SPG 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	75.7B EUR	72.36B EUR	60.49B EUR	60.2B EUR
Enterprise Value	94.46B EUR	100.77B EUR	88.93B EUR	88.57B EUR
Valuation Multiples
Trailing P/E	14.07x	15.66x	12.89x	14.29x
Forward P/E	29.44x	--	--	--
Price to Sales	10.91x	10.43x	9.1x	12.31x
Price to Book	14.68x	16.32x	12.45x	11.56x
EV/Revenue	13.61x	14.52x	13.38x	18.11x
EV/EBITDA	18.43x	17.99x	16.49x	21.5x
Price to FCF (P/FCF)	29.17x	22.49x	18.73x	23.11x
EV/FCF	36.4x	31.32x	27.53x	34x
FCF Yield	3.43%	4.45%	5.34%	4.33%