TPL 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	24.9B EUR	30.19B EUR	32.73B EUR	19.8B EUR
Enterprise Value	24.45B EUR	29.95B EUR	32.5B EUR	19.67B EUR
Valuation Multiples
Trailing P/E	45.64x	55.75x	64.99x	54.89x
Forward P/E	4.94x	--	--	--
Price to Sales	27.74x	33.63x	39.01x	32.88x
Price to Book	16x	18.05x	21.04x	13.57x
EV/Revenue	27.24x	33.37x	38.74x	32.67x
EV/EBITDA	32.97x	39.21x	45.43x	38.07x
Price to FCF (P/FCF)	--	397.2x	768.71x	--
EV/FCF	--	394.13x	763.27x	--
FCF Yield	-0.13%	0.25%	0.13%	-0.57%