WMG 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	15.02B EUR	14.16B EUR	13.32B EUR	16B EUR
Enterprise Value	19.66B EUR	18.46B EUR	17.52B EUR	19.85B EUR
Valuation Multiples
Trailing P/E	22.98x	21.07x	29.47x	59.46x
Forward P/E	14.59x	--	--	--
Price to Sales	2.06x	1.94x	1.87x	2.96x
Price to Book	17.59x	16.58x	18.05x	22.22x
EV/Revenue	2.69x	2.53x	2.46x	3.68x
EV/EBITDA	11.76x	10.62x	11.67x	18.21x
Price to FCF (P/FCF)	39.3x	49.17x	67.62x	30.47x
EV/FCF	51.42x	64.1x	88.94x	37.81x
FCF Yield	2.54%	2.03%	1.48%	3.28%