HRI 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	4.13B EUR	4.79B EUR	3.32B EUR	4.94B EUR
Enterprise Value	13.66B EUR	14.3B EUR	12.92B EUR	14.57B EUR
Valuation Multiples
Trailing P/E	80.69x	97.68x	--	260.06x
Forward P/E	11.3x	--	--	--
Price to Sales	0.85x	0.99x	0.72x	1.43x
Price to Book	2.18x	2.53x	1.75x	2.54x
EV/Revenue	2.81x	2.94x	2.81x	4.2x
EV/EBITDA	14.67x	7.51x	7.23x	10.69x
Price to FCF (P/FCF)	8.21x	--	--	--
EV/FCF	27.16x	--	--	--
FCF Yield	12.18%	-2.67%	-4.7%	-2.43%