Energy Equipment Manufacturing Sector Outlook — September 2026

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ENERGY › ENERGY › ENERGY EQUIPMENT MANUFACTURING

Energy Equipment: One Label, Four Very Different Markets

How the market prices energy equipment manufacturers today, which groups hold the top of the range, and what the transaction record shows about buyer logic.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice

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   ENERGY › ENERGY › ENERGY EQUIPMENT MANUFACTURING

   Energy Equipment: One Label, Four Very Different Markets

   Cover slide framing the report's core finding that energy equipment manufacturing trades as four distinct markets.

   We open with the finding that carries this deck: one label covers four markets that price very differently. This sets the frame for everything that follows, so a reader can walk away from the cover alone with the thesis.

   Everything on this page

   ENERGY › ENERGY › ENERGY EQUIPMENT MANUFACTURING Energy Equipment: One Label, Four Very Different Markets How the market prices energy equipment manufacturers today, which groups hold the top of the range, and what the transaction record shows about buyer logic. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the report's five sections plus the appendix.

   The report runs through the bottom line, the landscape, valuation and situations, precedent transactions and strategic implications, with an appendix behind it. We put the bottom line first on purpose, so a reader who stops after section one still leaves with the full story.

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   CONTENTS What This Report Covers 01 The Bottom Line Energy Equipment Manufacturing Trades as Four Separate Markets Under One Label 02 The Landscape Oilfield Equipment Holds the Scale, Solar and Power Hold the Higher Prices 03 Valuation & Situations The Range Has Three Tiers, and the Gap Between Them Is Wide 04 Precedent Transactions What Buyers Agreed to Pay, and for What Kind of Asset 05 Strategic Implications The Price Gap Is Wide Enough to Be Worth Acting on, for Owners and Buyers Alike 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Energy Equipment Manufacturing Trades as Four Separate Markets Under One Label

   Summary slide presenting the report's core conclusion that the sector prices as four separate markets under one label.

   This page carries the whole argument on one page: oilfield equipment holds the company count but prices at the discount end, while solar and power names hold the premium end. The valuation basis throughout is EV/EBITDA on CY2027E consensus, rated on 17 of the 25 companies that clear the platform's plausibility checks. We use this page to anchor every section that follows, so a client can trace any later figure back to this frame.

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   01 · THE BOTTOM LINE Energy Equipment Manufacturing Trades as Four Separate Markets Under One Label 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 (17 of 25 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Half the Sector Is Oilfield Equipment, and It Prices Below the Middle Oilfield capital equipment with field service attach is 48% of the 25 companies in this set and sits at 6.7x on forward earnings. Photovoltaic module manufacturing, four names, sits at 16.1x on the same basis. 2 The Same Revenue Sits Across a Wide Range of Valuations On CY2027E EV / EBITDA the set clears at 8.0x, with half of the 17 names with a forward estimate sitting between 5.5x and 10.1x. A forward multiple already credits forecast growth, so a premium that survives it points to durability rather than one good year. 3 The Faster-Growing Half Holds the Higher Price Split the 17 names with a forward estimate at 11% revenue growth and the faster half sits at 8.2x against 7.0x for the slower half. The step is consistent but narrow, so growth is associated with part of what separates these companies rather than all of it. 4 Clearing the Growth Bar and the Margin Bar Together Is Uncommon Of the 17 names with a forward estimate, 5 clear both the growth line and a 21% margin line. The 4 that clear growth alone sit at 15.1x; the 4 that clear neither sit at 5.7x. 8.0x Sector median EV/EBITDA CY2027E consensus · 17 rated of 25 companies 22.0x Premium end EV/EBITDA vs 4.6x at the discount end top quartile (n=5) against bottom quartile (n=5) on EV/EBITDA — the spread the report explains 8 Transactions with disclosed terms 30 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market map and landscape analysis.

   This section maps the four groups sitting under the Energy Equipment Manufacturing label and shows how differently each is priced. Four groups, four buyer sets, four different paths to a valuation — the reader needs this reset before the detail lands.

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   SECTION 02 02 THE LANDSCAPE Oilfield Equipment Holds the Scale, Solar and Power Hold the Higher Prices Four groups, four buyer sets, four different ways of getting to a number. 02 of 06 Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Four Groups Sit Under One Label, and Value Sits Unevenly Across Them

   Chart showing the 25 approved companies grouped by business segment with median EV/EBITDA per group.

