Fabricated Metal Products Sector Outlook — September 2026

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MATERIALS › MATERIALS › FABRICATED METAL PRODUCTS

Fabricated Metals: Earnings Quality and Value Sit Together

This report shows where margins, business mix and transaction-specific fit separate value across fabricated metals.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   MATERIALS › MATERIALS › FABRICATED METAL PRODUCTS

   Fabricated Metals: Earnings Quality and Value Sit Together

   This is the cover slide introducing the Fabricated Metal Products sector outlook as of September 2026.

   We open with the sector's core finding: earnings quality and valuation move together across fabricated metals. Over the pages that follow, we show where margin, business mix and deal-specific fit explain the spread already priced into the market. This framing sets up the rest of the report, so what comes next is the evidence behind it.

   Everything on this page

   MATERIALS › MATERIALS › FABRICATED METAL PRODUCTS Fabricated Metals: Earnings Quality and Value Sit Together This report shows where margins, business mix and transaction-specific fit separate value across fabricated metals. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix and explains the reading order.

   We've built this report so the bottom line comes first — a reader who stops after section one still gets the whole story. From there we move through the landscape, valuation and situations, precedent transactions, and strategic implications, with full detail held in the appendix. So what this structure gives a client is the ability to engage at whatever depth is useful.

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   CONTENTS What This Report Covers 01 The Bottom Line Fabricated Metal Products Rewards Earnings Quality over Scale 02 The Landscape Business Mix Defines the Relevant Peer Set 03 Valuation & Situations The Premium End Holds a Wide Lead on Forward Earnings 04 Precedent Transactions Precedent Transactions Favour Deal-Specific Underwriting 05 Strategic Implications Conversion Quality and Reinvestment Discipline Strengthen Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Fabricated Metal Products Splits Between Processing, Contract Fabrication and Adjacent Models

   This slide summarizes the report's central finding that Fabricated Metal Products splits across processing, contract fabrication and adjacent business models with different valuation references.

   We find the premium end of the sector trading at 21.5x versus 4.3x at the discount end, a gap that holds on a forward basis that already credits expected growth. Higher margins and higher multiples sit on the same side of the map, while business mix — processing at 11.4x, contract fabrication at 6.4x, adjacent models at 7.1x — changes the relevant benchmark entirely. Precedent transactions such as Republic Wire at 11.3x and Engineered Wire Products at 11.5x show deal-specific fit matters alongside sector averages. So what this means is treating this as one uniform market misses where the real value concentrates.

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   01 · THE BOTTOM LINE Fabricated Metal Products Splits Between Processing, Contract Fabrication and Adjacent Models 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 (6 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Sits with the Steadier Earnings Streams The premium end is valued at 21.5x, compared with 4.3x at the discount end. The gap remains on forward EV / EBITDA, which already credits forecast growth. 2 Higher Margins and Higher Multiples Sit on the Same Side of the Map In the six-name map, three names above 16% margin also sit above 6.7x. The three names below that margin level sit below the valuation reference. 3 Business Mix Changes the Relevant Benchmark Downstream steel conversion and processing sits at 11.4x on 2 of 4 names with estimates. Diversified contract fabrication, stampings and assemblies is 6.4x on 1 of 3, while Adjacent models is 7.1x on 3 of 4. 4 Precedent Transactions Require Deal-Specific Judgment Republic Wire, Inc. was announced at 11.3x, while Engineered Wire Products, Inc. was announced at 11.5x. The wider transaction record supports benchmarking process capability, buyer fit and earnings quality case by case. 6.7x Sector median EV/EBITDA CY2027E consensus · 6 rated of 11 companies 21.5x Premium end EV/EBITDA vs 4.3x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 52 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section two, which shows how business mix defines the relevant peer set.

   Processing, contract fabrication and adjacent models carry different economics and different valuation reference points. We use this section to establish the peer groups before comparing them on value. So what follows separates the right comparisons before we draw any conclusion.

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   SECTION 02 02 THE LANDSCAPE Business Mix Defines the Relevant Peer Set Processing, contract fabrication and adjacent models carry different economics and valuation reference points. 02 of 06 Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Valuation Ranges Differ Across the Sector's Operating Models

   This slide maps approved companies by business segment and shows the median forward EV/EBITDA for each group.

