MWA 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	3.38B EUR	4.03B EUR	4.3B EUR	3.72B EUR
Enterprise Value	3.32B EUR	3.99B EUR	4.33B EUR	3.72B EUR
Valuation Multiples
Trailing P/E	15.15x	18.15x	20.74x	25.11x
Forward P/E	13.71x	--	--	--
Price to Sales	2.29x	2.73x	2.94x	3.45x
Price to Book	3.02x	3.6x	4.02x	3.66x
EV/Revenue	2.25x	2.7x	2.96x	3.44x
EV/EBITDA	9.21x	10.66x	12.19x	14.57x
Price to FCF (P/FCF)	25.88x	22.45x	30.46x	22.08x
EV/FCF	25.43x	22.21x	30.68x	22.03x
FCF Yield	3.86%	4.45%	3.28%	4.53%