Franchise and Multi-Unit Operations Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER DISCRETIONARY › CONSUMER SERVICES › FRANCHISE AND MULTI-UNIT OPERATIONS

Franchisee Health Takes over the Pricing Conversation

This update covers the sector's movers, company news and transaction activity for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Franchise and Multi-Unit Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   CONSUMER DISCRETIONARY › CONSUMER SERVICES › FRANCHISE AND MULTI-UNIT OPERATIONS

   Cover page introducing the Franchise and Multi-Unit Operations bi-weekly industry events and M&A update for September 14–28, 2026.

   This update covers what changed, who moved and most likely why, what transacted, and what it means for franchise and multi-unit operators from September 14 to 28, 2026. We'll walk through the market moves, the catalysts behind them, and the deal reference points that matter next.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › CONSUMER SERVICES › FRANCHISE AND MULTI-UNIT OPERATIONS Franchisee Health Takes over the Pricing Conversation This update covers the sector's movers, company news and transaction activity for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Franchise and Multi-Unit Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Operators Sold off While the Broad Market Drifted Higher

   This page summarizes the two-week period's market moves across 21 covered names against the broad market.

   Across the covered set, the median move was -9.3% while the S&P 500 rose +0.8%, so the operator group clearly diverged from the broader market this period. Only Sweetgreen, Inc. (SG) stood out with a +13.7% gain, underscoring how narrow the pocket of strength was. This split tells us franchisee-level stress, not macro sentiment, is what's moving the sector right now, so operators and advisors should watch unit economics closely.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Operators Sold off While the Broad Market Drifted Higher The two-week period in one page · 21 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Franchise and Multi-Unit Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 19 of 21 Covered Names Fell; The Median Move Was -9.3% The S&P 500 rose +0.8% over the same two-week period. Only 2 names in the covered set finished higher, led by Sweetgreen, Inc. (SG) at +13.7%. 2 Distress at a Large Multi-Unit Operator Reached the Franchisor The Wendy's Company (WEN) fell -16.3%. Shares moved following the Sep 18 CNBC report that Meritage Hospitality Group, one of its largest U.S. franchisees, filed for Chapter 11 protection. 3 Fitness Franchising Carried a Legal Overhang into the Window Planet Fitness, Inc. (PLNT) fell -20.8%, the steepest move in the set. The move followed investor class action notices circulated Sep 14 that reference alleged membership-growth and marketing claims ahead of a 31.19% one-day decline. 4 Big Systems Are Putting Money Behind Their Franchisees McDonald's Corporation (MCD) detailed an $8.5B franchisee support plan at its Investor Day. Reporting on Sep 23 noted MCD shares fell 4% that morning, with Wendy's also lower. +13.7% Best mover — Sweetgreen, Inc. (SG) worst: PLNT -20.8% · 2 up / 19 down of 21 covered -9.3% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Where the Selling Landed, and What the Record Behind It Shows

   This page details individual close-to-close price moves for the covered set and links each to any recorded filing or headline.

   The sector median move was -9.3% against a S&P 500 gain of +0.8%, with a materiality bar of 14.2% marking which moves the record ties to a specific filing or headline. Wendy's Company fell -16.3% on a traceable link to a franchisee's Chapter 11 filing, while Planet Fitness fell -20.8% on class action notices referencing membership-growth claims. Where no driver is recorded, we say so plainly rather than guess, so clients see exactly how much of each move is explained versus unexplained.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Selling Landed, and What the Record Behind It Shows Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -9.3% · S&P 500 +0.8% · materiality bar ±14.2% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Franchise and Multi-Unit Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -9.3% Planet Fitness, Inc. (PLNT) -20.8% Shares moved following the investor class action notices circulated Sep 14, which reference alleged membership-growth and marketing claims ahead of a 31.19% one-day decline. The largest single day in the window was Sep 22 at -9.5%. A dispute over membership growth can reprice a fitness franchisor faster than any unit-count update. COMPANY-SPECIFIC The Wendy's Company (WEN) -16.3% Shares moved following the Sep 18 CNBC report that Meritage Hospitality Group, one of Wendy's largest U.S. franchisees, filed for Chapter 11, in a report that also noted six straight quarters of same-store sales declines. One large multi-unit operator's distress now reads straight through to the durability of the royalty stream. COMPANY-SPECIFIC Dutch Bros Inc. (BROS) -14.3% No notable in-window news was identified that clearly explains the move. The decline was steeper than the set's median move of -9.3%. A Premium-tier multiple leaves less room to absorb a broadly lower set. UNEXPLAINED Sweetgreen, Inc. (SG) +13.7% No notable in-window news was identified that clearly explains the move. The gain stands against a median move of -9.3% across the covered set. Direction was not uniform: 2 of 21 covered names still finished the two-week period higher. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Membership Funnels and Legal Process

   This page lists the two-week period's highest-impact company events, each linked to its underlying filing or article.

