PSA-PJ 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	--	3.15B EUR	3.14B EUR	3.27B EUR
Enterprise Value	17.26B EUR	13.07B EUR	13.03B EUR	13.21B EUR
Valuation Multiples
Trailing P/E	1.62x	1.54x	1.65x	2.38x
Forward P/E	--	--	--	--
Price to Sales	--	0.64x	0.65x	0.9x
Price to Book	0.6x	0.34x	0.34x	0.35x
EV/Revenue	3.52x	2.67x	2.68x	3.63x
EV/EBITDA	5.02x	3.74x	3.72x	5.01x
Price to FCF (P/FCF)	--	1.1x	1.09x	1.46x
EV/FCF	7.4x	4.57x	4.53x	5.87x
FCF Yield	--	90.72%	91.71%	68.71%