USB-PP 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	--	33.24B EUR	33.42B EUR	35B EUR
Enterprise Value	66.97B EUR	62.76B EUR	64.22B EUR	56.52B EUR
Valuation Multiples
Trailing P/E	4.19x	4.07x	4.28x	5.97x
Forward P/E	--	--	--	--
Price to Sales	--	1.12x	1.16x	1.62x
Price to Book	0.5x	0.49x	0.51x	0.54x
EV/Revenue	2.45x	2.12x	2.22x	2.62x
EV/EBITDA	--	--	--	--
Price to FCF (P/FCF)	--	2.65x	3.47x	4.23x
EV/FCF	--	5.01x	6.68x	6.83x
FCF Yield	--	37.68%	28.78%	23.65%