MOD 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	9.64B EUR	14.18B EUR	11.44B EUR	7.05B EUR
Enterprise Value	10.25B EUR	14.61B EUR	11.81B EUR	7.57B EUR
Valuation Multiples
Trailing P/E	68.26x	98.33x	94.18x	146.25x
Forward P/E	17.88x	--	--	--
Price to Sales	2.86x	4.2x	3.6x	3.17x
Price to Book	8.02x	11.8x	9.58x	6.28x
EV/Revenue	3.04x	4.33x	3.71x	3.4x
EV/EBITDA	22.78x	43.72x	35.44x	38x
Price to FCF (P/FCF)	--	141.5x	108.56x	--
EV/FCF	--	145.82x	112x	--
FCF Yield	-0.76%	0.71%	0.92%	-0.67%