   We group the sector's companies by business segment and compare median EV/EBITDA (CY2027E) across them. The ranges differ meaningfully by segment, confirming that business mix, not just company size, sets the valuation reference. So what matters here is picking the right comparison group before judging any single company's multiple.

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   02 · MARKET MAP Valuation Ranges Differ Across the Sector's Operating Models 11 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. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DOWNSTREAM STEEL CONVERSION AND PROCESSING 4 cos median 11.4x Carpenter (CRS) Worthington Steel (WS) Friedman (FRD) Hongli Group (HLP) Conversion margin, pass-through discipline and line utilisation shape the quality of earnings in this group. DIVERSIFIED CONTRACT FABRICATION, STAMPINGS AND ASSEMBLIES 3 cos 6.4x · 1 rated Mayville (MEC) Insteel Industries (IIIN) Ampco-Pittsburgh (AP) Customer programmes, tooling position and engineered content determine how defensible the work can be. ADJACENT MODELS 4 cos median 7.1x Howmet Aerospace (HWM) Tenaris S.A. (TS) FreightCar America (RAIL) Broadwind (BWEN) Different end markets and process requirements make operating quality more useful than scale alone.

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   02 · LANDSCAPE

   Processing Leads the Segment Benchmarks, but Coverage Matters

   This slide compares segment medians and shows Processing leading the sector's forward valuation benchmarks.

   Across the approved universe, Processing carries the highest segment median, but coverage varies and not every name is rated. We pair the headline number with that coverage context so the client can weigh a lead that also depends on how many names support it. So what this shows is a benchmark worth trusting, not just a ranking.

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   02 · LANDSCAPE Processing Leads the Segment Benchmarks, but Coverage Matters 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. Fabricated Metal Products 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 Downstream steel conversion and processing 4 36% 11.4x Carpenter Technology Corporation (CRS) · Worthington Steel, Inc. (WS) · +2 more Conversion economics set the case. This group represents 36% of the peer set and sits at 11.4x on 2 of 4 names with estimates. Metal pass-through, yield and utilisation are central to judging the durability of conversion margin. Diversified contract fabrication, stampings and assemblies 3 27% 6.4x n=1 Mayville Engineering Company, Inc. (MEC) · Insteel Industries, Inc. (IIIN) · +1 more Programme quality shapes value. This group represents 27% of the peer set and sits at 6.4x on 1 of 3 names with estimates. Tooling ownership, customer concentration and engineered content can materially change the operating case. Adjacent models 4 36% 7.1x Howmet Aerospace Inc. (HWM) · Tenaris S.A. (TS) · +2 more End markets widen the range. This group represents 36% of the peer set and sits at 7.1x on 3 of 4 names with estimates. Aerospace, energy and rail exposure bring different qualification, capital and cycle considerations.

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   SECTION 03

   03

   This divider introduces section three, which shows the premium end holding a wide lead on forward earnings.

   That spread survives even on a forward earnings measure, pointing toward expected durability rather than uncredited growth. This section walks through the valuation drivers behind that gap. So what follows tests whether the premium is earned or simply optimistic.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Holds a Wide Lead on Forward Earnings That spread survives a forward measure, pointing to expected durability rather than uncredited growth. 03 of 06 Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forward Earnings Still Leave a Wide Gap Between the Two Ends

   This slide ranks the six rated companies by forward EV/EBITDA against a sector median of 6.7x.

   Across the six rated names we see a wide spread on EV/EBITDA (CY2027E), with the sector median sitting at 6.7x. The tier zones are cut at the rated set's own quartiles, so the grouping reflects the data rather than an outside benchmark. So what this gives a client is where a company sits relative to true sector peers, not an arbitrary line.

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   03 · PUBLIC MARKET VALUATION Forward Earnings Still Leave a Wide Gap Between the Two Ends EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 6.7x · 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 (6 of 11 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. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 21.5x CORE · median 6.7x DISCOUNT · median 4.3x Sector median 6.7x WHAT SEPARATES THE TWO ENDS The premium holds forward. The premium end sits at 21.5x. A forward multiple already credits forecast growth, so the remaining premium points to expected durability in earnings and market position. The discount remains pronounced. The discount end sits at 4.3x. That position is associated with lower margins in the mapped set, while end-market exposure and reinvestment needs remain relevant. Operating detail earns attention. Conversion margin, qualified-source positions, equipment condition and maintenance capital can separate businesses that appear similar on reported revenue.

