JOE 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	3.69B EUR	3.57B EUR	3.61B EUR	3.42B EUR
Enterprise Value	4.16B EUR	4B EUR	4.04B EUR	3.86B EUR
Valuation Multiples
Trailing P/E	30.45x	29.01x	32.21x	34.8x
Forward P/E	589.64x	--	--	--
Price to Sales	6.74x	6.52x	6.97x	8.15x
Price to Book	4.84x	4.67x	4.71x	4.46x
EV/Revenue	7.59x	7.31x	7.79x	9.21x
EV/EBITDA	19.66x	17.03x	18.25x	20.51x
Price to FCF (P/FCF)	31.06x	18.66x	20.27x	23.82x
EV/FCF	34.97x	20.93x	22.66x	26.91x
FCF Yield	3.22%	5.36%	4.93%	4.2%