HEI-A Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q3 '26 31.07.2026	Q2 '26 30.04.2026
Market & Enterprise Value
Market Cap	31.17B EUR	35.96B EUR	29.19B EUR
Enterprise Value	33.89B EUR	38.26B EUR	31.57B EUR
Valuation Multiples
Trailing P/E	37.18x	42.41x	36.97x
Forward P/E	51.75x	--	--
Price to Sales	6.02x	6.95x	5.94x
Price to Book	6.3x	7.27x	6.12x
EV/Revenue	6.55x	7.39x	6.43x
EV/EBITDA	22.99x	26.08x	23.07x
Price to FCF (P/FCF)	36.87x	34.9x	31.53x
EV/FCF	40.09x	37.13x	34.09x
FCF Yield	2.71%	2.87%	3.17%