ARE.TO 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	3.67B EUR	3.12B EUR	2.86B EUR	2B EUR
Enterprise Value	3.77B EUR	2.97B EUR	2.81B EUR	1.93B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	24.6x	--	--	--
Price to Sales	0.62x	0.7x	0.7x	0.51x
Price to Book	3.85x	3.26x	2.68x	2.17x
EV/Revenue	0.63x	0.67x	0.69x	0.49x
EV/EBITDA	19.96x	--	40.15x	51.64x
Price to FCF (P/FCF)	12.07x	13.16x	19.67x	153.19x
EV/FCF	12.39x	12.54x	19.33x	147.52x
FCF Yield	8.29%	7.6%	5.08%	0.65%