AFL 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	57.42B EUR	58.89B EUR	56.01B EUR	57.2B EUR
Enterprise Value	64.87B EUR	61.5B EUR	58.26B EUR	59.36B EUR
Valuation Multiples
Trailing P/E	12.32x	12.11x	12.08x	15.81x
Forward P/E	15.1x	--	--	--
Price to Sales	3.18x	3.22x	3.06x	4.11x
Price to Book	1.9x	1.94x	1.87x	1.94x
EV/Revenue	3.59x	3.36x	3.18x	4.27x
EV/EBITDA	10.7x	--	--	--
Price to FCF (P/FCF)	11.15x	22.25x	19.09x	29.09x
EV/FCF	12.59x	23.23x	19.86x	30.19x
FCF Yield	8.97%	4.49%	5.24%	3.44%