SPB 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	1.78B EUR	1.97B EUR	1.71B EUR	1.38B EUR
Enterprise Value	2.34B EUR	2.46B EUR	2.31B EUR	1.95B EUR
Valuation Multiples
Trailing P/E	23.3x	24.87x	13.57x	13.24x
Forward P/E	13.43x	--	--	--
Price to Sales	0.62x	0.69x	0.61x	0.65x
Price to Book	0.96x	1.07x	0.9x	0.72x
EV/Revenue	0.81x	0.86x	0.82x	0.92x
EV/EBITDA	8.31x	7.73x	9.78x	12.26x
Price to FCF (P/FCF)	7.59x	6.76x	5.9x	4.76x
EV/FCF	9.96x	8.44x	7.97x	6.73x
FCF Yield	13.17%	14.79%	16.96%	21.01%