   We group the approved universe of 25 companies into four segments and plot the median EV/EBITDA (CY2027E) for each. Value sits unevenly: some segments cluster near the sector median of 8.0x, others sit well above or below it. That unevenness is why a single sector multiple undersells the range a client actually faces.

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   02 · MARKET MAP Four Groups Sit Under One Label, and Value Sits Unevenly Across Them 25 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. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 OILFIELD CAPITAL EQUIPMENT WITH FIELD SERVICE ATTACH 12 cos median 6.7x SLB SEI WHD LBRT EFXT INVX FET OIS DTI LSE OMSE GEOS The scale block: pressure control, wellhead and tree equipment, and the aftermarket attach that carries a shop through a slower activity year. POWER DISTRIBUTION AND ELECTRICAL BALANCE-OF-PLANT EQUIPMENT 5 cos 46.3x · 1 rated BE FCEL NNE AIRJ BLDP Fuel cell and distributed power equipment, where most of the group is still funding scale and order intake is read before earnings. PHOTOVOLTAIC MODULE MANUFACTURING 4 cos median 16.1x NXT CSIQ SEDG ARRY Module, inverter and tracker hardware, where demand tracks incentive and domestic content frameworks more than operator capital budgets. ADJACENT MODELS 4 cos median 8.1x VNT FLNC BW ACNT Flow control, storage and fabrication businesses that sell into energy but are underwritten on industrial terms.

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   02 · LANDSCAPE

   Oilfield Equipment Holds the Scale, Solar and Power Hold the Higher Prices

   Segment-level view describing what each group does and why its valuation differs.

   Oilfield equipment carries the scale of the universe, while solar and power equipment carry the higher prices. We walk through what each segment does and why its buyer set values it differently, so the client can place any single name against the segment it actually competes in.

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   02 · LANDSCAPE Oilfield Equipment Holds the Scale, Solar and Power Hold the Higher Prices 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. Energy Equipment Manufacturing 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 Oilfield capital equipment with field service attach 12 48% 6.7x SLB N.V. (SLB) · Solaris Energy Infrastructure, Inc. (SEI) · +10 more Scale, aftermarket and cycle exposure. Twelve of the 25 companies in this set, 48% of it, with 10 of them carrying a forward estimate and a group figure of 6.7x. The argument inside this group is how much of the earnings stream holds through a slower activity year: aftermarket attach, installed base and rental fleets against short-cycle completion work. Power distribution and electrical balance-of-plant equipment 5 20% 46.3x n=1 Bloom Energy Corporation (BE) · FuelCell Energy, Inc. (FCEL) · +3 more Power equipment, mostly pre-earnings. Five names, 20% of the set, and only one of the five carries a forward earnings estimate, which sits at 46.3x. On a single rated name the group figure is a marker rather than a benchmark, and the practical read is revenue, order intake and grid, fuel cell and distributed power demand. Photovoltaic module manufacturing 4 16% 16.1x Nextpower Inc. (NXT) · Canadian Solar Inc. (CSIQ) · +2 more Solar hardware, priced on volume. Four names, and all four carry a forward estimate, with the group at 16.1x. Members sit at both the top and the bottom of the range, so the label alone does not settle where a solar hardware business prices — installed-base growth and content per project do more of the work. Adjacent models 4 16% 8.1x Vontier Corporation (VNT) · Fluence Energy, Inc. (FLNC) · +2 more Industrial businesses in energy clothing. Four names spanning flow control hardware, storage and fabrication, with 2 of the 4 carrying a forward estimate and a group figure of 8.1x. Buyers underwrite these on industrial terms — installed base, spares and service mix — rather than on activity exposure.

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   SECTION 03

   03

   Section divider introducing the three-tier valuation range and the gap between tiers.

   The valuation range splits into three tiers, and the gap between the top and the bottom is wide. We use this section to show who sits at each end and what characteristics travel with them.

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   SECTION 03 03 VALUATION & SITUATIONS The Range Has Three Tiers, and the Gap Between Them Is Wide Who sits at the premium end, who sits at the discount end, and what travels with each. 03 of 06 Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Solar and Power Names Cluster at the Top of the Range, Oilfield Names at the Bottom

   Ranked chart of all 17 rated companies on EV/EBITDA (CY2027E) against the 8.0x sector median.

