THO Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.04.2026	Q1 '26 31.01.2026
Market & Enterprise Value
Market Cap	3.3B EUR	4.11B EUR	5.88B EUR
Enterprise Value	3.84B EUR	4.62B EUR	6.52B EUR
Valuation Multiples
Trailing P/E	18.9x	15.68x	19.59x
Forward P/E	13.18x	--	--
Price to Sales	0.34x	0.42x	0.59x
Price to Book	0.77x	0.95x	1.36x
EV/Revenue	0.4x	0.47x	0.66x
EV/EBITDA	8.28x	7.25x	9.87x
Price to FCF (P/FCF)	23.5x	20.61x	25.83x
EV/FCF	27.36x	23.13x	28.64x
FCF Yield	4.26%	4.85%	3.87%