CNP 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	25.43B EUR	29.01B EUR	28.23B EUR	25.03B EUR
Enterprise Value	49.5B EUR	53.6B EUR	52.28B EUR	47.97B EUR
Valuation Multiples
Trailing P/E	22.84x	25.97x	26.36x	33.15x
Forward P/E	18.5x	--	--	--
Price to Sales	2.64x	3.02x	3x	3.89x
Price to Book	2.17x	2.48x	2.47x	2.24x
EV/Revenue	5.15x	5.57x	5.55x	7.45x
EV/EBITDA	12.84x	13.39x	13.71x	17.75x
Price to FCF (P/FCF)	--	--	--	--
EV/FCF	--	--	--	--
FCF Yield	-20.42%	-9.29%	-9.46%	-7.02%