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The latest data point for CPNG's EV/EBITDA ratio in Q1'26 stands at -136.34, indicating a significant negative valuation multiple likely driven by operational losses or negative EBITDA, a sharp departure from prior positive figures. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited volatility with an overall downward trend, starting at 30.01 in Q2'23, dipping to a low of 19.06 in Q4'25, and fluctuating between 22.19 and 30.58 in the intervening quarters before plummeting into negative territory. This pattern suggests periodic improvements in valuation efficiency followed by deteriorations, with the recent negative shift highlighting potential challenges in profitability or market perception for the company.