NP 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	3.94B EUR	4.32B EUR	3.35B EUR	4.03B EUR
Enterprise Value	4.17B EUR	4.54B EUR	3.56B EUR	4.26B EUR
Valuation Multiples
Trailing P/E	124.96x	110.83x	96.07x	146.63x
Forward P/E	42.65x	--	--	--
Price to Sales	21.69x	23.77x	19.91x	30.94x
Price to Book	--	--	--	--
EV/Revenue	22.92x	25x	21.2x	32.72x
EV/EBITDA	50.05x	53.88x	45.11x	66.2x
Price to FCF (P/FCF)	57.69x	63.7x	67.07x	117.49x
EV/FCF	60.95x	66.98x	71.41x	124.26x
FCF Yield	1.73%	1.57%	1.49%	0.85%