ZWS Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	7.72B EUR	8.39B EUR	7.49B EUR
Enterprise Value	7.86B EUR	8.58B EUR	7.77B EUR
Valuation Multiples
Trailing P/E	28.75x	30.39x	35.11x
Forward P/E	22.88x	--	--
Price to Sales	4.32x	4.7x	4.3x
Price to Book	4.66x	5.06x	4.66x
EV/Revenue	4.4x	4.8x	4.46x
EV/EBITDA	16.85x	17.87x	19.4x
Price to FCF (P/FCF)	23.94x	22.17x	23.35x
EV/FCF	24.34x	22.66x	24.22x
FCF Yield	4.18%	4.51%	4.28%