USNA 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	270.87M EUR	394.19M EUR	322.44M EUR	358.85M EUR
Enterprise Value	146.97M EUR	225.63M EUR	173.69M EUR	220.12M EUR
Valuation Multiples
Trailing P/E	--	--	38.77x	264.25x
Forward P/E	8.28x	--	--	--
Price to Sales	0.3x	0.43x	0.35x	0.53x
Price to Book	0.51x	0.75x	0.59x	0.67x
EV/Revenue	0.16x	0.25x	0.19x	0.33x
EV/EBITDA	1.99x	3.18x	2.17x	4.03x
Price to FCF (P/FCF)	5.51x	24.74x	108.9x	--
EV/FCF	2.99x	14.16x	58.66x	--
FCF Yield	18.14%	4.04%	0.92%	-1.16%