IRDM 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	5.03B EUR	5.81B EUR	2.93B EUR	1.82B EUR
Enterprise Value	6.64B EUR	7.39B EUR	4.58B EUR	3.49B EUR
Valuation Multiples
Trailing P/E	53.94x	62.31x	27.78x	21.72x
Forward P/E	27.68x	--	--	--
Price to Sales	5.69x	6.57x	3.35x	2.78x
Price to Book	10.64x	12.3x	6.26x	3.94x
EV/Revenue	7.52x	8.36x	5.23x	5.31x
EV/EBITDA	15.7x	17.5x	10.48x	10.48x
Price to FCF (P/FCF)	21.03x	20.16x	9.62x	6.93x
EV/FCF	27.78x	25.63x	15.03x	13.25x
FCF Yield	4.75%	4.96%	10.4%	14.44%