HWM 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	89.83B EUR	107.54B EUR	92.35B EUR	82.34B EUR
Enterprise Value	92.86B EUR	111.64B EUR	94.6B EUR	84.81B EUR
Valuation Multiples
Trailing P/E	47.93x	57.48x	52.95x	70.74x
Forward P/E	34.69x	--	--	--
Price to Sales	9.85x	11.8x	10.71x	13.05x
Price to Book	15.72x	18.76x	16.72x	15.38x
EV/Revenue	10.19x	12.25x	10.97x	13.44x
EV/EBITDA	33.24x	40.1x	36.75x	46.17x
Price to FCF (P/FCF)	75.5x	60.05x	55.77x	63.49x
EV/FCF	78.04x	62.34x	57.13x	65.39x
FCF Yield	1.32%	1.67%	1.79%	1.58%