Electrical Equipment and Components Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › ELECTRICAL EQUIPMENT AND COMPONENTS

Electrical Equipment and Components: Where the Value Sits

A data-led view of the Electrical Equipment and Components universe — who plays, how the market prices them, what has transacted, and what it means for owners and acquirers.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-15 · primary valuation basis EV / EBITDA (CY2027E)

Electrical Equipment and Components Coverage | September 2026 | Confidential

Sources & methodology

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1. 01

   INDUSTRIALS › CAPITAL GOODS › ELECTRICAL EQUIPMENT AND COMPONENTS

   Cover slide identifying the report as the September 2026 Electrical Equipment and Components sector outlook.

   We built this outlook on Electrical Equipment and Components using market data and consensus estimates as of September 15, 2026, valued primarily on EV/EBITDA for CY2027E. This cover sets the stage for a data-led read of who plays, how the market prices them, and what has actually transacted. So what: everything that follows rests on one consistent, verifiable basis.

   Everything on this page

   INDUSTRIALS › CAPITAL GOODS › ELECTRICAL EQUIPMENT AND COMPONENTS Electrical Equipment and Components: Where the Value Sits A data-led view of the Electrical Equipment and Components universe — who plays, how the market prices them, what has transacted, and what it means for owners and acquirers. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-15 · primary valuation basis EV / EBITDA (CY2027E) Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the five numbered sections plus appendix that structure the report.

   We've organized this report so the bottom line comes first — section one carries the full argument on its own. From there we walk through the market landscape, valuation and situations, the deal tape, and strategic implications, with the appendix giving full source detail. So what: a client who reads only section one still leaves with the complete story.

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   CONTENTS What This Report Covers 01 The Bottom Line What the Data Says, up Front 02 The Landscape Who Plays in Electrical Equipment and Components — and What Each Part of the Market Is Worth 03 Valuation & Situations How the Market Prices the Sector on EV / EBITDA 04 The Deal Tape What Has Actually Transacted 05 Strategic Implications The Agenda from Here 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 2

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   01 · THE BOTTOM LINE

   Electrical Equipment and Components Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation

   States the report's core finding: the sector prices in valuation tiers rather than as one uniform group.

   We find that Electrical Equipment and Components clears at a 13.3x EV/EBITDA median, but the range around that median — from a discount to a premium quartile — is where the real story sits. Six of thirteen approved companies carry an eligible multiple on this basis, and we follow EV/EBITDA because validated coverage supports it as the sector's practitioner standard. So what: tier membership, not the sector label, should frame any valuation conversation.

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   01 · THE BOTTOM LINE Electrical Equipment and Components Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (8 of 13 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 3 1 The Sector Clears at 13.3x EV/EBITDA, with a Wide Spread Around It 6 of 13 approved companies carry an eligible EV / EBITDA on CY2027E consensus; the top quartile holds 19.0x against 8.6x for the bottom. 2 Faster Growers Carry the Higher Multiple; Slower Growers Trade at a Discount Rated names growing at 17% or faster command 16.6x, against 10.0x for the rest — the growth story, not the sector label, sets the price. 3 The Deal Tape Is Active Enough to Price Against 42 recorded transactions give the tier a usable reference set, newest first in section 04. 4 Where a Company Sits Determines the Agenda The situation map in the closing sections translates the set's own break-points into the questions an owner, operator or acquirer should resolve next. 13.3x Sector median EV/EBITDA CY2027E consensus · 6 rated of 13 companies 19.0x Premium tier median vs 8.6x discount top quartile (n=2) against bottom quartile (n=2) — the spread the report explains 42 Recorded transactions in this tier told as case studies in the deal section; the full tape is in the appendix

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   SECTION 02

   02

   Divider introducing the market-map section covering who competes in the sector and what each segment is worth.

   We now turn to the market map — who plays in Electrical Equipment and Components and what each part of that market is worth. So what: segment structure is the foundation for everything we price next.

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   SECTION 02 02 THE LANDSCAPE Who Plays in Electrical Equipment and Components — and What Each Part of the Market Is Worth 02 of 06 Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 4

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   02 · MARKET MAP

   The 13-company Universe Groups into 4 Segments — Scale and Pricing Differ Across Them

   Groups the 13-company approved universe into four business segments and shows the median EV/EBITDA for each.

