Automotive Aftermarket Parts and Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE AFTERMARKET PARTS AND SERVICES

Profit Beats Are Not Enough Without Comparable Store Sales

This update covers what moved, what companies announced and what the transaction record showed across the automotive aftermarket from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Automotive Aftermarket Parts and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE AFTERMARKET PARTS AND SERVICES

   Cover slide framing the bi-weekly Automotive Aftermarket Parts and Services update for September 14–28, 2026.

   This bi-weekly update tracks September 14–28, 2026 across the automotive aftermarket — what moved, what companies announced and what the transaction record showed. We open with the quarter that set the tone for the group and close with what it means for operators, buyers and advisers.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE AFTERMARKET PARTS AND SERVICES Profit Beats Are Not Enough Without Comparable Store Sales This update covers what moved, what companies announced and what the transaction record showed across the automotive aftermarket from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Automotive Aftermarket Parts and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Earnings Landed Well at the Top of the Group

   Summarizes the two-week period's market direction, AutoZone's earnings, and the absence of new M&A activity across the covered group.

   Across the 12 names we track, the median move was -3.0% against a S&P 500 return of +0.8%, so the group underperformed the broader market this period. AutoZone's quarter was the standout event, with net sales of $6.6 billion and EPS of $56.05 versus $48.71 a year earlier. No new transactions were announced, leaving the trailing record of 40 deals at a 9.8x median EV/EBITDA as the reference point. So what: the period rewarded one clean profit print far more than it rewarded the group as a whole.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Earnings Landed Well at the Top of the Group The two-week period in one page · 12 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Automotive Aftermarket Parts and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 11 of 12 Covered Names Fell; The Median Move Was -3.0% The S&P 500 returned +0.8% over the same two-week period. Only one covered name finished higher, so the direction was set across the group rather than by a single company. 2 AutoZone Earned the Quarter on Profit, Not on Comps AutoZone, Inc. (AZO) reported net sales of $6.6 billion for the fourth quarter, up 5.6%, annual sales of $20.3 billion, and EPS of $56.05 against $48.71 a year earlier. Total same store sales rose 1.5% and domestic same store sales rose 1.6%. 3 No New Transactions; The Precedent Record Is the Reference Nothing was announced in the window. The trailing record of 40 transactions carries a median EV/EBITDA of 9.8x, which is what buyers and sellers are still pricing against. 4 The Period Fits the Standing View: Four Businesses, Not One Market NeuraCap's sector study puts the CY2027E EV/EBITDA median at 9.4x, with the Premium tier at a 15.4x median and the Discount tier at 5.2x. The spread between the period's best and worst movers sat inside that same tiering. +4.2% Best mover — Monro Inc. (MNRO) worst: BGSI -14.1% · 1 up / 11 down of 12 covered -3.0% Sector median two-week return vs S&P 500 +0.8% 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   One Name up, Eleven Down, and Most Moves Without a Company Reason

   Shows individual share price moves for the covered names against the sector median and the S&P 500 over the period.

   Eleven of the twelve names we cover finished lower, and only one closed higher, with the sector median move at -3.0% against the S&P 500's +0.8%. We set the materiality bar at 6.0% on a sector-relative basis, and most moves inside that band came without a company-specific reason on record. Where a driver is recorded, we link it; where none is recorded, we say so rather than guess. So what: the direction here was set by the group, not by isolated company news.

   Everything on this page

   PUBLIC MARKET MOVERS One Name up, Eleven Down, and Most Moves Without a Company Reason Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.0% · S&P 500 +0.8% · materiality bar ±6.0% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Automotive Aftermarket Parts and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.0% XPEL, Inc. (XPEL) -8.1% No notable in-window news was identified that clearly explains the move. At -8.1%, this Core-tier name fell well past the median move of -3.0%. Discretionary appearance and accessory mix is where softer consumer demand tends to show up first. UNEXPLAINED Valvoline Inc. (VVV) -6.2% Valvoline Inc. (VVV) presented at the Goldman Sachs Global Consumer and Retail Conference on Sep 14, and shares set a new one-year low on Sep 23, trading as low as $26.69 and last at $26.6160. A single strong session can sit inside a weak run: the best day was +7.7% while the period return was -6.2%. COMPANY-SPECIFIC Boyd Group Services Inc. (BGSI) -14.1% No notable in-window news was identified that clearly explains the move. At -14.1%, Boyd Group Services Inc. (BGSI) was the widest decline in the set against a median move of -3.0%. Collision economics turn on insurer referral volume and bay utilisation, which the period gave no fresh read on. UNEXPLAINED Monro Inc. (MNRO) +4.2% No notable in-window news was identified that clearly explains the move. At +4.2%, Monro Inc. (MNRO) was the only covered name to finish above the median move of -3.0% and in positive territory. One session can carry a two-week return: Monro's biggest day was +10.8%. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   AutoZone's Quarter Set the Agenda for the Two-Week Period

   Details AutoZone's fourth-quarter results and the same-store-sales trends that framed the period's biggest event.

