NEURACAP
Sector ReportSep 28, 2026 · 23 pages · Free to read

Building Products Sector Outlook — September 2026

NeuraCap's Building Products sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

9.6x
Sector median EV/EBITDA
12.9x
Premium end EV/EBITDA vs 6.3x at the discount end
38
Transactions with disclosed terms

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INDUSTRIALS › CAPITAL GOODS › BUILDING PRODUCTS

Building Products: Value Splits by Business Model

This report shows where value sits across business models, earnings profiles and strategic transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Building Products Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Building Products does not trade as a single business model. Engineered surfaces and lighting sit above interior fixtures, while profitability holds up better than growth alone in the observed sample. Forward EV / EBITDA already credits expected growth, so the remaining spread points to earnings durability, specification position, channel quality and price realisation.

Key findings

  • Engineered Surfaces and Lighting Sit Above Interior Fixtures
  • Durable Earnings Sit Alongside Growth at the Premium End
  • Profitability Holds Up Better Than Growth Alone
  • Strategic Transactions Span Scale and Material Conversion

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01
    INDUSTRIALS › CAPITAL GOODS › BUILDING PRODUCTS

    Building Products: Value Splits by Business Model

    Building Products: Value Splits by Business Model.

    Cover — Building Products sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis EV / EBITDA (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

    Everything on this page

    INDUSTRIALS › CAPITAL GOODS › BUILDING PRODUCTS Building Products: Value Splits by Business Model This report shows where value sits across business models, earnings profiles and strategic transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Building Products Value Follows Business Model and Earnings Quality 02 The Landscape Business Model Matters More than the Sector Label 03 Valuation & Situations The Premium End Reflects Durability Beyond Forecast Growth 04 Precedent Transactions Strategic Fit Supports Conviction Across the Transaction Record 05 Strategic Implications Durable Earnings Quality Is the Commercial Priority 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Building Products Value Sits Higher in Engineered Surfaces and Lighting than in Interior Fixtures

    Building Products Value Sits Higher in Engineered Surfaces and Lighting than in Interior Fixtures.

    Building Products Value Sits Higher in Engineered Surfaces and Lighting than in Interior Fixtures 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 (20 of 27 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Building Products Value Sits Higher in Engineered Surfaces and Lighting than in Interior Fixtures 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 (20 of 27 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Engineered Surfaces and Lighting Sit Above Interior Fixtures Engineered surfaces and cementitious building materials sit at 11.0x, while architectural lighting and lighting controls sit at 10.4x. Cabinetry and interior fixtures sit at 7.2x. 2 Durable Earnings Sit Alongside Growth at the Premium End The premium end sits at 12.9x against 6.3x at the discount end. Because forward EV / EBITDA already credits forecast growth, a premium that remains suggests confidence in earnings durability. 3 Profitability Holds up Better than Growth Alone Among the five names clearing the profitability bar without clearing the growth bar, value sits at 11.8x. The five names clearing growth without profitability sit at 8.7x. 4 Strategic Transactions Span Scale and Material Conversion Recorded transaction values include $18.8B for Owens Corning (OC) and $8.4B for The AZEK Company Inc. These examples connect strategic interest with scale, channel reach and material conversion. 9.6x Sector median EV/EBITDA CY2027E consensus · 20 rated of 27 companies 12.9x Premium end EV/EBITDA vs 6.3x at the discount end top quartile (n=5) against bottom quartile (n=5) on EV/EBITDA — the spread the report explains 38 Transactions with disclosed terms 107 recorded in this tier · 3 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    02.

    Section 02 of 06 — Business Model Matters More than the Sector Label. Specification position, freight economics and channel exposure separate the groups. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Business Model Matters More than the Sector Label Specification position, freight economics and channel exposure separate the groups. 02 of 06 Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Value Concentrates Where Products Earn Specification, Brand or Distribution Advantage

    Value Concentrates Where Products Earn Specification, Brand or Distribution Advantage.

