LUMN 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	5.79B EUR	7.91B EUR	7.16B EUR	7.97B EUR
Enterprise Value	17.35B EUR	19.53B EUR	18.78B EUR	24.67B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	-18.96x	--	--	--
Price to Sales	0.49x	0.67x	0.59x	0.86x
Price to Book	--	--	--	--
EV/Revenue	1.47x	1.65x	1.55x	2.68x
EV/EBITDA	7.77x	8.01x	7.44x	13.53x
Price to FCF (P/FCF)	2.74x	9.45x	16.01x	118.92x
EV/FCF	8.2x	23.33x	42.02x	368.23x
FCF Yield	36.55%	10.58%	6.24%	0.84%