Household Products Sector Outlook — September 2026

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CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › HOUSEHOLD PRODUCTS

Household Products: Premiums Sit with Growth

The report shows how portfolio shape, growth quality and earnings durability align with relative valuation.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Household Products Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › HOUSEHOLD PRODUCTS

   Cover page introducing the Household Products sector report as of September 2026.

   We open on where the Household Products sector stands today, keyed to the September 2026 data set. The pages that follow show how portfolio shape, growth quality and earnings durability align with relative valuation.

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   CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › HOUSEHOLD PRODUCTS Household Products: Premiums Sit with Growth The report shows how portfolio shape, growth quality and earnings durability align with relative valuation. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   A contents page listing the report's five sections and appendix.

   This report runs five numbered sections plus an appendix, moving from the bottom line to the landscape, valuation and situations, precedent transactions, and strategic implications. We front-load the conclusion in Section 01 so a client who reads nothing else still leaves with the full story. Everything after that supports and stress-tests that headline view.

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   CONTENTS What This Report Covers 01 The Bottom Line Household Products Now Price Portfolio Shape and Earnings Durability Differently 02 The Landscape Portfolio Shape Changes the Benchmark 03 Valuation & Situations The Premium End Holds a Clear Lead over the Discount End 04 Precedent Transactions Precedent Transactions Keep Cash Earnings at the Centre 05 Strategic Implications Defend Repeat Demand Before Adding Complexity 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Household Products Split Between Staples Platforms, Formulation Suppliers and Adjacent Models

   The bottom-line page summarizing how staples platforms, formulation suppliers and adjacent models diverge on valuation.

   The sector's forward valuation midpoint sits at 14.6x EV/EBITDA on CY2027E consensus, but the range beneath that median tells the real story. The premium end trades at 21.3x versus 9.2x at the discount end, a spread that persists even after forecast growth is priced in. That gap is consistent with the market pricing different views of earnings durability across staples platforms, formulation suppliers and adjacent models. So the benchmark a name should be judged against depends first on which operating model it belongs to.

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   01 · THE BOTTOM LINE Household Products Split Between Staples Platforms, Formulation Suppliers and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Pricing Tests Earnings Durability The middle of the range is 14.6x forward EBITDA. The premium end is 21.3x against 9.2x at the discount end; that spread remains after forecast growth is embedded, which is consistent with different views of earnings durability. 2 Growth Quality Sharpens the Valuation Case On the 9 names with growth estimates, the 5 at or above 4% carry 15.8x, alongside 12.3x for the 4 below. Price/mix versus volume, household penetration and trade spend remain critical to judging that growth. 3 Faster Growth Can Sit Alongside Lower Margins Among the 9 mapped names, the 3 above the growth bar but below 22% margin sit at 20.0x; the single name below both sits at 7.9x. The pattern is consistent with greater weight on growth where margin still has room to build. 4 Portfolio Shape Changes the Relevant Benchmark The 7 diversified household staples platforms sit at 14.2x, while the 2 adjacent models with a forward estimate sit at 18.8x. Private-label exposure, must-stock status and planogram relevance remain essential context within the branded set. 14.6x Sector median EV/EBITDA CY2027E consensus · 10 rated of 12 companies 21.3x Premium end EV/EBITDA vs 9.2x at the discount end top quartile (n=3) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 12 Transactions with disclosed terms 17 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   A section divider introducing the market-landscape section.

   Portfolio shape changes the benchmark: staples platforms, formulation suppliers and adjacent models carry distinct operating and valuation logic. The next two pages map where each sits.

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   SECTION 02 02 THE LANDSCAPE Portfolio Shape Changes the Benchmark Staples platforms, formulation suppliers and adjacent models carry distinct operating and valuation logic. 02 of 06 Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Sector's Market Value Sits Across Distinct Operating Models

   A market map showing the sector's 12 approved companies grouped by business segment with median EV/EBITDA per group.

