TAP 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	6.94B EUR	7.28B EUR	8.08B EUR	8.9B EUR
Enterprise Value	13.15B EUR	12.86B EUR	13.97B EUR	14.36B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	7.69x	--	--	--
Price to Sales	0.63x	0.66x	0.72x	1.01x
Price to Book	0.69x	0.72x	0.8x	0.87x
EV/Revenue	1.19x	1.16x	1.25x	1.62x
EV/EBITDA	5.81x	5.51x	5.48x	7.04x
Price to FCF (P/FCF)	7.42x	5.49x	6.93x	6.38x
EV/FCF	14.06x	9.7x	11.98x	10.29x
FCF Yield	13.48%	18.22%	14.43%	15.68%