6121.TWO 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	67.33B EUR	77.23B EUR	61.6B EUR	66.4B EUR
Enterprise Value	39.44B EUR	50.36B EUR	39.11B EUR	45.48B EUR
Valuation Multiples
Trailing P/E	11.05x	12.61x	11.21x	15.7x
Forward P/E	9.88x	--	--	--
Price to Sales	0.81x	0.92x	0.75x	1.04x
Price to Book	1.7x	1.95x	1.63x	1.73x
EV/Revenue	0.47x	0.6x	0.48x	0.71x
EV/EBITDA	3.48x	3.88x	3.31x	5.13x
Price to FCF (P/FCF)	33.75x	61.3x	16.2x	31.37x
EV/FCF	19.77x	39.98x	10.29x	21.49x
FCF Yield	2.96%	1.63%	6.17%	3.19%