RAL 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	8.1B EUR	8.14B EUR	4.65B EUR	5.75B EUR
Enterprise Value	8.9B EUR	9.02B EUR	5.53B EUR	6.65B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	21.83x	--	--	--
Price to Sales	3.7x	3.73x	2.19x	3.62x
Price to Book	5.28x	5.31x	2.97x	3.52x
EV/Revenue	4.07x	4.13x	2.61x	4.19x
EV/EBITDA	22.48x	22.84x	14.95x	24.38x
Price to FCF (P/FCF)	24.25x	24.85x	15.39x	19.68x
EV/FCF	26.66x	27.53x	18.3x	22.78x
FCF Yield	4.12%	4.02%	6.5%	5.08%