FOUR 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	3.16B EUR	3.84B EUR	3.47B EUR	4.08B EUR
Enterprise Value	8.46B EUR	8.05B EUR	7.58B EUR	7.73B EUR
Valuation Multiples
Trailing P/E	63.49x	36.47x	29.57x	39.88x
Forward P/E	6.6x	--	--	--
Price to Sales	0.66x	0.8x	0.78x	1.22x
Price to Book	5.15x	2.37x	2.1x	2.83x
EV/Revenue	1.77x	1.68x	1.7x	2.32x
EV/EBITDA	9.31x	8.61x	8.6x	11.15x
Price to FCF (P/FCF)	8.93x	13.29x	8.87x	12.44x
EV/FCF	23.93x	27.86x	19.38x	23.57x
FCF Yield	11.19%	7.52%	11.27%	8.04%