Environmental and Facilities Services Sector Outlook — September 2026

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INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › ENVIRONMENTAL AND FACILITIES SERVICES

Environmental Services: The Premium Sits with Quality Earnings

The report shows where durable earnings, permitted operations and recurring compliance work sit within the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › ENVIRONMENTAL AND FACILITIES SERVICES

   Cover page introducing the Environmental and Facilities Services sector outlook dated September 28, 2026.

   We're bringing you NeuraCap's September 2026 outlook on Environmental and Facilities Services, built on EV/EBITDA (CY2027E) as the primary valuation basis. Over the pages that follow, we'll show why tier membership — not the sector label — is what actually drives the valuation conversation.

   Everything on this page

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › ENVIRONMENTAL AND FACILITIES SERVICES Environmental Services: The Premium Sits with Quality Earnings The report shows where durable earnings, permitted operations and recurring compliance work sit within the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Environmental and Facilities Services 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 numbered sections plus an appendix.

   We've structured this report so the bottom line comes first — read section one and you already have the full story. The sections that follow build the evidence: the landscape, valuation and situations, precedent transactions, and strategic implications. So even if time is short, you walk away with the conclusion first.

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   CONTENTS What This Report Covers 01 The Bottom Line Environmental and Facilities Services Rewards Durable Earnings Across Very Different Operating Models 02 The Landscape Business Model and Earnings Quality Separate the Value Bands 03 Valuation & Situations The Premium End Combines Earnings Durability with Credible Forward Delivery 04 Precedent Transactions Precedent Transactions Show Buyers Paying Across Assets, Technology and Technical Capability 05 Strategic Implications Strengthen the Earnings Mix Before Choosing the Next Capital Move 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Environmental and Facilities Services Is Priced in Tiers — and Tier Membership, Not the Sector Label, Sets the Conversation

   States the report's central finding that valuation is set by tier membership rather than the sector label.

   The premium end of this sector trades at 15.6x EV/EBITDA (CY2027E), against 7.8x at the discount end — a gap this wide tells us the market is pricing something more specific than the sector label alone. Because this is a forward multiple, that remaining spread is associated with confidence in earnings durability even after forecast growth is already credited. That's why we frame the rest of this report around tier membership, not sector averages.

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   01 · THE BOTTOM LINE Environmental and Facilities Services 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 2026-09-28 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 (10 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Carries a Wide Valuation Advantage The premium end stands at 15.6x, against 7.8x at the discount end. Because the measure is forward EV / EBITDA, the remaining gap is associated with confidence in earnings durability after forecast performance is already credited. 2 Permitted Waste Networks Sit Above Treatment Chemistries Hazardous and solid waste collection, treatment and disposal stands at 13.6x. Emissions control and water treatment chemistries stands at 7.1x, with recurring compliance work, internalisation and permitted capacity shaping how owners should frame earnings quality. 3 Growth and Profitability Together Mark the Top Position The two names above both operating bars stand at 14.8x. That position sits alongside profitable growth, while route density, billable utilisation and disciplined project execution remain the operating tests behind the figures. 4 Faster Growth Does Not Mark the Higher-Paid Group Among the five names above the 5% growth split, the middle value is 9.5x. The five names below it stand at 12.8x, showing that top-line pace alone does not distinguish the better-paid part of this sample. 11.2x Sector median EV/EBITDA CY2027E consensus · 10 rated of 14 companies 15.6x Premium end EV/EBITDA vs 7.8x at the discount end top quartile (n=2) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 38 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the section on business models and earnings quality.

   This section separates the sector's operating models by how earnings quality shows up in the numbers. We'll show that recurring, compliance-driven work with hard-to-replicate capacity sits apart from more cyclical or project-led exposure. Keep that distinction in mind — it runs through everything that follows.

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   SECTION 02 02 THE LANDSCAPE Business Model and Earnings Quality Separate the Value Bands Recurring compliance work and hard-to-replicate capacity sit apart from more cyclical or project-led exposure. 02 of 06 Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Five Operating Models, and the Valuation Gap Runs Between Permitted Networks and Technical Practices

   Groups the approved companies into five operating models and compares median valuation by group.

