VOYA-PB 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	--	2.11B EUR	2.12B EUR	2.32B EUR
Enterprise Value	7.25B EUR	4.03B EUR	4.7B EUR	4.21B EUR
Valuation Multiples
Trailing P/E	2.72x	3.47x	3.12x	4.66x
Forward P/E	--	--	--	--
Price to Sales	--	0.26x	0.26x	0.38x
Price to Book	0.44x	0.45x	0.46x	0.47x
EV/Revenue	0.89x	0.5x	0.58x	0.7x
EV/EBITDA	6.61x	--	--	--
Price to FCF (P/FCF)	--	1.77x	1.48x	1.58x
EV/FCF	5.06x	3.38x	3.29x	2.87x
FCF Yield	--	56.45%	67.48%	63.21%