CNS 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	3.56B EUR	3.91B EUR	3.22B EUR	3.2B EUR
Enterprise Value	3.59B EUR	3.91B EUR	3.3B EUR	3.2B EUR
Valuation Multiples
Trailing P/E	21.31x	32.91x	20.64x	20.91x
Forward P/E	17.91x	--	--	--
Price to Sales	6.1x	8.76x	5.46x	5.54x
Price to Book	6.04x	--	5.71x	5.7x
EV/Revenue	6.16x	8.76x	5.6x	5.53x
EV/EBITDA	17.7x	23.86x	15.53x	15.47x
Price to FCF (P/FCF)	22.69x	1,950.61x	--	--
EV/FCF	22.9x	1,950.61x	--	--
FCF Yield	4.41%	0.05%	-2.11%	-3.95%