AEO Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q3 '26 31.07.2026	Q2 '26 30.04.2026	Q1 '26 31.01.2026	Q4 '25 31.10.2025
Market & Enterprise Value
Market Cap	3.04B EUR	2.88B EUR	2.92B EUR	3.94B EUR	2.83B EUR
Enterprise Value	4.78B EUR	4.65B EUR	4.69B EUR	5.4B EUR	4.69B EUR
Valuation Multiples
Trailing P/E	9.32x	8.55x	10.41x	15.33x	16.76x
Forward P/E	9.45x	--	--	--	--
Price to Sales	0.53x	0.5x	0.52x	0.88x	1.07x
Price to Book	1.73x	1.63x	1.77x	2.33x	1.74x
EV/Revenue	0.83x	0.81x	0.83x	1.21x	1.77x
EV/EBITDA	8.39x	5.55x	6.44x	8.32x	14.23x
Price to FCF (P/FCF)	14.45x	8.38x	15.77x	12.64x	--
EV/FCF	22.7x	13.55x	25.35x	17.33x	--
FCF Yield	6.92%	11.93%	6.34%	7.91%	-1.61%