DLB 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	5.5B EUR	4.92B EUR	5.68B EUR	6.14B EUR
Enterprise Value	4.86B EUR	4.3B EUR	5.14B EUR	5.53B EUR
Valuation Multiples
Trailing P/E	25x	21.77x	23.32x	41.25x
Forward P/E	12.83x	--	--	--
Price to Sales	4.06x	3.64x	4.16x	6.33x
Price to Book	2.13x	1.91x	2.17x	2.37x
EV/Revenue	3.59x	3.18x	3.76x	5.71x
EV/EBITDA	13.71x	11.09x	13.12x	22.36x
Price to FCF (P/FCF)	16.58x	14.29x	22.01x	28.98x
EV/FCF	14.65x	12.49x	19.9x	26.13x
FCF Yield	6.03%	7%	4.54%	3.45%