   We've grouped the 13-company universe into four segments, each with its own median EV/EBITDA on rated names as of September 15, 2026. Scale and pricing differ meaningfully across these groups, even though every name carries the same sector label. So what: segment membership is a first-order driver of where a company should expect to be valued.

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   02 · MARKET MAP The 13-company Universe Groups into 4 Segments — Scale and Pricing Differ Across Them 13 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; 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. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 5 SWITCHGEAR AND ELECTRICAL DISTRIBUTION HARDWARE 6 cos median 16.6x ETN VRT NVT AYI LYTS RFIL SOLAR ELECTRICAL BALANCE-OF-SYSTEM AND POWER CONVERSION HARDWARE 3 cos no rated names ARRY SEDG SHLS WIRING DEVICES AND ELECTRICAL COMPONENTS 2 cos 8.0x · 1 rated APH BELFA ADJACENT MODELS 2 cos no rated names TEL CLFD

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   02 · LANDSCAPE

   One Sector Label, 4 Different Businesses

   Describes what each of the four segments does and why the distinction matters commercially.

   We break down what each of the four segments actually does, because one sector label hides four different businesses with different economics. Full company-level detail sits in the appendix and companion tables for clients who want to trace any name. So what: knowing which business a company is in tells you which peer set should anchor its valuation.

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   02 · LANDSCAPE One Sector Label, 4 Different Businesses Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; 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. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Switchgear and electrical distribution hardware 6 46% 16.6x ETN · VRT · +4 more 6 names. Led by ETN, VRT. Solar electrical balance-of-system and power conversion hardware 3 23% — ARRY · SEDG · +1 more 3 names. Led by ARRY, SEDG. Wiring devices and electrical components 2 15% 8.0x n=1 APH · BELFA 2 names. Led by APH, BELFA. Adjacent models 2 15% — TEL · CLFD 2 names. Led by TEL, CLFD.

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   SECTION 03

   03

   Divider introducing the valuation section covering how the market prices the sector on EV/EBITDA.

   We move next into valuation — how the market actually prices this sector on EV/EBITDA. So what: this is where tier membership starts to translate into a number.

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   SECTION 03 03 VALUATION & SITUATIONS How the Market Prices the Sector on EV / EBITDA 03 of 06 Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Sector Clears at 13.3x EV/EBITDA — the Range Around That Median Is the Story

   Ranks the six rated companies by EV/EBITDA (CY2027E) and shows the 13.3x sector median with tier zones around it.

   We show all six rated companies sorted by EV/EBITDA, with the sector clearing at a 13.3x median. The tier zones are cut at the rated set's own quartiles, so every multiple on this page sits on the same CY2027E basis. So what: the median is a useful anchor, but the spread around it is what actually separates one company's story from another's.

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   03 · PUBLIC MARKET VALUATION The Sector Clears at 13.3x EV/EBITDA — the Range Around That Median Is the Story EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 13.3x · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (8 of 13 companies), so this report follows it. 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. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 8 PREMIUM · median 19.0x CORE · median 13.3x DISCOUNT · median 8.6x Sector median 13.3x WHAT SEPARATES THE TWO ENDS The top of the range. Premium-tier names — VRT, ETN — hold a median 19.0x. The bottom of the range. Discount-tier names — LYTS, APH — trade at a median 8.6x. Why it matters. Which end a company is benchmarked against frames every valuation conversation that follows.

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   03 · VALUATION DRIVERS

   What the Market Rewards

   Splits rated names into faster- and slower-growth cohorts and compares their median EV/EBITDA.

   We split the rated names at the covered median growth rate of 17% and compare the two cohorts' median multiples: faster growers command 16.6x versus 10.0x for the rest. So what: growth appears to be what the market is paying for in this sector today, though we read this as an association in the data, not a proven cause.

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   03 · VALUATION DRIVERS What the Market Rewards Median EV / EBITDA (CY2027E) by revenue-growth cohort (split at the covered median, 17%) · rated names with growth estimates · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=3; slower n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 9 EV/EBITDA, median per cohort Growth the Market Believes In Names growing at or above 17% carry 16.6x against 10.0x below it. Margin Quality Profitability differences compound the growth split rather than replacing it. Business Mix Segment medians differ across Switchgear and electrical distribution hardware, Solar electrical balance-of-system and power conversion hardware — mix, not the sector label, sets the multiple.