    Value Concentrates Where Products Earn Specification, Brand or Distribution Advantage 27 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. 5

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    02 · MARKET MAP Value Concentrates Where Products Earn Specification, Brand or Distribution Advantage 27 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. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ENGINEERED SURFACES AND CEMENTITIOUS BUILDING MATERIALS 12 cos median 11.0x JCI JHX OC CSL AWI SSD TREX NX TGLS JBI APOG SMID Specification position, material conversion and delivered-cost advantage can support durable demand and price realisation. CABINETRY AND INTERIOR FIXTURES 4 cos median 7.2x MHK PATK TILE MBC Channel concentration and exposure to discretionary projects can leave earnings more sensitive to mix and volume. ARCHITECTURAL LIGHTING AND LIGHTING CONTROLS 2 cos median 10.4x AYI LYTS Specification wins, controls attachment and non-residential exposure distinguish this group. FABRICATED METAL BUILDING COMPONENTS 2 cos 7.9x · 1 rated ROCK IIIN Freight radius, plant loading and project exposure shape the earnings profile. STRUCTURAL WOOD PANELS AND SIDING SUBSTRATES 2 cos median 7.6x LPX UFPI Material conversion and repair and remodel exposure can offset part of the new-construction cycle. ADJACENT MODELS 5 cos median 12.2x ALLE VMI IBP BOOM CSTE Access, installation and specialty platforms bring different channel positions under the broader sector label.

  6. 06
    02 · LANDSCAPE

    Specification, Channel and Freight Economics Split the Sector into Distinct Value Pools

    Specification, Channel and Freight Economics Split the Sector into Distinct Value Pools.

    Specification, Channel and Freight Economics Split the Sector into Distinct Value Pools 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. 6

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    02 · LANDSCAPE Specification, Channel and Freight Economics Split the Sector into Distinct Value Pools 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. Building Products 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 Engineered surfaces and cementitious building materials 12 44% 11.0x Johnson Controls International plc (JCI) · James Hardie Industries plc (JHX) · +10 more Specification supports staying power. This group sits at 11.0x. Material conversion, code-driven content and a defensible delivered-cost position can support demand beyond housing starts. Cabinetry and interior fixtures 4 15% 7.2x Mohawk Industries, Inc. (MHK) · Patrick Industries, Inc. (PATK) · +2 more Mix leaves more exposure. This group sits at 7.2x. Project discretion, channel mix and private-label exposure can make price realisation and volume less durable. Architectural lighting and lighting controls 2 7% 10.4x Acuity Brands, Inc. (AYI) · LSI Industries Inc. (LYTS) Controls deepen customer value. This group sits at 10.4x. Specification wins and controls attachment can broaden content per project and strengthen customer relevance. Fabricated metal building components 2 7% 7.9x n=1 Gibraltar Industries, Inc. (ROCK) · Insteel Industries, Inc. (IIIN) Freight defines the footprint. The rated name sits at 7.9x. Plant location, capacity utilisation and the economic shipping radius shape competitiveness. Structural wood panels and siding substrates 2 7% 7.6x Louisiana-Pacific Corporation (LPX) · UFP Industries, Inc. (UFPI) Conversion broadens the demand pool. This group sits at 7.6x. Material conversion and repair and remodel exposure can provide demand outside new residential construction. Adjacent models 5 19% 12.2x Allegion plc (ALLE) · Valmont Industries, Inc. (VMI) · +3 more Different channels widen the spread. This group sits at 12.2x. Access, installed service and specialty models bring different customer relationships and earnings profiles.

  7. 07
    SECTION 03

    03

    03.

    Section 03 of 06 — The Premium End Reflects Durability Beyond Forecast Growth. Forward EV / EBITDA already credits expected growth, raising the bar for a lasting premium. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Reflects Durability Beyond Forecast Growth Forward EV / EBITDA already credits expected growth, raising the bar for a lasting premium. 03 of 06 Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Top of the Range Suggests Buyers See Earnings Durability Beyond Forecast Growth

    The Top of the Range Suggests Buyers See Earnings Durability Beyond Forecast Growth.

