Diversified Support Services Sector Outlook — September 2026

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INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › DIVERSIFIED SUPPORT SERVICES

Diversified Support Services: The Premium Sits with Revenue Quality and Retention

How the market is currently pricing outsourced support businesses, which models sit at the top of the range, and what recent buyers agreed to pay.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › DIVERSIFIED SUPPORT SERVICES

   This is the cover page for the Diversified Support Services sector outlook dated September 28, 2026.

   We open with where the premium in Diversified Support Services actually sits: with revenue quality and retention, not headline growth alone. The pages that follow walk through the market map, the valuation spread, the deal record and what each buyer or owner should take from it.

   Everything on this page

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › DIVERSIFIED SUPPORT SERVICES Diversified Support Services: The Premium Sits with Revenue Quality and Retention How the market is currently pricing outsourced support businesses, which models sit at the top of the range, and what recent buyers agreed to pay. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This page lists the five numbered sections and the appendix that make up the report.

   We built this report so a reader can stop after Section 01 and still walk away with the full story: the bottom line comes first, by design. From there we move through the market map, the valuation drivers and situations, the precedent transaction record, and the strategic implications for owners, boards and buyers. Each section stands on its own, so you can go straight to the part most relevant to your situation. That structure is itself a signal: this market rewards clarity, and we've built the report to match.

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   CONTENTS What This Report Covers 01 The Bottom Line Four Businesses, One Label, and a Wide Spread in What They Are Worth 02 The Landscape The Four Groups Do Not Share a Price 03 Valuation & Situations The Two Ends of the Range, and What Sits Behind Them 04 Precedent Transactions Three Pools of Buyers, Underwriting on Different Logic 05 Strategic Implications What to Work on Next, Given Where You Sit 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Diversified Support Services Is Four Businesses in One Label, and the Top of the Range Sits with the Faster Growers

   This page summarizes the report's core finding: valuation across 16 covered companies splits between faster-growing, contract-based models and slower, seat-based ones.

   Across the 16 companies in this set, the 8 with a forward EV/EBITDA estimate on CY2027E cluster around a 6.8x median, but the range runs from 19.5x at the top to 3.8x at the bottom. That spread lines up with growth: the four faster-growing names sit at 13.5x against 4.4x for the four slower ones, an association worth watching rather than a fixed rule. Contract-based models such as uniform rental and government programme administration price at 15.2x, above the seat-based delivery models that dominate the group by count. So what: where a business sits in this range is set less by size than by how its revenue renews and how fast it grows, and that's the lens we use for the rest of this report.

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   01 · THE BOTTOM LINE Diversified Support Services Is Four Businesses in One Label, and the Top of the Range Sits with the Faster Growers 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 (8 of 16 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Spread Between the Two Ends Is Wide Enough to Plan Around The page shows 16 companies, and 8 of them are names with a forward estimate on CY2027E EV / EBITDA; the middle of that group sits at 6.8x. The two names at the top end sit at 19.5x and the two at the bottom end sit at 3.8x. 2 The Faster Growers Carry the Higher Price On the 8 names with a forward estimate, the four growing faster sit at 13.5x, alongside 4.4x for the four growing slower. The gap is associated with growth rather than size, and with four names on each side it is a marker to watch rather than a settled rule. 3 Contracted, Route-Based Work Is Priced Above Seat-Based Delivery Multi-service outsourced business support sits at 15.2x on the 2 of its 4 names with a forward estimate: uniform rental and government programme administration, models built around wearer counts, route density and long contract terms. Outsourced IT operations and managed services is the largest group at 6 of the 16 names, and it sits at the lower end. 4 Buyers Have Stayed Active, and They Are Selective on Price Across the 9 transactions shown, what buyers agreed to pay runs from 5.2x to 17.1x on an EV / EBITDA basis, with the higher end attached to a uniform rental business a consolidator could fold onto its own routes. Strategic consolidators, financial sponsors and global delivery platforms are all present in the record. 6.8x Sector median EV/EBITDA CY2027E consensus · 8 rated of 16 companies 19.5x Premium end EV/EBITDA vs 3.8x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 33 Transactions with disclosed terms 48 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces Section 02, which maps the four business models inside Diversified Support Services and how the market prices each one.

