Food Retail Sector Outlook — September 2026

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CONSUMER STAPLES › CONSUMER STAPLES DISTRIBUTION AND RETAIL › FOOD RETAIL

Food Retail: The Valuation Gaps Line up with Format

A read on how the market prices conventional grocery banners against the convenience and hard-discount formats beside them, and what the transaction record says about both.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Food Retail Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER STAPLES › CONSUMER STAPLES DISTRIBUTION AND RETAIL › FOOD RETAIL

   This is the cover slide introducing NeuraCap's Food Retail sector outlook as of September 2026.

   We're opening our Food Retail outlook as of September 2026, built on EV/EBITDA (CY2027E) as the primary valuation basis. The pages ahead show why one sector label is actually pricing two different markets.

   Everything on this page

   CONSUMER STAPLES › CONSUMER STAPLES DISTRIBUTION AND RETAIL › FOOD RETAIL Food Retail: The Valuation Gaps Line up with Format A read on how the market prices conventional grocery banners against the convenience and hard-discount formats beside them, and what the transaction record says about both. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus appendix, starting with the bottom line.

   We've structured this report so the bottom line comes first — if you only have time for one section, section one gives you the whole story. From there we walk through the landscape, valuation and situations, precedent transactions, and strategic implications, with full comparables in the appendix. That order lets a client stop early and still leave with the complete answer.

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   CONTENTS What This Report Covers 01 The Bottom Line Two Markets Sit Under One Food Retail Label 02 The Landscape 73% of the Names Run Grocery Banners; The Higher Pricing Sits Beside Them 03 Valuation & Situations Two Ends of the Same Sector, Priced Far Apart 04 Precedent Transactions Buyers Have Paid a Narrow Band for Grocery Cash Earnings 05 Strategic Implications Where the Higher End of the Range Is Earned 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Food Retail Trades as Two Markets: Neighbourhood Grocery Banners and the Growth Formats Beside Them

   This slide states the report's core finding: Food Retail trades as two markets — grocery banners and growth formats beside them.

   Across the six companies with a CY2027E consensus estimate, we're seeing a valuation range wide enough to be two markets rather than one. Grocery banners dominate the name count but sit at the lower end of that range, while adjacent growth formats capture the premium. That split, not company size, is what's driving the pricing we see across this set — so the question for any owner or acquirer is which side of that line their business sits on.

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   01 · THE BOTTOM LINE Food Retail Trades as Two Markets: Neighbourhood Grocery Banners and the Growth Formats Beside Them 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Range Is Wide Enough to Be Two Markets Across the 6 names with a CY2027E estimate, the middle of the range sits at 8.7x. The top sits at 24.9x and the bottom at 5.9x, with one sector label covering both. 2 The Premium Is Attached to Forward Growth Split the 6 names with a CY2027E estimate at 3% forward growth: the 3 above sit at 22.2x and the 3 below sit at 7.0x. On groups this small, read it as a pattern in this set — the premium sits with the faster-growing names, and it comes alongside slightly thinner margins rather than fatter ones. 3 The Grocery Banners Carry the Store Count; The Adjacent Formats Carry the Price Neighbourhood grocery banners are 8 of the 11 names, 73% of the set, and the 3 of them with a CY2027E estimate sit at 6.0x. The adjacent models group is 27% of the names and sits well above that, which reads as a difference in format rather than in size. 4 Precedent Transactions Price Grocery Earnings in a Tight Band Across the 9 transactions shown, disclosed cash-earnings multiples run from 5.4x to 10.6x, with Amazon.com, Inc.'s purchase of Whole Foods Market, Inc. at the top of that band. The largest recorded value is the $19.4B carried against Albertsons Companies, Inc. in March 2025. 8.7x Sector median EV/EBITDA CY2027E consensus · 6 rated of 11 companies 24.9x Premium end EV/EBITDA vs 5.9x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 15 Transactions with disclosed terms 38 recorded in this tier · 0 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section two, covering where the eleven names sit by format and how each group is priced.

   We're moving into the landscape section next, where we group the eleven covered names by business format. The vast majority run grocery banners, while the higher pricing sits with the names beside them. That contrast sets up everything we look at in the valuation section that follows.

