Sector valuation sheet: European Medical Technology & Services

Research evidence excerpt

Sector valuation sheet: European Medical Technology & Services

EUROPEAN MEDTECH & SERVICES Monday, July 6, 2026

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 2026 2027 2028 2026-28 2026 2027 2028 2026-28 2026 2027 2028 2026-28

Alcon Dec CHF 55.0 27,503 N 62.5 +14% 20.0 17.7 16.7 10% 11.4 10.6 10.0 10% 13.9 12.8 12.2 10%

Ambu Sep DKK 67 2,746 N 78 +17% 27.6 20.7 16.7 23% 13.7 11.1 9.0 16% 19.9 14.6 11.4 22%

Amplifon Dec EUR 10.6 3,280 N 16.7 +58% 13.1 10.9 9.7 16% 7.2 6.6 6.0 7% 15.9 13.1 11.6 15%

bioMérieux Dec EUR 69.7 8,250 N 120.5 +73% 15.1 13.6 11.6 8% 8.0 7.4 6.6 6% 11.6 10.5 9.0 7%

Carl Zeiss Sep EUR 29 2,940 UW 22 -24% 26.2 19.3 15.8 4% 10.9 9.2 8.4 2% 19.4 14.8 12.9 3%

Coloplast Sep DKK 395 13,788 N 484 +23% 15.6 14.2 12.6 20% 11.6 10.5 9.5 7% 14.3 12.7 11.3 7%

ConvaTec Dec GBp 223 5,825 OW 294 +32% 16.0 13.7 11.9 12% 10.3 8.9 7.8 8% 11.9 10.4 9.0 9%

Demant Dec DKK 282 9,130 OW 250 -11% 21.9 19.1 16.8 29% 13.1 11.6 10.5 9% 18.1 16.1 14.5 9%

Diasorin Dec EUR 63.8 4,115 UW 58 -9% 18.0 15.4 13.7 9% 11.1 10.2 9.4 6% 15.3 13.5 12.1 7%

Elekta Apr SEK 52 2,078 UW 52 -1% 14.6 12.8 11.9 4% 7.9 6.7 6.2 4% 12.0 10.3 9.2 4%

Fresenius Medical Care Dec EUR 41.1 12,625 UW 37.4 -9% 10.8 10.4 9.4 1% 6.8 6.3 5.6 1% 11.4 10.5 9.3 0%

Fresenius SE Dec EUR 42.4 27,335 OW 56.6 +33% 11.9 11.0 10.2 5% 9.1 8.4 7.8 6% 13.3 11.8 10.9 7%

Gerresheimer Nov EUR 28.1 1,112 OW 46.0 +63% 8.9 6.3 -2% 6.9 5.9 9% 12.3 10.0 7%