LII 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	12.32B EUR	19.94B EUR	16.16B EUR	16.9B EUR
Enterprise Value	14.47B EUR	21.92B EUR	18.06B EUR	18.63B EUR
Valuation Multiples
Trailing P/E	15.72x	25.12x	20.22x	24.78x
Forward P/E	13.75x	--	--	--
Price to Sales	2.32x	3.76x	3.07x	4.1x
Price to Book	9.5x	15.37x	13.31x	14.53x
EV/Revenue	2.73x	4.13x	3.44x	4.52x
EV/EBITDA	12.36x	18.34x	15.32x	18.91x
Price to FCF (P/FCF)	44.35x	27x	24.45x	24.13x
EV/FCF	52.09x	29.67x	27.34x	26.61x
FCF Yield	2.25%	3.7%	4.09%	4.14%