HESM 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	6.65B EUR	4.83B EUR	4.99B EUR	4.46B EUR
Enterprise Value	7.91B EUR	8.5B EUR	8.76B EUR	8.23B EUR
Valuation Multiples
Trailing P/E	11.12x	12.87x	13.52x	15.87x
Forward P/E	10.39x	--	--	--
Price to Sales	4.12x	3x	3.07x	3.61x
Price to Book	8.05x	12.44x	13.31x	10.2x
EV/Revenue	4.9x	5.28x	5.39x	6.66x
EV/EBITDA	6.46x	6.84x	7.03x	8.71x
Price to FCF (P/FCF)	13.32x	5.76x	6.27x	7.81x
EV/FCF	15.84x	10.15x	11x	14.41x
FCF Yield	7.51%	17.36%	15.95%	12.8%