PAG 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	12.88B EUR	11.75B EUR	9.83B EUR	10.41B EUR
Enterprise Value	22.32B EUR	20.93B EUR	18.96B EUR	19.07B EUR
Valuation Multiples
Trailing P/E	13.79x	12.55x	10.43x	14.71x
Forward P/E	13.91x	--	--	--
Price to Sales	0.4x	0.36x	0.3x	0.42x
Price to Book	2.21x	2.02x	1.74x	1.87x
EV/Revenue	0.69x	0.64x	0.58x	0.78x
EV/EBITDA	16.01x	12.86x	11.49x	14.95x
Price to FCF (P/FCF)	59.06x	19.85x	16.48x	23.43x
EV/FCF	102.36x	35.35x	31.78x	42.92x
FCF Yield	1.69%	5.04%	6.07%	4.27%