Automotive Semiconductors Sector Outlook — September 2026

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INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › AUTOMOTIVE SEMICONDUCTORS

Automotive Semiconductors: One Label, Two Price Worlds

How six listed automotive silicon names are priced on forward revenue, what separates the premium end from the discount end, and what the recorded deal tape shows.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-15 · primary valuation basis EV / Revenue (CY2027E)

Automotive Semiconductors Coverage | September 2026 | Confidential

Sources & methodology

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   INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › AUTOMOTIVE SEMICONDUCTORS

   Cover slide introducing the Automotive Semiconductors sector outlook dated September 2026.

   This report examines how the market prices six listed automotive-semiconductor suppliers on a shared forward-revenue basis as of September 2026. What follows shows why the sector label doesn't set the price — tier membership does.

   Everything on this page

   INFORMATION TECHNOLOGY › SEMICONDUCTORS AND SEMICONDUCTOR EQUIPMENT › AUTOMOTIVE SEMICONDUCTORS Automotive Semiconductors: One Label, Two Price Worlds How six listed automotive silicon names are priced on forward revenue, what separates the premium end from the discount end, and what the recorded deal tape shows. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-15 · primary valuation basis EV / Revenue (CY2027E) Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five numbered sections plus the appendix.

   We've structured this report so the bottom line comes first: read section one alone and you have the full argument. The remaining sections build out the landscape, the valuation drivers, the deal tape and the strategic questions this pricing pattern raises — so clients can go as deep as they need without re-reading.

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   CONTENTS What This Report Covers 01 The Bottom Line One Group Label, Two Price Worlds 02 The Landscape Every Listed Name Sits in One Broad-Line Group 03 Valuation & Situations The Spread Inside the Group Is the Story 04 The Deal Tape A Thin Tape Where Buyers Bought Capability 05 Strategic Implications Conversion Evidence Is the Lever on Price 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 2

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   01 · THE BOTTOM LINE

   Automotive Semiconductors Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation

   Summary page stating that automotive semiconductors price in tiers rather than by sector label.

   Across the rated names, the premium tier prices at a middle multiple of 9.4x on CY2027E revenue against 2.4x at the base, with a 5.1x sector median in between — all on the same forward-revenue standard. That gap sits inside a single group, not between separate industry categories, so the sector label alone tells a client very little about where a name will price. This page is the whole argument in miniature; everything after it supports or extends this read. So what: the conversation with any name in this group has to start with tier membership, not the industry tag.

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   01 · THE BOTTOM LINE Automotive Semiconductors Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation The full story on one page · figures on EV / Revenue (CY2027E), market data as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (5 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 3 1 The Top End Prices at 9.4x, the Base at 2.4x The two names at the premium end carry a middle multiple of 9.4x on CY2027E revenue, against 2.4x for the two names at the base. Same group label, same revenue standard, and a price gap of that width as at the 15 September 2026 price date. 2 One Label, Six Names, No Shared Price All six listed names fall inside the single broad-line automotive-grade analog, power and discrete supplier group, so the label does no sorting work. Forward growth expectations sit in a narrow band — the middle of the set is 24% — while the prices sit nowhere near as close together. 3 The Premium Follows Expected Conversion, Not Delivered Profit Aeva Technologies, Inc. (AEVA) is priced at 11.9x CY2027E revenue on 75% expected growth, with no EBITDA margin recorded in this set. Where profit is already in the accounts, the price is lower — an association across the five priced names, not proof of cause. 4 The Deal Tape Is Thin and Every Recorded Buyer Is a Strategic One Three transactions sit in the tape, and the two recent ones are purchases of in-vehicle networking and link capability rather than earnings streams. Both are recorded as announced, so they evidence buyer intent and what capability is worth acquiring, not closed outcomes. 5.1x Sector median EV/Revenue CY2027E consensus · 5 rated of 6 companies 9.4x Premium tier median vs 2.4x discount top quartile (n=2) against bottom quartile (n=2) — the spread the report explains 3 Recorded transactions in this tier told as case studies in the deal section; the full tape is in the appendix

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   SECTION 02

   02

   Divider introducing the market-map section covering the sector's single broad-line group.

