TNET 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	3B EUR	2.28B EUR	1.68B EUR	2.8B EUR
Enterprise Value	3.64B EUR	2.87B EUR	2.29B EUR	3.46B EUR
Valuation Multiples
Trailing P/E	17.41x	13x	10.57x	40.02x
Forward P/E	13.3x	--	--	--
Price to Sales	0.62x	0.47x	0.34x	0.75x
Price to Book	36.38x	18.2x	20.25x	51.88x
EV/Revenue	0.76x	0.59x	0.46x	0.93x
EV/EBITDA	13.65x	7.57x	6.48x	17.46x
Price to FCF (P/FCF)	11.95x	7.9x	6.04x	18.07x
EV/FCF	14.5x	9.96x	8.22x	22.3x
FCF Yield	8.37%	12.66%	16.54%	5.53%