BY 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	1.64B EUR	1.7B EUR	1.43B EUR	1.33B EUR
Enterprise Value	2.08B EUR	2.05B EUR	1.82B EUR	1.67B EUR
Valuation Multiples
Trailing P/E	10.94x	11.39x	10.29x	13.04x
Forward P/E	10.36x	--	--	--
Price to Sales	3.78x	3.72x	3.19x	3.91x
Price to Book	1.26x	1.3x	1.12x	1.05x
EV/Revenue	4.78x	4.48x	4.04x	4.93x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	10.48x	8.71x	12.01x
EV/FCF	--	12.62x	11.03x	15.14x
FCF Yield	--	9.54%	11.48%	8.33%