Construction and Engineering Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › CONSTRUCTION AND ENGINEERING

Construction and Engineering: Where the Premium Sits with Earnings That Hold

How the public peer set and the transaction record are pricing contractors, adjacent suppliers and wellsite services, and what separates the top of the range from the bottom.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   INDUSTRIALS › CAPITAL GOODS › CONSTRUCTION AND ENGINEERING

   Construction and Engineering: Where the Premium Sits with Earnings That Hold

   Cover slide introducing the Construction and Engineering sector outlook as of September 2026.

   We open with the finding this deck builds toward: across the Construction and Engineering peer set, the premium sits with earnings that hold. What follows unpacks where that premium concentrates and what separates the top of the range from the bottom.

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   INDUSTRIALS › CAPITAL GOODS › CONSTRUCTION AND ENGINEERING Construction and Engineering: Where the Premium Sits with Earnings That Hold How the public peer set and the transaction record are pricing contractors, adjacent suppliers and wellsite services, and what separates the top of the range from the bottom. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

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

   We've structured this report so the bottom line comes first: even a reader who stops after section one leaves with the whole story. The sections that follow walk through the landscape, valuation, precedent deals and strategic implications in turn.

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   CONTENTS What This Report Covers 01 The Bottom Line Construction and Engineering Does Not Trade as One Market 02 The Landscape Where the Names Sit: Contractors, Suppliers and Wellsite Services 03 Valuation & Situations The Distance Between the Two Ends of This Peer Set 04 Precedent Transactions What Buyers Agreed to Pay for Whole Companies 05 Strategic Implications Buyers Are Underwriting Earnings That Hold 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Construction and Engineering Is Priced as Three Businesses: Design-Build, Adjacent Suppliers, Oilfield Services

   Bottom line slide stating the sector prices as three separate businesses: design-build, adjacent suppliers, oilfield services.

   This is the full argument on one page: Construction and Engineering carries one sector label but three distinct pricing conventions. Design-build delivery holds 62% of the 24-company set and prices at 8.7x on CY2027E earnings, adjacent suppliers sit higher at 9.9x, and the two oilfield services names price well below at 3.6x. The gap between the top and bottom of the range, 16.6x versus 5.5x, is wider than growth alone can explain, so we spend the rest of this report on what does. That distinction is the one to carry into every valuation conversation in this sector.

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   01 · THE BOTTOM LINE Construction and Engineering Is Priced as Three Businesses: Design-Build, Adjacent Suppliers, Oilfield Services 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 24 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Most of the Sector's Names Sit in Design-Build Delivery Integrated design-build and program delivery is 15 of the 24 companies here, 62% of the set, and prices at 8.7x on CY2027E earnings. The seven adjacent supplier, distribution and machinery models sit at 9.9x, and the two oilfield and wellsite services names at 3.6x. 2 A Forward Multiple Already Credits Growth, and the Top of the Range Still Carries a Premium The four names at the top of the range price at 16.6x on CY2027E earnings against 5.5x at the bottom, across the 16 companies with a CY2027E estimate. A forward multiple already credits forecast earnings, so a premium that survives it points to durability rather than one good year. 3 Growth Alone Tracks Only a Small Pricing Gap Split the 16 companies with a CY2027E estimate into a faster-growing half and a slower half and the two sit at 9.4x and 8.9x. That gap is narrow next to the distance between the top and bottom of the range, so pace on its own is not what the wider spread is tracking. 4 Buyers Agreed to Pay Above the Middle of the Public Set for Whole Companies QXO, Inc. completed its purchase of Kodiak Building Partners Inc. in February 2026 at 10.7x, and the announced purchase of Team, Inc. by NXP Semiconductors N.V. carries 16.7x. Consolidators operating across multiple trades, geographies and craft-labour workforces recur as buyers through the transaction record. 9.0x Sector median EV/EBITDA CY2027E consensus · 16 rated of 24 companies 16.6x Premium end EV/EBITDA vs 5.5x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 26 Transactions with disclosed terms 101 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing where contractors, suppliers and wellsite services names sit in the market map.

