BR 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	18.68B EUR	15.62B EUR	18.8B EUR	26.05B EUR
Enterprise Value	21.95B EUR	18.73B EUR	21.9B EUR	29.04B EUR
Valuation Multiples
Trailing P/E	17.23x	13.89x	17.08x	31.61x
Forward P/E	14.29x	--	--	--
Price to Sales	2.5x	2.09x	2.57x	4.85x
Price to Book	6.64x	5.5x	6.67x	9.05x
EV/Revenue	2.94x	2.51x	2.99x	5.41x
EV/EBITDA	12.14x	9.87x	11.85x	20.87x
Price to FCF (P/FCF)	15.64x	12.67x	14.99x	26.53x
EV/FCF	18.38x	15.19x	17.46x	29.58x
FCF Yield	6.39%	7.89%	6.67%	3.77%