QBR-B.TO 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	13.92B EUR	15.16B EUR	13.32B EUR	11.74B EUR
Enterprise Value	21.79B EUR	22.23B EUR	20.31B EUR	18.79B EUR
Valuation Multiples
Trailing P/E	15.26x	21.42x	20.36x	18.94x
Forward P/E	13.1x	--	--	--
Price to Sales	2.4x	3.46x	3.08x	2.75x
Price to Book	5.08x	5.53x	4.97x	4.47x
EV/Revenue	3.77x	5.07x	4.7x	4.4x
EV/EBITDA	10.42x	12.19x	11.26x	10.59x
Price to FCF (P/FCF)	9.82x	14.88x	13.67x	12.01x
EV/FCF	15.37x	21.81x	20.84x	19.21x
FCF Yield	10.18%	6.72%	7.32%	8.33%