ESI 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	8.85B EUR	11.64B EUR	8.32B EUR	6.09B EUR
Enterprise Value	10.89B EUR	13.57B EUR	10.3B EUR	7.1B EUR
Valuation Multiples
Trailing P/E	49.08x	65.15x	55.93x	65.6x
Forward P/E	17.15x	--	--	--
Price to Sales	2.81x	3.69x	2.97x	3.11x
Price to Book	3.15x	4.14x	3.04x	2.28x
EV/Revenue	3.46x	4.31x	3.68x	3.63x
EV/EBITDA	19.3x	23.44x	18.84x	17.8x
Price to FCF (P/FCF)	174.18x	84.5x	68.79x	28.63x
EV/FCF	214.26x	98.52x	85.16x	33.41x
FCF Yield	0.57%	1.18%	1.45%	3.49%