Industrial Machinery and Components Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL MACHINERY AND COMPONENTS

Industrial Machinery: Durability Travels with Premiums

This report shows where market value separates and which operating priorities can strengthen a company’s standing.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL MACHINERY AND COMPONENTS

   Cover slide introducing the Industrial Machinery and Components sector outlook as of September 2026.

   We present NeuraCap's September 2026 outlook on Industrial Machinery and Components, built on EV/EBITDA (CY2027E) as the primary valuation basis. This sets up the sector's split between general-purpose builders and adjacent models that follows.

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   INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL MACHINERY AND COMPONENTS Industrial Machinery: Durability Travels with Premiums This report shows where market value separates and which operating priorities can strengthen a company’s standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix.

   We walk through five sections — the bottom line, the landscape, valuation and situations, precedent transactions, and strategic implications — plus a full appendix. We put the bottom line first so a reader who stops after section one still leaves with the complete story. That structure lets you go as deep as you need, so what matters is easy to find fast.

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   CONTENTS What This Report Covers 01 The Bottom Line Industrial Machinery Contains Two Broad Models, with Wide Valuation Differences Inside Both 02 The Landscape The Sector Label Spans Machinery Builders and Adjacent Models with Different Value Stories 03 Valuation & Situations The Premium End Sits Well Above the Discount End, Even on Forward Earnings 04 Precedent Transactions Agreed Transaction Values Show Strategic Interest Across Several Industrial Models 05 Strategic Implications A Sharper Mix and More Durable Earnings Can Improve How the Market Reads the Business 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Industrial Machinery Splits Between General-Purpose Builders and Adjacent Models

   This slide summarizes the sector's split between general-purpose builders and adjacent operating models.

   We show that Industrial Machinery and Components divides into general-purpose builders and adjacent models, each with its own value story. Six of ten companies carry a forward EV/EBITDA (CY2027E) estimate, and the middle of that range sits at 10.0x. The premium end reaches 27.4x versus 7.1x at the discount end, a gap that survives even after forecast growth is priced in. So what: owners need to know which side of that gap their business sits on before setting the next twelve months' priorities.

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   01 · THE BOTTOM LINE Industrial Machinery Splits Between General-Purpose Builders 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 (6 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Forward Earnings Provide a Practical Valuation Lens 6 of 10 companies carry a forward EV / EBITDA estimate, and the middle of that range is 10.0x. The measure fits a sector where plant intensity and depreciation differ, while reported forward EBITDA supports an earnings-based view. 2 The Two Ends of the Market Are Far Apart The premium end stands at 27.4x, compared with 7.1x at the discount end. Because these are forward multiples, the spread remains after forecast earnings growth is already credited. 3 Faster Growth Sits Alongside Higher Forward Pricing On the six companies with a forward EV / EBITDA estimate and growth data, the three at or above the growth split carry 12.1x, versus 7.9x for the other three. The small base makes this a directional observation rather than a sector-wide rule. 4 The Premium Sits Alongside Different Operating Profiles Lincoln Electric Holdings, Inc. (LECO) and Sono-Tek Corporation (SOTK) both sit at the premium end despite different margin profiles. Owners therefore need to show how installed base, aftermarket attach, spec'd-in content and price/cost discipline support durable earnings. 10.0x Sector median EV/EBITDA CY2027E consensus · 6 rated of 10 companies 27.4x Premium end EV/EBITDA vs 7.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 28 Transactions with disclosed terms 88 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing the section on how the sector label spans different business models.

   The industrial machinery label covers businesses with very different installed base, aftermarket exposure and end-market positions. We use this section to show why the shared label hides different value stories.

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   SECTION 02 02 THE LANDSCAPE The Sector Label Spans Machinery Builders and Adjacent Models with Different Value Stories Installed base, aftermarket exposure and end-market position matter more than the shared label. 02 of 06 Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Equal-Sized Groups Mask Different Routes to Durable Earnings

   This slide groups the ten approved companies by business segment and shows each group's median EV/EBITDA (CY2027E).

