TDS 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	3.86B EUR	4.26B EUR	4.79B EUR	4.67B EUR
Enterprise Value	4.29B EUR	3.32B EUR	4.68B EUR	5.3B EUR
Valuation Multiples
Trailing P/E	8.38x	10.2x	36.62x	--
Forward P/E	4,124.23x	--	--	--
Price to Sales	3.07x	3.39x	3.84x	4.97x
Price to Book	0.94x	0.82x	0.97x	0.97x
EV/Revenue	3.41x	2.64x	3.75x	5.66x
EV/EBITDA	13.31x	4.7x	6.98x	10.75x
Price to FCF (P/FCF)	6.44x	--	--	61.35x
EV/FCF	7.16x	--	--	69.75x
FCF Yield	15.53%	-10.62%	-0.12%	1.63%