VEL 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	581.56M EUR	725.36M EUR	709.77M EUR	821.55M EUR
Enterprise Value	7.57B EUR	7.7B EUR	7.34B EUR	7.27B EUR
Valuation Multiples
Trailing P/E	5.36x	6.74x	6.54x	9.53x
Forward P/E	4.86x	--	--	--
Price to Sales	2.05x	2.22x	2.17x	3.29x
Price to Book	0.8x	1.01x	1.02x	1.22x
EV/Revenue	26.64x	23.52x	22.49x	29.14x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	35.09x	28.5x	62.44x
EV/FCF	--	372.54x	294.92x	552.28x
FCF Yield	--	2.85%	3.51%	1.6%