CWK 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	2.73B EUR	3.14B EUR	2.87B EUR	3.75B EUR
Enterprise Value	5.31B EUR	5.67B EUR	5.39B EUR	5.96B EUR
Valuation Multiples
Trailing P/E	40.07x	45.44x	38.97x	43.47x
Forward P/E	6.75x	--	--	--
Price to Sales	0.25x	0.29x	0.27x	0.47x
Price to Book	1.35x	1.55x	1.47x	1.92x
EV/Revenue	0.49x	0.52x	0.51x	0.75x
EV/EBITDA	9.13x	10.86x	10.62x	14.18x
Price to FCF (P/FCF)	9.02x	12.61x	14.09x	8.16x
EV/FCF	17.54x	22.76x	26.44x	12.98x
FCF Yield	11.09%	7.93%	7.1%	12.25%