TDC 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	2.84B EUR	3.24B EUR	2.42B EUR	2.82B EUR
Enterprise Value	2.5B EUR	2.92B EUR	2.16B EUR	2.88B EUR
Valuation Multiples
Trailing P/E	6.43x	7.07x	5.75x	32.74x
Forward P/E	10.5x	--	--	--
Price to Sales	1.68x	1.91x	1.43x	2.26x
Price to Book	4.82x	5.46x	4.34x	12.24x
EV/Revenue	1.48x	1.73x	1.28x	2.31x
EV/EBITDA	7.23x	12.81x	10.95x	13.84x
Price to FCF (P/FCF)	8.16x	4.41x	3.62x	10.13x
EV/FCF	7.18x	3.98x	3.23x	10.36x
FCF Yield	12.25%	22.68%	27.61%	9.87%