HGBL 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	43.3M EUR	41.91M EUR	47.24M EUR	43.08M EUR
Enterprise Value	36.51M EUR	34.08M EUR	41.21M EUR	28.28M EUR
Valuation Multiples
Trailing P/E	--	--	14.58x	17.07x
Forward P/E	8.06x	--	--	--
Price to Sales	0.9x	0.87x	0.94x	1.15x
Price to Book	0.83x	0.81x	0.7x	0.64x
EV/Revenue	0.76x	0.71x	0.82x	0.75x
EV/EBITDA	73.9x	26.65x	6.92x	5.36x
Price to FCF (P/FCF)	45.75x	--	--	17.53x
EV/FCF	38.58x	--	--	11.5x
FCF Yield	2.19%	-2.61%	-1.66%	5.71%