   We now turn to the four groups hiding inside one sector label, and to how differently the market prices each of them. The pages ahead show where each group sits and what its revenue depends on.

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   SECTION 02 02 THE LANDSCAPE The Four Groups Do Not Share a Price Where each group sits and what its revenue runs on. 02 of 06 Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Four Business Models Sit Under One Label, and the Market Prices Them on Different Terms

   This page groups the 16 approved companies by business model and shows the median forward EV/EBITDA for each group.

   We've grouped the 16 approved companies into four business models and plotted the median EV/EBITDA on CY2027E consensus for each group. The groupings follow the platform's own classification, so the comparison is apples-to-apples within each segment. What stands out is that these four models don't share a price: the market is already treating them as different businesses, even though they sit under one sector label. So what: any read of this sector has to start at the group level, not the sector average.

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   02 · MARKET MAP Four Business Models Sit Under One Label, and the Market Prices Them on Different Terms 16 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. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 OUTSOURCED IT OPERATIONS AND MANAGED SERVICES 6 cos median 4.4x G TASK TTEC IBEX CNDT TSSI The largest block at 6 of the 16 names: offshore delivery, seat-based pricing and rates that get retested at every renewal. MULTI-SERVICE OUTSOURCED BUSINESS SUPPORT 4 cos median 15.2x CTAS UNF MMS III Uniform rental, government programme administration and sourcing advisory, where contract terms run long and renewals are procedural. ON-DEMAND PROFESSIONAL RESOURCING AND OPERATIONAL ADVISORY 2 cos 10.8x · 1 rated HURN RGP Project and interim work that resets each year, so the pricing argument rests on repeat clients rather than funded backlog. ADJACENT MODELS 4 cos 16.2x · 1 rated IRM VSTS FC ZKH Records storage, facility services and industrial distribution, where physical assets and chain-of-custody obligations sit behind the revenue.

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   02 · LANDSCAPE

   The Groups with Locked-in Revenue Sit Above the Groups That Re-Win It Each Year

   This page compares each business-model group's median forward EV/EBITDA against how contracted or repeat-won its revenue is.

   The groups whose revenue is locked in through long contracts sit above the groups that have to re-win their revenue every year. That pattern holds across the segment view of the approved universe, on medians for rated names only. It's a NeuraCap read of the disclosed data, not a guarantee that every name in a contracted group will price at a premium. So what: revenue structure, not just segment label, is what the market appears to be pricing.

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   02 · LANDSCAPE The Groups with Locked-in Revenue Sit Above the Groups That Re-Win It Each Year 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. Diversified Support 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 Outsourced IT operations and managed services 6 38% 4.4x Genpact Limited (G) · TaskUs, Inc. (TASK) · +4 more The volume engine of the sector. Six of the 16 names and 38% of the set, with 4 of them carrying a forward estimate. These are seat-based, offshore-heavy delivery models where agent attrition, seat utilisation and the automation debate sit on top of every renewal, and the group sits at the lower end of the range on forward EV / EBITDA. Multi-service outsourced business support 4 25% 15.2x Cintas Corporation (CTAS) · UniFirst Corporation (UNF) · +2 more Long contracts and route density. Four of the 16 names and 25% of the set, sitting at 15.2x on the 2 with a forward estimate. Uniform rental and government programme administration earn on incumbency, add-stops and renewal mechanics that make a change of provider slow and expensive for the client. On-demand professional resourcing and operational advisory 2 13% 10.8x n=1 Huron Consulting Group Inc. (HURN) · Resources Connection, Inc. (RGP) Project work, repriced every year. Two of the 16 names and 12% of the set, with 1 carrying a forward estimate at 10.8x. Demand is discretionary and consultant attrition shows up quickly in delivery, so the pricing argument here rests on repeat client relationships rather than contracted term. Adjacent models 4 25% 16.2x n=1 Iron Mountain Incorporated (IRM) · Vestis Corporation (VSTS) · +2 more Assets behind the revenue. Four of the 16 names and 25% of the set, with 1 carrying a forward estimate at 16.2x. Records storage, facility services and industrial distribution carry real reinvestment in racking, fleet and plant, while retention and chain-of-custody obligations raise the cost for a client to move.

