ADC 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	8.23B EUR	9.1B EUR	9.05B EUR	8.65B EUR
Enterprise Value	12.16B EUR	12.98B EUR	12.78B EUR	11.98B EUR
Valuation Multiples
Trailing P/E	35.46x	40.46x	41.26x	54.94x
Forward P/E	34.47x	--	--	--
Price to Sales	10.55x	11.67x	12.07x	15.74x
Price to Book	1.29x	1.4x	1.45x	1.38x
EV/Revenue	15.6x	16.64x	17.04x	21.82x
EV/EBITDA	17.99x	19.04x	19.59x	25.13x
Price to FCF (P/FCF)	18.37x	17.04x	17.32x	22.9x
EV/FCF	27.16x	24.3x	24.46x	31.75x
FCF Yield	5.44%	5.87%	5.77%	4.37%