AD 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	2.89B EUR	3.14B EUR	3.99B EUR	4.63B EUR
Enterprise Value	3.7B EUR	3.92B EUR	4.94B EUR	5.72B EUR
Valuation Multiples
Trailing P/E	4.35x	5.86x	19.15x	151.81x
Forward P/E	34.42x	--	--	--
Price to Sales	13.52x	14.69x	21.22x	34.06x
Price to Book	2.28x	2.48x	2.15x	1.8x
EV/Revenue	17.32x	18.34x	26.26x	42.05x
EV/EBITDA	69.69x	10.45x	14.64x	23.74x
Price to FCF (P/FCF)	3.25x	--	133.94x	234.24x
EV/FCF	4.17x	--	165.79x	289.17x
FCF Yield	30.75%	-10.78%	0.75%	0.43%