Filtration and Separation Equipment Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › FILTRATION AND SEPARATION EQUIPMENT

Filtration and Separation: One Tight Band, Two Exceptions

A read on where value sits across the filtration and separation set, what separates the top of the range from the bottom, and what buyers agreed to pay in the recorded transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › CAPITAL GOODS › FILTRATION AND SEPARATION EQUIPMENT

   Cover slide introducing the filtration and separation equipment sector outlook as of September 2026.

   We're opening with the filtration and separation equipment sector as it stood at the end of September 2026. What follows sets up the pricing pattern that shapes everything else in this deck.

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   INDUSTRIALS › CAPITAL GOODS › FILTRATION AND SEPARATION EQUIPMENT Filtration and Separation: One Tight Band, Two Exceptions A read on where value sits across the filtration and separation set, what separates the top of the range from the bottom, and what buyers agreed to pay in the recorded transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

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

   We've built this report so that Section 01 carries the whole story on its own. From there we walk through the market landscape, valuation and situations, precedent transactions, and the strategic questions the data raises. Readers pressed for time can stop after the bottom line and still leave with the finding.

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   CONTENTS What This Report Covers 01 The Bottom Line Where Filtration and Separation Value Sits Today 02 The Landscape One Label, Two Very Different Groups of Businesses 03 Valuation & Situations The Band Most Names Price in, and the Two Ends Outside It 04 Precedent Transactions What Buyers Agreed to Pay in the Recorded Transactions 05 Strategic Implications Mix and Aftermarket Position Are the Levers Owners Hold 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Filtration and Separation Equipment Prices in One Narrow Band, with Semiconductor and Bioprocess Filtration Apart

   Summarizes that filtration and separation equipment multiples price in one narrow band, with semiconductor and bioprocess names apart.

   We start with the headline finding: on EV/EBITDA (CY2027E), 9 of the 13 companies in this set carry an estimate, and most of them price inside a narrow band. Semiconductor and bioprocess filtration names sit apart from that band, at the premium end. That split is the argument the rest of the deck works through in detail, so it's worth holding onto as we move into the landscape and valuation pages.

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   01 · THE BOTTOM LINE Filtration and Separation Equipment Prices in One Narrow Band, with Semiconductor and Bioprocess Filtration Apart 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 (9 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Working Band Is Tighter than the Sector Range 9 of the 13 companies carry a CY2027E EV / EBITDA estimate, and the middle of the range sits at 11.0x. Most of those names fall between 10.0x and 12.3x, so the realistic pricing band for a filtration operator is narrower than the full sector spread suggests. 2 Purity-Critical Positions Sit at the Top of the Range The three names at the premium end sit at 21.5x in the middle, against 8.9x for the two at the discount end. Entegris, Inc. (ENTG) and Repligen Corporation (RGEN) sell into semiconductor and bioprocess steps where qualification and change control are associated with high switching costs for a customer swapping a supplier. 3 Faster Growth Has Not Been Carrying the Higher Multiple Split at 11% revenue growth, the 5 faster-growing names with a CY2027E estimate sit at 10.1x in the middle and the 4 slower ones at 11.6x. A CY2027E multiple already credits forecast growth, so a premium that survives it is associated with durability of earnings. 4 The Higher Deal Prices Sit with Installed Base and Element Revenue Across the 9 transactions in the record, at statuses from announced to completed, the disclosed EBITDA multiples span 7.6x to 22.0x. The acquirers are diversified industrial strategics and specialty suppliers active across water, air and high-purity platforms, and the deals in the record cluster on targets with installed base and aftermarket attach rather than equipment revenue on its own. 11.0x Sector median EV/EBITDA CY2027E consensus · 9 rated of 13 companies 21.5x Premium end EV/EBITDA vs 8.9x at the discount end top quartile (n=3) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 14 Transactions with disclosed terms 44 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the market landscape section.

