H 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	15.26B EUR	18.28B EUR	13.54B EUR	15.17B EUR
Enterprise Value	19.25B EUR	22.25B EUR	17.46B EUR	18.94B EUR
Valuation Multiples
Trailing P/E	199.93x	231.33x	--	--
Forward P/E	33.22x	--	--	--
Price to Sales	4.51x	2.56x	1.9x	2.82x
Price to Book	4.62x	5.53x	4.19x	4.55x
EV/Revenue	5.68x	3.11x	2.45x	3.52x
EV/EBITDA	23.02x	23.15x	18.3x	26.08x
Price to FCF (P/FCF)	89.64x	72.52x	119.79x	421.3x
EV/FCF	113.04x	88.28x	154.49x	526x
FCF Yield	1.12%	1.38%	0.83%	0.24%