SARO Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	6.67B EUR	9.9B EUR	8.58B EUR
Enterprise Value	9B EUR	12.28B EUR	10.95B EUR
Valuation Multiples
Trailing P/E	20.79x	30.55x	29.15x
Forward P/E	11.45x	--	--
Price to Sales	1.06x	1.56x	1.37x
Price to Book	2.38x	3.59x	3.19x
EV/Revenue	1.42x	1.94x	1.75x
EV/EBITDA	11.42x	15.58x	14.47x
Price to FCF (P/FCF)	18.06x	45.42x	64.5x
EV/FCF	24.34x	56.36x	82.26x
FCF Yield	5.54%	2.2%	1.55%