MAX Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	534.52M EUR	666.21M EUR	507.63M EUR
Enterprise Value	685.39M EUR	819.17M EUR	645.08M EUR
Valuation Multiples
Trailing P/E	6.23x	6.85x	13x
Forward P/E	6.03x	--	--
Price to Sales	0.44x	0.54x	0.44x
Price to Book	18.82x	23.45x	264.8x
EV/Revenue	0.56x	0.67x	0.56x
EV/EBITDA	7.87x	393.46x	--
Price to FCF (P/FCF)	21.55x	11.84x	12.69x
EV/FCF	27.63x	14.55x	16.12x
FCF Yield	4.64%	8.45%	7.88%