   This section places every name in the peer set into its business model before we price any of them. Fifteen design-build and program delivery names, seven adjacent suppliers, and two oilfield services names make up the universe we're about to walk through.

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   SECTION 02 02 THE LANDSCAPE Where the Names Sit: Contractors, Suppliers and Wellsite Services Fifteen design-build and program delivery names, seven adjacent suppliers and two oilfield services names. 02 of 06 Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Design-Build Delivery Holds Most of the Names and Sits Near the Middle on Price

   Market map grouping 24 approved companies by business segment with median EV/EBITDA per group.

   Design-build delivery holds the most names in this set and prices near the middle of the pack, which is the calibration point for everything that follows. Adjacent suppliers command a premium to that median, while oilfield and wellsite services sit apart and price well below. Segment alone doesn't decide where a name lands in the range, so we move next to what does within design-build itself.

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   02 · MARKET MAP Design-Build Delivery Holds Most of the Names and Sits Near the Middle on Price 24 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. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 INTEGRATED DESIGN-BUILD AND PROGRAM DELIVERY 15 cos median 8.7x Comfort Systems (FIX) EMCOR Group (EME) MasTec (MTZ) Jacobs Solutions (J) IES Holdings (IESC) Dycom Industries (DY) Construction (ROAD) Granite (GVA) Everus (ECG) Primoris Services (PRIM) Tutor Perini (TPC) Cardinal (CDNL) Concrete Pumping (BBCP) INNOVATE (VATE) Phoenix Asia (PHOE) The operating core of the sector: self-perform trades, program delivery and alternative delivery credentials, priced around the middle of the set. ADJACENT: OILFIELD AND WELLSITE SERVICES 2 cos median 3.6x ProPetro Holding (PUMP) North American (NOA) Two fleet-heavy names whose work follows wellsite activity, and the market prices that demand pattern well below the contractors. ADJACENT MODELS 7 cos median 9.9x Caterpillar (CAT) Core & Main (CNM) Koppers Holdings (KOP) NPK International (NPKI) Consolidated (CWCO) Perma-Pipe (PPIH) SuperX AI (SUPX) Seven suppliers, distributors, materials, water and machinery names that sell into the same capital plans without taking job completion risk.

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   02 · LANDSCAPE

   One Sector Label, Three Different Business Models, and Buyers Pay Each on Its Own Terms

   Landscape slide summarizing what each business model does and why buyers price it differently.

   One sector label covers three different businesses, and buyers are pricing each on its own terms rather than as a single peer group. Understanding what each model actually does, program delivery versus distribution versus wellsite services, is what makes the multiple differences make sense rather than look arbitrary. Full company-level detail sits in the appendix for anyone who wants to trace a specific name.

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   02 · LANDSCAPE One Sector Label, Three Different Business Models, and Buyers Pay Each on Its Own Terms 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. Construction and Engineering 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 Integrated design-build and program delivery 15 63% 8.7x Comfort Systems USA, Inc. (FIX) · EMCOR Group, Inc. (EME) · +13 more The sector's operating core. Fifteen companies, 62% of the set, running design-build, program delivery and self-perform trades; the nine here with a CY2027E estimate price at 8.7x. Backlog mix, change orders and retainage decide whether reported margin converts to cash. Adjacent: oilfield and wellsite services 2 8% 3.6x ProPetro Holding Corp. (PUMP) · North American Construction Group Ltd. (NOA) Wellsite work, fleet-heavy economics. ProPetro Holding Corp. (PUMP) and North American Construction Group Ltd. (NOA) both carry a CY2027E estimate and price at 3.6x, the bottom of the three groups. Fleet replacement is a permanent claim on EBITDA in these models, and buyers underwrite the after-fleet number. Adjacent models 7 29% 9.9x Caterpillar Inc. (CAT) · Core & Main, Inc. (CNM) · +5 more Suppliers to the same jobs. Seven companies across distribution, materials, pipe, water and machinery, five of them with a CY2027E estimate, priced at 9.9x. They sell into the same owner capital plans as the contractors without taking completion risk on the job.

