USLM 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	3.11B EUR	3B EUR	3.75B EUR	3.43B EUR
Enterprise Value	2.72B EUR	2.6B EUR	3.37B EUR	3.07B EUR
Valuation Multiples
Trailing P/E	23.25x	22.34x	28.65x	34.27x
Forward P/E	19.05x	--	--	--
Price to Sales	8.26x	7.97x	10.14x	12.2x
Price to Book	4.47x	4.32x	5.67x	5.44x
EV/Revenue	7.22x	6.91x	9.12x	10.89x
EV/EBITDA	14.74x	14.1x	18.76x	22.37x
Price to FCF (P/FCF)	66.13x	32.71x	40.98x	44.18x
EV/FCF	57.78x	28.36x	36.83x	39.46x
FCF Yield	1.51%	3.06%	2.44%	2.26%