IBOC 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	4.22B EUR	4.72B EUR	4.18B EUR	4.13B EUR
Enterprise Value	4.53B EUR	4.39B EUR	3.72B EUR	3.71B EUR
Valuation Multiples
Trailing P/E	10.24x	11.43x	10.02x	13.1x
Forward P/E	--	--	--	--
Price to Sales	5.04x	5.5x	4.91x	6.41x
Price to Book	1.25x	1.4x	1.27x	1.27x
EV/Revenue	5.41x	5.11x	4.36x	5.77x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	10.43x	9.18x	12.15x
EV/FCF	--	9.7x	8.15x	10.93x
FCF Yield	--	9.59%	10.9%	8.23%