Automotive Aftermarket Parts and Services Sector Outlook — September 2026

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

Automotive Aftermarket: Earning Its Way Down the Multiple

How the twelve companies in this set are priced on forward earnings, what separates the top of the range from the bottom, and what the transaction record shows about what buyers agreed to pay.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

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

   This is the cover slide introducing the Automotive Aftermarket Parts and Services sector outlook as of September 2026.

   We open with a single finding: the aftermarket trades as four distinct businesses, not one market, and everything that follows explains why. This report is built on EV / EBITDA (CY2027E) as the primary valuation lens, with market data as of 2026-09-28.

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   CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE AFTERMARKET PARTS AND SERVICES Automotive Aftermarket: Earning Its Way Down the Multiple How the twelve companies in this set are priced on forward earnings, what separates the top of the range from the bottom, and what the transaction record shows about what buyers agreed to pay. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix, in the order the analysis follows them.

   We've structured this report so the bottom line comes first, letting a reader who stops after section one still leave with the full argument. From there we build out the market landscape, the public market valuation and situations, the precedent transaction record and the strategic implications for owners, acquirers and boards. Each section adds evidence rather than repeating the headline, so the sequence rewards reading straight through as much as dipping into any one page. That structure is why we open with the conclusion: it's the fastest way to see what the rest of the evidence supports.

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   CONTENTS What This Report Covers 01 The Bottom Line Automotive Aftermarket Parts and Services: Where the Value Sits 02 The Landscape Half the Set Makes and Distributes the Parts; The Rest Sells Service and Accessories 03 Valuation & Situations The Range Runs Wide Around the Middle on CY2027E Earnings 04 Precedent Transactions What Buyers Agreed to Pay Varies by Asset Type More than by Deal Size 05 Strategic Implications What the Evidence Asks Owners, Acquirers and Boards to Decide 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Automotive Aftermarket Parts and Services Trades as Four Different Businesses, Not One Market

   This slide states the report's core finding: the sector splits into four businesses that price differently, not one uniform market.

   We find that Automotive Aftermarket Parts and Services trades as four distinct businesses rather than a single market, each with its own economics. The primary valuation basis across this report is EV / EBITDA (CY2027E), with 9 of the 12 companies in the set carrying an eligible multiple. That split matters because a sector-wide multiple would blur meaningful differences between segments, and treating them separately is what lets an owner or acquirer read their own position correctly.

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   01 · THE BOTTOM LINE Automotive Aftermarket Parts and Services Trades as Four Different Businesses, Not One Market 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 (9 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Today's Prices Already Carry the Earnings in the Forecasts The 9 names with a CY2027E EBITDA estimate clear near 9.4x in the middle of the range. Because the lens is forward, forecast growth is already in today's price, so a premium that survives it points to durability rather than to a forecast bump. 2 Where You Sit in the Range Matters More than the Sector Label The two names at the top of the range sit at 15.4x on CY2027E EBITDA; the two at the bottom sit at 5.2x, with five names between them. Position in that spread moves with revenue mix and availability to installers more than with size. 3 The Premium Sits with the Faster-Growing Names Among the 9 names with a CY2027E EBITDA estimate, the 5 growing revenue above 5% sit at 12.0x against 8.1x for the 4 below that line. On 9 names that is an association rather than a mechanism, and a forward multiple has already credited the growth. 4 Parts Makers and Branded Accessory Assets Are Not Priced the Same Across the 9 transactions shown, disclosed EBITDA multiples run from 4.9x for a powertrain-weighted parts maker to 11.9x for a branded accessory business. In this record the spread is associated with asset type rather than with deal size. 9.4x Sector median EV/EBITDA CY2027E consensus · 9 rated of 12 companies 15.4x Premium end EV/EBITDA vs 5.2x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 23 Transactions with disclosed terms 72 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces Section 02, covering the sector's four business segments and their differing unit economics.

