VBBR3.SA 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	44.12B EUR	35.75B EUR	37.71B EUR	30.21B EUR
Enterprise Value	61.06B EUR	51.9B EUR	56.6B EUR	49.78B EUR
Valuation Multiples
Trailing P/E	8.58x	7.69x	14.52x	18.94x
Forward P/E	10.71x	--	--	--
Price to Sales	0.22x	0.23x	0.26x	0.21x
Price to Book	1.87x	1.52x	1.74x	1.47x
EV/Revenue	0.3x	0.33x	0.39x	0.35x
EV/EBITDA	5.8x	4.55x	6.77x	7.21x
Price to FCF (P/FCF)	6.52x	5.71x	9.55x	14.97x
EV/FCF	9.02x	8.29x	14.34x	24.67x
FCF Yield	15.35%	17.51%	10.47%	6.68%