GOLF 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	4.62B EUR	6.92B EUR	5.47B EUR	4.66B EUR
Enterprise Value	5.65B EUR	7.81B EUR	6.57B EUR	5.55B EUR
Valuation Multiples
Trailing P/E	21.52x	31.47x	32.08x	52.25x
Forward P/E	18.69x	--	--	--
Price to Sales	1.71x	2.56x	2.1x	2.51x
Price to Book	5x	7.49x	6.63x	5.95x
EV/Revenue	2.09x	2.88x	2.52x	2.99x
EV/EBITDA	15.11x	18.53x	18.48x	24.74x
Price to FCF (P/FCF)	102.2x	37.66x	61.71x	18.52x
EV/FCF	124.77x	42.52x	74.1x	22.07x
FCF Yield	0.98%	2.66%	1.62%	5.4%