ETR 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	49.12B EUR	52.69B EUR	51.44B EUR	41.81B EUR
Enterprise Value	78.91B EUR	52.69B EUR	81.93B EUR	70.82B EUR
Valuation Multiples
Trailing P/E	26.29x	39.62x	28.55x	23.58x
Forward P/E	20.14x	--	--	--
Price to Sales	3.64x	5.29x	3.87x	3.23x
Price to Book	2.63x	--	2.97x	2.47x
EV/Revenue	5.85x	5.29x	6.17x	5.47x
EV/EBITDA	14.25x	11.51x	13.45x	11.85x
Price to FCF (P/FCF)	--	--	--	--
EV/FCF	--	--	--	--
FCF Yield	-8.96%	-4.49%	-6.13%	-6.67%