SON 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	4.74B EUR	5.57B EUR	5.35B EUR	4.3B EUR
Enterprise Value	9.4B EUR	10.12B EUR	10.08B EUR	8.52B EUR
Valuation Multiples
Trailing P/E	7.42x	8.88x	5.26x	4.54x
Forward P/E	7.6x	--	--	--
Price to Sales	0.64x	0.75x	0.71x	0.74x
Price to Book	1.32x	1.56x	1.5x	1.19x
EV/Revenue	1.26x	1.36x	1.35x	1.47x
EV/EBITDA	7.52x	8.3x	8.32x	8.98x
Price to FCF (P/FCF)	8.99x	15.7x	24.7x	6.66x
EV/FCF	17.83x	28.51x	46.55x	13.17x
FCF Yield	11.12%	6.37%	4.05%	15.02%