IVL-R.BK 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	157.21B EUR	128.89B EUR	128.89B EUR	112.47B EUR
Enterprise Value	396.28B EUR	356.77B EUR	365.35B EUR	349.24B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	--	--	--	--
Price to Sales	0.34x	0.28x	0.29x	0.34x
Price to Book	1.34x	0.97x	1.04x	0.96x
EV/Revenue	0.86x	0.78x	0.83x	1.06x
EV/EBITDA	11.65x	9.07x	12.52x	16.11x
Price to FCF (P/FCF)	5.73x	3.06x	4.55x	5.47x
EV/FCF	14.44x	8.46x	12.88x	16.99x
FCF Yield	17.45%	32.72%	22%	18.27%