   Sorted from highest to lowest, solar and power names cluster at the top of the range while oilfield names sit at the bottom, against a sector median of 8.0x. The tiers are cut at the rated set's own quartiles, so the split reflects this universe rather than an external benchmark. That means a name's tier placement is a direct read of where the market prices it today.

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   03 · PUBLIC MARKET VALUATION Solar and Power Names Cluster at the Top of the Range, Oilfield Names at the Bottom EV / EBITDA (CY2027E) · all 17 rated companies, sorted descending · sector median 8.0x · 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 (17 of 25 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. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 22.0x CORE · median 8.0x DISCOUNT · median 4.6x Sector median 8.0x WHAT SEPARATES THE TWO ENDS The top holds 22.0x. The five names at the premium end sit at 22.0x on CY2027E EV / EBITDA. The lens is forward, so that price already credits the growth analysts expect; what remains in the number is the market's view of how long that growth runs. The bottom holds 4.6x. The five names at the discount end sit at 4.6x. These are mostly businesses whose earnings move with completion activity, and the first thing a buyer tests in them is the aftermarket, spares and rental share of revenue. Mix travels with the price. Four of the five names at the top build solar, inverter or distributed power equipment; four of the five at the bottom sell into upstream activity. The read here is end-market mix and earnings visibility, not a judgment on how well any of these companies is run.

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   03 · VALUATION DRIVERS

   The Price Gap Sits with the Faster-Growing Names More than the Higher-Margin Ones

   Comparison of median EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

   Splitting the 17 rated names at their covered medians, the faster-growing half prices at 8.2x against 7.0x for the slower half — a real but narrow step. Margin splits the same way but less cleanly, so growth is associated with part of the price gap rather than all of it. That distinction matters because it tells a client which lever moves the multiple most.

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   03 · VALUATION DRIVERS The Price Gap Sits with the Faster-Growing Names More than the Higher-Margin Ones 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=9; slower n=8; higher-margin n=9; lower-margin n=8). Driver readings are NeuraCap views on the supplied data — association, not causation. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 21% Growth Above 11% Is Associated with a Higher Price Split the 17 names with a forward estimate at 11% revenue growth and the faster 9 sit at 8.2x against 7.0x for the slower 8. The step is steady but narrow, so growth is one part of what separates these companies rather than the whole of it. Margin on Its Own Travels with a Smaller Step Among the 17 names with a forward estimate, the 4 above the 21% margin line but below the growth line come in at 8.6x, against 7.6x for the 5 clearing both lines. On groups of four and five names, treat this as a direction of travel rather than a rule. Most of the Spread Sits in Mix, Not in Either Measure Neither growth nor margin accounts for most of the distance between the top and the bottom of this range. In this sector the rest of the answer usually sits in revenue mix: aftermarket attach, installed base, spares and rental income against original equipment and lump-sum project scopes.

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    03 · SITUATION MAP

    Where the Money Sits: Solar and Power in the Growth Corner, Oilfield in the Value Corners

    Two-by-two map placing companies by EV/EBITDA versus the sector median and revenue growth versus the covered median.

    Cutting on EV/EBITDA against the 8.0x sector median and growth against the 11% covered median, solar and power names sit in the growth corner while oilfield names sit in the value corners. This is a map of where the money currently sits, not a recommendation to buy or sell any name. It gives a client a fast visual for where any company under review currently sits relative to its peers.

