FCN 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	3.76B EUR	4.13B EUR	5.33B EUR	5.27B EUR
Enterprise Value	4.88B EUR	5.19B EUR	6.1B EUR	5.63B EUR
Valuation Multiples
Trailing P/E	16.94x	16.33x	19.98x	25.22x
Forward P/E	12.53x	--	--	--
Price to Sales	0.96x	1.05x	1.38x	1.82x
Price to Book	2.77x	3.1x	3.21x	3.04x
EV/Revenue	1.24x	1.32x	1.57x	1.95x
EV/EBITDA	11.13x	11.82x	13.46x	15.86x
Price to FCF (P/FCF)	12.98x	11.51x	20.82x	9.14x
EV/FCF	16.83x	14.48x	23.83x	9.77x
FCF Yield	7.71%	8.69%	4.8%	10.94%