BH-R.BK 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	157.79B EUR	133.5B EUR	133.5B EUR	141.5B EUR
Enterprise Value	142.32B EUR	129.7B EUR	129.68B EUR	134.02B EUR
Valuation Multiples
Trailing P/E	21.86x	17.57x	17.64x	24.49x
Forward P/E	--	--	--	--
Price to Sales	6.15x	5.23x	5.28x	7.42x
Price to Book	5.46x	4.88x	4.09x	4.58x
EV/Revenue	5.55x	5.08x	5.13x	7.03x
EV/EBITDA	13.95x	12.29x	12.35x	16.78x
Price to FCF (P/FCF)	62.13x	31.11x	27.86x	31.96x
EV/FCF	56.04x	30.22x	27.06x	30.27x
FCF Yield	1.61%	3.21%	3.59%	3.13%