AP-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	25.17B EUR	29.73B EUR	29.73B EUR	26.74B EUR
Enterprise Value	55.65B EUR	60.21B EUR	59.62B EUR	56.23B EUR
Valuation Multiples
Trailing P/E	5.71x	6.74x	6.82x	7.74x
Forward P/E	--	--	--	--
Price to Sales	0.63x	0.74x	0.76x	0.9x
Price to Book	0.54x	0.64x	0.63x	0.58x
EV/Revenue	1.38x	1.5x	1.52x	1.9x
EV/EBITDA	9.99x	9.65x	9.72x	11.77x
Price to FCF (P/FCF)	15.79x	16.9x	25.64x	13.29x
EV/FCF	34.91x	34.23x	51.43x	27.95x
FCF Yield	6.33%	5.92%	3.9%	7.53%