Broadline and General Merchandise Retail Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › BROADLINE AND GENERAL MERCHANDISE RETAIL

Broadline Retail: The Range Is Wide and Format Tracks It

A read on where the market is paying up across general merchandise retail, and what separates the two ends of the range.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › BROADLINE AND GENERAL MERCHANDISE RETAIL

   This is the cover page introducing the September 2026 outlook on broadline and general merchandise retail.

   We open with a single question: where in broadline and general merchandise retail does the market pay up, and why. Over the next sections we build the answer from segment mapping, public valuation and precedent deals — so what follows is a clear read on which formats and which capital choices earn the premium multiple.

   Everything on this page

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › BROADLINE AND GENERAL MERCHANDISE RETAIL Broadline Retail: The Range Is Wide and Format Tracks It A read on where the market is paying up across general merchandise retail, and what separates the two ends of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This page lists the report's five sections plus the appendix.

   We've built this report so the bottom line comes first — section one carries the full argument, and everything after it is the evidence. That means a client who reads only the first section still leaves with our complete view on where this sector's valuation gap comes from. So what matters here is sequencing: use the later sections to stress-test the conclusion, not to find it.

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   CONTENTS What This Report Covers 01 The Bottom Line What Buyers in Broadline Retail Are Paying For 02 The Landscape Five Formats Sitting Under One Sector Label 03 Valuation & Situations The Range on Forward Profit Is Wide, and Format Tracks It 04 Precedent Transactions A Thin Transaction Record That Still Sets the Reference Points 05 Strategic Implications The Levers That Move Value Here Are Mostly Internal 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Broadline and General Merchandise Retail Is Three Markets: Mass Discount, Specialty Big Box, Department Banners

   This page sets out the report's core finding that broadline and general merchandise retail prices as three distinct markets.

   On our CY2027E EV/EBITDA basis, the four names at the premium end of this set trade at 13.0x against 4.3x for the four at the discount end, and pace of growth explains only part of that gap — faster-growing names price at 10.3x versus 9.9x for slower ones. Department store banners sit lower, at 8.0x, while mass discount chains sit higher, at 10.6x, which tracks how buyers treat owned real estate and lease structure differently from the operating business. Only five of the sixteen rated names hold both growth and margin together, and that group prices at 10.2x. So the sector average obscures the real story — format, box economics and margin durability decide where a name sits in this range.

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   01 · THE BOTTOM LINE Broadline and General Merchandise Retail Is Three Markets: Mass Discount, Specialty Big Box, Department Banners 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 (16 of 18 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Two Ends of This Market Are Priced on Different Terms On CY2027E EV/EBITDA the four names at the premium end are priced at 13.0x, against 4.3x for the four at the discount end; of the 18 companies on the page, 16 names carry a forward estimate. A forward multiple already credits forecast growth, so a premium that survives it is associated with durability rather than with one good year. 2 The Faster Growers Are Priced Barely Above the Slower Ones Split at 6% revenue growth, the eight faster-growing names are priced at 10.3x and the eight slower ones at 9.9x. Pace on its own is associated with only a small part of the pricing gap here, so the make-up of a company's revenue is worth weighing alongside the headline growth rate. 3 Owned Real Estate and Long Leases Show up on Opposite Sides of Value The three anchor department store banners, two of them with a forward estimate, are priced at 8.0x, while the four mass discount chains are priced at 10.6x. Occupancy is the second cost line after merchandise in this sector, and buyers underwrite owned boxes and below-market leases separately from the operating business. 4 Holding Margin While Still Growing Is Uncommon Here Five of the 16 names with a forward estimate clear both the growth and the margin bar used on the map, and that group is priced at 10.2x; three clear the margin bar alone and are priced at 12.1x. Owned-brand and direct-sourcing penetration is the margin engine most often associated with that combination in this sector. 10.3x Sector median EV/EBITDA CY2027E consensus · 16 rated of 18 companies 13.0x Premium end EV/EBITDA vs 4.3x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 6 Transactions with disclosed terms 13 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section mapping the sector's five retail formats.

   We now open up the one-label sector into the five formats that actually sit inside it. So what follows shows who competes with whom, and where each group lands in the valuation range.