   Half of the twelve companies in this set make and distribute parts; the rest sell service, accessories or adjacent equipment. Section two maps those four segments and shows why each carries its own pricing.

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   SECTION 02 02 THE LANDSCAPE Half the Set Makes and Distributes the Parts; The Rest Sells Service and Accessories Four segments, four sets of unit economics. 02 of 06 Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Four Business Models Under One Sector Label, and the Prices Are Not the Same

   This slide groups the 12 approved companies into four business-model segments and shows the median EV / EBITDA (CY2027E) for each group.

   We group all 12 approved companies by business model rather than by sector label, because that's where the pricing actually splits. Each segment carries its own median EV / EBITDA (CY2027E), calculated only on the names with a rated multiple. The differences are wide enough that a single sector multiple would misprice any one segment. That's why we treat this as a market map of four businesses, not a benchmark for one.

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   02 · MARKET MAP Four Business Models Under One Sector Label, and the Prices Are Not the Same 12 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. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 AFTERMARKET REPLACEMENT PARTS MANUFACTURING 6 cos median 9.4x GPC LKQ DORM XPEL MNRO MPAA 50% of the set: hard parts and under-car coverage of the car parc, where SKU breadth and fill rate win the commercial account. FRANCHISED DEALER FIXED OPERATIONS: PARTS AND SERVICE 3 cos 6.8x · 1 rated VVV BGSI DRVN Bay-level maintenance and collision work, where insurer scorecards, cycle time and technician supply govern volume. AUTOMOTIVE ACCESSORY AND APPEARANCE SPECIALTY RETAIL 2 cos median 14.7x ORLY AZO The DIY and DIFM store networks, where density, same-day availability and payables-funded inventory carry the economics. ADJACENT: WORK-TRUCK ATTACHMENT AND UPFIT EQUIPMENT 1 cos 8.9x · 1 rated PLOW One name, priced nearer the parts group than the retailers, with seasonal upfit demand through a dealer channel.

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   02 · LANDSCAPE

   The Segments Split by Who the Customer Is: Installer, Insurer or Motorist

   This slide describes each segment by who its core customer is — installer, insurer or motorist — and why that shapes its economics.

   We split the segments by customer rather than product, because the installer, the insurer and the motorist each buy on different terms. That distinction is reflected in how far segment medians on EV / EBITDA (CY2027E) diverge. Full company-level detail sits in the appendix for anyone who wants to trace a specific name. Knowing your customer, in this sector, is close to knowing your multiple.

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   02 · LANDSCAPE The Segments Split by Who the Customer Is: Installer, Insurer or Motorist 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. Automotive Aftermarket Parts and Services 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 Aftermarket replacement parts manufacturing 6 50% 9.4x Genuine Parts Company (GPC) · LKQ Corporation (LKQ) · +4 more Half the set, six names. Six of the 12 companies in the set make or distribute replacement parts, five of them among the 9 names with a CY2027E EBITDA estimate, and their middle sits at 9.4x. Hard-parts coverage of the car parc, SKU breadth and inventory turns are what commercial accounts judge here. Franchised dealer fixed operations: parts and service 3 25% 6.8x n=1 Valvoline Inc. (VVV) · Boyd Group Services Inc. (BGSI) · +1 more Bays, insurers and franchisees. Valvoline Inc. (VVV), Boyd Group Services Inc. (BGSI) and Driven Brands Holdings Inc. (DRVN) are 25% of the set, with one of the three among the 9 names with a CY2027E EBITDA estimate, at 6.8x. Referral volume runs through insurer scorecards and cycle time, and franchised and company-operated units carry different capital profiles. Automotive accessory and appearance specialty retail 2 17% 14.7x O'Reilly Automotive, Inc. (ORLY) · AutoZone, Inc. (AZO) Two national store networks. O'Reilly Automotive, Inc. (ORLY) and AutoZone, Inc. (AZO) are 17% of the set and both carry a CY2027E EBITDA estimate, with a middle of 14.7x. Network density, fill rate and payables-funded inventory sit behind DIY and DIFM economics in this group. Adjacent: work-truck attachment and upfit equipment 1 8% 8.9x n=1 Douglas Dynamics, Inc. (PLOW) One adjacent equipment maker. Douglas Dynamics, Inc. (PLOW) is the one work-truck attachment and upfit name in the set, 8% of the companies here, at 8.9x on CY2027E EBITDA. Demand is seasonal and reaches the customer through a dealer channel rather than through installer delivery.