   Every listed name in this set sits inside one broad-line group, so the sorting that matters happens inside it, not between separate groups. The next pages show that internal contrast directly.

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   SECTION 02 02 THE LANDSCAPE Every Listed Name Sits in One Broad-Line Group Which is why the sorting that matters happens inside the group, not between groups. 02 of 06 Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 4

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   02 · MARKET MAP

   One Group Holds Every Priced Name, so the Contrast Lives Inside It

   Map of six approved companies grouped by business segment, showing median EV/Revenue per group.

   All six approved companies fall into the same broad-line group, and the group median EV/Revenue sits at 5.1x. Because there's only one group, the group-level view can't explain the spread we see across individual names — it just confirms where to look next. So what: the real story is inside this single group, not across a sector taxonomy.

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   02 · MARKET MAP One Group Holds Every Priced Name, so the Contrast Lives Inside It 6 approved companies grouped by business segment · median EV / Revenue (CY2027E) per group · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; 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 Semiconductors Coverage | September 2026 | Confidential Sources & methodology 5 BROAD-LINE AUTOMOTIVE-GRADE ANALOG, POWER AND DISCRETE SUPPLIERS 6 cos median 5.1x STMicroelectronics (STM) ALGM INDI Aeva Technologies (AEVA) ARBE VLN All six companies sit here — 100% of the set — covering scaled device makers and pre-scale names on the same label, which is why price separation inside the group carries the information.

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   02 · LANDSCAPE

   Six Names, One Group Label, and a Price Range the Label Cannot Explain

   Segment view of the six-name universe showing a price range the group label doesn't explain.

   Six names carry one group label, yet their prices sit far apart even on the same CY2027E revenue basis, as the following valuation pages show. This page lays out what each company does, so clients can match the pricing pattern to real business differences rather than a label. So what: understanding this group means reading each name on its own merits, not on its segment tag.

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   02 · LANDSCAPE Six Names, One Group Label, and a Price Range the Label Cannot Explain Segment view of the approved universe · EV / Revenue (CY2027E) medians on rated names · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; 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 Semiconductors Coverage | September 2026 | Confidential Sources & methodology 6 Segment n Share of universe Median EV/Revenue Names to know What they do — and why it matters Broad-line automotive-grade analog, power and discrete suppliers 6 100% 5.1x STMicroelectronics N.V. (STM) · ALGM · +4 more One label, every name. The group spans scaled automotive-grade analog, power and discrete supply alongside pre-scale names whose value sits in a qualified design-win pipeline that only converts at start of production. The median price across the five names with a CY2027E multiple is 5.1x, which reads as a mid-point between two very different business shapes rather than a group norm.

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   Divider introducing the valuation section on the spread within the group.

   The spread inside this group, not the group average, is the story — premium end against discount end, both read on the same forward-revenue standard. The next pages quantify that spread and what appears to drive it.

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   SECTION 03 03 VALUATION & SITUATIONS The Spread Inside the Group Is the Story Premium end against discount end, both read on the same forward revenue standard. 03 of 06 Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Two Price Worlds on One Forward Standard: The Top at 9.4x, the Base at 2.4x

   Chart ranking all rated companies by EV/Revenue (CY2027E), from a 9.4x top to a 2.4x base against a 5.1x median.

   On the same CY2027E revenue basis, the top of this set prices at 9.4x while the base prices at 2.4x, against a 5.1x sector median. That's two distinct price worlds sitting inside one industry label. So what: any conversation about where a name should trade needs to start with which of these two worlds it sits in, not with the sector average.

