GNL-PA 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	--	4.83B EUR	4.6B EUR	5.04B EUR
Enterprise Value	6.83B EUR	7.13B EUR	6.98B EUR	7.44B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	--	--	--	--
Price to Sales	--	10.51x	9.75x	13.89x
Price to Book	3.04x	3.2x	2.95x	3.03x
EV/Revenue	14.87x	15.52x	14.79x	20.5x
EV/EBITDA	20.45x	20.1x	18.78x	25.68x
Price to FCF (P/FCF)	--	24.02x	25.85x	36.01x
EV/FCF	18.67x	35.46x	39.2x	53.13x
FCF Yield	--	4.16%	3.87%	2.78%