ARCB 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	2.89B EUR	3.21B EUR	2.19B EUR	1.66B EUR
Enterprise Value	3.2B EUR	3.52B EUR	2.59B EUR	2.02B EUR
Valuation Multiples
Trailing P/E	187.48x	196.83x	39.17x	29.11x
Forward P/E	13.53x	--	--	--
Price to Sales	0.69x	0.76x	0.54x	0.54x
Price to Book	2.28x	2.53x	1.7x	1.28x
EV/Revenue	0.76x	0.84x	0.64x	0.66x
EV/EBITDA	11.06x	11.25x	9.39x	8.85x
Price to FCF (P/FCF)	19.49x	18.58x	15.99x	11.69x
EV/FCF	21.54x	20.4x	18.88x	14.25x
FCF Yield	5.13%	5.38%	6.25%	8.55%