VIV 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	19.49B EUR	42.05B EUR	50.84B EUR	37.9B EUR
Enterprise Value	31.56B EUR	53.3B EUR	61.66B EUR	51.21B EUR
Valuation Multiples
Trailing P/E	15.64x	6.37x	7.98x	7.42x
Forward P/E	11.38x	--	--	--
Price to Sales	0.32x	0.68x	0.84x	0.84x
Price to Book	1.49x	0.64x	0.73x	0.55x
EV/Revenue	0.51x	0.86x	1.02x	1.13x
EV/EBITDA	1.57x	2.12x	2.51x	2.84x
Price to FCF (P/FCF)	1.55x	3.92x	4.43x	4.41x
EV/FCF	2.51x	4.96x	5.37x	5.96x
FCF Yield	64.56%	25.54%	22.57%	22.67%