EW 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	49.06B EUR	52.14B EUR	46.21B EUR	49.5B EUR
Enterprise Value	45.11B EUR	52.14B EUR	44.46B EUR	47.27B EUR
Valuation Multiples
Trailing P/E	50.72x	68.34x	42.15x	46.12x
Forward P/E	25.23x	--	--	--
Price to Sales	7.53x	10.93x	7.33x	8.16x
Price to Book	4.63x	--	4.47x	4.79x
EV/Revenue	6.93x	10.93x	7.05x	7.79x
EV/EBITDA	22.59x	30.97x	20.03x	24.06x
Price to FCF (P/FCF)	39.81x	61.44x	42.41x	37.08x
EV/FCF	36.61x	61.44x	40.81x	35.41x
FCF Yield	2.51%	1.63%	2.36%	2.7%