Automotive Electronics and Semiconductors Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE ELECTRONICS AND SEMICONDUCTORS

Automotive Electronics: The Premium End of the Range Sits with the Faster-Growing Names

How the market prices this supply base today, what separates the top of the pricing range from the bottom, and what buyers agreed to pay for whole companies in the recorded transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE ELECTRONICS AND SEMICONDUCTORS

   This is the cover page for the Automotive Electronics and Semiconductors sector outlook, dated September 28, 2026.

   We're opening this review of Automotive Electronics and Semiconductors as of September 28, 2026, built on EV/EBITDA against CY2027E consensus. What follows lays out where each company sits, how the market is pricing it, and what the recorded transactions tell us about what buyers are actually paying for.

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   CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE ELECTRONICS AND SEMICONDUCTORS Automotive Electronics: The Premium End of the Range Sits with the Faster-Growing Names How the market prices this supply base today, what separates the top of the pricing range from the bottom, and what buyers agreed to pay for whole companies in the recorded transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five sections and appendix that make up the report.

   We've structured this deck so the bottom line comes first — if you only read section one, you still get the full story. From there we walk through the market map, valuation and situations, precedent transactions, and the strategic implications for owners and operators. Use this page as your roadmap for the rest of the conversation.

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   CONTENTS What This Report Covers 01 The Bottom Line Three Groups Under One Sector Label, Priced on Different Terms 02 The Landscape The Aftermarket Group Holds the Names; Control Hardware Prices Higher 03 Valuation & Situations The Top of the Range Grows; The Bottom Carries the Margin 04 Precedent Transactions What Buyers Agreed to Pay, and What They Were Buying 05 Strategic Implications What the Pricing Means for Where You Spend the Next Two Years 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Automotive Electronics and Semiconductors: Aftermarket Names in the Majority, Control Hardware Prices Higher

   This page summarizes the report's core finding: aftermarket names dominate by count while control hardware names price higher.

   Aftermarket and service electronics makes up the majority of this 14-company universe, but it isn't where the premium sits — control hardware names price higher on a CY2027E EV/EBITDA basis. Ten of the fourteen companies carry a forward estimate, and across that set the premium tracks the faster-growing names rather than this year's margin. The recorded transactions back this up: buyers paid up for content per vehicle and platform access, not just scale. So the pricing conversation here is about content position, not headline company size.

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   01 · THE BOTTOM LINE Automotive Electronics and Semiconductors: Aftermarket Names in the Majority, Control Hardware Prices Higher 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 (10 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Name Count and the Pricing Sit in Different Places Aftermarket and service electronics is 57% of the 14 companies — 8 names — and the middle of that group prices at 6.6x forward EBITDA. Electronic control units and vehicle control hardware is 4 names, and on the 3 of them with a forward estimate the middle sits at 9.1x. 2 Forward Earnings Is the Lens That Counts Here EV / EBITDA on CY2027E is the working lens: 10 of the 14 companies carry a forward estimate, and the middle of the set prices at 7.0x. Because a CY2027E multiple already credits forecast growth, a premium that survives it points to durability rather than to a forecast. 3 The Premium Sits with the Faster-Growing Names Split at 3% forward revenue growth, the 5 names above the line sit at 8.9x and the 5 below at 6.5x. The two are associated, not causal: estimate coverage, scale and programme mix differ across the set. 4 Precedent Transactions Read as Buyers Paying up for Capability Announced terms in the record include 5.7x EBITDA on BorgWarner Inc.'s purchase of Delphi Technologies PLC and 9.8x on Samsung Electronics Co., Ltd.'s purchase of Harman International Industries, Incorporated. Across the 9 recorded transactions the disclosed rationales read, on our reading, as content per vehicle, platform access and automotive-grade qualification. 7.0x Sector median EV/EBITDA CY2027E consensus · 10 rated of 14 companies 10.0x Premium end EV/EBITDA vs 6.1x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 9 Transactions with disclosed terms 22 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

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   This divider introduces the market map section covering where companies sit and how each group is priced.

   We're resetting here before mapping where the fourteen companies sit and how each group is being priced. The next few pages show that the names split into distinct groups with very different pricing logic.