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   SECTION 02 02 THE LANDSCAPE 73% of the Names Run Grocery Banners; The Higher Pricing Sits Beside Them Where the 11 names sit by format, and what the two groups are paid for. 02 of 06 Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Store Count Sits in Grocery Banners; The Higher Multiple Sits Beside It

   This slide groups the eleven covered companies by business segment and shows the median EV/EBITDA (CY2027E) for each group.

   We've grouped the eleven approved names by segment and calculated the median EV/EBITDA (CY2027E) for each group using only rated names. The store count concentrates in grocery banners, but the higher multiple sits with the group beside it. That gap in pricing by format, not scale, is the pattern we build on for the rest of the valuation discussion.

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   02 · MARKET MAP The Store Count Sits in Grocery Banners; The Higher Multiple Sits Beside It 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 NEIGHBOURHOOD GROCERY BANNERS 8 cos median 6.0x The Kroger (KR) Albertsons (ACI) Sprouts Farmers (SFM) Weis Markets (WMK) Ingles Markets (IMKTA) Grocery Outlet (GO) Natural Grocers (NGVC) Village Super (VLGEA) The bulk of the sector by name count: conventional supermarket banners where identical-store sales, shrink control and owned property carry the value. ADJACENT MODELS 3 cos median 22.2x Fomento (FMX) BBB Foods (TBBB) Arko (ARKO) 27% of the names and the upper end of the pricing: convenience forecourts, hard-discount boxes and fuel-led formats bought for new-unit math.

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   02 · LANDSCAPE

   Higher Multiples in Food Retail Sit with Two Profiles: Steady Comps and Unit Growth

   This slide describes the two profiles associated with higher multiples: steady comparable-store performance and unit growth.

   Looking across the approved universe, we see the higher multiples concentrating with two kinds of businesses: those delivering steady comparable-store performance and those adding units at pace. This is a segment-level read using EV/EBITDA (CY2027E) medians on rated names only. It tells us that pricing in this sector tracks a business model story more than a single headline metric.

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   02 · LANDSCAPE Higher Multiples in Food Retail Sit with Two Profiles: Steady Comps and Unit Growth 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. Food Retail 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 Neighbourhood grocery banners 8 73% 6.0x The Kroger Co. (KR) · Albertsons Companies, Inc. (ACI) · +6 more Share, shrink and owned property. 8 of the 11 names run conventional supermarket banners, where earnings come from identical-store sales, gross margin rate and shrink control against a cost base that is fixed weekly. The 3 of them with a CY2027E estimate sit at 6.0x, and owned real estate with self-supplied distribution is what puts a floor under that end. Adjacent models 3 27% 22.2x Fomento Económico Mexicano, S.A.B. de C.V. (FMX) · BBB Foods Inc. (TBBB) · +1 more Convenience, hard discount, new units. 3 names sell through convenience forecourts, hard-discount boxes and fuel-led formats: Fomento Económico Mexicano, S.A.B. de C.V. (FMX), BBB Foods Inc. (TBBB) and Arko Corp. (ARKO). 3 of the 3 carry a CY2027E estimate, and the pricing here sits against new-unit economics rather than same-store defence.

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   SECTION 03

   03

   This divider introduces section three, comparing all covered names with the smaller set carrying a CY2027E estimate.

   Section three puts all eleven names on one page and then ranks the six carrying a CY2027E estimate. What we find is two ends of the same sector priced far apart. That range is the foundation for the valuation drivers and situation map that follow.

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   SECTION 03 03 VALUATION & SITUATIONS Two Ends of the Same Sector, Priced Far Apart The 11 names on one page, with the 6 carrying a CY2027E estimate ranked. 03 of 06 Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Holds Its Premium Even After Forward Growth Is Counted

   This slide ranks the six rated companies by EV/EBITDA (CY2027E) against a sector median of 8.7x.

