ETN 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	166.83B EUR	165.55B EUR	138.88B EUR	123.55B EUR
Enterprise Value	185.56B EUR	165.55B EUR	160.15B EUR	133.46B EUR
Valuation Multiples
Trailing P/E	43.71x	55.04x	34.81x	30.22x
Forward P/E	26.45x	--	--	--
Price to Sales	5.56x	7.7x	4.87x	4.5x
Price to Book	8.24x	--	7.04x	6.36x
EV/Revenue	6.18x	7.7x	5.62x	4.86x
EV/EBITDA	27.95x	35.19x	25.74x	21.6x
Price to FCF (P/FCF)	53.71x	54.1x	36.78x	34.77x
EV/FCF	59.74x	54.1x	42.41x	37.56x
FCF Yield	1.86%	1.85%	2.72%	2.88%