HHH 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	4.4B EUR	4.26B EUR	3.77B EUR	4.74B EUR
Enterprise Value	7.12B EUR	7.08B EUR	7.73B EUR	8.38B EUR
Valuation Multiples
Trailing P/E	14.93x	14.6x	31.02x	41.78x
Forward P/E	72.28x	--	--	--
Price to Sales	1.86x	1.8x	2.5x	3.71x
Price to Book	1.1x	1.08x	1x	1.25x
EV/Revenue	3x	2.98x	5.12x	6.57x
EV/EBITDA	8.78x	9.36x	13.84x	18.74x
Price to FCF (P/FCF)	--	5.48x	8.35x	6.92x
EV/FCF	--	9.09x	17.12x	12.25x
FCF Yield	-25.75%	18.26%	11.98%	14.44%