ACIW 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	5.14B EUR	5.09B EUR	4.16B EUR	4.91B EUR
Enterprise Value	5.85B EUR	5.77B EUR	4.83B EUR	5.56B EUR
Valuation Multiples
Trailing P/E	23.33x	22.56x	20.17x	29.27x
Forward P/E	13.01x	--	--	--
Price to Sales	2.82x	2.8x	2.32x	3.6x
Price to Book	3.44x	3.4x	2.77x	3.23x
EV/Revenue	3.22x	3.17x	2.7x	4.08x
EV/EBITDA	15.27x	12.42x	10.65x	15.31x
Price to FCF (P/FCF)	19.71x	17.88x	15.4x	22.3x
EV/FCF	22.46x	20.27x	17.9x	25.27x
FCF Yield	5.07%	5.59%	6.49%	4.48%