Contract Manufacturing Services Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › CONTRACT MANUFACTURING SERVICES

Contract Manufacturing: A Wide Price Gap Separates the Top of the Range from the Bottom

A read on how this market is pricing qualified program positions against re-quotable work, and where the screened names sit against each other.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › CAPITAL GOODS › CONTRACT MANUFACTURING SERVICES

   Cover page introducing the Contract Manufacturing Services sector outlook as of September 2026.

   We open this Contract Manufacturing Services outlook with market data as of September 28, 2026, built on an EV/EBITDA (CY2027E) basis. What follows lays out where this market is pricing the strongest names against the rest, and why that gap holds up.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › CONTRACT MANUFACTURING SERVICES Contract Manufacturing: A Wide Price Gap Separates the Top of the Range from the Bottom A read on how this market is pricing qualified program positions against re-quotable work, and where the screened names sit against each other. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

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

   We've structured this report so the bottom line comes first — stop after section one and you still have the full story. From there we walk the landscape, valuation, precedent deals and what this means operationally. So what: you can go as deep as you need, on your own schedule.

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   CONTENTS What This Report Covers 01 The Bottom Line The Whole Story on One Page 02 The Landscape One Label, Very Different Businesses Underneath 03 Valuation & Situations A Wide Range for a Set This Small 04 Precedent Transactions What Buyers Agreed to Pay in the Transaction Record 05 Strategic Implications What to Do with This Inside the Business 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Contract Manufacturing Services Is Not Priced as One Market: A Small Top Group Sits Well Above a Tight Middle

   This page summarizes the report's central finding that the sector is not priced as one market.

   We find that this market does not price as one group: the middle of the range sits at 6.3x EV/EBITDA (CY2027E), while two names hold the top at 13.6x and two sit at the bottom near 4.2x. That spread, inside a set this small, tells us the market is grading each name's earnings individually rather than the sector as a whole. So what: peer selection and where a company sits inside the range matter more than the label it carries.

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   01 · THE BOTTOM LINE Contract Manufacturing Services Is Not Priced as One Market: A Small Top Group Sits Well Above a Tight Middle 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 (7 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Range Is Wide, and a Small Top Group Holds It Open 7 of the 10 names carry a forward estimate for CY2027E, and the middle of that range sits at 6.3x EV/EBITDA. Two names sit at 13.6x at the top of the range and two at 4.2x at the bottom; a gap that wide inside a set this small says the market is grading the earnings name by name. 2 The Two Growth Halves Price in Much the Same Place Split the 6 names that carry both a growth estimate and a forward multiple at the 10% growth line. The faster-growing three price at the middle of the range and the slower-growing three at 6.7x, just above it, so on this small base the price gap is associated with something other than the growth rate. 3 Margin Above the Middle Shows up at Both Ends of the Range Measured against a covered EBITDA margin middle of 17%, 3 of the 7 names with a forward estimate carry a higher margin and still price below the middle of the range. 1 of the 7 sits above the middle on both measures, so margin level on its own is not what separates the two ends here. 4 What Buyers Agreed to Pay Ran Wider than the Listed Range The nine recorded transactions here span announced, completed and terminated deals, with EBITDA multiples running from 3.0x on a transaction later terminated up to 17.6x. What buyers agreed to pay for whole companies has reached above where this listed set trades, and on our read the higher marks sit with targets holding certified or proprietary process positions. 6.3x Sector median EV/EBITDA CY2027E consensus · 7 rated of 10 companies 13.6x Premium end EV/EBITDA vs 4.2x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 10 Transactions with disclosed terms 50 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

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   Divider introducing the market map and landscape section.

   One label covers very different businesses here, so peer choice has to be made name by name. We'll show how process mix and program position drive that split.

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   SECTION 02 02 THE LANDSCAPE One Label, Very Different Businesses Underneath Why peer choice here has to be made name by name, on process mix and program position. 02 of 06 Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Pricing Contest Here Runs Inside One Group, Not Between Groups

   This page groups the 10 approved companies by business segment and shows each group's median EV/EBITDA (CY2027E).

   We group all 10 approved companies by business segment and compare each group's median EV/EBITDA (CY2027E) as of September 28, 2026. The pricing contest here runs inside groups, not between them — segment alone doesn't explain where a name sits. So what: comparing a company only to its labeled peers can miss where the real premium sits.

