WMB 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	88.89B EUR	90.92B EUR	89.01B EUR	73.45B EUR
Enterprise Value	121.29B EUR	121.51B EUR	118.36B EUR	102.78B EUR
Valuation Multiples
Trailing P/E	28.95x	29.59x	31.88x	38.12x
Forward P/E	27.46x	--	--	--
Price to Sales	7.21x	7.45x	7.46x	8.25x
Price to Book	6.76x	6.89x	6.85x	5.74x
EV/Revenue	9.84x	9.96x	9.92x	11.55x
EV/EBITDA	17.25x	15.32x	15.4x	17.8x
Price to FCF (P/FCF)	--	--	123.28x	153.67x
EV/FCF	--	--	163.94x	215.03x
FCF Yield	-1.71%	-0.19%	0.81%	0.65%