EMBJ3.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	63.5B EUR	58.26B EUR	54.78B EUR	64.04B EUR
Enterprise Value	68.27B EUR	59.46B EUR	56.27B EUR	64.8B EUR
Valuation Multiples
Trailing P/E	27.28x	176.93x	280.47x	272.15x
Forward P/E	15.58x	--	--	--
Price to Sales	1.44x	9.2x	9.26x	11.49x
Price to Book	3.55x	16.84x	16.63x	18.59x
EV/Revenue	1.55x	9.39x	9.51x	11.63x
EV/EBITDA	14.35x	79.39x	93.37x	105.19x
Price to FCF (P/FCF)	37.92x	104.58x	1,654.85x	250.34x
EV/FCF	40.76x	106.73x	1,699.92x	253.32x
FCF Yield	2.64%	0.96%	0.06%	0.4%