AM Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	10.01B EUR	10.8B EUR	10.83B EUR
Enterprise Value	--	14.41B EUR	14.54B EUR
Valuation Multiples
Trailing P/E	25.41x	27.02x	26.37x
Forward P/E	13.08x	--	--
Price to Sales	7.63x	8.23x	8.42x
Price to Book	5.15x	5.55x	5.59x
EV/Revenue	--	10.98x	11.31x
EV/EBITDA	--	13.74x	13.91x
Price to FCF (P/FCF)	23.14x	13.92x	13.5x
EV/FCF	--	18.58x	18.12x
FCF Yield	4.32%	7.18%	7.41%