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   SECTION 03

   03

   Section divider introducing the distance between the top and bottom of the peer set.

   We turn now to what the market is crediting at the top of this range and what it's holding back at the bottom. The gap between those two ends is the central valuation question this report answers.

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   SECTION 03 03 VALUATION & SITUATIONS The Distance Between the Two Ends of This Peer Set What the market is crediting at the top of the range, and what it is holding back at the bottom. 03 of 06 Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   At the Top of the Range, Multiples Sit with Earnings That Hold Rather than with Size

   All 16 rated companies ranked by EV/EBITDA (CY2027E), sorted descending against a 9.0x sector median.

   Sorting the full rated set from top to bottom shows the multiples at the top sitting with names whose earnings hold up, not simply the largest names in the set. The sector median lands at 9.0x, giving us a fixed point to measure every tier against. That pattern, durability over scale, is the thread we pull on through the rest of this section.

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   03 · PUBLIC MARKET VALUATION At the Top of the Range, Multiples Sit with Earnings That Hold Rather than with Size EV / EBITDA (CY2027E) · all 16 rated companies, sorted descending · sector median 9.0x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 24 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. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 16.6x CORE · median 9.0x DISCOUNT · median 5.5x Sector median 9.0x WHAT SEPARATES THE TWO ENDS Repeat work sits at the top. The four names at the top of the range price at 16.6x on CY2027E earnings. They are mechanical, electrical, program delivery and machinery businesses, working largely for repeat owners rather than from single-project hard-bid books. The bottom carries fleet and cycle. The four at the bottom price at 5.5x, and two of them are oilfield and wellsite services names whose demand follows well activity. Equipment-heavy models carry a permanent fleet replacement claim on EBITDA, which buyers net off before they price the earnings. A forward lens already credits growth. Of the 24 companies on this page, 16 carry a CY2027E estimate, and that lens already embeds the earnings ramp analysts expect. The spread between the two ends is therefore not a forecast gap; it is what the market is associating with the durability of those earnings.

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   03 · VALUATION DRIVERS

   Faster Growth Alone Is Not Where the Wider Pricing Gap Sits

   Median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort, each split at its covered median.

   Splitting the rated set into faster- and slower-growing halves puts them at 9.4x and 8.9x, a gap far narrower than the distance between the top and bottom of the range. That tells us growth on its own is not what's driving the wider spread in this sector, an association worth noting rather than a causal claim. We look next at where growth and profitability combine, since that's a sharper cut than either alone.

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   03 · VALUATION DRIVERS Faster Growth Alone Is Not Where the Wider Pricing Gap Sits 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. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 18% · EBITDA-margin split at 13% The Growth Split Barely Separates the Two Halves Splitting the 16 companies with a CY2027E estimate at 18% revenue growth gives 9.4x for the faster eight and 8.9x for the slower eight. That is a narrow gap next to the distance between the top and the bottom of the range. Growth Paired with Margin Is Where the Wider Gap Shows Against a 13% margin line, the four names with growth above the split and margin below it price at 11.3x, while the four clearing both bars price at 8.5x. On four-name groups, read these as direction rather than a settled ranking. Cash Conversion Through the Billing Cycle Is the Underwriting Question Reported margin here is an estimate until jobs close, and retainage, unbilled balances and the over- and underbillings position decide when cash arrives. Buyers test estimate-at-completion history job by job before they credit a margin line. Self-Perform Depth and Bonding Headroom Shape Who Can Bid Craft availability, prequalification and single-job limits gate the work a contractor can pursue, whatever the growth rate. Those constraints sit behind much of the pricing distance between design-build delivery and the adjacent supplier models.

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    03 · SITUATION MAP

    Four Names Carry Both the Higher Multiple and the Faster Top Line

    Situation map cutting the peer set on EV/EBITDA versus revenue growth relative to sector medians.

