1、ab17 December 2025Global ResearchEuropean MedTech2025 sentiment tracker vs.2026 setupSentiment wrap and where we stand for 2026In this note we provide an outline of the change in investor sentiment on the sector and for each stock in our coverage across the year.Within this descriptive analysis we c

2、an see the justifications for another year of EU Medtech underperformance(25%underperformance vs STOXX600 YTD),with three overarching themes apparent:China:As expected,consumer pressure,softer hospital demand as well as increasing disruption from local competition in the region has weighed in on com

3、panies outlooks across the sector.This,combined with unforeseen geopolitical tensions(e.g.China-US trade tariffs)has kept China at the forefront of investors minds and how to limit exposure to it.Reality trailing expectations:Numerous companies across our coverage hosted Capital Markets Days(CMDs)th

4、is year;only 4 out of 8 were up on the day,though any gains have largely unwound over time on shortfalls.This mass of disappointment has stemmed either from the events not being quite the expectation reset that investors were hoping for,or the result of overpromises soon reversed at later results.Wi

5、th a couple more to go(Carl Zeiss,Philips)next year,the key to getting it right will be about setting the right and realistic expectations.Tariffs:One of the most important themes across the market this year but has had a disproportionate impact on EU Medtech is tariffs.The concentration of European

6、 or Asian manufacturing vs.an overweight US sales base has hurt margins across our coverage.Companies that have been explicit about the 2026 headwinds are most likely to outperform from here.There is now opportunity-prefer Alcon,Biomerieux,Convatec We view the sector as genuinely cheap,trading in-li