   We group all 12 approved companies by business segment and take the median EV/EBITDA (CY2027E) within each group as of September 2026. Diversified staples platforms carry a 14.2x median, while adjacent models with a forward estimate sit higher at 18.8x. That gap shows the market is not applying a single sector multiple across business models. So the right comparison set for any name starts with its operating model, not the sector average.

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   02 · MARKET MAP The Sector's Market Value Sits Across Distinct Operating Models 12 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED HOUSEHOLD STAPLES PLATFORMS 7 cos median 14.2x The Procter & (PG) Colgate-Palmolive (CL) Kimberly-Clark (KMB) Church & Dwight (CHD) The Clorox (CLX) Newell Brands (NWL) The Honest Company (HNST) Scale across brands and categories supports retailer relevance, but portfolio breadth can mask differences in growth quality. CLEANING CHEMISTRY AND CONTRACT FORMULATION SUPPLY 2 cos 21.3x · 1 rated WD-40 (WDFC) Oil-Dri (ODC) Formulation capability, registrations and service reliability can deepen customer ties, although estimate coverage is limited. ADJACENT MODELS 3 cos median 18.8x 3M (MMM) LandBridge Company (LB) Energizer Holdings (ENR) Different asset economics and buyer logic make these useful reference points rather than direct branded-household peers.

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   02 · LANDSCAPE

   Three Operating Models Require Three Valuation Arguments

   A landscape page comparing the three operating models on EV/EBITDA medians.

   Segmenting the rated universe confirms three distinct operating models, each carrying its own valuation logic on the same EV/EBITDA (CY2027E) basis. Diversified staples platforms sit at 14.2x, well below the 18.8x median for adjacent models with a forward estimate. The full company-level detail behind these groupings sits in the appendix for anyone who wants to trace a specific name. So a like-for-like comparison has to start inside the right operating-model bucket, not across the whole sector.

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   02 · LANDSCAPE Three Operating Models Require Three Valuation Arguments 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified household staples platforms 7 58% 14.2x The Procter & Gamble Company (PG) · Colgate-Palmolive Company (CL) · +5 more Breadth supports retailer relevance. These platforms combine category reach, national-account service and established distribution. Their valuation case rests on whether breadth supports repeat demand without heavier trade spend or greater private-label exposure. Cleaning chemistry and contract formulation supply 2 17% 21.3x n=1 WD-40 Company (WDFC) · Oil-Dri Corporation of America (ODC) Capability deepens customer ties. Formulation, registration and contract supply capabilities can support durable customer relationships. The segment benchmark requires care because just 1 of the 2 names has a forward estimate. Adjacent models 3 25% 18.8x 3M Company (MMM) · LandBridge Company LLC (LB) · +1 more Different economics need separation. Land, resource royalties, household maintenance and portable power bring different capital intensity and demand patterns. They should inform the range without being treated as direct branded-household peers.

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   SECTION 03

   03

   A section divider introducing the public-market valuation section.

   The premium end already holds a clear lead over the discount end, and forward pricing has embedded much of the visible growth. That leaves durability, not growth alone, at the centre of the spread.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Holds a Clear Lead over the Discount End Forward pricing already reflects forecast growth, leaving durability central to the spread. 03 of 06 Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds More than Twice the Discount-End Multiple

   A ranked chart of all 10 rated companies' EV/EBITDA multiples split into premium and discount tiers.

   Across all 10 rated companies, sorted by EV/EBITDA (CY2027E), the premium tier holds more than twice the multiple of the discount tier: 21.3x against 9.2x. The sector median sits at 14.6x, with tier zones cut at the rated set's own quartiles. Every multiple on this page sits on the same CY2027E basis, so the comparison is apples-to-apples. So the spread itself, more than the median, is where the sector's real valuation story lives.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds More than Twice the Discount-End Multiple EV / EBITDA (CY2027E) · all 10 rated companies, sorted descending · sector median 14.6x · 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 (10 of 12 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 21.3x CORE · median 14.6x DISCOUNT · median 9.2x Sector median 14.6x WHAT SEPARATES THE TWO ENDS The premium sits higher. The premium-end tier carries 21.3x, compared with 9.2x for the discount-end tier. The forward lens already embeds forecast growth, so the remaining spread is consistent with different expectations for durability. Growth supports the distinction. The premium-end names include faster-growing and emerging portfolios, while the discount end includes slower-growth or lower-margin profiles. This is an observed association, not evidence that growth alone accounts for the range. Business models still matter. Land and resource royalties, cleaning chemistry and branded staples do not share the same demand or capital model. Relative valuation should therefore stay anchored to the operating model behind each name.

