HTHT 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	13.93B EUR	128.3B EUR	154.65B EUR	144.52B EUR
Enterprise Value	32.28B EUR	148.28B EUR	178.05B EUR	170.2B EUR
Valuation Multiples
Trailing P/E	32.96x	25.48x	30.91x	34.52x
Forward P/E	13.93x	--	--	--
Price to Sales	0.52x	4.82x	5.97x	7.26x
Price to Book	6.63x	9.11x	14.13x	11.29x
EV/Revenue	1.21x	5.57x	6.87x	8.55x
EV/EBITDA	3.63x	16.29x	20.48x	24.79x
Price to FCF (P/FCF)	1.89x	15.99x	21.33x	20.07x
EV/FCF	4.38x	18.48x	24.55x	23.64x
FCF Yield	52.93%	6.25%	4.69%	4.98%