ARCO 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	1.64B EUR	1.7B EUR	1.74B EUR	1.55B EUR
Enterprise Value	3.64B EUR	3.66B EUR	3.65B EUR	3.42B EUR
Valuation Multiples
Trailing P/E	6.37x	6.61x	7.42x	7.8x
Forward P/E	8.99x	--	--	--
Price to Sales	0.33x	0.34x	0.36x	0.43x
Price to Book	1.97x	2.04x	2.24x	2.01x
EV/Revenue	0.73x	0.73x	0.76x	0.95x
EV/EBITDA	5.94x	7.54x	7.62x	9.16x
Price to FCF (P/FCF)	12.7x	17.14x	29.69x	20.02x
EV/FCF	28.25x	36.91x	62.32x	44.25x
FCF Yield	7.87%	5.83%	3.37%	5%