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   03 · VALUATION DRIVERS

   Higher Growth Travels with a Higher Forward Multiple

   A chart of median EV/EBITDA by revenue-growth and EBITDA-margin cohort.

   Splitting the rated names with growth estimates at the covered median of 4%, the faster-growing half carries a 15.8x median multiple against 12.3x for the slower half. The same pattern holds when we split on EBITDA margin at its covered median. This is an association we observe in the data, not a causal claim about what drives the multiple. So growth and margin profile both deserve a place in how a name's valuation gap gets explained.

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   03 · VALUATION DRIVERS Higher Growth Travels with a Higher Forward Multiple 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 4% · EBITDA-margin split at 22% The Growth Split Carries a Visible Valuation Difference On the 9 names with growth estimates, the 5 at or above 4% carry 15.8x, while the 4 below carry 12.3x. The association is clear in this set, although portfolio mix and estimate coverage may also matter. Volume Quality Matters Beyond Reported Growth Price/mix versus volume, household penetration and repeat purchase help distinguish durable demand from growth supported by promotion. Trade spend and shelf productivity determine how much of that demand converts into cash earnings. Brand Defensibility Strengthens the Operating Case Must-stock status, category leadership and differentiated formulation can support retailer relevance. Direct substitutability with private label and dependence on promotional depth weaken that position.

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    03 · SITUATION MAP

    Relative Position Points to Four Different Operating Priorities

    A situation map plotting rated companies by valuation and growth relative to sector medians.

    We cut the rated universe on EV/EBITDA versus the 14.6x sector median and on revenue growth versus the 4% covered median, producing four distinct situations. Names without a growth estimate are left off the map rather than force-fit into a quadrant. These are observations about relative position, not recommendations to buy or sell any security. So the map is a starting point for asking the right question about a specific name, not an answer in itself.

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    03 · SITUATION MAP Relative Position Points to Four Different Operating Priorities Cut on EV / EBITDA vs the sector median (14.6x) (rows) and revenue growth vs the covered median (4%) (columns) · 1 rated names without the second measure are not mapped · 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Growth, Higher Valuation Above-median multiple · above-median revenue growth 3 names Church & Dwight Co., Inc. (CHD) · WD-40 Company (WDFC) · The Honest Company, Inc. (HNST) Three names pair above-range growth with above-range valuation. The operating question is whether volume, repeat purchase and shelf productivity can sustain that standing. Lower Growth, Higher Valuation Above-median multiple · below-median revenue growth 1 names The Procter & Gamble Company (PG) One name retains an above-range valuation despite below-range growth. Margin durability, brand strength and cash conversion become central to defending that position. Higher Growth, Lower Valuation Below-median multiple · above-median revenue growth 2 names 3M Company (MMM) · The Clorox Company (CLX) Two names deliver above-range growth while remaining below the valuation midpoint. The gap invites scrutiny of margin quality, trade spend, private-label exposure and capital intensity. Lower Growth, Lower Valuation Below-median multiple · below-median revenue growth 3 names Colgate-Palmolive Company (CL) · Kimberly-Clark Corporation (KMB) · Newell Brands Inc. (NWL) Three names sit below both reference lines. Portfolio focus, SKU productivity, pricing discipline and cost structure are the most direct operating areas to test.

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    03 · GROWTH VS PROFITABILITY

    The Faster-Growing Names Sit at the Higher End of the Valuation Range

    A quadrant chart of revenue growth versus EBITDA margin with median EV/EBITDA per quadrant.

