FCFS 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	9.27B EUR	9.41B EUR	8.24B EUR	7.01B EUR
Enterprise Value	11.7B EUR	9.41B EUR	10.72B EUR	9.45B EUR
Valuation Multiples
Trailing P/E	24.31x	31.92x	23.25x	21.22x
Forward P/E	16.46x	--	--	--
Price to Sales	2.25x	3.09x	2.13x	1.91x
Price to Book	4x	--	3.59x	3.08x
EV/Revenue	2.84x	3.09x	2.77x	2.58x
EV/EBITDA	14.85x	11.23x	10.21x	9.34x
Price to FCF (P/FCF)	42.17x	21.05x	14.96x	13.2x
EV/FCF	53.24x	21.05x	19.46x	17.8x
FCF Yield	2.37%	4.75%	6.68%	7.58%