Environmental and Facilities 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 › ENVIRONMENTAL AND FACILITIES SERVICES

Operators Fund and Partner While the Market Marks the Sector Down

This update covers September 14–28, 2026: the period's movers, company news and the transaction record across Environmental and Facilities Services.

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

Environmental and Facilities 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 › ENVIRONMENTAL AND FACILITIES SERVICES

   This is the cover page introducing the bi-weekly Environmental and Facilities Services events and M&A update for September 14–28, 2026.

   This update covers the two weeks ended September 28, 2026 across Environmental and Facilities Services. We walk through what changed, who moved and most likely why, what transacted, and what it means for owners, buyers and advisers.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › ENVIRONMENTAL AND FACILITIES SERVICES Operators Fund and Partner While the Market Marks the Sector Down This update covers September 14–28, 2026: the period's movers, company news and the transaction record across Environmental and Facilities Services. 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 Environmental and Facilities Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Prices Came Down Across Most of the Set While Company News Stayed Focused on Funding

   This page summarizes the two-week period in one view, covering price moves and company news across 18 covered names.

   Across the 18 names we track, the median move was -3.6% while the S&P 500 returned +0.8% over the same window, so the pressure is concentrated in this sector rather than the broader market. Company news stayed on funding and capability — Clean Harbors, Inc. (CLH) launched a senior notes offering and Hudson Technologies, Inc. (HDSN) signed a refrigerant recovery development agreement — with no new transactions recorded. That pattern points to operators building balance-sheet and technical capacity ahead of results rather than reacting to deal flow. For owners and buyers, this means the pullback may be creating entry points that outpace the fundamental evidence available today.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Prices Came Down Across Most of the Set While Company News Stayed Focused on Funding The two-week period in one page · 18 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. Environmental and Facilities Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Set Drifted Lower While the Broad Market Did Not 14 of 18 covered names fell; the median move was -3.6%. The S&P 500 returned +0.8% over the same two-week period, so the pressure was concentrated in this sector rather than in the market as a whole. 2 One Gainer Stood Well Apart from the Rest Ultra Clean Holdings, Inc. (UCTT) returned +17.6%, its strongest single day coming on Sep 22 at +4.8%. Only 4 of 18 covered names finished higher. 3 The Declines Clustered in the Smaller, Treatment-Led Names Perma-Fix Environmental Services, Inc. (PESI) fell -14.4%, Roma Green Finance Limited Ordinary Shares (ROMA) and Casella Waste Systems, Inc. (CWST) each fell -10.3%, and Enviri Corporation (NVRI) fell -10.2% — all steeper than the -3.6% median. 4 Balance-Sheet and Technology Moves Replaced Transactions No new transactions landed in the window. Clean Harbors, Inc. (CLH) launched a senior notes offering maturing in 2034 and Hudson Technologies, Inc. (HDSN) signed a joint development agreement in refrigerant recovery — capital and capability, not consolidation. +17.6% Best mover — Ultra Clean Holdings, Inc. (UCTT) worst: PESI -14.4% · 4 up / 14 down of 18 covered -3.6% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One AI-Linked Gain, and a Broad Markdown Everywhere Else

   This page shows the two-week close-to-close price moves for all covered names, highlighting the one gainer against a broad markdown.

   Ultra Clean Holdings, Inc. (UCTT) returned +17.6% over the period, with its strongest single day at +4.8% on September 22, standing apart from a set where the median move was -3.6%. Only 4 of the 18 covered names finished higher, and the materiality bar we apply is 6.5% on a sector-relative basis. The gain in UCTT tracks coverage of AI and high-bandwidth memory investment, which reads as an end-market story rather than a sector-wide re-rating. For investors, the takeaway is that this period's dispersion is driven by one name's exposure to an adjacent theme, not by a shift in the sector's own fundamentals.

   Everything on this page

   PUBLIC MARKET MOVERS One AI-Linked Gain, and a Broad Markdown Everywhere Else Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.6% · S&P 500 +0.8% · materiality bar ±6.5% (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. Environmental and Facilities 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 -3.6% Ultra Clean Holdings, Inc. (UCTT) +17.6% Shares moved following sector coverage on Sep 18 and Sep 28 pointing to rising AI and high-bandwidth memory investment, expanding capacity and improving operating leverage in semiconductor equipment demand. High-purity cleaning capacity is being priced off end-market demand, not off waste-sector comparisons. COMPANY-SPECIFIC Casella Waste Systems, Inc. (CWST) -10.3% No notable in-window news was identified that clearly explains the move. At -10.3%, Casella Waste Systems, Inc. (CWST) fell further than the -3.6% median for the set. Even vertically integrated post-collection platforms re-price with the group when the whole set drifts lower. UNEXPLAINED Perma-Fix Environmental Services, Inc. (PESI) -14.4% No notable in-window news was identified that clearly explains the move. The -14.4% decline was the steepest in the covered set and well beyond the -3.6% median. Treatment and nuclear-permitted names move on contracting cycles that rarely announce themselves in a two-week window. UNEXPLAINED Roma Green Finance Limited Ordinary Shares (ROMA) -10.3% No notable in-window news was identified that clearly explains the move. Roma Green Finance Limited Ordinary Shares (ROMA) fell -10.3%, materially wider than the -3.6% median. Small advisory-led names swing hardest when there is nothing in the window to anchor them. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Term Funding, Refrigerant Technology and Climate Credentials Carried the News

   This page lists the two-week period's highest-impact company news, spanning funding, refrigerant technology and climate credentials.