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   SECTION 03

   03

   This divider introduces Section 03, which covers the two ends of the valuation range and what sits behind them.

   Next we go to the two ends of the range on forward EV/EBITDA and unpack what separates them. We rank the full rated set across the page so you can see exactly where each name sits.

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   SECTION 03 03 VALUATION & SITUATIONS The Two Ends of the Range, and What Sits Behind Them Forward EV / EBITDA on CY2027E, ranked across the page. 03 of 06 Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Keeps Its Premium Even After Forecast Growth Is Priced In

   This page ranks all 8 rated companies by forward EV/EBITDA against a sector median of 6.8x.

   All 8 rated companies are sorted descending on EV/EBITDA (CY2027E), against a sector median of 6.8x. The top of the range keeps its premium even once forecast growth is priced in, running up to 19.5x, while the bottom of the range sits down at 3.8x. Tier zones here are NeuraCap groupings cut at the rated set's own quartiles, so they describe this set rather than a universal rule. So what: the premium at the top isn't already explained away by growth alone, and the next pages test what else is being paid for.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Keeps Its Premium Even After Forecast Growth Is Priced In EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 6.8x · 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 (8 of 16 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. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 19.5x CORE · median 6.8x DISCOUNT · median 3.8x Sector median 6.8x WHAT SEPARATES THE TWO ENDS The top end sits at 19.5x. The two names at the premium end are a uniform rental platform and a records storage estate, both with physical density and long client tenure behind the revenue line. On CY2027E EV / EBITDA the forecast growth is already credited in the multiple, so a price at that level reads as an expectation of durability rather than a recovery trade. The bottom end sits at 3.8x. The two names at the discount end are offshore-heavy delivery businesses where pricing is seat-based and top-account dependence is visible. At that level the market is crediting earnings it can see, without yet treating them as locked in. Four names sit in the middle. Of the 16 companies on the page, 8 are names with a forward estimate, and 4 of those 8 sit between the two ends. For a company in that middle band the argument for a better price runs through contract term remaining, renewal outcomes and revenue that repeats without being re-won.

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   03 · VALUATION DRIVERS

   Where Growth Clears 7%, the Multiples Sit Higher

   This page splits the rated set into faster/slower growth and higher/lower margin cohorts and compares their median EV/EBITDA.

   Where revenue growth clears 7%, the median multiple sits meaningfully higher, at 13.5x against 4.4x for the slower cohort. We see a comparable pattern on margin, split at the covered median. Each cohort here holds four names, so this is a marker to watch, not a statistically settled rule, and we're careful to call it an association rather than a cause. So what: growth and margin both track with price in this set, and that's useful context for benchmarking a specific business against it.

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   03 · VALUATION DRIVERS Where Growth Clears 7%, the Multiples Sit Higher 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=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 16% Four Names Above the Growth Line, Four Below On the 8 names with a forward estimate, the four above the growth line sit at 13.5x and the four below sit at 4.4x. With four names on each side, this is association rather than cause, and it is a marker to track as estimates move. Revenue That Renews Is Priced Differently from Revenue That Is Re-Won The names above the middle of the set run on long contract terms, incumbency and renewal mechanics — uniform rental route books, records storage volumes and government programme administration. The names below it carry more work that has to be won again each year, and the record shows that gap turning up in price. Automation Cuts Both Ways on Seat-Based Pricing In the offshore delivery models, automation is a margin opportunity and a pricing risk at the same time, with clients retesting seat-based rates as volumes automate. Outcome-based contracting changes what the client is buying, and the names moving that way are arguing for a different price. Concentration and the Recompete Calendar Are What Buyers Test First In this sector diligence concentrates on contract term remaining, consent-to-assign, the recompete calendar and the durability of the top accounts. Those are judgment items rather than measured ones here, but they are the same items the public market appears to be weighing at both ends of the range.

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    03 · SITUATION MAP

    Three Names Hold Both a Higher Price and Faster Growth; Three Hold Neither

    This page places each rated company on a grid of EV/EBITDA versus the sector median and growth versus the covered median.

    Cutting the rated set on the 6.8x sector median and the 7% growth median, three names hold both a higher price and faster growth, and three hold neither. This is an observation about where each name currently sits, not a recommendation to buy or sell any of them. So what: a business considering where it fits in this market can use the same two cuts to locate itself before deciding what to fix.

