NMRK 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	2.97B EUR	2.73B EUR	2.66B EUR	3.15B EUR
Enterprise Value	4.59B EUR	4.74B EUR	4.91B EUR	5.03B EUR
Valuation Multiples
Trailing P/E	15.34x	18.4x	17.79x	23.38x
Forward P/E	5.52x	--	--	--
Price to Sales	0.82x	0.76x	0.76x	1.2x
Price to Book	1.52x	1.9x	1.9x	2.16x
EV/Revenue	1.27x	1.32x	1.41x	1.91x
EV/EBITDA	11.15x	10.29x	10.68x	13.01x
Price to FCF (P/FCF)	3.33x	3.42x	38.14x	9.63x
EV/FCF	5.16x	5.94x	70.44x	15.36x
FCF Yield	30.01%	29.23%	2.62%	10.38%