NFG 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	7.48B EUR	7.34B EUR	8.93B EUR	7.61B EUR
Enterprise Value	9.77B EUR	9.67B EUR	11.33B EUR	10.11B EUR
Valuation Multiples
Trailing P/E	10.96x	10.87x	13.01x	17.34x
Forward P/E	10.53x	--	--	--
Price to Sales	2.97x	2.92x	3.56x	4.61x
Price to Book	1.91x	1.87x	2.33x	2.12x
EV/Revenue	3.89x	3.85x	4.52x	6.13x
EV/EBITDA	6.41x	6.3x	7.31x	9.49x
Price to FCF (P/FCF)	--	33.01x	29.12x	52.5x
EV/FCF	--	43.51x	36.95x	69.78x
FCF Yield	-0.33%	3.03%	3.43%	1.9%