NWE 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	4.56B EUR	4.41B EUR	4.06B EUR	3.96B EUR
Enterprise Value	8.18B EUR	8B EUR	7.49B EUR	7.39B EUR
Valuation Multiples
Trailing P/E	26.77x	25.71x	24.2x	38.06x
Forward P/E	18.73x	--	--	--
Price to Sales	2.7x	2.6x	2.47x	3.47x
Price to Book	1.58x	1.52x	1.39x	1.37x
EV/Revenue	4.84x	4.73x	4.56x	6.46x
EV/EBITDA	13.8x	13.49x	12.91x	18.65x
Price to FCF (P/FCF)	--	--	--	--
EV/FCF	--	--	--	--
FCF Yield	-5.33%	-4.36%	-3.65%	-4.83%