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   SECTION 02 02 THE LANDSCAPE Five Formats Sitting Under One Sector Label Who sits in each group, and where each group sits in the range. 02 of 06 Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   One Sector Label, Five Formats Buyers Price on Different Terms

   This page groups the 18 approved companies into segments and shows the median EV/EBITDA (CY2027E) for each.

   We've grouped the approved universe by business segment and priced each group on the same CY2027E EV/EBITDA basis, so the comparison is like-for-like. The five formats land in very different places, which tells us the sector label hides more than it reveals. So before pricing any single name against the sector average, we check which format it actually competes in.

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   02 · MARKET MAP One Sector Label, Five Formats Buyers Price on Different Terms 18 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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CATEGORY-DOMINANT SPECIALTY BIG BOX 7 cos median 9.2x ULTA DKS FIVE BBWI MNSO SVV ARKO The largest group at 39% of the set, spanning beauty, sporting goods, small-box value, thrift and fuel-and-convenience retail. MASS DISCOUNT MERCHANTS 4 cos median 10.6x TGT DG DLTR OLLI 22% of the set: the value fleets that take the trade-down shopper, where comps and unit growth are read together. ANCHOR DEPARTMENT STORE BANNERS 3 cos median 8.0x DDS M DDT 17% of the set, where owned property and long-dated occupancy sit on both sides of the valuation. SOFTLINES-LED APPAREL CHAINS 2 cos median 11.8x BURL CTRN Two names carrying fashion and seasonal risk on the balance sheet, where markdown cadence shows up quickly in merchandise margin. ADJACENT MODELS 2 cos 4.7x · 1 rated SBUX UPBD Two names outside the store-merchandise frame, useful as a check on where the sector's edges are priced.

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   02 · LANDSCAPE

   Five Formats, Five Different Places in the Range

   This page describes what each of the five retail formats does and why it matters commercially.

   Each format in this set faces its own competitive set, own occupancy profile and own growth ceiling, and the group medians on rated names reflect that. Reading the segment detail here is how we translate a single multiple into a story about who a company actually competes against. So what a board or acquirer takes from this page is the right peer set, not the sector-wide one.

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   02 · LANDSCAPE Five Formats, Five Different Places in the Range 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. Broadline and General Merchandise Retail 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 Category-dominant specialty big box 7 39% 9.2x Ulta Beauty, Inc. (ULTA) · DICK'S Sporting Goods, Inc. (DKS) · +5 more Seven names, one crowded group. Beauty, sporting goods, small-box value, thrift and fuel-and-convenience sit together here and price at 9.2x in the middle of the group. What separates them inside the group is store-level contribution and whether the assortment pulls repeat visits without promotional spend. Mass discount merchants 4 22% 10.6x Target Corporation (TGT) · Dollar General Corporation (DG) · +2 more Four value fleets, priced together. Target Corporation (TGT), Dollar General Corporation (DG), Dollar Tree, Inc. (DLTR) and Ollie's Bargain Outlet Holdings, Inc. (OLLI) price at 10.6x in the middle of the group. Buyers in this format underwrite comps composition, distribution density against the fleet and how much of the trade-down shopper each banner is capturing. Anchor department store banners 3 17% 8.0x Dillard's, Inc. (DDS) · Macy's, Inc. (M) · +1 more Owned boxes, long occupancy. Three banners, two of them with a forward estimate, price at 8.0x in the middle of the group. Property is underwritten separately from the operating business in this format, so a sum-of-the-parts view can read very differently from the multiple on the screen. Softlines-led apparel chains 2 11% 11.8x Burlington Stores, Inc. (BURL) · Citi Trends, Inc. (CTRN) Two names, off-price and urban value. Burlington Stores, Inc. (BURL) and Citi Trends, Inc. (CTRN) price at 11.8x in the middle of the pair. On a base of two names the figure is indicative only; what travels is the model — fast sell-through, tight open-to-buy and inventory that turns before it needs marking down. Adjacent models 2 11% 4.7x n=1 Starbucks Corporation (SBUX) · Upbound Group, Inc. (UPBD) Two boundary names, one estimate. Starbucks Corporation (SBUX) and Upbound Group, Inc. (UPBD) sit outside the store-merchandise frame, and one of the two carries a forward estimate, at 4.7x. Read this group as a boundary check on the sector rather than as a priced peer set.

