IIPR 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	1.43B EUR	1.71B EUR	1.42B EUR	1.33B EUR
Enterprise Value	1.96B EUR	2.11B EUR	1.7B EUR	1.67B EUR
Valuation Multiples
Trailing P/E	11.73x	12.4x	11.84x	15.23x
Forward P/E	11.81x	--	--	--
Price to Sales	5.42x	6.48x	5.4x	6.83x
Price to Book	0.83x	0.92x	0.75x	0.72x
EV/Revenue	7.45x	8.01x	6.45x	8.61x
EV/EBITDA	9.7x	9.39x	7.9x	10.63x
Price to FCF (P/FCF)	14.31x	8.7x	7.1x	9.22x
EV/FCF	19.67x	10.76x	8.49x	11.62x
FCF Yield	6.99%	11.5%	14.08%	10.85%