AJG 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	59.65B EUR	58.85B EUR	55.65B EUR	66.51B EUR
Enterprise Value	72.74B EUR	71.57B EUR	67.61B EUR	78.6B EUR
Valuation Multiples
Trailing P/E	38.78x	37.49x	34.48x	84x
Forward P/E	15.72x	--	--	--
Price to Sales	3.95x	3.74x	3.72x	6.51x
Price to Book	2.51x	2.48x	2.34x	2.85x
EV/Revenue	4.81x	4.54x	4.52x	7.69x
EV/EBITDA	16.96x	17.78x	17.18x	33.05x
Price to FCF (P/FCF)	28.65x	25.75x	29.89x	70.68x
EV/FCF	34.93x	31.32x	36.31x	83.53x
FCF Yield	3.49%	3.88%	3.35%	1.41%