HWC 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	5.81B EUR	6.01B EUR	5.16B EUR	5.24B EUR
Enterprise Value	6.68B EUR	6.81B EUR	6.06B EUR	5.88B EUR
Valuation Multiples
Trailing P/E	14.17x	14.07x	12.47x	14.29x
Forward P/E	9.88x	--	--	--
Price to Sales	4.11x	4.11x	3.59x	4.57x
Price to Book	1.31x	1.35x	1.17x	1.17x
EV/Revenue	4.73x	4.66x	4.22x	5.13x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	10.74x	9.71x	12.39x
EV/FCF	--	12.17x	11.41x	13.91x
FCF Yield	--	9.31%	10.3%	8.07%