ICTEF Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	28.26B EUR	30.39B EUR	23.23B EUR
Enterprise Value	34.03B EUR	35.33B EUR	27.42B EUR
Valuation Multiples
Trailing P/E	25x	26.87x	21.63x
Forward P/E	53.85x	--	--
Price to Sales	7.75x	8.1x	6.56x
Price to Book	14.72x	16.45x	12.76x
EV/Revenue	9.34x	9.42x	7.74x
EV/EBITDA	15x	14.93x	12.18x
Price to FCF (P/FCF)	31.15x	22.81x	16.43x
EV/FCF	37.5x	26.52x	19.39x
FCF Yield	3.21%	4.38%	6.09%