SW 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	21.66B EUR	24.26B EUR	20.9B EUR	20.2B EUR
Enterprise Value	35.22B EUR	37.75B EUR	34.48B EUR	33.08B EUR
Valuation Multiples
Trailing P/E	43.46x	48.82x	55x	64.12x
Forward P/E	12.02x	--	--	--
Price to Sales	0.69x	0.77x	0.67x	0.86x
Price to Book	1.2x	1.35x	1.16x	1.1x
EV/Revenue	1.12x	1.21x	1.1x	1.41x
EV/EBITDA	7.7x	8.2x	7.41x	9.22x
Price to FCF (P/FCF)	17.83x	23.91x	20.45x	14.01x
EV/FCF	28.99x	37.19x	33.74x	22.94x
FCF Yield	5.61%	4.18%	4.89%	7.14%