DEWA.AE 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	134B EUR	139B EUR	134.5B EUR	138.5B EUR
Enterprise Value	166.58B EUR	179.24B EUR	171.08B EUR	169.9B EUR
Valuation Multiples
Trailing P/E	14.89x	15.82x	15.36x	17.65x
Forward P/E	15.07x	--	--	--
Price to Sales	4.05x	4.2x	4.04x	5.15x
Price to Book	1.55x	1.61x	1.54x	1.52x
EV/Revenue	5.03x	5.41x	5.13x	6.32x
EV/EBITDA	9.36x	10.56x	10.02x	12.03x
Price to FCF (P/FCF)	44.41x	13.76x	11.98x	14.62x
EV/FCF	55.21x	17.74x	15.24x	17.93x
FCF Yield	2.25%	7.27%	8.35%	6.84%