Industrial Machinery and Components Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL MACHINERY AND COMPONENTS

Portfolio Reshaping Leads While Order Books Do the Arguing

This update covers what moved, what companies announced, and what changed in M&A across industrial machinery and components from 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

Industrial Machinery and Components 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 › CAPITAL GOODS › INDUSTRIAL MACHINERY AND COMPONENTS

   This is the cover page introducing the bi-weekly industry events and M&A update for Industrial Machinery and Components covering September 14–28, 2026.

   We open this bi-weekly update on Industrial Machinery and Components, covering September 14–28, 2026. Over the next pages we walk through what moved, what companies announced, and what changed in M&A. So what: clients get a compact read on the two weeks that matter before the next one begins.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL MACHINERY AND COMPONENTS Portfolio Reshaping Leads While Order Books Do the Arguing This update covers what moved, what companies announced, and what changed in M&A across industrial machinery and components from 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 Industrial Machinery and Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Quiet Set of Prices, a Busy Set of Corporate Actions

   This slide summarizes the two-week period: share prices were mostly softer while corporate actions were active.

   We show that six of nine covered names fell over the window, with a median move of -0.4% against the S&P 500's +0.8%. Corporate actions were busier than the price action suggests, from a divestiture agreement to order intake in rail. We read this as a period where corporate decisions mattered more than the index. So what: clients should look past a quiet tape to the underlying moves shaping competitive positioning.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Quiet Set of Prices, a Busy Set of Corporate Actions 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. Industrial Machinery and Components 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 -0.4% The S&P 500 returned +0.8% over the same window. The spread inside the set was wide: SCHMID Group N.V. Class A Ordinary Shares (SHMD) gained +38.2% while LCI Industries (LCII) fell -5.2%. 2 One Agreed Divestiture Entered the Record Titan International, Inc. (TWI) signed a definitive agreement to sell its ITM business to an Italian buyer. No new precedent transactions closed in the window; the trailing median across 40 precedent transactions stands at 10.4x EV/EBITDA. 3 Order Intake Still Converts in Rail The Greenbrier Companies, Inc. (GBX) announced fiscal fourth-quarter railcar orders, including its first intermodal units for an international customer. The NeuraCap read: fleet renewal demand is still turning into firm order intake. 4 The Two Ends of the Market Remain Far Apart NeuraCap's standing sector view puts the Premium tier median at 27.4x against 7.1x for the Discount tier, on a 10.0x sector median for CY2027E EV/EBITDA. The period's moves sit comfortably inside that split rather than challenging it. +38.2% Best mover — SHMD worst: LCII -5.2% · 3 up / 6 down of 9 covered -0.4% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record

3. 03
   PUBLIC MARKET MOVERS

   Technology Read-Through, Domestic Content, and a Pending All-Stock Sale

   This slide details the two-week share price moves across the covered names and links them to recorded drivers where evidence exists.

   We walk through the two-week close-to-close moves against a sector median of -0.4% and a materiality bar of ±3.4%. SCHMID Group gained +38.2%, the standout move in the set, while LCI Industries fell -5.2%. Each move is tied only to filings and headlines recorded in the window; where no driver is recorded, we say so plainly. So what: clients get a disciplined read on which moves are explained by evidence and which remain open questions.

   Everything on this page

   PUBLIC MARKET MOVERS Technology Read-Through, Domestic Content, and a Pending All-Stock Sale Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -0.4% · S&P 500 +0.8% · materiality bar ±3.4% (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. Industrial Machinery and Components 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 -0.4% SCHMID Group N.V. Class A Ordinary Shares (SHMD) +38.2% Shares moved following reporting that advanced chipmakers are weighing glass substrate technology, cited in Sep 28 coverage of the stock. The largest single day came earlier, on Sep 25 at +20.7%, consistent with a run into that coverage. An end-market technology shift can re-rate an equipment supplier well before it shows up in order intake. COMPANY-SPECIFIC Lincoln Electric Holdings, Inc. (LECO) +7.9% Lincoln Electric Holdings, Inc. (LECO) announced on Sep 23 that it was the first EV supply equipment maker to earn NEMA's Make It American BABA product certification. Domestic-content qualification is becoming a spec-in advantage for a Premium-tier name, not a compliance box. COMPANY-SPECIFIC LCI Industries (LCII) -5.2% A Sep 26 release announced a law firm review of whether shareholders are receiving a fair price in the pending all-stock sale of LCI Industries. Shares fell -5.2%, with the weakest day earlier, on Sep 23 at -3.3%. Once a sale is agreed in stock, the price question for a Discount-tier target becomes the buyer's currency. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Orders Booked, a Business Sold, a Legacy Liability Decided

   This slide lists the two-week period's highest-impact events, including new orders, a business sale, and a legacy liability decided.

