Human Resource and Employment Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › HUMAN RESOURCE AND EMPLOYMENT SERVICES

Softer Hiring Signals Reset the Cohort While Buyers Stay on the Sidelines

This update covers what moved, what companies announced, and where transactions stand for the two-week period 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

Human Resource and Employment Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › HUMAN RESOURCE AND EMPLOYMENT SERVICES

   Cover slide introducing the Human Resource and Employment Services bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update tracks what changed, who moved and why, what transacted, and what it means for Human Resource and Employment Services across September 14–28, 2026. We'll walk through the market reaction, the period's major announcements, and where deal activity stands.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › HUMAN RESOURCE AND EMPLOYMENT SERVICES Softer Hiring Signals Reset the Cohort While Buyers Stay on the Sidelines This update covers what moved, what companies announced, and where transactions stand for the two-week period 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 Human Resource and Employment Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Hiring Intentions Cooled and the Market Took Gross Profit Risk Back Out of the Sector

   This slide summarizes the two-week period's market reaction and hiring-demand signals in one page.

   Ten of the thirteen names we cover fell over the period, with the sector's median move at -3.5% against a +0.8% return for the S&P 500, so the pressure was sector-specific. HireQuest, Inc. (HQI) bucked the trend, returning +22.2%, while Korn Ferry (KFY), Insperity, Inc. (NSP) and TriNet Group, Inc. (TNET) carried the steepest declines. Companies used the window to publish demand reads rather than guidance, and no new transactions priced against the standing 7.7x precedent median. For us, that combination says the market is repricing near-term hiring risk, not the sector's structural earnings power.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Hiring Intentions Cooled and the Market Took Gross Profit Risk Back Out of the Sector The two-week period in one page · 13 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. Human Resource and Employment Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Sector Gave Ground While the Broad Market Held 10 of 13 covered names fell; the median move was -3.5%. The S&P 500 returned +0.8% over the same two-week period, so the pressure was sector-specific rather than market-wide. 2 One Premium-Tier Small Cap Ran the Other Way HireQuest, Inc. (HQI) returned +22.2% over the window, with its strongest single day of +7.2% on Sep 23. It was one of only 3 covered names to finish higher. 3 Administered Employment and Search Took the Hardest Marks Korn Ferry (KFY) fell -9.0%, Insperity, Inc. (NSP) fell -7.9% and TriNet Group, Inc. (TNET) fell -7.7%, each below the -3.5% median for covered names. 4 Companies Spent the Period Publishing Demand Reads, Not Guidance ManpowerGroup Inc. (MAN) put the tech Net Employment Outlook at 37% for Q4 in both its global and U.S. Experis releases, and Robert Half Inc. (RHI) reported 55% of Gen Z workers plan to look for a new job by year-end. +22.2% Best mover — HireQuest, Inc. (HQI) worst: KFY -9.0% · 3 up / 10 down of 13 covered -3.5% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Name Re-Rated, the Rest of the Cohort Paid for a Cooler Demand Read

   This slide details each covered name's close-to-close move and the filings or headlines linked to the largest ones.

   HireQuest, Inc. (HQI) re-rated higher, returning +22.2% with its strongest single day at +7.2% on Sep 23, while the rest of the cohort absorbed a cooler demand read. Korn Ferry (KFY) fell -9.0%, Insperity, Inc. (NSP) fell -7.9% and TriNet Group, Inc. (TNET) fell -7.7%, each well below the sector's -3.5% median. Against a +0.8% S&P 500 return and a materiality bar of 7.6%, these moves sit outside normal sector noise. So what: the dispersion tells us the market is separating administered-employment and search exposure from the rest of the group.

   Everything on this page

   PUBLIC MARKET MOVERS One Name Re-Rated, the Rest of the Cohort Paid for a Cooler Demand Read Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.5% · S&P 500 +0.8% · materiality bar ±7.6% (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. Human Resource and Employment Services 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 -3.5% HireQuest, Inc. (HQI) +22.2% Shares moved following Zacks commentary on Sep 28 that flagged a 6.9% single-session jump and named HireQuest among three staffing names positioned for flexible work demand; no in-window filing accompanied the move. A Premium-tier small cap can re-rate on demand commentary alone while the rest of the cohort drifts lower. COMPANY-SPECIFIC Korn Ferry (KFY) -9.0% No notable in-window news was identified that clearly explains the move. At -9.0%, it finished furthest from the -3.5% median among covered names. Search-led books carry the most visible beta to perm fee flow when hiring intentions soften. UNEXPLAINED Insperity, Inc. (NSP) -7.9% No notable in-window news was identified that clearly explains the move. The -7.9% return sat below the -3.5% median for covered names. Discount-tier positioning leaves little cushion when worksite employee growth expectations are questioned. UNEXPLAINED TriNet Group, Inc. (TNET) -7.7% No notable in-window news was identified that clearly explains the move. The -7.7% return sat below the -3.5% median for covered names. Co-employment books get marked against hiring conditions as much as against anything they announce. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Spent the Period Publishing What They See in Req Flow

   This slide lists the period's highest-impact company announcements and why each matters.

