Increase in EV/EBITDA multiple at exit vs. entry, contributing to LBO equity returns alongside EBITDA growth and debt paydown. From the return bridge E_1 - E_0 = m_0(EBITDA_1 - EBITDA_0) + EBITDA_1(m_1 - m_0) + (D_0 - D_1), multiple expansion contributes EBITDA_1 × (m_1 - m_0). Post-2008 analysis: for the large-cap segment, multiple expansion has been the dominant LBO return driver, reflecting a secular decline in interest rates and re-rating of the buyout-eligible universe. Going forward, with rates normalized and multiples elevated, sponsors increasingly emphasize operational value creation as the sustainable source of returns.