ASB 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	5.41B EUR	5.81B EUR	4.28B EUR	4.28B EUR
Enterprise Value	9.44B EUR	9.16B EUR	6.91B EUR	6.42B EUR
Valuation Multiples
Trailing P/E	9.98x	11.5x	8.68x	11.46x
Forward P/E	8.47x	--	--	--
Price to Sales	3.47x	3.62x	2.82x	3.76x
Price to Book	0.98x	1.03x	0.86x	0.86x
EV/Revenue	6.07x	5.71x	4.55x	5.64x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	8.54x	6.95x	8.75x
EV/FCF	--	13.47x	11.22x	13.14x
FCF Yield	--	11.7%	14.39%	11.43%