    The Top of the Range Suggests Buyers See Earnings Durability Beyond Forecast Growth EV / EBITDA (CY2027E) · all 20 rated companies, sorted descending · sector median 9.6x · 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 (20 of 27 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. 8

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    03 · PUBLIC MARKET VALUATION The Top of the Range Suggests Buyers See Earnings Durability Beyond Forecast Growth EV / EBITDA (CY2027E) · all 20 rated companies, sorted descending · sector median 9.6x · 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 (20 of 27 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. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 12.9x CORE · median 9.6x DISCOUNT · median 6.3x Sector median 9.6x WHAT SEPARATES THE TWO ENDS The premium end sells durability. Its 12.9x level sits with businesses where specification, brand pull-through or channel position can support earnings beyond the forecast period. The discount end needs proof. Its 6.3x level suggests greater sensitivity to volume, mix, customer concentration or price/cost. Forward estimates raise the bar. A forward EV / EBITDA multiple already recognises forecast growth. A premium that survives this adjustment suggests confidence in the quality and durability of the earnings base.

  9. 09
    03 · VALUATION DRIVERS

    In This Sample, the Higher-Margin Names Price Above the Faster-Growing Ones

    In This Sample, the Higher-Margin Names Price Above the Faster-Growing Ones.

    In This Sample, the Higher-Margin Names Price Above the Faster-Growing Ones 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=10; slower n=10; higher-margin n=10; lower-margin n=10). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS In This Sample, the Higher-Margin Names Price Above the Faster-Growing Ones 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=10; slower n=10; higher-margin n=10; lower-margin n=10). Driver readings are NeuraCap views on the supplied data — association, not causation. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 17% Profitability Holds Its Position The five names above the profitability bar but below the growth bar sit at 11.8x, compared with 8.7x for the five names above growth but below profitability. Faster Growth Does Not Command the Higher Level The ten names above the growth split sit at 8.8x, while the ten names below it sit at 11.3x. The observed premium therefore sits outside the simple growth split. Earnings Quality Remains the Test Repair and remodel mix, specification position, price realisation and delivered-cost advantage offer practical tests of whether current profitability can hold.

  10. 10
    03 · SITUATION MAP

    Growth and Value Today Point to Four Priorities: Defend, Close the Gap, Earn the Multiple, Rebuild

    Growth and Value Today Point to Four Priorities: Defend, Close the Gap, Earn the Multiple, Rebuild.

    Growth and Value Today Point to Four Priorities: Defend, Close the Gap, Earn the Multiple, Rebuild Cut on EV / EBITDA vs the sector median (9.6x) (rows) and revenue growth vs the covered median (5%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Growth and Value Today Point to Four Priorities: Defend, Close the Gap, Earn the Multiple, Rebuild Cut on EV / EBITDA vs the sector median (9.6x) (rows) and revenue growth vs the covered median (5%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Growth Recognised in Value Above-median multiple · above-median revenue growth 4 names Acuity Brands, Inc. (AYI) · Armstrong World Industries, Inc. (AWI) · Trex Company, Inc. (TREX) · +1 more Four names pair above-middle growth with an above-middle multiple. The operating question is whether specification, mix and price realisation can sustain that standing. Value Ahead of Growth Above-median multiple · below-median revenue growth 6 names James Hardie Industries plc (JHX) · Carlisle Companies Incorporated (CSL) · Allegion plc (ALLE) · +3 more Six names hold an above-middle multiple despite below-middle growth. Their position suggests that durability, margin quality or strategic category exposure matters alongside near-term growth. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 6 names Louisiana-Pacific Corporation (LPX) · Patrick Industries, Inc. (PATK) · Gibraltar Industries, Inc. (ROCK) · +3 more Six names show above-middle growth while remaining below the middle of the value range. The key question is whether growth can convert into durable profitability and cash generation. Proof Still Developing Below-median multiple · below-median revenue growth 4 names Owens Corning (OC) · Mohawk Industries, Inc. (MHK) · UFP Industries, Inc. (UFPI) · +1 more Four names sit below the middle on both growth and value. Improvement depends on operating evidence across mix, cost structure, price/cost and capital allocation.