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   03 · PUBLIC MARKET VALUATION Two Price Worlds on One Forward Standard: The Top at 9.4x, the Base at 2.4x EV / Revenue (CY2027E) · all 5 rated companies, sorted descending · sector median 5.1x · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / Revenue on CY2027E consensus (5 of 6 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 / Revenue (CY2027E) basis. Panel commentary is a NeuraCap view. Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 8 PREMIUM · median 9.4x CORE · median 5.1x DISCOUNT · median 2.4x Sector median 5.1x WHAT SEPARATES THE TWO ENDS The top sells future revenue. The two names at the premium end carry a median multiple of 9.4x on CY2027E revenue, and neither has a recorded EBITDA margin in this set. What is being priced is programme conversion ahead of start of production rather than earnings already banked. The base sells delivered earnings. The two names at the discount end sit at a median of 2.4x, with margin already showing in the accounts. On the same forward standard, the lowest prices in this set attach to the most visible revenue, which is the inverse of the usual intuition. A forward lens already credits growth. A CY2027E revenue multiple has the expected ramp inside it, so a premium that still stands on the forward year is a statement about durability rather than slope. With only five priced names, treat the spread as the opening question on earnings quality, not a verdict.

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   03 · VALUATION DRIVERS

   What the Price Gap Is Actually Paying For

   Page examining what the price gap between tiers appears to be paying for.

   We read the price gap as tracking expected revenue conversion and where margin is expected to land, based on the cohort medians shown here. This is an association across the rated names, not a proven cause of the pricing. So what: clients evaluating a name in this group should ask what evidence supports its expected conversion, not assume the multiple is arbitrary.

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   03 · VALUATION DRIVERS What the Price Gap Is Actually Paying For EV / Revenue (CY2027E) · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 9 Designed-in Sockets, Not Order Intake, Set the Floor Programme awards become revenue only at start of production, so the price spread inside this group tracks how much of the forward plan is already designed in at named platforms. The middle of the forward growth range is 24% across the five names with estimates — a narrow band behind prices this far apart. Margin Is Where This Group Genuinely Separates Recorded EBITDA margins run from 15% to 30% across the three names that carry both a multiple and a margin. Silicon-level capture versus module and system assembly mix is the practitioner explanation for a gap that wide, and it is testable product family by product family. Qualification Pedigree Is the Barrier Buyers Pay to Skip Automotive-grade qualification, functional-safety scope and part-approval status decide which sockets a supplier can even bid for, and they cannot be compressed to suit a buyer's timetable. That is the practical reason capability purchases keep appearing in the tape alongside internal development. Destock Noise and Programme Loss Look Alike in the Quarter Tier-one and channel inventory weeks can flatten reported revenue while a design-win book stays intact, and the reverse is also possible. Separating programme-driven revenue from inventory-driven revenue is the single most useful disclosure-independent operating discipline in this group.

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    03 · SITUATION MAP

    Where Price and Margin Line up, and Where They Pull Apart

    Grid placing rated names by EV/Revenue against the sector median and EBITDA margin against the covered median.

    This page cuts the set on EV/Revenue against the 5.1x sector median and EBITDA margin against the 29% covered median, showing where price and profitability line up and where they diverge. These are observations on where each name sits, not recommendations to buy or sell any security. So what: the quadrant a name falls into frames the questions worth asking about it, before any valuation conclusion is drawn.

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    03 · SITUATION MAP Where Price and Margin Line up, and Where They Pull Apart Cut on EV / Revenue vs the sector median (5.1x) (rows) and EBITDA margin vs the covered median (29%) (columns) · 2 rated names without the second measure are not mapped · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; 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 Semiconductors Coverage | September 2026 | Confidential Sources & methodology 10 Paid for Profitable Growth Above-median multiple · above-median EBITDA margin 1 names ALGM ALGM is the one name of the three mapped here that sits above the middle on both price and margin, at a 30% recorded EBITDA margin. That pairing of scaled profitability with above-middle pricing is what the forward standard is currently willing to pay up for. Priced Ahead of Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Profit Without the Price Below-median multiple · above-median EBITDA margin 1 names STMicroelectronics N.V. (STM) STMicroelectronics N.V. (STM) carries a 29% recorded EBITDA margin and still prices below the middle of the set. On this evidence, delivered profit at scale is not what the forward standard rewards most, which puts the weight on mix and content growth rather than volume. Two Bars Still to Clear Below-median multiple · below-median EBITDA margin 1 names INDI INDI sits below the middle on both price and margin, at 15%. The operating levers that would move it are product mix and content capture per platform rather than build rates, and among the three mapped names it is the clearest self-help case.

