SEB 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	3.81B EUR	4.28B EUR	5.42B EUR	4.26B EUR
Enterprise Value	4.68B EUR	6.1B EUR	7.2B EUR	5.9B EUR
Valuation Multiples
Trailing P/E	6.05x	6.74x	9.29x	9.18x
Forward P/E	--	--	--	--
Price to Sales	0.37x	0.42x	0.55x	0.57x
Price to Book	0.69x	0.78x	1.01x	0.82x
EV/Revenue	0.46x	0.59x	0.73x	0.79x
EV/EBITDA	6.98x	6.08x	7.95x	8.81x
Price to FCF (P/FCF)	--	--	--	31.53x
EV/FCF	--	--	--	43.72x
FCF Yield	-7.2%	-0.54%	-0.28%	3.17%