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   SECTION 03

   03

   This divider introduces the section on public market valuation and what drives it.

   We move next into the public market evidence — sixteen of the eighteen names carry a forward estimate, and the range between them is wide. So what we build across this section is the case for what actually separates the top of that range from the bottom.

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   SECTION 03 03 VALUATION & SITUATIONS The Range on Forward Profit Is Wide, and Format Tracks It 18 companies on the page, 16 names with a forward estimate, and a long gap between the two ends. 03 of 06 Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Is Held by Value Formats Still Adding Boxes

   This page ranks all 16 rated companies by EV/EBITDA (CY2027E) and marks the tier that holds the premium end.

   Across the full rated set, the sector median sits at 10.3x, and the premium end is held by value formats that are still adding boxes rather than by the highest-margin names. Tier boundaries here are cut at the rated set's own quartiles, so the comparison is internal to this sector rather than borrowed from a broader index. So what a client owning one of these formats should ask is whether unit growth, not just cost control, is the more available lever right now.

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   03 · PUBLIC MARKET VALUATION The Premium End Is Held by Value Formats Still Adding Boxes EV / EBITDA (CY2027E) · all 16 rated companies, sorted descending · sector median 10.3x · 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 (16 of 18 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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.0x CORE · median 10.3x DISCOUNT · median 4.3x Sector median 10.3x WHAT SEPARATES THE TWO ENDS The top sells unit growth. The four names at the premium end are priced at 13.0x, and the group includes Ollie's Bargain Outlet Holdings, Inc. (OLLI) at 12% revenue growth and Five Below, Inc. (FIVE) at 10%. Store economics that repay build-out cost quickly are what allows that growth to keep coming from new boxes rather than from promotion. The bottom carries other risks. The four names at the discount end are priced at 4.3x. Macy's, Inc. (M) grew revenue 24% and still sits there, which suggests buyers are weighing mall-anchored exposure and long-dated occupancy alongside the growth line rather than reading the growth line on its own. The lens already credits growth. The page ranks on CY2027E EV/EBITDA, so forecast growth is already inside the number. A premium that survives that test is associated with durability — merchandise margin, buying capability and a fleet that can be right-sized — rather than with a single strong season.

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   03 · VALUATION DRIVERS

   The Narrow Price Gap Sits with the Faster Growers, and Not with the Higher-Margin Names

   This page compares median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

   Split at the covered median for each measure, faster-growing names price at 10.3x against 9.9x for slower ones, a narrower gap than growth alone would suggest. That pattern is an association in the data we've assembled, not a causal claim, and it means growth pace by itself is not the whole pricing story here. So the more useful question for any name in this set is what its growth is made of, not just how fast it is.

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   03 · VALUATION DRIVERS The Narrow Price Gap Sits with the Faster Growers, and Not with the Higher-Margin Names 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=8; slower n=8; higher-margin n=8; lower-margin n=8). Driver readings are NeuraCap views on the supplied data — association, not causation. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 6% · EBITDA-margin split at 12% The Faster Half Prices at 10.3x Against 9.9x for the Slower Half Split at 6% revenue growth, the eight faster-growing names and the eight slower ones sit within a narrow band of each other on the forward profit lens. Pace on its own is associated with only a small step up in price, which is why practitioners here read traffic and ticket separately before reading the headline rate. The Highest Reported Margins in the Set Are Not at the Top of the Range MINISO Group Holding Limited (MNSO) reports a 23% EBITDA margin and prices at 3.9x, while Arko Corp. (ARKO) at a 3% margin prices at 10.4x. Margin level on its own is not tracking price across this set; how the margin is earned — merchandise margin versus non-merchandise income — is what diligence tests hardest. The Growth Range in This Set Is Too Wide for a Single Benchmark Citi Trends, Inc. (CTRN) grew revenue 42% and Arko Corp. (ARKO) -4%, and both sit in the middle tier of the range. With a spread that wide, benchmarking comps, sell-through and markdown cadence against the names in the same format tells an owner more than the sector average does.