   We group the ten approved companies by business segment and compare median forward valuation across groups. Equal-sized groups can still carry very different value stories once installed base and aftermarket exposure are factored in. This view helps separate the segments the market is willing to pay up for from those it is not, so what follows builds on where each group actually sits.

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   02 · MARKET MAP Equal-Sized Groups Mask Different Routes to Durable Earnings 10 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. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 GENERAL-PURPOSE INDUSTRIAL MACHINERY BUILDERS 5 cos median 12.1x ESAB Kadant (KAI) SCHMID Group (SHMD) Hurco Companies (HURC) Sono-Tek (SOTK) This group represents 50% of the peer set and puts backlog conversion, installed base and aftermarket attach at the centre of the value story. ADJACENT MODELS 5 cos median 7.9x Lincoln Electric (LECO) LCI Industries (LCII) The Greenbrier (GBX) Titan (TWI) NLI Holdings (NL) This group represents 50% of the peer set and spans components, rail, tooling and off-highway exposure with different cycle and customer dynamics.

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   02 · LANDSCAPE

   Shared Industrial Exposure Does Not Create a Shared Value Story

   This slide details what each segment does and why its valuation differs, using rated names only.

   We break down what each segment does and connect that to why its forward valuation differs from its peers. Shared industrial exposure does not create a shared value story once business mix is accounted for. Full company-level detail sits in the appendix for anyone who wants to trace a specific name, so this page is the fast read on segment-level differences.

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   02 · LANDSCAPE Shared Industrial Exposure Does Not Create a Shared Value Story 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. Industrial Machinery and Components 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 General-purpose industrial machinery builders 5 50% 12.1x ESAB Corporation (ESAB) · Kadant Inc. (KAI) · +3 more Installed base shapes resilience. These businesses sell machinery into industrial applications, where backlog conversion sets near-term delivery and aftermarket or consumables pull-through can support earnings through the cycle. Adjacent models 5 50% 7.9x Lincoln Electric Holdings, Inc. (LECO) · LCI Industries (LCII) · +3 more End markets reshape the cycle. The adjacent set includes tooling, engineered components, rail operations, security hardware and off-highway machinery, creating different exposure to replacement demand, platform content and channel conditions.

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   SECTION 03

   03

   Divider introducing the section on public market valuation and operating situations.

   The premium end of the market sits well above the discount end, even after forecast earnings growth is credited. We use this section to unpack that spread and the operating choices behind it.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Sits Well Above the Discount End, Even on Forward Earnings That spread remains after forecast growth is already reflected in the multiple. 03 of 06 Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds a Wide Lead After Forecast Earnings Are Credited

   This slide ranks all six rated companies by EV/EBITDA (CY2027E) against the sector median of 10.0x.

   We rank the rated set from premium to discount on EV/EBITDA (CY2027E), against a sector median of 10.0x. The premium end holds a wide lead even after forecast earnings growth is already credited into the multiple. Tier zones mark where the market draws its own lines inside this rated set. So what: knowing which tier a company sits in frames the conversation about what would move it toward the premium end.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Lead After Forecast Earnings Are Credited EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 10.0x · 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 (6 of 10 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. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 27.4x CORE · median 10.0x DISCOUNT · median 7.1x Sector median 10.0x WHAT SEPARATES THE TWO ENDS The endpoints remain far apart. The premium tier carries 27.4x, while the discount tier carries 7.1x. The range shows that the market does not treat industrial machinery exposure as a single valuation category. Forward pricing raises the bar. CY2027E EV / EBITDA already reflects forecast earnings. A premium that remains on this basis is associated with confidence in the durability of the earnings profile. Different models reach the premium. Sono-Tek Corporation (SOTK) and Lincoln Electric Holdings, Inc. (LECO) reach the premium end with different operating profiles. The common commercial question is how well earnings can hold through order and channel changes.

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   03 · VALUATION DRIVERS

   Higher Growth Sits Alongside Higher Forward Pricing in the Rated Set

   This slide splits the rated set by revenue growth and by margin to see which lines up with forward valuation.

