Sector valuation sheet: European Medical Technology & Services

Research evidence excerpt

Sector valuation sheet: European Medical Technology & Services

EUROPEAN MEDTECH & SERVICES Monday, July 27, 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 55.7 27,853 N 62.5 +12% 19.9 17.6 16.6 10% 11.5 10.7 10.1 10% 14.0 13.0 12.4 10%

Ambu Sep DKK 68 2,797 N 78 +14% 28.2 21.2 17.0 23% 14.1 11.4 9.2 16% 20.3 15.0 11.6 22%

Amplifon Dec EUR 11.0 3,414 OW 16.7 +51% 13.6 11.4 10.1 16% 7.4 6.8 6.2 7% 16.4 13.5 11.9 15%

bioMérieux Dec EUR 69.9 8,273 N 71.6 +2% 15.1 13.6 11.6 8% 8.0 7.4 6.7 6% 11.6 10.5 9.0 8%

Carl Zeiss Sep EUR 28 2,833 UW 22 -22% 25.3 18.7 15.3 4% 10.6 8.9 8.2 2% 18.9 14.4 12.5 3%

Coloplast Sep DKK 404 14,036 N 484 +20% 15.9 14.5 12.9 20% 11.8 10.7 9.6 7% 14.6 12.9 11.5 7%

ConvaTec Dec GBp 216 5,630 OW 294 +36% 15.5 13.2 11.5 12% 10.0 8.6 7.6 8% 11.6 10.1 8.8 9%

Demant Dec DKK 274 8,829 OW 250 -9% 21.3 18.6 16.3 29% 12.8 11.3 10.3 9% 17.7 15.8 14.1 9%

Diasorin Dec EUR 63.8 4,115 UW 58 -9% 17.2 14.7 13.1 9% 10.7 9.8 9.1 6% 14.7 12.9 11.6 7%

Elekta Apr SEK 47 1,856 UW 52 +11% 5.8 11.9 11.6 2% 5.1 6.7 5.8 2% 10.2 9.6 8.9 2%

Fresenius Medical Care Dec EUR 43.3 13,241 UW 37.4 -14% 11.4 10.9 9.9 1% 7.0 6.4 5.8 1% 11.7 10.8 9.6 0%

Fresenius SE Dec EUR 43.8 28,109 OW 56.6 +29% 12.3 11.3 10.6 5% 9.3 8.6 7.9 6% 13.6 12.1 11.1 7%

Gerresheimer Nov EUR 26.3 1,034 OW 46.0 +75% 8.3 5.9 -2% 6.7 5.8 9% 12.0 9.8 7%