TEF.MC 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	18.3B EUR	19.79B EUR	21.35B EUR	19.66B EUR
Enterprise Value	58.84B EUR	22.56B EUR	21.35B EUR	52.75B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	8.29x	--	--	--
Price to Sales	0.51x	1.16x	0.82x	0.56x
Price to Book	1.25x	1.35x	--	1.38x
EV/Revenue	1.62x	1.32x	0.82x	1.5x
EV/EBITDA	8.62x	6.74x	3.05x	5.5x
Price to FCF (P/FCF)	4.69x	6.65x	5.27x	4.39x
EV/FCF	15.08x	7.58x	5.27x	11.78x
FCF Yield	21.32%	15.03%	18.96%	22.78%