Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Company Years Starting growth % Long-run growth %

NN Group N.V. (NN.AS)

Price updated 06 Nov 2026 14:48; TTM through 30 Jun 2026; TTM financials updated 06 Nov 2026 12:55.

Starts from TTM through 30 Jun 2026 financials in EUR and a share price of EUR 79.08. Growth begins at 2.0% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 1.0%, net 13.3%, free cash flow -16.9% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

Free cash flow is negative today, so the projection keeps it negative. It does not model a turnaround.

For banks, insurers and holding companies, revenue and cash flow mix in interest and investment flows. Read net income rather than free cash flow.

Year 1 uses analyst consensus revenue growth (2.6%); year 2 is halfway back to the model's own path.

EUR 72.52Model fair value (Justified P/B (ROE)); range EUR 65.77 to EUR 84.09

-8%Fair value vs today's price

HighModel confidence

75%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF agrees; trailing-twelve-month data.

6.8%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead

EUR 17.59BRevenue in year 10 (base)

EUR 2.34BNet income in year 10 (base)

-EUR 2.98BFree cash flow in year 10 (base)

EUR 5.44Dividend per share in year 10 (base)

EUR 103.29Implied share price in year 10 (base), today EUR 79.08

-14.4%Year-10 free cash flow per share vs today's price

Book value per share over time

Solid: reported Dashed: base projection Shaded: bear to bull range

Book value per share in year 10 by scenario
Case	Starting growth	Year 10	Annual growth
Bear	-3.4%	EUR 104.96	2.7%
Base	2.6%	EUR 111.74	3.4%
Bull	8.6%	EUR 120.27	4.1%

Base case by year

Year	Growth	Revenue	EBITDA	Net income	Free cash flow	EPS	FCF / share	Dividend / share	Book / share	Implied price
TTM through 30 Jun 2026	–	EUR 14.03B	EUR 136.00M	EUR 1.86B	-EUR 2.37B	7.12	-9.06	4.34	80.23	79.08
Year 1	2.6%	EUR 14.40B	EUR 139.54M	EUR 1.91B	-EUR 2.43B	7.30	-9.30	4.45	83.08	80.87
Year 2	2.3%	EUR 14.73B	EUR 142.78M	EUR 1.96B	-EUR 2.49B	7.47	-9.52	4.56	85.99	82.65
Year 3	2.1%	EUR 15.04B	EUR 145.76M	EUR 2.00B	-EUR 2.54B	7.63	-9.71	4.65	88.97	84.42
Year 4	2.1%	EUR 15.36B	EUR 148.87M	EUR 2.04B	-EUR 2.60B	7.79	-9.92	4.75	92.01	86.18
Year 5	2.2%	EUR 15.69B	EUR 152.11M	EUR 2.08B	-EUR 2.65B	7.96	-10.14	4.85	95.12	87.92
Year 6	2.2%	EUR 16.04B	EUR 155.49M	EUR 2.13B	-EUR 2.71B	8.14	-10.36	4.96	98.29	90.85
Year 7	2.3%	EUR 16.41B	EUR 159.01M	EUR 2.18B	-EUR 2.77B	8.32	-10.60	5.07	101.54	93.86
Year 8	2.3%	EUR 16.78B	EUR 162.69M	EUR 2.23B	-EUR 2.84B	8.51	-10.84	5.19	104.86	96.93
Year 9	2.4%	EUR 17.18B	EUR 166.52M	EUR 2.28B	-EUR 2.91B	8.71	-11.10	5.31	108.26	100.07
Year 10	2.4%	EUR 17.59B	EUR 170.52M	EUR 2.34B	-EUR 2.98B	8.92	-11.36	5.44	111.74	103.29

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.