FOR 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	1.31B EUR	1.61B EUR	1.25B EUR	1.25B EUR
Enterprise Value	1.74B EUR	2.03B EUR	1.69B EUR	1.85B EUR
Valuation Multiples
Trailing P/E	7.77x	9.48x	7.45x	9.27x
Forward P/E	8.99x	--	--	--
Price to Sales	0.76x	0.94x	0.73x	0.94x
Price to Book	0.7x	0.87x	0.69x	0.7x
EV/Revenue	1.01x	1.18x	0.99x	1.39x
EV/EBITDA	8.02x	9.56x	8.11x	11.15x
Price to FCF (P/FCF)	8.57x	5.71x	4.7x	11.04x
EV/FCF	11.39x	7.17x	6.39x	16.31x
FCF Yield	11.67%	17.52%	21.27%	9.06%