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   SECTION 02 02 THE LANDSCAPE The Aftermarket Group Holds the Names; Control Hardware Prices Higher Where the companies sit, what they sell, and how each group is being priced. 02 of 06 Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Where the Content Sits: Three Groups, Priced on Different Terms

   This page groups the 14 approved companies into segments and shows the median EV/EBITDA for each group.

   We've grouped the fourteen approved companies by what they actually sell, then priced each group on the same CY2027E EV/EBITDA basis. The groups don't price alike — some carry higher medians than others — which tells us the market is pricing content type, not just the sector label. That's the lens we carry through the rest of this section.

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   02 · MARKET MAP Where the Content Sits: Three Groups, Priced on Different Terms 14 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 Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 AFTERMARKET AND SERVICE ELECTRONICS 8 cos median 6.6x Aptiv (APTV) Gentex (GNTX) Visteon (VC) Standard Motor (SMP) Holley (HLLY) ECARX Holdings (ECX) Stoneridge (SRI) Innoviz (INVZ) The majority of the names, with service and replacement demand sitting underneath new-build exposure. ELECTRONIC CONTROL UNITS AND VEHICLE CONTROL HARDWARE 4 cos median 9.1x Sensata (ST) CTS Methode (MEI) MicroVision (MVIS) The group positioned where architecture consolidation moves content — domain and zonal controllers replacing discrete boxes. ADJACENT MODELS 2 cos 6.7x · 1 rated Aeva Technologies (AEVA) Kimball (KE) Manufacturing and electrical-architecture profiles that price on execution rather than on content position.

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   02 · LANDSCAPE

   Most of the Names Sell into the Aftermarket; The Controller Names Price Higher

   This page shows that most companies sell into the aftermarket while control-hardware names carry the higher multiple.

   Aftermarket and service electronics accounts for 57% of the fourteen companies, the largest group in the universe, and it prices at 6.6x forward EBITDA. Electronic control units and vehicle control hardware is a much smaller group, but on the names with a forward estimate it prices at 9.1x. So the majority of the universe by name count is not where the market puts its premium. Full company-level detail sits in the appendix for anyone who wants to trace this further.

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   02 · LANDSCAPE Most of the Names Sell into the Aftermarket; The Controller Names Price Higher 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 Electronics and Semiconductors 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 and service electronics 8 57% 6.6x Aptiv PLC (APTV) · Gentex Corporation (GNTX) · +6 more Most names, cyclicality damped. 8 of the 14 companies, 57% of the set, with 6 of them carrying a forward estimate and the middle of the group at 6.6x. Service and replacement demand damps the new-build cycle, and pricing in this group sits below the controller names rather than above them. Electronic control units and vehicle control hardware 4 29% 9.1x Sensata Technologies Holding plc (ST) · CTS Corporation (CTS) · +2 more Content moving toward the controller. 4 names, 29% of the set, and on the 3 with a forward estimate the middle sits at 9.1x. This is where awarded backlog on launching platforms, sole-sourced positions embedded in validation and functional-safety software sold with the hardware show up in the pricing. Adjacent models 2 14% 6.7x n=1 Aeva Technologies, Inc. (AEVA) · Kimball Electronics, Inc. (KE) Two names, one estimate. 2 names, 14% of the set. On the one name with a forward estimate the pricing is 6.7x: Kimball Electronics, Inc. (KE) is the manufacturing-execution profile, while Aeva Technologies, Inc. (AEVA) sits in award-stage sensing where economics live in programme position rather than in current earnings.

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   03

   This divider introduces the valuation section, ranking companies on EV/EBITDA for CY2027E.

   Next we rank the rated companies on CY2027E EV/EBITDA and look at what separates the top of the range from the bottom. The following pages set the two ends of that range side by side.

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   SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Grows; The Bottom Carries the Margin Ranked on EV / EBITDA for CY2027E, with the two ends of the range set side by side. 03 of 06 Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Grows; The Discount End Carries the Reported Margin

   This page ranks all 10 rated companies on EV/EBITDA (CY2027E) against a sector median of 7.0x.