   We've grouped the approved universe into five operating models, and the valuation gap is clearest between permitted networks and technical practices. This tells us the market doesn't reward the sector as a whole — it rewards the specific business model underneath it. So the first question for any owner is which of these five models they actually operate in.

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   02 · MARKET MAP Five Operating Models, and the Valuation Gap Runs Between Permitted Networks and Technical Practices 14 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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 HAZARDOUS AND SOLID WASTE COLLECTION, TREATMENT AND DISPOSAL 4 cos median 13.6x WCN CLH NVRI PESI Permitted capacity, route density and internalisation support recurring earnings with tangible operating barriers. AIR EMISSIONS CONTROL AND INDUSTRIAL POLLUTION ABATEMENT SYSTEMS 2 cos median 11.9x VLTO CECO Regulation-linked equipment and service demand can support installed-base and aftermarket economics. EMISSIONS CONTROL AND WATER TREATMENT CHEMISTRIES 2 cos median 7.1x ECVT HDSN Treatment exposure can be recurring, but product mix and customer-cycle sensitivity matter. ENVIRONMENTAL ENGINEERING AND REMEDIATION DESIGN-BUILD 2 cos median 12.7x STN EXPO Technical credentials, funded backlog and execution discipline shape the quality of project earnings. ADJACENT MODELS 4 cos 7.8x · 1 rated AM UCTT TTI ROMA The group broadens the sector map but carries mixed economics and limited forward valuation coverage.

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   02 · LANDSCAPE

   Buyers Pay Different Multiples for Permitted Networks than for Technical Practices

   Compares the median EV/EBITDA multiple buyers pay for permitted networks versus technical practices.

   Buyers are clearly paying different multiples for permitted networks than for technical practices, and this page lays that segment view out directly. The pattern holds across the rated names in each group, not just a handful of outliers. For owners in either camp, that's the starting point for how the market is likely to view their own earnings.

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   02 · LANDSCAPE Buyers Pay Different Multiples for Permitted Networks than for Technical Practices 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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Hazardous and solid waste collection, treatment and disposal 4 29% 13.6x Waste Connections, Inc. (WCN) · Clean Harbors, Inc. (CLH) · +2 more Capacity supports recurring work. This group stands at 13.6x. Route density, internalisation and permit renewal can support durable earnings, while site liabilities and maintenance needs remain central to value. Air emissions control and industrial pollution abatement systems 2 14% 11.9x Veralto Corporation (VLTO) · CECO Environmental Corp. (CECO) Installed bases extend revenue. Monitoring and pollution-control systems can add aftermarket service and replacement demand. The group sits between the waste platforms and the lower-paid treatment-chemistry names. Emissions control and water treatment chemistries 2 14% 7.1x Ecovyst Inc. (ECVT) · Hudson Technologies, Inc. (HDSN) Mix shapes earnings quality. This group stands at 7.1x. Recurring treatment demand can be valuable, while commodity exposure, customer concentration and product mix can leave earnings more variable. Environmental engineering and remediation design-build 2 14% 12.7x Stantec Inc. (STN) · Exponent, Inc. (EXPO) Execution protects project economics. Technical depth and client access can create pull-through from site assessment into remediation and monitoring. Billable utilisation, funded backlog and change-order recovery separate durable work from project risk. Adjacent models 4 29% 7.8x n=1 Antero Midstream Corporation (AM) · Ultra Clean Holdings, Inc. (UCTT) · +2 more Different economics need separation. Midstream water infrastructure, semiconductor supply, industrial services and compliance advisory sit together here. Their revenue models and capital needs differ, so owners should avoid presenting them as one economic proposition.

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   03

   Divider introducing the section on public market valuation and earnings durability.

   This section digs into why the premium end holds up even after forecast growth is already priced in. Because forward EV/EBITDA already credits expected performance, a multiple that stays elevated points to confidence in earnings durability, not just optimism about growth. We'll walk through the evidence company by company.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Combines Earnings Durability with Credible Forward Delivery Forward EV / EBITDA already credits forecast performance, so a remaining premium points to confidence in durability. 03 of 06 Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium Sits with Durable Earnings Even After Forecast Growth Is Credited

   Ranks all rated companies by EV/EBITDA (CY2027E) against the sector median of 11.2x.

