PB 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	7.94B EUR	7.35B EUR	6.77B EUR	6.43B EUR
Enterprise Value	9.04B EUR	8.14B EUR	7.5B EUR	6.63B EUR
Valuation Multiples
Trailing P/E	11.44x	13.07x	12.81x	15.59x
Forward P/E	8.97x	--	--	--
Price to Sales	5.71x	5.52x	5.4x	7.1x
Price to Book	0.8x	0.89x	0.83x	0.84x
EV/Revenue	6.5x	6.11x	5.98x	7.32x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	12.46x	12.93x	18.59x
EV/FCF	--	13.79x	14.32x	19.18x
FCF Yield	--	8.03%	7.74%	5.38%