PAHC 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	1.56B EUR	1.27B EUR	2.24B EUR	1.51B EUR
Enterprise Value	2.23B EUR	2B EUR	2.98B EUR	2.23B EUR
Valuation Multiples
Trailing P/E	15.76x	12.77x	23.56x	21.27x
Forward P/E	9.97x	--	--	--
Price to Sales	1.02x	0.84x	1.5x	1.36x
Price to Book	4.03x	3.3x	6.2x	4.56x
EV/Revenue	1.47x	1.32x	1.98x	2x
EV/EBITDA	9.13x	8.15x	12.94x	12.88x
Price to FCF (P/FCF)	--	129.1x	175.68x	127.46x
EV/FCF	--	202.83x	233.04x	187.87x
FCF Yield	-1.24%	0.77%	0.57%	0.78%