Pigeon Ratios and Metrics

Market cap in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Feb '26 Feb 20, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Market Capitalization	1,078	1,047	1,070	1,246	1,841	2,008
Market Cap Growth	-1.19%	-2.10%	-14.18%	-32.28%	-8.34%	-50.20%
Enterprise Value	884	876	886	1,070	1,630	1,793
Last Close Price	8.45	8.25	8.11	9.11	-	-
PE Ratio	23.15	22.50	20.80	26.16	30.23	29.93
PS Ratio	1.82	1.77	1.67	2.06	2.73	2.83
PB Ratio	2.31	2.25	2.06	2.40	3.25	3.42
P/TBV Ratio	2.43	2.36	2.18	2.55	3.49	3.69
P/FCF Ratio	19.33	18.79	14.26	21.49	32.86	50.24
P/OCF Ratio	15.19	14.76	12.19	13.37	19.64	24.14
EV/Sales Ratio	1.48	1.48	1.39	1.77	2.42	2.52
EV/EBITDA Ratio	9.09	9.08	8.48	10.55	13.40	13.42
EV/EBIT Ratio	12.26	12.26	11.88	15.54	18.84	17.61
EV/FCF Ratio	15.86	15.72	11.81	18.45	29.10	44.86
Debt / Equity Ratio	0.02	0.02	0.02	0.02	0.03	-
Debt / EBITDA Ratio	0.08	0.08	0.10	0.12	0.12	-
Debt / FCF Ratio	0.13	0.13	0.14	0.21	0.26	-
Net Debt / Equity Ratio	-0.44	-0.44	-0.44	-0.40	-0.40	-0.46
Net Debt / EBITDA Ratio	-2.15	-2.15	-2.20	-2.05	-1.88	-2.01
Net Debt / FCF Ratio	-3.73	-3.73	-3.06	-3.59	-4.08	-6.73
Asset Turnover	1.00	1.00	1.00	0.93	0.95	0.97
Inventory Turnover	3.59	3.59	3.83	3.40	3.58	4.07
Quick Ratio	3.24	3.24	3.33	3.67	3.24	3.46
Current Ratio	4.22	4.22	4.23	4.79	4.31	4.40
Return on Equity (ROE)	10.37%	10.37%	10.33%	9.39%	11.18%	12.02%
Return on Assets (ROA)	7.53%	7.53%	7.27%	6.63%	7.63%	8.71%
Return on Invested Capital (ROIC)	18.40%	18.42%	16.84%	15.09%	17.79%	22.97%
Return on Capital Employed (ROCE)	14.30%	14.30%	13.40%	12.30%	14.20%	16.10%
Earnings Yield	4.32%	4.45%	4.81%	3.82%	3.31%	3.34%
FCF Yield	5.17%	5.32%	7.02%	4.65%	3.04%	1.99%
Dividend Yield	5.10%	-	5.76%	5.35%	-	-
Payout Ratio	106.24%	106.24%	108.69%	122.71%	104.58%	99.50%
Buyback Yield / Dilution	-0.03%	-0.03%	0.02%	0.03%	-0.01%	0.03%
Total Shareholder Return	5.08%	-0.03%	5.78%	5.38%	-0.01%	0.03%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.