   We're resetting here before splitting the sector into its business segments. One label covers two very different kinds of businesses, and that distinction drives the rest of this section.

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   SECTION 02 02 THE LANDSCAPE One Label, Two Very Different Groups of Businesses Mechanical separation machinery on one side, everything else on the other. 02 of 06 Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Most of This Sector Sits Outside Mechanical Separation Machinery

   Shows the 13 approved companies grouped by business segment, with median EV/EBITDA (CY2027E) per group.

   We've grouped all 13 approved companies by business segment and computed the median EV/EBITDA (CY2027E) for each group. Most of the sector sits outside mechanical separation machinery, in adjacent segments with their own pricing. That mix matters because a sector-wide multiple hides where the pricing power actually sits, which is what the next page unpacks.

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   02 · MARKET MAP Most of This Sector Sits Outside Mechanical Separation Machinery 13 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. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 CENTRIFUGES, SEPARATORS AND MECHANICAL SEPARATION MACHINERY 3 cos median 10.7x Donaldson Company (DCI) Pentair (PNR) HUHUTECH (HUHU) 3 of the 13 names, 23% of the set: the classic equipment-plus-elements model, where the installed base sets the change-out cadence. ADJACENT MODELS 10 cos median 11.0x Entegris (ENTG) STERIS (STE) DuPont de Nemours (DD) Advanced (WMS) Repligen (RGEN) ESCO Technologies (ESE) Atmus Filtration (ATMU) CECO Environmental (CECO) Cadiz (CDZI) AirJoule (AIRJ) The other 10 names, 77% of the set, run from semiconductor purification to sterile processing and stormwater structures, selling to different buyer groups on different clocks.

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   02 · LANDSCAPE

   The Wider Group Holds Both Ends of the Pricing Range

   Compares segment medians and shows the wider group holding both the top and bottom of the pricing range.

   We're laying the segments side by side on the same EV/EBITDA (CY2027E) basis, using medians on rated names only. The wider group -- outside mechanical separation machinery -- holds both ends of the pricing range, not just the top. Segment membership alone doesn't explain the spread, so we look inside each group next, which is exactly where the valuation section takes us.

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   02 · LANDSCAPE The Wider Group Holds Both Ends of the Pricing Range 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. Filtration and Separation Equipment 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 Centrifuges, separators and mechanical separation machinery 3 23% 10.7x Donaldson Company, Inc. (DCI) · Pentair plc (PNR) · +1 more Equipment sold to win elements. Donaldson Company, Inc. (DCI), Pentair plc (PNR) and HUHUTECH International Group Inc. Ordinary Shares (HUHU) sit here, and 2 of the 3 carry a CY2027E estimate, with the median of those two at 10.7x. Aftermarket capture and change-out cadence are what separate the names inside this group. Adjacent models 10 77% 11.0x Entegris, Inc. (ENTG) · STERIS plc (STE) · +8 more Different end markets, one label. 10 of the 13 names sit here, with the median of the 7 that carry an estimate at 11.0x: semiconductor process filtration, single-use bioprocess consumables, sterile processing, membranes and media, stormwater structures and emissions capture. Both the top and the bottom of the sector range sit inside this group.

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   SECTION 03

   03

   Section divider introducing the public market valuation section.

   We're moving into the band most names price in and the two ends that sit outside it. 9 of the 13 companies carry a CY2027E EV/EBITDA estimate, and this section works through what separates them.

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   SECTION 03 03 VALUATION & SITUATIONS The Band Most Names Price in, and the Two Ends Outside It 9 of the 13 companies carry a CY2027E EV / EBITDA estimate. 03 of 06 Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Buyers Pay up Where the Process Is Validated and the Element Repeats

   Ranks all 9 rated companies by EV/EBITDA (CY2027E) against a sector median of 11.0x.

