Advanced and Engineered Materials Sector Outlook — September 2026

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MATERIALS › MATERIALS › ADVANCED AND ENGINEERED MATERIALS

Advanced Materials: Engineered Platforms Earn the Premium

A read of Advanced and Engineered Materials on forward earnings, group by group, with the transaction record alongside.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   MATERIALS › MATERIALS › ADVANCED AND ENGINEERED MATERIALS

   Advanced Materials: Engineered Platforms Earn the Premium

   Cover slide introducing the September 2026 outlook on Advanced and Engineered Materials.

   We open this outlook on Advanced and Engineered Materials with a single finding: the premium in this sector sits with engineered platforms, not with tonnage. The pages that follow walk through where the companies in this set trade on forward earnings, group by group, with the transaction record alongside so every conclusion can be traced back to its source.

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   MATERIALS › MATERIALS › ADVANCED AND ENGINEERED MATERIALS Advanced Materials: Engineered Platforms Earn the Premium A read of Advanced and Engineered Materials on forward earnings, group by group, with the transaction record alongside. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the five sections and appendix the report covers.

   We built this report so the bottom line comes first — five sections plus a full appendix — and a reader who stops after section one still leaves with the complete story. Everything that follows simply supports and extends that opening finding.

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   CONTENTS What This Report Covers 01 The Bottom Line Two Markets Under One Label 02 The Landscape Six Groups, and a Wide Price Gap Between Them 03 Valuation & Situations Ten Names Hold the Top of the Range and Ten the Bottom 04 Precedent Transactions The Higher Multiples in the Record Sit with Alloys, Composites and Electronic Materials 05 Strategic Implications Mix, Spread and Capacity Are the Levers on This Page 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Advanced and Engineered Materials Trades as Two Markets: Engineered Platforms and Resource Producers

   This slide sets out the core finding that Advanced and Engineered Materials trades as two markets on forward earnings.

   We find that Advanced and Engineered Materials trades as two markets rather than one. Of the 55 companies in this set, 39 carry a CY2027E estimate, and the middle of that range sits at 6.9x; the ten names at the top hold 15.0x, and the ten at the bottom sit at 4.5x. Split at 8% revenue growth, the faster-growing names sit at 6.4x against 7.2x for the slower group — so growth alone does not explain the gap. That leaves mix, earnings quality and spread durability as the more useful lens for where a business sits in this range.

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   01 · THE BOTTOM LINE Advanced and Engineered Materials Trades as Two Markets: Engineered Platforms and Resource Producers The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (39 of 55 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 One Label, Two Very Different Price Levels Of the 55 companies here, 39 carry a CY2027E estimate, and the middle of the range sits at 6.9x forward earnings. The ten names at the top sit at 15.0x and the ten at the bottom at 4.5x, and the gap between those two ends is what this analysis sets out to explain. 2 The Higher Price Is Not Sitting with the Faster Growers Split at 8% revenue growth, the 19 faster-growing names sit at 6.4x and the 19 slower-growing names at 7.2x. On this evidence the price level is associated with mix and earnings quality, alongside spread durability, rather than with top-line pace. 3 Qualified Content Sits Above Merchant Tonnage on Price Specialty additives and functional polymers, 12 of the 55 companies, sit at 7.9x on CY2027E earnings; the 11 precious metals producers sit at 4.8x. Two groups of similar count, priced well apart, and the separation follows what is sold rather than how much tonnage moves. 4 Buyers Agreed Higher Multiples for Whole Companies than the Public Middle Across the 9 transactions in this record, engineered forms and alloys were agreed at earnings multiples including 11.6x and 13.0x, above where the 39 names with a CY2027E estimate sit today. Industrial platforms and specialty chemistry acquirers account for most of that record. 6.9x Sector median EV/EBITDA CY2027E consensus · 39 rated of 55 companies 15.0x Premium end EV/EBITDA vs 4.5x at the discount end top quartile (n=10) against bottom quartile (n=10) on EV/EBITDA — the spread the report explains 11 Transactions with disclosed terms 36 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the six-group market map and the price gap between groups.

