VC 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	2.28B EUR	2.65B EUR	2.43B EUR	2.55B EUR
Enterprise Value	2.16B EUR	2.43B EUR	2.19B EUR	2.21B EUR
Valuation Multiples
Trailing P/E	15.76x	17.54x	14.06x	17.95x
Forward P/E	8.24x	--	--	--
Price to Sales	0.6x	0.7x	0.64x	0.9x
Price to Book	1.42x	1.64x	1.56x	1.63x
EV/Revenue	0.57x	0.64x	0.58x	0.78x
EV/EBITDA	5.46x	5.69x	4.85x	6.27x
Price to FCF (P/FCF)	11.23x	16.55x	11.47x	10.53x
EV/FCF	10.65x	15.21x	10.32x	9.13x
FCF Yield	8.91%	6.04%	8.71%	9.5%