ARE&M.BO Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	131.97B EUR	154.15B EUR	123.12B EUR
Enterprise Value	132.4B EUR	154.15B EUR	124.92B EUR
Valuation Multiples
Trailing P/E	14.32x	19.03x	15.77x
Forward P/E	12.48x	--	--
Price to Sales	0.9x	1.06x	0.92x
Price to Book	1.63x	--	1.52x
EV/Revenue	0.91x	1.06x	0.93x
EV/EBITDA	8.89x	9.48x	7.97x
Price to FCF (P/FCF)	--	--	--
EV/FCF	--	--	--
FCF Yield	--	--	--