NEM 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	124.17B EUR	98.91B EUR	116.15B EUR	108.74B EUR
Enterprise Value	118.51B EUR	95.5B EUR	112.91B EUR	106.68B EUR
Valuation Multiples
Trailing P/E	14.86x	11.51x	13.74x	20.94x
Forward P/E	11.62x	--	--	--
Price to Sales	4.82x	3.84x	4.65x	6.16x
Price to Book	3.54x	2.81x	3.33x	3.21x
EV/Revenue	4.6x	3.71x	4.52x	6.04x
EV/EBITDA	6.95x	5.6x	6.93x	9.64x
Price to FCF (P/FCF)	14.08x	10.16x	12.57x	17.84x
EV/FCF	13.44x	9.81x	12.22x	17.51x
FCF Yield	7.1%	9.84%	7.95%	5.6%