NOK 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	58B EUR	74.35B EUR	44.88B EUR	36.12B EUR
Enterprise Value	55.1B EUR	73.36B EUR	43.26B EUR	35.07B EUR
Valuation Multiples
Trailing P/E	74x	105.01x	56.39x	50.87x
Forward P/E	21.47x	--	--	--
Price to Sales	2.84x	3.67x	2.26x	2.35x
Price to Book	2.43x	3.51x	2.12x	1.72x
EV/Revenue	2.7x	3.62x	2.17x	2.28x
EV/EBITDA	21.15x	36.12x	18.78x	17.27x
Price to FCF (P/FCF)	49.03x	138.71x	32.69x	48.55x
EV/FCF	46.58x	136.87x	31.51x	47.14x
FCF Yield	2.04%	0.72%	3.06%	2.06%