    Among the 9 companies with both a growth and margin estimate, the names that clear the 4% growth bar but sit below the 22% margin bar carry a 20.0x median multiple. The single name below both cuts sits at 7.9x, the lowest reading in this comparison. The faster-growing names generally sit toward the higher end of the valuation range even where margin still has room to build. So growth quality appears to carry real weight in how the market prices these names, alongside margin.

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    03 · GROWTH VS PROFITABILITY The Faster-Growing Names Sit at the Higher End of the Valuation Range Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (4% growth, 22% 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). Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 2.0% 3.0% 4.0% 5.0% 10% 15% 20% 25% 30% MARGIN ONLY median 14.2x BALANCED median 14.0x NEITHER median 7.9x GROWTH ONLY median 20.0x NWL PG KMB CL HNST CHD MMM CLX WDFC x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The chart maps 9 names across growth and EBITDA margin. The 3 names above the growth bar but below 22% margin sit at 20.0x, while the single name below both bars sits at 7.9x. The 2 names above both bars and the 3 margin-led names occupy the middle. The pattern shows association within a small set rather than a single explanation for valuation. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 9 names clear it.

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    03 · THE AGENDA

    Strengthen the Earnings Story Before Adding Portfolio Complexity

    A page framing the operating and strategic questions raised by the cohort data.

    This page frames the open questions an owner or acquirer should resolve before adding portfolio complexity, based on the cohort patterns shown on the prior pages. It stays at the level of questions, not recommendations, because the right answer depends on the specific business. So the practical next step is to test where a given company's own growth and earnings-quality story stands against these patterns.

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    03 · THE AGENDA Strengthen the Earnings Story Before Adding Portfolio Complexity 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Protect Repeat Demand Focus resources on categories and SKUs where household penetration, repeat purchase and must-stock status support durable volume. What changes the answer: The answer changes when growth depends more on promotional depth than on repeat demand. Rebalance Price and Volume Test where price/mix can hold without weakening unit velocity, retailer support or category share. What changes the answer: The answer changes when volume recovery requires structurally higher trade spend. Simplify the Cost Base Use SKU rationalisation, converting-line utilisation and co-packer choices to improve cash earnings without weakening service. What changes the answer: The answer changes when complexity supports retailer relevance or differentiated formulation. Choose Build Versus Buy Compare internal innovation with targeted additions that bring category access, registrations, formulation capability or national distribution. What changes the answer: The answer changes when internal launch timing or retailer access cannot match the strategic need.

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    SECTION 04

    04

    A section divider introducing the precedent-transactions section.

    Precedent transactions keep cash earnings at the centre of how buyers frame whole-company value. Disclosed terms show how that framing plays out in practice.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Keep Cash Earnings at the Centre Disclosed terms show how buyers frame whole-company value around adjusted EBITDA. 04 of 06 Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Disclosed Transactions Anchor Negotiation to Cash Earnings

    Two case studies of disclosed precedent transactions and their LTM multiples.

    We walk through 2 of the 12 recorded transactions where terms were disclosed, using them as case studies on how buyers frame value. Multiples are quoted on LTM financials at announcement, and they sit on a different basis from the CY2027E public multiples shown earlier, so no spread is claimed between the two. The complete transaction list, including records with data-quality flags, sits in the appendix. So these case studies illustrate how deal terms get framed, without implying every name in the sector is a transaction candidate.

