EU Medtech Sector valuation sheet, ICYMI and Podcast (w/e 15.5.2026)

Research evidence excerpt

EU Medtech Sector valuation sheet, ICYMI and Podcast (w/e 15.5.2026)

EUROPEAN MEDTECH & SERVICES Monday, May 18, 2026 8/26/2024

Research J.P. Morgan Cazenove

David Adlington +44 (0) 20 7134 5828 david.adlington@jpmorgan.com 25 Bank Street

Anchal Verma +44 (0) 20 3493 6144 anchal.verma@jpmorgan.com London

Specialist sales E14 5JP

Marjan Daeipour +44 (0) 20 7134 1329 marjan.daeipour@jpmorgan.com

y/e Ccy SPx M.Cap JPM JPM up / PER EPS EV/EBITDA EBITDA EV/EBIT EBIT

(US$m) Rec. PT down 2025 2026 2027 2025-27 2025 2026 2027 2025-27 2025 2026 2027 2025-27

Alcon Dec CHF 50.4 25,195 N 62.7 +24% 20.9 18.8 16.8 8% 11.6 10.4 9.8 8% 14.3 12.7 11.9 8%

Ambu Sep DKK 62 2,617 N 78 +25% 29.0 25.9 19.4 21% 14.2 12.8 10.4 14% 21.0 18.6 13.6 21%

Amplifon Dec EUR 10.9 2,877 N 16.7 +53% 15.5 13.3 11.1 6% 7.2 6.5 5.9 3% 16.8 14.2 11.7 6%

bioMérieux Dec EUR 71.7 8,481 N 120.5 +68% 15.2 14.5 12.8 9% 8.1 7.9 7.2 7% 11.5 11.2 9.9 8%

Carl Zeiss Sep EUR 25 2,587 UW 22 -10% 15.5 21.6 18.1 -12% 7.9 9.5 8.9 -1% 12.3 16.4 14.7 0%

Coloplast Sep DKK 399 14,178 N 566 +42% 22.3 15.4 14.0 7% 12.3 11.5 10.6 7% 14.6 14.2 12.8 6%

ConvaTec Dec GBp 208 5,418 OW 307 +48% 15.8 14.3 12.4 14% 10.0 9.3 8.2 9% 12.1 10.8 9.5 11%

Demant Dec DKK 236 7,769 OW 250 +6% 30.3 18.7 16.3 11% 12.7 11.6 10.2 4% 17.8 16.1 14.3 3%

Diasorin Dec EUR 63.8 4,115 UW 58 -9% 17.7 18.0 15.6 2% 11.5 11.3 10.3 4% 14.9 15.5 13.6 3%

Elekta Apr SEK 56 2,253 UW 52 -6% 14.3 15.5 13.6 1% 7.6 8.3 7.1 3% 11.5 12.6 10.8 1%

Fresenius Medical Care Dec EUR 37.2 12,695 UW 37.4 +0% 8.7 9.3 8.8 11% 7.1 7.4 6.7 2% 11.6 12.1 11.0 6%

Fresenius SE Dec EUR 38.8 25,405 OW 56.6 +46% 11.0 10.6 10.0 8% 9.6 8.6 7.9 5% 13.7 12.5 11.1 7%

Gerresheimer Nov EUR 24.6 989 OW 46.0 +87% 8.3 7.8 5.5 -2% 7.2 6.6 5.7 9% 13.6 11.8 9.7 7%