   We now turn to how the companies in this set split into six groups, and where each sits on CY2027E earnings. The price gap between groups is wide, and that gap is what the next pages unpack.

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   SECTION 02 02 THE LANDSCAPE Six Groups, and a Wide Price Gap Between Them What each group makes, and where it sits on CY2027E earnings. 02 of 06 Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Where the 55 Companies Sit: Six Groups, Two Very Different Price Levels

   This slide maps the approved companies into six groups by median EV/EBITDA on CY2027E earnings.

   We group the approved universe into six segments and plot each on its median CY2027E multiple. The spread across groups is wide enough that segment membership tells a client more about pricing than the overall sector label does. This is the map we use to explain every valuation gap in the pages that follow.

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   02 · MARKET MAP Where the 55 Companies Sit: Six Groups, Two Very Different Price Levels 55 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 SPECIALTY ADDITIVES AND FUNCTIONAL POLYMERS 12 cos median 7.9x LYB WLK EMN CLMT AVNT ASH ODC ASIX LWLG ASPN ASPI ACNT 12 companies formulating additives, compounds and polymer systems, where spread durability is the argument. ADJACENT: PRECIOUS METALS MINING 11 cos median 4.8x GFI PAAS AGI IAG EGO BVN AUGO SA AAUC EXK HYMC 11 producers whose earnings move with metal prices and cash cost, sitting at the low end of the range. INDUSTRIAL ENGINEERED MATERIALS 8 cos median 7.7x BHP MTRN SKE ALM SGML GSM NB LGO 8 companies holding bottleneck processing assets in specialty metals and minerals. ADJACENT: CARBON AND ELECTRICAL STEEL PRODUCTION 5 cos median 5.5x PKX CRS TX CLF FRD 5 producers where merchant tonnage and higher-value alloy content sit side by side. ADJACENT: BASE METALS MINING 3 cos median 6.1x FCX HBM ERO 3 copper-weighted producers, the bridge between the mining adjacencies and industrial demand. ADJACENT MODELS 16 cos median 10.5x MMM ENTG ATI TS CE CSL GPK HXL OI OLED ROG AIN +4 more 16 diversified platforms and downstream converters, from semiconductor materials to packaging.

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   02 · LANDSCAPE

   Chemistry and Engineered Forms Sit Above the Mining Adjacencies on Price

   This slide shows chemistry and engineered-forms segments pricing above mining-adjacent segments.

   Specialty additives and functional polymers, twelve of the companies here, sit at 7.9x on CY2027E earnings, while the eleven precious-metals producers sit at 4.8x. Two groups of similar size, priced well apart, and the separation tracks what each group sells rather than how much volume it moves. We use this contrast to frame where the rest of the universe falls between these two ends.

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   02 · LANDSCAPE Chemistry and Engineered Forms Sit Above the Mining Adjacencies on Price Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Specialty additives and functional polymers 12 22% 7.9x LyondellBasell Industries N.V. (LYB) · Westlake Corporation (WLK) · +10 more Formulation, spread and pass-through. 12 companies, 22% of the set, sitting at a median 7.9x on CY2027E earnings. The group runs from commodity-adjacent polymer chains to higher-value additive formulations, and the difference between those two shows up in how the surcharge and pass-through mechanism holds spread when feedstock moves. Adjacent: precious metals mining 11 20% 4.8x Gold Fields Limited (GFI) · Pan American Silver Corp. (PAAS) · +9 more Ounces, grades and cash cost. 11 companies, 20% of the set, with a median 4.8x on CY2027E earnings. Reported margins here are high, but the earnings line moves with the metal price, and the market is pricing that cyclicality rather than the margin level. Industrial engineered materials 8 15% 7.7x BHP Group Limited (BHP) · Materion Corporation (MTRN) · +6 more Bottleneck assets and qualified content. 8 companies, 15% of the set, at a median 7.7x on CY2027E earnings. This is where melt, press and processing capacity others cannot readily replicate sits, and where the group's range is widest between development-stage assets and qualified producers. Adjacent: carbon and electrical steel production 5 9% 5.5x POSCO Holdings Inc. (PKX) · Carpenter Technology Corporation (CRS) · +3 more Tonnage with alloy pockets. 5 companies, 9% of the set, at a median 5.5x on CY2027E earnings. Merchant tonnage exposed to imported capacity sits alongside specialty and electrical grades, and the two are priced very differently inside the same group. Adjacent: base metals mining 3 5% 6.1x Freeport-McMoRan Inc. (FCX) · Hudbay Minerals Inc. (HBM) · +1 more Copper on the commodity cycle. 3 companies, 5% of the set, at a median 6.1x on CY2027E earnings. Copper-weighted producers carry industrial demand exposure with mining economics, which places them between the two ends of this market. Adjacent models 16 29% 10.5x 3M Company (MMM) · Entegris, Inc. (ENTG) · +14 more Diversified platforms and specialty forms. 16 companies, 29% of the set, at a median 10.5x on CY2027E earnings — the highest group level here. It holds diversified engineered materials platforms, semiconductor and aerospace materials, packaging and energy equipment, and it is where qualified, spec-locked content is most concentrated.

