VOE.VI 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	7.64B EUR	7B EUR	6.48B EUR	6.48B EUR
Enterprise Value	8.91B EUR	6.14B EUR	7.8B EUR	5.7B EUR
Valuation Multiples
Trailing P/E	15.05x	13.5x	15.27x	25.43x
Forward P/E	8.79x	--	--	--
Price to Sales	0.5x	0.46x	0.43x	0.58x
Price to Book	0.98x	0.9x	0.86x	0.88x
EV/Revenue	0.59x	0.4x	0.52x	0.51x
EV/EBITDA	5.99x	3.7x	5.11x	5.32x
Price to FCF (P/FCF)	14.66x	15.87x	11.65x	16.92x
EV/FCF	17.1x	13.9x	14.01x	14.89x
FCF Yield	6.82%	6.3%	8.59%	5.91%