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    03 · SITUATION MAP

    Higher Pricing Shows up Both with and Without Growth — Four Names in Each Cell

    This page places rated companies into four cells cut on valuation and revenue growth relative to the sector's own medians.

    Cutting the set at the sector median multiple of 10.3x and the covered growth median, we find higher pricing shows up on both sides of the growth line, not only where growth is fastest. These are observations about where names sit, not a recommendation to buy or sell any one of them. So the map is a starting point for diligence on any specific name, not a verdict on it.

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    03 · SITUATION MAP Higher Pricing Shows up Both with and Without Growth — Four Names in Each Cell Cut on EV / EBITDA vs the sector median (10.3x) (rows) and revenue growth vs the covered median (6%) (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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid for Pace Above-median multiple · above-median revenue growth 4 names Burlington Stores, Inc. (BURL) · Five Below, Inc. (FIVE) · Ollie's Bargain Outlet Holdings, Inc. (OLLI) · +1 more Burlington Stores, Inc. (BURL), Five Below, Inc. (FIVE), Ollie's Bargain Outlet Holdings, Inc. (OLLI) and Citi Trends, Inc. (CTRN) price above the middle of the set with revenue growth above it too. The question for an owner here is unit runway: how many more boxes the current store payback arithmetic supports before pricing rests on comps alone. Paid for Durability Above-median multiple · below-median revenue growth 4 names Dollar General Corporation (DG) · Ulta Beauty, Inc. (ULTA) · Dillard's, Inc. (DDS) · +1 more Dollar General Corporation (DG), Ulta Beauty, Inc. (ULTA), Dillard's, Inc. (DDS) and Arko Corp. (ARKO) price above the middle of the set on slower revenue growth. That pricing is associated with durability — merchandise margin, owned property and repeat visit frequency — and those are the lines diligence tests hardest. Growth at a Lower Price Below-median multiple · above-median revenue growth 4 names Dollar Tree, Inc. (DLTR) · Macy's, Inc. (M) · MINISO Group Holding Limited (MNSO) · +1 more Dollar Tree, Inc. (DLTR), Macy's, Inc. (M), MINISO Group Holding Limited (MNSO) and Savers Value Village, Inc. (SVV) grow faster than the middle of the set and price below it. The gap here usually sits in earnings quality or occupancy — where the growth came from, and what the lease book costs — which is ground an owner can work on directly. Below the Middle on Both Below-median multiple · below-median revenue growth 4 names Target Corporation (TGT) · DICK'S Sporting Goods, Inc. (DKS) · Bath & Body Works, Inc. (BBWI) · +1 more Target Corporation (TGT), DICK'S Sporting Goods, Inc. (DKS), Bath & Body Works, Inc. (BBWI) and Upbound Group, Inc. (UPBD) sit below the middle of the set on both pricing and revenue growth. Fleet size on its own is not being paid for in this set; the levers in the owner's hands are mix, markdown cadence and the cost of the box.

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    03 · GROWTH VS PROFITABILITY

    Five Names Hold Margin and Growth Together; Most Clear One Bar or Neither

    This page plots revenue growth against EBITDA margin for the 16 companies with both estimates and shows the median multiple in each quadrant.

    Cut at the covered medians of 6% growth and 12% margin, the balanced quadrant — five names holding both — prices at 10.2x, while the margin-only group of three prices higher, at 12.1x. That tells us holding margin alone, without growth, is not automatically penalised in this set. So the practical read for an owner is that margin discipline still earns a premium even where unit growth has slowed.

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    03 · GROWTH VS PROFITABILITY Five Names Hold Margin and Growth Together; Most Clear One Bar or Neither Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 16 companies with both estimates · cuts at the covered medians (6% growth, 12% 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=5; margin-only n=3; growth-only n=3; neither n=5). CTRN, MNSO plotted at the chart edge. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 30% 40% 5% 10% 15% 20% MARGIN ONLY median 12.1x BALANCED median 10.2x NEITHER median 9.5x GROWTH ONLY median 10.3x ARKO DDS BBWI DKS TGT UPBD DG ULTA DLTR SVV BURL FIVE MNSO OLLI M CTRN x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The horizontal axis is revenue growth against the middle of the set and the vertical is EBITDA margin against 12%. Five of the 16 names with a forward estimate clear both bars and are priced at 10.2x, three clear margin alone at 12.1x, three clear growth alone, and five clear neither at 9.5x. On a base this small each name moves the read, so treat the cells as a map of where a company sits rather than as a score. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 16 names clear it (CTRN).

