STE 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	20.9B EUR	20.52B EUR	21.63B EUR	24.88B EUR
Enterprise Value	22.13B EUR	22.08B EUR	23.27B EUR	26.51B EUR
Valuation Multiples
Trailing P/E	26.21x	25.49x	27.64x	44.27x
Forward P/E	17.51x	--	--	--
Price to Sales	3.46x	3.4x	3.64x	5.72x
Price to Book	2.9x	2.85x	3.01x	3.48x
EV/Revenue	3.67x	3.66x	3.92x	6.1x
EV/EBITDA	13.49x	13.44x	14.56x	22.93x
Price to FCF (P/FCF)	26.17x	22.17x	22.24x	34.22x
EV/FCF	27.7x	23.86x	23.93x	36.46x
FCF Yield	3.82%	4.51%	4.5%	2.92%