HAE 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	5.4B EUR	3.41B EUR	2.55B EUR	3.75B EUR
Enterprise Value	6.39B EUR	4.36B EUR	3.53B EUR	4.61B EUR
Valuation Multiples
Trailing P/E	57.34x	35.42x	26.21x	31.96x
Forward P/E	20.4x	--	--	--
Price to Sales	3.99x	2.52x	1.91x	3.8x
Price to Book	6.45x	4.07x	3.2x	4.12x
EV/Revenue	4.72x	3.23x	2.65x	4.67x
EV/EBITDA	17.8x	12.28x	10x	16.88x
Price to FCF (P/FCF)	17.26x	11.71x	9.79x	18.12x
EV/FCF	20.41x	14.98x	13.55x	22.28x
FCF Yield	5.79%	8.54%	10.21%	5.52%