting of the Board of Directors and the Executive Management. The two bodies are independent of each other, and no person serves as a member of both. The Board of Directors is responsible for, but not limited to, the overall management of Ambu, defin- ing strategies and setting objectives, as well as approving the overall budgets and plans. The Board of Directors also undertakes overall supervision of the companyâs activi- ties and ensures that Ambu is managed in a responsible manner and in compliance with legislation and the Articles of Association. The Board of Directors has established an annual process, whereby self-evaluation of the Board of Directorsâ work and per- formance is assessed. At least every three years, the evaluation is conducted by an experienced external facilitator. The self-eval- uation in 2023/24 led to focus areas, which will be included in the work of the Board of Directors in 2024/25. Qualifications and composition of the Board of Directors The Board of Directors currently has six members elected by the shareholders at the annual general meeting, and three members, elected by the employees, pursuant to the Danish rules concerning employee repre- sentation. The shareholder-elected members are elected for one year at a time, while the employee-elected members are elected for a four-year period. For the Board of Directors to undertake its responsibilities and act as a good sounding board for the Executive Management, the following competences are particularly relevant: Global strategy & execution, MedTech industry, organisational transformation and restructuring, finance, audit & risk management, compliance, regu- latory & legal, supply chain & manufacturing, sustainability, board governance and ESG, HR & compensation and digital/technology experience. The members of Ambuâs Board of Directors are deemed to possess these competences. Currently, the Board consists of nine mem- bers, of which three are employee-elected. Of these nine members, three are women and six are men. In accordance with section 139c of the Danish Companies Act, this is considered equal gender representation in the Board, and no policy or further reporting is thus required. All members elected by the shareholders at the annual general meeting are considered to be independent members, as defined by the Committee on Corporate Governance. Overview of attendance rate for 2023/24 The Board of Directors held ten meetings during 2023/24. To ensure dedicated and in-depth work in specific areas, the Board of Directors has established several committees and one council that report to the Board of Directors: Chair Council, Audit Committee, Remuneration Committee, Innovation Committee and Nomination Committee. The Chair Council consists of the Chair and the Vice Chair of the Board of Directors. The Chair Council performs certain preparation and planning in relation to Board meetings and is a forum for the Chair Councilâs and Executive Managementâs reflections. The Chair Council held eight meetings during 2023/24. The Audit Committee consists of three members of the Board of Directors. In addi- tion, the CEO, the CFO, the VP of Finance & Accounting and the auditor appointed at the annual general meeting attend the Audit Committee meetings. The Audit Commit- tee held four meetings during 2023/24. The purpose of the Audit Committee is to assist the Board of Directors in ensuring the quality and integrity of the presentation of the com- panyâs financial statements, reporting and auditing, as well as reviewing the risk and control management systems in connection with Ambu's financial reporting. The charter of the Audit Committee can be found at â Ambu.com/auditcom. The Remuneration Committee consists of three members of the Board of Directors. In addition, the CEO and the Chief People Officer attend the meetings. The Remunera- tion Committee held three meetings during 2023/24. The duties of the Remuneration Committee are set in place to ensure that the remune- ration offered by Ambu is competitive and sufficient to attract and retain the best quali- fied directors and executives. The charter of the Remuneration Committee can be found at â Ambu.com/remcom. The Innovation Committee consists of three members of the Board of Directors. In addi- tion, the CEO, the Chief Marketing Officer and the Chief Technology Officer attend the Innovation Committee meetings. The Innova- tion Committee held three meetings during 2023/24. The purpose of the Innovation Committee is to oversee and make recom- mendations for the innovation strategy and its execution, and to consider external inno- vation opportunities. The charter of the Innovation Committee can be found at â Ambu.com/innovationcom. The Nomination Committee consists of three members of the Board of Directors. The Nomination Committee held three meet- ings during 2023/24. Ambuâs CEO attends the meetings of the Nomination Committee. The Nomination Committee is charged with evaluating the composition of the Execu- tive Management and with evaluating, and possibly renewing, the Board of Directors to ensure that the members of the Board meet the requirements and possess the skills required. The charter of the Nomination Committee can be found at â Ambu.com/nomcom. EXECUTIVE MANAGEMENT The Board of Directors appoints the Executive Management and lays down its terms of employment. The Executive Management is responsible for Ambuâs day-to-day management, including, but not limited to, the development of Ambuâs activities and operations and its risk management, financial reporting and internal affairs. The Executive Management prepares and presents the companyâs strategy, long-term financial planning and budgets to the Board of Directors. The delegation of powers and responsibilities by the Board of Directors to the Executive Management is defined in the Rules of Procedure for Ambuâs Board of Directors (Bestyrelsens Forretningsorden) and the provisions of the Danish Companies Act (Selskabsloven). The Executive Management consists of Ambu's CEO, Britt Meelby Jensen, and our CFO, Henrik Skak Bender. Recommendations for corporate governance As a Danish listed company, Ambu A/S must comply with, or explain deviations from, the âRecommendations for Corporate Govern- anceâ, implemented by Nasdaq Copenha- gen, in the Rules for issuers of shares and Section 107b of the Danish Financial State- ments Act. The Board of Directors has considered the recommendations from the committee on corporate governance and has reported on them in a corporate governance document. Ambu complies with all of the recommenda- tions of the Committee on corporate gover- nance, and the report on compliance with the corporate governance recommendations can be found at â Ambu.com/corpgov.