Europe’s most valuable public tech companies rebound The rebound of the public markets in 2023 is re昀氀ected in the share price and market cap evolution of Europe’s most valuable public tech companies. All but one of the top 10 most valuable companies has increased their average daily market cap in 2023 vs. their average daily market cap in 2022. In fact, the peaks of 2021 are even in sight for some, including ASML, Europe’s most valuable technology company. Change in average market cap of Europe's Top 10 largest tech companies (as of Q3 2023), 2021 to 2023 Year 2021 Market Cap ($B), 2022 Market cap 2023 Market Cap Company HQ Country Founded average ($B), average ($B), average ASML Netherlands 1984 287 226 259 SAP Germany 1972 163 120 150 Prosus Netherlands 1994 158 84 94 United Arm Holdings Kingdom 1990 N/A N/A 54 Dassault France 1981 66 54 53 NXP Semiconductors Netherlands 2006 55 46 49 Infineon Technologies Germany 1999 55 39 48 Adyen Netherlands 2006 79 51 43 STMicroelectronics Switzerland 1987 37 34 42 Experian Ireland 1826 37 32 32 Notes: S&P Capital IQ Platform, as of date 30 September 2023, for Sources: illustrative purposes only. The average market capitalisation is used to give a representation of the stock price performance over the year, rather than anchored to specific trading days 239 | Outcomes