HLNE 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	5.74B EUR	4.35B EUR	4.34B EUR	5.9B EUR
Enterprise Value	4.45B EUR	4.37B EUR	4.34B EUR	5.92B EUR
Valuation Multiples
Trailing P/E	13.06x	15.77x	17.43x	32.26x
Forward P/E	11.63x	--	--	--
Price to Sales	6.69x	5.07x	5.72x	10.44x
Price to Book	3.91x	4.63x	4.75x	6.73x
EV/Revenue	5.18x	5.09x	5.71x	10.47x
EV/EBITDA	11.58x	9.81x	10.51x	18.84x
Price to FCF (P/FCF)	24.81x	11.86x	10.36x	18.57x
EV/FCF	19.23x	11.92x	10.35x	18.63x
FCF Yield	4.03%	8.43%	9.65%	5.38%