TMO 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	243.3B EUR	185.38B EUR	182.66B EUR	218B EUR
Enterprise Value	279.68B EUR	223.86B EUR	222.57B EUR	247.53B EUR
Valuation Multiples
Trailing P/E	35.42x	26.61x	26.67x	41.95x
Forward P/E	23.86x	--	--	--
Price to Sales	5.25x	4x	4.04x	6.38x
Price to Book	4.62x	3.52x	3.52x	4.08x
EV/Revenue	6.04x	4.83x	4.92x	7.24x
EV/EBITDA	23.83x	18.11x	18.54x	27.12x
Price to FCF (P/FCF)	39.01x	25.33x	27.07x	36.75x
EV/FCF	44.84x	30.59x	32.98x	41.73x
FCF Yield	2.56%	3.95%	3.69%	2.72%