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   02 · MARKET MAP The Pricing Contest Here Runs Inside One Group, Not Between Groups 10 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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT MODELS 10 cos median 6.3x Barrick Mining (B) LCI Industries (LCII) Benchmark (BHE) Proto Labs (PRLB) Mayville (MEC) TriMas (TRS) NN (NNBR) NL Industries (NL) The Eastern (EML) A2Z Cust2Mate (AZ) The 10 screened names sit under a single classification label, so the pricing contest runs inside the group rather than between groups. Peer choice has to be made name by name, on process mix, certification stack and program position.

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   02 · LANDSCAPE

   One Classification Label Covers Work That Buyers Price Very Differently

   This page describes what each segment does and why buyers price the work differently.

   The Contract Manufacturing Services label covers a wide range of work, from build-to-print machining to molding, electronics assembly and adjacent models, and buyers price each very differently. We walk through what each segment does and why that shapes the multiple. So what: knowing which segment a company's work actually resembles is the starting point for any valuation conversation.

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   02 · LANDSCAPE One Classification Label Covers Work That Buyers Price Very Differently 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. Contract Manufacturing Services 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 Adjacent models 10 100% 6.3x Barrick Mining Corporation (B) · LCI Industries (LCII) · +8 more Ten names, one label. The screen places build-to-print machining, fabrication, molding, electronics assembly and two adjacent models under one group covering 100% of the set, with 7 of the 10 names carrying a forward estimate. The differences that matter to a buyer — sole-source qualified positions against re-quotable work — sit inside the group, not between groups.

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   Divider introducing the valuation and situations section.

   Next we look at where the top and bottom of the CY2027E range sit, and what separates them. The range here is wide for a set this small.

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   SECTION 03 03 VALUATION & SITUATIONS A Wide Range for a Set This Small Where the top and the bottom of the CY2027E range sit, and what separates them. 03 of 06 Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds Its Premium Even After Forecast Growth Is Credited

   This page ranks all 7 rated companies by EV/EBITDA (CY2027E) against the 6.3x sector median.

   We sort all 7 rated companies by EV/EBITDA (CY2027E), against a sector median of 6.3x. The top of the range holds its premium even once forecast growth is credited into the multiple. So what: the premium at the top looks durable rather than a growth artifact.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds Its Premium Even After Forecast Growth Is Credited EV / EBITDA (CY2027E) · all 7 rated companies, sorted descending · sector median 6.3x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 10 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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 13.6x CORE · median 6.3x DISCOUNT · median 4.2x Sector median 6.3x WHAT SEPARATES THE TWO ENDS The top prices at 13.6x. The two names at the top of the range sit at 13.6x on CY2027E EV/EBITDA, against 4.2x for the two at the bottom. A forward multiple already credits the growth in the forecast, so a premium that survives it points to how durable buyers judge those earnings to be. Margin sits on both sides. Barrick Mining Corporation (B) reports a 70% EBITDA margin and TriMas Corporation (TRS) 21%, and both price at the bottom of the range. Margin level on its own is associated with neither end here, and Barrick Mining Corporation (B) is an adjacent model whose economics do not transfer to a machining or fabrication read. Coverage shapes the comparison. 7 of the 10 names carry a forward EBITDA estimate for CY2027E; Benchmark Electronics, Inc. (BHE), NL Industries, Inc. (NL) and The Eastern Company (EML) do not. Read the range as 7 rated names inside a 10-name set, and check each peer's process mix and end markets before leaning on it.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 17% Margin Line Carry 4.6x Against 6.3x Below It

   This page splits the rated names by growth and by margin cohort to see which driver tracks the multiple.

   Split at the covered median, names above the 17% EBITDA margin line carry 4.6x against 6.3x below it. Growth cohorts price closer together, so on this small base profitability tracks the multiple more closely than growth does. So what: margin position looks like the more useful lens for where a name sits in the range — an association we note, not a proven cause.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 17% Margin Line Carry 4.6x Against 6.3x Below It 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=3; slower n=3; higher-margin n=4; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 10% · EBITDA-margin split at 17% The Two Growth Halves Land in Much the Same Place On the 6 names that carry both a growth estimate and a forward multiple, split at the 10% growth line, the faster three price at 6.3x and the slower three at 6.7x. On a base that small the message is directional: the wide price gap inside this set is associated with something other than the growth rate. Profitability and Price Sit in Different Orders Mayville Engineering Company, Inc. (MEC) carries a 13% EBITDA margin and prices in the middle of the range, while TriMas Corporation (TRS) carries a higher margin and prices at the bottom. Where the margin comes from — recurring program margin or tooling and engineering recoveries — is what buyers work through. Qualified Positions Are What Diligence Actually Tests Quality of earnings work in this sector rebuilds profit by customer, platform and process, and separates recurring program margin from tooling recoveries. Sole-source qualified positions, the certification stack and design-for-manufacture involvement at the quoting stage are what buyers examine before they credit the earnings base. Machine Age and Pass-Through Move the Earnings Base Maintenance capex and machine age are treated as a direct adjustment to earnings, and buyers commonly reprice where the replacement cycle has been pushed out. Contractual indexation and surcharge recovery shape how much of an input cost move reaches the plant floor rather than the customer.

