ERW-R.BK 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	17.5B EUR	12.03B EUR	12.03B EUR	12.63B EUR
Enterprise Value	31.83B EUR	25.52B EUR	25.22B EUR	25.36B EUR
Valuation Multiples
Trailing P/E	19.89x	13.71x	13.85x	25.64x
Forward P/E	--	--	--	--
Price to Sales	2.15x	1.49x	1.5x	2.19x
Price to Book	1.92x	1.32x	1.28x	1.41x
EV/Revenue	3.92x	3.15x	3.14x	4.39x
EV/EBITDA	13.25x	9.54x	9.46x	13.84x
Price to FCF (P/FCF)	--	17.32x	16.25x	12.47x
EV/FCF	--	36.75x	34.08x	25.04x
FCF Yield	-0.29%	5.77%	6.15%	8.02%