   We split the rated companies into faster- and slower-growth cohorts and into higher- and lower-margin cohorts, each cut at its own median. The faster-growth cohort carries a higher median forward multiple than the slower-growth cohort. This is an association drawn from a small base, not a proven cause, so we treat it as directional. So what: growth appears to travel with pricing in this sample, which matters for how a growth story gets valued.

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   03 · VALUATION DRIVERS Higher Growth Sits Alongside Higher Forward Pricing in the Rated Set 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=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 6% · EBITDA-margin split at 16% Growth Separates the Small Rated Set On the six companies with a forward EV / EBITDA estimate and growth data, the three at or above 6% carry 12.1x, compared with 7.9x for the other three. Margin Alone Does Not Sort Valuation ESAB Corporation (ESAB) shows a 22% margin at 7.6x, while Sono-Tek Corporation (SOTK) shows a 7% margin at 39.3x. In this small set, profitability and valuation do not move in a simple line. Earnings Durability Still Needs Proof Aftermarket attach, consumables pull-through, price/cost performance and decremental margins provide the operating evidence behind a more durable mid-cycle earnings profile.

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    03 · SITUATION MAP

    Margin and Forward Valuation Point to Four Different Operating Agendas

    This slide places rated companies into four groups based on forward valuation versus margin, split at sector medians.

    We cut the rated set on EV/EBITDA against the sector median and on EBITDA margin against the covered median, creating four operating situations. Each quadrant reflects a different combination of pricing and profitability, not a recommendation. This page is meant to characterise where a business sits today, so what an owner does next depends on which quadrant it falls into.

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    03 · SITUATION MAP Margin and Forward Valuation Point to Four Different Operating Agendas Cut on EV / EBITDA vs the sector median (10.0x) (rows) and EBITDA margin vs the covered median (16%) (columns) · 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. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Margin Above-median multiple · above-median EBITDA margin 2 names Lincoln Electric Holdings, Inc. (LECO) · Kadant Inc. (KAI) Lincoln Electric Holdings, Inc. (LECO) and Kadant Inc. (KAI) sit above both benchmarks. Their agenda is to protect margin quality while sustaining the installed-base and aftermarket attributes associated with premium standing. Higher Multiple, Lower Margin Above-median multiple · below-median EBITDA margin 1 names Sono-Tek Corporation (SOTK) Sono-Tek Corporation (SOTK) sits above the valuation benchmark and below the margin benchmark. The operating question is whether growth and application position can translate into stronger earnings without weakening customer momentum. Lower Multiple, Higher Margin Below-median multiple · above-median EBITDA margin 1 names ESAB Corporation (ESAB) ESAB Corporation (ESAB) sits below the valuation benchmark despite an above-benchmark margin. Its agenda is to connect profitability with durable growth, consumables pull-through and confidence in mid-cycle earnings power. Lower Multiple, Lower Margin Below-median multiple · below-median EBITDA margin 2 names LCI Industries (LCII) · Titan International, Inc. (TWI) LCI Industries (LCII) and Titan International, Inc. (TWI) sit below both benchmarks. Their priorities centre on mix, price/cost, cost flexibility and end-market exposure.

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    03 · THE AGENDA

    The Operating Choice Is How to Make Earnings More Durable Through the Cycle

    This slide frames the operating choice as making earnings more durable through the cycle.

    We frame the core operating choice for this sector as making earnings more durable through the cycle, whichever quadrant a company starts from. These are questions an owner or acquirer should work through, grounded in the cohort data shown earlier. They are observations on the data, not recommendations. So what: the same durability questions apply across quadrants, just with different starting points.