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    03 · SITUATION MAP

    The Price Premium and the Margin Lead Sit with Different Names

    This page maps each name on EV/EBITDA versus the sector median against EBITDA margin versus the covered median.

    We cut the set on EV/EBITDA against the 6.3x sector median and EBITDA margin against the 17% covered median. The price premium and the margin lead don't always sit with the same names. So what: a high multiple doesn't automatically mean the highest margin — worth checking before assuming the two move together.

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    03 · SITUATION MAP The Price Premium and the Margin Lead Sit with Different Names Cut on EV / EBITDA vs the sector median (6.3x) (rows) and EBITDA margin vs the covered median (17%) (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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Above the Middle on Both Above-median multiple · above-median EBITDA margin 1 names Proto Labs, Inc. (PRLB) Proto Labs, Inc. (PRLB) is 1 of the 7 names with a forward estimate sitting above the middle on both the CY2027E multiple and EBITDA margin, against a covered margin middle of 17%. That pairing of engineering-led, rapid-turn work with a price at the top of the range is what the market is currently crediting. Priced up, Margin Below the Middle Above-median multiple · below-median EBITDA margin 3 names LCI Industries (LCII) · Mayville Engineering Company, Inc. (MEC) · NN, Inc. (NNBR) LCI Industries (LCII), Mayville Engineering Company, Inc. (MEC) and NN, Inc. (NNBR) price above the middle while running margins below it. For businesses in this position, mix is where the margin case gets made: sub-assembly content, aftermarket attachment and sole-source share rather than volume alone. Margin Above, Price Below Below-median multiple · above-median EBITDA margin 3 names Barrick Mining Corporation (B) · TriMas Corporation (TRS) · A2Z Cust2Mate Solutions Corp. (AZ) Barrick Mining Corporation (B), TriMas Corporation (TRS) and A2Z Cust2Mate Solutions Corp. (AZ) carry margins above the middle and price below it. Two of the three are adjacent models rather than contract manufacturers, so test the comparison before treating the gap as a pricing signal for a fabrication or machining business. Below the Middle on Both Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    The Top of This Range Sits with the Higher-Margin, Faster-Growing Names

    This page frames the questions an owner or acquirer should resolve based on the cohort data.

    The top of this range sits with the higher-margin, faster-growing names, and we frame that as a set of questions for an owner or acquirer to work through. This is our directional read, grounded in the cohort data shown earlier, not a recommendation to transact. So what: it gives a concrete checklist for where to focus before the next conversation.

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    03 · THE AGENDA The Top of This Range Sits with the Higher-Margin, Faster-Growing Names 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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Shift the Mix Toward Sole-Source Qualified Positions Work that is re-quoted at each renewal is valued differently from a qualified position on a long-life platform. Buyers test that split program by program, so knowing the share of revenue on each side of the line is where the argument starts. What changes the answer: A major program comes up for re-award, or a new platform reaches first article. Climb from Component Supply to Sub-Assembly Moving from machining or fabrication content into sub-assembly and final assembly brings engineering involvement at the quoting stage and changes what the customer is actually buying. Content per unit rises with it, and so does the cost of switching you out. What changes the answer: A customer invites design-for-manufacture input before the drawing is frozen. Close the Gap on Pass-Through and Indexation Where indexation and surcharge recovery are contractual, input cost moves land on the customer; where they are not, they land on the plant. Coverage and index lag on the largest programs is a margin line item and a diligence line item at the same time. What changes the answer: Steel, resin or titanium feedstock moves faster than the index reset allows. Fund the Replacement Cycle on Your Own Timetable Machine age and deferred replacement are treated as a direct adjustment to the earnings base, and buyers commonly reprice where the cycle has been pushed out. Capital allocation between new capacity, automation and replacement is the visible version of that choice. What changes the answer: Utilization holds high while maintenance capex trends below depreciation.

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    SECTION 04

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    Divider introducing the precedent transactions section.

