Cosmetics and Beauty Products Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › COSMETICS AND BEAUTY PRODUCTS

Brands Win the Period on Licences and New Doors, Not on Deals

What moved in Cosmetics and Beauty Products between September 14–28, 2026: the movers, the company news flow and the state of the transaction record.

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

Cosmetics and Beauty Products 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

   CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › COSMETICS AND BEAUTY PRODUCTS

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

   We open this bi-weekly update on Cosmetics and Beauty Products, covering the two weeks of September 14–28, 2026. Across the pages that follow, we walk through what moved, why, what transacted, and what it means for owners, acquirers and advisers.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › COSMETICS AND BEAUTY PRODUCTS Brands Win the Period on Licences and New Doors, Not on Deals What moved in Cosmetics and Beauty Products between September 14–28, 2026: the movers, the company news flow and the state of the transaction record. 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 Cosmetics and Beauty Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Distribution and Licence Work Carried the Period While Buyers Stayed Quiet

   This page summarizes the two-week period across market moves, industry news and the transaction record for the 8 covered names.

   Distribution and licence work carried the two-week period while the transaction record stood still. 5 of 8 covered names moved lower, with the median move at -1.7% against the S&P 500's +0.8%, so the softness sat inside the sector rather than the broader market. Inter Parfums, Inc. (IPAR) and e.l.f. Beauty, Inc. (ELF) drove the news flow with licence renewals, a new country entry and fresh doors, while LandBridge Company LLC (LB) priced an upsized $125,000,000 notes add-on even as its equity fell -6.6%. No new transactions entered the precedent set, leaving 33 recorded deals at a median of 15.7x EV/EBITDA — so the reference point for pricing conversations hasn't shifted.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Distribution and Licence Work Carried the Period While Buyers Stayed Quiet The two-week period in one page · 8 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. Cosmetics and Beauty Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Most Covered Names Gave Ground While the Broad Index Held 5 of 8 covered names fell; the median move was -1.7%. The S&P 500 returned +0.8% over the same window, so the softness sat inside the sector set rather than across the market. 2 Licences and New Markets Did the Heavy Lifting in the News Flow Of the 8 curated items, Inter Parfums, Inc. (IPAR) accounted for two fragrance licence developments and e.l.f. Beauty, Inc. (ELF) for three brand and distribution moves, including a new country entry and a European specialty launch. 3 Capital Markets Were Open, and the Equity Took the Mark LandBridge Company LLC (LB) launched a $100,000,000 add-on of 6.250% senior notes due 2030 and priced it upsized at $125,000,000. The equity was the period's weakest covered name at -6.6%. 4 The Reference Set for Pricing Was Unchanged by the Period No new transactions entered the record, leaving 33 trailing precedent transactions at a median of 15.7x EV/EBITDA. NeuraCap's standing lens puts the sector median at 15.2x on CY2027E EV/EBITDA. +9.3% Best mover — BWMX worst: LB -6.6% · 3 up / 5 down of 8 covered -1.7% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Name Rose on an Ownership Signal, One Fell Around a Bond Print

   This page shows the two-week close-to-close price moves for covered names, highlighting the largest gainer and decliner.

   One name rose on an ownership signal while another fell around a bond print, framing this two-week period's move set. The sector median came in at -1.7% against the S&P 500's +0.8%, with a materiality bar of +7.8% marking which moves stand out on a sector-relative basis. LandBridge Company LLC (LB) was the period's weakest covered name at -6.6%, a move we tie to its notes pricing rather than to any operating change. We read every move against its recorded filing or headline, and where no driver is on record, we say so plainly — so what the client sees here is evidence, not narrative.

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   PUBLIC MARKET MOVERS One Name Rose on an Ownership Signal, One Fell Around a Bond Print Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -1.7% · S&P 500 +0.8% · materiality bar ±7.8% (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. Cosmetics and Beauty Products 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% Betterware de Mexico, S.A.P.I. de C.V. (BWMX) +9.3% Shares rose +9.3%, with the biggest day of +8.4% on Sep 18. The in-window record shows an insider purchase of $246,900.00 dated September 16 and a scheduled investor conference appearance A Discount-tier name can re-rate on an ownership signal when the operating record is otherwise quiet. COMPANY-SPECIFIC LandBridge Company LLC (LB) -6.6% Shares moved following the Sep 22 launch and same-day upsized pricing of additional 6.250% senior notes due 2030 — $100,000,000 launched, $125,000,000 priced. The stock fell -6.6%, with its weakest day of -5.5% on Sep 23. A Premium-tier name can raise capital on demand and still see the equity price the cost of that capital. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Licence Renewals, a New Category Partner and Fresh Doors Define the Flow

   This page lists the two-week period's highest-impact company news items, each linked to its underlying source.

   Licence renewals, a new category partner and fresh doors define this two-week period's flow of company news. Inter Parfums, Inc. (IPAR) accounted for two fragrance licence developments, while e.l.f. Beauty, Inc. (ELF) contributed three brand and distribution moves, including a new country entry and a European specialty launch. Each item here links back to its filing or article, and our why-it-matters read follows a fixed source order so the client can verify every claim independently. That discipline is what turns a news list into a working signal for the desk.

