ANDE 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	2.18B EUR	2.33B EUR	2.44B EUR	1.8B EUR
Enterprise Value	3.11B EUR	3.16B EUR	3.68B EUR	2.65B EUR
Valuation Multiples
Trailing P/E	12.83x	13.12x	19.01x	18.86x
Forward P/E	10.01x	--	--	--
Price to Sales	0.2x	0.21x	0.22x	0.22x
Price to Book	1.63x	1.76x	1.93x	1.45x
EV/Revenue	0.29x	0.29x	0.34x	0.32x
EV/EBITDA	10.29x	7.82x	10.34x	9.75x
Price to FCF (P/FCF)	--	40.88x	--	5.29x
EV/FCF	--	55.54x	--	7.77x
FCF Yield	-5.01%	2.45%	-4.29%	18.92%