CMG 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	39.97B EUR	43.11B EUR	41.2B EUR	48.26B EUR
Enterprise Value	46.1B EUR	48.3B EUR	46.2B EUR	52.99B EUR
Valuation Multiples
Trailing P/E	28.98x	30.37x	28.37x	42x
Forward P/E	23.08x	--	--	--
Price to Sales	3.22x	3.47x	3.39x	5.33x
Price to Book	18.21x	19.6x	17.11x	17.05x
EV/Revenue	3.71x	3.89x	3.81x	5.85x
EV/EBITDA	20.26x	20.17x	19.31x	28.55x
Price to FCF (P/FCF)	35.8x	27.47x	27.35x	46.61x
EV/FCF	41.29x	30.78x	30.67x	51.18x
FCF Yield	2.79%	3.64%	3.66%	2.15%