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    03 · SITUATION MAP Where the Money Sits: Solar and Power in the Growth Corner, Oilfield in the Value Corners Cut on EV / EBITDA vs the sector median (8.0x) (rows) and revenue growth vs the covered median (11%) (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. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paying up for Growth Above-median multiple · above-median revenue growth 5 names Bloom Energy Corporation (BE) · Nextpower Inc. (NXT) · Canadian Solar Inc. (CSIQ) · +2 more Bloom Energy Corporation (BE), Nextpower Inc. (NXT), Canadian Solar Inc. (CSIQ), SolarEdge Technologies, Inc. (SEDG) and Babcock & Wilcox Enterprises, Inc. (BW) sit above the middle of the set on both price and revenue growth. The forward multiple already credits the growth that is forecast, so order intake and backlog conversion are what hold the position. Priced on the Installed Base Above-median multiple · below-median revenue growth 4 names SLB N.V. (SLB) · Vontier Corporation (VNT) · Cactus, Inc. (WHD) · +1 more SLB N.V. (SLB), Vontier Corporation (VNT), Cactus, Inc. (WHD) and Forum Energy Technologies, Inc. (FET) carry a price above 8.0x with growth below the middle of the set. That profile is usually underwritten on installed base, aftermarket attach and spares rather than on activity torque. Growth Not yet in the Price Below-median multiple · above-median revenue growth 4 names Solaris Energy Infrastructure, Inc. (SEI) · Innovex International, Inc. (INVX) · Array Technologies, Inc. (ARRY) · +1 more Solaris Energy Infrastructure, Inc. (SEI), Innovex International, Inc. (INVX), Array Technologies, Inc. (ARRY) and OMS Energy Technologies Inc. (OMSE) grow above the middle of the set while pricing below it. Gaps like this tend to close on evidence of conversion: book-to-bill, backlog quality and margin at award. Cash Now, Slower Growth Below-median multiple · below-median revenue growth 4 names Liberty Energy Inc. (LBRT) · Enerflex Ltd. (EFXT) · Oil States International, Inc. (OIS) · +1 more Liberty Energy Inc. (LBRT), Enerflex Ltd. (EFXT), Oil States International, Inc. (OIS) and Drilling Tools International Corp. (DTI) sit below the middle of the set on both measures. In these businesses the aftermarket, rental and consumables share of revenue is what a buyer tests before anything else.

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    03 · GROWTH VS PROFITABILITY

    Five Names Clear the Growth Bar and the Margin Bar Together

    Scatter of revenue growth against EBITDA margin for 17 companies, cut at the covered medians, with median EV/EBITDA per quadrant.

    Five names clear both the 11% growth bar and the 21% margin bar together, and that combination carries a materially different multiple than clearing just one or neither. The growth-only group and the group clearing neither sit well apart on price. That scarcity is itself informative: clearing both bars together is uncommon in this set, which is exactly why the market pays up for it.

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    03 · GROWTH VS PROFITABILITY Five Names Clear the Growth Bar and the Margin Bar Together Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 17 companies with both estimates · cuts at the covered medians (11% growth, 21% 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=5; margin-only n=4; growth-only n=4; neither n=4). SEI plotted at the chart edge. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 0% 20% 40% MARGIN ONLY median 8.6x BALANCED median 7.6x NEITHER median 5.7x GROWTH ONLY median 15.1x VNT WHD FET SLB DTI LBRT OIS EFXT SEDG INVX ARRY OMSE NXT CSIQ BW SEI BE x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Growth runs across, margin runs up. Both lines are cut at the middle of the 17 names with a forward estimate. Five clear both: Innovex International, Inc. (INVX), OMS Energy Technologies Inc. (OMSE), Nextpower Inc. (NXT), Solaris Energy Infrastructure, Inc. (SEI) and Bloom Energy Corporation (BE). The 4 clearing growth alone sit at 15.1x, the 4 clearing neither at 5.7x. The balanced median rests on 5 names and is lifted by BE at 46.3x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 3 of 17 names clear it (BE, NXT, SEI).

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    03 · THE AGENDA

    Revenue Mix and Growth Travel with Where a Name Sits in the Range

    Framing of the open questions an owner or acquirer should resolve given how revenue mix and growth travel with valuation.

    Revenue mix and growth travel together with where a name sits in the range, and we frame this as the questions an owner or acquirer should work through next. These are observations drawn from the cohort data shown earlier, not recommendations to act on any specific name. The value of this page is turning the data into a short list a management team can actually work against.

