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As of Q4'25, CELH's EV/EBITDA ratio stands at 10.4, marking a significant decrease from previous quarters. This latest data point reflects a continued downward movement from the recent peak of 70.2 in Q3'25, indicating a notable compression in valuation multiples. Reviewing the period from Q1'23 to Q4'25, the EV/EBITDA ratio has exhibited considerable volatility, starting with negative values in early 2023, reaching a low of -276.9 in Q2'23, before sharply reversing to positive territory in Q3'23. The metric peaked at 70.2 in Q3'25, followed by a rapid decline to 10.4 by Q4'25. This trend suggests a period of significant re-rating, with the company moving from negative to positive multiples and then experiencing a substantial contraction in valuation as EBITDA likely improved and/or market sentiment shifted.