RCL 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	75.49B EUR	84.92B EUR	73.8B EUR	75.43B EUR
Enterprise Value	98.13B EUR	107.57B EUR	95.08B EUR	96.64B EUR
Valuation Multiples
Trailing P/E	17.37x	19.31x	16.47x	21.31x
Forward P/E	13.81x	--	--	--
Price to Sales	4.04x	4.55x	4.01x	5.41x
Price to Book	7.37x	8.3x	7.52x	7.51x
EV/Revenue	5.25x	5.76x	5.17x	6.93x
EV/EBITDA	14.17x	14.55x	12.81x	16.94x
Price to FCF (P/FCF)	--	--	53.83x	2,038.55x
EV/FCF	--	--	69.35x	2,611.79x
FCF Yield	-2.01%	-0.49%	1.86%	0.05%