</mrv:CorporateGovernanceReport>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact5066" xml:lang="en">MANAGEMENT STATEMENT The Board of Directors and the Executive Management have today considered and approved the annual report of Ambu A/S for the financial year from 1 October 2023 to 30 September 2024. The annual report has been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consoli- dated financial statements and the parent financial statements give a true and fair view of the Groupâs and the companyâs assets, equity and liabilities and financial position at 30 September 2024, and of the results of the Groupâs and the companyâs operations and cash flows for the financial year from 1 October 2023 to 30 September 2024. In our opinion, the Managementâs review gives a fair account of the development and performance of the Group and the ompany, the results for the year and the Groupâs and the companyâs financial position, together with a description of the principal risks and uncertainties faced by the Group and the company. The Consolidated ESG data have been prepared in accordance with the stated accounting policies. In our opinion, it gives a fair view of the Groupâs environmental, social, and governance performance. In our opin- ion, the annual report of Ambu A/S, for the financial year 1 October 2023 to 30 September 2024 identified as AMBU-2024-09-30-en.zip, has been prepared, in all material respects, in compliance with the ESEF Regulation. The annual report is submitted for adoption by the annual general meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx32" id="fact5643" xml:lang="en">Britt Meelby Jensen</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx32" id="fact5644" xml:lang="en">Chief Executive Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx33" id="fact5645" xml:lang="en">Henrik Skak Bender</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx33" id="fact5646" xml:lang="en">Chief Financial Officer</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx34" id="fact5647" xml:lang="en">Jørgen Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx34" id="fact5648" xml:lang="en">Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx38" id="fact5653" xml:lang="en">Shacey Petrovic</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx38" id="fact5654" xml:lang="en">Vice Chair</cmn:TitleOfMemberOfSupervisoryBoard>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" id="fact5084" xml:lang="en">Copenhagen</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1" id="fact5085">2024-11-05</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx35" id="fact5649" xml:lang="en">Susanne Larsson</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx36" id="fact5650" xml:lang="en">Christian Sagild</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx39" id="fact5655" xml:lang="en">Michael Del Prado</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx40" id="fact5656" xml:lang="en">Simon Hesse Hoffmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx37" id="fact5651" xml:lang="en">Charlotte Elgaard Bjørnhof</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx37" id="fact5652" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx41" id="fact5657" xml:lang="en">Thomas Bachgaard Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx41" id="fact5658" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx42" id="fact5659" xml:lang="en">Jesper Mads Bartroff Frederiksen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx42" id="fact5660" xml:lang="en">Employee-elected</cmn:TitleOfMemberOfSupervisoryBoard>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact5086" xml:lang="en">INDEPENDENT AUDITOR'S REPORT</arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact5087" xml:lang="en">To the shareholders of Ambu A/S Report on the audit of the Consolidated Financial Statements and Parent Company Financial Statements</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact5090" xml:lang="en">Opinion We have audited the consolidated financial statements and the parent company financial statements of Ambu A/S for the financial year 1 October 2023 â 30 September 2024, page p. 109â-p. 171â which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information, for the Group and the Parent Company. The consolidated financial state- ments and the parent company financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the finan- cial position of the Group and the Parent Company at 30 September 2024 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 October 2023â 30 September 2024 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Finan- cial Statements Act. Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" id="fact5136" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judge- ment, were of most significance in our audit of the financial state- ments for the financial year 2022/23. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the finan- cial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the financial statements. Recognition of revenue in the USA due to price adjustment structure In the US market, a significant portion of Ambuâs sales flow through dealers (third-party warehouses) who sell the products to public and private hospitals and clinics (the end-customers). Ambuâs sales price to the dealer depends on the pricing arrangement Ambu has agreed with the end-customer. As Ambuâs sales to end-customers deviate in amounts and timing from the amounts invoiced to the dealer, Ambu subsequently adjusts the price stated in the preliminary invoice. Price adjustments are rec- ognized on an ongoing basis, and price adjustments which have not been settled at the balance sheet date are recognized as a reduction in trade receivables in the balance sheet. We focus on this area, as the assessment of non-settled price adjust- ments to dealers is complex and includes management estimates and judgements. Reference is made to note 2.2 in the consolidated financial state- ments. How our audit addressed the key audit matter We have identified, tested and assessed key internal controls and related systems which are used to process and calculate price adjust- ments for dealers. We assessed and reviewed managementâs calculation of price adjust- ments by comparing the assumptions applied with the groupâs trad- ing policies, the terms of existing contracts, third-party reported data and historical price adjustment levels. Further, we made an assessment of the most significant parameters included in the calculation of the non-settled price adjustments as per 30 September 2024 based on historical data, accounting records, external inventory statements and the terms of existing contracts. Valuation of acquired technologies, etc. Following prior yearsâ acquisitions including the acquisition of Invendo Medical GmbH in October 2017, the Group has recognized acquired technologies, trademarks and customer relations totalling DKK 648 million as per 30 September 2024. The value of acquired intangible assets was initially determined in connection with the purchase price allocation. Subsequent, additional