AXS-PE 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	--	1.38B EUR	1.43B EUR	1.48B EUR
Enterprise Value	2.51B EUR	2.08B EUR	2.07B EUR	2.15B EUR
Valuation Multiples
Trailing P/E	2.4x	1.25x	1.34x	1.81x
Forward P/E	--	--	--	--
Price to Sales	--	0.2x	0.22x	0.3x
Price to Book	0.21x	0.21x	0.22x	0.23x
EV/Revenue	0.37x	0.3x	0.31x	0.43x
EV/EBITDA	1.76x	--	--	--
Price to FCF (P/FCF)	--	0.56x	8.47x	--
EV/FCF	1.07x	0.85x	12.19x	--
FCF Yield	--	178.45%	11.81%	-23.68%