BHF 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	2.79B EUR	3.64B EUR	3.44B EUR	3.7B EUR
Enterprise Value	5.81B EUR	-310.73M EUR	1.69B EUR	1.47B EUR
Valuation Multiples
Trailing P/E	3.83x	4.38x	--	5.28x
Forward P/E	2.42x	--	--	--
Price to Sales	0.41x	0.57x	0.62x	0.91x
Price to Book	0.43x	0.56x	0.62x	0.55x
EV/Revenue	0.85x	-0.05x	0.3x	0.36x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	0.14x	--	--	32.78x
EV/FCF	0.29x	--	--	13.03x
FCF Yield	712.25%	-14.78%	-3.14%	3.05%