GNW 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	3.55B EUR	3.58B EUR	3.13B EUR	3.54B EUR
Enterprise Value	4.92B EUR	3.1B EUR	2.52B EUR	3.02B EUR
Valuation Multiples
Trailing P/E	18.8x	16.9x	14.48x	20.94x
Forward P/E	8.55x	--	--	--
Price to Sales	0.48x	0.5x	0.44x	0.66x
Price to Book	0.41x	0.41x	0.35x	0.4x
EV/Revenue	0.67x	0.43x	0.36x	0.57x
EV/EBITDA	9.53x	--	--	--
Price to FCF (P/FCF)	5.27x	8.33x	8.15x	12.08x
EV/FCF	7.31x	7.2x	6.55x	10.29x
FCF Yield	18.97%	12%	12.28%	8.28%