HLT 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	73.5B EUR	74.58B EUR	69.43B EUR	66.19B EUR
Enterprise Value	85.81B EUR	87.6B EUR	81.92B EUR	78.37B EUR
Valuation Multiples
Trailing P/E	47.88x	47.09x	45.03x	57.21x
Forward P/E	31.23x	--	--	--
Price to Sales	14.4x	5.97x	5.65x	7.08x
Price to Book	--	--	--	--
EV/Revenue	16.81x	7.02x	6.67x	8.39x
EV/EBITDA	27.79x	28.11x	27.12x	34.28x
Price to FCF (P/FCF)	52.73x	38.47x	32.77x	43.21x
EV/FCF	61.56x	45.18x	38.66x	51.15x
FCF Yield	1.9%	2.6%	3.05%	2.31%