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   SECTION 03

   03

   This divider introduces the top ten and bottom ten names by valuation.

   We turn next to the ten names holding the top of this range and the ten holding the bottom. What separates them, as the following pages show, is mix rather than size.

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   SECTION 03 03 VALUATION & SITUATIONS Ten Names Hold the Top of the Range and Ten the Bottom What separates the ends is mix rather than size. 03 of 06 Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Ten Names at the Top Hold Their Premium Even on Forecast 2027 Earnings

   This slide compares the highest- and lowest-priced rated companies on CY2027E EV/EBITDA against the sector median.

   We line up the highest- and lowest-rated names against the sector median of 6.9x on CY2027E earnings. The top tier holds its premium even once the multiple is put on forward, rather than trailing, earnings — a sign the market is pricing durability, not just a current cycle. The middle cohort clusters near that median, which is where most of the universe actually sits.

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   03 · PUBLIC MARKET VALUATION The Ten Names at the Top Hold Their Premium Even on Forecast 2027 Earnings EV / EBITDA (CY2027E) · the 12 highest and 12 lowest of 39 rated companies · sector median 6.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (39 of 55 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The 15 mid-cohort names cluster near the median; the full set is in the appendix and companion tables. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM END — engineered platforms in aerospace, semiconductor and electronic materials · median 15.0x DISCOUNT END — precious and base metals producers, carbon steel and glass packaging · median 4.5x Sector median 6.9x WHAT SEPARATES THE TWO ENDS The top ten sit at 15.0x. A CY2027E multiple already credits the growth sitting in the forecast, so a premium that survives it points to earnings buyers expect to hold: qualified positions on long-life platforms, long-term agreement coverage and aftermarket pull rather than one good build-rate year. The bottom ten sit at 4.5x. The lower end is weighted toward metals producers, carbon steel and glass containers, where the earnings line moves with commodity conditions. Reported margin at this end is often high, and the market is still pricing the cycle underneath it. Size and price rank apart. Several of the largest producers in this set sit in the middle band while smaller engineered-materials names sit above it. Of the 55 companies on this page, 39 carry a CY2027E estimate, and the order of those 39 does not track company size.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 6.4x Against 7.2x Below It

   This slide splits the rated names by revenue-growth and margin cohorts on median CY2027E EV/EBITDA.

