PSN 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	4.81B EUR	5.6B EUR	5.79B EUR	6.61B EUR
Enterprise Value	6.09B EUR	6.96B EUR	7.19B EUR	7.53B EUR
Valuation Multiples
Trailing P/E	31.09x	35.54x	25.43x	37.79x
Forward P/E	13.17x	--	--	--
Price to Sales	0.77x	0.89x	0.92x	1.37x
Price to Book	1.83x	2.13x	2.19x	2.5x
EV/Revenue	0.97x	1.11x	1.14x	1.56x
EV/EBITDA	12.94x	14.83x	13.23x	18.36x
Price to FCF (P/FCF)	22.56x	18.16x	13.89x	15.17x
EV/FCF	28.53x	22.6x	17.23x	17.28x
FCF Yield	4.43%	5.51%	7.2%	6.59%