NMIH 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	3.01B EUR	3.1B EUR	2.86B EUR	3.11B EUR
Enterprise Value	3.32B EUR	3.44B EUR	3.2B EUR	3.48B EUR
Valuation Multiples
Trailing P/E	7.88x	7.83x	7.41x	10.87x
Forward P/E	7.25x	--	--	--
Price to Sales	4.12x	4.24x	3.99x	5.84x
Price to Book	1.11x	1.14x	1.09x	1.2x
EV/Revenue	4.54x	4.71x	4.47x	6.54x
EV/EBITDA	6.08x	--	--	--
Price to FCF (P/FCF)	9.13x	7.01x	6.67x	9.94x
EV/FCF	10.07x	7.8x	7.48x	11.13x
FCF Yield	10.96%	14.26%	14.99%	10.06%