GMAT3.SA 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	13.11B EUR	8.45B EUR	10.81B EUR	10.12B EUR
Enterprise Value	19.19B EUR	13.73B EUR	15.64B EUR	15.22B EUR
Valuation Multiples
Trailing P/E	7.81x	5.2x	6.08x	6.47x
Forward P/E	6.4x	--	--	--
Price to Sales	0.32x	0.21x	0.27x	0.34x
Price to Book	1.17x	0.76x	0.99x	0.97x
EV/Revenue	0.47x	0.34x	0.4x	0.51x
EV/EBITDA	8.07x	6.32x	6.99x	8.87x
Price to FCF (P/FCF)	13.53x	7.11x	9.52x	14.77x
EV/FCF	19.81x	11.55x	13.77x	22.21x
FCF Yield	7.39%	14.07%	10.5%	6.77%