WH 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	5.5B EUR	6.27B EUR	6.09B EUR	5.7B EUR
Enterprise Value	8.05B EUR	8.88B EUR	8.66B EUR	8.2B EUR
Valuation Multiples
Trailing P/E	26.83x	30.16x	31.57x	43.16x
Forward P/E	13.9x	--	--	--
Price to Sales	3.88x	4.42x	4.23x	5.12x
Price to Book	11.57x	13.07x	13.63x	12.17x
EV/Revenue	5.68x	6.26x	6.02x	7.36x
EV/EBITDA	14.3x	14.73x	14.71x	18.13x
Price to FCF (P/FCF)	15.17x	19.42x	20.04x	21.18x
EV/FCF	22.21x	27.49x	28.5x	30.47x
FCF Yield	6.59%	5.15%	4.99%	4.72%