ALH 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	4.23B EUR	5.27B EUR	4.11B EUR	4.02B EUR
Enterprise Value	5.97B EUR	7.02B EUR	5.91B EUR	5.89B EUR
Valuation Multiples
Trailing P/E	23.9x	29.43x	29.07x	47.56x
Forward P/E	14.25x	--	--	--
Price to Sales	2.38x	2.97x	2.35x	3.05x
Price to Book	8.41x	10.49x	9.56x	10.25x
EV/Revenue	3.36x	3.95x	3.39x	4.46x
EV/EBITDA	13.85x	16.28x	14.1x	18.81x
Price to FCF (P/FCF)	17.31x	20.57x	21x	33.2x
EV/FCF	24.43x	27.39x	30.21x	48.66x
FCF Yield	5.78%	4.86%	4.76%	3.01%