   We've sorted all 9 rated companies by EV/EBITDA (CY2027E), against a sector median of 11.0x. Buyers pay up where the process is validated and the underlying element repeats -- that's the pattern behind the names at the top of this list. The tier zones are our own groupings cut at the rated set's quartiles, so what matters here is where a given name sits relative to the median, not the absolute rank.

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   03 · PUBLIC MARKET VALUATION Buyers Pay up Where the Process Is Validated and the Element Repeats EV / EBITDA (CY2027E) · all 9 rated companies, sorted descending · sector median 11.0x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 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. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 21.5x CORE · median 10.5x DISCOUNT · median 8.9x Sector median 11.0x WHAT SEPARATES THE TWO ENDS The top sells validated positions. The three names at the premium end sit at 21.5x in the middle on CY2027E EV / EBITDA. Their revenue runs through semiconductor purity specifications and validated pharmaceutical processes, where change control makes a qualified supplier costly to replace. The bottom carries project exposure. The two names at the discount end sit at 8.9x. CECO Environmental Corp. (CECO) grew 73% and Pentair plc (PNR) -6%, so the two are not at this end of the range for the same reason; both carry capital equipment, treatment projects and emissions systems, where percentage-of-completion accounting and customer capex timing sit between the order and the cash. A forward lens already credits growth. CY2027E EV / EBITDA prices in the forecast, so a premium that survives it says something about durability rather than pace. 9 of the 13 companies carry that estimate, and the two ends of the range differ most visibly in revenue mix and end-market exposure.

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   03 · VALUATION DRIVERS

   The Faster Growers Sit at the Lower End of the Range

   Splits rated companies into growth and margin cohorts and compares median EV/EBITDA (CY2027E) for each.

   We split the rated set at its covered median for revenue growth and again for EBITDA margin, then compared the median multiple in each cohort. The faster growers sit at the lower end of the range, not the higher end -- an association we read as the CY2027E multiple already crediting forecast growth. What survives on top of that is durability, which is the thread the rest of this section follows.

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   03 · VALUATION DRIVERS The Faster Growers Sit at the Lower End of the Range 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=4; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 11% · EBITDA-margin split at 25% Faster Growth, Slightly Lower Multiples Split at 11% revenue growth, the 5 faster-growing names with a CY2027E estimate carry a median of 10.1x and the 4 slower names 11.6x. On a base this small the gap is a caution against pricing a filtration business on headline growth alone. Margin Alone Does Not Sort the Range Pentair plc (PNR) carries a 26% EBITDA margin and sits at the bottom of the range, while Advanced Drainage Systems, Inc. (WMS) at 31% sits in the middle band. What separates the names is closer to mix: how much of the profit comes from elements, media and service that repeat when equipment orders soften. The Replacement Clock Is the Underwrite Air, water and emissions rules set the change-out cadence across parts of this set, and compliance-driven replacement is underwritten differently from discretionary capital equipment. Where replacement demand is contractual or mandated, the profit line is easier to carry through a cycle.

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    03 · SITUATION MAP

    The Higher Multiples Cluster Where End Markets Are Purity-Critical

    Maps companies on EV/EBITDA versus the sector median against revenue growth versus the covered median.

    We've cut the rated set two ways at once: EV/EBITDA against the 11.0x sector median, and revenue growth against the 11% covered median. The higher multiples cluster where end markets are purity-critical, not simply where growth is fastest. This page characterizes situations rather than making a recommendation, and it sets up the traits page that follows.

