CL 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	70.37B EUR	73.36B EUR	68.2B EUR	63.31B EUR
Enterprise Value	76.96B EUR	79.85B EUR	74.84B EUR	70.58B EUR
Valuation Multiples
Trailing P/E	34.75x	36.01x	32.68x	43.94x
Forward P/E	21.55x	--	--	--
Price to Sales	3.34x	3.49x	3.28x	4.09x
Price to Book	298.21x	310.85x	470.35x	1,172.48x
EV/Revenue	3.66x	3.79x	3.6x	4.56x
EV/EBITDA	15.45x	20.8x	19.18x	25.29x
Price to FCF (P/FCF)	20.35x	19.02x	18.1x	20.05x
EV/FCF	22.25x	20.7x	19.87x	22.35x
FCF Yield	4.91%	5.26%	5.52%	4.99%