  11. 11
    03 · GROWTH VS PROFITABILITY

    Few Names Clear Both Growth and Profitability Bars

    Few Names Clear Both Growth and Profitability Bars.

    Few Names Clear Both Growth and Profitability Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 20 companies with both estimates · cuts at the covered medians (5% growth, 17% 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=5; growth-only n=5; neither n=5). LYTS plotted at the chart edge. 11

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    03 · GROWTH VS PROFITABILITY Few Names Clear Both Growth and Profitability Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 20 companies with both estimates · cuts at the covered medians (5% growth, 17% 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=5; growth-only n=5; neither n=5). LYTS plotted at the chart edge. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5% 10% 15% 0% 10% 20% 30% MARGIN ONLY median 11.8x BALANCED median 10.3x NEITHER median 6.6x GROWTH ONLY median 8.7x MHK JBI CSTE JHX OC SSD IBP ALLE UFPI CSL APOG AYI PATK TREX BOOM ROCK AWI TGLS LPX LYTS x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The map places 20 companies across growth and profitability, with five names in each cell. The upper-right group includes Acuity Brands, Inc. (AYI), Trex Company, Inc. (TREX), Gibraltar Industries, Inc. (ROCK), Armstrong World Industries, Inc. (AWI) and Tecnoglass Inc. (TGLS). The dividing bars are 5% growth and 17% profitability. The other cells separate one-sided performance from names below both bars. The neither median rests on 5 names and is lifted by CSTE at 52.7x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 20 names clear it (AWI).

  12. 12
    03 · THE AGENDA

    Earnings Quality, Revenue Mix and Strategic Fit Are Where the Next Dollar Does Most Work

    Earnings Quality, Revenue Mix and Strategic Fit Are Where the Next Dollar Does Most Work.

    Earnings Quality, Revenue Mix and Strategic Fit Are Where the Next Dollar Does Most Work 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. 12

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    03 · THE AGENDA Earnings Quality, Revenue Mix and Strategic Fit Are Where the Next Dollar Does Most Work 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. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Strengthen the Resilient Revenue Mix Assess where repair and remodel, non-residential demand or code-driven content can reduce dependence on new residential construction. What changes the answer: The answer changes when current growth relies mainly on housing starts or a narrow customer channel. Defend Price Realisation Test whether specification position, brand pull-through and contractor preference can preserve price when input costs recede. What changes the answer: The answer changes when recent margin depends mainly on a temporary price/cost spread. Expand Content Through Adjacency Evaluate accessory pull-through, installed service and adjacent categories that can move through existing contractor and distribution relationships. What changes the answer: The answer changes when channel overlap is limited or freight economics weaken the fit. Align the Plant Network Examine plant loading, freight radius and purchasing scale against the demand footprint. What changes the answer: The answer changes when delivered cost or underused capacity limits profitable growth.

  13. 13
    SECTION 04

    04

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    Section 04 of 06 — Strategic Fit Supports Conviction Across the Transaction Record. Recorded terms span distribution scale, installed services and material conversion. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Strategic Fit Supports Conviction Across the Transaction Record Recorded terms span distribution scale, installed services and material conversion. 04 of 06 Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay Reflects Different Forms of Strategic Fit

    What Buyers Agreed to Pay Reflects Different Forms of Strategic Fit.

