EXLS 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	5.62B EUR	3.92B EUR	4.66B EUR	6.64B EUR
Enterprise Value	5.8B EUR	4.29B EUR	5.03B EUR	6.9B EUR
Valuation Multiples
Trailing P/E	23.28x	15.7x	18.52x	35.99x
Forward P/E	14.17x	--	--	--
Price to Sales	2.51x	1.75x	2.16x	4.18x
Price to Book	6.44x	4.53x	5.98x	7.27x
EV/Revenue	2.59x	1.92x	2.33x	4.35x
EV/EBITDA	15.29x	9.93x	11.8x	22.04x
Price to FCF (P/FCF)	21.43x	14.27x	15.71x	21.57x
EV/FCF	22.1x	15.58x	16.97x	22.4x
FCF Yield	4.67%	7.01%	6.37%	4.64%