RF-PF 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	--	21.51B EUR	21.27B EUR	22.03B EUR
Enterprise Value	26.63B EUR	19.02B EUR	15.27B EUR	16.01B EUR
Valuation Multiples
Trailing P/E	--	9.64x	9.56x	13.22x
Forward P/E	--	--	--	--
Price to Sales	--	2.82x	2.79x	3.84x
Price to Book	1.18x	1.14x	1.13x	1.16x
EV/Revenue	3.68x	2.5x	2x	2.79x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	12.29x	10.89x	20.21x
EV/FCF	--	10.87x	7.82x	14.69x
FCF Yield	--	8.13%	9.18%	4.95%