    What Buyers Agreed to Pay Reflects Different Forms of Strategic Fit 3 of 38 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. 103 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 69 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.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay Reflects Different Forms of Strategic Fit 3 of 38 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. 103 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 69 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. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Nov-2024 $18.8B member of the business’s management team The Owens Corning Transaction Put Scale and Category Breadth in Focus EV / LTM revenue 1.8x EV / LTM EBITDA 7.8x WHY THE DEAL HAPPENED The transaction suggests interest in a scaled platform spanning established building-products categories. Its breadth also brings plant-network, purchasing and channel considerations into the strategic fit. HOW THE TARGET WAS VALUED Owens Corning (OC) carried a recorded value of $18.8B, with 1.8x EV / Revenue and 7.8x EV / EBITDA. The EBITDA multiple sits below the other selected case studies. Apr-2026 $17.1B QXO, Inc. QXO, Inc. and TopBuild Corp. Paired Distribution Reach With Installed Capability EV / LTM revenue 9.1x EV / LTM EBITDA 16.5x WHY THE DEAL HAPPENED The combination suggests value in joining distribution scale with an installed building-products model. The fit points to contractor access, branch density and purchasing reach. HOW THE TARGET WAS VALUED TopBuild Corp. carried a recorded value of $17.1B, with 9.1x EV / Revenue and 16.5x EV / EBITDA. The EBITDA multiple sits between the other selected case studies. Mar-2025 $8.4B James Hardie Industries plc acquires The AZEK Company Inc. EV / LTM revenue 5.7x EV / LTM EBITDA 22.6x WHY THE DEAL HAPPENED The transaction suggests a strategic fit across exterior products, contractor relationships and distribution channels. The AZEK Company Inc. also adds exposure to material conversion. HOW THE TARGET WAS VALUED The AZEK Company Inc. carried a recorded value of $8.4B, with 5.7x EV / Revenue and 22.6x EV / EBITDA. The EBITDA multiple sits at the top of the selected case studies.

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    SECTION 05

    05

    05.

    Section 05 of 06 — Durable Earnings Quality Is the Commercial Priority. Revenue mix, price realisation and strategic fit shape how a business compares. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Earnings Quality Is the Commercial Priority Revenue mix, price realisation and strategic fit shape how a business compares. 05 of 06 Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

  16. 16
    05 · STRATEGIC IMPLICATIONS

    The Higher Multiples Sit with the More Durable Earnings Bases in the Set

    The Higher Multiples Sit with the More Durable Earnings Bases in the Set.

    The Higher Multiples Sit with the More Durable Earnings Bases in the Set 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. 16

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    05 · STRATEGIC IMPLICATIONS The Higher Multiples Sit with the More Durable Earnings Bases in the Set 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. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Choose the Earnings Profile to Build Prioritise revenue mix, specification position and price realisation that can hold through the construction cycle. FOR OPERATORS Convert Growth into Durable Margin Focus on plant loading, delivered cost, channel mix and accessory pull-through rather than growth without operating quality. FOR BUYERS Test Strategic Fit in Operations Assess contractor access, distribution overlap, freight optimisation and purchasing scale against the durability of standalone earnings.

  17. 17
    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

    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 Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 2)

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

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

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.6x); amber marks below · 20 rated companies; 7 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 20 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. 18

    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 (9.6x); amber marks below · 20 rated companies; 7 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 20 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. Building Products 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 — ≥11.6x · median 12.9x · 5 companies Caesarstone Ltd. CSTE Specialty building components manufacturing $147M 52.7x 3% 1% 4 Trex Company, Inc. TREX Engineered surfaces and cementitious building materials $5.1B 13.4x 6% 28% 35 Allegion plc ALLE Locks, door hardware and electronic access control $15.2B 12.9x 5% 25% 30 James Hardie Industries plc JHX Engineered surfaces and cementitious building materials $19.7B 12.2x 3% 28% 31 Simpson Manufacturing Co., Inc. SSD Engineered surfaces and cementitious building materials $7.4B 11.8x 4% 25% 29 CORE — 7.1x–11.6x · median 9.6x · 10 companies Installed Building Products, Inc. IBP Homebuilder-supplied residential product lines $6.1B 11.6x 4% 16% 21 Armstrong World Industries, Inc. AWI Engineered surfaces and cementitious building materials $7.4B 11.1x 7% 34% 42 Carlisle Companies Incorporated CSL Engineered surfaces and cementitious building materials $15.3B 11.0x 5% 24% 30 LSI Industries Inc. LYTS Architectural lighting and lighting controls $1.1B 10.5x 16% 9% 28 Acuity Brands, Inc. AYI Architectural lighting and lighting controls $10.2B 10.3x 5% 19% 26 DMC Global Inc. BOOM Adjacent: energy equipment and services $433M 9.0x 7% 6% 14 Louisiana-Pacific Corporation LPX Structural wood panels and siding substrates $4.9B 8.7x 12% 12% 32 Patrick Industries, Inc. PATK Cabinetry and interior fixtures $3.8B 8.1x 6% 11% 17 Gibraltar Industries, Inc. ROCK Fabricated metal building components $2.8B 7.9x 7% 17% 25 Owens Corning OC Engineered surfaces and cementitious building materials $15.8B 7.3x 4% 20% 25