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    03 · SITUATION MAP Three Names Hold Both a Higher Price and Faster Growth; Three Hold Neither Cut on EV / EBITDA vs the sector median (6.8x) (rows) and revenue growth vs the covered median (7%) (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. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced Ahead, Growing Ahead Above-median multiple · above-median revenue growth 3 names Cintas Corporation (CTAS) · Iron Mountain Incorporated (IRM) · Huron Consulting Group Inc. (HURN) Cintas Corporation (CTAS), Iron Mountain Incorporated (IRM) and Huron Consulting Group Inc. (HURN) sit above 6.8x on forward EV / EBITDA and above the middle growth rate of the set. This is the combination sitting at the top of the range: revenue that repeats and a book that is still adding. Priced Ahead on Durability Above-median multiple · below-median revenue growth 1 names Information Services Group, Inc. (III) Information Services Group, Inc. (III) holds a price above the middle of the set with growth below it. That profile reads as one supported by contract term and client tenure rather than new wins, and it is the profile recompete timing can move quickly. Growing Ahead, Priced Behind Below-median multiple · above-median revenue growth 1 names Genpact Limited (G) Genpact Limited (G) is growing ahead of the middle of the set while priced below it. The question for a board in that position is what the market is holding back on — contract mix, top-account dependence, or margin progression it has not yet seen repeat. Priced Behind, Growing Behind Below-median multiple · below-median revenue growth 3 names TaskUs, Inc. (TASK) · TTEC Holdings, Inc. (TTEC) · Conduent Incorporated (CNDT) TaskUs, Inc. (TASK), TTEC Holdings, Inc. (TTEC) and Conduent Incorporated (CNDT) sit below the middle of the set on both price and growth. The three sit in outsourced IT operations and managed services, where seat-based pricing and client concentration are the live diligence items, and where the transaction record shows buyers still engaged.

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    03 · GROWTH VS PROFITABILITY

    Three Names Clear Both the Growth and Margin Bars

    This page plots revenue growth against EBITDA margin for the 8 companies with both estimates, split into quadrants at the covered medians.

    Cutting at the covered medians of 7% growth and 16% margin, three names in this set clear both bars, holding growth and margin together. The quadrant medians on EV/EBITDA follow the same pattern seen elsewhere: names that clear both bars price higher than names that clear only one or neither. So what: growth alone or margin alone isn't enough to explain the premium — it's the combination the market appears to reward.

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    03 · GROWTH VS PROFITABILITY Three Names Clear Both the Growth and Margin Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 8 companies with both estimates · cuts at the covered medians (7% growth, 16% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=1; growth-only n=1; neither n=3). Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -2% 0% 2% 5% 8% 10% 10% 20% 30% MARGIN ONLY median 4.3x BALANCED median 16.2x NEITHER median 4.5x GROWTH ONLY median 10.8x CNDT TTEC III TASK G CTAS IRM HURN x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Read it as revenue growth above or below 7% across, and EBITDA margin above or below 16% up the side. Three names clear both bars — Genpact Limited (G), Cintas Corporation (CTAS) and Iron Mountain Incorporated (IRM) — and that group sits at 16.2x. One name clears the margin bar alone at 4.3x, one clears the growth bar alone at 10.8x, and the three clearing neither sit at 4.5x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 8 names clear it (IRM).

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    03 · THE AGENDA

    This Market Trades in Two Halves — a Premium End and a Discount End — and Revenue Quality Sits with the Premium End

    This page frames the sector's two-tier structure as a set of questions an owner or acquirer should resolve.

    This market trades in two halves, a premium end and a discount end, and revenue quality sits with the premium end. We frame this page as questions to resolve rather than conclusions to accept, because every reading here is directional. So what: the next section turns from public pricing to the deal record, to see whether buyers have paid for the same things.

