Industrial Robotics and Automation 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 ROBOTICS AND AUTOMATION

Service Reach and Software Attach Carry the Sector's Gains

This update covers industry events, company news and transaction activity in Industrial Robotics and Automation 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

Industrial Robotics and Automation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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The analyst’s walkthrough of the deck, page by page.

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

   INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL ROBOTICS AND AUTOMATION

   This is the cover slide introducing the September 14–28, 2026 Industrial Robotics and Automation bi-weekly update.

   This bi-weekly update covers what changed, who moved and most likely why, what transacted, and what it means for Industrial Robotics and Automation over September 14–28, 2026. We'll walk through market movers, major announcements, the deal record, and the implications for operators, buyers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › INDUSTRIAL ROBOTICS AND AUTOMATION Service Reach and Software Attach Carry the Sector's Gains This update covers industry events, company news and transaction activity in Industrial Robotics and Automation 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 Industrial Robotics and Automation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Operating Announcements, Not Transactions, Set the Direction of the Period

   This slide summarizes the two-week period: market moves, the absence of new transactions, and the standing sector valuation view.

   Six of the eight covered names rose over the period, with a median move of +1.2%, ahead of the S&P 500's +0.8% — so the sector's gains were broad, not concentrated in a single name. Emerson Electric Co. (EMR) led at +7.5% and Rockwell Automation, Inc. (ROK) followed at +3.0%, both carrying in-window announcements about service footprint and the software and cyber layer around installed equipment. No material sector transactions were announced in the period, so the pricing reference set for automation assets carries forward unchanged into the fourth quarter. None of this challenges our standing view of the sector, where the median CY2026E EV/EBITDA sits at 18.0x — so the news flow this period reinforces rather than revises the thesis.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Operating Announcements, Not Transactions, Set the Direction of the Period The two-week period in one page · 8 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 Robotics and Automation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 8 Covered Names Rose; The Median Move Was +1.2% The covered set outpaced the S&P 500, which returned +0.8% over the same two-week period. Gains were broad rather than concentrated in one name. 2 Emerson Electric Co. (EMR) Led the Set at +7.5% Emerson Electric Co. (EMR) returned +7.5% and Rockwell Automation, Inc. (ROK) returned +3.0%. Both sat above the median move of +1.2%, and both carried in-window announcements about service footprint and the software and cyber layer around installed equipment. 3 The Transaction Record Added Nothing New This Period No material sector transactions were announced during the period, so the pricing reference set for automation assets is unchanged going into the fourth quarter. 4 The Period Is Consistent with NeuraCap's Standing Sector View The standing lens is CY2026E EV/EBITDA with a sector median of 18.0x, with a Premium tier at a 43.3x median and a Discount tier at 9.7x. Nothing in the two weeks challenges that frame; the news flow pointed at annuity and software attach, which is where the standing thesis says the price sits. +7.5% Best mover — Emerson Electric Co. (EMR) worst: RR -3.7% · 6 up / 2 down of 8 covered +1.2% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   The Gainers Talked About Service and Software, Not Units Shipped

   This slide details the individual stock price moves in the covered set for the two-week period, ranked against the sector median and market.

   Emerson Electric Co. (EMR) and Rockwell Automation, Inc. (ROK) were the standout gainers at +7.5% and +3.0%, respectively, well above the sector median move of +1.2% and the S&P 500's +0.8%. Both moves carried in-window attribution to service and software announcements rather than to units-shipped news — so the market is pricing service reach and software attach over volume. We hold to a 2.5% materiality bar, sector-relative, and these two names cleared it with room to spare, marking them as the period's read-through for where investor attention is going.

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   PUBLIC MARKET MOVERS The Gainers Talked About Service and Software, Not Units Shipped Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median +1.2% · S&P 500 +0.8% · materiality bar ±2.5% (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 Robotics and Automation 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 +1.2% Emerson Electric Co. (EMR) +7.5% Shares moved over a window that included the announced automation solutions service center and certified flow calibration lab in Qatar on Sep 21, and a Barron's list of AI-linked industrial names on Sep 25. Adding service and calibration capacity near the installed base is being read as aftermarket attach, not as capacity cost. COMPANY-SPECIFIC Rockwell Automation, Inc. (ROK) +3.0% Shares moved following two announcements: joining an initiative on AI-enabled cyber defense for industrial critical infrastructure on Sep 15, and a Sep 22 global study on cybersecurity risk in industrial operations. A Premium-tier name is anchoring its story on the software and security layer sitting on top of controls, not on hardware volume. COMPANY-SPECIFIC Richtech Robotics Inc. Class B Common Stock (RR) -3.7% No notable in-window news was identified that clearly explains the move. Richtech Robotics Inc. Class B Common Stock (RR) returned -3.7% against a median move of +1.2%. Smaller deployment-stage names still trade on flows more than on disclosed operating milestones. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: Footprint, Cyber and the Layer Above the Machine

   This slide catalogs the two-week period's highest-impact company events, linked to the underlying filing or article, spanning footprint, cybersecurity and software.

