NSC 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	71.38B EUR	70.66B EUR	64.46B EUR	64.79B EUR
Enterprise Value	87.28B EUR	86.21B EUR	80.22B EUR	80.57B EUR
Valuation Multiples
Trailing P/E	27.12x	26.81x	24.14x	30.52x
Forward P/E	22.23x	--	--	--
Price to Sales	5.69x	5.63x	5.29x	7.05x
Price to Book	4.39x	4.35x	4.08x	4.17x
EV/Revenue	6.96x	6.87x	6.58x	8.77x
EV/EBITDA	15.41x	14.31x	13.44x	17.56x
Price to FCF (P/FCF)	51.64x	43.32x	39.84x	39.13x
EV/FCF	63.14x	52.86x	49.58x	48.65x
FCF Yield	1.94%	2.31%	2.51%	2.56%