RCL-R.BK 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	37.29B EUR	25.75B EUR	25.75B EUR	21.18B EUR
Enterprise Value	35.43B EUR	32.8B EUR	35.04B EUR	30.24B EUR
Valuation Multiples
Trailing P/E	4.81x	3.32x	3.31x	3.47x
Forward P/E	--	--	--	--
Price to Sales	1x	0.69x	0.71x	0.77x
Price to Book	0.64x	0.44x	0.45x	0.4x
EV/Revenue	0.95x	0.88x	0.97x	1.09x
EV/EBITDA	3.07x	2.56x	2.71x	2.99x
Price to FCF (P/FCF)	20.71x	5.79x	13.16x	23.26x
EV/FCF	19.67x	7.38x	17.91x	33.2x
FCF Yield	4.83%	17.27%	7.6%	4.3%