NATL 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	3.38B EUR	3.2B EUR	3.21B EUR	2.81B EUR
Enterprise Value	5.89B EUR	5.71B EUR	5.71B EUR	5.25B EUR
Valuation Multiples
Trailing P/E	17.75x	16.35x	18.91x	18.98x
Forward P/E	8.54x	--	--	--
Price to Sales	0.77x	0.72x	0.73x	0.83x
Price to Book	7.28x	6.9x	8.12x	6.97x
EV/Revenue	1.33x	1.29x	1.29x	1.56x
EV/EBITDA	6.84x	7.07x	7.3x	8.65x
Price to FCF (P/FCF)	7.08x	25.63x	44.64x	23.8x
EV/FCF	12.32x	45.69x	79.31x	44.49x
FCF Yield	14.12%	3.9%	2.24%	4.2%