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   SECTION 03

   03

   This divider introduces Section 03, covering how the 9 rated companies price on CY2027E EBITDA.

   Nine of the twelve companies in this set carry a CY2027E EBITDA estimate, and the range around that middle is wide. Section three walks through where each name sits in that range and what separates the top from the bottom.

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   SECTION 03 03 VALUATION & SITUATIONS The Range Runs Wide Around the Middle on CY2027E Earnings 9 of the 12 companies in the set carry a CY2027E EBITDA estimate. 03 of 06 Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds Its Premium Even on Forecast Earnings

   This slide ranks all 9 rated companies by EV / EBITDA (CY2027E) and shows the sector median sits at 9.4x.

   We sort all nine rated companies by EV / EBITDA (CY2027E), with the sector median landing at 9.4x. The tier zones on this page are cut at the rated set's own quartiles, so they show relative position rather than an absolute threshold. What stands out is that the top of the range holds its premium even once earnings are pushed out to CY2027E, which means forecast growth alone doesn't explain it. That persistence is what makes the top tier worth a closer look at what's actually driving it.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds Its Premium Even on Forecast Earnings EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 9.4x · 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 (9 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). 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. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 15.4x CORE · median 9.4x DISCOUNT · median 5.2x Sector median 9.4x WHAT SEPARATES THE TWO ENDS The top holds 15.4x. The two names at the premium end sit at a median 15.4x on CY2027E EBITDA. The lens is forward, so forecast growth is already credited in that figure; a premium that survives the test reads as durability rather than as a forecast that has yet to be delivered. The bottom sits at 5.2x. The two names at the discount end sit at a median 5.2x on the same basis, one in remanufactured parts and one in collision repair. Powertrain and tariff exposure on the parts side, and insurer pressure on labour rates and parts usage on the collision side, sit alongside that position. Five names hold the middle. Five of the 9 names with a CY2027E EBITDA estimate sit between the two ends, including Genuine Parts Company (GPC), LKQ Corporation (LKQ) and XPEL, Inc. (XPEL). Movement within that band is associated with revenue mix and availability to installers more than with absolute size.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 16% Margin Line Carry 12.0x Against 7.0x Below It

   This slide splits the rated names into growth and margin cohorts and shows the median EV / EBITDA (CY2027E) for each.

   We cut the rated set at its own covered medians for growth and margin, and the margin split is the sharper one: names above the 16% EBITDA-margin line carry 12.0x against 7.0x for names below it. These are cohort medians on a small set, so we read this as an association the data supports, not a mechanism we can prove. Even so, a gap in margin lining up with a gap in multiple this size is a pattern worth an owner's attention. It's a strong reason to treat margin, not just growth, as a lever on position in the range.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 16% Margin Line Carry 12.0x Against 7.0x 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=5; slower n=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 16% The Faster-Growing Half of the Set Carries the Higher Multiple Among the 9 names with a CY2027E EBITDA estimate, the 5 growing revenue above 5% sit at a median 12.0x against 8.1x for the 4 below that line. On 9 names this is a pattern in current pricing, associated with growth rather than explained by it. Availability to Installers Is What Commercial Accounts Reward Fill rate from hub and mega-hub architecture, hard-parts breadth against the serviced car parc and same-day delivery do not show up in a multiple directly. They show up in how durable the growth looks, which is the part a forward lens has already priced. Non-Deferrable Repair Work Holds up When Motorists Defer Spending Repair demand tied to an ageing car parc is largely non-discretionary, while accessory and appearance mix moves with consumer sentiment. Names in this set sit in both camps, so the mix question is one a board can act on inside a planning cycle. Cash Conversion Separates Franchisors from Bay-Heavy Formats Two businesses can report the same EBITDA and convert very differently once new-unit build-out, shop refresh and equipment are funded. Within franchised service and collision, margins in this set run from 26% at Valvoline Inc. (VVV) to 13% at Boyd Group Services Inc. (BGSI).

