Engineering and Technical Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › ENGINEERING AND TECHNICAL SERVICES

Sponsors Step in Where the Public Rating Sits Below the Sector

This update covers the sector's movers, company news and transactions for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Engineering and Technical Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › ENGINEERING AND TECHNICAL SERVICES

   This is the cover slide for the Engineering and Technical Services bi-weekly industry events and M&A update for September 14–28, 2026.

   We're opening our bi-weekly look at Engineering and Technical Services, covering what changed, who moved, what transacted, and what it means for September 14–28, 2026. The pages that follow walk through the market moves, the news, and the one agreed transaction that set this period's price reference.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › ENGINEERING AND TECHNICAL SERVICES Sponsors Step in Where the Public Rating Sits Below the Sector This update covers the sector's movers, company news and transactions for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Engineering and Technical Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Agreed Transactions Set the Price Reference While the Trading Set Drifted Lower

   This slide summarizes the two-week period: 21 covered names, with agreed transactions setting the price reference while trading drifted lower.

   We open with the headline: agreed transactions set the price reference this period, while the trading set of 21 covered names drifted lower on a median basis. Twelve of those names fell, with a median move of -3.1%, against a +0.8% return for the S&P 500 — so this looks like a sector-specific move rather than a market-wide one. A cash take-private topped the gainers, and a completed tuck-in closed with no disclosed multiple, giving us two hard reference points for the period. So what: the agreed cash price, not the two weeks of trading, is what we'd lead with when clients ask where the sector is priced.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Agreed Transactions Set the Price Reference While the Trading Set Drifted Lower The two-week period in one page · 21 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Engineering and Technical Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 12 of 21 Covered Names Fell; The Median Move Was -3.1% The S&P 500 returned +0.8% over the two-week period, so the decline was sector-specific rather than a market-wide move. Weakness was broad across the covered set rather than concentrated in one or two names. 2 A Cash Take-Private Topped the Gainers Mistras Group, Inc. (MG) rose +10.5% over the two-week period after agreeing to be acquired by H.I.G. Capital for $20.35 per share in cash. Its biggest single day, +4.6%, came on the announcement date. 3 One Completed Tuck-in and No Disclosed Multiple ZenaTech, Inc. completed the purchase of Merritt Paul Land Surveying, LLC on Sep 22 with no enterprise value disclosed. The trailing record across 40 precedent transactions carries a median EV/EBITDA of 13.0x. 4 Two Ratings Still Sit Inside One Sector Median NeuraCap's standing view prices inspection and equipment work apart from design-build delivery: a CY2027E EV/EBITDA sector median of 9.5x, with the Premium tier at a 16.1x median and the Discount tier at 6.0x. This period's agreed cash deal came from the Discount tier. +10.5% Best mover — Mistras Group, Inc. (MG) worst: BAH -11.2% · 9 up / 12 down of 21 covered -3.1% Sector median two-week return vs S&P 500 +0.8% 1 Transactions announced in the two-week period terms not fully disclosed

3. 03
   PUBLIC MARKET MOVERS

   Agreed Cash Beats the Trading Price at the Low End of the Sector's Rating

   This slide compares the agreed cash price for Mistras Group against the two-week trading set and the sector's rating.

   Mistras Group, Inc. (MG) rose +10.5% over the two-week period after agreeing to be acquired by H.I.G. Capital for $20.35 per share in cash, with its biggest single day of +4.6% landing on the announcement date. That move sits well outside our ±9.6% materiality bar for the sector, against a sector median of -3.1% and a S&P 500 return of +0.8%. So what: the agreed cash price gives us a hard reference point at the low end of the sector's rating, more decision-relevant than the broader drift lower in trading.

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   PUBLIC MARKET MOVERS Agreed Cash Beats the Trading Price at the Low End of the Sector's Rating Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.1% · S&P 500 +0.8% · materiality bar ±9.6% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Engineering and Technical Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.1% Booz Allen Hamilton Holding Corporation (BAH) -11.2% No notable in-window news was identified that clearly explains the move. The two-week move of -11.2% trailed the sector median of -3.1%. Federal services exposure can re-rate on its own timetable, independent of where the sector's median move lands. UNEXPLAINED Mistras Group, Inc. (MG) +10.5% Shares moved following the September 18 announcement of a definitive agreement to be acquired by H.I.G. Capital for $20.35 per share in cash. The biggest single day of the period, +4.6%, fell on that same date. A Discount-tier asset integrity and testing book can clear at a cash price when its public rating sits under the sector median. COMPANY-SPECIFIC Taylor Devices, Inc. (TAYD) +9.9% No notable in-window news was identified that clearly explains the move. The two-week gain of +9.9% ran ahead of the sector median of -3.1%. Small engineered-products names can run ahead of a falling sector median across a short window. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Capacity, Certification and Closing Mechanics Filled the Period's News

   This slide lists the period's highest-impact news events across capacity, certification and deal-closing mechanics.

