Home Improvement and Furnishings Retail 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 DISCRETIONARY DISTRIBUTION AND RETAIL › HOME IMPROVEMENT AND FURNISHINGS RETAIL

Operators Keep Building as the Market Marks Big-Ticket Demand Lower

This update covers the sector's movers, company news and transactions 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

Home Improvement and Furnishings Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › HOME IMPROVEMENT AND FURNISHINGS RETAIL

   Cover slide introducing the Home Improvement and Furnishings Retail bi-weekly industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Home Improvement and Furnishings Retail for September 14–28, 2026, framing what changed, who moved, what transacted, and what it means. Over the next six pages we walk through the sector's public-market moves, major news, M&A record and implications for owners, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › HOME IMPROVEMENT AND FURNISHINGS RETAIL Operators Keep Building as the Market Marks Big-Ticket Demand Lower This update covers the sector's movers, company news and transactions 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 Home Improvement and Furnishings Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Expansion News Carried the Period While the Covered Set Traded Lower and No Transactions

   Summarizes the two-week period: covered names traded lower overall, one name posted an outsized gain, another declined amid earnings scrutiny, and no new transactions were recorded.

   We start with the bottom line: 6 of 9 covered names fell, with a median move of -4.5%, while the S&P 500 rose +0.8% over the same two-week period — so this pullback sits inside the sector, not the broader market. Arhaus, Inc. (ARHS) was the standout, gaining +18.6%, including a +12.1% single-day move on September 21. RH moved the other way, falling -9.0%, with -7.0% of that on September 15, the day published commentary flagged a $67M tariff refund and $20M Aspen LLC restructuring as one-off contributors to net income. With no new deal prints in the window, the standing record of 18 transactions at a median of 13.0x still sets the reference price — so valuation conversations carry forward unchanged.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Expansion News Carried the Period While the Covered Set Traded Lower and No Transactions The two-week period in one page · 9 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. Home Improvement and Furnishings Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 9 Covered Names Fell; The Median Move Was -4.5% The S&P 500 rose +0.8% over the two-week period, so the pullback sat inside the sector rather than in the broad market. 2 Arhaus Posted the Widest Single-Name Swing in the Set Arhaus, Inc. (ARHS) gained +18.6% across the two-week period, including +12.1% on Sep 21, its biggest day in the window. 3 RH Gave Back Ground as the Quality of Recent Earnings Was Questioned RH fell -9.0%, with -7.0% on Sep 15 — the same day published commentary flagged a $67M tariff refund and $20M Aspen LLC restructuring as one-off contributors to net income. 4 With No New Prints, the Standing Record Sets the Reference Price The trailing record carries 18 transactions at a median of 13.0x, against a sector median of 11.2x on CY2027E EV / EBITDA. +18.6% Best mover — Arhaus, Inc. (ARHS) worst: RH -9.0% · 2 up / 6 down of 9 covered -4.5% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   The Widest Moves Sat in the Discount Tier, Not in the Large Caps

   Shows that the widest bi-weekly price moves occurred in the discount tier rather than among the large-cap names.

   This page ranks the two-week close-to-close moves across the covered set, with a sector median of -4.5% against a +0.8% gain for the S&P 500. We set a materiality bar of 7.8% on a sector-relative basis, and the widest swings — both up and down — sat in the discount tier rather than among the larger names. Arhaus, Inc. (ARHS) rose +18.6% while RH fell -9.0%, showing how far apart single-name outcomes can diverge inside one industry. Each move is linked to the filings and headlines recorded in the window, so where a driver isn't documented, we say so directly — that discipline is what lets you trust the read.

   Everything on this page

   PUBLIC MARKET MOVERS The Widest Moves Sat in the Discount Tier, Not in the Large Caps Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.5% · S&P 500 +0.8% · materiality bar ±7.8% (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. Home Improvement and Furnishings Retail 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 -4.5% Arhaus, Inc. (ARHS) +18.6% No notable in-window news was identified that clearly explains the move. The gain ran against a median move of -4.5% across the covered set. Discount-tier furnishings names carry the widest swings in this set, in both directions. UNEXPLAINED RH -9.0% Shares moved lower around Sep 15, alongside published commentary that framed recent net income as helped by one-off items — a $67M tariff refund and $20M Aspen LLC restructuring. The RH Estates gallery unveiling came later, on Sep 18. Readers are separating reported earnings from repeatable store, delivery and installation economics. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Fleet, Network and Leadership: What Companies Actually Did in the Window

   Catalogs the two-week period's highest-impact company actions in fleet, network and leadership.

