TM 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	219.43B EUR	1.99T EUR	2.69T EUR	2.79T EUR
Enterprise Value	35.05T EUR	35.6T EUR	33.23T EUR	37T EUR
Valuation Multiples
Trailing P/E	8.14x	0.44x	0.7x	0.92x
Forward P/E	11.74x	--	--	--
Price to Sales	0x	0.04x	0.05x	0.07x
Price to Book	14.7x	0.05x	0.07x	0.07x
EV/Revenue	0.68x	0.69x	0.66x	0.97x
EV/EBITDA	6.26x	4.54x	4.69x	6.46x
Price to FCF (P/FCF)	--	--	14.96x	--
EV/FCF	--	--	185.06x	--
FCF Yield	-1,640.6%	-61.32%	6.69%	-2.13%