AEM 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	95.71B EUR	77.57B EUR	101.5B EUR	84.77B EUR
Enterprise Value	89.95B EUR	74.43B EUR	98.7B EUR	82.23B EUR
Valuation Multiples
Trailing P/E	16.17x	13.21x	19x	23.25x
Forward P/E	15.26x	--	--	--
Price to Sales	6.59x	5.34x	7.5x	8.98x
Price to Book	3.35x	2.71x	3.86x	3.43x
EV/Revenue	6.19x	5.12x	7.29x	8.71x
EV/EBITDA	8.86x	7.25x	10.46x	12.78x
Price to FCF (P/FCF)	22.35x	17.05x	22.45x	22.35x
EV/FCF	21x	16.36x	21.83x	21.68x
FCF Yield	4.47%	5.86%	4.45%	4.48%