   ManpowerGroup Inc. (MAN) reported a tech Net Employment Outlook of 37% for Q4 across both its global and U.S. Experis releases, a clear signal on near-term technical hiring demand. Robert Half Inc. (RHI) added color on candidate behavior, reporting that 55% of Gen Z workers plan to look for a new job by year-end. Together these releases describe a market that is filtering demand rather than shutting it off. So what: for operators, that means redeployment speed and candidate retention become the levers that separate winners from the rest of the cohort this period.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Period Publishing What They See in Req Flow 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. Human Resource and Employment Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 22 · NEWS · PRNewsWire ManpowerGroup put U.S. Q4 tech hiring intentions at 37% in its latest Experis Tech Talent Outlook The release sets contract IT req flow expectations into Q4 and ties employer demand to AI literacy alongside human skills. Our read: mix, not volume, is what the outlook is pointing at. Specialty IT desks should plan around skills-led demand rather than broad requisition volume. Sep 17 · NEWS · PRNewsWire ManpowerGroup published its 2025-2026 sustainability report on skills access and responsible AI governance Governance around AI use in sourcing is moving into the buyer conversation for large programme relationships. The report signals where the company wants to be judged on that. Large clients increasingly diligence how candidates are sourced, not only what they cost. Sep 15 · NEWS · PRNewsWire ManpowerGroup reported global tech hiring intentions steady at 37% for Q4 A steady global reading alongside a moderating U.S. one says the pressure is regional rather than universal. Geographic spread in a contract book matters more when the two diverge. Diversified geographic coverage is doing real work in the current demand picture. Sep 24 · NEWS · Business Wire Acadia Pharmaceuticals Announces Phase 3 Enabling Topline Results from Phase 2 RADIANT Study of Remlifanserin for the Treatment of Alzheimer's Disease Psychosis SAN DIEGO--(BUSINESS WIRE)--Acadia Pharmaceuticals Inc. (Nasdaq: ACAD) today announced Phase 3 enabling topline results from the Phase 2 portion of the ongoing RADIANT clinical trial program evaluating remlifanserin for the treatment of hallucinations and delu Sep 23 · NEWS · PRNewsWire Manpower named a Star Performer and Leader across three Everest Group contingent talent PEAK Matrix Third-party positioning in contingent programme work is currency in MSP and VMS selection. It signals where the company believes its programme relationships are defensible. Programme embeddedness, not placement volume, is where the larger groups are competing. Sep 23 · NEWS · Business Wire Insperity said its HRScale solution extended Workday technology reach with service-enabled HR delivery It shows administered employment reaching upmarket by pairing platform technology with service. Our read: this is the clearest statement in the window on client mix ambition. The line between software-led HCM and administered employment keeps thinning.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Sat Out the Period and the Precedent Record Kept the Anchor

   This slide reviews the precedent transaction record and confirms no new deals priced during the window.

   No new transactions landed in the two-week period, so the trailing record of 40 precedent transactions still sets the anchor at a 7.7x EV/LTM EBITDA median. That multiple sits below the standing study's 8.2x CY2027E sector median, a gap that has held steady rather than closed. So what: with no fresh print to reset the anchor, acquirers underwriting new processes are still working off the same reference set as the prior period.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Buyers Sat Out the Period and the Precedent Record Kept the Anchor September 14–28, 2026 · precedent transactions: 40 recorded deals · median 7.7x 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. Human Resource and Employment Services 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 of 40 precedent transactions continues to price at a median of 7.7x EV/EBITDA, which remains the reference point buyers work from. 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. 40 Recorded precedent transactions the reference set buyers and sellers price against 7.7x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for Operators, Buyers and Advisors

   This slide translates the period's evidence into operating, acquiring and advisory implications.

   For operators, a 37% Q4 tech hiring outlook keeps the focus on gross profit per desk, bill-pay spread, assignment length and worksite employee retention. For acquirers, the reference set is unchanged — the trailing 40 precedent transactions at a 7.7x median EV/EBITDA still anchor pricing against the standing 8.2x CY2027E sector median. For advisors, the period's evidence argues for leading with earnings quality: a cooler demand read from ManpowerGroup, steady candidate mobility from Robert Half, and a cohort where 10 of 13 covered names fell. So what: each audience is working from the same two-week evidence base, just applying it to a different decision.

   Everything on this page

   WHAT IT MEANS What This Two-Week 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. Human Resource and Employment Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 8.2x 14 companies in the study 3 valuation tiers Standing thesis: Human Resource and Employment Services split between generalist staffing and adjacent recurring models FOR OWNERS & OPERATORS Protect the Spread and the Redeployment Machinery With hiring intentions reported at 37% for Q4 tech, the levers that hold value are gross profit per desk, the spread between bill rate and pay rate, average assignment length and redeployment, temp-to-perm conversion, and worksite employee retention. FOR ACQUIRERS The Reference Set Is Unchanged This Period No new transactions were recorded, so the trailing set of 40 precedent transactions at a 7.7x median EV/EBITDA still sets the anchor, against the standing study's 8.2x CY2027E sector median. FOR ADVISORS Lead with Earnings Quality, Not Cycle Optimism The period's evidence is a cooler demand read from ManpowerGroup and ADP, steady candidate mobility from Robert Half, and a cohort where 10 of 13 covered names fell.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure in the update.

   Every figure in this update ties back to SEC filings, consensus estimates or market prices recorded within the window, with driver attributions written in calibrated language rather than asserted causation. We link each event to its underlying source so you can verify the record yourself. So what: this discipline means you can rely on the read here as a starting point for diligence, not just a headline.

   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. Human Resource and Employment Services 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_20260929T073541Z_399_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: prnewswire.com · businesswire.com

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