Automotive Filters and Fluid Components Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE FILTERS AND FLUID COMPONENTS

Quiet News Flow Leaves the Two-Market Price Gap Where It Was

This update covers movers, company announcements and the transaction record for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

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

Automotive Filters and Fluid Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE FILTERS AND FLUID COMPONENTS

   This is the cover slide naming the report and the September 14–28, 2026 window.

   We open this bi-weekly update on automotive filters and fluid components, covering what changed, who moved, what transacted, and what it means for September 14–28, 2026. Let's walk through the two-week record together.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › AUTOMOBILES AND COMPONENTS › AUTOMOTIVE FILTERS AND FLUID COMPONENTS Quiet News Flow Leaves the Two-Market Price Gap Where It Was This update covers movers, company announcements and the transaction record for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Automotive Filters and Fluid Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Prices Moved More than the News Did

   This slide gives the one-page bottom line on price moves across 4 covered names for the period.

   We track four covered names across this window and find three of four slipped, landing at a median of -0.6% versus the S&P 500's +0.8%. Illinois Tool Works Inc. (ITW) was the lone gainer at +1.8%, while Cooper-Standard Holdings Inc. (CPS) gave back -7.0%. Neither move ties to a filing or headline recorded in the period, so we read this as price action outpacing news. That gap is the story to carry into the next two pages.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Prices Moved More than the News Did The two-week period in one page · 4 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Automotive Filters and Fluid Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 3 of 4 Covered Names Fell; The Median Move Was -0.6% The S&P 500 returned +0.8% over the same stretch. Illinois Tool Works Inc. (ITW) was the single gainer at +1.8%, while Cooper-Standard Holdings Inc. (CPS) was the weakest at -7.0%. 2 The Two-Market Split Held Through the Window NeuraCap's standing view prices this set at a sector median of 11.2x CY2027E EV/EBITDA, with the Premium tier at 16.7x and the Discount tier at 4.5x. Nothing in the period's record narrowed that distance. 3 No New Agreed Transactions Entered the Record The trailing record of 16 transactions stands at a median 7.0x EV/EBITDA, below the 11.2x the listed set carries. The reference for what buyers have agreed to pay is unchanged. 4 Company Action Was Operational, Not Structural The period's three curated items were a commercial leadership appointment at Cooper-Standard Holdings Inc. (CPS) and an annual sustainability report from Atmus Filtration Technologies Inc. (ATMU). Neither changes a book of business; both speak to how these suppliers are run. +1.8% Best mover — Illinois Tool Works Inc. (ITW) worst: CPS -7.0% · 1 up / 3 down of 4 covered -0.6% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Premium-Tier Gain, One Discount-Tier Slide, Thin Records Behind Both

   This slide details the period's public market movers, one gainer and one decliner, with thin supporting records.

   One name rallied and one slid, but the record behind each move stays thin. Illinois Tool Works Inc. (ITW) advanced +1.8% on the premium side while Cooper-Standard Holdings Inc. (CPS) dropped -7.0% on the discount side, both against a materiality bar of ±2.5%. We flag this because the size of both swings crossed our threshold without a matching driver in the window's filings or headlines. That combination is exactly where we look next for what actually happened.

   Everything on this page

   PUBLIC MARKET MOVERS One Premium-Tier Gain, One Discount-Tier Slide, Thin Records Behind Both Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -0.6% · S&P 500 +0.8% · materiality bar ±2.5% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Automotive Filters and Fluid Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -0.6% Cooper-Standard Holdings Inc. (CPS) -7.0% No notable in-window news was identified that clearly explains the move. The -7.0% return for Cooper-Standard Holdings Inc. (CPS) sat well below the sector median of -0.6%. NeuraCap read: Discount-tier names swing widest when little company news anchors the price. UNEXPLAINED Illinois Tool Works Inc. (ITW) +1.8% No notable in-window news was identified that clearly explains the move. The +1.8% return for Illinois Tool Works Inc. (ITW) sat above the sector median of -0.6%. A Premium-tier name can hold its level on a thin record when the market already pays for the earnings stream. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Spent the Period on Commercial Leadership and Compliance

   This slide lists the two-week period's highest-impact company news items and why they matter.