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    03 · SITUATION MAP The Higher Multiples Cluster Where End Markets Are Purity-Critical Cut on EV / EBITDA vs the sector median (11.0x) (rows) and revenue growth vs the covered median (11%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Growing Above-median multiple · above-median revenue growth 2 names Entegris, Inc. (ENTG) · Repligen Corporation (RGEN) Entegris, Inc. (ENTG) and Repligen Corporation (RGEN) sit above the sector median on both the CY2027E multiple and revenue growth. Both sell consumables into qualified, change-controlled processes, and that exposure is associated with the upper end of the range. Priced up on Durability Above-median multiple · below-median revenue growth 3 names STERIS plc (STE) · DuPont de Nemours, Inc. (DD) · Donaldson Company, Inc. (DCI) STERIS plc (STE), DuPont de Nemours, Inc. (DD) and Donaldson Company, Inc. (DCI) carry above-median multiples on below-median growth. Installed base and replacement demand are their common ground, and that is the exposure buyers of this kind of asset test most closely. Growing Ahead of the Price Below-median multiple · above-median revenue growth 3 names Advanced Drainage Systems, Inc. (WMS) · Atmus Filtration Technologies Inc. (ATMU) · CECO Environmental Corp. (CECO) Advanced Drainage Systems, Inc. (WMS), Atmus Filtration Technologies Inc. (ATMU) and CECO Environmental Corp. (CECO) grow faster than the middle of the set while pricing below it. For an owner in this position the live question is which part of revenue repeats: element and service revenue is read differently from project and equipment backlog. Below on Both Measures Below-median multiple · below-median revenue growth 1 names Pentair plc (PNR) Pentair plc (PNR) sits below the middle of the set on both measures. With revenue at -6%, the case rests on margin and aftermarket capture holding while volumes recover.

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    03 · GROWTH VS PROFITABILITY

    The Two Names That Clear Both Bars Price Above the Rest

    Plots 9 companies on revenue growth versus EBITDA margin, with median EV/EBITDA per quadrant.

    We've plotted the 9 companies with both estimates on revenue growth and EBITDA margin, cut at the covered medians of 11% and 25%. The two names that clear both bars price above the rest of the set. That combination -- growth and margin together -- is a scarcer pattern than either trait on its own, which is the point the agenda page turns into questions for an owner.

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    03 · GROWTH VS PROFITABILITY The Two Names That Clear Both Bars Price Above the Rest Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (11% growth, 25% 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=1). CECO plotted at the chart edge. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 60% 15% 20% 25% 30% MARGIN ONLY median 11.0x BALANCED median 15.8x NEITHER median 12.3x GROWTH ONLY median 10.0x PNR DD STE DCI ENTG RGEN WMS ATMU CECO x: revenue growth (CY2026E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The grid splits the 9 names with a CY2027E estimate on revenue growth and EBITDA margin, with the margin bar at 25% and the growth bar at the middle of that group. Entegris, Inc. (ENTG) and Advanced Drainage Systems, Inc. (WMS) are the 2 names above both bars, and they sit at 15.8x in the middle, above the other three groups. 3 names clear the margin bar only, 3 clear the growth bar only, and 1 clears neither. The balanced median rests on 2 names and is lifted by ENTG at 21.5x. The growth-only median rests on 3 names and is lifted by RGEN at 48.5x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 3 of 9 names clear it (ENTG, WMS, CECO).

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    03 · THE AGENDA

    The Traits That Travel with a Higher Price in Filtration

    Frames the traits associated with a higher price in filtration as questions for an owner or acquirer to resolve.

    We've turned the cohort evidence from this section into a short set of questions: what traits travel with a higher price in this sector, and does a given business carry them. This is our own advisory judgment, grounded in the data shown on the preceding pages, not a recommendation on any security. It's the bridge into the transaction record, where we test the same traits against what buyers actually agreed to pay.

