A Retimer’s transmitters and receivers, on both pseudo ports, must meet the PCIe Base Specifications. This means that a Retimer can support the full channel budget (nominally 36 dB at 16 GHz) on both sides — before and after the Retimer. Calculating the insertion loss (IL) budget should be done separately for each side of the Retimer, and channel compliance should be performed for each side as well, just as you would do for a Retimer-less Root-Complex-to-Endpoint link.