   Across the ten rated companies, the sector median sits at 7.0x forward EBITDA, with a clear spread between the top and bottom of the range. The premium end of that range is where growth shows up, and the discount end is where the reported margin currently sits. Every multiple on this page runs on the same CY2027E basis, so the comparison is apples to apples. That consistency is what lets us say the spread is about growth positioning, not measurement noise.

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   03 · PUBLIC MARKET VALUATION The Premium End Grows; The Discount End Carries the Reported Margin EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 7.0x · 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 (10 of 14 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 Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 10.0x CORE · median 7.0x DISCOUNT · median 6.1x Sector median 7.0x WHAT SEPARATES THE TWO ENDS The top of the range grows. CTS Corporation (CTS) at 6% and Methode Electronics, Inc. (MEI) at 8% forward revenue growth sit among the 3 names at the premium end, whose middle prices at 10.0x. CY2027E EBITDA already credits forecast growth, so a premium that survives this lens points to durability in the earnings base. Margin sits at the other end. At the discount end, Holley Inc. (HLLY) reports 21% and Aptiv PLC (APTV) 19% EBITDA margin, and the 3 names there price at 6.1x. Their forward revenue runs at 2% and -38%, so the gap between the two ends is associated with the revenue line rather than with reported margin. Control hardware clusters at the top. 2 of the 3 premium-end names sit in electronic control units and vehicle control hardware; the 3 discount-end names sit in aftermarket and service electronics, where new-build exposure is heavier. Stoneridge, Inc. (SRI) is the premium-end name whose forward revenue is contracting, at -19%.

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   03 · VALUATION DRIVERS

   Where Forward Revenue Is Growing, the Multiple Is Higher

   This page splits the rated companies by revenue-growth and margin cohorts and compares median EV/EBITDA across each.

   When we split the rated names at their own covered median for revenue growth, the faster-growing half prices at 8.9x and the slower half at 6.5x. We see a similar kind of split when we cut on EBITDA margin. These are associations in the data we were given, not proof that growth causes the multiple — coverage, scale and programme mix all differ across the set. But the pattern is consistent enough that we treat growth as the more useful lens for where this market is putting its premium.

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   03 · VALUATION DRIVERS Where Forward Revenue Is Growing, the Multiple Is Higher 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=5; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 3% · EBITDA-margin split at 16% Above the 3% Growth Line, the Middle of the Group Prices at 8.9x Split at 3% forward revenue growth, the 5 names above the line sit at 8.9x on CY2027E EBITDA and the 5 below at 6.5x. Read it as an association inside the 10 names with a forward estimate, not as a mechanism. Margin Without Growth Prices Lower than Growth Without Margin The 2 names carrying margin above 16% but revenue growth below the line price at 6.3x in the middle; the 2 names with growth above the line and margin below that mark sit at 8.0x. Two-name groups, so treat the direction as indicative. Content Position, Not Box Count, Is What Sits at the Top of This Set The group priced highest here is the control-hardware one, and the industry's own value drivers sit there: awarded backlog on platforms that are launching rather than maturing, sole-sourced positions with homologation and validation behind them, and embedded software sold with the hardware. Launch Cost and Self-Funded Engineering Show up Before the Content Does Where engineering is carried ahead of award and launch costs sit ahead of maturity margin, reported profitability carries the load while the content is still being recognised. In this set the discount end is where revenue is contracting, not where reported margin is thinnest.

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    03 · SITUATION MAP

    Four Names Hold Both the Multiple and the Growth; Four Hold Neither

    This page places companies on a grid of EV/EBITDA versus revenue growth relative to their medians.

    Four names in this set hold both the higher multiple and the faster growth, and four hold neither — the rest split one way or the other. This is a way of reading where each company sits today, not a recommendation to buy or sell any of them. The value in this page is spotting which names are priced for growth they aren't yet showing, and which are showing growth the market hasn't priced yet.

