GFS 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	26.89B EUR	45.22B EUR	24.39B EUR	19.41B EUR
Enterprise Value	26.46B EUR	45.81B EUR	24.27B EUR	19.31B EUR
Valuation Multiples
Trailing P/E	37.69x	63.16x	31.35x	28.76x
Forward P/E	18.33x	--	--	--
Price to Sales	3.88x	6.52x	3.57x	3.73x
Price to Book	2.24x	3.83x	2.09x	1.63x
EV/Revenue	3.81x	6.6x	3.55x	3.71x
EV/EBITDA	13.36x	21.44x	11.1x	11.39x
Price to FCF (P/FCF)	35.46x	56.81x	22.71x	23x
EV/FCF	34.9x	57.55x	22.6x	22.88x
FCF Yield	2.82%	1.76%	4.4%	4.35%