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    03 · THE AGENDA This Market Trades in Two Halves — a Premium End and a Discount End — and Revenue Quality Sits with the Premium End 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. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Move Revenue from Re-Won to Renewed The separation in this set sits with revenue that repeats without being re-won each year. Contract term remaining, automatic renewal mechanics and consent-to-assign provisions are what buyers test first, and they are items an operator can change at the next renewal round. What changes the answer: A renewal round that lifts weighted average contract term while holding price. Reprice Seat-Based Work Before Automation Reprices It In offshore delivery, automation is a margin opportunity and a pricing risk at the same time. Shifting from seat-based rates towards outcome-based contracting changes what the client is buying, and it is the argument the lower-priced end of this set has yet to win. What changes the answer: A material share of revenue converted to outcome-based terms without volume loss. Decide Where Concentration Is Worth Carrying Single-programme and top-account dependence are the detractors that surface in diligence and in the price. The choice is whether to fund diversification through new logos, or to accept concentration and defend it with incumbency, clearances and accreditations. What changes the answer: A recompete calendar that puts an uncomfortable share of revenue into one year. Build Density or Buy It Route, storage and facility models earn on local scale, and the record shows strategic consolidators agreeing higher levels for overlap they can fold in. For owners in those models the build-versus-buy question is whether the next stop, wearer or cubic foot is cheaper to win or to acquire. What changes the answer: Regional tuck-ins available below the group's own forward multiple.

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    SECTION 04

    04

    This divider introduces Section 04, covering precedent transactions and what buyers have paid for different kinds of revenue.

    We now move from public market pricing to the deal record itself: three pools of buyers, underwriting on different logic. The pages ahead show what was agreed, and for what kind of revenue.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Three Pools of Buyers, Underwriting on Different Logic What was agreed, and for what kind of revenue. 04 of 06 Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Consolidation Is the Pattern in the Transaction Record: Whole Companies in This Sector Are Changing Hands

    This page tells two of the disclosed-terms transactions as case studies, with multiples on LTM financials at announcement.

    Consolidation is the pattern in the transaction record: whole companies in this sector are changing hands, and we walk through two of the disclosed-terms deals as case studies. Deal multiples here are LTM at announcement from filings, and they aren't directly comparable to the CY2027E public basis we used earlier, so we don't claim a spread between the two. The complete list of transactions sits in the appendix for anyone who wants the full record. So what: the deal record confirms buyers are active across this sector, and the case studies show why specific buyers moved on specific targets.

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    04 · DEAL CASE STUDIES Consolidation Is the Pattern in the Transaction Record: Whole Companies in This Sector Are Changing Hands 2 of 33 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. 76 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 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. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jan-2025 $5.5B Cintas Corporation Cintas Corporation (CTAS) Moves on UniFirst Corporation (UNF) to Add Wearers and Stops EV / LTM revenue 2.3x EV / LTM EBITDA 17.1x WHY THE DEAL HAPPENED Both sit in multi-service outsourced business support, and the transaction suggests a buyer adding route density, wearer count and add-stops to a delivery network it already operates. On that logic a strategic consolidator can underwrite overlap that a financial buyer has no route book to capture. HOW THE TARGET WAS VALUED The transaction is recorded at $5.5B and 17.1x EV / EBITDA, announced rather than completed. That sits above the middle of the 8 names with a forward estimate, consistent with where this market prices contracted, route-based revenue. Sep-2024 $1.4B Kenneth Tuchman TTEC Holdings, Inc. (TTEC) Draws a Founder-Led Offer for the Whole Company EV / LTM revenue 0.6x EV / LTM EBITDA 6.4x WHY THE DEAL HAPPENED Kenneth Tuchman is the founder of TTEC Holdings, Inc. (TTEC), an outsourced IT operations and managed services business, and the transaction suggests an insider taking the whole company rather than a strategic buyer chasing network overlap. Where the public market prices seat-based delivery at the lower end, an owner who knows the contract book can take a different view of the same earnings. HOW THE TARGET WAS VALUED The offer is recorded at $1.4B and 6.4x EV / EBITDA, announced rather than completed. That is close to the levels recorded for the other customer-experience delivery transactions in this set, and well below the route-based end of the record.

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    SECTION 05

    05

    This divider introduces Section 05, on what to work on next given where a company sits in this market.

    From the evidence, we turn to what to work on next, read onto your own contract book. The pages ahead are framed as choices, not a single prescription.

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    SECTION 05 05 STRATEGIC IMPLICATIONS What to Work on Next, Given Where You Sit Read onto your own contract book. 05 of 06 Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Revenue Mix, Pricing and Retention Are What the Premium Half of This Market Has in Common

    This page sets out what the premium half of this market has in common: revenue mix, pricing and retention.