   Sorting the full rated set by EV/EBITDA (CY2027E) puts the sector median at 11.2x in sharp relief, with a wide spread on either side of it. The premium sits with names the market treats as having durable earnings, even though forecast growth is already built into the multiple. That's the clearest evidence in this deck that tier membership, not sector averages, is what matters.

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   03 · PUBLIC MARKET VALUATION The Premium Sits with Durable Earnings Even After Forecast Growth Is Credited EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 11.2x · 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 (10 of 14 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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 15.6x CORE · median 12.8x DISCOUNT · median 7.8x Sector median 11.2x WHAT SEPARATES THE TWO ENDS The premium survives forecasts. The premium end stands at 15.6x on forward EV / EBITDA. That multiple already reflects forecast performance, so the remaining premium is associated with confidence in the durability of earnings. The discount needs context. The discount end stands at 7.8x. Product mix, project exposure, customer cycles and the cash needed to sustain earnings are the practical questions behind that position. Quality needs operating proof. Recurring compliance work, funded backlog, route density, internalisation and billable utilisation give owners concrete ways to test whether earnings can hold.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 19% Margin Line Carry 13.7x Against 8.6x Below It

   Splits companies by revenue growth and by EBITDA margin, cohort against covered medians.

   When we split the rated set at the 19% margin line, names above it carry 13.7x against 8.6x below — a gap that's about margin, not just size. This is an association we observe in the data, not a claim that margin alone causes the premium. Still, for owners, it's a clear signal of where the market's attention is going.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 19% Margin Line Carry 13.7x Against 8.6x Below It 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=5; slower n=5; higher-margin n=5; lower-margin n=5). Driver readings are NeuraCap views on the supplied data — association, not causation. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 5% · EBITDA-margin split at 19% The Growth Split Runs Against Valuation On the five names above 5% growth, the middle forward EV / EBITDA is 9.5x. The five names below the split stand at 12.8x, so growth is not sufficient to distinguish the higher-paid group in this sample. Recurring Compliance Work Supports Durability Master service agreement coverage, recurring monitoring and permit-backed capacity can reduce reliance on episodic projects. The commercial test is whether that work converts into stable price, volume and retention. Project Discipline Protects Earnings Time-and-materials versus fixed-price mix, funded backlog and change-order recovery shape project economics. Owners should test which services consistently convert technical demand into durable earnings. Density Improves Network Economics Collection, treatment and disposal platforms can strengthen economics through route density and internalisation. Maintenance capital expenditure and site liabilities remain essential checks on the quality of EBITDA.

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    03 · SITUATION MAP

    The Peer Set Splits Between Proven Premiums and Unconverted Growth

    Cuts the peer set on valuation versus the sector median and on growth versus the covered median.

    This map splits the peer set into those with a proven valuation premium and those still converting growth into one. We present these as situations to understand, not recommendations to act on. It's a useful lens for owners to see where their own profile would land.

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    03 · SITUATION MAP The Peer Set Splits Between Proven Premiums and Unconverted Growth Cut on EV / EBITDA vs the sector median (11.2x) (rows) and revenue growth vs the covered median (5%) (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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Proven Growth Premium Above-median multiple · above-median revenue growth 2 names Waste Connections, Inc. (WCN) · Exponent, Inc. (EXPO) Waste Connections, Inc. (WCN) and Exponent, Inc. (EXPO) sit above the middle on both valuation and growth. Their priority is to protect the recurring work, pricing and operating discipline already associated with that position. Durability Premium Above-median multiple · below-median revenue growth 3 names Veralto Corporation (VLTO) · Clean Harbors, Inc. (CLH) · Enviri Corporation (NVRI) Veralto Corporation (VLTO), Clean Harbors, Inc. (CLH) and Enviri Corporation (NVRI) sit above the middle on valuation and below it on growth. The operating question is whether pricing, mix and recurring demand can preserve the premium while growth improves. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 3 names Stantec Inc. (STN) · CECO Environmental Corp. (CECO) · TETRA Technologies, Inc. (TTI) Stantec Inc. (STN), CECO Environmental Corp. (CECO) and TETRA Technologies, Inc. (TTI) sit below the middle on valuation and above it on growth. The task is to convert growth into durable margins, cash generation and repeatable customer economics. Operating Reset Below-median multiple · below-median revenue growth 2 names Ecovyst Inc. (ECVT) · Hudson Technologies, Inc. (HDSN) Ecovyst Inc. (ECVT) and Hudson Technologies, Inc. (HDSN) sit below the middle on both measures. Priorities centre on revenue mix, cost structure and reducing exposure to variable customer or commodity cycles.

