ARES 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	38.89B EUR	25.1B EUR	24.6B EUR	35.87B EUR
Enterprise Value	45.58B EUR	38.12B EUR	37.31B EUR	48.65B EUR
Valuation Multiples
Trailing P/E	54.02x	39.45x	39.5x	74.71x
Forward P/E	16.42x	--	--	--
Price to Sales	7.4x	4.19x	4.16x	7.95x
Price to Book	10.63x	6.33x	6.11x	8.39x
EV/Revenue	8.68x	6.37x	6.31x	10.78x
EV/EBITDA	31.87x	30.5x	28.87x	50.98x
Price to FCF (P/FCF)	18.01x	30.02x	15.25x	29.34x
EV/FCF	21.11x	45.59x	23.12x	39.79x
FCF Yield	5.55%	3.33%	6.56%	3.41%