PBR 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	163.04B EUR	208.28B EUR	267.44B EUR	152.73B EUR
Enterprise Value	472.78B EUR	272.6B EUR	331.5B EUR	216.05B EUR
Valuation Multiples
Trailing P/E	6.39x	8.15x	13.47x	11.18x
Forward P/E	6.12x	--	--	--
Price to Sales	0.3x	2x	2.92x	2.24x
Price to Book	1.77x	2.24x	3.16x	2.02x
EV/Revenue	0.86x	2.62x	3.62x	3.17x
EV/EBITDA	1.95x	5.11x	7.56x	6.51x
Price to FCF (P/FCF)	1.73x	10.37x	16.89x	12.74x
EV/FCF	5.02x	13.58x	20.94x	18.02x
FCF Yield	57.8%	9.64%	5.92%	7.85%