GVA 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	5B EUR	6.92B EUR	5.24B EUR	5.02B EUR
Enterprise Value	5.72B EUR	7.77B EUR	6.37B EUR	5.99B EUR
Valuation Multiples
Trailing P/E	--	--	28.35x	22.14x
Forward P/E	13.97x	--	--	--
Price to Sales	1.01x	1.39x	1.13x	1.35x
Price to Book	6.54x	9.19x	5.08x	4.26x
EV/Revenue	1.15x	1.56x	1.37x	1.61x
EV/EBITDA	11.8x	45.67x	13.03x	12.41x
Price to FCF (P/FCF)	5.21x	14.66x	17.35x	13.97x
EV/FCF	5.96x	16.47x	21.09x	16.66x
FCF Yield	19.19%	6.82%	5.76%	7.16%