    Cutting the set on multiple versus growth relative to the sector median of 9.0x isolates four names that carry both the higher multiple and the faster top line together. This is an observation about where names sit today, not a recommendation to buy or sell any of them. It sets up the next page, where we add margin to the picture.

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    03 · SITUATION MAP Four Names Carry Both the Higher Multiple and the Faster Top Line Cut on EV / EBITDA vs the sector median (9.0x) (rows) and revenue growth vs the covered median (18%) (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. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Growing Above-median multiple · above-median revenue growth 4 names Comfort Systems USA, Inc. (FIX) · EMCOR Group, Inc. (EME) · MasTec, Inc. (MTZ) · +1 more Comfort Systems USA, Inc. (FIX), EMCOR Group, Inc. (EME), MasTec, Inc. (MTZ) and Everus Construction Group, Inc. (ECG) price above 9.0x on CY2027E earnings and grow faster than the middle of the set. The four sit in integrated design-build and program delivery, with repeat owner work and self-perform scope behind the book. Priced up, Steady Top Line Above-median multiple · below-median revenue growth 4 names Caterpillar Inc. (CAT) · Core & Main, Inc. (CNM) · NPK International Inc. (NPKI) · +1 more Caterpillar Inc. (CAT), Core & Main, Inc. (CNM), NPK International Inc. (NPKI) and Consolidated Water Co. Ltd. (CWCO) hold an above-middle multiple without an above-middle top line. Their pricing is associated with steadier demand patterns and product positions rather than with pace. Growing, Priced Below the Middle Below-median multiple · above-median revenue growth 4 names Dycom Industries, Inc. (DY) · Granite Construction Incorporated (GVA) · Cardinal Infrastructure Group Inc. (CDNL) · +1 more Dycom Industries, Inc. (DY), Granite Construction Incorporated (GVA), Cardinal Infrastructure Group Inc. (CDNL) and North American Construction Group Ltd. (NOA) grow faster than the middle of the set while pricing below it. For an owner, this is the group where backlog conversion, job margin and cash release are what the market has yet to credit. Below the Middle on Both Below-median multiple · below-median revenue growth 4 names Primoris Services Corporation (PRIM) · Tutor Perini Corporation (TPC) · Koppers Holdings Inc. (KOP) · +1 more Primoris Services Corporation (PRIM), Tutor Perini Corporation (TPC), Koppers Holdings Inc. (KOP) and ProPetro Holding Corp. (PUMP) sit below the middle on both measures. Delivery model and end market differ sharply across the four — hard-bid civil, treatment chemicals and wellsite services — so the read on each is different.

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    03 · GROWTH VS PROFITABILITY

    Growth and Margin Together: Four Names Sit Above the Middle of the Set on Both

    Scatter of revenue growth versus EBITDA margin for 16 companies, cut at covered medians, with median EV/EBITDA per quadrant.

    Plotting growth against margin together, rather than either alone, isolates four names that sit above the middle of the set on both dimensions at once. That combination, not growth by itself, is where the valuation premium concentrates most cleanly in this data. It's the sharpest lens this report offers on what the market is actually paying for.

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    03 · GROWTH VS PROFITABILITY Growth and Margin Together: Four Names Sit Above the Middle of the Set on Both Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 16 companies with both estimates · cuts at the covered medians (18% growth, 13% 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=4; margin-only n=4; growth-only n=4; neither n=4). CDNL plotted at the chart edge. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 80% 10% 20% 30% MARGIN ONLY median 9.6x BALANCED median 8.5x NEITHER median 8.2x GROWTH ONLY median 11.3x PRIM CWCO PUMP CNM KOP TPC NPKI CAT NOA EME GVA ECG MTZ DY FIX CDNL x: revenue growth (CY2026E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The growth line is 18% and the margin line is 13%. Four of the 16 companies with a CY2027E estimate clear both — North American Construction Group Ltd. (NOA), Dycom Industries, Inc. (DY), Comfort Systems USA, Inc. (FIX) and Cardinal Infrastructure Group Inc. (CDNL) — and that group prices at 8.5x. The four above the growth line only price at 11.3x, the four above the margin line only at 9.6x, and the four below both at 8.2x. The balanced median rests on 4 names and is lifted by FIX at 20.1x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 5 of 16 names clear it (FIX, NPKI, DY, CDNL, NOA).