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    03 · THE AGENDA

    Where the Next Dollar of Capital Earns the Better Multiple in This Sector

    This page frames the capital-allocation questions the valuation evidence raises for owners and acquirers.

    The cohort data earlier in this report point to specific questions rather than a single answer: where the next store opens, what mix of owned brand and third-party product a fleet carries, and how occupancy cost is structured. These are framed here as observations grounded in the data shown, not as investment advice or a recommendation on any security. So what we hand a client at this point is an agenda for the next planning cycle, built from evidence rather than intuition.

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    03 · THE AGENDA Where the Next Dollar of Capital Earns the Better Multiple in This Sector 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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Settle Which Format Your Boxes Actually Compete In The set prices specialty big box, mass discount and department banners on different terms, and the sector average flatters some of them and penalises others. Map your trade areas and assortment overlap against those groups before assuming the middle of the range applies to you. What changes the answer: Assortment overlap with mass merchants or direct-from-overseas sellers moving against you in core categories. Decide Whether the Next Step Is Unit Growth or Margin Held Only five of the 16 names with a forward estimate clear both bars, so for most fleets one bar is the realistic step in a planning cycle. The evidence here does not crown one route, which puts the choice back on store payback arithmetic and whitespace that the format can actually travel into. What changes the answer: New-store payback lengthening beyond the fleet average, or comps composition shifting from traffic to ticket. Separate What the Property Is Worth from What the Stores Earn Buyers in this sector underwrite owned boxes and below-market leases separately and treat capitalised lease obligations as debt-like. Knowing which side of that line your value sits on changes how remodel capital, renewals and any sale-leaseback capacity get prioritised. What changes the answer: Renewal, co-tenancy or right-sizing decisions falling due on a material share of the fleet. Know How Much of the Earnings Line Is Merchandise Margin Credit programme economics, retail media and in-store services carry different durability from merchandise margin, and diligence in this sector normalises them separately. Mix is a capital allocation question long before it is a presentation question. What changes the answer: A change in card or consumer-lending economics, or in shrink accrual, that moves non-merchandise income.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions in the sector.

    We turn now to the deal record — six transactions with disclosed terms, mostly department store banners and value formats. So what this section adds is a second, deal-based reference point alongside the public multiples we've just walked through.

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    SECTION 04 04 PRECEDENT TRANSACTIONS A Thin Transaction Record That Still Sets the Reference Points Six transactions, mostly department store banners and value formats, and what buyers agreed to pay. 04 of 06 Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    The Transaction Record Prices Department Banners Below the Public Set

    This page walks through precedent transactions with disclosed terms as case studies, told one at a time.

    Of the transactions we track in this tier, six carry disclosed terms and are priced on LTM financials at announcement, a different basis from the CY2027E public multiples used earlier in this report — so no spread between the two is claimed. The record concentrates in department store banners and value formats, which is itself informative about where controlling stakes have actually changed hands. So a client reading this page should treat it as a reference point on deal terms, not as a like-for-like valuation check against the public set.

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    04 · DEAL CASE STUDIES The Transaction Record Prices Department Banners Below the Public Set 1 of 6 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. 7 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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jan-2022 $14.2B Acacia Research Corporation Acacia Research Corporation's $14.2B approach to Kohl's Corporation put a full-line department store platform in play. EV / LTM revenue 0.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The approach reads as an asset-backed thesis rather than an operating one: a full-line banner where owned property, the inventory borrowing base and the credit programme can each be financed separately from the store business. Coming in Jan-2022 from a buyer outside the retail operating set, it suggests the market was capitalising the operating business below the separable asset value. HOW THE TARGET WAS VALUED Recorded at $14.2B and 0.7x revenue, the approach was framed on sales rather than on forward profit. Set against the department store transactions in this record at 5.7x and 8.8x EBITDA, it is a reminder that in this format property and receivables carry part of the value.

