HOG 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	2.8B EUR	2.75B EUR	2.28B EUR	2.29B EUR
Enterprise Value	3.82B EUR	3.17B EUR	2.67B EUR	2.25B EUR
Valuation Multiples
Trailing P/E	14.78x	13.59x	9.88x	11.13x
Forward P/E	13.44x	--	--	--
Price to Sales	0.66x	0.65x	0.53x	0.73x
Price to Book	0.9x	0.89x	0.74x	0.73x
EV/Revenue	0.9x	0.75x	0.62x	0.72x
EV/EBITDA	8.95x	7.11x	5.53x	5.6x
Price to FCF (P/FCF)	25.44x	--	51.88x	7.53x
EV/FCF	34.76x	--	60.89x	7.41x
FCF Yield	3.93%	-4.83%	1.93%	13.27%