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    03 · THE AGENDA

    The Operating Choices Associated with Contractors at the Top of the Range

    Agenda slide framing the operating choices associated with contractors priced at the top of the range.

    These are the questions we'd put in front of an owner or acquirer given what the top of this range is associated with. They're framed as observations grounded in the cohort data, not as recommendations for any specific company. Working through them is how a management team turns this pricing pattern into an operating plan.

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    03 · THE AGENDA The Operating Choices Associated with Contractors at the Top of the Range 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. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Shift the Book Toward Negotiated and MSA Work The four names at the top of the range run program delivery and repeat owner work rather than single-project hard-bid books. Moving mix toward negotiated, master service agreement and reimbursable scope changes the earnings profile a buyer is asked to underwrite. What changes the answer: Book-to-bill and the share of backlog under master service agreements moving together over four quarters. Decide How Much Scope to Self-Perform Craft capability is the constraint most contractors hit before demand runs out, and prefabrication is where the productivity gap widens. Adding trades and craft headcount by hiring or by buying is the build-versus-buy question underneath much of this transaction record. What changes the answer: Gross margin per direct labour hour holding as self-perform share rises. Make Sure Margin Survives the Billing Cycle Percentage-of-completion margin is an estimate until jobs close, and retainage, unbilled balances and the over- and underbillings position decide when cash actually lands. Tighter estimate-at-completion discipline and claims recovery are what turn a reported margin into a defendable one. What changes the answer: Estimate-at-completion revisions narrowing across consecutive job closeouts. Choose Which End Markets to Concentrate On The eight names in the middle of this peer set price between 7.7x and 10.9x on CY2027E earnings, a band wide enough that mix decisions show up in value. Public civil, utility, industrial and commercial work carry different funding visibility and different risk transfer. What changes the answer: A single owner or single project rising above the share of revenue the board is comfortable with.

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    SECTION 04

    04

    Section divider introducing what buyers agreed to pay for whole companies across nine transactions.

    We move from public pricing to what buyers have actually paid for control, across deals ranging from small bolt-ons to platform purchases. Nine transactions anchor the case studies that follow.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay for Whole Companies Nine transactions, from craft bolt-ons to platform purchases. 04 of 06 Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Consolidators Show up Again and Again, at Both Ends of the Deal Size Range

    Three case-study transactions from the precedent set, with LTM multiples at announcement where disclosed.

    Consolidators show up repeatedly across this transaction record, at both the small and large ends of deal size. QXO's purchase of Kodiak Building Partners closed at 10.7x, and the announced NXP Semiconductors purchase of Team, Inc. carries 16.7x, both LTM multiples at announcement rather than the CY2027E basis used elsewhere in this report, so no direct spread is claimed. The recurrence of consolidators as buyers is the pattern worth watching as this market continues to trade hands.

