AX 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	5.03B EUR	5.53B EUR	4.84B EUR	4.88B EUR
Enterprise Value	5.27B EUR	5.49B EUR	6.49B EUR	4.99B EUR
Valuation Multiples
Trailing P/E	10.43x	11.27x	10.17x	13.9x
Forward P/E	8.2x	--	--	--
Price to Sales	3.65x	3.78x	3.45x	4.8x
Price to Book	1.58x	1.74x	1.58x	1.67x
EV/Revenue	3.82x	3.75x	4.62x	4.91x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	18.98x	18.98x	13.71x
EV/FCF	--	18.86x	25.45x	14.01x
FCF Yield	--	5.27%	5.27%	7.3%