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    04 · DEAL CASE STUDIES Disclosed Transactions Anchor Negotiation to Cash Earnings 2 of 12 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. 27 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. 5 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2024 $3.6B Supreme Imports Ltd acquires WD-40 Company EV / LTM revenue 6.2x EV / LTM EBITDA 34.3x WHY THE DEAL HAPPENED The strategic fit depends on whether the asset adds category reach, retailer leverage or operating capacity. In household products, those benefits can sit alongside SKU rationalisation, plant loading and stronger national-account coverage. HOW THE TARGET WAS VALUED Run-rate adjusted EBITDA is the relevant valuation frame. Separation costs, stranded overhead, trade spend and supply arrangements can materially shape that benchmark. May-2026 $2.7B Oaktree Capital Management L.P. Oaktree Capital Management L.P. agreed to acquire Spectrum Brands Holdings, Inc. in a whole-company transaction. EV / LTM revenue 0.9x EV / LTM EBITDA 7.8x WHY THE DEAL HAPPENED The transaction suggests interest in a portfolio with established brands and household-category exposure. The buyer-target pairing is consistent with a focus on cash earnings, portfolio focus and operating improvement. HOW THE TARGET WAS VALUED The disclosed value was $2.7B, equal to 0.9x revenue and 7.8x EBITDA. The EBITDA multiple sits below the public peer set's middle, while the revenue multiple provides a cross-check on the earnings benchmark.

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    SECTION 05

    05

    A section divider introducing the strategic-implications section.

    Owners can strengthen their standing through revenue quality, cost discipline and focused capital allocation. The next section sets out where that room to act looks greatest.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Defend Repeat Demand Before Adding Complexity Owners can strengthen their standing through revenue quality, cost discipline and focused capital allocation. 05 of 06 Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Our Read: Growth and Earnings Quality Are Where Owners Have Room to Strengthen Their Standing

    A strategic-implications page outlining where owners can strengthen their position.

    Our read is that growth and earnings quality are where owners have the most room to strengthen their standing over the next twelve months. That starts with separating price-led growth from volume recovery, and testing whether repeat purchase and shelf velocity actually support the trajectory. It also means concentrating capital on productive SKUs and categories where formulation or brand strength limits substitution. So the practical agenda is about sharpening what a company already has, not assuming one strategic path fits the whole sector.

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    05 · STRATEGIC IMPLICATIONS Our Read: Growth and Earnings Quality Are Where Owners Have Room to Strengthen Their Standing 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Prioritise Revenue Quality Separate price-led growth from volume recovery and test whether household penetration, repeat purchase and shelf velocity support the trajectory. FOR OWNERS Remove Avoidable Complexity Concentrate capital on productive SKUs, flexible capacity and categories where formulation or brand strength limits direct substitution. FOR OWNERS Match Ambition to Position Use relative growth and valuation position to frame portfolio investment, cost action and build-versus-buy choices without assuming one path fits the full sector.

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    SECTION 06

    06

    A section divider introducing the appendix, methodology and sources.

    This section closes the report with the full comparables universe, the methodology, and every source behind the figures shown. It is the reference section for a client who wants to trace any number back to its record.

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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 Household Products 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

    An appendix table of all rated public comparables grouped by valuation tier.

    This appendix lists all 10 rated companies on EV/EBITDA (CY2027E), shaded against the 14.6x sector median, alongside the 2 companies that carry no eligible multiple. Every ticker links back to its underlying source, and the companion workbook carries the complete field set. This is the full rated universe behind every chart in the body of the report. So a client can trace any company-level figure shown earlier straight back to its source here.

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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 (14.6x); amber marks below · 10 rated companies; 2 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 10 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. Household Products 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 — ≥19.0x · median 21.3x · 3 companies LandBridge Company LLC LB Adjacent: land and resource royalties $7.2B 25.4x n/a n/a n/a WD-40 Company WDFC Cleaning chemistry and contract formulation supply $2.8B 21.3x 6% 18% 24 The Honest Company, Inc. HNST Diversified household staples platforms $515M 20.0x 4% 8% 12 CORE — 10.8x–19.0x · median 14.6x · 4 companies Church & Dwight Co., Inc. CHD Diversified household staples platforms $24.5B 15.8x 4% 24% 28 The Procter & Gamble Company PG Diversified household staples platforms $373B 15.0x 2% 27% 30 Colgate-Palmolive Company CL Diversified household staples platforms $76.2B 14.2x 3% 24% 27 3M Company MMM Multi-category home care and household maintenance… $97.4B 12.2x 4% 29% 34 DISCOUNT — <10.8x · median 9.2x · 3 companies Kimberly-Clark Corporation KMB Diversified household staples platforms $39.5B 10.3x 3% 22% 25 The Clorox Company CLX Diversified household staples platforms $13.3B 9.2x 5% 18% 23 Newell Brands Inc. NWL Diversified household staples platforms $7.6B 7.9x 1% 15% 15

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    An appendix table of precedent transactions with disclosed terms, newest first (page 1).

