MEDTECH & SERVICES : Paris postcard - MedTech takeaways from the CEO conference

Research evidence excerpt

MEDTECH & SERVICES : Paris postcard - MedTech takeaways from the CEO conference

EQUITIES

MEDTECH & SERVICES

Paris postcard – MedTech takeaways from the CEO conference

We spent three days with 6 MedTech CEOs and CFOs at the BNPP CEO Conference, June 2-4.10 JUNE 2026

Sector Research Report Investors’ interest in MedTech was strong with close to 800 meeting requests: EssilorLuxottica (368),

Production time: 05:16* (London time)

Siemens Healthineers (145), Fresenius SE (101), Sartorius (100), Fresenius Med. Care (66), Qiagen

Research Analysts & Publishing Entities

(late addition). Next stop: BNPP European Healthcare Bus Tour (Sept. 7-11) - register here.

Hugo Solvet

BNP Paribas London Branch Shielded from macro volatility and incremental tariffs risk from s232

(+44) 203 430 8478 Management teams insisted that (1) they see only marginal impacts from the ME conflict at this stagehugo.solvet@uk.bnpparibas.com

on both demand and costs (EL, FRE, FME, QIA) and/or (2) have already reflected higher cost

Odysseas Manesiotis inflation in their guidance (SHL, QIA) and remain comfortable with their assumptions. When asked

BNP Paribas London Branch about s.232 tariffs risk in the coming months, EL, FRE and FME noted only nominal exposure.(+44) 203 430 8485

odysseas.manesiotis@uk.bnpparibas.com

Positive comments on business momentum in Q2

Andjela Bozinovic EL, FRE and QIA were the most constructive on the demand dynamic into Calendar Q2, based on

BNP Paribas London Branch our discussions. None of the companies flagged a temporary slowdown in demand.

(+44) 203 430 8699

andjela.bozinovic@uk.bnpparibas.com Most positive on Fresenius SE and Sartorius

We walked away with a higher level of confidence after our discussions, particularly on (1) Fresenius