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    03 · GROWTH VS PROFITABILITY

    Only Two Names Pair Above-Bar Growth with Above-Bar Profitability

    Plots revenue growth against EBITDA margin for rated companies with both estimates, split into quadrants.

    Only two of the rated companies sit above both the growth and margin medians at once — a reminder of how rare it is to combine both in this sector. The quadrant medians show that profitability, more than growth alone, tracks with a higher multiple. For owners chasing growth, this page is a useful check on what the market is actually rewarding.

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    03 · GROWTH VS PROFITABILITY Only Two Names Pair Above-Bar Growth with Above-Bar Profitability Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 10 companies with both estimates · cuts at the covered medians (5% growth, 19% 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=2; margin-only n=3; growth-only n=3; neither n=2). CECO plotted at the chart edge. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -10% 0% 10% 20% 30% 10% 20% 30% MARGIN ONLY median 13.6x BALANCED median 14.8x NEITHER median 10.4x GROWTH ONLY median 8.6x NVRI ECVT HDSN CLH VLTO WCN STN TTI EXPO CECO x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Waste Connections, Inc. (WCN) and Exponent, Inc. (EXPO) are the two names above both bars, with a middle value of 14.8x. Three names clear the profitability bar alone, while three clear the growth bar alone. The two names below both bars still stand above the growth-only group, so the chart should be read as positioning rather than a causal ranking. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 10 names clear it (CECO).

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    03 · THE AGENDA

    The Earnings Evidence Frames a Single Decision: Where the Next Dollar of Capital Goes

    Frames the earnings evidence as a set of capital-allocation questions for owners and acquirers.

    Taken together, the evidence on this page frames a single question: where should the next dollar of capital go inside this sector? We present this as a set of questions grounded in the cohort data shown earlier, not as investment advice. It's meant to set up the strategic discussion that follows.

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    03 · THE AGENDA The Earnings Evidence Frames a Single Decision: Where the Next Dollar of Capital Goes 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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Recurring Revenue Shift the mix toward compliance-mandated monitoring, master service agreements and long-dated service work where the operating model supports it. What changes the answer: The answer changes when recurring work improves retention, pricing and backlog conversion. Build Network Density Prioritise routes, treatment capacity and customer clusters that increase internalisation without adding disproportionate maintenance needs or site exposure. What changes the answer: The answer changes when incremental volume converts through owned capacity at durable economics. Strengthen Technical Delivery Align hiring, retention and project selection around billable utilisation, realised bill rates and disciplined change-order recovery. What changes the answer: The answer changes when technical growth produces repeatable margins rather than fixed-price volatility. Use Acquisitions Selectively Test build-versus-buy against permit access, technical credentials, client reach and the ability to add recurring work. What changes the answer: The answer changes when acquired capability improves the earnings mix after integration and ongoing investment.

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    04

    Divider introducing the section on precedent transactions.

    The next section turns to the deal record — buyers paying for assets, technology and technical capability across water, waste, equipment and consulting. We'll show selected case studies before the full list appears in the appendix. It's a useful cross-check on how private buyers value the same capabilities the public market prices every day.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Buyers Paying Across Assets, Technology and Technical Capability The transaction record spans permitted operations, water platforms, equipment and environmental consulting. 04 of 06 Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Buyers Have Agreed Terms Across Water, Waste, Equipment and Technical Services

    Walks through a selected precedent transaction with disclosed terms as a case study.

    This page tells one of the transactions with disclosed terms as a case study, with the full list held in the appendix. These multiples are LTM at announcement, so we don't draw a direct spread against the CY2027E public basis shown earlier. Even so, the pattern of what buyers have agreed to pay across water, waste, equipment and technical services rounds out the valuation picture.

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    04 · DEAL CASE STUDIES Buyers Have Agreed Terms Across Water, Waste, Equipment and Technical Services 1 of 16 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. 43 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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Aug-2019 $276M ArcLight Capital Partners, LLC acquires TransMontaigne Partners L.P. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Its inclusion suggests that capability fit and access to environmental services can matter alongside financial scale. HOW THE TARGET WAS VALUED The transaction serves as a qualitative strategic benchmark within the broader transaction record.

