ARX 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	4.3B EUR	2.54B EUR	2.96B EUR	3.63B EUR
Enterprise Value	2.78B EUR	1.01B EUR	1.54B EUR	1.95B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	21.09x	--	--	--
Price to Sales	4.01x	2.22x	3.02x	5.18x
Price to Book	5.99x	3.54x	4.27x	5.2x
EV/Revenue	2.59x	0.88x	1.57x	2.78x
EV/EBITDA	25.39x	--	--	--
Price to FCF (P/FCF)	--	1,412.38x	10.18x	11.39x
EV/FCF	--	558.93x	5.31x	6.12x
FCF Yield	-34.45%	0.07%	9.82%	8.78%