ARDT 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	1.59B EUR	1.4B EUR	1.23B EUR	1.26B EUR
Enterprise Value	3.49B EUR	2.94B EUR	2.9B EUR	2.87B EUR
Valuation Multiples
Trailing P/E	20.18x	17.85x	9.12x	13.36x
Forward P/E	9x	--	--	--
Price to Sales	0.25x	0.22x	0.19x	0.26x
Price to Book	1.19x	1.03x	0.92x	0.98x
EV/Revenue	0.55x	0.46x	0.45x	0.59x
EV/EBITDA	8.27x	6.82x	5.69x	7.55x
Price to FCF (P/FCF)	7.65x	4.58x	5.62x	4.12x
EV/FCF	16.78x	9.64x	13.31x	9.37x
FCF Yield	13.07%	21.82%	17.79%	24.28%