NGL 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	1.83B EUR	1.99B EUR	1.53B EUR	1.24B EUR
Enterprise Value	5.91B EUR	5.38B EUR	4.87B EUR	4.29B EUR
Valuation Multiples
Trailing P/E	--	--	--	8.54x
Forward P/E	17.34x	--	--	--
Price to Sales	0.52x	0.56x	0.48x	0.56x
Price to Book	--	37.31x	--	2.11x
EV/Revenue	1.68x	1.53x	1.54x	1.94x
EV/EBITDA	8.85x	8.04x	8.01x	8.61x
Price to FCF (P/FCF)	22.72x	19.52x	10.55x	18.72x
EV/FCF	73.55x	52.77x	33.65x	64.71x
FCF Yield	4.4%	5.12%	9.48%	5.34%