   AutoZone reported fourth-quarter net sales of $6.6 billion, up 5.6%, with annual sales of $20.3 billion and EPS of $56.05 against $48.71 a year earlier. Total same-store sales rose 1.5% and domestic same-store sales rose 1.6%, a softer signal than the profit line on its own. AutoZone shares moved 6% and O'Reilly Automotive shares moved 4% around the print. So what: the market paid for margin and cash generation this period, even where comp growth was modest.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS AutoZone's Quarter Set the Agenda for the Two-Week Period The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Automotive Aftermarket Parts and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 22 · NEWS · Barrons AutoZone beat quarterly earnings expectations while same-store sales came in short Barron's framed the quarter as a profit beat with a comps miss, and shares traded higher on the day. The reaction was consistent with investors paying for earnings quality when unit-level growth is modest. A comps miss is survivable when gross profit per bay and per store hold. Sep 20 · NEWS · Barrons AutoZone named on the week-ahead watch list ahead of its fiscal fourth-quarter results The preview put the sector's largest scheduled disclosure of the window in front of a general audience before it landed. It confirms that parts retail results are the sector's clearing event. Calendar dates, not deal news, drove attention in this window. Sep 16 · NEWS · 24/7 Wall Street Genuine Parts Company flagged among long-run dividend growers trading below historical multiples The piece places Genuine Parts Company (GPC) in a group whose forward multiples sit under their own history. On NeuraCap's read, that is a question about earnings durability, not about payout policy. Distribution assets are being re-rated on growth expectations rather than on income credentials. Sep 26 · NEWS · 24/7 Wall Street AutoZone grouped with parts distributors earning from an ageing car parc The coverage tied distributor earnings to vehicle age rather than new vehicle sales. That is the non-deferrable demand argument the sector leans on, and it was restated in the window rather than tested. Car parc age remains the demand story buyers and operators underwrite against. Sep 22 · NEWS · GlobeNewsWire AutoZone reported fourth-quarter results with same store sales up 1.5% and EPS of $56.05 Net sales of $6.6 billion rose 5.6% and annual sales reached $20.3 billion, with domestic same store sales up 1.6%. Traffic and ticket, not headline revenue, are what the market is grading this cycle. Sep 22 · NEWS · WSJ AutoZone posted fourth-quarter profit of $931.6 million, or $56.05 a share Profit rose from $837 million, or $48.71 a share, a year earlier. On NeuraCap's read Earnings-led models can grow the bottom line faster than the comp line in a flat demand year.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Sat Out the Period; The Precedent Record Still Sets the Reference

   Reviews the absence of new M&A announcements and the trailing precedent-transaction record for the sector.

   No new transactions were announced in this window, so the deal conversation stayed anchored to the existing record. That trailing record holds 40 recorded transactions at a median 9.8x EV/LTM EBITDA, and it is what buyers and sellers are still pricing against. We read the absence of new activity as a pause rather than a change in appetite, since the reference multiple has not moved. So what: underwriting in the space still runs off the same 9.8x median until fresh deals reset it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Buyers Sat Out the Period; The Precedent Record Still Sets the Reference September 14–28, 2026 · precedent transactions: 40 recorded deals · median 9.8x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Automotive Aftermarket Parts and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing precedent record stands at 40 transactions with a median EV/EBITDA of 9.8x, which remains the reference both sides price against. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 9.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisers

   Translates the period's evidence into implications for operators, acquirers and advisers.

   For operators, the one large disclosure this period was rewarded on profit, with same-store sales up 1.5% and domestic comps up 1.6% — comps split into traffic and ticket is now the number being graded. For acquirers, the reference set is unchanged: no transactions were announced, so the trailing record of 40 deals at a 9.8x median EV/EBITDA still frames underwriting. For advisers, the evidence points toward leading with earnings quality, since the covered group mostly traded lower — 11 of 12 names fell, median -3.0% — while the index returned +0.8%. So what: the period argues for grading businesses on comps and cash, not on headlines.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Automotive Aftermarket Parts and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.4x 12 companies in the study 3 valuation tiers Standing thesis: Automotive Aftermarket Parts and Services Trades as Four Different Businesses, Not One Market FOR OWNERS & OPERATORS Comps Split into Traffic and Ticket Is the Number Being Graded The window's one large disclosure was rewarded on profit with same store sales up 1.5% and domestic comps up 1.6%. FOR ACQUIRERS The Reference Set Is Unchanged, and the Listed Spread Is Wide No transactions were announced, so the trailing record of 40 deals at a 9.8x median EV/EBITDA still frames underwriting. FOR ADVISORS Lead with Non-Deferrable Demand and Earnings Quality The period's evidence is one strong profit print against a soft comp line, plus coverage tying distributor earnings to an ageing car parc. Companies in the space mostly traded lower — 11 of 12 covered names fell, median -3.0% — while the index returned +0.8%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update's figures and driver attributions.

   Every figure in this update ties back to a recorded filing, press release or established publisher, and market data runs through September 28, 2026. We separate observed facts from our own reads: where we attribute a move to a driver, that language is calibrated, not asserted as proven cause. This structure lets a reader trace any number in the deck back to its source. So what: the update is built to be checked, not just read.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Automotive Aftermarket Parts and Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T094624Z_441_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: barrons.com · 247wallst.com · globenewswire.com · wsj.com

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