HYROX Valuation & Founder Equity Modeling Workbench

COMPUTED ENTERPRISE VALUE

$700.0M

WndrCo Valuation Anchor

FOUNDER CONTROL STATUS

Restored Majority (51.5%)

Voting & Board Hegemony

WNDRCO STAKE

25.0%

$175.0M Strategic Capital

IMPLIED EV / EBITDA MULTIPLE

18.4x

Est. $38.0M Normalized EBITDA

Transaction Parameters Adjust dynamic levers

Pre-Money / Transaction Valuation ($M) $700M

WndrCo Investment Injection ($M) $175M

Founder Retained Equity Stake (%) 51.5%

Normalized Annual EBITDA ($M) $38.0M

Deal Mechanics Context:

Jeffrey Katzenberg’s WndrCo capital acts as institutional replacement capital, allowing Christian Toetzke and Moritz Fürste to buy out prior early backers and secure operational majority.

Pro-Forma Ownership Stack Founder Majority Restored

Co-Founders: 51.5%

WndrCo: 25.0%

Secondary/Debt: 23.5%

Shareholder Group	Equity %	Pro-Forma Value	Governance Role

Source & Methodology: Grounded in reported transaction terms of Jeffrey Katzenberg's WndrCo backing HYROX at a $700M valuation to return operational majority to its co-founders (@spectatorindex). Models normalized EV/EBITDA multiples, implied post-money distributions, and minority protection floors.