ADM 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	38.5B EUR	36.82B EUR	35.04B EUR	27.6B EUR
Enterprise Value	48.29B EUR	45.1B EUR	45.1B EUR	36.34B EUR
Valuation Multiples
Trailing P/E	21.89x	20.8x	32.41x	35.24x
Forward P/E	14x	--	--	--
Price to Sales	0.47x	0.45x	0.43x	0.46x
Price to Book	1.63x	1.56x	1.54x	1.21x
EV/Revenue	0.59x	0.55x	0.56x	0.6x
EV/EBITDA	16.12x	11.05x	12.95x	13.53x
Price to FCF (P/FCF)	33.06x	21.96x	7.31x	5.71x
EV/FCF	41.46x	26.9x	9.41x	7.51x
FCF Yield	3.02%	4.55%	13.68%	17.53%