   We split the rated set at its own growth and margin medians. Names above the 24% margin line carry 6.4x against 7.2x below it — the opposite of what a simple margin-premium story would predict. On this evidence, the reading is association rather than causation, and it points toward mix and earnings quality as the more useful explanation for where the price sits.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 24% Margin Line Carry 6.4x Against 7.2x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=19; slower n=19; higher-margin n=19; lower-margin n=18). Driver readings are NeuraCap views on the supplied data — association, not causation. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 8% · EBITDA-margin split at 24% Growth Pace and Price Level Part Company Split at 8% revenue growth, the 19 faster-growing names sit at 6.4x on CY2027E earnings and the 19 slower-growing names at 7.2x. Much of the fast growth in this set sits with mining exposure, where the market discounts the durability of the earnings behind it. Qualified, Spec-Locked Content Versus Merchant Tonnage The names at the top of the range sell approved-source content into aerospace, defence, medical and semiconductor platforms, where a qualification cycle stands between a customer and a second supplier. Merchant tonnage, exposed to substitution and imported capacity, sits lower. Earnings Quality Is Argued on Pass-Through and Inventory Two businesses with the same reported margin can carry very different earnings quality once surcharge lag and inventory holding gains are stripped out. In this set, price level tracks how well spread holds through a moving metal market rather than the headline margin percentage. End-Market Exposure Shows up in the Top Tier Entegris, Inc. (ENTG), Carpenter Technology Corporation (CRS), Hexcel Corporation (HXL), Materion Corporation (MTRN) and Rogers Corporation (ROG) all sit in the top tier, and all sell into semiconductor, aerospace or electronics platforms with long qualification clocks.

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    03 · SITUATION MAP

    Value in This Market Clusters at the Top of the Range, Where Growth and Margin Sit Together

    This slide places rated names in a matrix cut by price against the sector median and growth against the covered median.

    We cut this set by price against the 6.9x sector median and by growth against the 8% covered median. Value clusters at the top of the range, where growth and margin sit together rather than compensating for one another. These are observations on where names sit, not recommendations to buy or sell any one of them.

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    03 · SITUATION MAP Value in This Market Clusters at the Top of the Range, Where Growth and Margin Sit Together Cut on EV / EBITDA vs the sector median (6.9x) (rows) and revenue growth vs the covered median (8%) (columns) · 1 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Credited and Delivering Above-median multiple · above-median revenue growth 8 names Freeport-McMoRan Inc. (FCX) · Entegris, Inc. (ENTG) · Carpenter Technology Corporation (CRS) · +5 more The multiple already assumes execution; the agenda is defending what the market has credited. Premium Ahead of the Operating Case Above-median multiple · below-median revenue growth 11 names BHP Group Limited (BHP) · 3M Company (MMM) · Tenaris S.A. (TS) · +8 more The premium outruns the operating measure beneath it; the gap wants an answer before the market asks the question. Operating Case Ahead of the Price Below-median multiple · above-median revenue growth 11 names Pan American Silver Corp. (PAAS) · Alamos Gold Inc. (AGI) · IAMGOLD Corporation (IAG) · +8 more The operating case runs ahead of the price — the re-rating conversation lives in this cell. Priced for What It Is Below-median multiple · below-median revenue growth 8 names Gold Fields Limited (GFI) · POSCO Holdings Inc. (PKX) · LyondellBasell Industries N.V. (LYB) · +5 more Priced as what it is today; ownership, structure and capital-allocation questions dominate.

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    03 · GROWTH VS PROFITABILITY

    Growth and Margin Together Track Only Part of the Price Gap in This Set

    This slide plots revenue growth against EBITDA margin, cut at the covered medians, with median EV/EBITDA per quadrant.

    We plot growth against margin for the companies with both estimates, cut at 8% growth and 24% margin. Growth and margin together track only part of the price gap in this set — the quadrants do not fully separate the top of the range from the bottom. That gap is what leads us to the mix and structural questions covered next.

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    03 · GROWTH VS PROFITABILITY Growth and Margin Together Track Only Part of the Price Gap in This Set Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 37 companies with both estimates · cuts at the covered medians (8% growth, 24% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=14; margin-only n=5; growth-only n=5; neither n=13). SGML plotted at the chart edge. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 0% 20% 40% 60% MARGIN ONLY median 7.7x BALANCED median 6.2x NEITHER median 6.9x GROWTH ONLY median 13.6x GFI MTRN HXL CRS FTK ENTG AAUC EGO SGML x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The chart splits the 39 names with a CY2027E estimate on two lines: revenue growth on one axis and margin at 24% on the other. The 5 names clearing the growth line alone sit at 13.6x on forward earnings, while the 5 clearing the margin line alone sit at 7.7x. The 14 names clearing both lines sit at 6.2x, and the 13 clearing neither sit at 6.9x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 16 of 37 names clear it.