    Revenue mix, pricing and retention are what the premium half of this market has in common, and we frame the questions this puts on the table for the next twelve months. This page is directional: it's our view drawn from the analysis in this report, not a recommendation on any specific security. So what: these are the questions we'd expect an owner, a board or a buyer to be asked in the next twelve months, so it's worth having answers ready.

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    05 · STRATEGIC IMPLICATIONS Revenue Mix, Pricing and Retention Are What the Premium Half of This Market Has in Common 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. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Your Contract Book Is What Gets Tested The separation across this set travels with growth and with revenue that renews rather than resets. Work the contract term, the renewal outcomes and the share of revenue under long-term agreement, and the rest of the story becomes easier to tell. FOR BOARDS Know Which Half You Sit in Before You Set the Plan Three of the 16 names clear both the growth and margin bars and three clear neither. Capital allocation, pricing and the recompete calendar look different on each side of that line, and the plan should say explicitly which side the company is on. FOR BUYERS Overlap Is What the Record Rewards Strategic consolidators, financial sponsors and global delivery platforms are all present in the 9 transactions shown, and the levels agreed vary widely with what the target's revenue is made of. Underwriting turns on the renewal calendar and the top accounts more than on the headline growth rate.

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    SECTION 06

    06

    This divider introduces Section 06, the full comparables universe, methodology and sources behind the report.

    Finally, we open the full universe: the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this section to trace any number back to its source.

    Everything on this page

    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 Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This page lists all 8 rated public comparables grouped by valuation tier against the 6.8x sector median.

    All 8 rated companies appear here, shaded against the 6.8x sector median, alongside the names without an eligible multiple. Tickers link back to the underlying source, so every figure in this appendix can be traced. So what: this is the reference table behind every multiple used earlier in the report.

    Everything on this page

    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 (6.8x); amber marks below · 8 rated companies; 8 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 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. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.1x · median 19.5x · 2 companies Cintas Corporation CTAS Multi-service outsourced business support $82.7B 22.8x 8% 28% 36 Iron Mountain Incorporated IRM Storage-backed records management estate $52.8B 16.2x 9% 37% 46 CORE — 4.4x–12.1x · median 6.8x · 4 companies Huron Consulting Group Inc. HURN On-demand professional resourcing and operational… $3.4B 10.8x 9% 15% 25 Information Services Group, Inc. III Multi-service outsourced business support $302M 7.6x 4% 14% 19 Genpact Limited G Outsourced IT operations and managed services $6.3B 5.9x 7% 18% 26 TTEC Holdings, Inc. TTEC Outsourced IT operations and managed services $963M 4.5x 1% 11% 12 DISCOUNT — <4.4x · median 3.8x · 2 companies TaskUs, Inc. TASK Outsourced IT operations and managed services $1.1B 4.3x 6% 19% 26 Conduent Incorporated CNDT Outsourced IT operations and managed services $541M 3.3x -2% 6% 5

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, the first portion of the full set.

