PAC 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	11.99B EUR	150.63B EUR	124.74B EUR	133.21B EUR
Enterprise Value	1.74T EUR	196.53B EUR	101.55B EUR	175.85B EUR
Valuation Multiples
Trailing P/E	17.86x	14.69x	12.45x	19.86x
Forward P/E	15.91x	--	--	--
Price to Sales	0.36x	3.58x	2.99x	4.39x
Price to Book	600.33x	2.86x	4.85x	5.93x
EV/Revenue	52.45x	4.66x	2.43x	5.79x
EV/EBITDA	77.53x	8.53x	4.5x	10.59x
Price to FCF (P/FCF)	1.74x	32.54x	14.02x	43.21x
EV/FCF	252.82x	42.46x	11.41x	57.04x
FCF Yield	57.53%	3.07%	7.13%	2.31%