XRAY 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	1.76B EUR	2.11B EUR	2.32B EUR	2.28B EUR
Enterprise Value	3.82B EUR	4.19B EUR	4.46B EUR	4.42B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	5.9x	--	--	--
Price to Sales	0.48x	0.58x	0.63x	0.81x
Price to Book	1.34x	1.56x	1.76x	1.7x
EV/Revenue	1.05x	1.15x	1.21x	1.58x
EV/EBITDA	7.26x	7.9x	7.96x	9.92x
Price to FCF (P/FCF)	12.43x	14.78x	22.34x	19.67x
EV/FCF	26.98x	29.28x	42.93x	38.13x
FCF Yield	8.05%	6.77%	4.48%	5.08%