KGS 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	5.41B EUR	7.58B EUR	5.04B EUR	3.21B EUR
Enterprise Value	8.1B EUR	10.26B EUR	7.79B EUR	5.82B EUR
Valuation Multiples
Trailing P/E	62.17x	94.3x	74.14x	64x
Forward P/E	16.91x	--	--	--
Price to Sales	3.88x	5.44x	3.8x	3.28x
Price to Book	2.5x	3.51x	4.3x	2.67x
EV/Revenue	5.82x	7.37x	5.88x	5.94x
EV/EBITDA	10.82x	14.74x	11.74x	11.93x
Price to FCF (P/FCF)	336x	1,514x	25.14x	12.96x
EV/FCF	503.5x	2,049.24x	38.87x	23.5x
FCF Yield	0.3%	0.07%	3.98%	7.72%