DLS.F 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	92.61B EUR	102.91B EUR	85.45B EUR	54.88B EUR
Enterprise Value	72.15B EUR	88.99B EUR	67.87B EUR	36.06B EUR
Valuation Multiples
Trailing P/E	115x	4.59x	4.08x	3.16x
Forward P/E	--	--	--	--
Price to Sales	0.39x	0.56x	0.52x	0.38x
Price to Book	30.78x	0.98x	0.8x	0.57x
EV/Revenue	0.3x	0.48x	0.41x	0.25x
EV/EBITDA	1.77x	2.73x	2.21x	1.4x
Price to FCF (P/FCF)	15.1x	7.23x	8.21x	4.69x
EV/FCF	11.77x	6.25x	6.52x	3.08x
FCF Yield	6.62%	13.83%	12.18%	21.31%