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    04 · DEAL CASE STUDIES Consolidators Show up Again and Again, at Both Ends of the Deal Size Range 3 of 26 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. 96 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. 75 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. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Dec-2025 $137M North American Construction Group Ltd. acquires Iron Mine Contracting (IMC) EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED North American Construction Group Ltd. (NOA) runs fleet-heavy oilfield and wellsite services, and Iron Mine Contracting (IMC) is contract mining work. The transaction suggests a buyer adding contracted, repeat scope and crews alongside an existing fleet rather than entering an unrelated end market. HOW THE TARGET WAS VALUED The deal was recorded at $137M and completed in December 2025, the largest disclosed dollar value among the nine transactions shown here. It sits at the oilfield and wellsite services end of this peer set, which prices at the bottom of the three groups on CY2027E earnings. Oct-2025 $40M Cardinal Infrastructure Group Inc. acquires Red Clay Industries, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Cardinal Infrastructure Group Inc. (CDNL) sits in integrated design-build and program delivery and grew its top line faster than the middle of this peer set. Buying Red Clay Industries, Inc. at this size suggests a platform adding craft capability and geography rather than buying scale. HOW THE TARGET WAS VALUED The transaction was recorded at $40M and completed in October 2025. Cardinal Infrastructure Group Inc. (CDNL) itself prices at 8.4x on CY2027E earnings, inside the middle band of this peer set, so a purchase of this size adds value where the acquired margin holds through conversion. Jul-2023 $5M Limbach Holdings, Inc. acquires ACME Industrial Piping, LLC EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Limbach Holdings, Inc. is a mechanical contractor and ACME Industrial Piping, LLC is a specialty piping trade. The transaction suggests a buyer adding self-perform craft at low cost, which is the pattern behind much of the consolidation in this record. HOW THE TARGET WAS VALUED Recorded at $5M and completed in July 2023, it is the smallest disclosed dollar value among the nine transactions shown here. Purchases at this size are customarily framed off adjusted EBITDA with the craft team retained, so the value shows up in labour hours rather than in a headline multiple.

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    SECTION 05

    05

    Section divider introducing what the peer set and transaction record mean for owners, acquirers and boards.

    We close the analysis by asking what buyers are underwriting when they pay these prices, in the public market and in negotiated deals alike. The answer shapes what we recommend owners, acquirers and boards each pay attention to next.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Buyers Are Underwriting Earnings That Hold What the peer set and the transaction record mean for owners, acquirers and boards. 05 of 06 Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Prices Agreed and Announced in These Deals Sit with Earnings That Hold

    Strategic implications slide connecting agreed and announced deal prices to durable earnings.

    The prices agreed and announced across this transaction record sit with the same characteristic we found in the public multiples: earnings that hold. That consistency across two independent pricing mechanisms, public trading and negotiated deals, is what makes this finding a durable one rather than a single market's read. The questions this puts on the table for owners, acquirers and boards over the next twelve months follow directly from it.

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    05 · STRATEGIC IMPLICATIONS The Prices Agreed and Announced in These Deals Sit with Earnings That Hold 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. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS The Premium Sits with Repeat Work and Self-Perform Depth Four of the 16 companies with a CY2027E estimate hold the top of the range, and they carry program delivery, mechanical and electrical scope rather than single-job hard-bid books. Mix, craft capacity and claims experience are the levers an owner actually controls. FOR ACQUIRERS Precedent Transactions Favour Buyers with Conviction on Craft Consolidators adding trades, geographies and craft headcount are the repeat buyers across the nine transactions shown here, from small bolt-ons to platform purchases. Rollover equity and backlog-linked earnouts are how the estimating and operations bench is held in place after closing. FOR BOARDS Fleet, Bonding and Concentration Decide What a Buyer Nets Off Equipment-heavy models carry a permanent fleet replacement claim on EBITDA, and the two oilfield and wellsite services names here price well under the contractors. Surety headroom, licence transfer and owner concentration move value alongside the multiple itself.

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    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    Everything summarized in the body of this report is backed by company-level detail here. This is where a reader traces any figure back to its source.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Construction and Engineering 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

    Full comparables table of rated and unrated public companies grouped by valuation tier, part one.

    This table carries every rated company behind the multiples shown earlier, with tier shading against the 9.0x sector median. Sixteen companies carry an eligible multiple; eight do not and are listed separately. Every ticker here links back to its underlying source for verification.