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    03 · THE AGENDA

    Four Moves on Mix, Spread and Capacity Associated with Names at the Higher End of the Range

    This slide lists four moves on mix, spread and capacity associated with names at the higher end of the range.

    We frame four moves — on mix, spread and capacity — that this evidence associates with names at the higher end of the range. These are framed as questions for an owner or acquirer to resolve, not as a single prescription. They set the strategic agenda the rest of the report builds toward.

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    03 · THE AGENDA Four Moves on Mix, Spread and Capacity Associated with Names at the Higher End of the Range NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Move Revenue from Merchant Tonnage into Qualified Content The top of the range is weighted toward businesses selling approved-source positions on long-life aerospace, semiconductor and electronics platforms. Shifting mix toward spec-locked content changes what a buyer is underwriting, and the qualification clock is what protects it once won. What changes the answer: Qualification wins and content per shipset rising as a share of revenue. Defend the Spread Through the Pass-Through Mechanism Earnings quality in this set is argued on how surcharge lag and inventory revaluation behave in a moving metal market, rather than on the reported margin level alone. Reset frequency and volume commitment mechanics inside long-term agreements are where that is won or lost. What changes the answer: Surcharge reset terms and how the lag behaves through the next raw-material move. Put Capital Behind the Bottleneck Asset Melt, press, atomization and autoclave utilization is where incremental economics are made here, and capacity others cannot readily replicate is one of the positions the top tier shares. New capacity carries a qualification period before it earns, so timing the commitment matters as much as the spend. What changes the answer: Utilization on the constrained asset and the approval clock on new capacity. Test Build Versus Buy Against the Transaction Record The transactions here cluster on alloys, composites, electronic materials and converting capability, with industrial platforms and specialty chemistry acquirers on the buy side. Building a qualified position costs a qualification cycle; acquiring one costs the multiples this record shows. What changes the answer: Whether the cheaper route to an approved position is the clock or the cheque.

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    SECTION 04

    04

    This divider introduces the precedent-transaction record.

    We now turn to the transactions with disclosed multiples in this record, and where those multiples landed. The higher multiples sit with alloys, composites and electronic materials.

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    SECTION 04 04 PRECEDENT TRANSACTIONS The Higher Multiples in the Record Sit with Alloys, Composites and Electronic Materials Nine transactions, and where the disclosed multiples landed. 04 of 06 Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Alloys, Composites and Engineered Forms Carry the Higher Multiples in This Record

    This slide presents case studies from the disclosed-terms transactions on an LTM-at-announcement basis.

    We walk through case studies drawn from the disclosed transactions in this record. Alloys, composites and engineered forms carry the higher multiples here, on an LTM-at-announcement basis. These deal multiples are not directly comparable to the CY2027E public basis shown earlier, and we draw no spread between the two. The complete list sits in the appendix for a client who wants to trace every disclosed multiple.

