FHB 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	3B EUR	3.57B EUR	3B EUR	3.1B EUR
Enterprise Value	2.02B EUR	2.55B EUR	1.28B EUR	1.63B EUR
Valuation Multiples
Trailing P/E	10.73x	12.51x	10.52x	14.3x
Forward P/E	9.75x	--	--	--
Price to Sales	3.41x	4.1x	3.5x	4.82x
Price to Book	1.06x	1.26x	1.08x	1.12x
EV/Revenue	2.29x	2.93x	1.49x	2.52x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	11.4x	6.97x	11.3x
EV/FCF	--	8.16x	2.97x	5.92x
FCF Yield	--	8.77%	14.35%	8.85%