AU 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	47.62B EUR	40.91B EUR	49.22B EUR	43.07B EUR
Enterprise Value	47.13B EUR	39.92B EUR	48.36B EUR	42.44B EUR
Valuation Multiples
Trailing P/E	12.62x	10.75x	14.17x	19.64x
Forward P/E	9.46x	--	--	--
Price to Sales	4.03x	3.46x	4.41x	5.43x
Price to Book	5.37x	4.57x	5.77x	5.32x
EV/Revenue	3.99x	3.38x	4.33x	5.35x
EV/EBITDA	6.58x	6.06x	8.14x	10.99x
Price to FCF (P/FCF)	12.04x	9.15x	11.74x	14.78x
EV/FCF	11.91x	8.93x	11.53x	14.57x
FCF Yield	8.31%	10.93%	8.52%	6.76%