   Ranking all six rated names by EV/EBITDA (CY2027E), the sector median sits at 8.7x, with the top of the range holding a clear premium even once forward growth is factored in. The tier zones here are cut at the rated set's own quartiles, so they reflect this specific group rather than a broader benchmark. That premium persisting after growth is counted tells us it isn't simply a growth-adjustment effect — so what's paying for it deserves a closer look.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Holds Its Premium Even After Forward Growth Is Counted EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 8.7x · 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 24.9x CORE · median 8.7x DISCOUNT · median 5.9x Sector median 8.7x WHAT SEPARATES THE TWO ENDS The top sells unit growth. The 2 names at the premium end sit at 24.9x on CY2027E EBITDA. That is a forward lens, so consensus growth is already inside the multiple — a premium that survives it points to durability of the unit model rather than one strong year. The bottom sells defended earnings. The 2 names at the discount end sit at 5.9x. Trade-area share, owned real estate and self-supplied distribution are what underwrite value at that end, and the pricing is asking what grows next rather than questioning the earnings. Six of eleven carry estimates. 6 of the 11 names on this page carry a CY2027E EBITDA estimate, and the ranking runs on those 6. Sprouts Farmers Market, Inc. (SFM) and Weis Markets, Inc. (WMK) are among the 5 without one, so the ranked field is the covered part of the sector rather than the whole of it.

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   03 · VALUATION DRIVERS

   The Premium Sits with the Faster-Growing Names, and Not with the Higher-Margin Ones

   This slide splits the rated names into faster- and slower-growth cohorts and higher- and lower-margin cohorts to compare median multiples.

   When we split the rated names into growth cohorts, the three faster-growing names sit at 22.2x against 7.0x for the three slower names — a wide gap on a small sample. Splitting the same names by margin instead shows the premium doesn't track margin the same way. On groups this size we read this as an association in this data set, not a proven cause, but it points the diligence toward growth rate first.

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   03 · VALUATION DRIVERS The Premium Sits with the Faster-Growing Names, and Not with the Higher-Margin Ones 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 3% · EBITDA-margin split at 5% Above 3% Forward Growth, the Pricing Changes Character On the 6 names with a CY2027E estimate, the 3 above 3% forward growth sit at 22.2x and the 3 below sit at 7.0x. Both sides are small groups, so treat this as the pattern in this set rather than a rule for the sector. Margin Does Not Travel with the Multiple Here BBB Foods Inc. (TBBB) grows 30% on a thinner margin than the grocery banners it is priced above, while Fomento Económico Mexicano, S.A.B. de C.V. (FMX) carries a 14% margin and the top price in the set. Profitability and pricing are associated loosely at best across these names. Grocery Outlet Holding Corp. (GO) Grows and Still Prices Low Grocery Outlet Holding Corp. (GO) grows 5%, on the faster side of the split, and still sits at the discount end of the range. Growth on its own is not a complete account of where a name prices here — opportunistic buying and format perception are in the mix. What the CY2027E Lens Already Pays For The lens is forward, so the growth analysts expect is already credited in the denominator. A name holding a premium on that basis is being credited with a repeatable new-unit model, not simply with momentum in the current year.

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    03 · SITUATION MAP

    The Higher Multiples and the Higher Margins Sit in Different Corners

    This slide plots companies on EV/EBITDA versus EBITDA margin, cut at the sector median of 8.7x and covered median of 5%.

    We've mapped the rated names against two cuts: EV/EBITDA versus the 8.7x sector median, and EBITDA margin versus the 5% covered median. The higher multiples and the higher margins land in different corners of that grid. This is an observation about where names currently sit, not a recommendation to buy or sell any of them.

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    03 · SITUATION MAP The Higher Multiples and the Higher Margins Sit in Different Corners Cut on EV / EBITDA vs the sector median (8.7x) (rows) and EBITDA margin 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Priced up and Profitable Above-median multiple · above-median EBITDA margin 1 names Fomento Económico Mexicano, S.A.B. de C.V. (FMX) Fomento Económico Mexicano, S.A.B. de C.V. (FMX) is the one name above the middle on both price and margin, at 27.6x with a 14% margin. A convenience network with integrated beverage supply is a different earnings structure from a supermarket banner, and the market is pricing it on different terms. Priced up on Unit Growth Above-median multiple · below-median EBITDA margin 2 names BBB Foods Inc. (TBBB) · Arko Corp. (ARKO) BBB Foods Inc. (TBBB) and Arko Corp. (ARKO) sit above the middle on price and below it on margin. Buyers are paying for store-count math in these two, which puts the weight on new-unit returns and, at forecourt formats, on fuel margin holding up. Profitable, Priced Below the Middle Below-median multiple · above-median EBITDA margin 2 names The Kroger Co. (KR) · Grocery Outlet Holding Corp. (GO) The Kroger Co. (KR) and Grocery Outlet Holding Corp. (GO) run margins above the middle of this group and price below 8.7x. This is the same-store defence position: the earnings are real and the pricing is asking what grows next. Below the Middle on Both Below-median multiple · below-median EBITDA margin 1 names Albertsons Companies, Inc. (ACI) Albertsons Companies, Inc. (ACI) sits below the middle on both price and margin, at 5.8x with forward growth at 0%. That combination puts mix, shrink and store-level (four-wall) economics ahead of any re-rating argument.

