IAM.SN 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	903B EUR	925.1B EUR	1.02T EUR	1.02T EUR
Enterprise Value	2.87T EUR	2.04T EUR	2.09T EUR	2.12T EUR
Valuation Multiples
Trailing P/E	13.1x	13.42x	13.78x	23.81x
Forward P/E	11.79x	--	--	--
Price to Sales	1.23x	1.26x	1.4x	1.99x
Price to Book	0.96x	0.98x	1.05x	1.1x
EV/Revenue	3.89x	2.76x	2.87x	4.1x
EV/EBITDA	8.14x	6.09x	5.94x	9.31x
Price to FCF (P/FCF)	427.75x	5.72x	5.38x	7.39x
EV/FCF	1,358.55x	12.58x	11.05x	15.25x
FCF Yield	0.23%	17.49%	18.58%	13.54%