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    03 · SITUATION MAP

    Where the Money Sits: Four Names Above the Middle on Multiple and Growth

    This slide places each company into a quadrant by EV / EBITDA versus the 9.4x sector median and revenue growth versus the 5% covered median.

    We cut the set on two lines: EV / EBITDA against the 9.4x sector median, and revenue growth against the 5% covered median. Four names sit above both lines, holding higher multiples and faster growth at the same time. This page characterises where each company sits; it doesn't recommend buying or selling any of them. For an owner or acquirer, it's a map of where the money currently sits, not a verdict on where it should.

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    03 · SITUATION MAP Where the Money Sits: Four Names Above the Middle on Multiple and Growth Cut on EV / EBITDA vs the sector median (9.4x) (rows) and revenue growth vs the covered median (5%) (columns) · 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. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced Above the Middle and Growing Above-median multiple · above-median revenue growth 4 names O'Reilly Automotive, Inc. (ORLY) · AutoZone, Inc. (AZO) · Dorman Products, Inc. (DORM) · +1 more O'Reilly Automotive, Inc. (ORLY), AutoZone, Inc. (AZO), Dorman Products, Inc. (DORM) and XPEL, Inc. (XPEL) sit above the middle of the range on both measures. Their growth is already credited in a forward multiple, so the live question is what keeps it durable: availability, own-brand penetration and installer relationships. Above the Middle on Slower Growth Above-median multiple · below-median revenue growth 1 names Genuine Parts Company (GPC) Genuine Parts Company (GPC) holds an above-middle multiple on 3% revenue growth. What sits alongside that position is distribution breadth and fill rate to installers rather than pace of growth. Growing Below the Middle on Price Below-median multiple · above-median revenue growth 1 names Boyd Group Services Inc. (BGSI) Boyd Group Services Inc. (BGSI) grows above the middle of the range while pricing below it. Collision economics run through insurer scorecards, cycle time and technician supply, and that is where evidence for a different reading would have to come from. Below the Middle on Both Below-median multiple · below-median revenue growth 3 names LKQ Corporation (LKQ) · Douglas Dynamics, Inc. (PLOW) · Motorcar Parts of America, Inc. (MPAA) LKQ Corporation (LKQ), Douglas Dynamics, Inc. (PLOW) and Motorcar Parts of America, Inc. (MPAA) sit below the middle on both measures. Mix is the lever in view here: hard-parts coverage of the serviced car parc, private-label penetration and inventory turns, with powertrain and tariff exposure weighing on this end.

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    03 · GROWTH VS PROFITABILITY

    Four Names Clear Both the Growth and the Margin Bar, and They Hold the Higher Multiples

    This slide plots the 9 companies with both estimates on revenue growth versus EBITDA margin, cut at the covered medians of 5% and 16%.

    We plot all nine companies with both a growth and a margin estimate against the covered medians of 5% revenue growth and 16% EBITDA margin. Four names clear both bars, and they're the ones holding the higher EV/EBITDA multiples in this set. The other quadrants show only one bar cleared, or neither, and their multiples sit lower accordingly. Clearing both bars, not just one, is what tracks with the premium end of the range.

