T-PA 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	--	130.08B EUR	136.79B EUR	138.54B EUR
Enterprise Value	283.97B EUR	275.4B EUR	282.14B EUR	275.35B EUR
Valuation Multiples
Trailing P/E	7.03x	6.03x	6.38x	7.87x
Forward P/E	--	--	--	--
Price to Sales	--	1.02x	1.08x	1.46x
Price to Book	1.04x	1.18x	1.25x	1.25x
EV/Revenue	2.23x	2.16x	2.23x	2.9x
EV/EBITDA	6.32x	5.07x	5.19x	6.53x
Price to FCF (P/FCF)	--	7.37x	7.88x	9.44x
EV/FCF	28x	15.6x	16.26x	18.77x
FCF Yield	--	13.57%	12.68%	10.59%