ICE 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	87.68B EUR	69.06B EUR	89.02B EUR	91.83B EUR
Enterprise Value	106.77B EUR	88.52B EUR	109.14B EUR	111.27B EUR
Valuation Multiples
Trailing P/E	22.03x	17.1x	22.65x	36.47x
Forward P/E	17.6x	--	--	--
Price to Sales	8.31x	5.14x	6.81x	9.76x
Price to Book	2.97x	2.34x	3.02x	3.18x
EV/Revenue	10.11x	6.59x	8.35x	11.82x
EV/EBITDA	15.9x	11.4x	14.34x	21.88x
Price to FCF (P/FCF)	24.13x	14.88x	20.98x	29.68x
EV/FCF	29.38x	19.07x	25.72x	35.96x
FCF Yield	4.14%	6.72%	4.77%	3.37%