Contract Manufacturing Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › CAPITAL GOODS › CONTRACT MANUFACTURING SERVICES

Programs with Named Demand Win the Period; The Middle Drifts Lower

This update covers what moved, what companies announced, and where the transaction record stands for 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

Contract Manufacturing Services 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

   INDUSTRIALS › CAPITAL GOODS › CONTRACT MANUFACTURING SERVICES

   This is the cover for the Contract Manufacturing Services bi-weekly industry events and M&A update covering September 14–28, 2026.

   This bi-weekly update covers what changed, who moved and why, what transacted, and what it means for Contract Manufacturing Services. We'll walk through the two-week period's market moves, catalysts and deal record next.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › CONTRACT MANUFACTURING SERVICES Programs with Named Demand Win the Period; The Middle Drifts Lower This update covers what moved, what companies announced, and where the transaction record stands for 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 Contract Manufacturing Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Narrow Set of Names with Real Demand News Carried the Period

   This slide summarizes the two-week period across 10 covered names, comparing their moves to the S&P 500.

   Six of the ten names we cover fell over the period, with a median move of -1.7% against a +0.8% gain for the S&P 500. Two names, Proto Labs and Benchmark Electronics, carried almost all of the upside, both following announcements that named specific end-market demand. That split — a handful of demand-backed gainers against a broader drift lower — is the story for the period, so we lead with it before turning to the individual moves.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Narrow Set of Names with Real Demand News Carried the Period The two-week period in one page · 10 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. Contract Manufacturing Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Most Covered Names Slipped While the Broad Market Edged Up 6 of 10 covered names fell; the median move was -1.7%, against +0.8% for the S&P 500 over the same two-week period. 2 Two Names Did Almost All of the Work Proto Labs, Inc. (PRLB) gained +23.9% and Benchmark Electronics, Inc. (BHE) gained +14.6%. Both had in-window announcements that named the end-market demand behind the business rather than describing capacity in general terms. 3 The Top of the Range Did the Moving, Consistent with the Standing View NeuraCap's standing sector view prices the group at a 6.3x CY2027E EV/EBITDA median, with the Premium tier at 13.6x and the Discount tier at 4.2x. The period's largest gain came from Proto Labs, Inc. (PRLB), a Premium-tier name in that framework. 4 Nothing New Priced, so the Deal Reference Points Held No material sector transactions were announced during the period. The trailing record of 40 precedent transactions still carries a median of 8.8x EV/EBITDA. +23.9% Best mover — Proto Labs, Inc. (PRLB) worst: AZ -7.9% · 4 up / 6 down of 10 covered -1.7% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Named Demand Gets Paid While the Rest of the Group Drifts

   This slide details the individual share-price moves for covered names against the sector median and S&P 500 benchmark.

   Proto Labs gained +23.9% and Benchmark Electronics gained +14.6%, while the broader group's median move was -1.7% against the S&P 500's +0.8%. We apply a 9.0% sector-relative materiality bar, so readers can see which moves are noise and which are signal. Each move on this page links back to the filing or headline recorded in the window, and where no driver was recorded, we say so plainly. The pattern here is concentration, not breadth — a small number of names did the work, so what matters next is why.

   Everything on this page

   PUBLIC MARKET MOVERS Named Demand Gets Paid While the Rest of the Group Drifts Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -1.7% · S&P 500 +0.8% · materiality bar ±9.0% (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. Contract Manufacturing Services 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 -1.7% Proto Labs, Inc. (PRLB) +23.9% Shares rose +23.9% and moved following the company's Sep 23 announcement that it is supporting robotics customers with flexible, on-demand rapid manufacturing. The largest single day, +5.2% on Sep 16, came earlier in the window. Quick-turn digital capacity attached to a named growth application is being paid ahead of generic quoting capacity. COMPANY-SPECIFIC Benchmark Electronics, Inc. (BHE) +14.6% Shares rose +14.6%. The move was consistent with management's Sep 27 conference remarks setting out growth priorities and pointing to semiconductor capital equipment and private artificial intelligence demand behind record 2026 growth. In electronics assembly, visible program demand from a named end market is what the market rewarded this period. COMPANY-SPECIFIC A2Z Cust2Mate Solutions Corp. (AZ) -7.9% No notable in-window news was identified that clearly explains the move. At -7.9%, the decline was wider than the -1.7% median across covered names. Smaller names without their own in-window announcement tracked the softer half of a two-sided period. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: A Guidance Raise, a Planning Partner and a New Application

   This slide covers the two-week period's highest-impact company news, including a guidance raise, a planning partnership and a new product application.

