PANL 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	544.74M EUR	425.58M EUR	463.14M EUR	447.02M EUR
Enterprise Value	852.94M EUR	474.03M EUR	524.45M EUR	496.4M EUR
Valuation Multiples
Trailing P/E	11.4x	8.94x	13.37x	20.94x
Forward P/E	7.56x	--	--	--
Price to Sales	0.77x	0.6x	0.68x	0.88x
Price to Book	1.21x	0.95x	1.05x	1.04x
EV/Revenue	1.2x	0.67x	0.77x	0.97x
EV/EBITDA	7.77x	4.06x	5.43x	6.96x
Price to FCF (P/FCF)	8.59x	7.07x	8.46x	8.59x
EV/FCF	13.46x	7.87x	9.58x	9.54x
FCF Yield	11.64%	14.15%	11.82%	11.64%