MCRI 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	2.05B EUR	2.36B EUR	1.7B EUR	1.71B EUR
Enterprise Value	1.94B EUR	2.23B EUR	1.59B EUR	1.62B EUR
Valuation Multiples
Trailing P/E	18.32x	20.58x	15.54x	20.92x
Forward P/E	16.58x	--	--	--
Price to Sales	3.65x	4.2x	3.05x	4.06x
Price to Book	3.55x	4.09x	3.08x	3.17x
EV/Revenue	3.46x	3.97x	2.86x	3.86x
EV/EBITDA	9.82x	11.8x	8.43x	11.34x
Price to FCF (P/FCF)	15.53x	15.29x	10.96x	15.26x
EV/FCF	14.72x	14.47x	10.27x	14.51x
FCF Yield	6.44%	6.54%	9.12%	6.56%