    This is the start of the full list of transactions with disclosed terms, newest first, with deal values linking to the underlying filing. Multiples here are LTM at announcement and sit on a different basis from the CY2027E public multiples used earlier, so we don't compare the two directly. So what: this is the primary evidence behind the deal patterns described earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (48 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. 76 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 33 transactions shown; the rest are in the companion workbook. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 Undisclosed buyer → non-core services businesses $22M n/a n/a An undisclosed buyer agreed to acquire non-core services businesses at $22M, recorded as announced. Corporate divestitures of this size are a steady source of supply here, and they turn on transition service scope, stranded cost and contract-novation consent as much… Jul-2025 Capgemini S.E. → WNS (Holdings) Limited $3.7B n/a n/a Capgemini S.E. completed the acquisition of WNS (Holdings) Limited at $3.7B. A global IT and delivery platform buying an offshore-heritage business process operator is buying delivery capability and client access rather than route or storage density. May-2025 Affiliates of Blackstone → TaskUs, Inc. $1.6B 1.6x 7.5x Affiliates of Blackstone agreed terms for TaskUs, Inc. (TASK) at $1.6B, 7.5x EV / EBITDA and 1.6x revenue; the transaction is recorded as terminated. Sponsors in this category underwrite contracted revenue and cash conversion, and the level frames what one financial… Jan-2025 Cintas Corporation → UniFirst Corporation $5.5B 2.3x 17.1x Cintas Corporation (CTAS) announced the acquisition of UniFirst Corporation (UNF) at $5.5B and 2.3x revenue, recorded as announced. A uniform rental buyer adding wearers and stops to a network it already runs can underwrite route overlap that a financial buyer cannot. Sep-2024 Kenneth Tuchman → TTEC Holdings, Inc. $1.4B 0.6x 6.4x Kenneth Tuchman, the founder, announced an offer for TTEC Holdings, Inc. (TTEC) at 0.6x revenue. The revenue multiple sits well below the level agreed for the route-based asset in this record, which is the distance between seat-based delivery and contracted density. Mar-2024 Founder & Group → TDCX n/a n/a 5.2x Founder & Group announced an offer for TDCX at 5.2x EV / EBITDA, with the transaction value not recorded. That level sits near the lower end of what this record shows for outsourced customer-experience delivery. Oct-2023 Capital Square Partners → Startek n/a n/a 5.9x Capital Square Partners announced an offer for Startek at 5.9x EV / EBITDA. Buy-and-build across fragmented regional delivery operators is a long-standing sponsor path in this category, and bilateral processes are common for assets of that size. Jun-2023 Concentrix → Webhelp n/a n/a 11.8x Concentrix agreed to acquire Webhelp at 11.8x EV / EBITDA, recorded as pending. A scaled consolidator adding geographic delivery reach agreed a level above the smaller regional transactions in this set. Apr-2023 Teleperformance → Majorel n/a n/a 7.7x Teleperformance announced the acquisition of Majorel at 7.7x EV / EBITDA. Two scaled delivery platforms combining is a footprint, language-coverage and client-overlap transaction rather than the purchase of a new capability.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

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

    The list continues here, completing the disclosed-terms transactions on the same LTM-at-announcement basis as the prior page. The remaining transactions beyond what's shown sit in the companion workbook for anyone who wants the complete record. So what: together these two pages give a full, traceable record of what buyers have actually agreed to pay.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 33 transactions with disclosed terms in this tier (48 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. 76 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 15 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 33 transactions shown; the rest are in the companion workbook. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2023 Teleperformance SE → Majorel Group Luxembourg S.A. n/a n/a 7.9x Value shown as recorded in the filing; deal value unit unresolved. Nov-2021 Concentrix Corporation → ProKarma Holdings Inc. n/a n/a 22.2x Jul-2021 OneLink → Webhelp Parent n/a n/a 14.8x Jun-2021 Sitel Worldwide Corporation → Sykes Enterprises, Incorporated n/a 1.3x 10.2x Value shown as recorded in the filing; deal value unit unresolved. Dec-2020 Brookfield Business Partners L.P. → Everise Holdings Pte Ltd. n/a n/a 9.0x Value shown as recorded in the filing; deal value unit unresolved. Nov-2020 Hinduja Global Solutions UK Limited → HGS Digital LLC, USA n/a 1.2x n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2020 Health Advocate → Teleperformance SE n/a n/a 13.5x Dec-2018 Centerbridge Partners → Civitas Solutions, Inc. n/a n/a 8.7x Aug-2018 TD SYNNEX Corporation → Convergys Corporation n/a 1.0x 8.4x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

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

    This page sets out how the report was built: the sources, the valuation basis, and what was excluded and why. Every figure in this report links to the record it was taken from, and where it doesn't, the appendix names the source and the basis on which it was read. So what: this is where to look if you want to check any number in this report against its original source.

    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. Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 16 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 Diversified Support Services and it clears the coverage gate with 8 of 16 companies (50%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 9 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 12 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 691 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 (690) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Higher Prices Sit with Contracted Revenue and Faster Growth.

    This is the closing page restating the report's central finding on price, contracted revenue and growth.

    In this set, the higher prices sit with contracted revenue and faster growth. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further.

    Everything on this page

    In This Set, the Higher Prices Sit with Contracted Revenue and Faster Growth. NeuraCap AI — Diversified Support Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Diversified Support Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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