OII 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	4.46B EUR	4.03B EUR	3.54B EUR	2.39B EUR
Enterprise Value	4.63B EUR	4.23B EUR	3.78B EUR	2.57B EUR
Valuation Multiples
Trailing P/E	12.95x	11.52x	10.42x	7.87x
Forward P/E	19.32x	--	--	--
Price to Sales	1.55x	1.4x	1.26x	1.13x
Price to Book	3.83x	3.46x	3.2x	2.23x
EV/Revenue	1.61x	1.47x	1.35x	1.22x
EV/EBITDA	11.43x	10.01x	9.14x	7.98x
Price to FCF (P/FCF)	18.75x	18.07x	14.86x	7.59x
EV/FCF	19.46x	18.93x	15.87x	8.17x
FCF Yield	5.33%	5.54%	6.73%	13.18%