Sector valuation sheet European Medical Technology & Services

Research evidence excerpt

Sector valuation sheet European Medical Technology & Services

EUROPEAN MEDTECH & SERVICES Monday, July 20, 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 56.7 28,333 N 62.5 +10% 20.4 18.1 17.1 10% 11.7 10.8 10.3 10% 14.2 13.2 12.5 10%

Ambu Sep DKK 69 2,845 N 78 +13% 28.6 21.5 17.3 23% 14.3 11.6 9.4 16% 20.6 15.2 11.8 22%

Amplifon Dec EUR 10.7 3,335 N 16.7 +55% 13.3 11.1 9.8 16% 7.3 6.6 6.1 7% 16.1 13.3 11.7 15%

bioMérieux Dec EUR 73.0 8,640 N 71.6 -2% 15.8 14.2 12.2 8% 8.4 7.8 6.9 6% 12.1 11.0 9.4 8%

Carl Zeiss Sep EUR 29 2,996 UW 22 -26% 26.7 19.7 16.2 4% 11.1 9.3 8.6 2% 19.7 15.0 13.1 3%

Coloplast Sep DKK 423 14,752 N 484 +14% 16.7 15.2 13.5 20% 12.3 11.1 10.0 7% 15.2 13.5 12.0 7%

ConvaTec Dec GBp 217 5,700 OW 294 +36% 15.7 13.4 11.6 12% 10.1 8.7 7.6 8% 11.7 10.2 8.9 9%

Demant Dec DKK 278 8,994 OW 250 -10% 21.6 18.9 16.5 29% 12.9 11.4 10.4 9% 17.9 16.0 14.3 9%

Diasorin Dec EUR 63.8 4,115 UW 58 -9% 17.8 15.3 13.6 9% 11.1 10.1 9.4 6% 15.2 13.4 12.0 7%

Elekta Apr SEK 47 1,869 UW 52 +11% 13.1 11.5 10.7 4% 7.2 6.2 5.6 4% 11.0 9.5 8.4 4%

Fresenius Medical Care Dec EUR 42.2 12,968 UW 37.4 -11% 11.1 10.7 9.6 1% 6.9 6.4 5.7 1% 11.6 10.6 9.5 0%

Fresenius SE Dec EUR 41.7 26,867 OW 56.6 +36% 11.7 10.8 10.1 5% 9.0 8.3 7.7 6% 13.1 11.7 10.8 7%

Gerresheimer Nov EUR 29.1 1,147 OW 46.0 +58% 9.2 6.5 -2% 6.9 6.0 9% 12.4 10.1 7%