internally generated development costs associated to the acquired technologies have been capitalized. In case of indications of impair- ment, an impairment test is prepared, based on managementâs estimates of the recoverable amount based on an assessment of net present value of future cash flows on the basis of strategic revenue plans, long-term growth, royalty rate and discount rate, etc. Due to the inherent uncertainty involved in determining the recover- able amount, we considered these impairment tests to be a key audit matter. Reference is made to note 3.2 in the consolidated financial state- ments. How our audit addressed the key audit matter Our audit procedures included testing the mathematical accuracy of the discounted cash flow models and comparing forecasted profita- bility to internally approved budgets and long-term strategy. We evaluated the assumptions and methodologies used in the dis- counted cash flow model, in particular the assumptions relating to the forecasted revenue growth, including comparing with historical growth rates and the royalty rate and discount rate. Further, we evaluated the sensitivity analysis on the assumptions applied in the impairment models prepared by management.</arr:KeyAuditMattersAudit>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact5111" xml:lang="en">Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Den- mark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company finan- cial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014. Appointment of auditor We were initially appointed as auditor of Ambu A/S on 13 December 2017 for the financial year 2017/18. We have been reappointed annually by resolution of the general meeting for a total consecutive period of seven years up until the financial year 2023/24.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact5209" xml:lang="en">Statement on the Managementâs review Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Man- agement's review, and we do not express any assurance conclusion thereon. In connection with our audit of the financial statements, our respon- sibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Manage- ment's review provides the information required by relevant law and regulations. Based on our procedures, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of relevant law and regulations. We did not identify any material misstatement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" id="fact5243" xml:lang="en">Auditorâs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assur- ance, but is not a guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, indi- vidually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judge- ment and maintain professional scepticism throughout the audit. We also: â Identify and assess the risks of material misstatement of the finan- cial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evi- dence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. â Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the cir- cumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control. â Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. â Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclu- sions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. â Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. â Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our inde- pendence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with govern- ance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent com- pany financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" id="fact5227" xml:lang="en">Managementâs responsibilities for the financial statements Management is responsible for the preparation of consolidated finan- cial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Finan- cial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial state- ments that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liqui- date the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx1" id="fact5313" xml:lang="en">Report on compliance with the ESEF regulation As part of our audit of the Consolidated Financial Statements and Parent Company Financial Statements of Ambu A/S, we performed procedures to express an opinion on whether the annual report of Ambu A/S for the financial year 1 October 2023 â 30 September 2024 with the file name AMBU-2024-09-30-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Reg- ulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the Consoli- dated Financial Statements including notes. Management is responsible for preparing an annual report that com- plies with the ESEF Regulation. This responsibility includes: â The preparing of the annual report in XHTML format; â The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to ele- ments in the taxonomy, for all financial information required to be tagged using judgement where necessary; â Ensuring consistency between iXBRL tagged data and the Consol- idated Financial Statements presented in human readable format; and â For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the require- ments set out in the ESEF Regulation, whether due to fraud or error. The procedures include: â Testing whether the annual report is prepared in XHTML format; â Obtaining an understanding of the companyâs iXBRL tagging pro- cess and of internal control over the tagging process; â Evaluating the completeness of the iXBRL tagging of the Consoli- dated Financial Statements including notes; â Evaluating the appropriateness of the companyâs use of iXBRL ele- ments selected from the ESEF taxonomy and the creation of exten- sion elements where no suitable element in the ESEF taxonomy has been identified; â Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and â Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of Ambu A/S for the financial year 1 October 2023 â 30 September 2024 with the file name AMBU-2024- 09-30-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" id="fact5362" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1" id="fact5363">2024-11-05</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx46" id="fact5679" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx45" id="fact5668" xml:lang="en">EY Godkendt Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx45" id="fact5670" xml:lang="en">Søren Skov Larsen</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx46" id="fact5674" xml:lang="en">Henrik Pedersen</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx45" id="fact5671" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx46" id="fact5675" xml:lang="en">State Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx45" id="fact5673" xml:lang="en">mne26797</cmn:IdentificationNumberOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx46" id="fact5677" xml:lang="en">mne35456</cmn:IdentificationNumberOfAuditor>
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