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    06 · PUBLIC COMPARABLES (2 OF 2)

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

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

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.6x); amber marks below · 20 rated companies; 7 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 20 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. 19

    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 (9.6x); amber marks below · 20 rated companies; 7 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 20 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. Building Products 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 — <7.1x · median 6.3x · 5 companies UFP Industries, Inc. UFPI Structural wood panels and siding substrates $4.0B 6.6x 5% 8% 14 Janus International Group, Inc. JBI Engineered surfaces and cementitious building materials $1.1B 6.4x 3% 17% 20 Mohawk Industries, Inc. MHK Cabinetry and interior fixtures $9.3B 6.3x 2% 13% 15 Tecnoglass Inc. TGLS Engineered surfaces and cementitious building materials $1.7B 6.1x 11% 20% 34 Apogee Enterprises, Inc. APOG Engineered surfaces and cementitious building materials $1.0B 5.7x 5% 10% 17

  20. 20
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 38 transactions with disclosed terms in this tier (107 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. 103 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 69 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.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 38 transactions with disclosed terms in this tier (107 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. 103 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 69 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 38 transactions shown; the rest are in the companion workbook. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 QXO, Inc. → TopBuild Corp. $17.1B 9.1x 16.5x QXO, Inc. and TopBuild Corp. bring together distribution reach and installed building-products capability. Dec-2025 Worthington Enterprises, Inc. → LSI Group, LLC n/a n/a 9.1x Worthington Enterprises, Inc. and LSI Group, LLC suggest interest in a category with specification and controls exposure. Oct-2025 Diversey Holdings, Inc. → Echols Glass & Mirror, Inc. and Vanderkoy Bros, LLC n/a n/a 14.0x Diversey Holdings, Inc. and Echols Glass & Mirror, Inc. and Vanderkoy Bros, LLC suggest a fit around fabrication and installed capability. Oct-2025 n/a → Louisiana-Pacific Corporation n/a n/a 14.1x The announced transaction involving Louisiana-Pacific Corporation (LPX) highlights interest in structural wood panels and siding substrates. Oct-2025 TopBuild Corp. → SPI LLC n/a n/a 13.3x TopBuild Corp. and SPI LLC suggest a fit around specialty products, insulation and contractor channels. Aug-2025 Lowe's Companies, Inc. → Foundation Building Materials, Inc. n/a n/a 13.9x Lowe's Companies, Inc. and Foundation Building Materials, Inc. suggest a move toward professional customers and distribution depth. Mar-2025 James Hardie Industries plc → The AZEK Company Inc. $8.4B 5.7x 22.6x James Hardie Industries plc (JHX) and The AZEK Company Inc. combine adjacent exterior products with contractor and distribution overlap. Nov-2024 member of the business’s management team → Owens Corning $18.8B 1.8x 7.8x The transaction involving Owens Corning (OC) highlights the value attached to a scaled building-products platform. May-2024 MasterBrand, Inc. → Supreme Cabinetry Brands n/a n/a 8.9x MasterBrand, Inc. (MBC) and Supreme Cabinetry Brands suggest category consolidation and broader channel coverage.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 38 transactions with disclosed terms in this tier (107 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. 103 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 69 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.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 38 transactions with disclosed terms in this tier (107 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. 103 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 69 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 38 transactions shown; the rest are in the companion workbook. Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2024 TopBuild Corp. → Specialty Products and Insulation n/a 12.6x 12.6x Apr-2024 Quanex Building Products Corporation → Gibraltar Industries, Inc. $1.1B n/a n/a Apr-2024 Quanex Building Products Corporation → American Woodmark Corporation n/a n/a 8.7x Apr-2024 Quanex Building Products Corporation → Simpson Manufacturing Co., Inc. $1.1B 0.6x n/a Jun-2023 Saint-Gobain → Building Products of Canada Corp. n/a n/a 11.9x Nov-2022 CRH plc → Building Envelope business $3.8B n/a n/a Aug-2022 Clayton, Dubilier & Rice, LLC → Cornerstone Building Brands, Inc. n/a 8.4x 8.4x Jun-2022 CRH plc → Barrette Outdoor Living, Inc. n/a 10.0x 10.0x May-2022 Heritage Distribution Holdings → Reeb Millwork Corporation n/a 0.7x n/a

