ARI 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	800.04M EUR	1.37B EUR	1.44B EUR	1.34B EUR
Enterprise Value	-67.94M EUR	501.25M EUR	9.47B EUR	9.12B EUR
Valuation Multiples
Trailing P/E	7.8x	10.37x	11.37x	13.35x
Forward P/E	27.49x	--	--	--
Price to Sales	1.28x	--	5.48x	6.61x
Price to Book	0.64x	1.09x	0.8x	0.72x
EV/Revenue	-0.11x	--	35.98x	44.81x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	63.97x	52.33x	48.27x
EV/FCF	--	23.42x	343.4x	327.44x
FCF Yield	--	1.56%	1.91%	2.07%