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    03 · SITUATION MAP

    Four Situations, Four Different Agendas

    Places rated companies into four situations based on EV/EBITDA versus the sector median and EBITDA margin versus the covered median.

    We cut the rated set on two axes — EV/EBITDA against the 13.3x sector median, and EBITDA margin against the 23% covered median — to produce four situations. These are observations built from the cohort's own break-points, not recommendations to buy or sell any security. So what: where a company falls on this map frames a different conversation for its owners than the sector label alone would suggest.

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    03 · SITUATION MAP Four Situations, Four Different Agendas Cut on EV / EBITDA vs the sector median (13.3x) (rows) and EBITDA margin vs the covered median (23%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; 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. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 10 Credited and Delivering Above-median multiple · above-median EBITDA margin 2 names VRT · NVT The multiple already assumes execution; the agenda is defending what the market has credited. Premium Ahead of the Operating Case Above-median multiple · below-median EBITDA margin 1 names ETN The premium outruns the operating measure beneath it; the gap wants an answer before the market asks the question. Operating Case Ahead of the Price Below-median multiple · above-median EBITDA margin 1 names APH The operating case runs ahead of the price — the re-rating conversation lives in this cell. Priced for What It Is Below-median multiple · below-median EBITDA margin 2 names AYI · LYTS Priced as what it is today; ownership, structure and capital-allocation questions dominate.

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    03 · THE AGENDA

    The Moves Each Situation Supports

    Frames the questions an owner or acquirer should resolve for each of the four situations.

    For each situation on the map, we frame the questions an owner or acquirer should be asking next. This is our directional view, grounded in the cohort data shown earlier, and it does not constitute investment advice. So what: the situation a company sits in should set its near-term agenda, not the sector narrative.

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    03 · THE AGENDA The Moves Each Situation Supports 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 2026-09-15; 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. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 11 Defend and Extend Premium names protect the franchise the multiple already prices. What changes the answer: Two quarters of decelerating growth. Prove the Re-Rating Discounted growers close the gap with evidence, not narrative. What changes the answer: Growth sustained above the covered median. Fix the Economics Below-median margins are the controllable lever. What changes the answer: Margin trajectory crossing the cohort median. Test the Market Where public credit is absent, the deal tape is the second opinion. What changes the answer: A comparable transaction printing above the public median.

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    SECTION 04

    04

    Divider introducing the deal-tape section covering what has actually transacted in the sector.

    We turn now to what has actually transacted — the deal tape behind this sector's pricing. So what: recorded transactions give us a second, independent read on value.

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    SECTION 04 04 THE DEAL TAPE What Has Actually Transacted 04 of 06 Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 12

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    04 · DEAL CASE STUDIES

    The Deals That Set the Market's Reference Points

    Walks through three case studies drawn from the 42 recorded transactions, with multiples on LTM financials at announcement.

    We walk through three case studies pulled from the 42 recorded transactions in this tier, with multiples on LTM financials at announcement where disclosed. Deal multiples sit on a different basis than our CY2027E public comparables, so we don't claim a spread between them. So what: these deals set the reference points a client can use when a public comparable isn't available.

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    04 · DEAL CASE STUDIES The Deals That Set the Market's Reference Points 3 of 42 recorded transactions, told as case studies · multiples on LTM financials at announcement where disclosed · the complete tape is in the appendix · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 54 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape 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. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 13 Oct-2025 $350M Littelfuse Inc. Littelfuse Inc. acquires Basler Electric EV / LTM revenue 2.8x EV / LTM EBITDA 13.5x WHY THE DEAL HAPPENED Littelfuse Inc. moved for Basler Electric in Oct-2025; the tape records it as announced. HOW THE TARGET WAS VALUED The filing records $350M of enterprise value, struck at 13.5x LTM EBITDA, the benchmark buyers in this segment start from. Aug-2025 $10.5B Amphenol Corporation Amphenol Corporation acquires Connectivity and Cable Solutions business of Vistance Networks, Inc. EV / LTM revenue 3.0x EV / LTM EBITDA 12.4x WHY THE DEAL HAPPENED Amphenol Corporation moved for Connectivity and Cable Solutions business of Vistance Networks, Inc. in Aug-2025; the tape records it as completed. HOW THE TARGET WAS VALUED The filing records $10.5B of enterprise value, struck at 12.4x LTM EBITDA, the benchmark buyers in this segment start from. Oct-2024 $63.6B Undisclosed buyer Undisclosed buyer acquires Fire & Security segment EV / LTM revenue 2.9x EV / LTM EBITDA 18.2x WHY THE DEAL HAPPENED Undisclosed buyer moved for Fire & Security segment in Oct-2024; the tape records it as announced. HOW THE TARGET WAS VALUED The filing records $63.6B of enterprise value, struck at 18.2x LTM EBITDA, the benchmark buyers in this segment start from.