   The period's substantive news came from three angles: Clean Harbors, Inc. (CLH) accessing the debt markets with a senior notes offering, Hudson Technologies, Inc. (HDSN) advancing a joint development agreement in refrigerant recovery technology, and Veralto Corporation (VLTO) validating its climate targets. None of these events are transactions, but each signals how operators are building funding, technology or reputational capacity in the current window. We read this as capability-building activity ahead of the late-October reporting window rather than a response to near-term deal pressure. For advisers, this is where the client conversation should start, because it is where the recorded evidence actually sits.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Term Funding, Refrigerant Technology and Climate Credentials Carried the 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. Environmental and Facilities Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · PRNewsWire GFL Environmental set October 28 for the release of its third quarter results A second large route-based operator anchors the same reporting week, which concentrates the sector's next data on internalization and pricing into a single stretch of October. The evidence that would settle this period's markdown arrives after the window closes. Sep 24 · NEWS · Business Wire WM set October 27 for third quarter results and October 28 for its investor call The calendar sets the next hard read on core price versus cost inflation and the price/volume split at the largest route-based operator. Owners comparing their own recovery position get a reference point. The period's price moves ran ahead of any fresh operating data from the largest names. Sep 21 · NEWS · Newsfile Corp Annual and special shareholder meeting results and a corporate update were reported under the TTI symbol The item is a governance update rather than an operating development, and it carries no read on capacity, permits or contracted volume for the sector. Not every ticker-tagged release in a quiet window speaks to sector operating conditions. Sep 17 · NEWS · PRNewsWire Veralto had its climate targets validated by the Science Based Targets initiative For a Premium-tier name selling into water and product quality, validated targets are a credential customers audit. Accreditations of this kind sit alongside permits and clearances as barriers to switching. Technical credentials continue to function as commercial assets in regulated end markets. Sep 17 · NEWS · Business Wire Clean Harbors launched a private senior notes offering maturing in 2034 A Core-tier operator going to the debt market for long-dated paper shows term funding remains available to owners of permitted treatment and disposal capacity. Capital structure work, not consolidation, was the sector's main financing activity this period. Sep 17 · NEWS · GlobeNewsWire Hudson Technologies signed a joint development agreement to scale patented extractive distillation The partnership targets recovery and separation efficiency in refrigerant reclamation, where phase-down mandates underpin structural demand. Reclamation economics turn on process yield, and buyers of technology are competing with buyers of assets.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Transaction Window Leaves the Existing Record Setting the Reference Price

   This page reviews the M&A and strategic activity record, noting that no new transactions were recorded in the two-week window.

   No new transactions landed in this window, leaving the trailing record of 38 recorded deals at a median of 12.9x EV/LTM EBITDA as the reference set for pricing conversations. With deal flow quiet, the existing multiple becomes the anchor that buyers and sellers will use until a new precedent is set. This is a gap in supply, not evidence of a repricing, so we would caution against reading the pause as a signal about valuation direction. For acquirers, the message is to keep underwriting against the 12.9x reference until fresh data arrives.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Transaction Window Leaves the Existing Record Setting the Reference Price September 14–28, 2026 · precedent transactions: 38 recorded deals · median 12.9x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Environmental and Facilities Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still carries 38 transactions at a median of 12.9x EV/EBITDA, which remains the reference point buyers and sellers work from. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 38 Recorded precedent transactions the reference set buyers and sellers price against 12.9x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

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

   This page translates the two-week period into observations for owners and operators, acquirers, and advisers.

   For owners and operators, the two largest route-based names report in late October, so route density, internalization, core price against cost inflation and contract renewal are the measures to watch next. For acquirers, the trailing record of 38 transactions at a 12.9x median EV/EBITDA still frames the conversation because nothing new was added this period. For advisers, the period's real evidence sits in funding and capability — the Clean Harbors, Inc. (CLH) notes offering, the Hudson Technologies, Inc. (HDSN) refrigerant agreement, and Veralto Corporation (VLTO)'s validated climate targets — and that is where client discussions should lead. Together, these observations point toward late October as the moment when the sector's fundamentals, not its prices, will be tested.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for Owners, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Environmental and Facilities Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 11.2x 14 companies in the study 3 valuation tiers Standing thesis: Environmental and Facilities Services is priced in tiers — and tier membership, not the sector label, sets the conversation FOR OWNERS & OPERATORS Operating Quality Is What the Next Reporting Week Will Actually Test With the two largest route-based names reporting in late October, the measures that matter are route density, internalization of collected volume, core price against cost inflation, and contract renewal. FOR ACQUIRERS No New Precedent, so the Existing Record Still Frames the Conversation Nothing was added to the transaction record this period; 38 trailing transactions at a 12.9x median EV/EBITDA remain the reference set. FOR ADVISORS Lead with Funding and Capability, Because That Is Where the Period's Evidence Is The window's substance came from a senior notes offering at Clean Harbors, Inc. (CLH), a refrigerant technology agreement at Hudson Technologies, Inc. (HDSN) and validated climate targets at Veralto Corporation (VLTO).

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the update, including how figures are sourced and verified.

   Every figure in this update links back to the record it was taken from, whether a filing, a press release or an established news outlet, and we hold to a fixed reliability order across those sources. Market data runs through September 28, 2026, and attribution language throughout is calibrated — a NeuraCap read of recorded evidence rather than an assertion of cause. We do not re-present older transactions as new activity, and we do not draw on video or social platforms as sources. This discipline is what lets clients rely on the report as a factual base for their own decisions.

   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. Environmental and Facilities 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. No covered name fell below the floor in 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_20260929T070558Z_390_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: prnewswire.com · businesswire.com · newsfilecorp.com · globenewswire.com

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