NECB 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	371.68M EUR	382.03M EUR	328.81M EUR	303.91M EUR
Enterprise Value	459.74M EUR	503.44M EUR	277.57M EUR	297.87M EUR
Valuation Multiples
Trailing P/E	8.68x	9.01x	7.51x	8.98x
Forward P/E	7.56x	--	--	--
Price to Sales	3.61x	3.69x	3.15x	3.83x
Price to Book	0.92x	1.05x	0.92x	0.86x
EV/Revenue	4.46x	4.86x	2.66x	3.75x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	7.89x	6.5x	7.55x
EV/FCF	--	10.4x	5.48x	7.39x
FCF Yield	--	12.67%	15.4%	13.25%