BAER 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	35.61M EUR	112.7M EUR	113.91M EUR	102.29M EUR
Enterprise Value	717.67M EUR	373.38M EUR	356.97M EUR	315.76M EUR
Valuation Multiples
Trailing P/E	--	--	--	5.2x
Forward P/E	--	--	--	--
Price to Sales	0.31x	0.98x	0.98x	0.95x
Price to Book	--	3.29x	3.33x	1.58x
EV/Revenue	6.22x	3.23x	3.09x	2.95x
EV/EBITDA	36.5x	13.55x	13.29x	6.32x
Price to FCF (P/FCF)	--	--	--	--
EV/FCF	--	--	--	--
FCF Yield	-200.09%	-80.27%	-62.67%	-43.3%