NPI.TO 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	5.83B EUR	5.84B EUR	6.1B EUR	4.67B EUR
Enterprise Value	12.51B EUR	11.74B EUR	11.94B EUR	10.88B EUR
Valuation Multiples
Trailing P/E	--	--	--	--
Forward P/E	12.2x	--	--	--
Price to Sales	2.28x	2.28x	2.38x	2.61x
Price to Book	1.45x	1.41x	1.48x	1.15x
EV/Revenue	4.9x	4.58x	4.66x	6.08x
EV/EBITDA	7.91x	6.6x	6.71x	8.98x
Price to FCF (P/FCF)	6.69x	5.23x	4.31x	5.24x
EV/FCF	14.35x	10.51x	8.44x	12.23x
FCF Yield	14.96%	19.12%	23.19%	19.07%