DAL 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	54.04B EUR	61.59B EUR	43.68B EUR	45.33B EUR
Enterprise Value	70.14B EUR	76.91B EUR	58.92B EUR	61.29B EUR
Valuation Multiples
Trailing P/E	13.63x	15.59x	9.76x	9.51x
Forward P/E	10.8x	--	--	--
Price to Sales	0.79x	0.9x	0.67x	0.92x
Price to Book	2.46x	2.82x	2.14x	2.17x
EV/Revenue	1.03x	1.13x	0.9x	1.24x
EV/EBITDA	9.34x	14.23x	10.46x	11.92x
Price to FCF (P/FCF)	19.18x	18.06x	11.14x	16.86x
EV/FCF	24.9x	22.55x	15.03x	22.79x
FCF Yield	5.21%	5.54%	8.98%	5.93%