APPN 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	2.87B EUR	1.64B EUR	1.77B EUR	2.62B EUR
Enterprise Value	2.9B EUR	1.82B EUR	1.92B EUR	2.78B EUR
Valuation Multiples
Trailing P/E	--	--	2,002.72x	1,086.92x
Forward P/E	28.28x	--	--	--
Price to Sales	3.61x	2.07x	2.32x	4.67x
Price to Book	--	--	--	--
EV/Revenue	3.64x	2.29x	2.51x	4.97x
EV/EBITDA	72.61x	81.46x	54.5x	93.8x
Price to FCF (P/FCF)	26.27x	21.42x	27.75x	171.87x
EV/FCF	26.5x	23.69x	30.02x	182.62x
FCF Yield	3.81%	4.67%	3.6%	0.58%