WEN 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	1.19B EUR	1.58B EUR	1.32B EUR	1.59B EUR
Enterprise Value	4.92B EUR	5.31B EUR	5.14B EUR	5.43B EUR
Valuation Multiples
Trailing P/E	9.44x	12.54x	8.91x	12.6x
Forward P/E	12.19x	--	--	--
Price to Sales	0.54x	0.72x	0.6x	0.96x
Price to Book	10.26x	13.12x	11.45x	13.51x
EV/Revenue	2.23x	2.41x	2.34x	3.28x
EV/EBITDA	10.79x	10.62x	9.8x	13.17x
Price to FCF (P/FCF)	6.85x	5.98x	5.95x	9.07x
EV/FCF	28.37x	20.11x	23.12x	31.05x
FCF Yield	14.59%	16.72%	16.8%	11.03%