GEL 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	1.76B EUR	1.73B EUR	2.18B EUR	1.91B EUR
Enterprise Value	5.71B EUR	4.9B EUR	5.36B EUR	4.95B EUR
Valuation Multiples
Trailing P/E	72.2x	22x	61.56x	66.63x
Forward P/E	19.25x	--	--	--
Price to Sales	0.96x	0.94x	1.3x	1.55x
Price to Book	--	3.82x	4.08x	2.7x
EV/Revenue	3.11x	2.67x	3.19x	4.02x
EV/EBITDA	10.25x	7.95x	9.32x	11.48x
Price to FCF (P/FCF)	9.16x	5.1x	12.24x	15.57x
EV/FCF	29.61x	14.42x	30.02x	40.35x
FCF Yield	10.92%	19.61%	8.17%	6.42%