Sector valuation sheet: European Medical Technology & Services

Research evidence excerpt

Sector valuation sheet: European Medical Technology & Services

EUROPEAN MEDTECH & SERVICES Monday, August 3, 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 55.4 27,673 N 62.5 +13% 20.0 17.7 16.7 10% 11.4 10.6 10.1 10% 13.9 12.9 12.3 10%

Ambu Sep DKK 72 3,010 N 78 +8% 30.0 22.5 18.1 23% 15.0 12.1 9.8 16% 21.6 16.0 12.4 22%

Amplifon Dec EUR 12.2 3,814 OW 16.7 +37% 15.0 12.5 11.1 16% 8.0 7.3 6.7 7% 17.6 14.5 12.8 15%

bioMérieux Dec EUR 69.1 8,179 N 71.6 +4% 14.9 13.4 11.5 8% 7.8 7.2 6.5 6% 11.3 10.2 8.8 8%

Carl Zeiss Sep EUR 31 3,152 UW 22 -29% 27.8 20.5 16.8 4% 11.5 9.7 8.9 2% 20.4 15.5 13.5 3%

Coloplast Sep DKK 429 15,139 N 484 +13% 17.0 15.4 13.7 20% 12.4 11.2 10.2 7% 15.3 13.6 12.1 7%

ConvaTec Dec GBp 224 5,908 OW 294 +31% 16.2 13.9 12.1 12% 10.4 9.0 7.9 8% 12.1 10.5 9.2 9%

Demant Dec DKK 281 9,193 OW 250 -11% 21.8 19.1 16.7 29% 13.0 11.5 10.5 9% 18.0 16.1 14.4 9%

Diasorin Dec EUR 63.8 4,115 UW 58 -9% 18.5 15.8 14.1 9% 11.4 10.5 9.7 6% 15.7 13.8 12.4 7%

Elekta Apr SEK 48 1,947 UW 52 +7% 6.0 12.3 11.9 2% 5.2 6.8 6.0 2% 10.4 9.8 9.1 2%

Fresenius Medical Care Dec EUR 44.5 13,792 UW 37.4 -16% 11.7 11.2 10.1 1% 7.1 6.5 5.9 1% 11.9 10.9 9.7 0%

Fresenius SE Dec EUR 44.5 28,970 OW 56.6 +27% 12.5 11.5 10.7 5% 9.4 8.7 8.0 6% 13.7 12.2 11.2 7%

Gerresheimer Nov EUR 27.5 1,099 OW 46.0 +67% 8.7 6.2 -2% 6.8 5.9 9% 12.2 10.0 7%