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    04 · DEAL CASE STUDIES Alloys, Composites and Engineered Forms Carry the Higher Multiples in This Record 3 of 11 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 39 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 25 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Nov-2021 $5.0B DuPont de Nemours, Inc. acquires Rogers Corporation EV / LTM revenue 5.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED DuPont de Nemours, Inc. is a diversified specialty chemistry platform; Rogers Corporation makes engineered components and wear-resistant materials for electronics and electrification. The direction and size of the transaction suggest a platform extending into spec-locked electronic materials rather than into merchant volume. HOW THE TARGET WAS VALUED The disclosed value is $5.0B at 5.4x revenue, the largest disclosed value in this record. Rogers Corporation (ROG) sits today in the top tier of the 39 names with a CY2027E estimate at 13.3x, so the target has held a premium position in the public set since. Jul-2024 $230M Nano Dimension Ltd. acquires Desktop Metal Inc. and Markforged Holding Corporation EV / LTM revenue 1.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Nano Dimension Ltd. builds digital manufacturing systems, and Desktop Metal Inc. and Markforged Holding Corporation sit in the same additive equipment and materials space. Taking both at once suggests consolidation of overlapping platforms at a point where the earnings line was not carrying the story. HOW THE TARGET WAS VALUED The disclosed value is $230M at 1.3x revenue. Revenue is the working convention where earnings are not yet representative, which is how qualification-stage and ramp-phase platforms in this sector are typically valued. Feb-2018 $77M UFP Technologies, Inc. acquires Dielectrics, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED UFP Technologies, Inc. converts engineered materials into finished components; Dielectrics, Inc. brings welding, converting and finishing for medical applications. A transaction of this size points to capability and approved positions being added to an existing platform rather than capacity being bought. HOW THE TARGET WAS VALUED The disclosed value is $77M, at the small end of the disclosed values in this record, and the transaction is recorded as completed. Tuck-ins of this shape benchmark against the capability added, not against the levels the larger alloy targets carried.

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    SECTION 05

    05

    This divider introduces the strategic implications of mix, spread and capacity.

    We move now to what this evidence means for how a business in this space is run. Mix, spread and capacity are the levers this section puts on the table.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Mix, Spread and Capacity Are the Levers on This Page What the evidence means for how a business here is run. 05 of 06 Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Revenue Mix, Spread and Capacity Are Where the Top and Bottom of This Range Differ

    This slide sets out how revenue mix, spread and capacity separate the top and bottom of this range across four audiences.

    We lay out where revenue mix, spread and capacity separate the top and bottom of this range across four audiences — owners, operating teams, boards and acquirers. These are the questions this data puts on the table for the next twelve months, not a single prescription. Each reader can use the lens that matches their seat.

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    05 · STRATEGIC IMPLICATIONS Revenue Mix, Spread and Capacity Are Where the Top and Bottom of This Range Differ NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Mix Is the Lever the Market Reads The separation across this set runs between qualified, spec-locked content and merchant tonnage rather than between fast and slow growers. Revenue quality — which platforms, which agreements, which formulations — is the part of the business that moves where a company sits. FOR OPERATING TEAMS Utilization and Yield Carry the Incremental Economics On a heavy fixed-cost base, the bottleneck asset sets the shape of incremental margin, and yield, scrap and revert recovery decide how much of it lands. Those are the operating lines that turn a good order book into the durable earnings the forward lens is pricing. FOR BOARDS Capital Allocation Decides Which Side of the Line You Sit On Capacity, vertical integration into powder and near-net shape, and acquisition of adjacent form or chemistry are the routes between the two halves of this market. Each carries a different clock, and the qualification cycle is usually the binding one.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide lists public comparables on CY2027E EV/EBITDA, grouped by valuation tier.

