DAC 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	3.08B EUR	2.23B EUR	2.05B EUR	1.72B EUR
Enterprise Value	3.08B EUR	2.43B EUR	2.2B EUR	1.84B EUR
Valuation Multiples
Trailing P/E	5.72x	4.12x	3.94x	4.53x
Forward P/E	6.9x	--	--	--
Price to Sales	2.92x	2.11x	1.97x	2.18x
Price to Book	0.76x	0.55x	0.52x	0.45x
EV/Revenue	2.92x	2.3x	2.11x	2.33x
EV/EBITDA	4.56x	3.48x	3.21x	3.59x
Price to FCF (P/FCF)	684.71x	11.33x	6.58x	5.74x
EV/FCF	684.68x	12.36x	7.06x	6.13x
FCF Yield	0.15%	8.83%	15.19%	17.43%