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    03 · GROWTH VS PROFITABILITY Four Names Clear Both the Growth and the Margin Bar, and They Hold the Higher Multiples Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (5% growth, 16% 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=4; margin-only n=1; growth-only n=1; neither n=3). Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 2% 4% 6% 8% 10% 10% 15% 20% MARGIN ONLY median 8.9x BALANCED median 12.7x NEITHER median 7.3x GROWTH ONLY median 6.8x LKQ PLOW GPC MPAA DORM ORLY AZO BGSI XPEL x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The horizontal cut is revenue growth at the covered middle; the vertical cut is a 16% EBITDA margin. Four of the 9 names with a CY2027E EBITDA estimate clear both cuts — Dorman Products, Inc. (DORM), O'Reilly Automotive, Inc. (ORLY), AutoZone, Inc. (AZO) and XPEL, Inc. (XPEL) — and their middle sits at 12.7x, against 7.3x for the three names below both. One name sits in each of the single-bar boxes, so read this as where pricing sits today on a small set. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 9 names clear it.

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    03 · THE AGENDA

    Four Factors That Track with Where a Company Sits in This Range

    This slide lists four factors — framed as questions — that track with where a company sits in the valuation range.

    We frame this page as the questions an owner or acquirer should work through, grounded in the cohort data shown earlier in this section. These are observations on association, not recommendations to act on any single name. Working through them in order is how the earlier charts turn into a usable checklist. That's the bridge from what the data shows to what a board does with it.

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    03 · THE AGENDA Four Factors That Track with Where a Company Sits in This 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. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Buy Density Where Fill Rate Already Pays Tuck-ins that add coverage in a metro already served convert into fill rate and same-day delivery to installers. The transaction record shows accessory and service assets agreed at higher multiples than powertrain-weighted parts businesses, so entry economics on the bolt-on matter more than headline scale. What changes the answer: Fill rate and commercial account retention after integration. Shift Mix Toward Non-Deferrable Work Repair demand tied to the ageing car parc holds up better than accessory and appearance spend when motorists push out maintenance. Moving mix toward under-car and under-hood work, with own-brand penetration behind it, is a line a board can move inside a planning cycle. What changes the answer: Traffic versus ticket in comparable store sales. Earn the Growth the Forward Multiple Already Credits With the lens on CY2027E EBITDA, forecast growth sits in today's price. The names at the top of the range carry a premium that survived that test, so delivering against the plan already in the forecasts is what defends position, not raising it. What changes the answer: Comparable performance against the plan already in the forecasts. Choose Franchised or Company-Operated with the Capital in View Royalty streams and company-operated bays produce different margin and capital profiles, and cash conversion separates them once build-out and refresh are funded. In this set the franchised service group includes Driven Brands Holdings Inc. (DRVN) at a 22% margin alongside formats that must keep spending to hold comparable sales. What changes the answer: Cash conversion after new-unit and refresh capital.

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    SECTION 04

    04

    This divider introduces Section 04, covering nine recorded precedent transactions and what buyers agreed to pay by asset type.

    Nine recorded transactions between 2018 and 2026 sit behind this section, with terms as recorded in the filings. Section four shows that what buyers agreed to pay varies more by asset type than by deal size.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Varies by Asset Type More than by Deal Size Nine recorded transactions between 2018 and 2026, with terms as recorded in the filings. 04 of 06 Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Buyers Agreed to Pay up for Accessory Brands and Service Networks, Less for Powertrain Parts

    This slide tells two of the transactions with disclosed terms as case studies, contrasting a powertrain parts deal against a branded accessory deal.

    We walk through two of the disclosed-terms transactions as case studies: one a powertrain-weighted parts maker, the other a branded accessory business. Across this record, disclosed multiples run from 4.9x for the parts maker to 11.9x for the accessory brand. Deal multiples here are LTM at announcement, not on the same CY2027E basis as the public comparables, so we don't draw a direct spread between the two. The pattern is still clear enough to matter: buyers have agreed to pay up for accessory and service brands and less for powertrain-weighted parts assets.