   We highlight the events that mattered most in the window, from booked orders to a divested business line to a resolved legacy liability. Every 'why it matters' line is a NeuraCap read tied to its source, drawn from filings and established outlets. So what: this page gives clients the highest-signal news of the period without the noise.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Orders Booked, a Business Sold, a Legacy Liability Decided 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. Industrial Machinery and Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 22 · NEWS · PRNewsWire Greenbrier books fiscal fourth-quarter railcar orders, including first intermodal units abroad Order intake leads revenue in railcar, and a block of this size supports backlog coverage into the next build year. Backlog coverage and cancellability, not the last printed quarter, are what buyers underwrite in this end market. Sep 21 · NEWS · PRNewsWire Titan International agrees to sell its ITM business to an Italian buyer A definitive agreement to divest ITM narrows Titan toward its core off-highway wheels and tires. The NeuraCap read: corporate portfolio reshaping was the period's most active source of transaction supply. Carve-outs sell into a narrower buyer set and price on structure as much as on multiple. Sep 21 · NEWS · Business Wire A South Carolina court found ESAB responsible for historical Cape Asbestos operations Legacy product-liability exposure is a standing diligence item in welding and fabrication, and indemnities on it customarily outlive the general representations. Legacy liability gets handled in the structure of a deal, not argued out of the multiple. Sep 15 · NEWS · PRNewsWire LCI Industries selects an AI-native partner for its supply chain planning Planning accuracy feeds inventory days and working capital turns, the KPIs that decide cash conversion in a components business. Inventory days and dealer channel weeks are where component suppliers earn or lose the cycle. Sep 26 · NEWS · Business Wire A law firm announced a review of the price shareholders receive in LCI Industries' pending sale Reviews of this kind are a routine feature of agreed all-stock deals, and they keep the exchange terms in public view while the transaction runs. The NeuraCap read: the debate shifts from asset quality to relative value. In stock-for-stock deals the agreed terms open the price conversation rather than close it. Sep 23 · NEWS · Business Wire Lincoln Electric earns NEMA's Make It American BABA certification for EV charging equipment Product-level domestic-content certification supports a spec-in position with buyers governed by content rules. The NeuraCap read: qualification attaches to engineered content per unit, not to tonnage conversion. Qualified, engineered content is the part of the mix the market has been paying up for.

5. 05
   M&A & STRATEGIC ACTIVITY

   Titan Agrees to Sell ITM as Portfolio Reshaping Supplies the Period's Deal Flow

   This slide covers the period's one agreed divestiture and situates it against 40 recorded precedent transactions at a 10.4x median.

   We detail Titan International's agreement to sell its ITM business, the period's single agreed deal by company announcement. Against a backdrop of 40 recorded precedent transactions with a 10.4x EV/LTM EBITDA median, this divestiture reads as portfolio reshaping rather than a shift in deal multiples. So what: clients evaluating carve-outs get a current reference point against the standing precedent set.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Titan Agrees to Sell ITM as Portfolio Reshaping Supplies the Period's Deal Flow September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals · median 10.4x 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. Industrial Machinery and Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 21 · Titan International, Inc. (TWI) Titan International signs a definitive agreement to sell its ITM business to an Italian acquirer This is a strategic divesting a non-core line rather than a platform changing hands, with a cross-border buyer underwriting it. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against 10.4x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

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

   This slide translates the two-week period into observations for operators, buyers, and advisors.

   We translate the period for three audiences: operators, where mix and order intake carried the winners; acquirers, where carve-outs are where the supply is; and advisors, where the standing split between premium and discount tiers still frames the conversation. These are observations, not recommendations. So what: each audience leaves with a specific read on where the two weeks change their calculus.

   Everything on this page

   WHAT IT MEANS What the 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. Industrial Machinery and Components Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 10.0x 10 companies in the study 3 valuation tiers Standing thesis: Industrial Machinery Splits Between General-Purpose Builders and Adjacent Models FOR OWNERS & OPERATORS Mix and Order Intake Carried the Winners Companies in the space that turned end-market shifts and qualified content into firm demand traded higher over the two-week period. FOR ACQUIRERS Carve-Outs Are Where the Supply Is One agreed divestiture entered the record and no new precedent transactions closed during the two-week period. FOR ADVISORS Lead with Mix, Then with the Cycle The window extends the standing view that this sector splits between general-purpose builders and adjacent models: the Premium tier median sits at 27.4x against 7.1x for the Discount tier, on a 10.0x sector median for CY2027E EV/EBITDA.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

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

   We source every figure in this update to a recorded filing, publisher article, or market data point through 2026-09-28. Attribution language is calibrated to reflect what the evidence supports, distinguishing recorded fact from NeuraCap's read. So what: clients can rely on this record when using these figures in their own analysis.

   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. Industrial Machinery and Components 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. 1 name below the floor was 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_20260928T114441Z_369_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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