RBC 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	15.95B EUR	20.39B EUR	17.18B EUR	14.18B EUR
Enterprise Value	16.25B EUR	21.14B EUR	18.12B EUR	15.13B EUR
Valuation Multiples
Trailing P/E	49.77x	63.6x	59.74x	72.38x
Forward P/E	30.27x	--	--	--
Price to Sales	8.16x	10.43x	9.18x	10.48x
Price to Book	4.59x	5.89x	5.11x	4.35x
EV/Revenue	8.32x	10.82x	9.68x	11.18x
EV/EBITDA	26.48x	35.43x	32.72x	37.84x
Price to FCF (P/FCF)	56.3x	52.94x	50.15x	51.54x
EV/FCF	57.38x	54.89x	52.88x	54.99x
FCF Yield	1.78%	1.89%	1.99%	1.94%