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    04 · DEAL CASE STUDIES Buyers Agreed to Pay up for Accessory Brands and Service Networks, Less for Powertrain Parts 2 of 23 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. 85 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 49 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. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Mar-2021 $1.6B MidOcean Partners MidOcean Partners and Holley: an enthusiast performance brand recorded at $1.6B. EV / LTM revenue 3.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A sponsor taking on Holley points to the multi-brand buy-and-build logic this sector runs on: a recognised performance brand with its own channel and room for tuck-ins underneath it. The transaction suggests brand pull and channel access were the assets being bought, rather than bay count or distribution density. HOW THE TARGET WAS VALUED The record shows $1.6B of value at 3.1x revenue, with no EBITDA multiple disclosed. With EV / EBITDA on CY2027E as the lead lens for this set, a revenue multiple here is a cross-check rather than a benchmark. Feb-2023 $132M Fox Factory Holding Corp. acquires Custom Wheel House, LLC EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Fox Factory Holding Corp. makes performance products; Custom Wheel House, LLC brings a wheels brand and the channel that carries it. At this size the transaction reads as a purchase of product coverage and shelf position with the accessory buyer rather than of footprint. HOW THE TARGET WAS VALUED The record discloses $132M of enterprise value with no multiple attached. It benchmarks as a bolt-on against the platform records on this page, where the disclosed EBITDA multiples span a much wider range by asset type.

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    SECTION 05

    05

    This divider introduces Section 05, covering what the evidence asks owners, acquirers and boards to decide.

    The same data supports three readings, one each for owners, acquirers and boards. Section five sets out what each of them should take from the evidence already on the table.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What the Evidence Asks Owners, Acquirers and Boards to Decide Three readings of the same data. 05 of 06 Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Position in the Range Travels with Mix, Availability and Capital Discipline

    This slide sets out the strategic implications for owners, acquirers and boards over the next twelve months.

    We read the evidence as pointing to three questions for the next twelve months: what your mix says about your position, what entry economics you're underwriting on a bolt-on, and what your cash conversion looks like behind reported EBITDA. These are directional views drawn from the analysis in this report, not recommendations tied to any single name. Each audience — owner, acquirer, board — has a different lever available, and this page names them. That's the practical use of everything the earlier sections established.

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    05 · STRATEGIC IMPLICATIONS Position in the Range Travels with Mix, Availability and Capital Discipline 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. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Know Which Half of the Range Your Mix Puts You In The set separates into faster-growing names priced above the middle and slower-growing names below it. Revenue mix, own-brand penetration and availability to installers are the operating levers that move a company across that line. FOR ACQUIRERS Entry Economics on the Bolt-on Carry the Return Across the 9 transactions shown, disclosed multiples vary widely by asset type. Buying bays or a jobber network in a metro already served is a different underwrite from buying a parts manufacturer with powertrain and country-of-origin exposure. FOR BOARDS Cash Conversion Is the Number to Watch Behind EBITDA Asset-light franchisors and bay-and-real-estate-heavy formats can report the same EBITDA and convert very differently. Capital allocation across new units, shop refresh and inventory is where that difference shows up.

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    SECTION 06

    06

    This divider introduces Section 06, the appendix covering the full comparables universe, methodology and sources.

    Section six carries the comparables detail behind every figure in the body, the valuation basis, and where the underlying disclosures sit. It's the reference section for anyone who wants to trace a number back to its source.

    Everything on this page

    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 Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This appendix lists all 9 rated companies and 3 unrated companies by EV / EBITDA (CY2027E), shaded against the 9.4x sector median.