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    03 · THE AGENDA

    Four Questions the Price Gap Puts to an Owner in This Group

    Page framing four questions the price gap raises for an owner in this group.

    We've framed four questions this pricing pattern puts to an owner in this group — on program conversion, margin location, platform concentration and build-versus-buy. These are observations grounded in the cohort data, not recommendations for any specific transaction. So what: they're the starting checklist for any owner or acquirer trying to understand where a name's price could move next.

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    03 · THE AGENDA Four Questions the Price Gap Puts to an Owner in This Group 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 2026-09-15; 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 Semiconductors Coverage | September 2026 | Confidential Sources & methodology 11 How Much of the CY2027E Ramp Is Already Designed In? A forward revenue standard credits the ramp before it arrives, so the owner's question is what share of the plan rests on awarded sockets with named start-of-production dates versus pipeline still to be won. That mix, rather than the growth rate, is what a premium has to survive. What changes the answer: Share of the forward revenue plan covered by awarded programmes. Does Margin Land at the Silicon or at the Module? As architectures centralise, the same content can be sold as a chip or as an assembled box, and the two carry very different gross margins. Deciding where to compete on each platform is a pricing and mix decision with a direct read-through to how the set is valued. What changes the answer: Gross margin by product family as module content in the mix moves. What Is Single-Platform Concentration Costing in Price? Dual-sourcing mandates cap share on any one platform and programme delays hit concentrated books hardest, which is why concentration reads as a detractor in this group. Broadening the platform base is an operating programme with a multi-year lead time, not a quarterly fix. What changes the answer: Share of revenue on the largest platform and the re-sourcing calendar. Build the Missing Capability or Buy It? Both recent entries in the tape show broad-line buyers purchasing in-vehicle capability rather than qualifying it internally, which sets a reference for the build-versus-buy calculus. The deciding variable is whether an internal path can reach qualification inside the programme timeline. What changes the answer: Whether internal development can reach part approval before the award date.

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    04

    Divider introducing the deal-tape section on recorded transactions.

    The recorded deal tape is thin — three transactions, two of them recent purchases of in-vehicle capability. The next pages walk through what buyers chose to acquire rather than build.

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    SECTION 04 04 THE DEAL TAPE A Thin Tape Where Buyers Bought Capability Three recorded transactions, two of them recent purchases of in-vehicle capability. 04 of 06 Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 12

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    04 · DEAL CASE STUDIES

    A Thin Tape, and What Buyers Chose to Purchase Rather than Build

    Case studies covering the three recorded transactions and the capability each buyer purchased.

    All three recorded transactions in this tape are told here as case studies, with multiples on LTM financials at announcement where disclosed. Several tape records carry data-quality flags, so figures are shown exactly as recorded in the filings rather than adjusted. These deal multiples sit on a different basis than the CY2027E public multiples shown earlier, so no spread is claimed between them. So what: the pattern across recent deals is buyers purchasing in-vehicle capability directly rather than building it internally.