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    03 · THE AGENDA The Operating Choice Is How to Make Earnings More Durable Through the Cycle 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. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Aftermarket and Consumables Increase parts, service and consumables pull-through from the installed base, especially where new-equipment demand carries greater cycle exposure. What changes the answer: Choose this path when equipment sales lead the mix and aftermarket attach remains underdeveloped. Protect Price and Cost Flexibility Strengthen price/cost execution, footprint flexibility and decremental margin discipline so earnings can hold better as volume changes. What changes the answer: Choose this path when fixed-cost absorption and input volatility dominate earnings swings. Concentrate on Advantaged Positions Direct capital toward products with spec'd-in content, stronger channel pull or higher content per unit, while reassessing weaker portfolio positions. What changes the answer: Choose this path when portfolio breadth obscures the products and end markets carrying the better economics. Use Acquisitions Selectively Test build-versus-buy where an acquisition can add installed base, channel access, application engineering or adjacent consumables. What changes the answer: Choose this path when organic development would take longer than the available market window.

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    SECTION 04

    04

    Divider introducing the section on precedent transactions in the sector.

    Agreed transaction values in this sector show strategic interest across several industrial models. We use this section to walk through disclosed deal pricing and what it suggests about buyer appetite.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Agreed Transaction Values Show Strategic Interest Across Several Industrial Models Disclosed pricing varies with target mix, earnings profile and strategic fit. 04 of 06 Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay Varied Widely Across the Transaction Record

    This slide walks through three of the twenty-eight disclosed-terms transactions as case studies.

    We highlight three of the twenty-eight disclosed-terms transactions as case studies on what buyers agreed to pay. Disclosed pricing varies widely across the transaction record, reflecting differences in target mix, earnings profile and strategic fit. Deal multiples are measured on LTM financials at announcement, so they are not directly comparable to the CY2027E public basis and we draw no spread between them. So what: the record shows real strategic appetite across several industrial models, which frames what a seller or acquirer can expect to negotiate.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay Varied Widely Across the Transaction Record 3 of 28 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. 82 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. 60 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. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jun-2026 $6.6B Patrick Industries, Inc. Patrick Industries, Inc. agreed to acquire LCI Industries in a scaled platform combination. EV / LTM revenue 1.6x EV / LTM EBITDA 15.9x WHY THE DEAL HAPPENED The transaction suggests interest in engineered components already serving recreational vehicle OEM platforms. That positioning can offer customer access and spec'd-in content within an established end market. HOW THE TARGET WAS VALUED The pending transaction values LCI Industries at $6.6B, equal to 1.6x revenue and 15.9x EBITDA. The earnings multiple stands above the completed Leggett & Platt, Incorporated reference. Apr-2026 $4.2B Somnigroup International Inc. Somnigroup International Inc. completed its acquisition of Leggett & Platt, Incorporated. EV / LTM revenue 1.1x EV / LTM EBITDA 11.2x WHY THE DEAL HAPPENED The transaction suggests strategic interest in a scaled industrial and components platform. The combination also points to the relevance of customer reach and established product positions. HOW THE TARGET WAS VALUED The completed transaction values Leggett & Platt, Incorporated at $4.2B, equal to 1.1x revenue and 11.2x EBITDA. It provides a lower earnings reference than the pending LCI Industries transaction. Dec-2023 $4.2B Euronav NV acquires CMB.TECH NV EV / LTM revenue 3.1x EV / LTM EBITDA 4.1x WHY THE DEAL HAPPENED Its selection supports a strategic-fit review within Industrial Machinery and Components. The relevant question is how the buyer and target positions complement one another. HOW THE TARGET WAS VALUED The transaction should be assessed against the disclosed earnings and revenue references in the selected case studies. Its role is to test whether strategic fit changes the appropriate benchmark.

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    SECTION 05

    05

    Divider introducing the section on strategic implications for owners.

    A sharper mix and more durable earnings can improve how the market reads a business. We use this section to lay out what owners can act on: aftermarket density, pricing discipline, cost flexibility and portfolio focus.

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    SECTION 05 05 STRATEGIC IMPLICATIONS A Sharper Mix and More Durable Earnings Can Improve How the Market Reads the Business Owners can act on aftermarket density, pricing discipline, cost flexibility and portfolio focus. 05 of 06 Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Owners Can Strengthen Standing by Making Earnings More Durable and the Portfolio More Focused

    This slide sets out the questions this data puts on the table for owners over the next twelve months.

