Construction Materials Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

MATERIALS › MATERIALS › CONSTRUCTION MATERIALS

Guidance and Activist Pressure Set the Tone as Materials Give Ground

This update covers what moved, what companies announced and what changed in the transaction record across Construction Materials from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

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

Construction Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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

   MATERIALS › MATERIALS › CONSTRUCTION MATERIALS

   Cover slide introducing the Construction Materials bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers what changed, who moved and why, what transacted, and what it means for Construction Materials from September 14–28, 2026. We'll walk through the period's public market movers, major catalysts, and the M&A record together, so you leave with a clear read on the two weeks.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE MATERIALS › MATERIALS › CONSTRUCTION MATERIALS Guidance and Activist Pressure Set the Tone as Materials Give Ground This update covers what moved, what companies announced and what changed in the transaction record across Construction Materials from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Construction Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Company News, Not the Market, Set This Period's Ranking

   This page shows that company-specific news, not the broader market, drove the two-week ranking across 17 covered names.

   Fourteen of the seventeen names we track fell this period, with a -3.5% median move, even as the S&P 500 returned +0.8%. That gap tells us the sector's ranking was set by company records, not by macro sentiment. We'll show you exactly which announcements moved the needle, so you can separate index noise from real signal.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Company News, Not the Market, Set This Period's Ranking The two-week period in one page · 17 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Construction Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Sector Gave Ground While the Broad Market Edged Higher 14 of 17 covered names fell; the median move was -3.5%. The S&P 500 returned +0.8% over the same window. 2 A Volume Outlook Reset Carried the Period's Widest Decline Kinross Gold Corporation (KGC) finished the two-week period at -14.4%, with a -11.6% single day on Sep 24. Shares moved following its operational and return of capital update and the reported cut to its 2026-2027 production outlook. 3 Adjacent Revenue Earned a One-Day Bid, Not a Two-Week One Atlas Energy Solutions Inc. (AESI) rose +13.5% on Sep 25, the day it announced equipment purchase agreements backed by cost reimbursement agreements with a leading frontier AI lab. The two-week return still closed at -6.4%. 4 Quiet Transaction Record, Unchanged Reference Pricing No material sector transactions were announced during the period. The trailing precedent record still carries a median of 10.0x EV/EBITDA, above the 7.7x CY2027E median in NeuraCap's standing sector view. +3.3% Best mover — Smart Sand, Inc. (SND) worst: KGC -14.4% · 3 up / 14 down of 17 covered -3.5% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Company Records, Not the Market, Explain the Two-Week Ranking

   This page ranks the two-week close-to-close moves for covered names and ties each to its recorded driver.

   Kinross Gold Corporation led the period's declines at -14.4%, including a -11.6% single-day move on Sep 24 tied to its reported production outlook cut. Atlas Energy Solutions Inc. moved the other way intraday, up +13.5% on Sep 25, though its two-week return still closed at -6.4%. We only attribute a move to a driver when the record supports it, so where no filing or headline exists, we say so. That discipline is what makes this ranking usable for pricing conversations with clients.

   Everything on this page

   PUBLIC MARKET MOVERS Company Records, Not the Market, Explain the Two-Week Ranking Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.5% · S&P 500 +0.8% · materiality bar ±5.2% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Construction Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.5% Kinross Gold Corporation (KGC) -14.4% Shares moved following Kinross Gold Corporation's Sep 23 operational and return of capital update and the Sep 24 notice reporting a cut to its 2026-2027 production outlook; the -11.6% single-day decline landed on Sep 24. A volume outlook reset reprices a Discount-tier name faster than a capital-return message can offset it. COMPANY-SPECIFIC CEMEX, S.A.B. de C.V. (CX) -8.8% No notable in-window news was identified that clearly explains the move. The -8.8% two-week return trailed the -3.5% median across covered names. Cement-weighted names carried more of this period's decline than the median covered name. UNEXPLAINED Vale S.A. (VALE) -7.0% The available evidence suggests commodity economics did the work: in-window coverage flagged realized iron ore prices near $95 alongside cost pressure, with shares at $14.61 on Sep 14 and $13.82 on Sep 23. Where price per ton is set offshore, cash cost per ton is the lever the operator still owns. SECTOR-WIDE Smart Sand, Inc. (SND) +3.3% No notable in-window news was identified that clearly explains the move. Its +3.3% gain stands against the -3.5% median across covered names. Gains were the exception this period: only 3 of 17 covered names finished higher. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Did: Activist Pressure, Volume Guidance and Power-Adjacent Contracts

   This page lists the two-week period's highest-impact company events, from activist pressure to volume guidance to power-adjacent contracts.

   The headline events this period were operational: a reported production outlook cut at Kinross Gold, cost-reimbursed equipment agreements at Atlas Energy Solutions tied to a frontier AI lab, and a stockholder letter and response at KNF. Each entry links to its underlying filing or article, so the read is traceable, not asserted. For advisers, these are the specific data points to lead client conversations with this period.

