NAT 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	1.79B EUR	1.17B EUR	1.24B EUR	728.42M EUR
Enterprise Value	2.09B EUR	1.45B EUR	1.58B EUR	1.11B EUR
Valuation Multiples
Trailing P/E	14.36x	9.5x	22.84x	90.75x
Forward P/E	18.62x	--	--	--
Price to Sales	4.83x	3.17x	3.75x	2.87x
Price to Book	3.75x	2.46x	2.72x	1.63x
EV/Revenue	5.63x	3.9x	4.76x	4.36x
EV/EBITDA	12.76x	11.78x	22.81x	38.69x
Price to FCF (P/FCF)	24.72x	9.85x	--	--
EV/FCF	28.8x	12.15x	--	--
FCF Yield	4.05%	10.15%	-6.75%	-15.58%