FORTUM.HE 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	20.99B EUR	18.21B EUR	19.63B EUR	16.31B EUR
Enterprise Value	22.8B EUR	19.97B EUR	21.1B EUR	18.16B EUR
Valuation Multiples
Trailing P/E	25.42x	23.46x	25.46x	22.88x
Forward P/E	21.95x	--	--	--
Price to Sales	3.82x	3.99x	4.45x	4.02x
Price to Book	2.58x	2.24x	2.4x	1.91x
EV/Revenue	4.15x	4.38x	4.78x	4.47x
EV/EBITDA	17.84x	13.46x	14.25x	12.57x
Price to FCF (P/FCF)	26.72x	46.92x	81.46x	--
EV/FCF	29.04x	51.46x	87.56x	--
FCF Yield	3.74%	2.13%	1.23%	-0.09%