PSA-PM 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	--	2.78B EUR	2.75B EUR	2.88B EUR
Enterprise Value	16.88B EUR	12.7B EUR	12.64B EUR	12.81B EUR
Valuation Multiples
Trailing P/E	1.4x	1.36x	1.44x	2.09x
Forward P/E	--	--	--	--
Price to Sales	--	0.57x	0.57x	0.79x
Price to Book	0.52x	0.3x	0.3x	0.31x
EV/Revenue	3.44x	2.6x	2.6x	3.52x
EV/EBITDA	4.91x	3.63x	3.61x	4.86x
Price to FCF (P/FCF)	--	0.97x	0.96x	1.28x
EV/FCF	7.23x	4.44x	4.4x	5.69x
FCF Yield	--	103.05%	104.66%	78.22%