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    05

    Divider introducing the section on strategic implications.

    We close the analysis by turning to what this evidence means operationally — recurring work, pricing discipline, internalisation and technical staff economics. These are the levers we see shaping the strategic choices ahead. The next page sets out the specific questions we think belong on the table.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Mix Before Choosing the Next Capital Move Recurring work, pricing discipline, internalisation and technical staff economics shape the strategic choices. 05 of 06 Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Earnings Need to Be Built into the Operating Model

    Sets out the strategic questions the data raises for owners, operators and capital allocators.

    Durable earnings don't happen by accident — they have to be built into the operating model, and this page lays out what that takes for owners, operators and capital allocators. These are observations drawn from the analysis in this report, not recommendations. We think they're the right questions to bring into the next twelve months of planning.

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    05 · STRATEGIC IMPLICATIONS Durable Earnings Need to Be Built into the Operating Model 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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Protect the Quality of Revenue Increase recurring compliance work, improve price and mix, and reduce pass-through content that adds scale without comparable earnings. FOR OPERATORS Make Delivery Economics Repeatable Focus on utilisation, rate realisation, change-order recovery, route density and internalisation. These are the operating levers that can turn demand into durable earnings. FOR CAPITAL ALLOCATORS Fund Capability with Proof Direct capital toward permitted capacity, technical depth and customer access where the economics survive maintenance needs, integration costs and liability exposure.

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    06

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

    The final section is the reference material behind every figure in this deck — the full comparables set, the methodology and where each disclosure lives. We include it so any number in this report can be traced back to its source. Use it whenever a client wants the detail behind the headline.

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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 Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    Lists all rated public comparables on EV/EBITDA (CY2027E), shaded by tier against the sector median.

    This page carries every rated comparable behind the charts in this deck, shaded against the 11.2x sector median. All rated rows are here, with the unrated names available in the companion workbook. It's the underlying evidence for everything we've shown so far.

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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 (11.2x); amber marks below · 10 rated companies; 4 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 10 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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥13.7x · median 15.6x · 2 companies Exponent, Inc. EXPO Environmental engineering and remediation design-build $3.1B 15.9x 8% 30% 38 Veralto Corporation VLTO Air emissions control and industrial pollution… $25.1B 15.3x 5% 26% 32 CORE — 8.2x–13.7x · median 12.8x · 5 companies Waste Connections, Inc. WCN Hazardous and solid waste collection, treatment and… $49.0B 13.7x 6% 33% 39 Clean Harbors, Inc. CLH Hazardous and solid waste collection, treatment and… $18.9B 13.6x 4% 21% 25 Enviri Corporation NVRI Hazardous and solid waste collection, treatment and… $2.2B 12.8x -9% 7% 2 Stantec Inc. STN Environmental engineering and remediation design-build $9.4B 9.5x 6% 18% 24 CECO Environmental Corp. CECO Air emissions control and industrial pollution… $2.8B 8.6x 37% 16% 55 DISCOUNT — <8.2x · median 7.8x · 3 companies Hudson Technologies, Inc. HDSN Emissions control and water treatment chemistries $198M 8.0x 4% 7% 13 TETRA Technologies, Inc. TTI Industrial site and energy facility environmental… $987M 7.8x 7% 16% 25 Ecovyst Inc. ECVT Emissions control and water treatment chemistries $1.4B 6.1x 2% 19% 23

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, first of two pages.

