TARS 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	3.42B EUR	2.72B EUR	3.02B EUR	3.48B EUR
Enterprise Value	2.81B EUR	2.59B EUR	2.99B EUR	3.37B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	-203.22x	--	--	--
Price to Sales	5.65x	4.49x	5.64x	9.34x
Price to Book	9.13x	7.85x	8.65x	10.15x
EV/Revenue	4.63x	4.27x	5.58x	9.04x
EV/EBITDA	-60.79x	--	--	--
Price to FCF (P/FCF)	50.74x	48.63x	--	--
EV/FCF	41.63x	46.28x	--	--
FCF Yield	1.97%	2.06%	-1.05%	-0.03%