UMH 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	1.3B EUR	1.29B EUR	1.23B EUR	1.35B EUR
Enterprise Value	2.39B EUR	2.05B EUR	1.95B EUR	2.04B EUR
Valuation Multiples
Trailing P/E	126.42x	41.22x	41.8x	62.38x
Forward P/E	89.24x	--	--	--
Price to Sales	4.78x	4.76x	4.61x	6.73x
Price to Book	2.32x	1.45x	1.37x	1.49x
EV/Revenue	8.81x	7.56x	7.32x	10.17x
EV/EBITDA	19.6x	15.77x	15.39x	21.47x
Price to FCF (P/FCF)	17.05x	14.29x	13.64x	19.51x
EV/FCF	31.42x	22.7x	21.67x	29.47x
FCF Yield	5.87%	7%	7.33%	5.13%