    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 (9.0x); amber marks below · 16 rated companies; 8 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. Construction and Engineering 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 — ≥10.9x · median 16.6x · 4 companies Comfort Systems USA, Inc. FIX Integrated design-build and program delivery $57.7B 20.1x 43% 18% 38 Caterpillar Inc. CAT Adjacent: earthmoving and machinery OEMs $417B 19.5x 18% 22% 35 EMCOR Group, Inc. EME Integrated design-build and program delivery $33.5B 13.7x 20% 11% 22 Everus Construction Group, Inc. ECG Integrated design-build and program delivery $6.0B 12.6x 24% 9% 21 CORE — 7.7x–10.9x · median 9.0x · 8 companies Core & Main, Inc. CNM Adjacent: waterworks and utility products distribution… $10.6B 10.4x 2% 12% 17 MasTec, Inc. MTZ Integrated design-build and program delivery $19.7B 10.0x 27% 9% 28 Consolidated Water Co. Ltd. CWCO Adjacent: regulated water utilities $327M 9.9x -3% 17% 65 NPK International Inc. NPKI Adjacent: construction materials supply $1.0B 9.3x 15% 31% 41 Dycom Industries, Inc. DY Integrated design-build and program delivery $10.6B 8.7x 39% 14% 27 Primoris Services Corporation PRIM Integrated design-build and program delivery $4.5B 8.5x -4% 4% 18 Cardinal Infrastructure Group Inc. CDNL Integrated design-build and program delivery $1.6B 8.4x 95% 16% 36 Tutor Perini Corporation TPC Integrated design-build and program delivery $4.1B 7.8x 15% 7% 20 DISCOUNT — <7.7x · median 5.5x · 4 companies Granite Construction Incorporated GVA Integrated design-build and program delivery $6.1B 7.5x 22% 13% 23 Koppers Holdings Inc. KOP Adjacent: construction chemicals and coatings $1.9B 7.0x 3% 13% 17

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    06 · PUBLIC COMPARABLES (2 OF 2)

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

    Full comparables table of rated and unrated public companies grouped by valuation tier, part two.

    This continues the same comparables table, completing the full rated set behind this report's multiples. The tier shading and sourcing convention carry over from the previous page. Together the two pages give a reader the complete public evidence base.

    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 (9.0x); amber marks below · 16 rated companies; 8 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. Construction and Engineering 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 — <7.7x · median 5.5x · 4 companies ProPetro Holding Corp. PUMP Adjacent: oilfield and wellsite services $1.2B 4.0x -3% 16% 39 North American Construction Group Ltd. NOA Adjacent: oilfield and wellsite services $959M 3.1x 19% 26% 35

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Precedent transactions with disclosed terms, newest first, part one of the appendix list.

    This is the transaction record behind the deal commentary earlier in the report, ordered newest first. Deal multiples here are LTM at announcement, a different basis from the CY2027E multiples used for public comparables, so we don't claim a spread between the two. The companion workbook carries the remaining transactions and the full data-quality ledger.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 26 transactions with disclosed terms in this tier (101 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. 96 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. 75 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 26 transactions shown; the rest are in the companion workbook. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 QXO, Inc. → Kodiak Building Partners Inc. n/a n/a 10.7x QXO, Inc. completed its purchase of Kodiak Building Partners Inc. in February 2026 at 10.7x EBITDA. Building products distribution bought at this level sits above the middle of the public set on the same measure. Dec-2025 North American Construction Group Ltd. → Iron Mine Contracting (IMC) $137M n/a n/a North American Construction Group Ltd. (NOA) completed its purchase of Iron Mine Contracting (IMC) in December 2025 at $137M. It is the largest disclosed dollar value among the nine transactions shown here. Nov-2025 Gulf Island Fabrication, Inc. → Primoris Services Corporation n/a n/a 3.0x Gulf Island Fabrication, Inc. and Primoris Services Corporation (PRIM) recorded a November 2025 transaction at 3.0x that was terminated. Fabrication and self-perform civil and utility scope are complementary, and the terms recorded sit well below the middle of the… Nov-2025 Gulf Island Fabrication, Inc. → Arcosa, Inc. n/a n/a 3.0x Gulf Island Fabrication, Inc. completed a November 2025 purchase of Arcosa, Inc. recorded at 3.0x. The pairing reads as capability and product reach rather than pure scale. Nov-2025 NXP Semiconductors N.V. → Team, Inc. n/a 3.4x 16.7x NXP Semiconductors N.V. announced the purchase of Team, Inc. in November 2025 at 16.7x EBITDA and 3.4x revenue. Recurring inspection and maintenance work is priced here at the upper end of what this record shows. Oct-2025 Cardinal Infrastructure Group Inc. → Red Clay Industries, Inc. $40M n/a n/a Cardinal Infrastructure Group Inc. (CDNL) completed its purchase of Red Clay Industries, Inc. in October 2025 at $40M. It is the mid-sized bolt-on in this record, between the small craft purchases and the platform deals. Jul-2025 TopBuild Corp. → PR Midco LLC n/a 9.1x 9.1x TopBuild Corp. announced the purchase of PR Midco LLC in July 2025, recorded at 9.1x EBITDA. Installation-led models with repeat builder customers are priced close to the middle of this peer set. Aug-2024 PDC Energy, Inc. → Terminal Maintenance and Construction n/a n/a 2.3x PDC Energy, Inc. announced the purchase of Terminal Maintenance and Construction in August 2024 at 2.3x EBITDA. Owners buying their own maintenance capability is a recurring pattern in the energy-facing end of this record. Jul-2023 Limbach Holdings, Inc. → ACME Industrial Piping, LLC $5M n/a n/a Limbach Holdings, Inc. completed its purchase of ACME Industrial Piping, LLC in July 2023 at $5M. Small specialty trade purchases like this are how mechanical platforms add self-perform scope.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Precedent transactions with disclosed terms, newest first, part two of the appendix list.

