AWR 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	3.26B EUR	3.28B EUR	2.96B EUR	2.83B EUR
Enterprise Value	4.14B EUR	4.17B EUR	3.87B EUR	3.75B EUR
Valuation Multiples
Trailing P/E	22.54x	22.88x	22.19x	27.34x
Forward P/E	21.65x	--	--	--
Price to Sales	4.67x	4.7x	4.36x	5.55x
Price to Book	2.91x	2.92x	2.79x	2.71x
EV/Revenue	5.94x	5.98x	5.7x	7.36x
EV/EBITDA	14.91x	14.58x	14.28x	18.2x
Price to FCF (P/FCF)	--	157.87x	78x	183.8x
EV/FCF	--	201.06x	101.9x	243.46x
FCF Yield	-0.78%	0.63%	1.28%	0.54%