MAS.F 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	1.36B EUR	5.22B EUR	5.61B EUR	7.62B EUR
Enterprise Value	8.07B EUR	9.87B EUR	11.61B EUR	13.62B EUR
Valuation Multiples
Trailing P/E	7.16x	21.62x	24.82x	50.99x
Forward P/E	-29.83x	--	--	--
Price to Sales	0.26x	1.04x	1.09x	2.02x
Price to Book	--	595.46x	--	--
EV/Revenue	1.55x	1.96x	2.26x	3.61x
EV/EBITDA	6.49x	8.85x	10.4x	17.16x
Price to FCF (P/FCF)	--	2,749.76x	67.58x	91.69x
EV/FCF	--	5,192.44x	139.75x	163.93x
FCF Yield	--	0.04%	1.48%	1.09%