FCNCA 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	23.36B EUR	23.7B EUR	22.03B EUR	26.05B EUR
Enterprise Value	35.5B EUR	33.4B EUR	31.87B EUR	41.56B EUR
Valuation Multiples
Trailing P/E	11.09x	10.07x	9.76x	15.12x
Forward P/E	10.21x	--	--	--
Price to Sales	2.5x	2.54x	2.38x	3.74x
Price to Book	1.17x	1.08x	1x	1.17x
EV/Revenue	3.8x	3.58x	3.44x	5.97x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	14.74x	16.05x	16.96x
EV/FCF	--	20.77x	23.21x	27.06x
FCF Yield	--	6.78%	6.23%	5.9%