VMC 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	31.69B EUR	38.17B EUR	35.48B EUR	37.25B EUR
Enterprise Value	36.68B EUR	42.87B EUR	40.43B EUR	41.95B EUR
Valuation Multiples
Trailing P/E	28.84x	34.21x	31.87x	39.3x
Forward P/E	23.44x	--	--	--
Price to Sales	3.91x	4.7x	4.4x	5.91x
Price to Book	3.74x	4.51x	4.2x	4.37x
EV/Revenue	4.52x	5.28x	5.01x	6.65x
EV/EBITDA	15.67x	18.4x	17.28x	22.05x
Price to FCF (P/FCF)	37.57x	37.16x	31.78x	35.42x
EV/FCF	43.48x	41.73x	36.21x	39.89x
FCF Yield	2.66%	2.69%	3.15%	2.82%