TFSL 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	4.51B EUR	4.97B EUR	3.94B EUR	3.75B EUR
Enterprise Value	9.79B EUR	10.26B EUR	8.67B EUR	8.28B EUR
Valuation Multiples
Trailing P/E	44.64x	48.69x	42.36x	53.8x
Forward P/E	41.21x	--	--	--
Price to Sales	12.98x	14.46x	11.71x	14.94x
Price to Book	2.33x	2.54x	2.05x	1.98x
EV/Revenue	28.21x	29.84x	25.78x	32.96x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	57.6x	47.91x	54.52x
EV/FCF	--	118.88x	105.46x	120.24x
FCF Yield	--	1.74%	2.09%	1.83%