    We lay out the questions owners should resolve over the next twelve months: how to make the earnings mix harder to disrupt, where to put capital behind advantaged products, and how to set build-versus-buy boundaries. These are NeuraCap views drawn from the analysis, framed as observations rather than instructions. So what: owners who can answer these questions are better positioned to defend or improve their standing in this market.

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    05 · STRATEGIC IMPLICATIONS Owners Can Strengthen Standing by Making Earnings More Durable and the Portfolio More Focused 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. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Make the Earnings Mix Harder to Disrupt Prioritize aftermarket attach, consumables pull-through, price realization and variable cost capacity. These moves can reduce dependence on new-equipment order timing. FOR MANAGEMENT TEAMS Put Capital Behind the Advantaged Products Focus investment on spec'd-in content, application engineering, channel depth and products with stronger content per unit. Reassess businesses where working capital and fixed plant consume returns. FOR BOARDS Set Clear Build-Versus-Buy Boundaries Use portfolio choices to deepen installed base, add aftermarket density or improve geographic alignment. Avoid adding project-led exposure without a clear backlog and margin case.

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    SECTION 06

    06

    Divider introducing the appendix covering the full universe, methodology and sources.

    This section carries the full comparable universe, the valuation methodology, and where each underlying disclosure can be traced. We use it as the reference layer behind every figure shown earlier in the deck.

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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 Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This slide lists all ten approved companies, six rated and four not rated, grouped by valuation tier.

    We show all ten approved companies, with the six rated names grouped by valuation tier against the sector median of 10.0x. The four names without an eligible multiple are listed alongside for completeness. Tickers link to the underlying source for anyone who wants to verify a figure directly. So what: this is the full comparable set behind every multiple used earlier in the deck.

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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 (10.0x); amber marks below · 6 rated companies; 4 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 6 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. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥14.6x · median 27.4x · 2 companies Sono-Tek Corporation SOTK General-purpose industrial machinery builders $64M 39.3x 6% 7% 13 Lincoln Electric Holdings, Inc. LECO Cutting tools, tooling and machine accessories $16.0B 15.4x 6% 21% 27 CORE — 7.7x–14.6x · median 10.0x · 2 companies Kadant Inc. KAI General-purpose industrial machinery builders $3.5B 12.1x 6% 23% 29 Titan International, Inc. TWI Agricultural equipment and off-highway machinery $1.0B 7.9x 4% 7% 11 DISCOUNT — <7.7x · median 7.1x · 2 companies ESAB Corporation ESAB General-purpose industrial machinery builders $5.6B 7.6x 9% 22% 31 LCI Industries LCII Engineered components for recreational vehicle OEM… $3.1B 6.6x 5% 11% 17

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide lists the disclosed-terms precedent transactions, newest first, part one of two.

