OUT 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	5.28B EUR	5.77B EUR	4.67B EUR	4.22B EUR
Enterprise Value	9.34B EUR	9.87B EUR	8.76B EUR	8.25B EUR
Valuation Multiples
Trailing P/E	21.57x	23.55x	24.99x	25.19x
Forward P/E	19.76x	--	--	--
Price to Sales	2.73x	2.98x	2.49x	2.93x
Price to Book	7.62x	8.32x	7.05x	5.94x
EV/Revenue	4.83x	5.11x	4.68x	5.73x
EV/EBITDA	18.92x	18.77x	17.86x	20.85x
Price to FCF (P/FCF)	27.26x	19.79x	19.75x	22.6x
EV/FCF	48.2x	33.87x	37.09x	44.18x
FCF Yield	3.67%	5.05%	5.06%	4.42%