    Nine recorded transactions with disclosed terms span announced, completed and terminated deals. Next we look at what buyers actually agreed to pay.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay in the Transaction Record Nine recorded transactions, spanning announced, completed and terminated deals. 04 of 06 Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay Spans a Wide Range Across These Nine Transactions

    This page presents case studies drawn from the transactions with disclosed terms.

    Across these nine transactions, EBITDA multiples run from 3.0x on a deal later terminated up to 17.6x. That is a wide range for a sample this small, and on our read the higher marks sit with targets holding certified or proprietary process positions. So what: what buyers actually paid runs above where this listed set trades — a gap the public range alone won't show you.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay Spans a Wide Range Across These Nine Transactions 1 of 10 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. 53 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 40 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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Feb-2017 $705M Nordson Corporation acquires Vention Medical Holdings, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Nordson Corporation runs precision dispensing and fluid-management equipment, and Vention Medical Holdings, Inc. brought contract manufacturing for medical devices with the quality systems that work requires. The transaction suggests a diversified strategic buying a certified position in a regulated end market rather than adding general machine capacity. HOW THE TARGET WAS VALUED The target was recorded at $705M, with the value shown as recorded in the filing. Benchmark it against the other transactions on this page, where buyers agreed to pay their higher marks for certified and proprietary process positions.

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    SECTION 05

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    Divider introducing the strategic implications section.

    Now we turn to what this data means operationally — the choices that move a company along the range.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What to Do with This Inside the Business Operating choices that move a company along the range. 05 of 06 Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Revenue Mix, Pricing and Margin Are Where Owners Strengthen the Value Argument

    This page lays out where owners can strengthen the value argument on mix, pricing and margin.

    Revenue mix, pricing structure and margin are where we see owners build the case for the higher end of this range. These are directional views drawn from the analysis in this report, not recommendations. So what: they give a concrete set of questions to work through over the next twelve months.

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    05 · STRATEGIC IMPLICATIONS Revenue Mix, Pricing and Margin Are Where Owners Strengthen the Value Argument 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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Know Which Half of the Range Your Mix Sits In Among the 7 of the 10 names that carry a forward estimate, the distance between the top and the bottom of the range is wide, and it does not track the growth rate. Revenue quality — sole-source share, engineering content, aftermarket attachment — is where the case for the higher end is built. FOR BOARDS Test the Earnings Base the Way a Buyer Would Profit by customer, platform and process; tooling recoveries separated from recurring program margin; maintenance capex against depreciation. These are the standard cuts in this sector, and running them on your own schedule keeps the board's view and the market's view in the same place. FOR ACQUIRERS Structure Has Carried the Concentration Risk Here Customer concentration in this sector is commonly handled through earnouts tied to program retention and re-award, escrow against quality exposure, and specific indemnities at plating and finishing sites. Change-of-control consents from major customers sit on the critical path alongside price.

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    Divider introducing the full comparables, transaction list and methodology.

    The final section carries the complete comparables universe, the full transaction list, and the methodology behind every figure in this report.

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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 Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This appendix lists all 7 rated companies grouped by valuation tier on EV/EBITDA (CY2027E).

    We show all 7 rated companies here, grouped by valuation tier against the 6.3x sector median, alongside 3 names carrying no eligible multiple. Every row here also sits in the companion workbook with the complete field set. So what: this is the full rated universe behind every multiple quoted earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (6.3x); amber marks below · 7 rated companies; 3 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 7 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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥6.5x · median 13.6x · 2 companies Proto Labs, Inc. PRLB Diversified build-to-print and rapid-turn manufacturing $2.2B 20.6x 9% 17% 24 LCI Industries LCII Recreational vehicle component and sub-assembly supply $3.2B 6.7x -3% 11% 17 CORE — 4.6x–6.5x · median 6.3x · 3 companies Mayville Engineering Company, Inc. MEC Metal fabrication, stamping and weldment contract… $585M 6.3x 16% 13% 27 NN, Inc. NNBR Multi-process engineered component manufacturing groups $407M 6.3x 12% 13% 21 A2Z Cust2Mate Solutions Corp. AZ Adjacent: connected hardware and embedded software… $179M 4.7x n/a 35% n/a DISCOUNT — <4.6x · median 4.2x · 2 companies Barrick Mining Corporation B Adjacent: precious metals mining $75.9B 4.5x 26% 70% 83 TriMas Corporation TRS Engineered packaging, closure and dispensing component… $561M 3.9x 5% 21% 23

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists precedent transactions with disclosed terms, newest first.

