PHI 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	3.98B EUR	3.79B EUR	4.55B EUR	4.7B EUR
Enterprise Value	354.1B EUR	352.91B EUR	347.31B EUR	352.05B EUR
Valuation Multiples
Trailing P/E	8.72x	0.14x	0.16x	0.24x
Forward P/E	6.85x	--	--	--
Price to Sales	0.02x	0.02x	0.02x	0.03x
Price to Book	1.88x	0.03x	0.04x	0.04x
EV/Revenue	1.6x	1.6x	1.58x	2.16x
EV/EBITDA	3.99x	2.94x	2.92x	4x
Price to FCF (P/FCF)	2.72x	0.08x	0.12x	0.17x
EV/FCF	242.6x	7.83x	9.23x	12.92x
FCF Yield	36.72%	1,190.66%	827.51%	580.24%