FMS 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	11.21B EUR	12.14B EUR	6.09B EUR	6.65B EUR
Enterprise Value	22B EUR	12.14B EUR	15.88B EUR	15.87B EUR
Valuation Multiples
Trailing P/E	10.86x	16.87x	6.45x	6.8x
Forward P/E	7.04x	--	--	--
Price to Sales	0.58x	0.83x	0.31x	0.34x
Price to Book	0.79x	--	0.46x	0.5x
EV/Revenue	1.13x	0.83x	0.82x	0.81x
EV/EBITDA	8.09x	4.34x	4.39x	4.45x
Price to FCF (P/FCF)	5.54x	10.42x	3.41x	3.77x
EV/FCF	10.88x	10.42x	8.9x	8.99x
FCF Yield	18.04%	9.6%	29.3%	26.54%