WES 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	18.85B EUR	18.08B EUR	16.21B EUR	16.12B EUR
Enterprise Value	28.1B EUR	27.1B EUR	24.27B EUR	24.01B EUR
Valuation Multiples
Trailing P/E	14.44x	14.08x	13.26x	18.49x
Forward P/E	11.91x	--	--	--
Price to Sales	4.35x	4.17x	4x	5.51x
Price to Book	5.34x	4.11x	4.62x	3.87x
EV/Revenue	6.49x	6.26x	5.99x	8.21x
EV/EBITDA	11.23x	10.6x	9.96x	10.27x
Price to FCF (P/FCF)	21.74x	14.83x	12.09x	14.57x
EV/FCF	32.42x	22.23x	18.11x	21.71x
FCF Yield	4.6%	6.74%	8.27%	6.86%