PAGP 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	6.2B EUR	4.8B EUR	4.81B EUR	3.79B EUR
Enterprise Value	26.57B EUR	12.38B EUR	16.21B EUR	14.92B EUR
Valuation Multiples
Trailing P/E	60.5x	8.67x	24.64x	21.65x
Forward P/E	12.89x	--	--	--
Price to Sales	0.12x	0.09x	0.11x	0.12x
Price to Book	3.33x	0.31x	0.34x	0.27x
EV/Revenue	0.51x	0.24x	0.36x	0.46x
EV/EBITDA	10.32x	4.24x	5.94x	7.29x
Price to FCF (P/FCF)	4.32x	2.05x	2.34x	2.14x
EV/FCF	18.5x	5.28x	7.89x	8.43x
FCF Yield	23.15%	48.78%	42.77%	46.7%