VRNS 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	5.76B EUR	4.82B EUR	2.47B EUR	3.86B EUR
Enterprise Value	5.44B EUR	5.1B EUR	2.8B EUR	4.17B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	122.79x	--	--	--
Price to Sales	8.37x	7x	3.73x	7.92x
Price to Book	12.95x	10.84x	5.44x	6.44x
EV/Revenue	7.91x	7.41x	4.24x	8.57x
EV/EBITDA	-41.66x	--	--	--
Price to FCF (P/FCF)	41.51x	40.74x	21.32x	57.91x
EV/FCF	39.26x	43.12x	24.2x	62.71x
FCF Yield	2.41%	2.45%	4.69%	1.73%