DLR-PJ Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	--	7.07B EUR	7.12B EUR
Enterprise Value	27.72B EUR	23.86B EUR	23.32B EUR
Valuation Multiples
Trailing P/E	3.75x	5.13x	5.44x
Forward P/E	--	--	--
Price to Sales	--	1.11x	1.16x
Price to Book	0.25x	0.3x	0.31x
EV/Revenue	4.1x	3.76x	3.81x
EV/EBITDA	8.63x	7.78x	7.92x
Price to FCF (P/FCF)	--	2.78x	2.95x
EV/FCF	7.36x	9.37x	9.67x
FCF Yield	--	36.01%	33.9%