    We show the rated names here on CY2027E EV/EBITDA, shaded against the 6.9x sector median so a client can see at a glance which side of the line each name sits on. The full comparable set, including names without an eligible multiple, sits in the companion workbook beside this deck. This page is the evidence behind every multiple cited earlier in the report.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.9x); amber marks below · 39 rated companies; 16 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 39 rated names shown here; the remaining 9 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥10.9x · median 15.0x · 10 companies Skeena Resources Limited SKE Industrial engineered materials $3.6B 67.9x n/a n/a n/a Entegris, Inc. ENTG Semiconductor substrates and device materials $26.3B 21.5x 13% 29% 44 Materion Corporation MTRN Industrial engineered materials $6.0B 19.6x 9% 11% 21 Carpenter Technology Corporation CRS Adjacent: carbon and electrical steel production $19.5B 17.7x 11% 28% 41 Flotek Industries, Inc. FTK Adjacent: energy equipment and services $1.1B 16.3x 13% 14% 29 Aspen Aerogels, Inc. ASPN Specialty additives and functional polymers $368M 13.8x 22% n/a 32 Hexcel Corporation HXL Aerospace-qualified material systems $7.3B 13.6x 10% 19% 33 Rogers Corporation ROG Engineered components and wear-resistant parts $2.3B 13.3x 8% 17% 26 3M Company MMM Diversified engineered materials platforms $97.4B 12.2x 4% 29% 34 Carlisle Companies Incorporated CSL Adjacent: construction materials $15.3B 11.0x 5% 24% 30 CORE — 5.6x–10.9x · median 6.9x · 19 companies Calumet, Inc. CLMT Specialty additives and functional polymers $7.0B 10.9x -5% 13% 9 Universal Display Corporation OLED Engineered components and wear-resistant parts $3.1B 10.0x 8% 43% 53 Albany International Corp. AIN Engineered technical textiles and fabrics $2.1B 9.4x 6% 16% 22 Avient Corporation AVNT Specialty additives and functional polymers $5.3B 8.4x 3% 17% 21 Celanese Corporation CE Performance polymer and resin systems $16.5B 7.9x 0% 21% 21

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide continues the public comparables list on CY2027E EV/EBITDA, grouped by valuation tier.

    This second page continues the same comparable set on CY2027E EV/EBITDA, shaded against the 6.9x sector median. Together with the prior page, it carries the rated names behind the tier structure used throughout this report. The companion workbook holds the remaining rows and the names without an eligible multiple.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.9x); amber marks below · 39 rated companies; 16 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 30 of 39 rated names shown here; the remaining 9 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 5.6x–10.9x · median 6.9x · 19 companies BHP Group Limited BHP Industrial engineered materials $237B 7.7x -2% 55% 53 Freeport-McMoRan Inc. FCX Adjacent: base metals mining $122B 7.4x 20% 40% 67 Eastman Chemical Company EMN Specialty additives and functional polymers $12.2B 7.3x 2% 17% 20 Tenaris S.A. TS Adjacent: energy equipment and services $23.5B 7.2x 6% 23% 31 Graphic Packaging Holding Company GPK Adjacent: packaging and containers $8.4B 6.9x 2% 12% 16 Westlake Corporation WLK Specialty additives and functional polymers $13.0B 6.8x 3% 17% 19 Compañía de Minas Buenaventura S.A.A. BVN Adjacent: precious metals mining $8.3B 6.7x -4% 49% 51 LyondellBasell Industries N.V. LYB Specialty additives and functional polymers $29.0B 6.6x -5% 16% 9 Sigma Lithium Corporation SGML Industrial engineered materials $1.2B 6.5x 96% 52% 133 Endeavour Silver Corp. EXK Adjacent: precious metals mining $2.4B 6.4x 23% 40% 57 Alamos Gold Inc. AGI Adjacent: precious metals mining $13.3B 6.3x 25% 69% 94 Cleveland-Cliffs Inc. CLF Adjacent: carbon and electrical steel production $14.3B 6.3x 3% 7% 13 Hudbay Minerals Inc. HBM Adjacent: base metals mining $11.2B 6.1x 16% 52% 70 Pan American Silver Corp. PAAS Adjacent: precious metals mining $18.5B 5.7x 9% 53% 73 DISCOUNT — <5.6x · median 4.5x · 10 companies Ero Copper Corp. ERO Adjacent: base metals mining $4.4B 5.4x 8% 52% 68

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists disclosed precedent transactions, newest first, on an LTM-at-announcement basis.

