BLA-R.BK 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	37.91B EUR	33.11B EUR	33.11B EUR	30.77B EUR
Enterprise Value	34.34B EUR	29.56B EUR	30.36B EUR	24.09B EUR
Valuation Multiples
Trailing P/E	5.27x	4.56x	4.47x	5.3x
Forward P/E	--	--	--	--
Price to Sales	2.21x	1.28x	1.27x	1.53x
Price to Book	0.67x	0.59x	0.62x	0.56x
EV/Revenue	2x	1.14x	1.16x	1.2x
EV/EBITDA	4.15x	--	--	--
Price to FCF (P/FCF)	6.74x	--	--	22.72x
EV/FCF	6.11x	--	--	17.79x
FCF Yield	14.83%	-9.63%	-7.81%	4.4%