AMT 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	84.92B EUR	76.22B EUR	80.42B EUR	81.87B EUR
Enterprise Value	127.44B EUR	119.43B EUR	123.94B EUR	125.36B EUR
Valuation Multiples
Trailing P/E	25.07x	22.41x	27.73x	40.12x
Forward P/E	26x	--	--	--
Price to Sales	7.76x	6.97x	7.43x	10.13x
Price to Book	22.83x	20.49x	22.83x	22.42x
EV/Revenue	11.65x	10.92x	11.46x	15.51x
EV/EBITDA	18.09x	16.22x	16.81x	22.56x
Price to FCF (P/FCF)	29.08x	19.25x	21.33x	29.04x
EV/FCF	43.64x	30.16x	32.87x	44.46x
FCF Yield	3.44%	5.2%	4.69%	3.44%