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    03 · SITUATION MAP Four Names Hold Both the Multiple and the Growth; Four Hold Neither Cut on EV / EBITDA vs the sector median (7.0x) (rows) and revenue growth vs the covered median (3%) (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 Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Growing Above-median multiple · above-median revenue growth 4 names Sensata Technologies Holding plc (ST) · Gentex Corporation (GNTX) · CTS Corporation (CTS) · +1 more Sensata Technologies Holding plc (ST), Gentex Corporation (GNTX), CTS Corporation (CTS) and Methode Electronics, Inc. (MEI) sit above the set's middle on both the forward multiple and forward revenue. Three of the four sit in control hardware, and the live operating question is whether awarded backlog converts at maturity margin. Priced up on Expected Recovery Above-median multiple · below-median revenue growth 1 names Stoneridge, Inc. (SRI) Stoneridge, Inc. (SRI) is the one name above the middle on the multiple with forward revenue below it. That combination typically rests on an expected recovery in the earnings base, which puts launch-cost recovery and cost-down execution against contracted price-downs at the centre of the story. Growing at a Lower Multiple Below-median multiple · above-median revenue growth 1 names Standard Motor Products, Inc. (SMP) Standard Motor Products, Inc. (SMP) grows above the set's middle while pricing below it, on reported margin of 12%. Where growth is present and the multiple is not, mix and programme margin at maturity are the levers that reach the earnings base. Cycle-Exposed and Priced for It Below-median multiple · below-median revenue growth 4 names Aptiv PLC (APTV) · Visteon Corporation (VC) · Holley Inc. (HLLY) · +1 more Aptiv PLC (APTV), Visteon Corporation (VC), Holley Inc. (HLLY) and Kimball Electronics, Inc. (KE) sit below the middle on both measures. Reported margin across that group is not uniformly thin, so the constraint reads as build exposure and content mix more than cost structure.

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    03 · GROWTH VS PROFITABILITY

    Holding Growth and Margin Together Is Uncommon Here: 3 of the 10 Names with a Forward Estimate

    This page plots revenue growth against EBITDA margin for the 10 companies with both estimates, split into quadrants.

    Only three of the ten companies with a forward estimate hold both growth and margin above their covered medians — holding both together is the exception here, not the rule. Each quadrant carries its own median EV/EBITDA, and the balanced quadrant prices differently to the other three. That scarcity is itself information: it tells us why the premium end of this market is narrow rather than broad-based.

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    03 · GROWTH VS PROFITABILITY Holding Growth and Margin Together Is Uncommon Here: 3 of the 10 Names with a Forward Estimate Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 10 companies with both estimates · cuts at the covered medians (3% 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=3; margin-only n=2; growth-only n=2; neither n=3). Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -30% -20% -10% 0% 10% 5% 10% 15% 20% 25% MARGIN ONLY median 6.3x BALANCED median 8.9x NEITHER median 6.7x GROWTH ONLY median 8.0x APTV SRI VC KE HLLY ST SMP GNTX CTS MEI x: revenue growth (CY2026E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The grid splits the 10 names with a forward estimate on forward revenue growth against EBITDA margin, with margin cut at 16% and growth cut at the set's middle. Sensata Technologies Holding plc (ST), Gentex Corporation (GNTX) and CTS Corporation (CTS) clear both bars. Two names clear margin alone, at 6.3x in the middle; two clear growth alone, at 8.0x; three clear neither, at 6.7x. On two- and three-name groups, read direction rather than a rule. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 10 names clear it.

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    03 · THE AGENDA

    Where Engineering and Capital Go Next: Content per Vehicle and Platform Qualification

    This page lays out the operating questions the data raises around content per vehicle and platform qualification.

    Based on what the pricing and transaction data show us, we frame this as a set of questions for owners and acquirers to resolve — where content per vehicle is expanding, and where platform qualification is the gating factor. These are observations grounded in the cohort data shown earlier, not recommendations to act on any specific name. The point is to give you the questions worth asking before the next capital or engineering decision.

