FNB 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	6.02B EUR	6.79B EUR	5.95B EUR	6.11B EUR
Enterprise Value	8.8B EUR	8.44B EUR	6.42B EUR	6.69B EUR
Valuation Multiples
Trailing P/E	10.15x	11.24x	10.17x	13.64x
Forward P/E	9.13x	--	--	--
Price to Sales	3.45x	3.71x	3.3x	4.51x
Price to Book	0.88x	0.99x	0.87x	0.9x
EV/Revenue	5.05x	4.62x	3.56x	4.94x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	10.91x	12.76x	18.35x
EV/FCF	--	13.58x	13.78x	20.1x
FCF Yield	--	9.17%	7.84%	5.45%