PSA-PL 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	--	3.12B EUR	3.08B EUR	3.25B EUR
Enterprise Value	17.19B EUR	13.04B EUR	12.97B EUR	13.18B EUR
Valuation Multiples
Trailing P/E	1.58x	1.53x	1.62x	2.36x
Forward P/E	--	--	--	--
Price to Sales	--	0.64x	0.63x	0.89x
Price to Book	0.59x	0.34x	0.33x	0.35x
EV/Revenue	3.5x	2.67x	2.67x	3.62x
EV/EBITDA	5x	3.73x	3.7x	5x
Price to FCF (P/FCF)	--	1.09x	1.07x	1.44x
EV/FCF	7.36x	4.56x	4.51x	5.86x
FCF Yield	--	91.58%	93.49%	69.3%