WAB 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	48.21B EUR	45.59B EUR	42.46B EUR	36.41B EUR
Enterprise Value	53.74B EUR	51.49B EUR	48.47B EUR	41.19B EUR
Valuation Multiples
Trailing P/E	38.36x	35.93x	35.09x	42.94x
Forward P/E	22.86x	--	--	--
Price to Sales	4.02x	3.81x	3.69x	4.26x
Price to Book	4.3x	4.07x	3.82x	3.27x
EV/Revenue	4.49x	4.3x	4.21x	4.81x
EV/EBITDA	20.27x	20.75x	20.87x	24.65x
Price to FCF (P/FCF)	43.77x	26.6x	28.21x	26.93x
EV/FCF	48.79x	30.04x	32.2x	30.47x
FCF Yield	2.28%	3.76%	3.54%	3.71%