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    SECTION 05

    05

    Divider introducing the strategic-implications section covering the agenda from here.

    We close the analysis with what this means for owners, operators and acquirers over the next twelve months. So what: the data has already told us where the pressure points are — this section turns them into questions worth resolving.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Agenda from Here 05 of 06 Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    What This Means for Owners, Operators and Acquirers

    Sets out the questions this data raises for owners, operators and acquirers over the next twelve months.

    We lay out the questions this analysis puts on the table for owners, operators and acquirers over the next twelve months. These are our directional views, drawn from the data in this report, and they are observations rather than recommendations. So what: this is the checklist a client should be working through now, not after the next earnings cycle.

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    05 · STRATEGIC IMPLICATIONS What This Means for Owners, Operators and Acquirers 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 2026-09-15; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 15 FOR OWNERS Know Which Tier You Are Priced In The tier, not the sector, frames the valuation conversation. The appendix shows exactly where each name sits. FOR OPERATORS Move the Lever the Market Pays For The drivers page shows which operating metric separates the tiers in this sector. FOR ACQUIRERS Price Against the Right Reference Public tiers and the deal tape give different answers; the gap between them is the negotiation.

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    SECTION 06

    06

    Divider introducing the appendix covering the full comparables universe, methodology and sources.

    We close with the full universe, our methodology, and where every underlying disclosure lives. So what: every figure in this deck can be traced back to its source here.

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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 Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    Lists all rated and unrated companies with EV/EBITDA (CY2027E), shaded above or below the 13.3x sector median.

    We show the full comparables table — six rated companies plus seven without an eligible multiple — shaded against the 13.3x sector median. Tickers link back to the underlying source so any figure can be checked directly. So what: this is the complete evidence base behind every valuation claim 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 (13.3x); amber marks below · 6 rated companies; 7 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. All 6 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. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.8x · median 19.0x · 2 companies VRT VRT Switchgear and electrical distribution hardware $93.6B 19.8x 29% 24% 56 ETN ETN Switchgear and electrical distribution hardware $163B 18.2x 11% 23% 35 CORE — 9.5x–17.8x · median 13.3x · 2 companies NVT NVT Switchgear and electrical distribution hardware $25.6B 16.6x 21% 23% 44 AYI AYI Switchgear and electrical distribution hardware $10.0B 10.0x 5% 20% 26 DISCOUNT — <9.5x · median 8.6x · 2 companies LYTS LYTS Switchgear and electrical distribution hardware $954M 9.3x 16% 10% 28 APH APH Wiring devices and electrical components $115B 8.0x 17% 34% 52

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    The Full Deal Tape, Newest First

    Lists the deal tape newest first, with multiples on LTM financials at announcement where disclosed.

