BSBR 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	21.75B EUR	39.31B EUR	44.4B EUR	45.65B EUR
Enterprise Value	170.04B EUR	-149.69B EUR	-165.88B EUR	-128.22B EUR
Valuation Multiples
Trailing P/E	17.61x	3.93x	4.91x	5.11x
Forward P/E	6.97x	--	--	--
Price to Sales	0.45x	1.05x	1.29x	1.32x
Price to Book	0.43x	0.31x	0.35x	0.36x
EV/Revenue	3.52x	-4.01x	-4.8x	-3.71x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	1.17x	7.88x	--
EV/FCF	--	-4.44x	-29.45x	--
FCF Yield	--	85.69%	12.69%	-2.51%