FWONA 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	21.73B EUR	21.95B EUR	19.57B EUR	22.39B EUR
Enterprise Value	26.46B EUR	25.41B EUR	23.26B EUR	26.43B EUR
Valuation Multiples
Trailing P/E	105.7x	103.04x	47.49x	63.06x
Forward P/E	35.84x	--	--	--
Price to Sales	5.4x	5.06x	4.12x	5.55x
Price to Book	2.73x	2.88x	2.53x	2.89x
EV/Revenue	6.58x	5.86x	4.9x	6.55x
EV/EBITDA	30.88x	24.67x	18.65x	24.8x
Price to FCF (P/FCF)	33.21x	27.37x	26.44x	55.55x
EV/FCF	40.45x	31.68x	31.43x	65.59x
FCF Yield	3.01%	3.65%	3.78%	1.8%