BTSG 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	12.61B EUR	13.77B EUR	8.23B EUR	7.2B EUR
Enterprise Value	14.98B EUR	15.61B EUR	10.04B EUR	9.81B EUR
Valuation Multiples
Trailing P/E	56.41x	37.64x	26.57x	44.66x
Forward P/E	27.98x	--	--	--
Price to Sales	0.88x	0.96x	0.6x	0.72x
Price to Book	6.41x	6.72x	4.16x	3.84x
EV/Revenue	1.04x	1.09x	0.74x	0.98x
EV/EBITDA	23.9x	25.65x	19.05x	26.77x
Price to FCF (P/FCF)	12.26x	34.23x	19.98x	23.16x
EV/FCF	14.57x	38.8x	24.37x	31.58x
FCF Yield	8.15%	2.92%	5.01%	4.32%