OWL 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	14.87B EUR	13.64B EUR	6.17B EUR	9.97B EUR
Enterprise Value	14.28B EUR	17.82B EUR	10.34B EUR	13.64B EUR
Valuation Multiples
Trailing P/E	79.08x	168.6x	70.97x	139.62x
Forward P/E	9.64x	--	--	--
Price to Sales	4.97x	4.56x	2.1x	4.56x
Price to Book	3.25x	6.83x	2.94x	4.52x
EV/Revenue	4.78x	5.96x	3.52x	6.24x
EV/EBITDA	11.36x	19.07x	10.93x	18.95x
Price to FCF (P/FCF)	9.57x	10.31x	4.81x	8.35x
EV/FCF	9.19x	13.46x	8.06x	11.42x
FCF Yield	10.45%	9.7%	20.79%	11.98%