ADAM 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	687.58M EUR	843.07M EUR	661.38M EUR	659.22M EUR
Enterprise Value	12.33B EUR	4.88B EUR	4.59B EUR	4.7B EUR
Valuation Multiples
Trailing P/E	4.55x	4.17x	4.25x	6.17x
Forward P/E	6.16x	--	--	--
Price to Sales	1.8x	1.84x	1.63x	2.51x
Price to Book	0.74x	0.57x	0.45x	0.46x
EV/Revenue	32.31x	10.65x	11.3x	17.89x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	5.33x	7.23x	6.09x
EV/FCF	--	30.88x	50.13x	43.46x
FCF Yield	--	18.76%	13.84%	16.42%