FHI 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	4.22B EUR	4.14B EUR	4.28B EUR	3.98B EUR
Enterprise Value	4.1B EUR	4.14B EUR	4.22B EUR	3.85B EUR
Valuation Multiples
Trailing P/E	10.53x	13.45x	10.75x	9.86x
Forward P/E	9.7x	--	--	--
Price to Sales	2.18x	2.89x	2.31x	2.21x
Price to Book	3.22x	--	3.56x	3.32x
EV/Revenue	2.12x	2.89x	2.27x	2.14x
EV/EBITDA	7.38x	9.89x	7.75x	7.01x
Price to FCF (P/FCF)	11.36x	14.4x	14.03x	13.5x
EV/FCF	11.03x	14.4x	13.82x	13.08x
FCF Yield	8.8%	6.94%	7.13%	7.41%