WTW 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	27.51B EUR	24.31B EUR	27.41B EUR	31.24B EUR
Enterprise Value	33.18B EUR	29.78B EUR	32.46B EUR	35.01B EUR
Valuation Multiples
Trailing P/E	18.33x	15.53x	16.44x	22.81x
Forward P/E	12.96x	--	--	--
Price to Sales	2.72x	2.41x	2.77x	4.17x
Price to Book	3.58x	3.16x	3.44x	3.92x
EV/Revenue	3.29x	2.95x	3.28x	4.68x
EV/EBITDA	11.78x	10.56x	11.72x	16.13x
Price to FCF (P/FCF)	19.44x	14.39x	17.49x	19.14x
EV/FCF	23.44x	17.63x	20.71x	21.45x
FCF Yield	5.15%	6.95%	5.72%	5.22%