HIW 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	3.26B EUR	3.33B EUR	2.36B EUR	2.84B EUR
Enterprise Value	6.87B EUR	3.33B EUR	6.03B EUR	6.36B EUR
Valuation Multiples
Trailing P/E	19.23x	44.58x	25.26x	17.78x
Forward P/E	41.49x	--	--	--
Price to Sales	3.89x	5.37x	2.88x	3.52x
Price to Book	1.35x	--	1x	1.19x
EV/Revenue	8.2x	5.37x	7.36x	7.9x
EV/EBITDA	14.24x	8.43x	11.46x	12.33x
Price to FCF (P/FCF)	12.05x	12.83x	6.28x	7.9x
EV/FCF	25.39x	12.83x	16.05x	17.72x
FCF Yield	8.3%	7.79%	15.91%	12.66%