EXP 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	5.05B EUR	6.93B EUR	5.92B EUR	6.52B EUR
Enterprise Value	6.69B EUR	8.49B EUR	7.41B EUR	7.9B EUR
Valuation Multiples
Trailing P/E	12.98x	17.22x	13.96x	17.93x
Forward P/E	12.06x	--	--	--
Price to Sales	2.17x	2.98x	2.56x	3.56x
Price to Book	3.41x	4.66x	4.01x	4.37x
EV/Revenue	2.88x	3.65x	3.21x	4.32x
EV/EBITDA	9.5x	11.53x	9.76x	12.65x
Price to FCF (P/FCF)	199.86x	40.65x	29.97x	30.01x
EV/FCF	264.81x	49.81x	37.56x	36.36x
FCF Yield	0.5%	2.46%	3.34%	3.33%