AHR 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	11.07B EUR	10.15B EUR	8.96B EUR	8.75B EUR
Enterprise Value	12.45B EUR	11.56B EUR	10.51B EUR	10.32B EUR
Valuation Multiples
Trailing P/E	75.82x	83.89x	89.29x	114.2x
Forward P/E	51.31x	--	--	--
Price to Sales	4.42x	4.06x	3.78x	5.09x
Price to Book	2.68x	2.75x	2.57x	2.63x
EV/Revenue	4.97x	4.62x	4.44x	6x
EV/EBITDA	27.83x	24.3x	23.65x	31.79x
Price to FCF (P/FCF)	27.92x	51.92x	52.94x	69.19x
EV/FCF	31.39x	59.13x	62.15x	81.62x
FCF Yield	3.58%	1.93%	1.89%	1.45%