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    03 · THE AGENDA The Traits That Travel with a Higher Price in Filtration 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. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Convert Placements into Element Capture The pricing spread in this set lines up with how much of revenue repeats. Tightening the attach rate of consumables behind equipment placements, and defending the aftermarket channel against generic elements, changes the mix a buyer would underwrite. What changes the answer: Aftermarket gross margin holding when equipment orders soften. Move Mix Toward Validated End Markets The names at the top of the range sell into semiconductor purity specifications and validated pharmaceutical processes. Where application engineering converts a spec conversation into a sole-source position, the revenue behind it is harder for a competitor to drop in on. What changes the answer: A qualification win that holds a spec position for the life of a process. Reduce Project Drag in the Revenue Line Project and EPC-weighted work carries percentage-of-completion accounting, working capital swings and execution risk. Shifting the split toward recurring service and media revenue is the lever that most changes how earnings read through a cycle. What changes the answer: Book-to-bill and backlog conversion steadying across several quarters. Test Build Against Buy in Adjacent Media The record shows strategics and sponsors assembling water, air and high-purity platforms by acquisition. For an operator the same question runs in reverse: whether a missing media, membrane or service capability is faster to build than to acquire. What changes the answer: A carve-out from a chemicals or conglomerate parent appearing in your media.

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    SECTION 04

    04

    Section divider introducing the precedent transactions section.

    We're moving from what public markets price to what buyers have agreed to pay. Nine recorded transactions run from small product combinations to a large water platform, and this section walks through what they show.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay in the Recorded Transactions Nine recorded transactions, from small product combinations to a large water platform. 04 of 06 Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    In the Transaction Record, the Higher Prices Track Installed Base and Element Streams

    Walks through two of the transactions with disclosed terms as case studies on the pricing logic behind the deals.

    We've selected two transactions from the disclosed-terms group as case studies, with multiples on LTM financials at announcement. In the transaction record, the higher prices track installed base and element revenue streams rather than equipment alone. These multiples sit on a different basis than the CY2027E public comparables, so we're not claiming a spread between the two -- the case studies stand on their own logic, which the appendix extends to the full list.

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    04 · DEAL CASE STUDIES In the Transaction Record, the Higher Prices Track Installed Base and Element Streams 2 of 14 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. 60 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. 30 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. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Jan-2023 $7.8B Xylem Inc. acquires Evoqua Water Technologies Corp. EV / LTM revenue 4.3x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Xylem Inc. runs water infrastructure and flow equipment, while Evoqua Water Technologies Corp. brought industrial water treatment with an outsourced service and consumables stream. At that size the transaction suggests a buyer paying for recurring treatment service and an installed customer base rather than for equipment volume alone. HOW THE TARGET WAS VALUED The record shows $7.8B at 4.3x revenue, with no EBITDA multiple recorded. Against the other disclosed revenue multiples here it sits above the small water bolt-ons and well below the small-cap product combination, consistent with scale plus a service annuity. Oct-2022 $19M Molekule Group, Inc. acquires AeroClean Technologies, Inc. EV / LTM revenue 37.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Both sides sell air purification products, and Molekule Group, Inc. acquiring AeroClean Technologies, Inc. suggests two small product platforms being brought under one commercial channel. At this size the transaction reads as consolidation of technology and distribution rather than the purchase of an earnings stream. HOW THE TARGET WAS VALUED The record shows $19M at 37.9x revenue, with no EBITDA multiple. A revenue multiple at that level on a deal this small indicates a price set on product and technology position, far from the EBITDA-based prices recorded on the larger, profitable targets in this record.

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    SECTION 05

    05

    Section divider introducing the strategic implications section.

    We're closing the analysis by asking what this pattern means for an operator over the next twelve months. Mix and aftermarket position are the levers this data puts in an owner's hands.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Mix and Aftermarket Position Are the Levers Owners Hold What the pattern in the data asks of an operator in this sector. 05 of 06 Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Revenue Mix Is the Lever Owners Hold in This Sector

    Frames revenue mix as the primary lever available to owners in this sector.

    We read the pattern in this data as pointing toward revenue mix as the lever owners control most directly. The names that price higher carry more element, service and validated-application revenue, and less project or pure equipment revenue. These are our own views drawn from the analysis in this report, framed as questions rather than recommendations, and they carry into the appendix where every figure behind them is sourced.

