HPCRF 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	2.48B EUR	2.56B EUR	2.57B EUR	2.57B EUR
Enterprise Value	24.71B EUR	24.81B EUR	22.88B EUR	23.66B EUR
Valuation Multiples
Trailing P/E	19x	0.56x	0.58x	0.55x
Forward P/E	--	--	--	--
Price to Sales	0.04x	0.05x	0.05x	0.05x
Price to Book	3.2x	0.1x	0.09x	0.1x
EV/Revenue	0.36x	0.49x	0.46x	0.46x
EV/EBITDA	2.3x	2.76x	2.63x	2.62x
Price to FCF (P/FCF)	0.61x	0.6x	0.95x	0.73x
EV/FCF	6.05x	5.83x	8.44x	6.72x
FCF Yield	164.81%	166.6%	105.64%	137.18%