LNC 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	7.7B EUR	6.77B EUR	6.79B EUR	8.46B EUR
Enterprise Value	-29.47B EUR	3.47B EUR	5.81B EUR	5.39B EUR
Valuation Multiples
Trailing P/E	3.43x	2.87x	3.93x	4.46x
Forward P/E	4.6x	--	--	--
Price to Sales	0.4x	0.35x	0.36x	0.62x
Price to Book	0.74x	0.6x	0.66x	0.78x
EV/Revenue	-1.52x	0.18x	0.31x	0.4x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	3.72x	--	27.93x	80.6x
EV/FCF	-14.24x	--	23.92x	51.35x
FCF Yield	26.87%	-19.62%	3.58%	1.24%