Headwater Exploration Ratios and Metrics

Market cap in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	Current	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Feb '26 Feb 20, 2026	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Market Capitalization	1,772	1,055	1,012	955	725	299
Market Cap Growth	66.54%	4.20%	5.96%	31.78%	142.36%	585.91%
Enterprise Value	1,697	963	924	840	667	227
Last Close Price	7.35	3.99	3.75	3.28	2.84	1.22
PE Ratio	16.75	8.36	9.47	8.52	22.76	69.50
PS Ratio	5.55	3.07	3.47	3.70	6.32	52.72
PB Ratio	3.85	2.25	2.42	2.54	2.62	1.73
P/TBV Ratio	3.85	2.25	2.42	2.54	2.62	1.73
P/FCF Ratio	41.61	16.74	23.36	39.47	-	-
P/OCF Ratio	9.64	4.96	4.87	4.87	9.34	2026.77
EV/Sales Ratio	5.25	2.81	3.17	3.26	5.82	39.99
EV/EBITDA Ratio	7.76	3.93	4.25	4.22	8.59	18.15
EV/EBIT Ratio	12.22	5.96	6.84	5.83	11.53	36.11
EV/FCF Ratio	39.87	15.29	21.34	34.72	-	-
Debt / Equity Ratio	0.00	0.00	0.00	0.00	0.00	0.00
Debt / EBITDA Ratio	0.01	0.01	0.00	0.00	0.01	0.02
Debt / FCF Ratio	0.03	0.03	0.01	0.03	-	-
Net Debt / Equity Ratio	-0.16	-0.20	-0.24	-0.32	-0.28	-0.28
Net Debt / EBITDA Ratio	-0.34	-0.38	-0.46	-0.61	-1.01	-3.92
Net Debt / FCF Ratio	-1.72	-1.49	-2.30	-4.99	3.94	37.29
Asset Turnover	0.54	0.57	0.54	0.61	0.42	0.04
Inventory Turnover	132.15	123.79	109.14	74.35	64.28	-
Quick Ratio	1.27	1.56	1.59	1.95	2.51	5.62
Current Ratio	1.32	1.61	1.64	1.98	2.55	5.82
Return on Equity (ROE)	24.05%	28.71%	27.05%	34.45%	13.74%	3.50%
Return on Assets (ROA)	14.39%	16.82%	15.70%	21.31%	13.19%	2.85%
Return on Invested Capital (ROIC)	27.40%	35.99%	36.39%	48.89%	31.43%	7.95%
Return on Capital Employed (ROCE)	25.60%	29.20%	27.60%	33.50%	19.30%	3.40%
Earnings Yield	5.97%	11.97%	10.56%	11.73%	4.39%	1.44%
FCF Yield	2.40%	5.97%	4.28%	2.53%	-2.75%	-0.44%
Dividend Yield	3.75%	6.73%	7.31%	2.11%	-	-
Payout Ratio	57.78%	50.48%	60.33%	-	-	-
Buyback Yield / Dilution	0.32%	0.53%	-3.01%	-6.90%	-48.48%	-63.79%
Total Shareholder Return	4.07%	7.26%	4.30%	-4.79%	-48.48%	-63.79%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.