SPSC 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	3.05B EUR	2.07B EUR	2.06B EUR	3.34B EUR
Enterprise Value	2.83B EUR	1.9B EUR	1.91B EUR	3.2B EUR
Valuation Multiples
Trailing P/E	40.86x	26.53x	22.64x	47x
Forward P/E	15.89x	--	--	--
Price to Sales	3.94x	2.68x	2.7x	5.87x
Price to Book	3.26x	2.2x	2.14x	3.43x
EV/Revenue	3.67x	2.46x	2.51x	5.61x
EV/EBITDA	15.46x	9.43x	11.06x	23.84x
Price to FCF (P/FCF)	17.25x	10.41x	12.32x	28.23x
EV/FCF	16.04x	9.57x	11.44x	27.02x
FCF Yield	5.8%	9.6%	8.12%	3.54%