Q 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	26.5B EUR	34.19B EUR	24.17B EUR	17.1B EUR
Enterprise Value	30.36B EUR	37.25B EUR	27.33B EUR	20.22B EUR
Valuation Multiples
Trailing P/E	45.21x	58.34x	37.18x	34.28x
Forward P/E	23.54x	--	--	--
Price to Sales	5.09x	6.56x	4.88x	4.7x
Price to Book	3.65x	4.71x	3.36x	2.41x
EV/Revenue	5.83x	7.15x	5.52x	5.56x
EV/EBITDA	19.89x	24.25x	18.27x	18.53x
Price to FCF (P/FCF)	34.32x	41.44x	26.91x	19.33x
EV/FCF	39.31x	45.15x	30.44x	22.84x
FCF Yield	2.91%	2.41%	3.72%	5.17%