    We shade every rated company against the 9.4x sector median: teal above, amber below. Nine of the twelve companies carry an eligible multiple; the other three are listed without one because no eligible EV/EBITDA could be calculated for them. All nine rated rows appear here and in the companion workbook, which carries the complete field set. This is the full comparable set behind every multiple quoted earlier in the report.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.4x); amber marks below · 9 rated companies; 3 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. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Automotive Aftermarket Parts and Services 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 — ≥12.0x · median 15.4x · 2 companies O'Reilly Automotive, Inc. ORLY Automotive accessory and appearance specialty retail $80.5B 17.4x 6% 22% 29 Dorman Products, Inc. DORM Aftermarket replacement parts manufacturing $4.2B 13.4x 5% 19% 19 CORE — 7.2x–12.0x · median 9.4x · 5 companies AutoZone, Inc. AZO Automotive accessory and appearance specialty retail $60.1B 12.0x 7% 22% 30 Genuine Parts Company GPC Aftermarket replacement parts manufacturing $23.9B 10.6x 3% 8% 12 XPEL, Inc. XPEL Aftermarket replacement parts manufacturing $1.2B 9.4x 11% 17% 32 Douglas Dynamics, Inc. PLOW Adjacent: work-truck attachment and upfit equipment $1.1B 8.9x 3% 16% 19 LKQ Corporation LKQ Aftermarket replacement parts manufacturing $10.9B 7.3x 2% 10% 13 DISCOUNT — <7.2x · median 5.2x · 2 companies Boyd Group Services Inc. BGSI Franchised dealer fixed operations: parts and service $4.2B 6.8x 8% 13% 23 Motorcar Parts of America, Inc. MPAA Aftermarket replacement parts manufacturing $387M 3.7x 5% 12% 18

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists precedent transactions with disclosed terms, newest first, the first of two pages.

    This page opens the list of 23 transactions with disclosed terms out of 72 recorded in this tier, sorted newest first. Deal multiples here are LTM at announcement, and we don't treat them as directly comparable to the CY2027E public basis. Eighteen of the twenty-three are shown across these two pages; the rest sit in the companion workbook. It's the underlying record behind the case studies and the asset-type pattern shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (72 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. 85 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 49 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. 18 of 23 transactions shown; the rest are in the companion workbook. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 n/a → Advance Auto Parts, Inc. n/a n/a 6.3x The February 2026 record for Advance Auto Parts, Inc. carries 6.3x EBITDA, with the acquirer recorded as n/a and the status defaulted to announced. Against the middle of this peer set that sits toward the lower end of what is disclosed on this page. Feb-2025 Valvoline Inc. → Breeze Autocare n/a n/a 10.7x Valvoline Inc. (VVV) completed its purchase of Breeze Autocare in February 2025 at 10.7x EBITDA. A quick-service maintenance operator adding another network of bays is the density trade this sector runs on, and the recorded multiple sits above the middle of the peer… Feb-2025 Express Wash Operations, LLC d/b/a Whistle Express Wash → Driven Brands Holdings Inc.’s U.S. car wash business segment n/a n/a 8.9x Express Wash Operations, LLC d/b/a Whistle Express Wash is recorded as announced in February 2025 for Driven Brands Holdings Inc.'s U.S. car wash business segment at 8.9x EBITDA. A franchisor moving a capital-heavy consumer format to a specialist operator is a mix… Feb-2023 Fox Factory Holding Corp. → Custom Wheel House, LLC $132M n/a n/a Fox Factory Holding Corp. is recorded as announced in February 2023 for Custom Wheel House, LLC at $132M. A performance products manufacturer adding a wheels brand reads as a coverage and channel purchase rather than a bay-count purchase. Feb-2022 Apollo Global Management, Inc. → Tenneco Inc. n/a n/a 4.9x Apollo Global Management, Inc. is recorded as announced in February 2022 for Tenneco Inc. at 4.9x EBITDA. Sponsor interest in a large engine-and-exhaust weighted parts maker was recorded at the low end of the multiples shown on this page. Jun-2021 Clarus Corporation → Rhino-Rack Holdings Pty Ltd n/a n/a 11.9x Clarus Corporation is recorded as announced in June 2021 for Rhino-Rack Holdings Pty Ltd at 11.9x EBITDA. Branded roof-rack and accessory assets sit at the top of the disclosed multiples here, where consumer brand pull rather than installer fill rate is the asset. Jun-2021 Kohlberg & Co. → Rhino-Rack n/a n/a 11.9x Kohlberg & Co. is recorded against Rhino-Rack in the same June 2021 window at the same disclosed EBITDA multiple. Two records on one accessory brand show strategic and sponsor buyers active in the same asset class at the same time. Mar-2021 MidOcean Partners → Holley $1.6B 3.1x n/a MidOcean Partners is recorded against Holley in March 2021 at $1.6B, or 3.1x revenue. Enthusiast performance parts are priced on brand and channel, and revenue is the only disclosed measure on this record. Apr-2018 Tenneco Inc. → Federal-Mogul LLC n/a n/a 7.2x Tenneco Inc. is recorded as announced in April 2018 for Federal-Mogul LLC at 7.2x EBITDA. Parts manufacturers buying coverage and scale clear below the branded accessory records shown on this page.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix continues the precedent transaction list with disclosed terms, newest first, the second of two pages.

