EXE.TO 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	2.53B EUR	3.33B EUR	2.5B EUR	2.02B EUR
Enterprise Value	3.14B EUR	3.89B EUR	2.5B EUR	2B EUR
Valuation Multiples
Trailing P/E	20.35x	27.48x	20.4x	24.71x
Forward P/E	16.42x	--	--	--
Price to Sales	1.28x	1.68x	1.43x	1.57x
Price to Book	6.26x	8.24x	6.35x	5.4x
EV/Revenue	1.59x	1.96x	1.43x	1.55x
EV/EBITDA	15.12x	16.78x	12.3x	13.59x
Price to FCF (P/FCF)	16.06x	33.92x	28.23x	20.03x
EV/FCF	19.88x	39.54x	28.27x	19.85x
FCF Yield	6.23%	2.95%	3.54%	4.99%