TRNO 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	7.06B EUR	6.98B EUR	6.49B EUR	6.08B EUR
Enterprise Value	7.92B EUR	7.87B EUR	7.35B EUR	7B EUR
Valuation Multiples
Trailing P/E	17.42x	17.95x	15.3x	17.14x
Forward P/E	36.71x	--	--	--
Price to Sales	14.04x	13.87x	13.24x	16.62x
Price to Book	1.57x	1.57x	1.51x	1.47x
EV/Revenue	15.76x	15.65x	14.98x	19.12x
EV/EBITDA	26.06x	23.28x	22.34x	28.2x
Price to FCF (P/FCF)	22.1x	32.16x	30.36x	36.65x
EV/FCF	24.8x	36.27x	34.36x	42.18x
FCF Yield	4.53%	3.11%	3.29%	2.73%