NE 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	6.76B EUR	5.95B EUR	7.83B EUR	4.49B EUR
Enterprise Value	8.18B EUR	7.39B EUR	9.08B EUR	5.99B EUR
Valuation Multiples
Trailing P/E	45.06x	39.81x	34.15x	41.38x
Forward P/E	21.01x	--	--	--
Price to Sales	2.34x	1.94x	2.45x	1.86x
Price to Book	1.51x	1.33x	1.71x	0.99x
EV/Revenue	2.84x	2.41x	2.84x	2.48x
EV/EBITDA	8.66x	7.5x	8.6x	7.76x
Price to FCF (P/FCF)	26.74x	20.97x	17.62x	16.33x
EV/FCF	32.35x	26.02x	20.45x	21.81x
FCF Yield	3.74%	4.77%	5.67%	6.12%