  22. 22
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    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. 22

    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. Building Products Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (20 of 27 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 Building Products and it clears the coverage gate with 20 of 27 companies (74%). EV / Revenue, P / E are carried as a cross-check. The set earns: 20 of the 20 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 7 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 1312 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 (1311) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Sample, Durable Earnings Profiles Sit Toward the Higher End of Value.

    In This Sample, Durable Earnings Profiles Sit Toward the Higher End of Value..

    Closing — In This Sample, Durable Earnings Profiles Sit Toward the Higher End of Value. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 23

    Everything on this page

    In This Sample, Durable Earnings Profiles Sit Toward the Higher End of Value. NeuraCap AI — Building Products Coverage September 2026 · Prepared by NeuraCap AI · Confidential Building Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

Sources and methodology

This report covers Building Products (Industrials › Capital Goods › Building Products) with market data and consensus estimates as of September 28, 2026. The company universe is the 27 listed companies whose core business is Building Products according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Allegion plc (ALLE), Apogee Enterprises, Inc. (APOG), Armstrong World Industries, Inc. (AWI), Acuity Brands, Inc. (AYI), DMC Global Inc. (BOOM), Carlisle Companies Incorporated (CSL), Caesarstone Ltd. (CSTE), Installed Building Products, Inc. (IBP), Insteel Industries, Inc. (IIIN), Janus International Group, Inc. (JBI), Johnson Controls International plc (JCI), James Hardie Industries plc (JHX), Louisiana-Pacific Corporation (LPX), LSI Industries Inc. (LYTS), MasterBrand, Inc. (MBC), Mohawk Industries, Inc. (MHK), Quanex Building Products Corporation (NX), Owens Corning (OC), Patrick Industries, Inc. (PATK), Gibraltar Industries, Inc. (ROCK), Smith-Midland Corporation (SMID), Simpson Manufacturing Co., Inc. (SSD), Tecnoglass Inc. (TGLS), Interface, Inc. (TILE), Trex Company, Inc. (TREX), UFP Industries, Inc. (UFPI), Valmont Industries, Inc. (VMI). The market map groups them by business vertical — Engineered surfaces and cementitious building materials: 12 companies (JCI, JHX, OC, CSL, AWI, SSD, TREX, NX, TGLS, JBI, APOG, SMID); Cabinetry and interior fixtures: 4 companies (MHK, PATK, TILE, MBC); Architectural lighting and lighting controls: 2 companies (AYI, LYTS); Fabricated metal building components: 2 companies (ROCK, IIIN); Structural wood panels and siding substrates: 2 companies (LPX, UFPI); Adjacent models: 5 companies (ALLE, VMI, IBP, BOOM, CSTE). 20 of the 27 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do no