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    03 · THE AGENDA Revenue Mix and Growth Travel with Where a Name Sits in the Range 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. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Move Mix Toward Aftermarket and Consumables The names holding a higher price on slower growth are the aftermarket-weighted ones. Growing the spares, service and rental share of revenue is the operating route into that profile, and it answers the question buyers ask first: how much of the earnings stream holds through a slower activity year. What changes the answer: Aftermarket and rental revenue holding steady in a quarter when original equipment intake falls. Choose End Markets Deliberately, Not Opportunistically The top of this range is mostly solar, inverter and distributed power equipment; the bottom is mostly short-cycle upstream work. Redeploying certified shop capacity toward power, storage and grid content is a live option for a code-stamped manufacturer, and it is a capital allocation decision rather than a marketing one. What changes the answer: Quoting activity from power and grid customers reaching a stated share of the shop loading plan. Price the Risk Sitting Inside Lump-Sum Scopes Lump-sum turnkey fabrication concentrates project risk in a way catalogue and build-to-print work does not. Deciding which scopes to quote, and at what margin at award, changes the quality of the earnings stream a multiple is applied to. What changes the answer: Non-recurring project losses appearing in more than one reporting period. Settle Build Versus Buy on Capability This record runs from capability bolt-ons to a platform-scale agreement, and the recurring buyer logic is specification positions, certified capacity, installed base and aftermarket pull-through. Building that capability internally costs qualification time; buying it costs capital. What changes the answer: A qualification cycle running longer than the window in which the customer specification is set.

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    SECTION 04

    04

    Section divider introducing the precedent transaction record.

    This section covers what buyers have agreed to pay and for what kind of asset, drawing on eight transactions with disclosed terms. The record runs from capability bolt-ons to a platform-scale agreement, which is the range a client should expect to see.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay, and for What Kind of Asset Eight transactions in the record, from capability bolt-ons to a platform-scale agreement. 04 of 06 Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    The Transaction Record Shows Which Assets Buyers Pay up for, and Roughly What They Pay

    Three of eight disclosed-terms transactions presented as case studies with multiples on LTM financials at announcement.

    We walk through three of the eight disclosed transactions as case studies, each on LTM financials at announcement, with the full list held in the appendix. These deal multiples sit on a different basis than the CY2027E public multiples shown earlier, so we don't claim a spread between the two. What the case studies do show is which asset characteristics buyers were willing to pay up for.

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    04 · DEAL CASE STUDIES The Transaction Record Shows Which Assets Buyers Pay up for, and Roughly What They Pay 3 of 8 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. 36 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. 22 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. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2024 $108M CECO Environmental Corp. acquires Profire Energy, Inc. EV / LTM revenue 1.9x EV / LTM EBITDA 10.1x WHY THE DEAL HAPPENED CECO Environmental Corp. sits in emissions and environmental equipment, while Profire Energy, Inc. builds burner management and combustion control content. The transaction suggests a buyer adding regulated-content product into an existing customer channel rather than buying shop scale. HOW THE TARGET WAS VALUED The deal is recorded at $108M, 1.9x revenue and 10.1x EBITDA. That EBITDA mark benchmarks above the middle of the listed range on CY2027E EV / EBITDA and well below the premium end of it. Jul-2021 $2.0B Heliogen, Inc. acquires Athena Technology Acquisition Corp. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Heliogen, Inc. combined with Athena Technology Acquisition Corp., a listing vehicle, in July 2021. The structure suggests a company raising scale capital for equipment build-out at a point when earnings were not yet the basis of value. HOW THE TARGET WAS VALUED The transaction carries a recorded value of $2.0B. A value of that size on an early-stage platform is associated with the pattern in the power equipment group in this set, which is read on revenue and order intake rather than on a profit multiple. Aug-2026 $700M SLB Limited SLB Limited agrees to add Kelvion at $700M of recorded value. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED SLB Limited sits in the oilfield capital equipment with field service attach group, the largest block of this set by company count. A buyer of that scale adding a manufacturing asset in August 2026 suggests capability and content being brought inside rather than a move into a new customer base. HOW THE TARGET WAS VALUED The transaction is recorded at $700M of value and shown as announced. Set against the $12.9B agreement elsewhere in this record, $700M places it as a capability addition rather than a change of scale.

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    SECTION 05

    05

    Section divider introducing the strategic implications for owners and buyers.

    The price gap in this set is wide enough to be worth acting on, for owners and buyers alike. We use this section to lay out the operating moves this data points to before the next shop loading cycle.

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    SECTION 05 05 STRATEGIC IMPLICATIONS The Price Gap Is Wide Enough to Be Worth Acting on, for Owners and Buyers Alike The operating moves this set points to, before the next shop loading cycle. 05 of 06 Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Price Gap Sits with Revenue Mix and Growth: What Owners and Boards Weigh Next

    Strategic implications slide on what owners and boards weigh next given where the price gap sits.

