M-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	18.16B EUR	16.78B EUR	16.78B EUR	30.16B EUR
Enterprise Value	15.25B EUR	19.2B EUR	19.5B EUR	32.4B EUR
Valuation Multiples
Trailing P/E	25.44x	23.52x	21.86x	49.91x
Forward P/E	--	--	--	--
Price to Sales	1.19x	1.05x	1.07x	2.61x
Price to Book	1.41x	1.31x	1.28x	2.34x
EV/Revenue	1x	1.2x	1.25x	2.8x
EV/EBITDA	16.25x	6.86x	6.86x	14.94x
Price to FCF (P/FCF)	9.03x	15.06x	10.83x	21.97x
EV/FCF	7.58x	17.23x	12.59x	23.6x
FCF Yield	11.08%	6.64%	9.23%	4.55%