GHC 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	4.97B EUR	4.85B EUR	4.58B EUR	4.79B EUR
Enterprise Value	5.29B EUR	6.03B EUR	5.69B EUR	5.85B EUR
Valuation Multiples
Trailing P/E	9.49x	8.96x	15.39x	17.85x
Forward P/E	17.51x	--	--	--
Price to Sales	0.98x	0.96x	0.92x	1.28x
Price to Book	1.04x	1.02x	0.97x	1x
EV/Revenue	1.04x	1.19x	1.14x	1.56x
EV/EBITDA	8.02x	7.88x	8.92x	12.9x
Price to FCF (P/FCF)	18.56x	19.57x	15.6x	19.57x
EV/FCF	19.76x	24.34x	19.39x	23.89x
FCF Yield	5.39%	5.11%	6.41%	5.11%