PSA-PS 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	--	2.75B EUR	2.77B EUR	2.85B EUR
Enterprise Value	16.88B EUR	12.67B EUR	12.67B EUR	12.79B EUR
Valuation Multiples
Trailing P/E	1.39x	1.34x	1.46x	2.07x
Forward P/E	--	--	--	--
Price to Sales	--	0.56x	0.57x	0.78x
Price to Book	0.52x	0.3x	0.3x	0.31x
EV/Revenue	3.44x	2.59x	2.61x	3.51x
EV/EBITDA	4.91x	3.62x	3.62x	4.85x
Price to FCF (P/FCF)	--	0.96x	0.96x	1.27x
EV/FCF	7.23x	4.43x	4.41x	5.68x
FCF Yield	--	104.17%	103.73%	78.85%