TRENJ.IS 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	25.58B EUR	22.46B EUR	23.71B EUR	24.17B EUR
Enterprise Value	45.18B EUR	15B EUR	13.05B EUR	17.92B EUR
Valuation Multiples
Trailing P/E	15.24x	13.54x	42.87x	80.92x
Forward P/E	--	--	--	--
Price to Sales	1.16x	0.97x	1.06x	1.79x
Price to Book	1.84x	1.42x	1.7x	1.95x
EV/Revenue	2.06x	0.65x	0.58x	1.33x
EV/EBITDA	5.37x	2.07x	1.95x	4.84x
Price to FCF (P/FCF)	--	--	4.2x	--
EV/FCF	--	--	2.31x	--
FCF Yield	-7.5%	-4.79%	23.81%	-9.83%