BOKF 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	7.62B EUR	8.44B EUR	7.78B EUR	7.18B EUR
Enterprise Value	6.18B EUR	10.35B EUR	12.49B EUR	8.63B EUR
Valuation Multiples
Trailing P/E	11.83x	12.97x	12.67x	15.67x
Forward P/E	11.71x	--	--	--
Price to Sales	3.34x	3.85x	3.63x	4.48x
Price to Book	1.25x	1.39x	1.3x	1.21x
EV/Revenue	2.71x	4.72x	5.82x	5.39x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	5.61x	16.53x	9.98x
EV/FCF	--	6.88x	26.53x	12x
FCF Yield	--	17.82%	6.05%	10.02%