    This page lists the transactions with disclosed terms, newest first, out of the 17 recorded in this tier. Multiples are shown on LTM financials at announcement, exactly as recorded in the filing. Every deal value links back to the underlying filing for verification. So this is the primary evidence behind the deal case studies shown earlier in the report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (17 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. 27 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. 5 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 Oaktree Capital Management L.P. → Spectrum Brands Holdings, Inc. $2.7B 0.9x 7.8x Oaktree Capital Management L.P. agreed to acquire Spectrum Brands Holdings, Inc. at $2.7B, 0.9x revenue and 7.8x EBITDA. The terms provide a direct reference for how a diversified household portfolio was valued. Nov-2025 n/a → The Clorox Company n/a n/a 12.3x Nov-2025 n/a → The Procter & Gamble Company n/a n/a 14.0x Nov-2025 n/a → Reckitt Benckiser Group PLC n/a n/a 12.6x Nov-2025 n/a → Colgate-Palmolive Company n/a n/a 13.5x Nov-2025 n/a → Church & Dwight Co., Inc. n/a n/a 15.5x Church & Dwight Co., Inc. was marked at 15.5x EBITDA in the transaction record. That reference sits within the broader range observed across household products. Nov-2025 n/a → Reckitt Benckiser Group PLC n/a n/a 12.6x Value shown as recorded in the filing; status defaulted announced. Nov-2025 n/a → The Clorox Company n/a n/a 12.3x Value shown as recorded in the filing; status defaulted announced. Nov-2025 n/a → The Procter & Gamble Company n/a n/a 15.8x Value shown as recorded in the filing; status defaulted announced.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    An appendix table of precedent transactions with disclosed terms, newest first (page 2).

    This page continues the disclosed-terms list, newest first, completing the set behind the case studies shown earlier. The same data-quality flags noted on the prior page apply here, and figures are shown exactly as recorded in the filing. Deal multiples remain on an LTM-at-announcement basis, not directly comparable to the CY2027E public multiples used elsewhere in the report. So together these two pages give a client the complete disclosed-transaction record behind the report's deal commentary.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (17 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. 27 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. 5 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. Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2024 Supreme Imports Ltd → WD-40 Company $3.6B 6.2x 34.3x Value shown as recorded in the filing; deal value unit unresolved. Jun-2011 Sealed Air Corporation → Diversey Holdings, Inc. n/a n/a 9.7x Value shown as recorded in the filing; deal value unit unresolved. n/a n/a → Church & Dwight Co., Inc. n/a n/a 15.5x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    A methodology page detailing sources, assumptions and data-quality treatment.

    This page sets out how the report was built: the valuation basis, what was excluded and why, and where every underlying disclosure lives. Every figure in the report links to the record it was taken from, and where no link exists the appendix names the source directly. So this is the page to check before relying on any specific number 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. Household Products Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (10 of 12 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 Household Products and it clears the coverage gate with 10 of 12 companies (83%). EV / Revenue, P / E are carried as a cross-check. The set earns: 10 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 2 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 612 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 (611) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Growth, Durability and a Business Model Buyers Can Underwrite.

    A closing page restating that valuation premiums align with growth, durability and business-model quality.

    The premium in this sector sits with growth, durability and a business model buyers can underwrite. The companion tables carry the full universe and source index for any figure a client wants to trace.

    Everything on this page

    The Premium Sits with Growth, Durability and a Business Model Buyers Can Underwrite. NeuraCap AI — Household Products Coverage September 2026 · Prepared by NeuraCap AI · Confidential Household Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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