LOB 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	1.6B EUR	1.89B EUR	1.53B EUR	1.58B EUR
Enterprise Value	872.23M EUR	1.06B EUR	812.54M EUR	818.46M EUR
Valuation Multiples
Trailing P/E	12.1x	13.54x	12.12x	16.44x
Forward P/E	8.17x	--	--	--
Price to Sales	3.03x	3.33x	2.76x	3.83x
Price to Book	1.31x	1.44x	1.2x	1.27x
EV/Revenue	1.66x	1.87x	1.47x	1.98x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	7.96x	5.86x	9.01x
EV/FCF	--	4.47x	3.11x	4.66x
FCF Yield	--	12.56%	17.06%	11.1%