HVT 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	438.76M EUR	410.49M EUR	340.89M EUR	377.12M EUR
Enterprise Value	555.4M EUR	410.49M EUR	452.67M EUR	468.22M EUR
Valuation Multiples
Trailing P/E	19.9x	23.42x	16.86x	19.11x
Forward P/E	10.38x	--	--	--
Price to Sales	0.56x	0.7x	0.44x	0.5x
Price to Book	1.45x	--	1.11x	1.22x
EV/Revenue	0.71x	0.7x	0.59x	0.62x
EV/EBITDA	10.93x	10.88x	9.75x	10.41x
Price to FCF (P/FCF)	12.48x	19.14x	14.76x	11.44x
EV/FCF	15.8x	19.14x	19.6x	14.2x
FCF Yield	8.01%	5.22%	6.77%	8.74%