ASAI3.SA 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	17.72B EUR	11.7B EUR	12.72B EUR	9.77B EUR
Enterprise Value	39.86B EUR	34.22B EUR	35.4B EUR	30.69B EUR
Valuation Multiples
Trailing P/E	19.81x	12.12x	18.17x	25.7x
Forward P/E	13.85x	--	--	--
Price to Sales	0.23x	0.15x	0.16x	0.17x
Price to Book	2.8x	1.84x	2.16x	1.76x
EV/Revenue	0.51x	0.44x	0.46x	0.52x
EV/EBITDA	6.58x	5.74x	6.45x	8.45x
Price to FCF (P/FCF)	28.86x	2.61x	3.25x	2.2x
EV/FCF	64.91x	7.64x	9.06x	6.91x
FCF Yield	3.46%	38.29%	30.72%	45.46%