    The price gap sits with revenue mix and growth, and this page frames the questions this data puts on the table. These are NeuraCap views drawn from the analysis in this report, not recommendations on any specific name. For an owner or a board, the practical takeaway is where to direct capital and management attention next.

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    05 · STRATEGIC IMPLICATIONS The Price Gap Sits with Revenue Mix and Growth: What Owners and Boards Weigh Next 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. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Mix Explains More than the Sector Label Does Inside this set the range runs from the discount end to the premium end, and which group a company belongs to is only part of the explanation. Revenue quality — aftermarket attach, installed base, backlog carrying margin at award — is the part management works on through a cycle. FOR BOARDS Fund the Capacity That Sits Behind the Higher Price Capital allocation across shop capacity, rental fleet and customer qualification is what moves a company between the corners of the growth and margin map. Five of the 17 names with a forward estimate clear both lines, so that combination is uncommon and worth funding on purpose. FOR BUYERS Underwrite the Earnings That Survive a Slower Year Strategic consolidators, sponsors building multi-shop platforms and cross-border buyers underwrite the same question: how much of the stream holds when activity falls. Quality of earnings work here splits original equipment from aftermarket, spares and rental before the multiple is argued.

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    SECTION 06

    06

    Section divider introducing the full comparables universe, methodology and sources.

    This section carries the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure sits. Use it as the reference section once the argument in the earlier pages has landed.

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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 Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

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

    First page of the public comparables table listing rated and unrated companies on EV/EBITDA (CY2027E).

    This table lists the rated companies against the 8.0x sector median, with shading marking names above and below it; 17 companies carry an eligible multiple and 8 do not. Every row here is available in full in the companion workbook. This is the detail a client needs to check any single name's position against the range shown earlier.

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    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.0x); amber marks below · 17 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 17 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. Energy Equipment Manufacturing 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 — ≥10.1x · median 22.0x · 5 companies Bloom Energy Corporation BE Power distribution and electrical balance-of-plant… $82.6B 46.3x 67% 26% 93 Canadian Solar Inc. CSIQ Photovoltaic module manufacturing $8.6B 34.7x 21% 3% 25 SolarEdge Technologies, Inc. SEDG Photovoltaic module manufacturing $1.8B 22.0x 11% 6% 17 Cactus, Inc. WHD Oilfield capital equipment with field service attach $5.4B 10.9x 5% 27% 33 Nextpower Inc. NXT Photovoltaic module manufacturing $11.1B 10.1x 19% 22% 42 CORE — 5.5x–10.1x · median 8.0x · 7 companies SLB N.V. SLB Oilfield capital equipment with field service attach $86.4B 9.2x 8% 24% 31 Forum Energy Technologies, Inc. FET Oilfield capital equipment with field service attach $1.1B 8.7x 7% 14% 21 Babcock & Wilcox Enterprises, Inc. BW Pumps, compression and rotating equipment manufacturing $1.1B 8.2x 22% 10% 32 Vontier Corporation VNT Flow control hardware and aftermarket spares $6.1B 8.0x 1% 25% 26 Innovex International, Inc. INVX Oilfield capital equipment with field service attach $1.8B 7.6x 11% 21% 33 Solaris Energy Infrastructure, Inc. SEI Oilfield capital equipment with field service attach $6.8B 7.4x 61% 63% 124 Liberty Energy Inc. LBRT Oilfield capital equipment with field service attach $4.0B 6.0x 9% 13% 22 DISCOUNT — <5.5x · median 4.6x · 5 companies Enerflex Ltd. EFXT Oilfield capital equipment with field service attach $3.4B 5.5x 10% 16% 26 Oil States International, Inc. OIS Oilfield capital equipment with field service attach $513M 5.2x 10% 14% 24

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    06 · PUBLIC COMPARABLES (2 OF 2)

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

    Second page of the public comparables table continuing the same EV/EBITDA (CY2027E) grouping by valuation tier.

    The comparables table continues here, still shaded against the 8.0x sector median and still split between the 17 rated and 8 unrated names. Together with the prior page, it gives a client the complete rated set behind every median discussed in the body. Names without an eligible multiple sit in the companion workbook for reference.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.0x); amber marks below · 17 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 17 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. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <5.5x · median 4.6x · 5 companies Array Technologies, Inc. ARRY Photovoltaic module manufacturing $1.2B 4.6x 12% 16% 28 Drilling Tools International Corp. DTI Oilfield capital equipment with field service attach $162M 3.5x 8% 27% 35 OMS Energy Technologies Inc. OMSE Oilfield capital equipment with field service attach $56M 1.3x 13% 26% 39

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    Full list of the eight precedent transactions with disclosed terms, ordered newest first.

