AFRM 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	27.23B EUR	27.5B EUR	15.34B EUR	24.73B EUR
Enterprise Value	34.35B EUR	35.89B EUR	22.71B EUR	32.38B EUR
Valuation Multiples
Trailing P/E	14.59x	14.25x	40.12x	88.46x
Forward P/E	16.72x	--	--	--
Price to Sales	6.39x	6.45x	3.86x	8.43x
Price to Book	4.96x	5.01x	4.06x	6.97x
EV/Revenue	8.06x	8.42x	5.72x	11.04x
EV/EBITDA	46.47x	28.71x	20.34x	39.47x
Price to FCF (P/FCF)	56.89x	27.7x	19.5x	53.55x
EV/FCF	71.77x	36.16x	28.86x	70.12x
FCF Yield	1.76%	3.61%	5.13%	1.87%