CNX 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	5.03B EUR	5.06B EUR	5.47B EUR	5.24B EUR
Enterprise Value	7.38B EUR	7.43B EUR	8B EUR	7.85B EUR
Valuation Multiples
Trailing P/E	5.51x	5.33x	4.64x	6.31x
Forward P/E	8.9x	--	--	--
Price to Sales	2.35x	2.28x	2.36x	3.42x
Price to Book	1.05x	1.04x	1.18x	1.21x
EV/Revenue	3.45x	3.35x	3.46x	5.12x
EV/EBITDA	4.03x	5.14x	5.19x	8.36x
Price to FCF (P/FCF)	11.52x	9.61x	9.82x	11.66x
EV/FCF	16.88x	14.13x	14.36x	17.45x
FCF Yield	8.68%	10.4%	10.19%	8.58%