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   03 · VALUATION DRIVERS

   Profitability Aligns More Closely with Value than the Growth Split

   This slide compares median forward EV/EBITDA by revenue-growth cohort and by EBITDA-margin cohort.

   We split the rated names both by revenue growth and by EBITDA margin, each cut at its own covered median. Profitability lines up more closely with valuation than the growth split does — an association drawn from the cohort data, not a causal claim. So what matters for investors is that margin discipline, not growth alone, is the more reliable marker of value here.

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   03 · VALUATION DRIVERS Profitability Aligns More Closely with Value than the Growth Split 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=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 14% · EBITDA-margin split at 16% Margins Divide the Mapped Names Among the six mapped names, the three above 16% margin are also above 6.7x, while the three below that margin level are below the valuation reference. This is an observed association, not evidence of causation. Growth Alone Does Not Resolve Value Among the six names with growth estimates, three at or above 14% sit at 4.6x, while three below that level sit at 18.2x. The small base and business-mix differences argue against a simple growth-led conclusion. Cash Earnings Remain the Test Presses, mills, furnaces and coating lines carry different reinvestment burdens. Maintenance capital, equipment life and utilisation determine how much reported EBITDA can support the operating plan.

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    03 · SITUATION MAP

    Few Names in the Set Sit Between High Margins and High Valuations

    This slide places companies on a grid of forward EV/EBITDA against EBITDA margin, both cut at their medians.

    We plot each rated name against the sector's 6.7x valuation median and 16% margin median to see where high margins and high valuations meet. Few names in this set sit in that combined space, which is itself a notable observation. This page characterises situations only, so what it offers is a starting point for questions, not a buy or sell call.

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    03 · SITUATION MAP Few Names in the Set Sit Between High Margins and High Valuations Cut on EV / EBITDA vs the sector median (6.7x) (rows) and EBITDA margin vs the covered median (16%) (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. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 3 names Howmet Aerospace Inc. (HWM) · Tenaris S.A. (TS) · Carpenter Technology Corporation (CRS) Howmet Aerospace Inc. (HWM), Tenaris S.A. (TS) and Carpenter Technology Corporation (CRS) occupy this cell. Their position is associated with higher profitability and valuation in the mapped set. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 3 names Worthington Steel, Inc. (WS) · Mayville Engineering Company, Inc. (MEC) · FreightCar America, Inc. (RAIL) Worthington Steel, Inc. (WS), Mayville Engineering Company, Inc. (MEC) and FreightCar America, Inc. (RAIL) occupy this cell. Improving conversion margin and capital efficiency would address the operating side of their position.

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    03 · THE AGENDA

    The Operating Agenda Starts with Mix, Margin and Capital

    This slide sets an operating agenda organized around business mix, margin and capital allocation.

    We frame the questions an owner or acquirer should be resolving around mix, margin protection and capital discipline. This is our advisory judgment, grounded in the cohort data shown earlier in the report. So what we're offering is a working agenda, not a prescription — the right answer still depends on each company's specific position.

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    03 · THE AGENDA The Operating Agenda Starts with Mix, Margin and Capital 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. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Move Mix Toward Qualified Work Prioritise programmes where process approvals, engineered content and customer proximity support defensible conversion economics. What changes the answer: The answer changes when new awards improve programme duration, customer balance and qualified-source positioning. Protect Conversion Margin Tighten metal pass-through and surcharge terms, reduce yield loss and improve changeover performance where leakage remains controllable. What changes the answer: The answer changes when conversion margin holds through metal-price and volume movements. Direct Capital Toward Durable Processes Allocate investment to equipment and capabilities that improve utilisation, quality and access to qualified programmes. What changes the answer: The answer changes when maintenance needs, equipment life or customer qualifications alter the expected cash return.

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    SECTION 04

    04

    This divider introduces section four, which shows precedent transactions favoring deal-specific underwriting.

    Buyer fit, process capability and earnings quality matter here more than any single sector benchmark. We walk through the precedent transaction record next to show why. So what follows argues for judgment over shorthand when reading deal comparables.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Favour Deal-Specific Underwriting Buyer fit, process capability and earnings quality matter more than a single sector benchmark. 04 of 06 Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span a Wide Range of Disclosed Valuations

    This slide presents case studies from the precedent transactions with disclosed valuation terms.

