ACAD 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	3.39B EUR	4.35B EUR	3.81B EUR	4.55B EUR
Enterprise Value	2.49B EUR	4.04B EUR	3.58B EUR	4.42B EUR
Valuation Multiples
Trailing P/E	8.87x	11.45x	10.14x	12.23x
Forward P/E	22.26x	--	--	--
Price to Sales	2.97x	3.82x	3.48x	5.5x
Price to Book	2.61x	3.33x	3.05x	3.71x
EV/Revenue	2.19x	3.55x	3.27x	5.35x
EV/EBITDA	25.32x	41.1x	38.58x	46.89x
Price to FCF (P/FCF)	49.34x	29.91x	17.93x	24.77x
EV/FCF	36.29x	27.77x	16.84x	24.08x
FCF Yield	2.03%	3.34%	5.58%	4.04%