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    03 · THE AGENDA Where Engineering and Capital Go Next: Content per Vehicle and Platform Qualification 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 Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Push Content Toward the Controller Rather than the Discrete Box The group priced highest in this set is the controller and vehicle control hardware one. Content that survives architecture consolidation — domain and zonal positions, networking, functional-safety software sold with the hardware — is where the market's pricing sits highest today. What changes the answer: A design win on a domain or zonal controller at a core vehicle maker, or a legacy box award going multi-sourced. Defend the Aftermarket and Service Line as the Cycle Damper Aftermarket and service electronics is the majority of the names here and prices below the controller group, but its demand sits underneath new-build volumes. Holding service and replacement revenue is what keeps the earnings base readable when build schedules move. What changes the answer: Service revenue holding its growth while new-build volumes at your top nameplates slip. Convert Launch Programmes into Maturity Margin on Schedule In this set the lower pricing is associated with contracting revenue, not with thin reported margin. Customer-funded engineering recovery, launch cost discipline and cost-down execution against annual price-downs are the parts of the earnings base management controls. What changes the answer: Programme gross margin at maturity landing where it was quoted, on two consecutive starts of production. Decide Where to Buy Capability and Where to Build It The recorded transactions show strategics buying sensing and module capability, sometimes at small tickets, sometimes at whole-platform scale. The build-versus-buy question here is whether a capability can be qualified inside your own footprint faster than it can be acquired. What changes the answer: A carve-out of a product line adjacent to your qualified plants and customer approvals.

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    SECTION 04

    04

    This divider introduces the precedent transactions section covering nine recorded deals.

    We turn now to what buyers actually agreed to pay across nine recorded transactions in this space — for content per vehicle, platform access and qualified footprint. The following pages walk through the record in detail.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay, and What They Were Buying Nine recorded transactions: content per vehicle, platform access and qualified footprint. 04 of 06 Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    The Transaction Record Prices Whole Companies Across a Wide Range of Deal Sizes, and Names the Buyers Behind Them

    This page walks through two of the nine recorded transactions as case studies, with the complete list in the appendix.

    Among the recorded transactions, BorgWarner Inc.'s purchase of Delphi Technologies PLC closed at 5.7x LTM EBITDA, and Samsung Electronics Co., Ltd.'s purchase of Harman International Industries, Incorporated closed at 9.8x. These multiples run on LTM financials at announcement, so they aren't directly comparable to the CY2027E public-market basis used elsewhere in this report — we're not claiming a spread between them. Reading across the disclosed rationales in the full set of nine transactions, the pattern that stands out to us is buyers paying for content per vehicle, platform access and qualification, not simply for scale. The full list of transactions is in the appendix for anyone who wants the complete record.

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    04 · DEAL CASE STUDIES The Transaction Record Prices Whole Companies Across a Wide Range of Deal Sizes, and Names the Buyers Behind Them 2 of 9 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. 20 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. 13 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 Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jul-2017 $200M BorgWarner Inc. BorgWarner Inc. agreed $200M for Sevcon, Inc. to move content toward electrified drive. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Sevcon, Inc. brought controls and power electronics for electrified vehicles to a buyer whose content sat largely in conventional powertrain. The transaction suggests a buyer adding qualified capability ahead of the sourcing cycle rather than buying overlapping footprint. HOW THE TARGET WAS VALUED Announced terms put enterprise value at $200M, in the same range as the $175M recorded on Gentex Corporation's agreed purchase of VOXX International Corporation. On size it benchmarks with the capability additions in this record rather than with the large-platform transactions. Mar-2021 $4M Standard Motor Products, Inc. Standard Motor Products, Inc. added PM sensor assets for $4M. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED An aftermarket and service electronics platform buying sensor assets points to content added inside product lines it already sells, using a manufacturing footprint that is already qualified. At this size the transaction suggests a product-line purchase rather than entry to a new customer base. HOW THE TARGET WAS VALUED Announced value was $4M, at the bottom end of the values recorded in this transaction record. A ticket that size benchmarks against a company's own engineering spend rather than against the forward earnings multiples in the public peer set.

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    SECTION 05

    05

    This divider introduces the strategic implications section for operating decisions over the next two years.

    With the pricing and transaction evidence laid out, we turn to what it means operationally — where the data supports a move, and what evidence would change our read. The next pages set out those implications for owners and management teams.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What the Pricing Means for Where You Spend the Next Two Years Operating moves the comparative data supports, and the evidence that would change them. 05 of 06 Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    For Owners and Operators, Value Moves on Revenue Mix, Pricing and Capital Allocation

    This page sets out the operating questions this pricing data raises around revenue mix, pricing and capital allocation.

