BRSAN.IS 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	93.43B EUR	80.1B EUR	73.23B EUR	78.68B EUR
Enterprise Value	100.82B EUR	87.49B EUR	80.73B EUR	86.48B EUR
Valuation Multiples
Trailing P/E	37.81x	32.42x	40.02x	50.56x
Forward P/E	--	--	--	--
Price to Sales	1.09x	0.93x	0.94x	1.31x
Price to Book	2.15x	1.85x	1.86x	2.09x
EV/Revenue	1.17x	1.02x	1.03x	1.44x
EV/EBITDA	14.88x	12.19x	13.95x	18.58x
Price to FCF (P/FCF)	45.56x	10.54x	10.05x	15.79x
EV/FCF	49.17x	11.51x	11.08x	17.36x
FCF Yield	2.19%	9.49%	9.95%	6.33%