FWRD 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	528.33M EUR	455.77M EUR	528.01M EUR	783.16M EUR
Enterprise Value	2.51B EUR	2.43B EUR	2.54B EUR	2.84B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	36.37x	--	--	--
Price to Sales	0.21x	0.18x	0.21x	0.42x
Price to Book	--	--	6.52x	6.91x
EV/Revenue	1x	0.96x	1.03x	1.51x
EV/EBITDA	8.92x	10.8x	13.23x	18.93x
Price to FCF (P/FCF)	6.08x	9.45x	13.77x	--
EV/FCF	28.91x	50.32x	66.16x	--
FCF Yield	16.46%	10.58%	7.26%	-0.06%