PBR-A 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	153.84B EUR	188.69B EUR	241.66B EUR	145.26B EUR
Enterprise Value	456.35B EUR	253.01B EUR	305.72B EUR	208.58B EUR
Valuation Multiples
Trailing P/E	5.67x	7.38x	12.17x	10.63x
Forward P/E	5.59x	--	--	--
Price to Sales	0.28x	1.81x	2.64x	2.13x
Price to Book	1.57x	2.03x	2.86x	1.92x
EV/Revenue	0.83x	2.43x	3.34x	3.06x
EV/EBITDA	1.88x	4.75x	6.97x	6.29x
Price to FCF (P/FCF)	1.63x	9.4x	15.26x	12.11x
EV/FCF	4.84x	12.6x	19.31x	17.4x
FCF Yield	61.26%	10.64%	6.55%	8.25%