BE 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	82.61B EUR	88.8B EUR	38.51B EUR	24.33B EUR
Enterprise Value	80.48B EUR	88.94B EUR	38.97B EUR	24.87B EUR
Valuation Multiples
Trailing P/E	369.08x	362.53x	6,382.78x	--
Forward P/E	56.76x	--	--	--
Price to Sales	26.54x	28.52x	15.72x	14.33x
Price to Book	51.05x	55.09x	41.79x	31.66x
EV/Revenue	25.85x	28.57x	15.91x	14.65x
EV/EBITDA	192.32x	213.63x	184.74x	215.05x
Price to FCF (P/FCF)	155.4x	142.14x	167.74x	133.6x
EV/FCF	151.38x	142.38x	169.74x	136.56x
FCF Yield	0.64%	0.7%	0.6%	0.75%