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    03 · THE AGENDA

    Where the Next Unit of Capital Earns the Higher End of the Range

    This slide frames the questions an owner or acquirer should resolve to earn the higher end of the valuation range.

    Based on everything the cohort data shows, we frame this page as the questions an owner or acquirer needs to answer to capture the higher end of the range. These are NeuraCap's directional views grounded in the data shown earlier, not investment advice. They set up the deal evidence we bring in next.

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    03 · THE AGENDA Where the Next Unit of Capital Earns the Higher End of the Range 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Defend the Comp or Fund New Units The pricing in this set separates names paid for new-unit math from names paid for same-store defence. The question for an operator is which of the two the next capital cycle is actually funding: remodels, labour and shrink control, or a repeatable new-unit model with disciplined site selection. What changes the answer: Identical-store sales turning, or a new-unit cohort hitting its four-wall targets. Mix: Private Label and the Perimeter Private label penetration and fresh credibility are the levers that move gross margin rate without a price war. Where center-store volume is drifting to hard discount and mass, the mix decision is the margin decision. What changes the answer: Private label share and perimeter mix moving together over consecutive quarters. Hold the Estate or Convert It Owned real estate and self-supplied distribution put a floor under enterprise value, and sale-leaseback is a routine funding lever in this sector rather than a last resort. The choice is whether property stays as asset backing or becomes growth capital for the store plan. What changes the answer: A funding gap that property monetisation could close without stressing the operating model. Build the Adjacent Format or Buy It The higher multiples in this set sit with convenience and hard-discount formats rather than with conventional banners. For an operator with trade-area share, the question is whether an adjacent format is built in-house or acquired, and what either route does to procurement scale and vendor terms. What changes the answer: Tested format economics in-house, or an available banner inside the existing distribution footprint.

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    SECTION 04

    04

    This divider introduces section four, covering the recorded transactions, their multiples, and the buyers behind them.

    Section four turns to the transaction record — nine recorded deals, the multiples buyers agreed to, and who was buying. Buyers have paid a narrow band for grocery cash earnings, and that discipline is worth understanding before any capital allocation conversation. The case studies that follow show what shaped those prices.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Have Paid a Narrow Band for Grocery Cash Earnings Nine recorded transactions, the multiples behind them and who was buying. 04 of 06 Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay: Density at the Low End, Differentiated Fresh at the Top

    This slide walks through three transactions with disclosed terms as case studies, showing what buyers paid for density versus differentiated fresh formats.

    We highlight three of the transactions with disclosed terms here, with the complete list in the appendix. Density-driven deals price at the low end of the disclosed range, while differentiated fresh formats command the top. These multiples are LTM at announcement, so we don't draw a direct spread against the CY2027E public basis — but the pattern in what buyers were willing to pay is instructive on its own terms.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay: Density at the Low End, Differentiated Fresh at the Top 3 of 15 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. 57 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. 23 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Nov-2018 n/a United Natural Foods, Inc. acquires Supervalu Inc. EV / LTM revenue n/a EV / LTM EBITDA 7.0x WHY THE DEAL HAPPENED United Natural Foods, Inc. moved for Supervalu Inc. in Nov-2018; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Mar-2016 n/a Apollo Global Management, LLC acquires The Fresh Market, Inc. EV / LTM revenue n/a EV / LTM EBITDA 7.1x WHY THE DEAL HAPPENED Apollo Global Management, LLC moved for The Fresh Market, Inc. in Mar-2016; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Jun-2015 n/a Koninklijke Ahold N.V. acquires Delhaize Group EV / LTM revenue n/a EV / LTM EBITDA 7.8x WHY THE DEAL HAPPENED Koninklijke Ahold N.V. moved for Delhaize Group in Jun-2015; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    This divider introduces section five, translating the valuation pattern into implications for owners, operators, acquirers and boards.

