CWST 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	5.33B EUR	6.17B EUR	5.05B EUR	6.22B EUR
Enterprise Value	6.75B EUR	7.59B EUR	6.16B EUR	7.34B EUR
Valuation Multiples
Trailing P/E	930.89x	1,081.89x	706.64x	490.54x
Forward P/E	58.34x	--	--	--
Price to Sales	2.73x	3.16x	2.69x	4.38x
Price to Book	3.37x	3.91x	3.22x	3.97x
EV/Revenue	3.45x	3.88x	3.28x	5.17x
EV/EBITDA	16.11x	17.9x	14.91x	22.85x
Price to FCF (P/FCF)	43.81x	58.77x	49.64x	69.59x
EV/FCF	55.48x	72.29x	60.56x	82.07x
FCF Yield	2.28%	1.7%	2.01%	1.44%