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    SECTION 05

    05

    This divider introduces the section on strategic implications for owners, boards and buyers.

    The evidence assembled so far points toward levers that sit mostly inside a company's own control. So what follows translates the valuation and deal evidence into a working agenda for the next twelve months.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Levers That Move Value Here Are Mostly Internal What the evidence points to for owners, boards and buyers. 05 of 06 Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Work the Lines You Control: Box Economics, Mix and Occupancy

    This page sets out the operational questions the data raises for owners, boards and acquirers over the next twelve months.

    For owners, the practical work is store-level contribution, markdown cadence and sell-through; for boards, it is benchmarking against the right format rather than the sector average; for acquirers, it is underwriting inventory and lease terms as separate negotiation points. These are directional views drawn from the analysis in this report, not recommendations to transact. So what a client leaves this page with is a short list of internal levers to work before the next planning or diligence cycle.

    Everything on this page

    05 · STRATEGIC IMPLICATIONS Work the Lines You Control: Box Economics, Mix and Occupancy 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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Value Here Follows What a Box Earns and How Fast It Repays Across this set, the top of the range sits with formats that add units while holding margin. The practical work is store-level contribution, markdown cadence and sell-through — the lines an owner sets — rather than the sector's average multiple. FOR BOARDS Benchmark Against the Format Rather than the Sector Average The five groups sit in different places in the range, and the middle of the whole set flatters some banners while penalising others. A board reading its own multiple against peers in the same format gets a cleaner view of where the gap actually is. FOR ACQUIRERS Inventory and Leases Are Where the Terms Get Decided The six transactions in this record cluster in department store banners and value formats, and pricing convention here runs off a normalised merchandise margin with the rent-adjusted view alongside. The borrowing base, remaining lease term and transition services for the buying office carry the negotiation.

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    SECTION 06

    06

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

    The final section carries the detail behind every figure in this report — the full comparable set, the valuation basis and the underlying sources. So what a client uses this section for is tracing any number back to where it came from.

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

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

    This page lists public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, for the first half of the rated set.

    Sixteen companies carry a rated multiple and two do not, and here we group all of them by tier against the sector median of 10.3x. Tickers on this page link back to the underlying source for anyone who wants to check a specific figure. So this table is the working reference behind every multiple used earlier in the report.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.3x); amber marks below · 16 rated companies; 2 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 16 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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.1x · median 13.0x · 4 companies Burlington Stores, Inc. BURL Softlines-led apparel chains $21.9B 13.2x 9% 12% 21 Five Below, Inc. FIVE Category-dominant specialty big box $13.5B 13.1x 10% 15% 26 Ollie's Bargain Outlet Holdings, Inc. OLLI Mass discount merchants $5.6B 12.9x 12% 14% 25 Ulta Beauty, Inc. ULTA Category-dominant specialty big box $25.8B 12.3x 5% 14% 21 CORE — 7.2x–12.1x · median 10.3x · 8 companies Dillard's, Inc. DDS Anchor department store banners $9.8B 12.1x 1% 12% 14 Dollar General Corporation DG Mass discount merchants $41.9B 11.1x 4% 8% 12 Arko Corp. ARKO Category-dominant specialty big box $2.7B 10.4x -4% 3% 0 Citi Trends, Inc. CTRN Softlines-led apparel chains $570M 10.3x 42% 5% 48 Dollar Tree, Inc. DLTR Mass discount merchants $29.0B 10.2x 6% 12% 19 Target Corporation TGT Mass discount merchants $87.3B 9.5x 3% 8% 12 Savers Value Village, Inc. SVV Category-dominant specialty big box $2.8B 9.2x 8% 15% 24 DICK'S Sporting Goods, Inc. DKS Category-dominant specialty big box $18.8B 7.6x 3% 10% 14 DISCOUNT — <7.2x · median 4.3x · 4 companies Bath & Body Works, Inc. BBWI Category-dominant specialty big box $7.1B 5.9x 2% 16% 18 Upbound Group, Inc. UPBD Adjacent: retail technology platforms $2.6B 4.7x 4% 11% 15

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    06 · PUBLIC COMPARABLES (2 OF 2)

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

    This page continues the public comparables table on EV/EBITDA (CY2027E), grouped by valuation tier, for the remainder of the rated set.

