BCO 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	4.26B EUR	3.89B EUR	4.27B EUR	4.8B EUR
Enterprise Value	7.25B EUR	6.79B EUR	7.18B EUR	7.69B EUR
Valuation Multiples
Trailing P/E	23.99x	21.51x	23.67x	32.39x
Forward P/E	9.99x	--	--	--
Price to Sales	0.78x	0.71x	0.79x	1.2x
Price to Book	13.72x	12.53x	16.28x	17.28x
EV/Revenue	1.32x	1.24x	1.33x	1.92x
EV/EBITDA	8.2x	7.56x	8.07x	10.93x
Price to FCF (P/FCF)	10.89x	9.89x	7.84x	8.64x
EV/FCF	18.52x	17.25x	13.21x	13.84x
FCF Yield	9.19%	10.12%	12.76%	11.58%