FLS 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	9.24B EUR	9.46B EUR	9.38B EUR	8.81B EUR
Enterprise Value	10.51B EUR	11.05B EUR	10.48B EUR	9.81B EUR
Valuation Multiples
Trailing P/E	25.18x	25.48x	26.49x	32.36x
Forward P/E	15.56x	--	--	--
Price to Sales	1.99x	2.04x	2.02x	2.46x
Price to Book	4.07x	4.19x	4.24x	4.02x
EV/Revenue	2.27x	2.38x	2.25x	2.74x
EV/EBITDA	14.66x	12.69x	12.33x	14.06x
Price to FCF (P/FCF)	21.57x	23x	21.48x	17.75x
EV/FCF	24.53x	26.85x	23.99x	19.76x
FCF Yield	4.64%	4.35%	4.66%	5.63%