EXCL.JK 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	42.59T EUR	43.13T EUR	53.69T EUR	68.25T EUR
Enterprise Value	100.09T EUR	100.47T EUR	112.27T EUR	128.41T EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	13.94x	--	--	--
Price to Sales	0.9x	0.91x	1.18x	2.02x
Price to Book	1.47x	1.49x	1.84x	2.29x
EV/Revenue	2.11x	2.12x	2.46x	3.79x
EV/EBITDA	8.08x	5.09x	6.29x	10.41x
Price to FCF (P/FCF)	3.03x	4.71x	5.28x	12.03x
EV/FCF	7.12x	10.97x	11.05x	22.63x
FCF Yield	33.01%	21.24%	18.93%	8.31%