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    05 · STRATEGIC IMPLICATIONS Revenue Mix Is the Lever Owners Hold in This Sector 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. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Know Which Half of the Band You Sit In Most of the names with a CY2027E estimate sit inside a narrow band, so the argument for a higher multiple is made on mix and end-market position rather than on sector membership. Element and service revenue, spec position and change-out cadence are what a buyer of this kind of asset tests first. FOR MANAGEMENT TEAMS Growth Alone Has Not Moved the Price In this set the faster-growing names with an estimate sit at the lower end of the band, and that pattern is associated with how much of the growth comes from project and equipment work. Margin durability on elements and media travels with the names at the top of the range. FOR BOARDS Point Capital at the Replacement Stream The buyers in this record are diversified industrial strategics, specialty and life-science suppliers, and sponsors who size debt against the replacement stream. Allocating capital toward media capacity, qualification depth and aftermarket channel strength lines up with what those buyers underwrite.

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    SECTION 06

    06

    Section divider introducing the appendix covering the full comparable universe, methodology and sources.

    We're closing with the detail behind every figure in the body: the full comparables universe, the valuation basis, and where each underlying disclosure sits.

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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 Filtration and Separation Equipment 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 public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, with 9 rated and 4 not rated.

    We've listed all 9 rated companies here, grouped by valuation tier against the 11.0x sector median, alongside the 4 names that carry no eligible multiple. Every row here matches the companion workbook, which carries the complete field set for anyone tracing a figure back to its source. This is the reference table behind every comparable multiple used earlier in the deck.

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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 (11.0x); amber marks below · 9 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 9 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. Filtration and Separation Equipment 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 — ≥12.3x · median 21.5x · 3 companies Repligen Corporation RGEN Single-use bioprocess separation and purification… $10.8B 48.5x 12% 21% 40 Entegris, Inc. ENTG Semiconductor process filtration and purification… $26.3B 21.5x 11% 29% 44 Donaldson Company, Inc. DCI Centrifuges, separators and mechanical separation… $10.5B 12.3x 7% 19% 26 CORE — 10.0x–12.3x · median 10.5x · 4 companies STERIS plc STE Sterile processing and decontamination systems $22.3B 12.2x 7% 27% 34 DuPont de Nemours, Inc. DD Filtration media, membranes and separation chemistries $20.6B 11.0x 5% 25% 29 Advanced Drainage Systems, Inc. WMS Stormwater conveyance and site water management… $11.2B 10.1x 13% 31% 38 Atmus Filtration Technologies Inc. ATMU Vehicle engine filtration and replacement elements $4.4B 10.0x 14% 20% 26 DISCOUNT — <10.0x · median 8.9x · 2 companies Pentair plc PNR Centrifuges, separators and mechanical separation… $10.5B 9.2x -6% 26% 36 CECO Environmental Corp. CECO Emissions capture and industrial treatment systems $2.8B 8.6x 73% 16% 55

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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, part one of two.

