ARTNA 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	347.3M EUR	350.95M EUR	328.64M EUR	325.17M EUR
Enterprise Value	522.06M EUR	350.95M EUR	510.8M EUR	507.75M EUR
Valuation Multiples
Trailing P/E	14.69x	20.61x	14.09x	14.25x
Forward P/E	16.09x	--	--	--
Price to Sales	2.97x	4.07x	2.86x	2.88x
Price to Book	1.36x	--	1.3x	1.3x
EV/Revenue	4.46x	4.07x	4.45x	4.5x
EV/EBITDA	10.15x	9.16x	9.76x	9.88x
Price to FCF (P/FCF)	--	--	--	--
EV/FCF	--	--	--	--
FCF Yield	-5.33%	-4.46%	-7.17%	-5.69%