ATH.TO 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	5.88B EUR	4.93B EUR	5.44B EUR
Enterprise Value	5.96B EUR	4.84B EUR	5.36B EUR
Valuation Multiples
Trailing P/E	26x	22.82x	24.54x
Forward P/E	13.94x	--	--
Price to Sales	4.55x	3.52x	3.82x
Price to Book	3.14x	2.63x	2.95x
EV/Revenue	4.61x	3.46x	3.76x
EV/EBITDA	13.3x	9.45x	10.55x
Price to FCF (P/FCF)	165.4x	43.01x	43.62x
EV/FCF	167.73x	42.26x	42.97x
FCF Yield	0.6%	2.32%	2.29%