AXS 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	7.13B EUR	7.86B EUR	7.5B EUR	7.94B EUR
Enterprise Value	8.37B EUR	8.57B EUR	8.13B EUR	8.61B EUR
Valuation Multiples
Trailing P/E	6.88x	7.12x	7.01x	9.74x
Forward P/E	7.22x	--	--	--
Price to Sales	1.05x	1.15x	1.13x	1.6x
Price to Book	1.19x	1.21x	1.18x	1.25x
EV/Revenue	1.23x	1.25x	1.22x	1.74x
EV/EBITDA	5.85x	--	--	--
Price to FCF (P/FCF)	3.04x	3.2x	44.26x	--
EV/FCF	3.56x	3.49x	47.99x	--
FCF Yield	32.94%	31.24%	2.26%	-4.41%