TEO 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	5.33B EUR	28B EUR	25.18B EUR	25B EUR
Enterprise Value	5.16T EUR	5.64T EUR	5.24T EUR	5.4T EUR
Valuation Multiples
Trailing P/E	9.66x	0.04x	0.08x	--
Forward P/E	13.55x	--	--	--
Price to Sales	0x	0x	0x	0x
Price to Book	0.92x	0x	0x	0x
EV/Revenue	0.58x	0.58x	0.54x	0.74x
EV/EBITDA	1.98x	1.36x	1.32x	2.13x
Price to FCF (P/FCF)	0.01x	0.02x	0.02x	0.03x
EV/FCF	6.37x	4.78x	4.84x	6.89x
FCF Yield	15,211.9%	4,214.02%	4,303.91%	3,135.79%