    This page lists all eight transactions with disclosed terms out of 30 recorded, ordered from most recent, with multiples on LTM financials at announcement where disclosed. Deal values here link to the underlying filing for anyone who wants to check the source. This is the complete disclosed-terms record behind the case studies shown earlier in the deck.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 8 transactions with disclosed terms in this tier (30 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. 36 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. 22 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. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2026 SLB Limited → Kelvion $700M n/a n/a SLB Limited agreed to acquire Kelvion in August 2026 at $700M of recorded value, shown as announced rather than closed. A buyer of that scale adding a manufacturing asset reads as content and capacity being brought inside the group. May-2026 Global Energy Capital → TXAM Pumps, LLC n/a n/a 3.8x Global Energy Capital agreed to acquire TXAM Pumps, LLC in May 2026 at 3.8x EBITDA on the recorded terms. That sits below the middle of the listed range, which is where single-shop private assets often transact against public platforms. Nov-2025 Undisclosed buyer → Innovex International, Inc. $110M n/a n/a An undisclosed buyer and Innovex International, Inc. recorded a $110M transaction in November 2025 that the record shows as terminated. Innovex International, Inc. also sits in this peer set, in the middle tier of the range. Jun-2025 Baker Hughes Company → Chart Industries, Inc. $12.9B 3.1x 13.3x Baker Hughes Company and Chart Industries, Inc. recorded a $12.9B transaction in June 2025 at 3.1x revenue and 13.3x EBITDA, shown as terminated. It stands as the whole-company pricing marker in this record for industrial process equipment at scale. Oct-2024 CECO Environmental Corp. → Profire Energy, Inc. $108M 1.9x 10.1x CECO Environmental Corp. agreed to acquire Profire Energy, Inc. in October 2024 at $108M and 1.9x revenue. An emissions and environmental equipment buyer adding burner management and combustion control fits the pull of methane and emissions rules toward flow control… Jul-2021 Heliogen, Inc. → Athena Technology Acquisition Corp. $2.0B n/a n/a Heliogen, Inc. and Athena Technology Acquisition Corp. recorded a $2.0B transaction in July 2021. It is this record's marker for early-stage energy technology being valued on forecast and order pipeline rather than on current earnings. Sep-2018 VRV SpA → VRV S.p.A. n/a n/a 12.7x VRV SpA and VRV S.p.A. are recorded at 12.7x EBITDA in September 2018. The mark sits above the middle of today's listed range and shows that long-cycle equipment assets have cleared double-digit multiples in earlier windows. n/a Siemens → Dresser Rand n/a n/a 23.6x Siemens and Dresser Rand are recorded at 23.6x EBITDA. That mark shows what a diversified rotating equipment buyer agreed to pay for installed base and the aftermarket pull-through that comes with it.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology page explaining how the report was built, what was excluded and where sources sit.

    This page sets out how we built the report, what we excluded and on what basis, and where the appendix names a source when a figure carries no direct link. We built this page so a client reviewing any number in this deck can trace how it was derived and what it was measured against. That transparency is what lets the earlier conclusions carry weight in a client conversation.

    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. Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (17 of 25 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 Energy Equipment Manufacturing and it clears the coverage gate with 17 of 25 companies (68%). EV / Revenue, P / E are carried as a cross-check. The set earns: 17 of the 18 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 52 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 1005 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 (1004) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Price Gap Tracked Growth and Revenue Mix More than the Sector Label.

    Closing slide restating that the price gap tracked growth and revenue mix more than the sector label in this set.

    In this set, the price gap tracked growth and revenue mix more than the sector label itself. That's the finding we'd want a client to carry out of the room: segment tags explain less than the underlying revenue quality and growth profile do. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace further. That gives this deck's conclusions a clear paper trail to stand behind in any follow-up conversation.

    Everything on this page

    In This Set, the Price Gap Tracked Growth and Revenue Mix More than the Sector Label. NeuraCap AI — Energy Equipment Manufacturing Coverage September 2026 · Prepared by NeuraCap AI · Confidential Energy Equipment Manufacturing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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