EU Medtech Sector valuation sheet, ICYMI and Podcast (w/e 12.6.2026)

Research evidence excerpt

EU Medtech Sector valuation sheet, ICYMI and Podcast (w/e 12.6.2026)

EUROPEAN MEDTECH & SERVICES Monday, June 15, 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 53.2 26,564 N 62.5 +18% 21.8 19.5 17.3 8% 12.1 11.0 10.3 8% 14.9 13.5 12.5 8%

Ambu Sep DKK 63 2,641 N 78 +24% 29.3 26.1 19.6 21% 14.4 13.0 10.5 14% 21.2 18.8 13.8 21%

Amplifon Dec EUR 10.7 3,360 N 16.7 +57% 15.1 13.2 11.0 5% 8.0 7.2 6.6 3% 18.6 16.0 13.2 5%

bioMérieux Dec EUR 67.8 8,019 N 120.5 +78% 14.4 14.7 13.2 6% 7.7 7.8 7.2 5% 10.9 11.3 10.2 5%

Carl Zeiss Sep EUR 25 2,597 UW 22 -13% 15.6 22.8 16.8 -9% 7.9 9.7 8.2 1% 12.3 17.3 13.2 3%

Coloplast Sep DKK 383 13,579 N 484 +26% 21.3 15.2 13.8 6% 11.9 11.3 10.2 6% 14.1 14.0 12.4 5%

ConvaTec Dec GBp 203 5,327 OW 294 +45% 15.5 14.6 12.5 13% 9.8 9.5 8.2 8% 12.0 11.1 9.6 10%

Demant Dec DKK 251 8,266 OW 250 -0% 32.3 19.5 17.1 12% 13.3 12.0 10.6 5% 18.6 16.6 14.8 4%

Diasorin Dec EUR 63.8 4,115 UW 58 -9% 16.7 17.1 14.7 2% 10.9 10.7 9.8 4% 14.1 14.6 12.9 3%

Elekta Apr SEK 52 2,140 UW 52 -1% 13.5 14.6 12.8 1% 7.3 7.9 6.8 3% 10.9 12.0 10.3 1%

Fresenius Medical Care Dec EUR 39.7 12,374 UW 37.4 -6% 9.3 10.0 9.4 11% 7.1 7.3 6.7 2% 11.4 12.0 10.9 6%

Fresenius SE Dec EUR 37.7 24,642 OW 56.6 +50% 10.6 10.3 9.7 8% 9.4 8.4 7.8 5% 13.4 12.3 10.9 7%

Gerresheimer Nov EUR 25.1 1,007 OW 46.0 +83% 8.5 7.9 5.6 -2% 7.2 6.7 5.8 9% 13.7 11.9 9.7 7%