ESE 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	6.68B EUR	9.07B EUR	7.29B EUR	5.06B EUR
Enterprise Value	6.66B EUR	9.12B EUR	7.39B EUR	5.14B EUR
Valuation Multiples
Trailing P/E	47.83x	28.81x	23.66x	18.51x
Forward P/E	27.95x	--	--	--
Price to Sales	5.18x	7.03x	5.84x	5.39x
Price to Book	4.13x	5.61x	4.6x	3.24x
EV/Revenue	5.16x	7.07x	5.92x	5.48x
EV/EBITDA	21.56x	29.85x	25.25x	23.44x
Price to FCF (P/FCF)	28.55x	46.13x	34.85x	23.8x
EV/FCF	28.47x	46.41x	35.32x	24.2x
FCF Yield	3.5%	2.17%	2.87%	4.2%