    We walk through select transactions with disclosed terms, including Republic Wire at 11.3x and Engineered Wire Products at 11.5x, each measured on LTM financials at announcement. These multiples sit on a different basis than the CY2027E public comparables, so we don't claim a spread between the two. So what these cases show is that deal rationale, not a single multiple, explains why each transaction happened.

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    04 · DEAL CASE STUDIES Precedent Transactions Span a Wide Range of Disclosed Valuations 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. 64 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 36 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. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Mar-2021 $145M DBM Global Inc. DBM Global Inc. Added Banker Steel Holdco LLC to Broaden Fabricated-Metal Capability EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests DBM Global Inc. sought adjacent structural fabrication capability through Banker Steel Holdco LLC. The fit is consistent with buyers adding processes and customer access through targeted combinations. HOW THE TARGET WAS VALUED The disclosed value was $145M, providing a scale reference for the transaction. It should be read alongside the EV / EBITDA benchmarks from the other precedent transactions.

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    SECTION 05

    05

    This divider introduces section five on conversion quality and reinvestment discipline.

    The practical agenda here is improving mix, protecting conversion margin, and directing capital toward defensible processes. We lay out the strategic implications for owners, management and boards next. So what follows turns the data into decisions.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Conversion Quality and Reinvestment Discipline Strengthen Standing The practical agenda is to improve mix, protect conversion margin and allocate capital to defensible processes. 05 of 06 Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Better Mix and Cleaner Cash Earnings Are Associated with Higher Value

    This slide states that better business mix and cleaner cash earnings are associated with higher value across the sector.

    We see mix quality and clean cash conversion tracking with higher valuation across the mapped names, an association rather than a proven cause. The questions this raises are practical: which programmes deserve investment, and where conversion margin is most exposed. So what we recommend is testing capital and portfolio decisions against these markers over the next twelve months.

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    05 · STRATEGIC IMPLICATIONS Better Mix and Cleaner Cash Earnings Are Associated with Higher Value 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. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Build Around Defensible Conversion Focus the portfolio on work with qualified-source positions, engineered content and sound pass-through terms. These features support more durable conversion earnings. FOR MANAGEMENT Turn Utilisation into Cash Improve yield, setup time and line utilisation while keeping maintenance capital visible in operating decisions. Reported EBITDA matters less when cash is absorbed by ageing equipment. FOR BOARDS Set Capital by Process Advantage Test build-versus-buy choices against customer qualifications, freight radius, tooling position and equipment life. Scale alone offers an incomplete basis for capital allocation.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

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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 Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

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

    This slide lists the public comparables grouped by valuation tier on the EV/EBITDA (CY2027E) basis, with six rated and five unrated names.

    We show all rated companies against the 6.7x sector median, with shading marking which names sit above or below it. Five names in the universe carry no eligible multiple and are listed separately rather than plotted. So what this gives a client is the complete rated set with nothing hidden behind an average.

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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 (6.7x); amber marks below · 6 rated companies; 5 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 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥15.4x · median 21.5x · 2 companies Howmet Aerospace Inc. HWM Aerostructures and defence fabrication $95.6B 24.9x 14% 32% 47 Carpenter Technology Corporation CRS Downstream steel conversion and processing $20.1B 18.2x 11% 28% 41 CORE — 5.0x–15.4x · median 6.7x · 2 companies Tenaris S.A. TS Oil country tubular goods and energy equipment… $23.2B 7.1x 6% 23% 31 Mayville Engineering Company, Inc. MEC Diversified contract fabrication, stampings and… $591M 6.4x 14% 9% 27 DISCOUNT — <5.0x · median 4.3x · 2 companies Worthington Steel, Inc. WS Downstream steel conversion and processing $2.3B 4.6x 49% 7% 54 FreightCar America, Inc. RAIL Rail equipment fabrication and fleet-linked services $230M 3.9x 50% 8% 58

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists precedent transactions with disclosed terms, newest first, drawn from a wider recorded set.

