ULKER.IS 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	32.5B EUR	36.67B EUR	43.5B EUR	39.88B EUR
Enterprise Value	77.27B EUR	78.78B EUR	84.59B EUR	73.91B EUR
Valuation Multiples
Trailing P/E	7.33x	8.49x	11.19x	17.33x
Forward P/E	3.06x	--	--	--
Price to Sales	0.3x	0.31x	0.36x	0.46x
Price to Book	0.64x	0.72x	0.89x	0.92x
EV/Revenue	0.72x	0.67x	0.7x	0.85x
EV/EBITDA	5.42x	5.4x	5.56x	7.9x
Price to FCF (P/FCF)	--	3.35x	6.09x	3.35x
EV/FCF	--	7.19x	11.84x	6.21x
FCF Yield	-21.02%	29.88%	16.42%	29.86%