MWH 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	5.3B EUR	6.89B EUR	6.08B EUR	--
Enterprise Value	3.25B EUR	6.61B EUR	5.78B EUR	--
Valuation Multiples
Trailing P/E	55.77x	57.79x	48.05x	--
Forward P/E	15.38x	--	--	--
Price to Sales	1.67x	2.17x	2.2x	--
Price to Book	6.53x	13.87x	14.06x	--
EV/Revenue	1.03x	2.08x	2.09x	--
EV/EBITDA	10.41x	22.14x	20.8x	--
Price to FCF (P/FCF)	--	23.38x	20.5x	--
EV/FCF	--	22.43x	19.47x	--
FCF Yield	--	4.28%	4.88%	--