European Medical Technology & Services

Research evidence excerpt

European Medical Technology & Services

EUROPEAN MEDTECH & SERVICES Monday, July 13, 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 54.4 27,204 N 62.5 +15% 19.6 17.4 16.4 10% 11.3 10.5 9.9 10% 13.7 12.7 12.1 10%

Ambu Sep DKK 69 2,817 N 78 +14% 28.4 21.3 17.1 23% 14.2 11.5 9.3 16% 20.5 15.1 11.7 22%

Amplifon Dec EUR 10.5 3,262 N 16.7 +59% 13.0 10.8 9.6 16% 7.2 6.6 6.0 7% 15.9 13.1 11.5 15%

bioMérieux Dec EUR 69.8 8,262 N 71.6 +3% 15.1 13.6 11.6 8% 8.0 7.4 6.6 6% 11.6 10.5 9.0 8%

Carl Zeiss Sep EUR 31 3,121 UW 22 -29% 27.9 20.5 16.9 4% 11.5 9.7 8.9 2% 20.4 15.6 13.5 3%

Coloplast Sep DKK 401 13,955 N 484 +21% 15.9 14.4 12.8 20% 11.7 10.6 9.6 7% 14.5 12.9 11.4 7%

ConvaTec Dec GBp 214 5,606 OW 294 +37% 15.4 13.2 11.5 12% 9.9 8.6 7.5 8% 11.6 10.0 8.7 9%

Demant Dec DKK 272 8,790 OW 250 -8% 21.2 18.5 16.2 29% 12.7 11.3 10.2 9% 17.6 15.7 14.1 9%

Diasorin Dec EUR 63.8 4,115 UW 58 -9% 17.7 15.2 13.5 9% 11.0 10.1 9.3 6% 15.1 13.3 12.0 7%

Elekta Apr SEK 51 2,039 UW 52 +1% 14.3 12.6 11.7 4% 7.8 6.7 6.1 4% 11.8 10.2 9.1 4%

Fresenius Medical Care Dec EUR 41.9 12,841 UW 37.4 -11% 11.0 10.6 9.6 1% 6.9 6.3 5.7 1% 11.5 10.6 9.4 0%

Fresenius SE Dec EUR 42.6 27,341 OW 56.6 +33% 11.9 11.0 10.3 5% 9.1 8.4 7.8 6% 13.3 11.9 10.9 7%

Gerresheimer Nov EUR 28.5 1,122 OW 46.0 +62% 9.0 6.4 -2% 6.9 6.0 9% 12.3 10.1 7%

Getinge Dec SEK 208 5,851 UW 165 -21% 18.0 16.4 3% 9.8 8.9 4% 14.0 12.4 3%