BSM 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	3.15B EUR	2.97B EUR	3.21B EUR	2.82B EUR
Enterprise Value	3.63B EUR	3.17B EUR	3.39B EUR	2.97B EUR
Valuation Multiples
Trailing P/E	12.34x	10.48x	10.81x	9.92x
Forward P/E	13.11x	--	--	--
Price to Sales	7.43x	6.66x	7.45x	9.17x
Price to Book	3.87x	2.67x	2.99x	2.5x
EV/Revenue	8.58x	7.09x	7.86x	9.67x
EV/EBITDA	10.85x	9.88x	11.05x	13.77x
Price to FCF (P/FCF)	32.35x	15.52x	16.9x	20.16x
EV/FCF	37.34x	16.54x	17.83x	21.26x
FCF Yield	3.09%	6.44%	5.92%	4.96%