VMI 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	9.08B EUR	10.93B EUR	7.56B EUR	7.67B EUR
Enterprise Value	9.8B EUR	11.66B EUR	8.32B EUR	8.41B EUR
Valuation Multiples
Trailing P/E	18.26x	22.8x	21.27x	30.97x
Forward P/E	18.01x	--	--	--
Price to Sales	2.15x	2.58x	1.82x	2.45x
Price to Book	5.23x	6.33x	4.5x	4.7x
EV/Revenue	2.32x	2.76x	2x	2.68x
EV/EBITDA	14.45x	17.13x	13.04x	18.3x
Price to FCF (P/FCF)	63.59x	33.94x	21.88x	27.71x
EV/FCF	68.6x	36.21x	24.09x	30.38x
FCF Yield	1.57%	2.95%	4.57%	3.61%