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   MAJOR NEWS & INDUSTRY CATALYSTS Licence Renewals, a New Category Partner and Fresh Doors Define the Flow 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. Cosmetics and Beauty Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · GlobeNewsWire A Japanese orphan drug designation for a bispecific antibody appeared in the ODD news feed The item is a biotech regulatory designation, not a beauty operating development. NeuraCap reads the in-window record for Oddity Tech Ltd. (ODD) as carrying no change to doors, newness or channel mix. Symbol-tagged news deserves a second read before it enters a comparison set. Sep 24 · NEWS · Business Wire e.l.f. Cosmetics released a second original music album featuring rising artists It is owned marketing content rather than bought media, which speaks to how the company is trying to keep advertising and promotion productive. Growth that needs ever more paid spend is the detractor buyers price for. Sep 23 · NEWS · Business Wire The Estée Lauder Companies launched a multi-year global breast cancer research initiative with a research The commitment extends a long-standing brand platform for The Estée Lauder Companies Inc. (EL), a Core-tier name, and speaks to brand equity rather than to this period's sell-out. Brand platforms are part of the prestige gross-margin structure, not a side project. Sep 22 · NEWS · Business Wire LandBridge launched and then priced an upsized add-on of its 6.250% senior notes due 2030 The add-on was upsized at pricing, which signals the company could place more paper than it set out to. It also shows funding access stayed open for a Premium-tier name during the window. Where debt markets stay open, owners have an alternative to selling equity or assets. Sep 22 · NEWS · GlobeNewsWire Inter Parfums signed an exclusive worldwide fragrance licence with a global sports brand It adds a new product franchise to Inter Parfums, Inc. (IPAR) without owned manufacturing, which is the asset-light licence model working as intended. The addition also spreads trend risk across more brands. Licence wins remain the fastest way to add a franchise without building a factory. Sep 21 · NEWS · Business Wire rhode returned limited-edition lip tints and added a specialty retail exclusive across Europe and the U.K. It shows an acquired brand being pushed into new doors with newness attached rather than sitting on its original footprint. Hero SKU repeat plus one exclusive is the standard way to hold velocity per door. Acquired brand heat is worth most when the buyer already owns the distribution path.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions Entered the Record; Pricing References Stay Where They Were

   This page reports that no new transactions entered the record during the two-week period, leaving precedent pricing unchanged.

   No new transactions entered the record this two-week period, so the pricing conversation rests on the standing set of 33 recorded deals at a median of 15.7x EV/LTM EBITDA. We read this quiet stretch as a pause in new print rather than a change in appetite, since the reference multiples themselves are unchanged. For acquirers and advisers, that means diligence and franchise quality — not a new comparable — will do the differentiating in any live conversation. We hold the line here: no older transaction is re-presented as new news.

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   M&A & STRATEGIC ACTIVITY No New Transactions Entered the Record; Pricing References Stay Where They Were September 14–28, 2026 · precedent transactions: 33 recorded deals · median 15.7x 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. Cosmetics and Beauty Products 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 reference set therefore still rests on 33 trailing precedent transactions at a median of 15.7x EV/EBITDA. 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. 33 Recorded precedent transactions the reference set buyers and sellers price against 15.7x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

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

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

   For owners and operators, the working levers this period were doors, newness and licence tenure — the practical work of running a brand. For acquirers, the comparison set holds at 33 trailing precedents with a median of 15.7x EV/EBITDA against a standing sector median of 15.2x on CY2027E, so the reference point hasn't moved even though the calendar has. For advisers, the period reinforces a standing split in the sector: a Premium tier at a 23.2x median against 5.8x at the Discount end, with the Core tier at 15.2x. Read together, these observations point toward franchise durability as the more decision-relevant lens than the last two weeks of price.

   Everything on this page

   WHAT IT MEANS What This 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. Cosmetics and Beauty Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 15.2x 9 companies in the study 3 valuation tiers Standing thesis: Cosmetics and Beauty Products Split Between Branded Platforms and Adjacent Models FOR OWNERS & OPERATORS Doors, Newness and Licence Tenure Were the Period's Working Levers The news flow rewarded practical operating work: new country doors, a specialty retail exclusive, a new licence and a long-dated renewal. FOR ACQUIRERS The Comparison Set Is Unchanged, so Diligence Does the Differentiating With no new transactions in the window, the reference set holds at 33 trailing precedents with a median of 15.7x EV/EBITDA, against a standing sector median of 15.2x on CY2027E. FOR ADVISORS Lead with Franchise Durability, Not with the Last Two Weeks of Price The period extends the standing view that the sector splits between branded platforms and adjacent models: the Premium tier sits at a 23.2x median against 5.8x at the Discount end, with the Core tier at 15.2x.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page documents the sources, methodology and important notices behind the bi-weekly update.

   Every figure in this update links back to the record it was taken from — SEC filings, press releases and established outlets, admitted in that fixed order. This page sets out how we build the two-week read so the client can trace any number to its source.

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   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. Cosmetics and Beauty Products 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. 1 name below the floor was excluded from movers and statistics for 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_20260929T151658Z_517_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: globenewswire.com · businesswire.com

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