RF 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	23.03B EUR	25.75B EUR	22.31B EUR	23.5B EUR
Enterprise Value	28.98B EUR	23.25B EUR	16.31B EUR	17.47B EUR
Valuation Multiples
Trailing P/E	11.03x	11.54x	10.03x	14.1x
Forward P/E	9.49x	--	--	--
Price to Sales	3.18x	3.38x	2.93x	4.09x
Price to Book	1.32x	1.37x	1.19x	1.23x
EV/Revenue	4.01x	3.05x	2.14x	3.04x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	14.72x	11.43x	21.56x
EV/FCF	--	13.29x	8.35x	16.03x
FCF Yield	--	6.8%	8.75%	4.64%