   The two-week period's news flow centered on capacity, certification and closing mechanics — the operational levers that show up before and after a deal is signed. Each event on this page links back to its underlying filing or article, so clients can verify the record themselves. So what: this is the evidence base we draw on when we read a share-price move back to a specific catalyst.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Capacity, Certification and Closing Mechanics Filled the Period's News The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Engineering and Technical Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 18 · NEWS · GlobeNewsWire Mistras agreed to be acquired by H.I.G. Capital for $20.35 per share in cash A sponsor agreed cash terms for a technology-enabled industrial asset integrity and laboratory testing platform. That puts an agreed price on inspection-type earnings rather than leaving the discussion to trading levels. Inspection and asset-care annuity revenue is drawing buyer attention where the public rating lags. Sep 17 · NEWS · Business Wire UL Solutions expanded its Retail Center of Excellence in Lowell, Arkansas for softlines testing Accredited laboratory capacity is the binding constraint in testing work, and adding apparel and textile scope extends a Core-tier name's accredited footprint closer to its retail clients. Capacity added where accreditation gates competition supports repeat, standards-driven volume. Sep 16 · NEWS · Business Wire AECOM named a new Chief Legal Officer as the incumbent moves to a senior advisory role Legal leadership sits close to claims, change-order history and professional liability tails in design-led delivery. An orderly handover with a stated retirement timeline signals continuity on that front. Succession planning in legal and risk roles matters most where lump-sum turnkey tails are long. Sep 14 · NEWS · GlobeNewsWire Bowman Consulting's go-shop period expired with the Bernhard Capital Partners transaction still on track The expiry without a competing bidder leaves the previously announced sponsor transaction expected to close in the fourth quarter of 2026. Our read: it marks a second sponsor-led take-private working through the sector. Sponsor interest in regional engineering practices is holding through the closing process, not just at announcement. Sep 14 · NEWS · Business Wire UL Solutions launched a certification program for vehicle-to-grid technology New certification programs create standards-driven demand that repeats as products cycle. That is the kind of mandated, recurring work NeuraCap's standing view prices above project delivery. Owning the certification standard early builds a book that renews independently of capex cycles. Sep 21 · NEWS · PRNewsWire A shareholder law firm announced an investigation tied to the agreed Mistras transaction Announced take-privates in this space routinely attract shareholder scrutiny. It is a process item for the closing calendar rather than a change in the agreed terms. Boards agreeing cash transactions should expect scrutiny of process as a standard feature of the timeline.

5. 05
   M&A & STRATEGIC ACTIVITY

   H.I.G. Capital Agrees to Take Mistras Private for Cash

   This slide covers the one M&A transaction announced in the period: H.I.G. Capital's agreement to take Mistras Group private for cash.

   H.I.G. Capital has agreed to take Mistras Group private for $20.35 per share in cash, the period's one announced transaction. We read the deal as a sponsor stepping in at a rating we'd place in the sector's Discount tier, where the median CY2027E EV/EBITDA sits at 6.0x. So what: this is the agreed cash price the rest of the sector will get measured against until the next transaction prints.

   Everything on this page

   M&A & STRATEGIC ACTIVITY H.I.G. Capital Agrees to Take Mistras Private for Cash 1 transaction announced · September 14–28, 2026 · figures link to the filing Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Engineering and Technical Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 Sep 22 n/a ZenaTech, Inc. ZenaTech completed the purchase of Merritt Paul Land Surveying, a regional field practice EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The record shows a completed acquisition of a regional land surveying business. HOW THE TARGET WAS VALUED No enterprise value or multiple was disclosed. For context, the trailing record across 40 precedent transactions carries a median EV/EBITDA of 13.0x, above the CY2027E sector median of 9.5x in NeuraCap's standing view.

6. 06
   WHAT IT MEANS

   What an Agreed Cash Price Changes for the Rest of the Sector

   This slide translates the period's agreed cash price into implications for owners, acquirers and advisors.

   For owners and operators, the period rewarded funded backlog and utilisation, even as 12 of 21 covered names traded lower on a median move of -3.1%. For acquirers, the reference set now carries an agreed cash price at the low end — the Mistras Group, Inc. (MG) take-private at $20.35 per share — alongside a completed tuck-in with no multiple disclosed. For advisors, we'd lead conversations with the agreed transactions rather than the two weeks of trading, since that is where the hard evidence sits. So what: sponsors transacting where the public rating sits low is this period's clearest signal for how the sector is being priced.

   Everything on this page

   WHAT IT MEANS What an Agreed Cash Price Changes for the Rest of the Sector The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Engineering and Technical Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.5x 22 companies in the study 3 valuation tiers Standing thesis: Engineering and Technical Services Prices Inspection and Equipment Work Apart From Design-Build Delivery FOR OWNERS & OPERATORS Funded Backlog and Utilisation Are What the Period Rewarded Companies in the space traded in both directions, with 12 of 21 covered names lower and the median at -3.1%. FOR ACQUIRERS The Reference Set Now Carries an Agreed Cash Price at the Low End Two records moved this period: an agreed cash take-private of Mistras Group, Inc. (MG) at $20.35 per share, and a completed tuck-in of Merritt Paul Land Surveying, LLC by ZenaTech, Inc. with no multiple disclosed. FOR ADVISORS Lead with the Agreed Transactions, Not the Two Weeks of Trading The period's theme is sponsors transacting where the public rating sits low. The evidence to lead with: the Mistras Group, Inc. (MG) definitive agreement with H.I.G. Capital at $20.35 per share, the Bowman Consulting Group Ltd.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update and states the report's limitations.

   Every figure in this update links to the record it was taken from, and the update draws on a fixed reliability order of SEC filings, press releases and established outlets. This page also carries the notice that our reads are analytical interpretation, not investment advice. So what: clients can trace every number back to its source before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Engineering and Technical Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T080014Z_403_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · businesswire.com · prnewswire.com · sec.gov

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