MANH Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	11.95B EUR	8.12B EUR	7.88B EUR
Enterprise Value	11.92B EUR	7.99B EUR	7.71B EUR
Valuation Multiples
Trailing P/E	58.88x	38.62x	36.35x
Forward P/E	33.35x	--	--
Price to Sales	10.61x	7.21x	7.15x
Price to Book	75.83x	51.54x	38.39x
EV/Revenue	10.59x	7.09x	7x
EV/EBITDA	41.27x	26.89x	26.73x
Price to FCF (P/FCF)	37.2x	20.34x	20.75x
EV/FCF	37.13x	20.01x	20.3x
FCF Yield	2.69%	4.92%	4.82%