TFG-R.BK 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	55.21B EUR	30.28B EUR	29.7B EUR	29.7B EUR
Enterprise Value	71.02B EUR	50.61B EUR	43.8B EUR	44.72B EUR
Valuation Multiples
Trailing P/E	7.69x	4.75x	3.99x	5.5x
Forward P/E	--	--	--	--
Price to Sales	0.76x	0.42x	0.41x	0.54x
Price to Book	2.49x	1.37x	1.33x	1.48x
EV/Revenue	0.98x	0.7x	0.6x	0.81x
EV/EBITDA	6.04x	3.76x	2.95x	4.02x
Price to FCF (P/FCF)	13.46x	5.79x	3.22x	3.89x
EV/FCF	17.32x	9.68x	4.75x	5.86x
FCF Yield	7.43%	17.26%	31.05%	25.72%