    This page completes the list of transactions with disclosed terms shown on the prior page, on the same LTM-at-announcement basis. As before, these multiples aren't directly comparable to the CY2027E public basis used elsewhere in this report. The remaining transactions beyond what's shown here sit in the companion workbook for anyone who wants the complete record. Together, these two pages are the primary source behind the deal-by-asset-type pattern in section four.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (72 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. 85 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 49 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. 18 of 23 transactions shown; the rest are in the companion workbook. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2017 Adient PLC → Futuris Global Holdings, LLC n/a n/a 7.0x Value shown as recorded in the filing; deal value unit unresolved. Dec-2016 American Axle → Metaldyne Performance Group Inc. n/a n/a 6.5x Value shown as recorded in the filing; deal value unit unresolved. Jul-2015 BorgWarner Inc. → Remy International, Inc. n/a n/a 9.2x Jul-2014 Crowne Group LLC → Trico Products Corporation n/a n/a 6.5x Feb-2012 The Gores Group, LLC → The Pep Boys – Manny, Moe & Jack n/a n/a 6.1x Value shown as recorded in the filing; deal value unit unresolved. Apr-2008 O’Reilly Automotive, Inc. → CSK Auto Corporation n/a n/a 8.8x Value shown as recorded in the filing; deal value unit unresolved. Feb-2005 Kelso & Company → IAA n/a 13.8x 13.8x Value shown as recorded in the filing; deal value unit unresolved. n/a Undisclosed buyer → O’Reilly Automotive, Inc. n/a n/a 20.6x Value shown as recorded in the filing; divestiture roles reassigned, status defaulted announced. n/a Undisclosed buyer → AutoZone, Inc. n/a 3.4x 16.6x Value shown as recorded in the filing; divestiture roles reassigned.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This appendix explains how the report was built, what was excluded from the analysis, and where each underlying disclosure can be found.

    Every figure in this report links back to the record it was taken from, whether that's a filing, a consensus estimate or a market price. Where a page excludes a company or a transaction, the reason is stated on that page and repeated here — a missing estimate, a multiple that failed the platform's plausibility gates, or a deal with no disclosed value. This section is the reference point for checking any number in the deck against its source. That transparency is what lets an owner or acquirer trust the comparisons made earlier without re-deriving them.

    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. Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 12 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 Automotive Aftermarket Parts and Services and it clears the coverage gate with 9 of 12 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 of the 9 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 1 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 580 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 (579) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Higher Multiples Sit with the Faster-Growing Names.

    This closing slide restates the report's core finding: higher multiples in this set sit with the faster-growing names.

    In this set, the higher multiples sit with the faster-growing names. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace further.

    Everything on this page

    In This Set, the Higher Multiples Sit with the Faster-Growing Names. NeuraCap AI — Automotive Aftermarket Parts and Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Automotive Aftermarket Parts and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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