ZENA Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	223.29M EUR	141.44M EUR	153.67M EUR
Enterprise Value	200.95M EUR	149.23M EUR	169.14M EUR
Valuation Multiples
Trailing P/E	--	--	--
Forward P/E	-2.22x	--	--
Price to Sales	8.19x	7.01x	11.9x
Price to Book	--	1.7x	2.26x
EV/Revenue	7.37x	7.4x	13.1x
EV/EBITDA	-3.43x	--	--
Price to FCF (P/FCF)	--	--	--
EV/FCF	--	--	--
FCF Yield	-19.6%	-43.31%	-29.72%