HE 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	1.52B EUR	2.34B EUR	2.56B EUR	2.12B EUR
Enterprise Value	4.09B EUR	4.9B EUR	5.06B EUR	4.58B EUR
Valuation Multiples
Trailing P/E	6.74x	10.33x	19.77x	21.42x
Forward P/E	8.6x	--	--	--
Price to Sales	0.46x	0.71x	0.83x	0.91x
Price to Book	0.86x	1.33x	1.56x	1.32x
EV/Revenue	1.25x	1.49x	1.64x	1.96x
EV/EBITDA	7.94x	7.03x	9.2x	11.18x
Price to FCF (P/FCF)	4.67x	--	57.91x	24.48x
EV/FCF	12.58x	--	114.28x	52.8x
FCF Yield	21.42%	-24.2%	1.73%	4.09%