PAA 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	17.17B EUR	15.71B EUR	15.75B EUR	12.67B EUR
Enterprise Value	30.05B EUR	23.28B EUR	27.16B EUR	23.8B EUR
Valuation Multiples
Trailing P/E	20.98x	5.68x	13.76x	12.76x
Forward P/E	12.66x	--	--	--
Price to Sales	0.33x	0.3x	0.35x	0.39x
Price to Book	1.9x	1.1x	1.23x	0.97x
EV/Revenue	0.58x	0.45x	0.6x	0.73x
EV/EBITDA	11.69x	7.74x	9.6x	11.23x
Price to FCF (P/FCF)	12.24x	6.61x	7.57x	7.06x
EV/FCF	21.43x	9.8x	13.05x	13.27x
FCF Yield	8.17%	15.12%	13.22%	14.16%