    For owners, the pricing gap in this data tracks the revenue growth line more than the reported margin line, which points the value conversation toward content position and backlog quality. For management teams, the names that hold both growth and margin together price at the top of this set, and the controllable levers there are programme mix, launch execution and recovery of engineering spend. For capital allocators, the recorded transactions skew toward buyers adding capability — sensing, cockpit or power-electronics content — onto an already-qualified footprint. These are observations from the data in this report, not recommendations to transact.

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    05 · STRATEGIC IMPLICATIONS For Owners and Operators, Value Moves on Revenue Mix, Pricing and Capital Allocation 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 Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS The Pricing Gap Lines up with the Revenue Line, Not the Margin Line Across the 10 names with a forward estimate, the higher multiples sit with the faster-growing names while several heavier-margin names price at the discount end. That points the value conversation at content position and awarded backlog quality rather than at this year's margin print. FOR MANAGEMENT TEAMS Maturity Margin and Mix Are the Controllable Parts Three of the 10 names with a forward estimate hold growth and margin together, and they price at the top of this set. The operating route there is programme mix, launch execution and recovery of engineering spend — the levers that move the earnings base the forward lens already prices. FOR CAPITAL ALLOCATORS Capability Additions Dominate the Recorded Transactions Of the 9 recorded transactions, several are product-line and carve-out purchases where the buyer was adding sensing, cockpit or power electronics content to a qualified footprint. Capital aimed at content per vehicle reads differently to capital aimed at consolidating overlapping plants.

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    SECTION 06

    06

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

    Before we close, we lay out the complete comparables set, the valuation methodology and the source for every figure in this report. Use this section to trace any number back to where it came from.

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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 Automotive Electronics and Semiconductors 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 page lists the full comparables set, with 10 companies rated on EV/EBITDA and 4 not rated.

    This page carries all ten rated companies on the CY2027E EV/EBITDA basis used throughout this report, alongside the four names that didn't clear the eligibility bar for a rated multiple. Every row here ties back to the same basis we've used on every valuation page, so nothing in the body of this report sits outside what's shown here. It's the reference point if a client wants to check any multiple we've quoted.

    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 (7.0x); amber marks below · 10 rated companies; 4 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 10 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 Electronics and Semiconductors 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 — ≥9.0x · median 10.0x · 3 companies CTS Corporation CTS Electronic control units and vehicle control hardware $1.7B 11.6x 6% 24% 30 Stoneridge, Inc. SRI Aftermarket and service electronics $280M 10.0x -19% 4% 7 Methode Electronics, Inc. MEI Electronic control units and vehicle control hardware $709M 9.1x 8% 7% 10 CORE — 6.5x–9.0x · median 7.0x · 4 companies Sensata Technologies Holding plc ST Electronic control units and vehicle control hardware $8.3B 8.9x 5% 23% 28 Gentex Corporation GNTX Aftermarket and service electronics $4.6B 7.1x 5% 23% 28 Standard Motor Products, Inc. SMP Aftermarket and service electronics $1.5B 6.8x 5% 12% 15 Kimball Electronics, Inc. KE Power distribution and electrical architecture hardware $759M 6.7x 2% 7% 13 DISCOUNT — <6.5x · median 6.1x · 3 companies Aptiv PLC APTV Aftermarket and service electronics $16.2B 6.5x -38% 19% 23 Holley Inc. HLLY Aftermarket and service electronics $839M 6.1x 2% 21% 26 Visteon Corporation VC Aftermarket and service electronics $2.2B 4.2x 1% 13% 21

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists all nine recorded transactions with disclosed terms, newest first.

