QTWO 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	3.65B EUR	3B EUR	2.96B EUR	4.53B EUR
Enterprise Value	3.59B EUR	2.94B EUR	2.97B EUR	4.51B EUR
Valuation Multiples
Trailing P/E	41.56x	32.61x	40.11x	95.81x
Forward P/E	17.39x	--	--	--
Price to Sales	4.32x	3.54x	3.61x	7.48x
Price to Book	5.68x	4.66x	4.85x	6.84x
EV/Revenue	4.25x	3.47x	3.61x	7.45x
EV/EBITDA	31.44x	18.9x	21.46x	47.41x
Price to FCF (P/FCF)	19.2x	15.87x	16.49x	33.4x
EV/FCF	18.88x	15.56x	16.5x	33.25x
FCF Yield	5.21%	6.3%	6.06%	2.99%