HFWA 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	1.11B EUR	1.21B EUR	1.07B EUR	803.24M EUR
Enterprise Value	1.11B EUR	1.2B EUR	846.78M EUR	612.5M EUR
Valuation Multiples
Trailing P/E	12.93x	15.55x	14.78x	14.98x
Forward P/E	10.31x	--	--	--
Price to Sales	3.77x	4.12x	4.02x	4.26x
Price to Book	1x	1.09x	0.96x	0.87x
EV/Revenue	3.77x	4.07x	3.18x	3.25x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	15.07x	13.36x	11.89x
EV/FCF	--	14.87x	10.55x	9.06x
FCF Yield	--	6.64%	7.48%	8.41%