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    04 · DEAL CASE STUDIES A Thin Tape, and What Buyers Chose to Purchase Rather than Build 3 of 3 recorded transactions, told as case studies · multiples on LTM financials at announcement where disclosed · the complete tape is in the appendix · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 4 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; parent financials detached); figures are shown as recorded in the filing. 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 Semiconductors Coverage | September 2026 | Confidential Sources & methodology 13 Apr-2025 $2.5B Infineon Technologies AG Infineon Technologies AG steps into automotive Ethernet at $2.5B EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a buyer choosing to purchase an in-vehicle networking position rather than qualify one inside a vehicle programme timeline. Recorded as announced with divestiture roles reassigned, it has the shape of a carve-out where transition services and wafer supply arrangements will carry a real share of the economics. HOW THE TARGET WAS VALUED The tape records $2.5B of value as filed, with no revenue or EBITDA multiple disclosed and the value unit unresolved. It therefore benchmarks what a qualified networking franchise commanded rather than giving a multiple that can be set against the listed set. Dec-2024 $242M NXP Semiconductors N.V. NXP Semiconductors N.V. adds Aviva Links for $242M EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The purchase reads as a capability and intellectual-property addition: a private target bought by a broad-line supplier that wants the link technology inside its own platform roadmap. Status is recorded as announced, so the logic is visible in the pairing rather than in realised results. HOW THE TARGET WAS VALUED Disclosed value is $242M with no revenue or EBITDA multiple recorded and the value unit unresolved. Against the priced listed names it sits as a capability price point, which is how the tape values assets whose worth lives in qualification and design-win position. Aug-2014 n/a International Rectifier acquires Infineon Technologies AG EV / LTM revenue 2.0x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The Aug-2014 entry is recorded with International Rectifier as acquirer and Infineon Technologies AG as target, which is how the tape holds it. As a whole-company transaction it suggests consolidation of scaled device supply rather than a capability tuck-in, and the age of the record limits how far that reading travels. HOW THE TARGET WAS VALUED The recorded multiple is 2.0x revenue, with no enterprise value captured (n/a). That sits near the discount end of today's forward revenue standard, though the two are different vintages and different bases, so the comparison is directional only.

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    05

    Divider introducing the strategic-implications section on conversion evidence.

    Conversion evidence is the lever on price in this group, and the next section sets out what owners, acquirers and boards should be testing over the coming planning cycle.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Conversion Evidence Is the Lever on Price What owners, acquirers and boards should be testing over the next planning cycle. 05 of 06 Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    What a Group Priced on Conversion, Not Category, Asks of Each Reader

    Page setting out what a group priced on conversion, not category, asks of owners, acquirers, and boards.

    For owners, the operating agenda is mix, platform breadth and pricing discipline; for acquirers, diligence centers on award documentation and qualification timing; for boards, the useful comparison is name by name, not sector average. These are NeuraCap views drawn from the analysis in this report — observations, not recommendations. So what: each audience has a distinct, testable question this pricing pattern puts in front of them over the next twelve months.

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    05 · STRATEGIC IMPLICATIONS What a Group Priced on Conversion, Not Category, Asks of Each Reader 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 2026-09-15; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 15 FOR OWNERS Conversion Evidence, Not the Category Label, Tracks the Price Every name in this set carries the same group label and the prices are far apart, so the differentiator sits inside the business: awarded sockets, content per vehicle and where margin lands. The operating agenda is mix, platform breadth and pricing discipline through the annual price-down that a long programme lifetime carries. FOR ACQUIRERS The Tape Prices Capability, and Diligence Is Engineering Diligence Both recent recorded transactions are capability purchases by broad-line suppliers, with no multiples disclosed, which is the convention when value sits in qualification status and design-win position. Underwriting concentrates on start-of-production timing, award documentation and the supply and transition schedules that govern a carve-out. FOR BOARDS AND INVESTORS One Label Is Not One Asset Class Reading this group as a single sector average blends scaled profitable supply with pre-scale names whose revenue is still ahead of them. With five priced names and three carrying both a multiple and a margin, the useful comparison is name by name on conversion and mix rather than group to group.

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    06

    Divider introducing the appendix covering the full universe, methodology and sources.

    The appendix carries the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives.

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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 Semiconductors Coverage | September 2026 | Confidential Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    Appendix table of public comparables on EV/Revenue (CY2027E), grouped by valuation tier.

