UCB 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	4.02B EUR	4.2B EUR	3.77B EUR	3.77B EUR
Enterprise Value	4.71B EUR	4.93B EUR	3.4B EUR	3.49B EUR
Valuation Multiples
Trailing P/E	10.91x	11.12x	11.05x	14.67x
Forward P/E	9.95x	--	--	--
Price to Sales	3.63x	3.87x	3.53x	4.72x
Price to Book	1.09x	1.12x	1.03x	1.03x
EV/Revenue	4.25x	4.53x	3.18x	4.37x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	11.64x	11.61x	14.36x
EV/FCF	--	13.64x	10.47x	13.31x
FCF Yield	--	8.59%	8.61%	6.96%