    This page carries transactions with disclosed terms, newest first, with multiples on LTM financials at announcement where disclosed. These deal multiples sit on a different basis than the CY2027E public range, so we don't claim a spread between them. So what: this is the underlying record behind the deal figures cited earlier.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 10 transactions with disclosed terms in this tier (50 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. 53 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 40 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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2026 TerraVest Industries, Inc. → KBK Industries, LLC n/a 0.7x 8.8x TerraVest Industries, Inc. agreed to acquire KBK Industries, LLC at 8.8x EBITDA and 0.7x revenue, announced in January 2026. It is announced rather than closed, and the earnings multiple sits above the middle of this listed set. Nov-2025 IES Holdings, Inc. → Mayville Engineering Company, Inc. n/a n/a 3.0x IES Holdings, Inc. and Mayville Engineering Company, Inc. were recorded at 3.0x EBITDA in November 2025, and the transaction is recorded as terminated. A recorded multiple on a terminated deal is a data point about an offer, not about a clearing price. Jan-2020 Stanley Black & Decker → Consolidated Aero Manufacturing n/a n/a 13.2x Stanley Black & Decker's announced acquisition of Consolidated Aero Manufacturing was recorded at 13.2x EBITDA. Aerospace approvals are plant-specific and slow to obtain, and that is the kind of position strategic buyers in this record agreed to pay above the listed… Apr-2019 Clayton Dubilier & Rice, LLC → Baker Industries, Inc. n/a n/a 17.6x Clayton Dubilier & Rice, LLC's announced acquisition of Baker Industries, Inc. was recorded at 17.6x EBITDA, the top of the recorded range on this page. Buy-and-build platforms are buying a base they can add regional machining and fabrication shops onto, which is a… Nov-2017 Founder & Group → Talon Innovations Corporation n/a n/a 5.2x Founder & Group's announced acquisition of Talon Innovations Corporation was recorded at 5.2x EBITDA. Owner and management-led buyers compete for the same assets as sponsors, and continuity of the quoting team often counts alongside price. Feb-2017 Nordson Corporation → Vention Medical Holdings, Inc. $705M n/a n/a Nordson Corporation completed its acquisition of Vention Medical Holdings, Inc. at a recorded $705M, with the value shown as recorded in the filing. Medical qualification is separate, plant-specific and slow to obtain, which is the sort of position a diversified… Dec-2016 Asia-Pacific Electrical Group Co., Ltd → Groupe Mécanique Découpage S.A. n/a 0.4x 4.8x Asia-Pacific Electrical Group Co., Ltd's announced acquisition of Groupe Mécanique Découpage S.A. was recorded at 4.8x EBITDA and 0.4x revenue, with the value shown as recorded in the filing. Cross-border deals here run through customer approval and, where relevant… Feb-2013 Milacron → Mold-Masters Limited n/a n/a 11.9x Milacron's announced acquisition of Mold-Masters Limited was recorded at 11.9x EBITDA. Buyers in this record agreed to pay above the listed middle where the target owns proprietary process technology rather than re-quotable capacity. Oct-2012 Onex Corporation → Mold-Masters Limited n/a n/a 8.8x Onex Corporation was recorded at 8.8x EBITDA for Mold-Masters Limited in October 2012, and that transaction is recorded as terminated. The same asset appears again in the record in 2013 with a strategic buyer at a higher recorded multiple.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix continues the list of precedent transactions with disclosed terms, newest first.

    We continue the same record here, newest first, on the same LTM-at-announcement basis. Deal values and multiples link back to the underlying filing wherever one is disclosed. So what: a client can trace any single transaction cited in this report back to its source.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 10 transactions with disclosed terms in this tier (50 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. 53 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 40 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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2012 Dover Corporation → Production Control Services, Inc. n/a n/a 9.0x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's sources, valuation basis and data-quality exclusions.

    Every figure in this report links back to the record it was taken from, and where it doesn't, the appendix names the source and the basis it was read on. This page sets out what was included, what was excluded, and why. So what: it gives a client everything needed to trace or challenge any number 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. Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (7 of 10 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 Contract Manufacturing Services and it clears the coverage gate with 7 of 10 companies (70%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 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 9 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 449 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 (448) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Growth Runs Across This Set; The Price Gap Inside It Follows Something Else.

    Closing page restating that growth runs across the set while the price gap follows something else.

    Growth runs across this set; the price gap inside it follows something else. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace.

    Everything on this page

    Growth Runs Across This Set; The Price Gap Inside It Follows Something Else. NeuraCap AI — Contract Manufacturing Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Contract Manufacturing Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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