Haiki+ Valuation Multiples

Haiki+ is valued at $130M as of October 2026, a 0.8x revenue multiple. In the last 12 months, Haiki+ revenue was $354M and Haiki+ EBITDA was $58M.

Haiki+ Overview

About Haiki+

Haiki+ is an Italian circular economy and environmental services group headquartered in Milan. It runs five business units covering environmental consulting, landfill and waste treatment, recycling of electrical equipment and batteries, lead recycling and metals, with about 26 proprietary facilities and about 800 employees. Consolidated revenue is about EUR 340 million according to the company website. The group was created when the environmental and circular economy activities of Innovatec were separated into Haiki+ by a reverse spin-off effective in January 2025, and its shares and warrants began trading on Euronext Growth Milan on 8 January 2025. It has grown through acquisitions including five WEEE treatment plants from the Treee group, a 51 percent stake in RaeeMan and Ecobat Resources Italy. SG Holding, which holds more than 70 percent together with concert parties, launched a voluntary tender offer in 2026.


Founded

2015

HQ

Italy

Employees

788

Financials (LTM)

Revenue: $354M
EBITDA: $58M

EV

$266M

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Haiki+ Financials

Haiki+ reported last 12-month revenue of $354M and EBITDA of $58M.

In the same LTM period, Haiki+ generated $257M in gross profit, $58M in EBITDA, and $6M in net income.

Revenue (LTM)


Haiki+ P&L

In the most recent fiscal year, Haiki+ reported revenue of $309M and EBITDA of $49M.

Haiki+ is profitable as of last fiscal year, with gross margin of 74%, EBITDA margin of 16%, and net margin of 0%.

See analyst estimates for Haiki+
LTMLast FY202320242025202620272028
Revenue$354M$309M$204M$213M$309M
Gross Profit$257M$229M$154M$139M$229M
Gross Margin73%74%75%65%74%
EBITDA$58M$49M$37M$26M$49M
EBITDA Margin16%16%18%12%16%
EBIT Margin4%5%7%2%5%
Net Profit$6M$264K$5M($3M)$264K
Net Margin2%0%2%(1%)0%
Net Debt-$81M---

Financial data powered by Morningstar, Inc.

Haiki+ Stock Performance

Haiki+ has current market cap of $130M, and enterprise value of $266M.

Market Cap Evolution


Haiki+'s stock price is $1.01.

Haiki+ share price decreased by 1.1% in the last 30 days, and increased by 22.6% in the last year.

See more trading valuation data for Haiki+
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$266M$130M0.0%-1.1%44.2%22.6%$0.00

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Haiki+ Valuation Multiples

Haiki+ trades at 0.8x EV/Revenue multiple, and 4.6x EV/EBITDA.

See NTM and 2027E valuation multiples for Haiki+

EV / Revenue (LTM)


Haiki+ Financial Valuation Multiples

As of October 22, 2026, Haiki+ has market cap of $130M and EV of $266M.

Haiki+ has a P/E ratio of 22.8x.

LTMLast FY202320242025202620272028
EV/Revenue0.8x0.9x1.3x1.2x0.9x
EV/EBITDA4.6x5.4x7.2x10.2x5.4x
EV/EBIT16.8x18.5x17.7x56.6x18.5x
EV/Gross Profit1.0x1.2x1.7x1.9x1.2x
P/E22.8xn/m27.6x(49.0x)n/m
EV/FCF91.7x12.9x--12.9x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Haiki+ Margins & Growth Rates

Haiki+ grew revenue by 17% and EBITDA by 20% in the last fiscal year.

In the most recent fiscal year, Haiki+ reported gross margin of 74%, EBITDA margin of 16%, and net margin of 0%.

See estimated margins and future growth rates for Haiki+

Haiki+ Margins

Last FY202420252026202720282029
Gross Margin74%65%74%74%
EBITDA Margin16%12%16%16%
EBIT Margin5%2%5%5%
Net Margin0%(1%)0%2%
FCF Margin7%-7%5%

Haiki+ Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth17%5%45%17%
Gross Profit Growth17%(9%)64%17%
EBITDA Growth20%(29%)89%20%
EBIT Growth16%(69%)206%16%
Net Profit Growth2537%(156%)(110%)2537%
FCF Growth(14%)--(14%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Haiki+ Operational KPIs

Haiki+'s revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $0.3M for the same period.

Haiki+'s Rule of 40 is 34% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Haiki+'s Rule of X is 60% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Haiki+
LTMLast FY202320242025202620272028
Rule of 4026%34%---
Bessemer Rule of X41%60%---
Revenue per Employee-$0.4M---
Opex per Employee-$0.3M---
Opex to Revenue-70%68%63%70%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Haiki+ Competitors

Haiki+ competitors include Res, Pyrum Innovations, RGA Services & Cleaning, Biotrend Enerji, All Trade Recycling, Carbios, Vow, Orzel Bialy, Infragreen Group and Agilyx.

Most Haiki+ public comparables operate across Waste & Environmental Services.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Res$34M$10M4.1x3.3x13.3x10.3x
Pyrum Innovations$5M($6M)29.1x6.1x(22.5x)(28.5x)
RGA Services & Cleaning$123M$17M1.4x-10.0x-
Biotrend Enerji$59M$14M3.8x-16.6x-
All Trade Recycling------
Carbios$3M($18M)22.8x11.8x(4.4x)(4.4x)
Vow$110M($8M)1.4x1.4x(18.0x)21.2x
Orzel Bialy$148M$19M0.3x-2.2x-

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Acquisitions by Haiki+

Haiki+ has acquired 4 companies to date.