    This is the second half of the same rated set, shaded the same way against the 10.3x sector median. Together with the prior page, it is the complete list of the sixteen rated names behind this report's public valuation work. So a client can locate any single name's tier placement without needing the companion workbook.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (10.3x); amber marks below · 16 rated companies; 2 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 16 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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <7.2x · median 4.3x · 4 companies MINISO Group Holding Limited MNSO Category-dominant specialty big box $3.4B 3.9x 11% 23% 32 Macy's, Inc. M Anchor department store banners $7.2B 3.9x 24% 10% 32

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (13 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. 7 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. 20

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 6 transactions with disclosed terms in this tier (13 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. 7 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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2025 Dollar Tree, Inc. → Family Dollar n/a n/a 11.3x Dollar Tree, Inc. (DLTR) completed its transaction for Family Dollar in Mar-2025, recorded at 11.3x EBITDA. That mark sits above the department store transactions in this record and inside the band the public value formats carry, which is consistent with buying-office… Dec-2024 n/a → Nordstrom, Inc. $5.3B 0.3x 5.7x Announced in Dec-2024 at $5.3B, Nordstrom, Inc. was recorded at 0.3x revenue and 5.7x EBITDA. Those marks sit toward the bottom of this record and line up with how the public department store banners are priced on the forward profit lens. Jan-2022 Acacia Research Corporation → Kohl's Corporation $14.2B 0.7x n/a Acacia Research Corporation's announced approach to Kohl's Corporation in Jan-2022 was recorded at $14.2B. It is the largest disclosed value in this record and was framed on a full-line department store platform rather than on a value format. Aug-2015 Sycamore Partners → Belk, Inc. n/a n/a 6.9x Sycamore Partners' announced transaction for Belk, Inc. in Aug-2015 was recorded at 6.9x EBITDA. Financial sponsors in this sector have repeatedly underwritten department store assets where property, the inventory borrowing base and the credit programme can be… Sep-2013 Ares Management LLC and Canada Pension Plan Investment Board → Neiman Marcus Group LTD Inc. n/a 0.7x 8.8x Ares Management LLC and Canada Pension Plan Investment Board's Sep-2013 transaction for Neiman Marcus Group LTD Inc. was recorded at 8.8x EBITDA and is marked abandoned. The higher mark relative to the other department store entries here tracks a luxury assortment and… n/a Undisclosed buyer → Ross Stores, Inc. n/a 2.4x n/a The recorded terminated transaction for Ross Stores, Inc. with an undisclosed buyer carries 2.4x revenue. That sits above the other sales-based marks in this record, and it sits with an off-price format rather than with a department store one.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's sourcing, valuation basis and data-quality treatment.

    Every figure in this analysis carries a traceable source, and where a number has no direct link, we name the source and the basis in the appendix. This page is where we set out the valuation basis and what was excluded from it. So a client can independently confirm any figure in this deck before acting on 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. Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 18 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 Broadline and General Merchandise Retail and it clears the coverage gate with 16 of 18 companies (89%). EV / Revenue, P / E are carried as a cross-check. The set earns: 16 of the 16 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 4 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 830 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 (829) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

22. 22

    In This Set, the Top of the Range Sits with Formats That Add Boxes and Hold Margin.

    This is the closing page restating that the top of the range in this set sits with formats that add boxes and hold margin.

    In this set, the top of the range sits with formats that add boxes and hold margin, and the companion tables carry the full universe and source index for anyone who wants to trace a number. So what we'd leave a client with is a clear place to start the next conversation — the format, not the sector average.

    Everything on this page

    In This Set, the Top of the Range Sits with Formats That Add Boxes and Hold Margin. NeuraCap AI — Broadline and General Merchandise Retail Coverage September 2026 · Prepared by NeuraCap AI · Confidential Broadline and General Merchandise Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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