EU Medtech Sector valuation sheet, ICYMI and Podcast (w/e 5.6.2026)

Research evidence excerpt

EU Medtech Sector valuation sheet, ICYMI and Podcast (w/e 5.6.2026)

EUROPEAN MEDTECH & SERVICES Monday, June 8, 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 53.1 26,544 N 62.5 +18% 21.7 19.4 17.2 8% 12.1 11.0 10.2 8% 14.9 13.5 12.5 8%

Ambu Sep DKK 66 2,737 N 78 +18% 30.6 27.3 20.5 21% 15.0 13.6 11.0 14% 22.2 19.7 14.5 21%

Amplifon Dec EUR 10.7 3,351 N 16.7 +56% 15.2 13.1 10.9 6% 8.0 7.2 6.6 3% 18.7 15.9 13.1 6%

bioMérieux Dec EUR 72.9 8,623 N 120.5 +65% 15.5 15.8 14.2 6% 8.3 8.4 7.8 5% 11.7 12.1 11.0 5%

Carl Zeiss Sep EUR 27 2,753 UW 22 -16% 16.7 23.2 19.4 -12% 8.3 10.0 9.4 -1% 13.0 17.4 15.6 0%

Coloplast Sep DKK 384 13,484 N 566 +48% 21.4 14.8 13.5 7% 11.9 11.2 10.3 7% 14.1 13.7 12.4 6%

ConvaTec Dec GBp 204 5,317 OW 307 +50% 15.5 14.0 12.2 14% 9.8 9.2 8.0 9% 11.9 10.6 9.3 11%

Demant Dec DKK 252 8,224 OW 250 -1% 32.4 20.0 17.5 11% 13.3 12.1 10.8 4% 18.6 16.9 15.0 3%

Diasorin Dec EUR 63.8 4,115 UW 58 -9% 17.9 18.4 15.7 2% 11.6 11.3 10.4 4% 15.0 15.6 13.7 3%

Elekta Apr SEK 55 2,241 UW 52 -6% 14.3 15.4 13.6 1% 7.6 8.2 7.1 3% 11.4 12.5 10.8 1%

Fresenius Medical Care Dec EUR 38.2 11,802 UW 37.4 -2% 8.9 9.6 9.0 11% 6.9 7.2 6.5 2% 11.3 11.8 10.7 6%

Fresenius SE Dec EUR 37.3 24,155 OW 56.6 +52% 10.5 10.2 9.6 8% 9.3 8.4 7.7 5% 13.3 12.2 10.9 7%

Gerresheimer Nov EUR 26.0 1,035 OW 46.0 +77% 8.8 8.2 5.8 -2% 7.3 6.7 5.8 9% 13.8 12.0 9.8 7%