RAIL3.SA 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	34.98B EUR	24.92B EUR	30.16B EUR	27.39B EUR
Enterprise Value	58.42B EUR	46.85B EUR	51.8B EUR	47.64B EUR
Valuation Multiples
Trailing P/E	28.56x	20.31x	28.99x	28.93x
Forward P/E	13.97x	--	--	--
Price to Sales	2.43x	1.73x	2.13x	2.52x
Price to Book	2.42x	1.72x	2.17x	1.98x
EV/Revenue	4.06x	3.26x	3.66x	4.38x
EV/EBITDA	7.77x	4.93x	5.41x	6.53x
Price to FCF (P/FCF)	--	27.87x	27.8x	17.24x
EV/FCF	--	52.39x	47.76x	29.98x
FCF Yield	-5.1%	3.59%	3.6%	5.8%