DKL 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	3.26B EUR	2.74B EUR	2.66B EUR	2.39B EUR
Enterprise Value	5.41B EUR	5.14B EUR	4.98B EUR	4.76B EUR
Valuation Multiples
Trailing P/E	19.55x	17.8x	15.69x	17.37x
Forward P/E	14.77x	--	--	--
Price to Sales	2.72x	2.29x	2.51x	3.13x
Price to Book	--	--	--	390.53x
EV/Revenue	4.51x	4.28x	4.7x	6.23x
EV/EBITDA	17.08x	9.93x	10.08x	12.73x
Price to FCF (P/FCF)	--	23.01x	26.29x	--
EV/FCF	--	43.11x	49.18x	--
FCF Yield	-3.29%	4.35%	3.8%	-0.61%