   The period's highest-impact items centered on commercial leadership and compliance rather than deal activity. Cooper-Standard Holdings Inc. (CPS) named new commercial leadership, and Atmus Filtration Technologies Inc. (ATMU) published its annual sustainability report. We read both as operational signals about how these suppliers are run, not changes to their books of business. For clients tracking execution quality, these are the events worth the closer look.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Period on Commercial Leadership and Compliance The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Automotive Filters and Fluid Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · PRNewsWire Cooper-Standard Holdings Inc. (CPS) named Matthew Boddy senior vice president, chief commercial officer The commercial seat owns platform awards, the book of business and the price-down cadence written into long-term agreements. An appointment there signals where a supplier intends to push content per vehicle next. First-fit terms are won or conceded at the commercial table, not on the plant floor. Sep 16 · NEWS · Newsfile Corp Donaldson Company, Inc. (DCI) had no company-specific announcement; the tagged item covers another issuer A quiet window for a Core-tier name is still information. Value in this part of the sector is set by installed base, attach rate and replacement cadence, none of which turn on a fortnight of news flow. Absence of news is not absence of change in a replacement-driven earnings stream. Sep 17 · NEWS · Business Wire Atmus Filtration Technologies Inc. (ATMU) released its annual sustainability report Diligence in this sector reliably covers chemical and substance compliance on engineered filtration media, coatings and elastomer inputs. Compliance history on media inputs is part of how filtration assets get assessed.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Stayed off the Record; The Reference Set Is Unchanged

   This slide reports that no new M&A transactions entered the record and restates the 16-deal precedent set.

   No new agreed transaction entered the record this period, so the comparison set holds at 16 recorded deals with a median 7.0x EV/LTM EBITDA. That trailing multiple sits below the 11.2x the listed sector carries, a gap the window's silence did nothing to close. We treat this as the reference point any bid should still be underwritten against. Buyers stayed off the record, but the record itself remains the working benchmark.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Buyers Stayed off the Record; The Reference Set Is Unchanged September 14–28, 2026 · precedent transactions: 16 recorded deals · median 7.0x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Automotive Filters and Fluid Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still carries 16 transactions at a median 7.0x EV/EBITDA, which remains the anchor for what agreed prices have cleared at in this sector. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 16 Recorded precedent transactions the reference set buyers and sellers price against 7.0x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Quiet Fortnight Changes for Each Side of the Table

   This slide translates the quiet period into implications for owners, acquirers, and advisors.

   For owners and operators, mix and channel position — first-fit versus aftermarket revenue, content per vehicle, attach rate, service interval length — are still what sets the level in a quiet news window. For acquirers, the trailing set of 16 transactions at a median 7.0x EV/EBITDA remains the number to underwrite against, since nothing new displaced it. For advisors, the standing read is a two-market sector, priced separately for industrial filtration and aftermarket replacement. Each seat at the table gets the same instruction: lead with structure, not with this period's headlines.

   Everything on this page

   WHAT IT MEANS What a Quiet Fortnight Changes for Each Side of the Table The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Automotive Filters and Fluid Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 11.2x 4 companies in the study 3 valuation tiers Standing thesis: Automotive Filters and Fluid Components Is Priced as Two Markets: Industrial Filtration and Aftermarket Replacement FOR OWNERS & OPERATORS Mix and Channel Position Carry the Level With little company news in the window, the variables that set value stayed operational: first-fit versus aftermarket revenue mix, content per vehicle by platform, attach rate of replacement elements to installed housings, service interval length FOR ACQUIRERS The Reference Set Did Not Move No new agreed transaction entered the record, so the trailing set of 16 transactions at a median 7.0x EV/EBITDA remains the comparison you underwrite against. FOR ADVISORS Lead with the Split, Not the Sector The period supports the standing thesis: this sector is priced as two markets, industrial filtration and aftermarket replacement.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure in the update.

   Every figure in this update ties back to the record it was pulled from, spanning SEC filings, publisher-sourced news, and market data through 2026-09-28. We built the read on driver attribution using calibrated language, not asserted causation, so clients can see exactly where each conclusion rests. This page is the map back to those sources for anyone who wants to verify a specific line. Use it before you act on any single figure in the deck.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Automotive Filters and Fluid Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T094521Z_438_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · newsfilecorp.com · businesswire.com

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