FHN 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	10.93B EUR	12.15B EUR	10.83B EUR	11.59B EUR
Enterprise Value	12.25B EUR	12.12B EUR	12.12B EUR	11.02B EUR
Valuation Multiples
Trailing P/E	11.1x	11.51x	10.54x	15.15x
Forward P/E	9.95x	--	--	--
Price to Sales	3.12x	3.55x	3.21x	4.57x
Price to Book	1.29x	1.33x	1.18x	1.31x
EV/Revenue	3.5x	3.54x	3.59x	4.35x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	11.95x	20.62x	45.44x
EV/FCF	--	11.92x	23.08x	43.21x
FCF Yield	--	8.37%	4.85%	2.2%