III 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	280.31M EUR	198.79M EUR	183.43M EUR	276.13M EUR
Enterprise Value	320.75M EUR	242.61M EUR	228.52M EUR	317.79M EUR
Valuation Multiples
Trailing P/E	24.13x	17.01x	17.36x	35.16x
Forward P/E	13.16x	--	--	--
Price to Sales	1.12x	0.79x	0.74x	1.49x
Price to Book	2.92x	2.07x	1.95x	2.92x
EV/Revenue	1.28x	0.97x	0.93x	1.72x
EV/EBITDA	12.84x	9.67x	9.51x	17.73x
Price to FCF (P/FCF)	22.91x	11.73x	7.86x	11.11x
EV/FCF	26.22x	14.31x	9.79x	12.79x
FCF Yield	4.36%	8.53%	12.72%	9%