EMN 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	7.17B EUR	7.66B EUR	8.73B EUR	7.28B EUR
Enterprise Value	12.14B EUR	7.66B EUR	13.28B EUR	11.5B EUR
Valuation Multiples
Trailing P/E	16.63x	29.56x	21.87x	15.36x
Forward P/E	9.23x	--	--	--
Price to Sales	0.81x	1.21x	1.01x	0.83x
Price to Book	1.18x	--	1.45x	1.22x
EV/Revenue	1.37x	1.21x	1.54x	1.31x
EV/EBITDA	8.72x	8.28x	10.26x	8.18x
Price to FCF (P/FCF)	13.16x	18.45x	17.52x	17.18x
EV/FCF	22.29x	18.45x	26.67x	27.13x
FCF Yield	7.6%	5.42%	5.71%	5.82%