USAC 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	3.76B EUR	3.83B EUR	3.93B EUR	2.92B EUR
Enterprise Value	6.63B EUR	6.77B EUR	6.91B EUR	5.44B EUR
Valuation Multiples
Trailing P/E	24.48x	26.16x	30.44x	32.12x
Forward P/E	15.6x	--	--	--
Price to Sales	3.2x	3.25x	3.63x	3.87x
Price to Book	13.11x	13.33x	12.42x	--
EV/Revenue	5.64x	5.76x	6.37x	7.23x
EV/EBITDA	9.71x	10.05x	10.86x	11.88x
Price to FCF (P/FCF)	13.23x	12.35x	12.99x	12.12x
EV/FCF	23.33x	21.86x	22.84x	22.61x
FCF Yield	7.56%	8.1%	7.7%	8.25%