TRUE-B.ST 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	7.02B EUR	4.56B EUR	3.57B EUR	6.52B EUR
Enterprise Value	6.66B EUR	4.31B EUR	3.26B EUR	6.21B EUR
Valuation Multiples
Trailing P/E	30.79x	31.55x	16.93x	23.28x
Forward P/E	11.43x	--	--	--
Price to Sales	4.1x	3.78x	2.73x	4.52x
Price to Book	6.88x	4.2x	2.98x	5.21x
EV/Revenue	3.9x	3.57x	2.49x	4.3x
EV/EBITDA	14.63x	16.87x	9.58x	14.62x
Price to FCF (P/FCF)	22.33x	14.7x	8.01x	14.01x
EV/FCF	21.22x	13.89x	7.31x	13.33x
FCF Yield	4.48%	6.8%	12.49%	7.14%