    This table carries the rated companies grouped by valuation tier, with one additional name in the universe not rated for lack of an eligible multiple. Tickers link back to the underlying source, so clients can trace any figure to its filing. So what: this is the full comparable set behind the tier contrast shown earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / Revenue (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/Revenue above the sector median (5.1x); amber marks below · 5 rated companies; 1 not rated (no eligible EV/Revenue) · tickers link to the underlying source · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. All 5 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 Semiconductors Coverage | September 2026 | Confidential Sources & methodology 17 Company Ticker Segment EV EV/Revenue (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥6.8x · median 9.4x · 2 companies Aeva Technologies, Inc. AEVA Broad-line automotive-grade analog, power and discrete suppliers $839M 11.9x 75% n/a n/a ARBE ARBE Broad-line automotive-grade analog, power and discrete suppliers $102M 6.8x n/a n/a n/a CORE — 2.5x–6.8x · median 5.1x · 1 companies ALGM ALGM Broad-line automotive-grade analog, power and discrete suppliers $6.3B 5.1x 25% 30% 48 DISCOUNT — <2.5x · median 2.4x · 2 companies STMicroelectronics N.V. STM Broad-line automotive-grade analog, power and discrete suppliers $41.9B 2.5x 22% 29% 48 INDI INDI Broad-line automotive-grade analog, power and discrete suppliers $857M 2.4x 23% 15% 48

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    The Full Deal Tape, Newest First

    Appendix table of the full recorded deal tape, newest first.

    The full tape of three recorded transactions sits here, newest first, with deal values linked to the underlying filings where available. Several records carry data-quality flags, and are shown as recorded rather than adjusted. So what: this is the complete evidentiary base behind the deal-tape observations made earlier.

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    06 · PRECEDENT TRANSACTIONS (1 OF 1) The Full Deal Tape, Newest First 3 recorded transactions in this tier · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 4 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; parent financials detached); figures are shown as recorded in the filing. 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 Semiconductors Coverage | September 2026 | Confidential Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2025 Infineon Technologies AG → automotive Ethernet business (unit of Marvell Automotive Ethernet Business) $2.5B n/a n/a Infineon Technologies AG is recorded in Apr-2025 acquiring the automotive Ethernet business (unit of Marvell Automotive Ethernet Business), status announced. The filing carries an unresolved value unit, reassigned divestiture roles and detached parent financials, so read the structure rather than the arithmetic. Dec-2024 NXP Semiconductors N.V. → Aviva Links $242M n/a n/a NXP Semiconductors N.V. is recorded in Dec-2024 acquiring Aviva Links, status announced. A named private target with no disclosed revenue or earnings multiple is the standard shape when a broad-line supplier buys an in-vehicle link capability it would otherwise qualify from scratch. Aug-2014 International Rectifier → Infineon Technologies AG n/a 2.0x n/a The Aug-2014 entry is recorded with International Rectifier as acquirer and Infineon Technologies AG as target, carried on a revenue multiple with no enterprise value captured. It is a decade old, so treat it as a reference point for what whole companies fetched, not as current evidence.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Page setting out the report's sources, assumptions and data-quality treatment.

    This page sets out how the comparable and deal-tape figures were assembled, which multiples were excluded from the plausibility gates, and where each underlying disclosure can be traced. It's here so any figure elsewhere in the report can be checked against its source. So what: clients can verify any number in this deck against the filing or estimate behind 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 2026-09-15 Typeface note: NeuraCap brand face is Kallisto Medium; this build renders in a standard sans (Arial) and should be reviewed in the brand face before external distribution. Automotive Semiconductors Coverage | September 2026 | Confidential 19 VALUATION BASIS Primary valuation basis: EV / Revenue on CY2027E consensus (5 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Automotive Semiconductors and it clears the coverage gate with 6 of 6 companies (100%). EV / EBITDA, P / E are carried as a cross-check. DATA QUALITY & EXCLUSIONS 29 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 249 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 (248) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    One Label, Two Price Worlds; Conversion Evidence Decides Which One a Name Sits In.

    Closing slide restating that one label contains two price worlds decided by conversion evidence.

    One label, two price worlds — conversion evidence decides which one a name sits in. The companion tables alongside this deck carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    One Label, Two Price Worlds; Conversion Evidence Decides Which One a Name Sits In. NeuraCap AI — Automotive Semiconductors Coverage September 2026 · Prepared by NeuraCap AI · Confidential Automotive Semiconductors Coverage | September 2026 | Confidential Sources & methodology 20

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