MAIN 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	5.03B EUR	4.84B EUR	4.9B EUR	5.43B EUR
Enterprise Value	7.58B EUR	7.32B EUR	7.41B EUR	7.84B EUR
Valuation Multiples
Trailing P/E	10.79x	10.73x	11.49x	14.38x
Forward P/E	13.84x	--	--	--
Price to Sales	8.74x	8.67x	9.31x	11.99x
Price to Book	1.58x	1.53x	1.58x	1.81x
EV/Revenue	13.18x	13.1x	14.08x	17.33x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	20.24x	--	--	--
EV/FCF	30.53x	--	--	--
FCF Yield	4.94%	-3.09%	-3.35%	-0.47%