AZZA3.SA 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	5.3B EUR	3.61B EUR	5.19B EUR	5.08B EUR
Enterprise Value	8.13B EUR	7.34B EUR	9.02B EUR	8.76B EUR
Valuation Multiples
Trailing P/E	4.71x	11.15x	6.24x	6.4x
Forward P/E	7.56x	--	--	--
Price to Sales	0.47x	0.32x	0.45x	0.56x
Price to Book	0.66x	0.45x	0.65x	0.64x
EV/Revenue	0.72x	0.65x	0.78x	0.96x
EV/EBITDA	7.37x	5.11x	5.42x	6.17x
Price to FCF (P/FCF)	6.33x	3.56x	6.43x	5.77x
EV/FCF	9.71x	7.22x	11.18x	9.95x
FCF Yield	15.8%	28.12%	15.54%	17.32%