RYA.IR 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	23.58B EUR	28.42B EUR	24.92B EUR	31.03B EUR
Enterprise Value	21.03B EUR	26.12B EUR	23.68B EUR	30.09B EUR
Valuation Multiples
Trailing P/E	12.79x	15.03x	11.46x	12.08x
Forward P/E	13.18x	--	--	--
Price to Sales	1.51x	1.82x	1.6x	2.38x
Price to Book	2.49x	3x	2.47x	3.53x
EV/Revenue	1.35x	1.68x	1.52x	2.31x
EV/EBITDA	6.15x	7.32x	6.13x	7.35x
Price to FCF (P/FCF)	--	16.76x	13.82x	115.3x
EV/FCF	--	15.4x	13.14x	111.83x
FCF Yield	-0.92%	5.97%	7.23%	0.87%