EMAARDEV.AE 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	51.28B EUR	55.28B EUR	54B EUR	60.6B EUR
Enterprise Value	10.49B EUR	14.17B EUR	7.2B EUR	19.31B EUR
Valuation Multiples
Trailing P/E	3.91x	5.6x	5.95x	7.51x
Forward P/E	3.37x	--	--	--
Price to Sales	1.66x	2.38x	2.5x	3.06x
Price to Book	1.32x	1.42x	1.49x	1.63x
EV/Revenue	0.34x	0.61x	0.33x	0.98x
EV/EBITDA	0.69x	0.79x	0.42x	1.49x
Price to FCF (P/FCF)	12.17x	3.99x	3.17x	3.38x
EV/FCF	2.49x	1.02x	0.42x	1.08x
FCF Yield	8.22%	25.06%	31.51%	29.57%