MZTI 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	2.71B EUR	3.12B EUR	3.79B EUR	4.51B EUR
Enterprise Value	3.02B EUR	3.34B EUR	3.61B EUR	4.35B EUR
Valuation Multiples
Trailing P/E	14.23x	16.27x	21.58x	25.08x
Forward P/E	13.69x	--	--	--
Price to Sales	1.4x	2.17x	2.62x	3.11x
Price to Book	2.57x	2.96x	3.63x	4.37x
EV/Revenue	1.56x	2.33x	2.5x	2.99x
EV/EBITDA	9.89x	15.14x	16.07x	19.08x
Price to FCF (P/FCF)	20.41x	20.46x	19.54x	25.68x
EV/FCF	22.73x	21.96x	18.61x	24.75x
FCF Yield	4.9%	4.89%	5.12%	3.89%