FSS 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	6.93B EUR	7.84B EUR	6.6B EUR	6.61B EUR
Enterprise Value	7.3B EUR	8.27B EUR	7.11B EUR	7.14B EUR
Valuation Multiples
Trailing P/E	24.48x	27.48x	24.37x	33.02x
Forward P/E	19.65x	--	--	--
Price to Sales	2.83x	3.2x	2.82x	3.85x
Price to Book	4.6x	5.2x	4.6x	4.79x
EV/Revenue	2.98x	3.38x	3.03x	4.16x
EV/EBITDA	14.6x	16.52x	14.97x	20.36x
Price to FCF (P/FCF)	35.6x	23.12x	22.7x	33.74x
EV/FCF	37.47x	24.37x	24.46x	36.45x
FCF Yield	2.81%	4.32%	4.41%	2.96%