    Section five takes everything we've shown and turns it into implications for four audiences: owners, operators, acquirers and boards. The question throughout is where the higher end of the range is actually earned. That's what we walk through next.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where the Higher End of the Range Is Earned What the pattern means for owners, operators, acquirers and boards. 05 of 06 Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Pricing Lines up with Format and Growth More than with Size

    This slide states that pricing in this sector aligns with format and growth more than with company size.

    Across everything we've reviewed, pricing lines up with format and growth far more than with size. That reframes the strategic conversation for the next twelve months — it isn't about scale for its own sake, it's about which format and growth profile a business is running. This is our directional view drawn from the analysis in this report, offered as observations rather than recommendations.

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    05 · STRATEGIC IMPLICATIONS Pricing Lines up with Format and Growth More than with Size 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Your Format Is Doing More of the Pricing than Your Store Count 8 of the 11 names here are neighbourhood grocery banners, and they sit at the lower end of the range. Trade-area share, owned property and credibility in fresh and perishables are what underwrite value at that end; new-unit math is what the upper end is being paid for. FOR MANAGEMENT TEAMS Growth and Margin Are Being Priced Separately Here Among the 6 names with a CY2027E estimate, the higher multiples sit with the faster-growing names while the higher margins sit elsewhere in the grid. That argues for running identical-store momentum and gross margin rate as two distinct operating agendas rather than one blended target. FOR ACQUIRERS The Transaction Record Rewards Buyers with a Density Case Across the 9 transactions shown, chain-on-chain deals in overlapping trade areas cluster at the lower end of the recorded multiples, while an entrant and a cross-border operator paid more for differentiated fresh formats. Procurement, distribution density and overhead are where the case is built; revenue synergies tend to be discounted until banner conversion is demonstrated.

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    SECTION 06

    06

    This divider introduces the appendix, covering the full comparables universe, methodology and sources.

    The final section carries the full universe behind every figure in this report, along with the methodology and source index. If a client wants to trace any number back to its filing, this is where that trail lives. It's the reference section for everything we've argued so far.

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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 Food Retail 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 appendix table lists all eleven covered companies grouped by valuation tier, with six rated and five not rated.

    This table carries all eleven covered names, split between the six that are rated on EV/EBITDA (CY2027E) and the five that aren't, shaded against the 8.7x sector median. Every rated row here also sits in the companion workbook with the full field set. This is the complete comparables record behind the charts we've walked through.

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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 (8.7x); 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. Food Retail 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 — ≥19.2x · median 24.9x · 2 companies Fomento Económico Mexicano, S.A.B. de C.V. FMX Convenience retail with integrated beverage supply $219B 27.6x 8% 14% 22 BBB Foods Inc. TBBB Hard-discount food boxes $7.0B 22.2x 30% 3% 34 CORE — 6.2x–19.2x · median 8.7x · 2 companies Arko Corp. ARKO Specialty fresh-format food retail $2.7B 10.4x -4% 3% 0 The Kroger Co. KR Neighbourhood grocery banners $57.9B 7.0x 1% 5% 7 DISCOUNT — <6.2x · median 5.9x · 2 companies Grocery Outlet Holding Corp. GO Neighbourhood grocery banners $1.5B 6.0x 5% 5% 10 Albertsons Companies, Inc. ACI Neighbourhood grocery banners $20.9B 5.8x 0% 4% 5

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, newest first.

