ZVRA 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	676.38M EUR	850.96M EUR	550.95M EUR	509.42M EUR
Enterprise Value	433.15M EUR	707.14M EUR	456.5M EUR	510.22M EUR
Valuation Multiples
Trailing P/E	12.38x	14.61x	4.44x	5.9x
Forward P/E	10.58x	--	--	--
Price to Sales	4.97x	6.25x	4.51x	5.92x
Price to Book	3.11x	3.91x	2.68x	3.29x
EV/Revenue	3.18x	5.2x	3.73x	5.93x
EV/EBITDA	10.68x	13.94x	20.09x	51.35x
Price to FCF (P/FCF)	13.98x	26.08x	45.93x	86.52x
EV/FCF	8.95x	21.68x	38.06x	86.65x
FCF Yield	7.15%	3.83%	2.18%	1.16%