AER 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	22.75B EUR	22.91B EUR	21.63B EUR	23.4B EUR
Enterprise Value	63.17B EUR	64.05B EUR	63.24B EUR	65.63B EUR
Valuation Multiples
Trailing P/E	7.09x	6.75x	5.51x	7.53x
Forward P/E	7.94x	--	--	--
Price to Sales	2.54x	2.56x	2.49x	3.63x
Price to Book	1.21x	1.24x	1.18x	1.28x
EV/Revenue	7.05x	7.15x	7.28x	10.19x
EV/EBITDA	12.27x	11.98x	15.42x	25.65x
Price to FCF (P/FCF)	--	--	52.16x	48.28x
EV/FCF	--	--	152.49x	135.43x
FCF Yield	-6.86%	-1.34%	1.92%	2.07%