QSR 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	32.5B EUR	25.32B EUR	25.67B EUR	23.63B EUR
Enterprise Value	40.74B EUR	39.93B EUR	40.36B EUR	38.17B EUR
Valuation Multiples
Trailing P/E	17.83x	19.89x	26.88x	38.3x
Forward P/E	16.02x	--	--	--
Price to Sales	3.35x	2.61x	2.68x	3.23x
Price to Book	6.44x	6.58x	6.86x	6.5x
EV/Revenue	4.2x	4.12x	4.21x	5.21x
EV/EBITDA	13.93x	13.61x	14x	17.23x
Price to FCF (P/FCF)	18.97x	15.52x	16.41x	16.94x
EV/FCF	23.78x	24.47x	25.81x	27.36x
FCF Yield	5.27%	6.45%	6.09%	5.9%