    This page carries the complete set of nine recorded transactions with disclosed terms, the same ones summarized in the case-study page earlier. Multiples here run on LTM financials at announcement, consistent with how we've presented them throughout this section. This is the full record behind the transaction commentary in the rest of the deck.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 9 transactions with disclosed terms in this tier (22 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. 20 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. 13 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. Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2024 Gentex Corporation → VOXX International Corporation $175M n/a n/a Gentex Corporation (GNTX) announced in Dec-2024 the acquisition of VOXX International Corporation, recorded at $175M in the filing. The target's aftermarket and service electronics lines sit alongside Gentex Corporation's own mirror and cockpit content, and the size… Aug-2021 Faurecia S.A. → HELLA GmbH & Co. KgaA n/a 1.0x n/a Faurecia S.A.'s announced purchase of HELLA GmbH & Co. KgaA was recorded at 1.0x revenue. A direct-to-vehicle-maker supplier adding lighting and electronics content is the pattern this buyer landscape keeps repeating: platform access and content per vehicle ahead of… Mar-2021 Standard Motor Products, Inc. → PM sensor assets $4M n/a n/a Standard Motor Products, Inc. (SMP) announced the purchase of PM sensor assets in Mar-2021 at $4M. Sensing content bought into an aftermarket electronics platform at that size reads as capability added inside lines the buyer already sells. Jan-2020 BorgWarner Inc. → Delphi Technologies PLC n/a n/a 5.7x BorgWarner Inc.'s announced acquisition of Delphi Technologies PLC was recorded at 5.7x EBITDA. That sits below where the 10 names with a forward estimate price today, a shape often seen where the target's content faces the electrification transition. Oct-2018 Faurecia S.A. → Clarion Co., Ltd. n/a 1.0x n/a Faurecia S.A. announced the purchase of Clarion Co., Ltd. in Oct-2018 at 1.0x revenue. Digital cockpit and driver information content bought by an interiors supplier is the move up the stack toward electronic content rather than more of the same footprint. Jul-2017 BorgWarner Inc. → Sevcon, Inc. $200M n/a n/a BorgWarner Inc. announced the purchase of Sevcon, Inc. in Jul-2017 at $200M. Controls and power electronics for electrified drive, bought by a powertrain supplier, reads as content repositioning ahead of the sourcing cycle. Jul-2017 Alps Electric Co., Ltd. → Alpine Electronics Inc. n/a 0.4x n/a Alps Electric Co., Ltd.'s announced purchase of Alpine Electronics Inc. was recorded at 0.4x revenue. A component maker moving up into infotainment modules is the same buy-up-the-stack logic, priced on the revenue base rather than on earnings. Nov-2016 Samsung Electronics Co., Ltd. → Harman International Industries, Incorporated n/a 9.8x 9.8x Samsung Electronics Co., Ltd.'s announced purchase of Harman International Industries, Incorporated was recorded at 9.8x EBITDA. A diversified electronics group buying automotive-grade qualification, cockpit content and vehicle-maker relationships sits at the upper… May-2015 NGK Spark Plug Co., Ltd. → UCI Holdings Limited’s Wells Vehicle Electronics unit n/a n/a 7.5x NGK Spark Plug Co., Ltd. announced the purchase of UCI Holdings Limited’s Wells Vehicle Electronics unit in May-2015 at 7.5x EBITDA. A component specialist buying a divested electronics line is the carve-out pattern this record returns to, with transitional…

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the sources, valuation basis and data-quality conventions behind the report.

    Every figure in this report ties back to a market price, a consensus estimate, or a company's own SEC filing, and this page shows how we built the analysis and what we chose to exclude. Where a number doesn't carry a direct link, this page names the source and the basis on which we read it. We built it this way so a client can trace any figure in this deck back to where it came from, rather than take our word for 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. Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 14 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 Electronics and Semiconductors and it clears the coverage gate with 10 of 14 companies (71%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 of the 12 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 35 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 604 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 (603) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Among the 10 Names with a Forward Estimate, the Premium Sat with the Growing Ones.

    This closing page restates the report's core finding: the premium sits with the growing names among those with a forward estimate.

    Among the ten names with a forward estimate, the premium sat with the ones that were growing — that's the single idea we want you to leave with. The companion tables alongside this deck carry the full universe, the exclusion ledger and the source index for any figure you want to trace further. We're glad to walk through any part of this in more depth.

    Everything on this page

    Among the 10 Names with a Forward Estimate, the Premium Sat with the Growing Ones. NeuraCap AI — Automotive Electronics and Semiconductors Coverage September 2026 · Prepared by NeuraCap AI · Confidential Automotive Electronics and Semiconductors Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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