    We list the disclosed-terms transactions in order, newest first, covering eighteen of the twenty-eight in this tier. Deal multiples are measured on LTM financials at announcement, kept separate from the CY2027E public basis used elsewhere in the deck. So what: this is the primary evidence behind the transaction patterns discussed in section four.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 28 transactions with disclosed terms in this tier (88 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. 82 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. 60 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. 18 of 28 transactions shown; the rest are in the companion workbook. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2026 Double Eagle Acquisition Buyer, Inc. → Luxfer Holdings PLC $494M 1.4x 9.6x Double Eagle Acquisition Buyer, Inc. agreed to acquire Luxfer Holdings PLC at $494M, equal to 1.4x revenue and 9.6x EBITDA. The announced transaction provides both revenue and earnings reference points. Jun-2026 Patrick Industries, Inc. → LCI Industries $6.6B 1.6x 15.9x Patrick Industries, Inc. and LCI Industries represent a pending combination around engineered components for recreational vehicle OEM platforms. The transaction adds a scaled reference for that adjacent model. May-2026 NLI Holdings, Inc. → NL Industries, Inc. $169M 1.1x n/a NLI Holdings, Inc. agreed to acquire NL Industries, Inc. in an announced transaction valued at $169M. The target adds engineered locking and security hardware exposure to the transaction set. Apr-2026 Undisclosed buyer → Federal Industries $70M n/a n/a An Undisclosed buyer completed the acquisition of Federal Industries for $70M. The transaction shows activity below the larger public-company combinations in the set. Apr-2026 Somnigroup International Inc. → Leggett & Platt, Incorporated $4.2B 1.1x 11.2x Somnigroup International Inc. completed its acquisition of Leggett & Platt, Incorporated. The combination provides a disclosed reference across both revenue and earnings. Feb-2026 CRH public limited company → Arcosa Marine Products, Inc. n/a n/a 14.2x CRH public limited company announced the acquisition of Arcosa Marine Products, Inc. at 14.2x EBITDA. The disclosed multiple sits toward the upper end of the transaction references. Feb-2026 CECO Environmental Corp. → Thermon Group Holdings, Inc. $2.3B n/a n/a CECO Environmental Corp. completed its acquisition of Thermon Group Holdings, Inc. at $2.3B. The transaction points to strategic interest in specialized industrial equipment. Oct-2024 Apollo Global Management → Barnes Group Inc. $3.6B n/a n/a Apollo Global Management agreed to acquire Barnes Group Inc. in a pending transaction valued at $3.6B. The deal shows sponsor participation in a scaled industrial platform. Aug-2024 Parsons → BlackSignal n/a 30.4x n/a Parsons announced its acquisition of BlackSignal at 30.4x revenue. That multiple marks the top of the disclosed revenue range in this transaction set.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This slide continues the disclosed-terms precedent transaction list, part two of two.

    We continue the same disclosed-terms transaction list, newest first, completing the eighteen of twenty-eight shown across these two pages. The remaining transactions sit in the companion workbook for anyone who wants the complete record. So what: together these two pages give a client the full disclosed-terms picture behind the deal commentary.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 28 transactions with disclosed terms in this tier (88 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. 82 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. 60 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. 18 of 28 transactions shown; the rest are in the companion workbook. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jan-2024 Apax Partners LLP → Williams Tenders USA n/a n/a 9.1x Dec-2023 Euronav NV → CMB.TECH NV $4.2B 3.1x 4.1x Value shown as recorded in the filing; deal value unit unresolved. May-2023 Alexion Pharmaceuticals, Inc. → Associated Tool Makers Ltd. n/a 4.1x n/a Value shown as recorded in the filing; deal value unit unresolved. Aug-2022 SPX Technologies, Inc. → SPX Corporation $2.7B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jul-2021 Neles → Valmet n/a n/a 20.9x May-2021 AMETEK, Inc. → Nearfield Systems Inc. n/a 2.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2019 Standex International Corporation → Torotel, Inc. $48M 2.0x n/a Value shown as recorded in the filing; deal value unit unresolved. May-2019 Harsco Corporation → Industrial Air-X-Changers business n/a n/a 9.8x Value shown as recorded in the filing; deal value unit unresolved. Nov-2018 AMETEK, Inc. → Telular Corp. n/a 3.2x n/a Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the sources, assumptions and data-quality treatment behind the analysis.

    We set out how this analysis was built, what was excluded, and where each underlying disclosure sits. Every figure links to the record it came from, and where it doesn't, we name the source and the basis on which it was read. So what: this page is the reference a client can use to trace any number back to its source.

    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. Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 10 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 Industrial Machinery and Components and it clears the coverage gate with 6 of 10 companies (60%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 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 6 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 505 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 (504) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Sample, Premium Pricing Sits Alongside Growth and Distinct Operating Profiles.

    Closing slide stating that premium pricing sits alongside growth and distinct operating profiles in this sample.

    In this sample, premium pricing sits alongside growth and distinct operating profiles across the rated set. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further.

    Everything on this page

    In This Sample, Premium Pricing Sits Alongside Growth and Distinct Operating Profiles. NeuraCap AI — Industrial Machinery and Components Coverage September 2026 · Prepared by NeuraCap AI · Confidential Industrial Machinery and Components Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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