WM 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	83.47B EUR	89.14B EUR	92.44B EUR	88.53B EUR
Enterprise Value	106.78B EUR	111.94B EUR	115.17B EUR	111.24B EUR
Valuation Multiples
Trailing P/E	29.58x	31.25x	33.08x	42.75x
Forward P/E	22.99x	--	--	--
Price to Sales	3.25x	3.47x	3.64x	4.61x
Price to Book	8.42x	8.98x	9.22x	8.86x
EV/Revenue	4.16x	4.36x	4.53x	5.8x
EV/EBITDA	13.74x	14.53x	15.16x	19.15x
Price to FCF (P/FCF)	35.54x	24.95x	28.1x	36.3x
EV/FCF	45.47x	31.33x	35.01x	45.61x
FCF Yield	2.81%	4.01%	3.56%	2.75%