    We've listed the transactions with disclosed terms here, newest first, with multiples on LTM financials at announcement where disclosed. A further set of recorded transactions carries neither a disclosed value nor a multiple and sits in the companion workbook instead. These deal multiples sit on a different basis than the CY2027E public comparables, so no spread between the two is implied.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (44 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. 60 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. 30 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. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2025 Veolia Environnement SA → Veolia Water Solutions & Technologies S.A. n/a 1.6x n/a Announced in Jun-2025 at 1.6x revenue as recorded. A water treatment technology business moving under a large environmental services parent points to engineering and treatment capability being consolidated inside an existing platform. Apr-2024 Sdiptech AB (publ) → WaterTech of Sweden AB n/a 2.0x n/a Announced in Apr-2024 at 2.0x revenue as recorded. A Nordic industrial acquirer adding a water technology specialist follows the bolt-on pattern that keeps regional treatment capability inside a larger group. Jan-2023 Xylem Inc. → Evoqua Water Technologies Corp. $7.8B 4.3x n/a Announced in Jan-2023 at $7.8B and 4.3x revenue. Xylem Inc. buying Evoqua Water Technologies Corp. placed industrial water treatment services and an installed customer base under a pumps and flow platform. Oct-2022 Molekule Group, Inc. → AeroClean Technologies, Inc. $19M 37.9x n/a Announced in Oct-2022 at $19M and 37.9x revenue. An air purification combination at this size is priced on product and technology position rather than on an existing profit stream. Dec-2021 OpenText Corporation → Process Machinery; Premier Water n/a 2.8x 14.0x Announced in Dec-2021 at 2.8x revenue and 14.0x EBITDA as recorded. A recorded EBITDA multiple at that level is associated with process equipment and water assets that carry a visible earnings stream. Mar-2021 Desotec US LLC → Carbon Business n/a n/a 22.0x Recorded in Mar-2021 at 22.0x EBITDA and shown as terminated. Activated carbon service models carry a rental and reactivation stream, and this figure sits at the top of the EBITDA multiples disclosed in this record. Feb-2020 n/a → Primo Water Corporation n/a 2.4x n/a Completed in Feb-2020 at 2.4x revenue as recorded, with the acquirer shown as n/a. Water delivery and services businesses with subscription-like refill demand are associated with revenue multiples above those of a pure equipment maker. Dec-2019 AquaVenture Holdings Limited → Culligan International Company n/a 15.1x 15.1x Announced in Dec-2019 and recorded at 15.1x on both revenue and EBITDA. A residential and commercial water treatment brand with a dealer network and a replacement cartridge stream is the aftermarket annuity in consumer form. Jan-2019 CONMED Corporation → Palmerton Holdings, Inc. and Buffalo Filter LLC n/a 8.3x 7.6x Recorded in Jan-2019 at 8.3x revenue and 7.6x EBITDA, shown as pending. A medical device acquirer taking a surgical smoke filtration business buys a consumable attached to procedures it already sells into.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

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

    We continue the same list here, still newest first and still on LTM financials at announcement where disclosed. Together these two pages carry every transaction in this set with disclosed terms. The companion workbook holds the remaining recorded transactions that carry neither a value nor a multiple, for anyone who wants the fuller record.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (44 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. 60 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. 30 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. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2017 Fluidra S.A. → Zodiac Pool Solutions LLC n/a n/a 10.5x Mar-2017 SUEZ & Caisse de dépôt et placement du Québec → GE Water & Process Technologies SC n/a n/a 12.5x May-2015 Danaher Corporation → Pall Corporation n/a 4.5x 20.8x Nov-2014 Castik Capital S.a.r.l. → Waterlogic Holdings Ltd. n/a n/a 9.6x Feb-2010 Merck KGaA → Millipore Corporation n/a 4.0x n/a

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

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

    We've set out here how this report was built: what basis each multiple uses, what was excluded and why, and where the underlying disclosures for each company sit. Every figure ties to a filing, a consensus estimate or a market price, giving a reader a way to check any number that surprises them. This page is the reference point for anyone testing the figures used elsewhere in the deck.

    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. Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (9 of 13 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 Filtration and Separation Equipment and it clears the coverage gate with 9 of 13 companies (69%). EV / Revenue, P / E are carried as a cross-check. The set earns: 9 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 16 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 656 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 (655) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Set, the Higher Multiples Sit with Purity-Critical, Aftermarket-Heavy Names.

    Closing slide restating that higher multiples sit with purity-critical, aftermarket-heavy names.

    In this set, the higher multiples sit with purity-critical, aftermarket-heavy names. The companion tables carry the full universe and the complete source index for anyone who wants to trace a figure further.

    Everything on this page

    In This Set, the Higher Multiples Sit with Purity-Critical, Aftermarket-Heavy Names. NeuraCap AI — Filtration and Separation Equipment Coverage September 2026 · Prepared by NeuraCap AI · Confidential Filtration and Separation Equipment Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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