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   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Did: Activist Pressure, Volume Guidance and Power-Adjacent Contracts The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Construction Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · Business Wire Knife River receives an activist stockholder letter pressing its leadership Outside pressure on an aggregates-led operator puts mix, price flow-through and capital allocation in front of the board. That is exactly where this sector separates the top of the range from the bottom. Core-tier operators can expect their reserve position and pricing discipline argued in public, not just in the boardroom. Sep 24 · NEWS · PRNewsWire Law firm notice follows Kinross cut to its 2026-2027 production outlook The notice is the second-order effect; the first is the volume outlook itself. Kinross Gold Corporation (KGC) shares gapped down more than 10% on Sep 24 in the reported reaction. Near-term volume guidance moved a Discount-tier name more than anything else disclosed in the window. Sep 15 · NEWS · PRNewsWire Smart Sand books a webcast presentation and investor meetings at a fall conference Taking one-on-one meetings signals a management team that wants its cost position and logistics story heard directly. For a smaller operator, that channel is part of how the position gets understood. Investor access is one of the few levers a smaller operator controls when its price per ton is set elsewhere. Sep 25 · NEWS · Business Wire Atlas signs equipment purchase agreements backed by cost reimbursement from a frontier AI lab The agreements attach reimbursed equipment spend to power demand rather than to sand volumes, extending the revenue mix beyond the proppant cycle. Adjacent-model revenue is how a Core-tier name argues for a mix shift buyers will pay for. Sep 24 · NEWS · Business Wire Knife River answers the stockholder letter with a statement on execution and shareholder value The same-day public response signals a board that intends to defend its current plan on operating results rather than open a strategic reset. Pressure in this sector is answered with unit economics: shipments, realized price per ton and cash gross profit per ton. Sep 23 · NEWS · Business Wire Cemex named to Fortune's 2026 Change the World list for its freshwater work Resource stewardship recognition speaks to permitting standing and community consent, and community consent is the binding constraint on new supply in every haul radius. Standing with a community is an operating asset in permitting-constrained markets, even when it never shows in a quarter.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Sat Out the Window While the Precedent Record Kept Its Premium

   This page shows that no new sector transactions were announced this period, while the trailing precedent record held at a 10.0x EV/EBITDA median.

   Buyers stayed on the sidelines this period, no new transactions entered the record. The trailing set of 40 recorded deals still carries a 10.0x EV/EBITDA median, well above the sector's standing 7.7x CY2027E view. That gap between public trading levels and private-market pricing is worth watching for acquirers weighing entry points. We flag it here so it stays on your radar even in a quiet window.

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   M&A & STRATEGIC ACTIVITY Buyers Sat Out the Window While the Precedent Record Kept Its Premium September 14–28, 2026 · precedent transactions: 40 recorded deals · median 10.0x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Construction Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing precedent record still carries a median of 10.0x EV/EBITDA, above the 7.7x CY2027E median in NeuraCap's standing sector view. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 10.0x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Operators, Buyers and Advisers

   This page translates the two-week period into implications for operators, acquirers and advisers.

   For operators, the ranking came down to tons shipped, price per ton and cash cost, the same levers as always. For acquirers, the pricing reference didn't move this period, so a 10.0x trailing median sits against a 13.4x premium-tier and 4.6x discount-tier split in the standing view. For advisers, the two clearest talking points are the Kinross production cut and the Atlas Energy equipment agreements. Together, these are observations to act on, not blanket recommendations.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Operators, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Construction Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.7x 17 companies in the study 3 valuation tiers Standing thesis: Construction Materials Holds the Top of Its Range With Reserve-Backed Aggregates, the Bottom With Adjacent Models FOR OWNERS & OPERATORS Unit Economics Decided the Ranking, Not the Index Companies in the space traded on their own records this period. The levers behind the moves are the familiar ones: tons shipped by line, realized price per ton, cash cost per ton at the pit and at the kiln FOR ACQUIRERS The Reference Set Did Not Move; Public Marks Did No new transactions entered the record this period, so the pricing reference stays where it was, with a trailing median of 10.0x EV/EBITDA. Meanwhile 14 of 17 covered names fell at a -3.5% median. FOR ADVISORS Lead with What Companies Said About Volumes and Mix The period's dominant theme is company-specific: a production outlook cut at Kinross Gold Corporation (KGC), reimbursed equipment agreements tied to power at Atlas Energy Solutions Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page documents the sources, methodology and important notices underlying the update.

   Every figure in this update ties back to the filing, press release or established outlet it was drawn from, in a fixed reliability order. We rely on primary company records first, with established outlets used for market context. This transparency is what lets you use these figures directly in your own client conversations.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Construction Materials Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T060342Z_327_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · prnewswire.com · accessnewswire.com · globenewswire.com

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