ECGF.F 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	1.8B EUR	1.55B EUR	1.45B EUR	1.51B EUR
Enterprise Value	64.33B EUR	71.12B EUR	75.98B EUR	78.82B EUR
Valuation Multiples
Trailing P/E	104x	2.91x	0.72x	1.31x
Forward P/E	--	--	--	--
Price to Sales	0.06x	0.05x	0.05x	0.07x
Price to Book	0.61x	0.02x	0.01x	0.02x
EV/Revenue	2.14x	2.36x	2.45x	3.47x
EV/EBITDA	20.75x	11.01x	8.91x	12.7x
Price to FCF (P/FCF)	--	0.88x	0.64x	0.67x
EV/FCF	--	40.5x	33.45x	35.08x
FCF Yield	-204.5%	113.46%	156.3%	149.24%