   This page walks through the two-week period's highest-impact events, each one linked back to its filing or article. Tractor Supply Company (TSCO) opened its 11th distribution center, Williams-Sonoma, Inc. (WSM) opened a Rejuvenation store in Dallas, RH unveiled its first freestanding RH Estates gallery, and The Home Depot, Inc. (HD) widened its skilled-trades training program. Every 'why it matters' line is a NeuraCap read of the recorded evidence, not an assumption — so what you're seeing is operators investing in fleet, format and talent even as share prices move. That combination of capital commitment and price softness is the tension this update is built to surface.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Fleet, Network and Leadership: What Companies Actually Did in the Window 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. Home Improvement and Furnishings Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · Business Wire Tractor Supply opened its 11th distribution center, in Nampa, Idaho Network density is what holds an in-stock position and keeps delivery cost inside the margin on bigger orders. Adding a western node extends reach into markets the existing fleet serves from farther away. Distribution build-out is the quiet half of the growth story in big-ticket retail. Sep 21 · NEWS · GlobeNewsWire Ethan Allen's board disclosed an ongoing CEO succession process Leadership continuity carries real weight at a vertically integrated furnishings company where sourcing, design authority and the dealer-style gallery fleet are run as one system. In small-cap furnishings, who runs the business is part of how the business is valued. Sep 21 · NEWS · Business Wire Shareholder Doug Bergeron publicly challenged Ethan Allen's succession process A holder of 5.2% of the shares going public puts board process, capital allocation and the gap between public and private ownership value on the table at the same time. Concentrated holders can move the agenda when public attention on a small-cap name thins. Sep 18 · NEWS · Business Wire Williams-Sonoma opened a new Rejuvenation store in Dallas A Premium-tier operator adding a portfolio-brand door is a statement about new-unit productivity and remaining whitespace in design-led formats. Multi-brand houses keep growing by placing the right banner in the right market. Sep 18 · NEWS · Business Wire RH opened the first freestanding RH Estates gallery, on Greenwich Avenue A new format at the top of the assortment is a bet that brand and design authority can hold price without constant promotion. It also adds occupancy before the comp benefit arrives. Concept expansion in luxury home is a bet on ticket, not on transactions. Sep 17 · NEWS · PRNewsWire Home Depot expanded Path to Pro with hands-on skilled-trades training for students The do-it-for-me and installation attach model depends on available trade labour. Investing upstream in that labour pool supports the Pro side of the mix that smooths the housing cycle. Trade labour supply is an operating constraint on services attach across the sector.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Stayed Out, so the Existing Record Still Sets the Price

   Reports that no new transactions were recorded in the window, leaving the trailing precedent set of 18 deals at a median 13.0x EV/LTM EBITDA as the active reference.

   No new transactions closed in this two-week period, so the deal conversation runs on the standing record: 18 recorded precedent deals at a median of 13.0x EV/LTM EBITDA. We treat 'why the deal happened' lines as NeuraCap reads of the recorded evidence, and we don't re-present old transactions as if they were new news. For acquirers, that means the comparison base holds steady — a 13.0x median against a sector public-market median of 11.2x on CY2027E EV/EBITDA — so any underwriting done against this record remains current. The quiet window is itself information: it tells us buyers are waiting rather than repricing the space.

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   M&A & STRATEGIC ACTIVITY Buyers Stayed Out, so the Existing Record Still Sets the Price September 14–28, 2026 · precedent transactions: 18 recorded deals · median 13.0x 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. Home Improvement and Furnishings Retail 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 18 transactions at a median of 13.0x, which remains the observable reference for whole-company pricing. 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. 18 Recorded precedent transactions the reference set buyers and sellers price against 13.0x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   A Quiet Deal Window and a Busy Operating One: What It Means for You

   Translates the two-week period into observations for owners and operators, acquirers, and advisors.

   We close with what this two-week period means for the people who act on it. For owners and operators, the real signal is continued investment in fleet and network — a new distribution center, a new Rejuvenation door and a new RH Estates gallery all opened in the window. For acquirers, the reference set is unchanged at 18 trailing transactions and a 13.0x median, with a tier spread from 14.2x at the premium end to 8.3x at the discount end — so underwriting can proceed on a stable base. For advisors, the period reinforces that project-led demand continues to price above discretionary decorating spend, with the widest swings concentrated in the discount tier.

   Everything on this page

   WHAT IT MEANS A Quiet Deal Window and a Busy Operating One: What It Means for You 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. Home Improvement and Furnishings Retail Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 11.2x 10 companies in the study 3 valuation tiers Standing thesis: Home Improvement and Furnishings Retail Prices Warehouse Retail Above Single-Category Home Specialty FOR OWNERS & OPERATORS Spending on Fleet and Network Is the Period's Real Signal Companies in the space kept investing: a new distribution center, a new Rejuvenation door and a new RH Estates gallery all opened inside the window. FOR ACQUIRERS The Reference Set Is Unchanged; The Governance News Is What Is New With no new prints, the comparison base holds: 18 trailing transactions at a median of 13.0x, a sector median of 11.2x on CY2027E EV / EBITDA, and a tier spread from 14.2x at the Premium end to 8.3x at the Discount end. FOR ADVISORS Lead with Project-Led Demand and Order-to-Delivery Integrity The period extends the standing view that project-led demand prices above discretionary decorating spend, and it showed the widest swings in the Discount tier — Arhaus, Inc. (ARHS) at +18.6% and RH at -9.0%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update and states the report's limitations.

   Every figure in this update links back to the filing, price record or article it was taken from, and we list the publishers and filings drawn on for the period here. We use a fixed source-reliability order — SEC filings first, then press releases, then established outlets — and we never draw on video or social platforms. This transparency is what lets you use the update as a working reference rather than taking our read 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. Home Improvement and Furnishings Retail 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. No covered name fell below the floor in 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_20260929T122859Z_480_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: businesswire.com · globenewswire.com · prnewswire.com

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