INDB 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	3.65B EUR	3.98B EUR	3.65B EUR	3.59B EUR
Enterprise Value	3.38B EUR	3.68B EUR	3.69B EUR	3.65B EUR
Valuation Multiples
Trailing P/E	13.8x	14.67x	15.16x	22.36x
Forward P/E	9.35x	--	--	--
Price to Sales	3.85x	4.02x	3.97x	5.37x
Price to Book	1.04x	1.13x	1.03x	1.01x
EV/Revenue	3.56x	3.72x	4.02x	5.45x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	13.1x	10.75x	15.78x
EV/FCF	--	12.12x	10.89x	16.02x
FCF Yield	--	7.63%	9.3%	6.34%