    This page lists the transactions with disclosed terms in date order, newest first, with deal values linked to the underlying filing where available. Multiples shown are LTM at announcement. This is the primary evidence behind the deal patterns we highlighted in the case studies.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 15 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. 57 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. 23 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2025 n/a → Albertsons Companies, Inc. $19.4B n/a n/a The March 2025 record against Albertsons Companies, Inc. carries a value of $19.4B, shown as recorded in the filing with the unit unresolved. Read it as a marker of the scale at which national grocery assets are transacted rather than as a settled price. Oct-2024 Kroger → Albertsons Companies, Inc. n/a n/a 5.4x Kroger's announced purchase of Albertsons Companies, Inc. was recorded at 5.4x, the low end of the 9 transactions shown. A national chain buying overlapping banners underwrites procurement and distribution density, and a price at that end is consistent with carrying… May-2022 Cencosud S.A. → The Fresh Market, Inc. n/a n/a 8.0x Cencosud S.A.'s announced purchase of The Fresh Market, Inc. was recorded at 8.0x. An international operator paying above where the chain-on-chain deals here cluster is consistent with buyers paying up for perimeter and fresh credibility. Nov-2018 United Natural Foods, Inc. → Supervalu Inc. n/a n/a 7.0x United Natural Foods, Inc.'s purchase of Supervalu Inc. put a distributor into retail, the classic move to protect volume when wholesale customers consolidate. The recorded multiple sits inside the same band as the chain-on-chain deals shown here. Jun-2017 Amazon.com, Inc. → Whole Foods Market, Inc. n/a n/a 10.6x Amazon.com, Inc.'s purchase of Whole Foods Market, Inc. was recorded at 10.6x, the highest disclosed multiple across the 9 transactions shown. An entrant buying a differentiated fresh and natural banner paid above what the chain buyers paid in the surrounding years. Oct-2016 Onex → Save-A-Lot n/a n/a 7.0x Onex's purchase of Save-A-Lot moved a hard-discount banner into sponsor hands, the pattern this sector's buyer group is known for: comfortable cash conversion, an owned-property angle and a defined conversion plan. The recorded multiple sits mid-band against the other… Mar-2016 Apollo → The Fresh Market n/a n/a 7.1x Apollo's announced purchase of The Fresh Market was recorded at 7.1x. A founder-influenced, fresh-led chain moving to sponsor ownership is the sector's familiar bilateral path, with owned property and a remodel plan sitting behind the equity cheque. Mar-2016 Apollo Global Management, LLC → The Fresh Market, Inc. n/a n/a 7.1x Apollo Global Management, LLC against The Fresh Market, Inc. is the same March 2016 transaction recorded a second time, at the same recorded multiple. Read the two entries as one data point rather than two separate precedents. Nov-2015 Kroger → Roundy’s n/a n/a 6.9x Kroger's purchase of Roundy's was recorded at 6.9x. A super-regional buying into a defined trade area prices near the low end of the band, consistent with synergy cases built on procurement, distribution density and overhead rather than on revenue.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

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

    This continues the disclosed-terms transaction list in the same newest-first order. Together with the prior page, it gives the complete disclosed-terms record behind the deal analysis in this report. Any transaction referenced earlier in the deck can be traced back to its entry here.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 15 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. 57 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. 23 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. Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2015 Koninklijke Ahold N.V. → Delhaize Group n/a n/a 7.8x Mar-2014 Albertsons → Safeway n/a n/a 5.5x Value shown as recorded in the filing; deal value unit unresolved. Jul-2013 Kroger → Harris Teeter n/a n/a 7.4x Value shown as recorded in the filing; deal value unit unresolved. Dec-2011 BI-LO, LLC → Winn-Dixie Stores, Inc. n/a n/a 3.5x n/a Alimentation Couche-Tard Inc. → The Pantry, Inc. n/a n/a 7.8x Value shown as recorded in the filing; status defaulted announced. n/a Albertsons → New Albertsons, Inc. n/a n/a 3.9x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's sources, assumptions and data-quality treatment.

    This page sets out how the report was built: what was included, what was excluded, and where every underlying disclosure lives. Every figure in this report links back to the record it came from, and where it doesn't, the appendix names the source directly. That transparency is what lets every number in this deck be checked.

    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. Food Retail 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 Food Retail and it clears the coverage gate with 6 of 11 companies (55%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 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 5 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 524 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 (523) · 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 the Growth Formats Rather than the Big Banners.

    This closing slide restates the report's core finding that higher multiples sit with growth formats rather than large grocery banners.

    In this set, the higher multiples sit with the growth formats rather than the big banners. The companion tables carry the full universe, the exclusion ledger and the complete source index for anyone who wants to trace a specific figure further.

    Everything on this page

    In This Set the Higher Multiples Sit with the Growth Formats Rather than the Big Banners. NeuraCap AI — Food Retail Coverage September 2026 · Prepared by NeuraCap AI · Confidential Food Retail Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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