ARTG.V 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	9.08B EUR	7.28B EUR	8.78B EUR	8.49B EUR
Enterprise Value	9.52B EUR	7.68B EUR	9.19B EUR	8.92B EUR
Valuation Multiples
Trailing P/E	16.71x	16.29x	25.25x	35.64x
Forward P/E	12.57x	--	--	--
Price to Sales	6.53x	6.72x	9.98x	14.02x
Price to Book	6.8x	5.45x	7.76x	8.39x
EV/Revenue	6.84x	7.09x	10.45x	14.72x
EV/EBITDA	9.47x	9.53x	14.25x	19.98x
Price to FCF (P/FCF)	43.49x	35.4x	50.56x	129.62x
EV/FCF	45.57x	37.37x	52.91x	136.11x
FCF Yield	2.3%	2.82%	1.98%	0.77%