Last acquisition by Haiki+ was on July 1st 2025. Haiki+ acquired Ecobat Resources Italy for $26M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Haiki+

Ecobat Resources Italy
RaeeMan
Treee WEEE Plants
Green LuxCo Capital
Description
Ecobat Resources Italy is an Italian lead recycling company, with its subsidiary Politec, which recovers high-performance plastics. It operates plants at Paderno Dugnano near Milan, Marcianise in Caserta and Pieve di Cento in Bologna. Haiki+ acquired all of its share capital in July 2025 for a total value of EUR 22.9 million, backed by SG Holding and BPER Banca. The purchase made Haiki+ one of the main producers of recycled lead in Italy and extended its vertical integration into metals. The deal was financed with support from SG Holding and BPER Banca, and a capital increase of up to EUR 22.87 million was planned alongside it. It was classed as significant under Euronext Growth Milan rules and as a related party transaction of greater importance.
RaeeMan is an Italian company active in the collection, recovery and treatment of waste from electrical and electronic equipment. Haiki+ bought a 51 percent majority stake through its subsidiary Haiki Cobat in early 2025 for EUR 3 million in cash, with an earn-out for the sellers if RaeeMan's EBITDA exceeds EUR 1.5 million in each of 2025, 2026 and 2027. At closing on 26 March 2025 EUR 1.29 million was paid and the EUR 1.5 million balance was due within six months. The purchase fits Haiki Cobat's lithium battery recycling plant at Cobat Ecofactor. The buyer took a majority position, with the remaining 49 percent staying with the sellers, and the earn-out ties part of the price to the profitability of the business over the three years after closing.
Treee WEEE Plants is the set of three business branches that the Treee group sold to Haiki+ in late 2024. They hold five plants that treat waste electrical and electronic equipment, located in the Veneto, Lombardy, Tuscany and Lazio regions. The plants were part of the Treee group. Haiki+ paid EUR 4.15 million for the branches, which corresponds to an enterprise value of EUR 7.2 million including financial debt. The perimeter strengthened the buyer's position in the Italian recycling of household appliances and electronics, a segment of waste treatment regulated by national producer responsibility rules. The branches were sold as going concerns rather than as shares of a company, so the buyer took over the plants and their activity directly. The acquisition closed on 2 December 2024.
Green LuxCo Capital is a Luxembourg holding company that owns 70 percent of the share capital of Ecosavona, an Italian waste business. Ecosavona is a limited company that manages the Boscaccio landfill in Vado Ligure, in the province of Savona, where it treats, disposes of and recovers non-hazardous municipal and special waste. It also recovers energy from landfill biogas. In February 2024 the Innovatec group acquired 50.1 percent of Green LuxCo. The holding sits in the Haiki+ group, which took over Innovatec's environmental business in a January 2025 spin-off. The seller of the 2024 stake was Sostenya Group. The holding does not run operations itself and serves as the ownership vehicle for the landfill business.
HQ CountryItalyItalyItalyLuxembourg
HQ City
-
-
-
-
Deal Date1 Jul 202526 Mar 20252 Dec 202429 Feb 2024
Valuation$26M$6M$8M$50M
EV/Revenue
EV/EBITDA

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About Haiki+

When was Haiki+ founded?Haiki+ was founded in 2015.
Where is Haiki+ headquartered?Haiki+ is headquartered in Italy.
How many employees does Haiki+ have?As of today, Haiki+ has over 788 employees.
Who is the CEO of Haiki+?Haiki+'s CEO is Giovanni Rosti.
Is Haiki+ publicly listed?Yes, Haiki+ is a public company listed on Borsa Italiana.
What is the stock symbol of Haiki+?Haiki+ trades under HIK ticker.
When did Haiki+ go public?Haiki+ went public in 2025.
Who are competitors of Haiki+?Haiki+ main competitors include Res, Pyrum Innovations, RGA Services & Cleaning, Biotrend Enerji, All Trade Recycling, Carbios, Vow, Orzel Bialy, Infragreen Group, Agilyx.
What is the current market cap of Haiki+?Haiki+'s current market cap is $130M.
What is the current revenue of Haiki+?Haiki+'s last 12 months revenue is $354M.
What is the current revenue growth of Haiki+?Haiki+ revenue growth (NTM/LTM) is 10%.
What is the current EV/Revenue multiple of Haiki+?Current revenue multiple of Haiki+ is 0.8x.
What is the current EBITDA of Haiki+?Haiki+'s last 12 months EBITDA is $58M.
What is Haiki+'s EBITDA margin?Haiki+'s last 12 months EBITDA margin is 16%.
What is the current EV/EBITDA multiple of Haiki+?Current EBITDA multiple of Haiki+ is 4.6x.
What is the current FCF of Haiki+?Haiki+'s last 12 months FCF is $3M.
What is Haiki+'s FCF margin?Haiki+'s last 12 months FCF margin is 1%.
What is the current EV/FCF multiple of Haiki+?Current FCF multiple of Haiki+ is 91.7x.
How many companies Haiki+ has acquired to date?As of October 2026, Haiki+ has acquired 4 companies.
What was the largest acquisition by Haiki+?$50M acquisition of Green LuxCo Capital on 29th February 2024 was the largest M&A Haiki+ has done to date.
What companies Haiki+ acquired?Haiki+ acquired Green LuxCo Capital, Ecobat Resources Italy, Treee WEEE Plants, and RaeeMan.
In how many companies Haiki+ has invested to date?Haiki+ hasn't invested in any companies yet (or none have been disclosed publicly).

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