    This completes the precedent transaction list carried over from the previous page. The same basis and sourcing notes apply throughout. Readers tracing a specific deal will find deal values linked to the underlying filing.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 26 transactions with disclosed terms in this tier (101 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. 96 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. 75 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 26 transactions shown; the rest are in the companion workbook. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2023 Energy Solutions → Williams Industrial Services Group n/a 0.2x n/a Jul-2022 Arcadis N.V. → IBI Group Inc. n/a n/a 7.8x Value shown as recorded in the filing; deal value unit unresolved. Jun-2022 Primoris Services Corporation → PLH Group, Inc. n/a n/a 7.1x Value shown as recorded in the filing; deal value unit unresolved. May-2022 Legato Merger Corp. II → Southland Holdings, LLC n/a n/a 6.2x Value shown as recorded in the filing; deal value unit unresolved. Jul-2019 Advanced Drainage Systems, Inc. → Infiltrator Water Technologies, LLC n/a n/a 10.7x Apr-2019 Jacobs Engineering Group, Inc. → The KeyW Holding Corporation n/a n/a 22.6x Sep-2018 Limbach Holdings, Inc. → Dunbar Mechanical $20M n/a n/a Jul-2018 MYR Group Inc. → Huen Electric, Inc. (and affiliates) n/a 0.3x n/a Apr-2018 TopBuild Corp. → United Subcontractors, Inc. n/a 10.2x 10.2x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology page describing sources, assumptions and data-quality treatment behind the report.

    Every figure in this report links back to the record it was taken from, and where it doesn't, this page names the source and the basis used. This is where we document exclusions, plausibility gates and the valuation basis so a reader can judge the analysis on its own terms. Transparency here is what lets a client trust the multiples used everywhere else in the deck.

    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. Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (16 of 24 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 Construction and Engineering and it clears the coverage gate with 16 of 24 companies (67%). 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 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 1254 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 (1253) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Across This Peer Set, the Premium Sits with Earnings That Hold, Not with Pace Alone.

    Closing slide restating that the premium in this peer set sits with earnings that hold, not pace alone.

    Across this peer set, the premium sits with earnings that hold, not with pace alone. 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 further.

    Everything on this page

    Across This Peer Set, the Premium Sits with Earnings That Hold, Not with Pace Alone. NeuraCap AI — Construction and Engineering Coverage September 2026 · Prepared by NeuraCap AI · Confidential Construction and Engineering Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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