NWFL 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	365.55M EUR	350.19M EUR	320.39M EUR	260.69M EUR
Enterprise Value	372.53M EUR	355.41M EUR	307.92M EUR	290.39M EUR
Valuation Multiples
Trailing P/E	11.6x	12.14x	12.46x	11.86x
Forward P/E	8.65x	--	--	--
Price to Sales	3.67x	3.4x	3.37x	3.85x
Price to Book	1.25x	1.21x	1.13x	1.08x
EV/Revenue	3.74x	3.45x	3.24x	4.29x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	11.69x	12.03x	12.37x
EV/FCF	--	11.87x	11.57x	13.77x
FCF Yield	--	8.55%	8.31%	8.09%