AGM 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	2.21B EUR	2.16B EUR	1.61B EUR	1.91B EUR
Enterprise Value	38.78B EUR	38.06B EUR	35.37B EUR	34.19B EUR
Valuation Multiples
Trailing P/E	11.15x	9.44x	7.42x	12.08x
Forward P/E	8.81x	--	--	--
Price to Sales	5.41x	4.85x	3.8x	6.07x
Price to Book	1.77x	1.17x	0.94x	1.11x
EV/Revenue	94.9x	85.43x	83.59x	108.86x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	6.97x	7.25x	14.68x
EV/FCF	--	122.76x	159.39x	263.22x
FCF Yield	--	14.34%	13.79%	6.81%