DELTA-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	3.34T EUR	2.48T EUR	2.48T EUR	2.48T EUR
Enterprise Value	3.33T EUR	2.47T EUR	2.46T EUR	2.46T EUR
Valuation Multiples
Trailing P/E	111.67x	110.76x	118.4x	142.88x
Forward P/E	--	--	--	--
Price to Sales	14.04x	13.47x	15.17x	17.12x
Price to Book	31.71x	23.55x	23.3x	25.66x
EV/Revenue	13.98x	13.39x	15.07x	16.99x
EV/EBITDA	81.76x	75.59x	80.36x	95.47x
Price to FCF (P/FCF)	545.2x	174.43x	238.48x	212.19x
EV/FCF	542.93x	173.45x	236.8x	210.58x
FCF Yield	0.18%	0.57%	0.42%	0.47%