MILS3.SA Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	3.69B EUR	3.55B EUR	3.15B EUR	3.17B EUR
Enterprise Value	4.89B EUR	4.95B EUR	4.48B EUR	4.61B EUR
Valuation Multiples
Trailing P/E	8.52x	7.92x	7.31x	13.62x
Forward P/E	8.69x	--	--	--
Price to Sales	1.93x	1.86x	1.67x	2.23x
Price to Book	1.95x	1.88x	1.77x	2.02x
EV/Revenue	2.56x	2.59x	2.37x	3.23x
EV/EBITDA	5.12x	4.35x	4.12x	5.95x
Price to FCF (P/FCF)	6.85x	6.79x	8.36x	14.75x
EV/FCF	9.1x	9.45x	11.91x	21.43x
FCF Yield	14.59%	14.72%	11.96%	6.78%