FRD 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	302.79M EUR	232.11M EUR	126.03M EUR	145.73M EUR
Enterprise Value	398.15M EUR	327.16M EUR	223.73M EUR	239.1M EUR
Valuation Multiples
Trailing P/E	10.93x	8.51x	6.45x	14.13x
Forward P/E	--	--	--	--
Price to Sales	0.4x	0.31x	0.19x	0.32x
Price to Book	1.84x	1.41x	0.83x	1.02x
EV/Revenue	0.53x	0.43x	0.35x	0.53x
EV/EBITDA	8.85x	7.49x	7.57x	14.32x
Price to FCF (P/FCF)	--	--	91.39x	27.31x
EV/FCF	--	--	162.24x	44.81x
FCF Yield	-16.98%	-3.1%	1.09%	3.66%