SAPA.F 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	220.45B EUR	150.62B EUR	173.97B EUR	240.52B EUR
Enterprise Value	3.1T EUR	150.62B EUR	172.18B EUR	239.77B EUR
Valuation Multiples
Trailing P/E	28.3x	19.32x	23.79x	44.7x
Forward P/E	30.96x	--	--	--
Price to Sales	5.77x	3.94x	4.66x	8.66x
Price to Book	69.4x	3.37x	3.88x	5.39x
EV/Revenue	81.27x	3.94x	4.61x	8.63x
EV/EBITDA	263.93x	12.58x	15.06x	29.69x
Price to FCF (P/FCF)	24.25x	17.25x	21.54x	50.07x
EV/FCF	341.43x	17.25x	21.31x	49.91x
FCF Yield	4.12%	5.8%	4.64%	2%