Scope and company universe

This report covers Building Products (Industrials › Capital Goods › Building Products) with market data and consensus estimates as of September 28, 2026. The company universe is the 27 listed companies whose core business is Building Products according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Allegion plc (ALLE), Apogee Enterprises, Inc. (APOG), Armstrong World Industries, Inc. (AWI), Acuity Brands, Inc. (AYI), DMC Global Inc. (BOOM), Carlisle Companies Incorporated (CSL), Caesarstone Ltd. (CSTE), Installed Building Products, Inc. (IBP), Insteel Industries, Inc. (IIIN), Janus International Group, Inc. (JBI), Johnson Controls International plc (JCI), James Hardie Industries plc (JHX), Louisiana-Pacific Corporation (LPX), LSI Industries Inc. (LYTS), MasterBrand, Inc. (MBC), Mohawk Industries, Inc. (MHK), Quanex Building Products Corporation (NX), Owens Corning (OC), Patrick Industries, Inc. (PATK), Gibraltar Industries, Inc. (ROCK), Smith-Midland Corporation (SMID), Simpson Manufacturing Co., Inc. (SSD), Tecnoglass Inc. (TGLS), Interface, Inc. (TILE), Trex Company, Inc. (TREX), UFP Industries, Inc. (UFPI), Valmont Industries, Inc. (VMI). The market map groups them by business vertical — Engineered surfaces and cementitious building materials: 12 companies (JCI, JHX, OC, CSL, AWI, SSD, TREX, NX, TGLS, JBI, APOG, SMID); Cabinetry and interior fixtures: 4 companies (MHK, PATK, TILE, MBC); Architectural lighting and lighting controls: 2 companies (AYI, LYTS); Fabricated metal building components: 2 companies (ROCK, IIIN); Structural wood panels and siding substrates: 2 companies (LPX, UFPI); Adjacent models: 5 companies (ALLE, VMI, IBP, BOOM, CSTE). 20 of the 27 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

7 records failed a validation gate and never feed a statistic in this report (7 excluded from aggregate). Each exclusion, with its reason: BOOM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · BOOM — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CSTE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CSTE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · CSTE — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · NX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · OC — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (20 of 27 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 Building Products and it clears the coverage gate with 20 of 27 companies (74%). EV / Revenue, P / E are carried as a cross-check. The set earns: 20 of the 20 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. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 20 of 27 companies; EV / rEVenue: 25 of 27 companies; P/E: 24 of 27 companies. 1 company shows a non-meaningful P / E denominator and is excluded from that statistic.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥11.6x, Core 7.1x–11.6x, Discount <7.1x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 9.6x = median(ev_ebitda CY2027E) (20 rated companies) · 12.9x = median(ev_ebitda CY2027E) within Premium tier (n=5) · 9.6x = median(ev_ebitda CY2027E) within Core tier (n=10) · 6.3x = median(ev_ebitda CY2027E) within Discount tier (n=5) · 8.8x = median(ev_ebitda CY2027E) | growth ≥ 5% (n=10) · 11.3x = median(ev_ebitda CY2027E) | growth < 5% (n=10) · 11.0x = median(ev_ebitda CY2027E) | EBITDA margin ≥ 17% (n=10) · 8.4x = median(ev_ebitda CY2027E) | EBITDA margin < 17% (n=10) · 24% = median Rule of 40 score (revenue growth + EBITDA margin) (n=20) · 10.3x = median(ev_ebitda CY2027E) within balanced quadrant (n=5) · 11.8x = median(ev_ebitda CY2027E) within marginOnly quadrant (n=5) · 8.7x = median(ev_ebitda CY2027E) within growthOnly quadrant (n=5) · 6.6x = median(ev_ebitda CY2027E) within neither quadrant (n=5) · 52.7x = ev_ebitda CY2027E for CSTE (quadrant outlier)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Building Products recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 107 transactions were recorded for this industry; 38 are shown. 69 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 34 × deal value unit unresolved; 50 × no evidence record; 12 × duplicate precedent id; 3 × duplicate filings collapsed; 3 × divestiture roles reassigned; 1 × carve out target recorded as parent. Case studies lead with the 3 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 1316 source documents stand behind this report; by publisher domain: sec.gov (1311), home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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