BA-R.BK 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	39.2B EUR	27.24B EUR	27.24B EUR	27.87B EUR
Enterprise Value	55.39B EUR	43.75B EUR	42.07B EUR	43.93B EUR
Valuation Multiples
Trailing P/E	10.16x	6.99x	6.87x	14.87x
Forward P/E	--	--	--	--
Price to Sales	1.54x	1.13x	1.14x	1.67x
Price to Book	2.75x	1.91x	1.8x	2.11x
EV/Revenue	2.17x	1.82x	1.76x	2.63x
EV/EBITDA	11.21x	6.17x	5.57x	10.14x
Price to FCF (P/FCF)	14.62x	5.46x	5.57x	11.31x
EV/FCF	20.65x	8.76x	8.6x	17.82x
FCF Yield	6.84%	18.33%	17.96%	8.84%