ARR 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	1.92B EUR	2.38B EUR	2.06B EUR	1.98B EUR
Enterprise Value	19.79B EUR	2.3B EUR	2B EUR	1.92B EUR
Valuation Multiples
Trailing P/E	3.35x	5.52x	8.57x	6.7x
Forward P/E	4.68x	--	--	--
Price to Sales	3.92x	5.38x	8.23x	6.55x
Price to Book	0.72x	0.92x	0.88x	0.88x
EV/Revenue	40.32x	5.19x	7.97x	6.34x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	7.45x	15.36x	87.14x
EV/FCF	--	7.19x	14.86x	84.35x
FCF Yield	--	13.43%	6.51%	1.15%