ZZ-B.ST 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	5.14B EUR	5.24B EUR	5.39B EUR	5.78B EUR
Enterprise Value	4.33B EUR	4.46B EUR	4.57B EUR	5.06B EUR
Valuation Multiples
Trailing P/E	11.85x	12.38x	14.47x	21.55x
Forward P/E	21.97x	--	--	--
Price to Sales	1.4x	1.42x	1.53x	2.21x
Price to Book	4.74x	4.85x	4.65x	8.19x
EV/Revenue	1.18x	1.21x	1.29x	1.94x
EV/EBITDA	7.76x	7.67x	9.01x	13.89x
Price to FCF (P/FCF)	9.97x	7.47x	8.49x	11.3x
EV/FCF	8.4x	6.36x	7.2x	9.9x
FCF Yield	10.03%	13.39%	11.78%	8.85%