IRBR3.SA 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	5.7B EUR	4.47B EUR	4.46B EUR	4.38B EUR
Enterprise Value	1.57B EUR	4.71B EUR	4.66B EUR	4.65B EUR
Valuation Multiples
Trailing P/E	21.6x	18.59x	12.72x	17.07x
Forward P/E	8.06x	--	--	--
Price to Sales	1.16x	3.33x	3.23x	4.01x
Price to Book	1.08x	0.84x	0.84x	0.83x
EV/Revenue	0.32x	3.5x	3.38x	4.25x
EV/EBITDA	2.83x	--	--	--
Price to FCF (P/FCF)	14.23x	12.4x	16.87x	22.52x
EV/FCF	3.92x	13.05x	17.65x	23.88x
FCF Yield	7.03%	8.06%	5.93%	4.44%