HASI 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	4.69B EUR	5B EUR	4.7B EUR	4.01B EUR
Enterprise Value	10.41B EUR	10.17B EUR	9.58B EUR	8.67B EUR
Valuation Multiples
Trailing P/E	56.14x	57.99x	83.91x	31.36x
Forward P/E	10.95x	--	--	--
Price to Sales	36.82x	10.79x	10.98x	13.22x
Price to Book	1.83x	1.97x	1.92x	1.56x
EV/Revenue	81.72x	21.97x	22.38x	28.54x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	23.96x	21.34x	19.62x
EV/FCF	--	48.77x	43.51x	42.38x
FCF Yield	--	4.17%	4.69%	5.1%