EAT 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	8.12B EUR	7.09B EUR	6.12B EUR	6.24B EUR
Enterprise Value	9.59B EUR	8.74B EUR	7.82B EUR	7.99B EUR
Valuation Multiples
Trailing P/E	17.5x	14.56x	13.23x	18.64x
Forward P/E	13.32x	--	--	--
Price to Sales	1.4x	1.22x	1.07x	1.46x
Price to Book	18.44x	15.98x	15.09x	16.46x
EV/Revenue	1.65x	1.5x	1.36x	1.87x
EV/EBITDA	11.33x	10.31x	9.43x	13.2x
Price to FCF (P/FCF)	22.09x	12.72x	12.14x	19.3x
EV/FCF	26.09x	15.67x	15.5x	24.7x
FCF Yield	4.53%	7.86%	8.24%	5.18%