NREF 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	354.27M EUR	292.14M EUR	251.71M EUR	261.52M EUR
Enterprise Value	5.25B EUR	4.61B EUR	4.42B EUR	4.43B EUR
Valuation Multiples
Trailing P/E	6.72x	2.9x	2.43x	3.14x
Forward P/E	8.87x	--	--	--
Price to Sales	2.34x	1.85x	1.49x	1.8x
Price to Book	0.76x	0.37x	0.33x	0.35x
EV/Revenue	34.68x	29.23x	26.08x	30.58x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	42.22x	15.46x	38.03x
EV/FCF	--	666.25x	271.45x	644.79x
FCF Yield	--	2.37%	6.47%	2.63%