NBR 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	1.23B EUR	1.24B EUR	1.27B EUR	789.62M EUR
Enterprise Value	3.72B EUR	2.86B EUR	2.9B EUR	2.35B EUR
Valuation Multiples
Trailing P/E	6.15x	5.03x	5.34x	3.11x
Forward P/E	18.58x	--	--	--
Price to Sales	0.38x	0.39x	0.39x	0.32x
Price to Book	2.19x	2.29x	2.24x	1.34x
EV/Revenue	1.16x	0.89x	0.9x	0.96x
EV/EBITDA	4.21x	3.3x	3.26x	3.45x
Price to FCF (P/FCF)	9.13x	31.36x	436.13x	14.48x
EV/FCF	27.75x	72.18x	993.45x	43.15x
FCF Yield	10.95%	3.19%	0.23%	6.91%