MLI 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	13.43B EUR	13.59B EUR	12.25B EUR	12.76B EUR
Enterprise Value	12.01B EUR	12.23B EUR	10.89B EUR	11.42B EUR
Valuation Multiples
Trailing P/E	15.81x	15.98x	14.47x	21x
Forward P/E	13.86x	--	--	--
Price to Sales	2.88x	2.92x	2.8x	4.02x
Price to Book	3.78x	3.83x	3.67x	3.98x
EV/Revenue	2.58x	2.62x	2.49x	3.59x
EV/EBITDA	11.03x	10.8x	10.02x	14.55x
Price to FCF (P/FCF)	25.58x	20.39x	18.78x	21.64x
EV/FCF	22.89x	18.35x	16.7x	19.37x
FCF Yield	3.91%	4.9%	5.32%	4.62%