ZAIN.KW 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	2.54B EUR	2.64T EUR	2.47T EUR	2.25T EUR
Enterprise Value	4.89B EUR	2.64T EUR	2.47T EUR	2.25T EUR
Valuation Multiples
Trailing P/E	7.33x	9,408.59x	11,514.53x	11,965.68x
Forward P/E	11.72x	--	--	--
Price to Sales	1.08x	1,498.86x	1,421.58x	1,317.21x
Price to Book	1,814.24x	1,891.2x	1,949.23x	1,848.81x
EV/Revenue	2.09x	1,499.86x	1,422.63x	1,318.26x
EV/EBITDA	6.5x	4,465.2x	4,140.17x	3,903.01x
Price to FCF (P/FCF)	24.82x	11,545.64x	9,246.16x	9,126.22x
EV/FCF	47.82x	11,553.34x	9,252.99x	9,133.49x
FCF Yield	4.03%	0.01%	0.01%	0.01%