HCSG 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	1.41B EUR	1.67B EUR	1.28B EUR	1.33B EUR
Enterprise Value	1.27B EUR	1.56B EUR	1.16B EUR	1.22B EUR
Valuation Multiples
Trailing P/E	12.04x	13.58x	18.83x	31.81x
Forward P/E	16.94x	--	--	--
Price to Sales	0.76x	0.9x	0.69x	0.96x
Price to Book	2.7x	3.22x	2.49x	2.61x
EV/Revenue	0.68x	0.84x	0.62x	0.87x
EV/EBITDA	9.37x	10.26x	13.9x	25.77x
Price to FCF (P/FCF)	20.11x	11.24x	8.21x	11.74x
EV/FCF	18.08x	10.53x	7.43x	10.72x
FCF Yield	4.97%	8.9%	12.18%	8.52%