    We list the deal tape newest first, with multiples on LTM financials at announcement where they were disclosed, and deal values linking to the underlying filing. This is part one of the full 42-transaction tape. So what: clients can trace any historical deal reference directly to its filing.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) The Full Deal Tape, Newest First 42 recorded transactions in this tier · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 54 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape 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 42 transactions shown; the rest are in the companion workbook. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2026 CECO Environmental Corp → Thermon Group Holdings, Inc. $329M n/a n/a CECO Environmental Corp paid $329M. May-2026 Dycom Industries, Inc. → National Technology Integrators $275M n/a n/a Dycom Industries, Inc. paid $275M. May-2026 Hubbell Incorporated → NSI Industries $3.0B n/a n/a Hubbell Incorporated paid $3.0B. Oct-2025 Littelfuse Inc. → Basler Electric $350M 2.8x 13.5x Littelfuse Inc. paid $350M at 2.8x LTM revenue. Aug-2025 Amphenol Corporation → Connectivity and Cable Solutions business of Vistance Networks, Inc. $10.5B 3.0x 12.4x Amphenol Corporation paid $10.5B at 3.0x LTM revenue. Jul-2025 Kingsway Financial Services Inc. → Roundhouse Electric & Equipment Co., Inc. $22M n/a n/a Kingsway Financial Services Inc. paid $22M. Oct-2024 Commercial Vehicle Group, Inc. → CVG FSE, LLC $2M n/a n/a Commercial Vehicle Group, Inc. paid $2M. Oct-2024 Undisclosed buyer → Fire & Security segment $63.6B 2.9x 18.2x Undisclosed buyer paid $63.6B at 2.9x LTM revenue. Oct-2024 Flex Ltd. → Crown Technical Systems $325M 2.7x n/a Flex Ltd. paid $325M at 2.7x LTM revenue.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    The Full Deal Tape, Newest First

    Continues the deal tape newest first, completing the 42 recorded transactions.

    We continue the deal tape here, completing the full set of 42 recorded transactions newest first. As before, multiples sit on LTM financials at announcement and are not directly comparable to the CY2027E public basis. So what: together, both pages give a client the complete, traceable transaction record behind this sector.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2) The Full Deal Tape, Newest First 42 recorded transactions in this tier · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-15 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-15; company disclosures via SEC EDGAR where linked. 54 tape record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 36 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape 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 42 transactions shown; the rest are in the companion workbook. Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2024 Thermon Group Holdings, Inc. → Fabbrica Apparecchiature Termoelettriche Industriali S.r.L. $14M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Sep-2024 Bel Fuse Inc. → Enercon Technologies Ltd. $400M 3.6x 11.1x Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Jul-2024 Mueller Industries Inc. → Nehring Electrical Works $567M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Jan-2024 Amphenol Corporation → Connectivity and Interconnect Technologies (CIT) business of Carlisle Companies $2.0B n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. May-2023 SPX Technologies, Inc. → ASPEQ Parent Holdings $418M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. May-2023 Belden Inc. → Berthold Sichert GmbH $98M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Apr-2023 nVent Electric plc → ECM Industries n/a n/a 10.6x Apr-2023 n/a → ECM Investors, LLC $1.1B n/a n/a Value shown as recorded in the filing; status defaulted announced. Mar-2023 Methode Electronics, Inc. → Nordic Lights Group Corporation $140M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, assumptions and data-quality treatment.

    We set out here how this report was built: the sources behind every figure, what was excluded and why, and where each underlying disclosure lives. So what: this page is the client's reference for validating 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 2026-09-15 Typeface note: NeuraCap brand face is Kallisto Medium; this build renders in a standard sans (Arial) and should be reviewed in the brand face before external distribution. Electrical Equipment and Components Coverage | September 2026 | Confidential 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than EV / Revenue; validated coverage supports the industry standard (8 of 13 companies), so this report follows it. EV / Revenue on CY2027E is the lead convention: it is the sector-appropriate prior for Electrical Equipment and Components and it clears the coverage gate with 12 of 13 companies (92%). EV / EBITDA, P / E are carried as a cross-check. DATA QUALITY & EXCLUSIONS 10 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 681 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 (680) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21
    The Data Has a View. The Next Step Is a Conversation.

    NeuraCap AI — Electrical Equipment and Components Coverage

    Closing slide reiterating that the data points to a clear next step: a conversation.

    We've shown that Electrical Equipment and Components prices in tiers, and that tier membership — not the sector label — should set the conversation. Companion tables carry the full universe, exclusion ledger and source index for any figure a client wants to trace. So what: the data has a view; the next step is putting it to work.

    Everything on this page

    The Data Has a View. The Next Step Is a Conversation. NeuraCap AI — Electrical Equipment and Components Coverage September 2026 · Prepared by NeuraCap AI · Confidential Electrical Equipment and Components Coverage | September 2026 | Confidential Sources & methodology 21

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