III.TO Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	1.46B EUR	1.1B EUR	1.38B EUR
Enterprise Value	1.55B EUR	1.21B EUR	1.5B EUR
Valuation Multiples
Trailing P/E	13.85x	10x	10.68x
Forward P/E	116.71x	--	--
Price to Sales	2.2x	1.65x	2.04x
Price to Book	1.37x	1.04x	1.33x
EV/Revenue	2.34x	1.82x	2.22x
EV/EBITDA	4.89x	3.62x	4.11x
Price to FCF (P/FCF)	--	11.3x	10.59x
EV/FCF	--	12.43x	11.51x
FCF Yield	-0.2%	8.85%	9.44%