INDV 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	4.23B EUR	4.84B EUR	3.72B EUR	4.49B EUR
Enterprise Value	4.47B EUR	5.13B EUR	4.05B EUR	4.64B EUR
Valuation Multiples
Trailing P/E	12.84x	13.64x	14.81x	27.69x
Forward P/E	7.34x	--	--	--
Price to Sales	3.18x	3.63x	2.88x	4.61x
Price to Book	--	--	--	--
EV/Revenue	3.36x	3.85x	3.14x	4.77x
EV/EBITDA	7.76x	11.22x	10.84x	20.18x
Price to FCF (P/FCF)	48.89x	--	--	--
EV/FCF	51.68x	--	--	--
FCF Yield	2.05%	-2.29%	-5.19%	-3.66%