ARE 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	7.83B EUR	9.02B EUR	7.92B EUR	8.35B EUR
Enterprise Value	24.26B EUR	21.72B EUR	20.38B EUR	20.56B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	-56.19x	--	--	--
Price to Sales	2.76x	3.27x	2.78x	3.79x
Price to Book	0.5x	0.58x	0.5x	0.54x
EV/Revenue	8.54x	7.87x	7.14x	9.34x
EV/EBITDA	13.62x	12.01x	10.79x	13.92x
Price to FCF (P/FCF)	5.82x	7.05x	5.65x	6.92x
EV/FCF	18.04x	16.98x	14.53x	17.05x
FCF Yield	17.17%	14.18%	17.7%	14.45%