BHE 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	2.93B EUR	3.54B EUR	2.01B EUR	1.53B EUR
Enterprise Value	2.89B EUR	3.5B EUR	1.99B EUR	1.51B EUR
Valuation Multiples
Trailing P/E	55.8x	66.61x	58.76x	71.92x
Forward P/E	24.64x	--	--	--
Price to Sales	1.04x	1.26x	0.74x	0.75x
Price to Book	2.62x	3.17x	1.83x	1.39x
EV/Revenue	1.03x	1.24x	0.74x	0.75x
EV/EBITDA	19.55x	20.91x	12.47x	12.4x
Price to FCF (P/FCF)	21.45x	28.61x	23.16x	26.26x
EV/FCF	21.2x	28.31x	22.93x	26.04x
FCF Yield	4.66%	3.49%	4.32%	3.81%