IPI 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	437.48M EUR	432.93M EUR	563.99M EUR	364.14M EUR
Enterprise Value	255.18M EUR	251.18M EUR	468.41M EUR	283.9M EUR
Valuation Multiples
Trailing P/E	34.22x	16.45x	40.29x	55.35x
Forward P/E	23.55x	--	--	--
Price to Sales	1.81x	1.47x	1.91x	1.85x
Price to Book	0.83x	0.84x	1.13x	0.74x
EV/Revenue	1.06x	0.85x	1.59x	1.44x
EV/EBITDA	4.01x	4.67x	8.94x	7.95x
Price to FCF (P/FCF)	11.81x	14.57x	13.99x	16.34x
EV/FCF	6.89x	8.46x	11.62x	12.74x
FCF Yield	8.46%	6.86%	7.15%	6.12%