PAX Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	1.91B EUR	2.03B EUR	2.53B EUR
Enterprise Value	2.14B EUR	2.26B EUR	2.68B EUR
Valuation Multiples
Trailing P/E	27.14x	28.18x	29.58x
Forward P/E	7.88x	--	--
Price to Sales	4.47x	5.09x	6.64x
Price to Book	3.37x	3.65x	4.14x
EV/Revenue	5.01x	5.66x	7.02x
EV/EBITDA	11.2x	11.9x	14.28x
Price to FCF (P/FCF)	9.56x	11.13x	10x
EV/FCF	10.71x	12.37x	10.58x
FCF Yield	10.46%	8.99%	10%