    We list the disclosed transactions in this record newest first, each priced on LTM financials at announcement. These deal multiples sit on a different basis than the CY2027E public multiples used elsewhere in this report, so we draw no direct spread between the two sets. Every deal value here links to the underlying filing for a client who wants to check the source.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (36 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 39 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 25 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Whole Earth Brands, Inc. → Aspen Aerogels, Inc. n/a n/a 14.8x Announced February 2026: Whole Earth Brands, Inc. for Aspen Aerogels, Inc. at 14.8x earnings. Aspen Aerogels, Inc. (ASPN) also sits in the top tier of the 39 names with a CY2027E estimate, so the announced level lands alongside where the public market has the business. Jul-2024 Nano Dimension Ltd. → Desktop Metal Inc. and Markforged Holding Corporation $230M 1.3x n/a Announced July 2024: Nano Dimension Ltd. for Desktop Metal Inc. and Markforged Holding Corporation at $230M and 1.3x revenue. Ramp-phase equipment and materials platforms are conventionally priced on revenue, where the earnings line is not yet representative. Feb-2024 OneLink → Haynes International, Inc. n/a n/a 14.8x Announced February 2024: OneLink for Haynes International, Inc., a producer of high-performance nickel and cobalt alloys. The two highest disclosed earnings multiples in this record sit with alloy and thermal-materials targets rather than with tonnage assets. Nov-2021 DuPont de Nemours, Inc. → Rogers Corporation $5.0B 5.4x n/a Announced November 2021: DuPont de Nemours, Inc. for Rogers Corporation at $5.0B and 5.4x revenue. A specialty chemistry platform reaching into engineered components for electronics and electrification. May-2020 JD Sports → TiZir Titanium and Iron business n/a n/a 6.2x Announced May 2020: JD Sports for the TiZir Titanium and Iron business at 6.2x earnings. Upstream feedstock assets in this record sit well below the levels the alloy and composite targets carried. Nov-2019 Acerinox → VDM Metals Holding GmbH n/a n/a 5.5x Announced November 2019: Acerinox for VDM Metals Holding GmbH at 5.5x earnings. A stainless producer adding nickel-alloy and specialty melt practice, at the lower end of the earnings multiples disclosed here. Jul-2019 Parker Hannifin → Exotic Metals n/a n/a 11.6x Announced July 2019: Parker Hannifin for Exotic Metals, a maker of high-temperature aerospace components, at 11.6x earnings. Qualified aerospace content is where the industrial acquirers in this record paid above the middle of the public set. Feb-2018 UFP Technologies, Inc. → Dielectrics, Inc. $77M n/a n/a Completed February 2018: UFP Technologies, Inc. for Dielectrics, Inc. at $77M. Converting, welding and finishing capability for medical applications, at the small end of the disclosed values in this record. Mar-2015 Alcoa → RTI n/a n/a 13.0x Announced March 2015: Alcoa for RTI at 13.0x earnings. A metals producer moving into titanium mill products and near-net shape for aerospace, priced near the top of the earnings multiples recorded here.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the disclosed precedent transactions list, newest first.

    This continues the same list of disclosed transactions, newest first, on the same LTM-at-announcement basis. Read together with the prior page, it is the full precedent record behind the case studies shown earlier. Deal values link to the underlying filing throughout.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (36 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 39 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 25 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2012 Precision Castparts Corp. → Titanium Metals Corporation n/a n/a 13.8x n/a n/a → EnPro Industries, Inc. n/a n/a 9.3x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the sources, assumptions and data-quality treatment behind the report.

    We set out here how this analysis was built: the valuation basis, what was excluded and why, and where each underlying disclosure can be found. Every figure in this report links back to the filing or estimate it was taken from. This is the page a client's own team can use to check any number before acting on it.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (39 of 55 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Advanced and Engineered Materials and it clears the coverage gate with 39 of 55 companies (71%). EV / Revenue, P / E are carried as a cross-check. The set earns: 39 of the 42 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 67 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 2381 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (2380) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across This Set, the Premium Sits with Engineered Platforms, and Not with Tonnage.

    This is the closing slide restating that the premium sits with engineered platforms rather than tonnage.

    Across this set, the premium sits with engineered platforms, and not with tonnage. The companion tables beside this deck carry the full universe and source index for any figure a client wants to trace.

    Everything on this page

    Across This Set, the Premium Sits with Engineered Platforms, and Not with Tonnage. NeuraCap AI — Advanced and Engineered Materials Coverage September 2026 · Prepared by NeuraCap AI · Confidential Advanced and Engineered Materials Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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