ZION Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	9.12B EUR	10.1B EUR	8.47B EUR
Enterprise Value	9.19B EUR	9.84B EUR	8.04B EUR
Valuation Multiples
Trailing P/E	7.99x	8.62x	8.81x
Forward P/E	9.14x	--	--
Price to Sales	2.47x	2.7x	2.46x
Price to Book	1.2x	1.31x	1.16x
EV/Revenue	2.49x	2.63x	2.34x
EV/EBITDA	--	--	--
Price to FCF (P/FCF)	--	6.01x	7.07x
EV/FCF	--	5.86x	6.71x
FCF Yield	--	16.64%	14.14%