HLI 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	9.1B EUR	9.38B EUR	9.98B EUR	12.14B EUR
Enterprise Value	8.63B EUR	9.12B EUR	9.28B EUR	11.58B EUR
Valuation Multiples
Trailing P/E	21.84x	23.08x	23.42x	37.2x
Forward P/E	15.07x	--	--	--
Price to Sales	3.6x	3.72x	3.81x	6.13x
Price to Book	4.03x	4.16x	4.26x	5.29x
EV/Revenue	3.42x	3.62x	3.55x	5.84x
EV/EBITDA	--	13.34x	12.31x	19.79x
Price to FCF (P/FCF)	--	19.34x	14.64x	30.73x
EV/FCF	--	18.82x	13.61x	29.31x
FCF Yield	--	5.17%	6.83%	3.25%