ARTO.JK 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	10.88T EUR	13.38T EUR	18.3T EUR	27.38T EUR
Enterprise Value	11.13T EUR	9.94T EUR	14.25T EUR	21.98T EUR
Valuation Multiples
Trailing P/E	32.87x	50.25x	79.66x	134.08x
Forward P/E	28.78x	--	--	--
Price to Sales	4.7x	5.97x	8.84x	14.24x
Price to Book	1.21x	1.48x	2.05x	3.1x
EV/Revenue	4.81x	4.43x	6.88x	11.43x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	3.75x	9.25x	--
EV/FCF	--	2.78x	7.2x	--
FCF Yield	--	26.68%	10.81%	-0.65%