STEP 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	5.69B EUR	3.41B EUR	3.85B EUR	5.14B EUR
Enterprise Value	6.26B EUR	4.27B EUR	4.04B EUR	5.14B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	12.94x	--	--	--
Price to Sales	2.83x	1.7x	1.93x	3.66x
Price to Book	--	--	--	--
EV/Revenue	3.12x	2.13x	2.03x	3.66x
EV/EBITDA	-5.57x	--	--	--
Price to FCF (P/FCF)	2.02x	--	60.31x	58.55x
EV/FCF	2.22x	--	63.23x	58.54x
FCF Yield	49.58%	-12.9%	1.66%	1.71%