REFI 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	241.35M EUR	228.49M EUR	238.63M EUR	258.44M EUR
Enterprise Value	374.14M EUR	355.64M EUR	327.22M EUR	341.93M EUR
Valuation Multiples
Trailing P/E	6.88x	7.77x	7.75x	9.95x
Forward P/E	4.91x	--	--	--
Price to Sales	4.94x	4.27x	4.3x	6.08x
Price to Book	0.67x	0.76x	0.79x	0.84x
EV/Revenue	7.66x	6.65x	5.9x	8.04x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	8.49x	9.81x	12.21x
EV/FCF	--	13.21x	13.45x	16.15x
FCF Yield	--	11.78%	10.2%	8.19%