RHP 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	8.3B EUR	8.11B EUR	5.82B EUR	5.96B EUR
Enterprise Value	11.73B EUR	11.88B EUR	9.53B EUR	9.63B EUR
Valuation Multiples
Trailing P/E	29.27x	29.84x	23.21x	33.03x
Forward P/E	25.22x	--	--	--
Price to Sales	3.04x	2.96x	2.19x	3x
Price to Book	10.03x	10.84x	7.95x	7.95x
EV/Revenue	4.29x	4.33x	3.59x	4.84x
EV/EBITDA	14.05x	13.84x	11.7x	16.16x
Price to FCF (P/FCF)	14.61x	29.54x	19.25x	24.15x
EV/FCF	20.66x	43.25x	31.51x	38.99x
FCF Yield	6.85%	3.39%	5.19%	4.14%