THC 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	21.24B EUR	15.06B EUR	16.25B EUR	17.28B EUR
Enterprise Value	36.1B EUR	26.14B EUR	26.49B EUR	27.57B EUR
Valuation Multiples
Trailing P/E	10.23x	6.72x	9.54x	17.26x
Forward P/E	12.51x	--	--	--
Price to Sales	0.97x	0.67x	0.74x	1.07x
Price to Book	4.56x	3.23x	3.38x	4.09x
EV/Revenue	1.66x	1.15x	1.21x	1.71x
EV/EBITDA	7.45x	4.57x	5.18x	7.89x
Price to FCF (P/FCF)	9.45x	4.98x	4.85x	9.15x
EV/FCF	16.06x	8.65x	7.91x	14.6x
FCF Yield	10.58%	20.07%	20.61%	10.93%