   The period's highest-impact events include a guidance raise, a new planning partner relationship and a newly named application, each linked to its underlying filing or article. We read these as the events most likely behind the share moves we just showed, using a fixed source order of SEC filings, press releases and established outlets. This is what separates the gainers from the rest of the group: specific, named demand rather than general capacity commentary, so it's worth reading each item's 'why it matters' line before assessing the next section.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: A Guidance Raise, a Planning Partner and a New Application 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. Contract Manufacturing Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 25 · NEWS · Accesswire The Eastern Company takes its safe brands direct to consumers at a major New England fair Our read: a consumer-facing showcase sits alongside the industrial book and reaches demand that does not depend on an OEM release schedule. Mixed-channel manufacturers have a route to dampen original-equipment cyclicality with direct demand. Sep 22 · NEWS · GlobeNewsWire NN, Inc. raises its full-year 2026 guidance ranges for net sales and adjusted EBITDA A raise part-way through the year is the cleanest between-quarters signal a precision machining business can give on program volumes and cost recovery. Peers will be read against whether they follow with their own raise or stay inside the original range. Sep 18 · NEWS · GlobeNewsWire REMINDER: Virtuix to Host Virtual Investor Webinar Today at 10:00 a.m. Eastern Time Webinar Follows Recent Business Update Highlighting 3X Omni One Order Growth and Expanding Defense and Enterprise Opportunities AUSTIN, Texas, Sept. 18, 2026 (GLOBE NEWSWIRE) -- Virtuix Holdings Inc. (NASDAQ: VTIX), a leading developer of AI-driven, full-body Sep 16 · NEWS · GlobeNewsWire Fluence Energy Announces Revised Guidance for Fiscal Year 2026; Management to Host Conference Call at 5PM Eastern Time Today ARLINGTON, Va., Sept. 16, 2026 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced updated ex Sep 15 · NEWS · PRNewsWire LCI Industries selects an AI-native partner for its supply chain planning Planning accuracy sits behind line-side delivery and the inventory a components maker carries against customer release patterns. Our read: this is a cash conversion decision as much as a systems decision. Planning capability is becoming a competitive item in components supply, not back-office housekeeping. Sep 15 · NEWS · Business Wire Denis Ricard, President and Chief Executive Officer of iA Financial Group, to speak at the Annual CIBC Eastern Institutional Investor Conference QUEBEC CITY--(BUSINESS WIRE)--iA Financial Group (iA Financial Corporation Inc. (TSX: IAG)) announces the participation of Denis Ricard, President and Chief Executive Officer, in a fireside chat moderated by Paul Holden as part of the 25th Annual CIBC Eastern

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions; The Existing Record Still Sets the Reference

   This slide confirms no new sector transactions were announced in the period and restates the standing precedent-transaction record.

   No new contract manufacturing transactions were announced during the two-week period, so the existing record of 40 precedent deals and its 8.8x median EV/LTM EBITDA remain the reference points for the sector. We treat this as continuity, not signal — the absence of new deals doesn't change the deal math acquirers should be using today. For buyers and advisors benchmarking a program, this median is still the number to anchor against, so what matters is where the current public moves sit relative to it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transactions; The Existing Record Still Sets the Reference September 14–28, 2026 · precedent transactions: 40 recorded deals · median 8.8x 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. Contract Manufacturing Services 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 record of 40 precedent transactions, at a median of 8.8x EV/EBITDA, remains the reference point buyers and sellers are working from. 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 8.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   This slide translates the period's evidence into observations for operators, acquirers and advisors.

   For operators, the takeaway is that programs with named, specific demand are what traded higher over the period. For acquirers, the deal reference set is unchanged — the 8.8x precedent median still sits alongside the sector's 6.3x standing CY2027E median as valuation anchors. For advisors, the case for using program-level demand evidence just got stronger, since it was the demand-name announcements, not general commentary, that separated this period's gainers from the rest — so that's the argument to bring to the next conversation.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors 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. Contract Manufacturing Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.3x 10 companies in the study 3 valuation tiers Standing thesis: Contract Manufacturing Services Is Not Priced as One Market: A Small Top Group Sits Well Above a Tight Middle FOR OWNERS & OPERATORS Demand You Can Name Is What Carried the Numbers Companies in the space that pointed to specific end-market demand traded higher over the two-week period. FOR ACQUIRERS The Reference Set Is Unchanged This Period No material sector transactions were announced during the period, so the trailing record of 40 precedent transactions and its 8.8x median remain the anchor. Against NeuraCap's standing 6.3x CY2027E median, the period's largest gain came from Proto Labs, Inc. FOR ADVISORS Lead with Program-Level Demand Evidence The theme is separation: 6 of 10 covered names fell; the median move was -1.7%, while the two names with in-window demand announcements gained.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide lists the sources behind the update's figures and explains the methodology used to calculate them.

   Every figure in this update ties back to a recorded source — SEC filings, company press releases, established news outlets and market pricing data — so nothing here rests on an unlinked assertion. Where we characterize a driver behind a move, we label it as a NeuraCap read of the recorded evidence, separate from the underlying figures. This structure lets you trace any number back to its original filing or article, so you can verify the inputs before relying on them in your own analysis.

   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. Contract Manufacturing Services 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_20260929T063728Z_388_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: accessnewswire.com · globenewswire.com · prnewswire.com · businesswire.com

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