UAL Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026
Market & Enterprise Value
Market Cap	34.88B EUR	44.14B EUR	29.89B EUR
Enterprise Value	51.9B EUR	67.64B EUR	52.99B EUR
Valuation Multiples
Trailing P/E	10.06x	12.62x	8.15x
Forward P/E	7.38x	--	--
Price to Sales	0.55x	0.7x	0.49x
Price to Book	2.09x	2.64x	1.88x
EV/Revenue	0.83x	1.08x	0.88x
EV/EBITDA	7.32x	13.69x	9.14x
Price to FCF (P/FCF)	38.32x	17.35x	9.32x
EV/FCF	57.03x	26.59x	16.52x
FCF Yield	2.61%	5.76%	10.73%