    Here we list the disclosed-terms transactions in full, newest first, so the deal record behind our earlier commentary is fully visible. Each deal value links back to its filing. This is the primary reference for anyone tracing a specific transaction.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (38 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. 43 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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 Thoma Bravo, L.P. → Axius Water n/a 9.4x 28.5x Thoma Bravo, L.P. agreed to acquire Axius Water at 9.4x revenue and 28.5x EBITDA. The spread suggests buyers distinguished the platform's earnings potential from a simple revenue benchmark. Apr-2026 n/a → Montrose Environmental Group, Inc. $1.2B 1.5x 12.6x Montrose Environmental Group, Inc. was announced at $1.2B, 1.5x revenue and 12.6x EBITDA. The pricing provides a direct reference for a broad environmental services platform. Sep-2025 China Water Affairs Group Ltd. → Kangda International Environmental Co. Ltd. n/a 4.2x n/a China Water Affairs Group Ltd. agreed to acquire Kangda International Environmental Co. Ltd. at 4.2x revenue. The transaction suggests value in expanding exposure to established water infrastructure. Jun-2025 Guotai Haitong Securities Co., Ltd → GreenTech Environmental Co., Ltd. n/a 3.1x n/a Guotai Haitong Securities Co., Ltd agreed to acquire GreenTech Environmental Co., Ltd. at 3.1x revenue. The transaction provides a revenue benchmark for an environmental treatment platform. Jul-2024 Terex Corporation → Environmental Solutions Group n/a 0.7x n/a Terex Corporation completed the acquisition of Environmental Solutions Group at 0.7x revenue. The transaction suggests a strategic fit between environmental equipment and an established industrial owner. Jun-2022 WSP Global Inc. → John Wood Group plc’s environmental & infrastructure business n/a n/a 12.1x WSP Global Inc. agreed to acquire John Wood Group plc’s environmental & infrastructure business at 12.1x EBITDA. The transaction suggests value in technical credentials, client access and geographic coverage. Feb-2022 Republic Services, Inc. → US Ecology, Inc. n/a n/a 14.9x Republic Services, Inc. agreed to acquire US Ecology, Inc. at 14.9x EBITDA. The transaction is consistent with strategic interest in waste capability and permitted operations. Jan-2022 New Mountain Capital, L.L.C. → 3E business (unit of 3E business) $950M n/a n/a New Mountain Capital, L.L.C. completed the acquisition of 3E business (unit of 3E business) at $950M. The transaction suggests financial-buyer interest in established environmental compliance capability. Dec-2021 Aristocrat Leisure Limited → Cox|McLain Environmental Consulting, Inc. n/a n/a 11.9x Aristocrat Leisure Limited agreed to acquire Cox|McLain Environmental Consulting, Inc. at 11.9x EBITDA. The transaction provides an earnings reference for a technical environmental consulting business.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the list of precedent transactions with disclosed terms, newest first.

    This page completes the transaction list started on the previous page, keeping the same newest-first order. Together, the two pages give the full disclosed-terms record referenced throughout the deal discussion. As before, these LTM multiples aren't directly comparable to the CY2027E public basis used elsewhere in this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (38 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. 43 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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2021 Select Water Solutions, Inc. → Nuverra Env. Solutions n/a 0.5x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2021 EQT AB → Anticimex A/S n/a n/a 25.6x Value shown as recorded in the filing; deal value unit unresolved. Dec-2020 WSP Global Inc. → Enterra Holdings Ltd. (Golder Associates) n/a n/a 10.4x Feb-2020 Harsco Corporation → Stericycle (Environmental Solutions (ESOL) Business) n/a n/a 13.2x Value shown as recorded in the filing; deal value unit unresolved. Nov-2019 GIC Private Limited → Anticimex A/S (10% stake) n/a n/a 21.2x Value shown as recorded in the filing; deal value unit unresolved. Aug-2019 ArcLight Capital Partners, LLC → TransMontaigne Partners L.P. $276M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2013 RPC Group Plc → Maynard & Harris Group Limited n/a n/a 6.7x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

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

    This page sets out exactly how we built the report — what was included, what was excluded, and where every underlying disclosure lives. We think transparency on method matters as much as the conclusion itself. If a client wants to challenge a number, this is where they start.

    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. Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 14 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 Environmental and Facilities Services and it clears the coverage gate with 10 of 14 companies (71%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 of the 10 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 13 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 520 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 (519) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Durable Earnings and Credible Operating Proof.

    Closing page restating that the valuation premium sits with durable earnings and credible operating proof.

    The premium in this sector sits with durable earnings and credible operating proof — that's the single idea we want this deck to leave behind. The companion tables carry the full universe, the exclusion ledger and the complete source index for anyone who wants to trace a number further. We're glad to walk through any of it in more depth.

    Everything on this page

    The Premium Sits with Durable Earnings and Credible Operating Proof. NeuraCap AI — Environmental and Facilities Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Environmental and Facilities Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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