TVO-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	25.35B EUR	21.57B EUR	21.57B EUR	21.39B EUR
Enterprise Value	23.96B EUR	21.19B EUR	20.86B EUR	20.79B EUR
Valuation Multiples
Trailing P/E	9.86x	8.32x	9.13x	12.92x
Forward P/E	--	--	--	--
Price to Sales	0.84x	0.71x	0.75x	1.02x
Price to Book	2.09x	1.78x	1.76x	1.85x
EV/Revenue	0.79x	0.7x	0.73x	0.99x
EV/EBITDA	7.88x	6.71x	6.72x	8.86x
Price to FCF (P/FCF)	--	42.4x	33.64x	27.35x
EV/FCF	--	41.65x	32.53x	26.58x
FCF Yield	-1.87%	2.36%	2.97%	3.66%