REAL 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	1.19B EUR	1.43B EUR	1.09B EUR	1.87B EUR
Enterprise Value	1.51B EUR	1.78B EUR	1.43B EUR	2.18B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	33.33x	--	--	--
Price to Sales	1.58x	1.91x	1.51x	3.5x
Price to Book	--	--	--	--
EV/Revenue	2.02x	2.37x	1.99x	4.09x
EV/EBITDA	57.47x	57.73x	60.55x	130.74x
Price to FCF (P/FCF)	33.73x	62.45x	77.78x	45.18x
EV/FCF	43.06x	77.43x	102x	52.73x
FCF Yield	2.97%	1.6%	1.29%	2.21%