PSA-PN 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	--	2.63B EUR	2.58B EUR	2.71B EUR
Enterprise Value	16.76B EUR	12.55B EUR	12.48B EUR	12.64B EUR
Valuation Multiples
Trailing P/E	1.32x	1.29x	1.36x	1.97x
Forward P/E	--	--	--	--
Price to Sales	--	0.54x	0.53x	0.74x
Price to Book	0.49x	0.29x	0.28x	0.29x
EV/Revenue	3.41x	2.57x	2.57x	3.47x
EV/EBITDA	4.88x	3.59x	3.56x	4.8x
Price to FCF (P/FCF)	--	0.92x	0.9x	1.2x
EV/FCF	7.18x	4.39x	4.34x	5.62x
FCF Yield	--	108.76%	111.42%	83.09%