   The period's defining events were operational and legal: a major franchisee's Chapter 11 filing reached Wendy's Company, and investor class action notices circulated referencing Planet Fitness, Inc.'s membership-growth claims ahead of a 31.19% one-day decline. McDonald's Corporation countered with an $8.5B franchisee support plan detailed at its Investor Day. Each 'why it matters' line here is our read of the recorded evidence, with every event linked back to its source, so clients can verify before acting.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Membership Funnels and Legal Process The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Franchise and Multi-Unit Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 14 · NEWS · GlobeNewsWire Digital Realty Enters Türkiye Through Formation of New Joint Venture AUSTIN, Texas, Sept. 14, 2026 (GLOBE NEWSWIRE) -- Digital Realty (NYSE: DLR), the world's largest cloud- and carrier-neutral data center platform, and Rönesans Infrastructure, one of the largest investment companies in Türkiye and a top 50 international contra Sep 14 · NEWS · GlobeNewsWire Cespira™, the Joint Venture between Westport and Volvo Group, reveals how HPDI™ 3.0 advances fuel economy and expands OEM options Enhanced rail-pressure control, improved durability and more adaptable architecture deliver greater performance and integration flexibility, strengthening the case for broader adoption by OEMs and operators worldwide Enhanced rail-pressure control, improved du Sep 14 · NEWS · Newsfile Corp Cosa Announces Summer Drilling Results for Murphy Lake North Uranium Joint Venture with Denison Mines Vancouver, British Columbia--(Newsfile Corp. - September 14, 2026) - Cosa Resources Corp. (TSXV: COSA) (OTCQB: COSAF) (FSE: SSKU) ("Cosa" or the "Company") is pleased to announce results of the summer drilling program at the Company's Murphy Lake North ("MLN") Sep 14 · NEWS · GlobeNewsWire Planet Fitness drew investor class action outreach ahead of a September 14 lead-plaintiff deadline Legal process at the franchisor level is now part of how this fitness system is being read. It sits directly on top of the sector's questions about membership growth and effective royalty capture. Growth claims at brand level are being tested in court as well as in comparable sales. Sep 14 · NEWS · PRNewsWire Dutch Bros ran its 20th annual Buck for Kids Day, donating $1 per drink sold to local youth groups A single-day, system-wide promotion is a traffic move. For a drive-thru system still adding units, traffic rather than ticket is what supports comparable sales and franchisee returns. Traffic-led activation is the cheaper lever when ticket has already done its work. Sep 14 · NEWS · PRNewsWire Planet Fitness wrapped its High School Summer Pass program for teen members The program is a membership funnel, and membership volume is what franchisee four-wall margin in fitness depends on. It shows the system still investing in traffic rather than price. Trial and entry programs are how franchised systems defend traffic into the next cohort of openings.

5. 05
   M&A & STRATEGIC ACTIVITY

   Quiet Two Weeks for Transactions; The Existing Record Sets the Reference

   This page shows that no new deals were announced this period, leaving the precedent transaction record as the reference point.

   No material sector transactions were announced during this two-week period, so the standing record of 17 precedent deals at a median of 8.8x EV/LTM EBITDA remains the working reference. We hold this median steady against the broader sector's listed 13.0x figure rather than re-presenting old deals as news. That gap between trailing precedent and the sector's listed multiple is the number acquirers should anchor to until a new deal resets it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Quiet Two Weeks for Transactions; The Existing Record Sets the Reference September 14–28, 2026 · precedent transactions: 17 recorded deals · median 8.8x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Franchise and Multi-Unit Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still carries 17 precedent transactions at a median of 8.8x EV/EBITDA. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 17 Recorded precedent transactions the reference set buyers and sellers price against 8.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Period Changes for Operators, Buyers and Advisors

   This page translates the two-week period's events into implications for operators, acquirers and advisors.

   For owners and operators, the period's questions were operating ones — comparable sales, four-wall margin, and cash-on-cash return on new units. For acquirers, the reference is unchanged: 17 precedent records at a trailing median of 8.8x EV/EBITDA against a listed sector median of 13.0x. For advisors, the two items that carry the period are the franchisee Chapter 11 filing tied to Wendy's Company and McDonald's Corporation's $8.5B franchisee support plan, so the client conversation should lead with franchisee health, not brand narrative.

   Everything on this page

   WHAT IT MEANS What This Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Franchise and Multi-Unit Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2026E) median 13.0x 23 companies in the study 3 valuation tiers Standing thesis: Franchise and Multi-Unit Operations is four businesses: restaurant systems, fitness, personal care and adjacent models FOR OWNERS & OPERATORS Unit-Level Maths Did the Talking The questions this two-week period put in front of the sector were operating ones: comparable sales split into traffic and ticket, four-wall margin at the franchisee level, and cash-on-cash return on the next cohort of openings. FOR ACQUIRERS The Reference Set Is Unchanged With no new transactions, the reference stays where it was: 17 precedent records at a trailing median of 8.8x EV/EBITDA, against a listed sector median of 13.0x. FOR ADVISORS Lead with Franchisee Health Two items carry the period: the Chapter 11 filing at one of Wendy's largest U.S. franchisees reported Sep 18, and the $8.5B franchisee support plan McDonald's Corporation (MCD) detailed at its Investor Day.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains how the update is built, what each statement rests on, and where every figure links back to its source.

   Every figure in this update links to the record it was taken from, and the publishers and filings drawn on for the period are listed for direct verification. That transparency lets clients check our reads against the underlying filings and news themselves rather than taking any driver attribution on faith.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Franchise and Multi-Unit Operations Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T115440Z_473_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · newsfilecorp.com · prnewswire.com · businesswire.com

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