    We show the transactions with disclosed terms in this tier, measured on LTM financials at announcement where available. Some records carry data-quality flags and are shown exactly as recorded in the filing. So what a client gets is a traceable transaction list rather than a smoothed average.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (52 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. 64 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 36 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. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 Nexans S.A. → Republic Wire, Inc. n/a n/a 11.3x Nexans S.A. announced the acquisition of Republic Wire, Inc. at 11.3x. The pairing suggests strategic interest in adjacent fabricated-metal capability. Nov-2025 IES Holdings, Inc. → Gulf Island Fabrication, Inc. n/a n/a 3.0x IES Holdings, Inc. proposed acquiring Gulf Island Fabrication, Inc. at 3.0x. The transaction was terminated, making status important when using it as a reference. May-2025 Mayville Engineering Company, Inc. → Accu-Fab, LLC n/a n/a 10.0x Mayville Engineering Company, Inc. has a pending acquisition of Accu-Fab, LLC at 10.0x. The pairing suggests an extension across complementary fabrication capability. Oct-2024 SunOpta, Inc. → Engineered Wire Products, Inc. n/a n/a 11.5x SunOpta, Inc. announced the acquisition of Engineered Wire Products, Inc. at 11.5x. The transaction provides a reference for engineered wire capability. Jun-2023 Mayville Engineering Company, Inc. → Mid-States Aluminum Corp. n/a n/a 6.0x Mayville Engineering Company, Inc. announced the acquisition of Mid-States Aluminum Corp. at 6.0x. The pairing suggests expansion into complementary materials and processes. Feb-2023 Vista Outdoor Inc. → Benteler Steel & Tube Manufacturing Corp n/a n/a 12.5x Vista Outdoor Inc. announced the acquisition of Benteler Steel & Tube Manufacturing Corp at 12.5x. The transaction provides a reference for specialised tube manufacturing capability. Dec-2021 Gulf Island Fabrication, Inc. → Dynamic Industries n/a n/a 3.0x Gulf Island Fabrication, Inc. announced the acquisition of Dynamic Industries at 3.0x. The transaction shows that strategic adjacency can still carry a measured valuation. Mar-2021 DBM Global Inc. → Banker Steel Holdco LLC $145M n/a n/a DBM Global Inc. announced the acquisition of Banker Steel Holdco LLC for $145M. The pairing suggests strategic value in adding adjacent fabricated-metal capability. Dec-2018 Defiance Metal Products Co. → Mayville Engineering Co., Inc. n/a n/a 6.7x Defiance Metal Products Co. announced a combination with Mayville Engineering Co., Inc. The transaction provides a reference for consolidation in contract fabrication.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the list of precedent transactions with disclosed terms, newest first.

    We continue the same disclosed-terms transaction list here, on the same LTM-at-announcement basis as the prior page. Transactions without a disclosed value or multiple sit in the companion workbook rather than on this page. So what this preserves is comparability across every listed deal.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (52 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. 64 precedent record(s) carry data-quality flags (carve out target recorded as parent; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 36 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. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2016 Nucor → Republic Conduit n/a n/a 6.0x Sep-2016 Nucor → Independence Tube n/a n/a 6.0x Apr-2015 Alcoa → RTI International Metals, Inc. n/a n/a 13.0x Sep-2014 Linamar Corporation → Carolina Forge Company & Seissenschmidt AG n/a n/a 5.5x Aug-2014 Hitachi Metals Ltd. → Waupaca Foundry Holdings Inc. n/a n/a 5.9x Jan-2012 RTI International Metals, Inc. → Remmele Engineering, Inc. n/a 0.7x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2011 Carpenter Technology Corporation → Latrobe Specialty Metals, Inc. n/a n/a 8.8x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's sources, valuation assumptions and how data-quality issues were handled.

    We built this analysis on market data and consensus estimates as of the stated date, with company disclosures linked wherever available. Every figure ties back to the record it came from, and exclusions are held in a companion workbook rather than folded into the averages. So what this gives a client is a report they can trace and check line by line.

    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. Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 11 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 Fabricated Metal Products and it clears the coverage gate with 7 of 11 companies (64%). EV / Revenue, P / E are carried as a cross-check. The set earns: 7 of the 7 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 7 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 558 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 (557) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    In This Sample, Higher Margins Sit Alongside Higher Forward EV / EBITDA.

    This closing slide reiterates that higher margins align with higher forward EV/EBITDA multiples in this sample.

    Across this sample, higher margins sit alongside higher forward EV/EBITDA — the pattern running through every section of this report. Companion tables carry the full universe, the exclusion ledger and the source index for any figure a client wants to trace. So what we leave the room with is a clear, evidenced view of where value concentrates in fabricated metals.

    Everything on this page

    In This Sample, Higher Margins Sit Alongside Higher Forward EV / EBITDA. NeuraCap AI — Fabricated Metal Products Coverage September 2026 · Prepared by NeuraCap AI · Confidential Fabricated Metal Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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