TREX 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	4.65B EUR	5.1B EUR	3.78B EUR	3.71B EUR
Enterprise Value	4.82B EUR	5.39B EUR	4.21B EUR	3.89B EUR
Valuation Multiples
Trailing P/E	26.34x	28.74x	19.77x	28.54x
Forward P/E	22.16x	--	--	--
Price to Sales	3.85x	4.22x	3.21x	4.45x
Price to Book	4.67x	5.05x	3.8x	3.59x
EV/Revenue	3.99x	4.47x	3.58x	4.67x
EV/EBITDA	15.42x	17.17x	12.89x	17.3x
Price to FCF (P/FCF)	66.78x	25.69x	17.58x	10.34x
EV/FCF	69.24x	27.18x	19.58x	10.85x
FCF Yield	1.5%	3.89%	5.69%	9.67%