EL 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	35.53B EUR	28.56B EUR	25.97B EUR	37.87B EUR
Enterprise Value	39.87B EUR	34.31B EUR	32.14B EUR	44.18B EUR
Valuation Multiples
Trailing P/E	196.1x	156.95x	--	--
Forward P/E	24.97x	--	--	--
Price to Sales	2.36x	1.9x	1.75x	3.41x
Price to Book	9.32x	7.5x	6.5x	9.4x
EV/Revenue	2.65x	2.28x	2.17x	3.97x
EV/EBITDA	16.24x	13.49x	13.1x	26.24x
Price to FCF (P/FCF)	19.6x	21.71x	20.21x	38.84x
EV/FCF	22x	26.07x	25.01x	45.31x
FCF Yield	5.1%	4.61%	4.95%	2.57%