   The highest-impact events of the period center on footprint expansion, cyber posture and the software layer sitting above the installed base of machines, rather than on new equipment volume. Each event on this page links back to its source filing or article, and every 'why it matters' read is ours, built from the recorded evidence rather than the headline alone. So what: this is the operating evidence behind the market moves we just walked through, and it points the same direction — annuity and software content, not units shipped.

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   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: Footprint, Cyber and the Layer Above the Machine 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 Robotics and Automation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · PRNewsWire Dover's Markem-Imaje launched CoLOS 2D Activate and 2D Engage for connected consumer packaging Dover Corporation (DOV) is extending marking and coding hardware into a data layer that the customer uses after installation. That is the standard-product-plus-software path the sector's higher-rated names are following. Content per line rises fastest when the software sits on equipment the customer already runs. Sep 22 · NEWS · PRNewsWire Rockwell published a global study finding cybersecurity risk is a top growth obstacle for industrial firms The study frames rising operational technology risk as a spending driver, which supports the case for software and service content attached to installed controls. Expect more customer budget conversations to start with risk and validation rather than with throughput. Sep 21 · NEWS · PRNewsWire Emerson to build an automation service center and certified flow calibration lab in Qatar Emerson Electric Co. (EMR) is putting service and calibration capacity next to regional customers, which is the mechanism behind spares, service contracts and retrofit work. Service footprint near the installed base is becoming a stated part of the growth story, not a support cost. Sep 16 · NEWS · PRNewsWire Dover set the date for its third quarter 2026 earnings release, conference call and webcast It puts a near-term checkpoint on the calendar for a Core-tier name, where order intake and backlog conversion will be the numbers that matter. Third quarter prints are the period's next real test of book-to-bill across the set. Sep 25 · NEWS · Barrons Emerson Electric named among AI-linked industrial stocks in a Barron's round-up on Sep 25 Third-party coverage placed Emerson Electric Co. (EMR) and Dover Corporation (DOV) in the AI-adjacent industrial cohort, which is one way the market is currently sorting this sector. How a name is categorised by the market increasingly shapes the multiple it is measured against. Sep 24 · NEWS · Business Wire Rockwell Automation announced role transitions across global sales and its intelligent devices leadership Leadership changes in sales and devices signal where a Premium-tier name intends to put commercial focus. NeuraCap reads it as attention on channel and product mix rather than a change in direction. Commercial organisation design is a visible lever on order intake and aftermarket attach.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Two Weeks for Transactions, with the Reference Set Unchanged

   This slide reports on M&A activity in the window and confirms the precedent transaction reference set is unchanged.

   No material sector transactions were announced during September 14–28, 2026, so the standing precedent set of 40 recorded deals carries forward unchanged. We do not re-present older transactions as period news, so a quiet two weeks here means exactly that — the pricing reference for automation assets hasn't moved. So what: buyers and advisors underwriting a deal today anchor to the same multiples they had two weeks ago.

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   M&A & STRATEGIC ACTIVITY A Quiet Two Weeks for Transactions, with the Reference Set Unchanged September 14–28, 2026 · precedent transactions: 40 recorded deals 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 Robotics and Automation 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 standing reference set is therefore unchanged: a CY2026E EV/EBITDA sector median of 18.0x across a universe of 8 names, with the Core tier spanning 11.5x–21.4x. 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

6. 06
   WHAT IT MEANS

   What the Two Weeks Change for Operators, Buyers and Advisors

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

   For owners and operators, the market rewarded annuity and software content over announcements of shipped volume, so the operating lesson is to lead with service and attach in the next update. For acquirers, no new transactions were announced, so diligence anchors — normalised EBITDA, bid margin held to completion, and order-book conversion — stay exactly where they were. For advisors, the concrete evidence to bring to clients is the service and software-attach activity seen in the window, including Emerson Electric Co. (EMR) building service and calibration capacity. So what: the two weeks didn't change the sector's price-setting logic, they confirmed it.

   Everything on this page

   WHAT IT MEANS What the Two Weeks Change 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 Robotics and Automation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2026E) median 18.0x 8 companies in the study 3 valuation tiers Standing thesis: In Industrial Robotics and Automation, the Higher Prices Sit With the Faster-Growing Machinery and Cell Builders FOR OWNERS & OPERATORS The Market Rewarded Annuity, Not Announcements of Volume Companies in the space traded higher over the period, and the names that led paired their news with service footprint and the software layer above the machine. FOR ACQUIRERS No New Precedent to Reprice Against With no transactions announced in the window, the reference set for automation assets is unchanged and diligence anchors stay where they were: normalised EBITDA, bid margin held to completion, and what the order book actually converts. FOR ADVISORS Lead with the Annuity and Software-Attach Evidence The theme of the two weeks is repeatable service and software content attached to installed equipment. The evidence to lead with is concrete: Emerson Electric Co. (EMR) building service and calibration capacity in Qatar, Rockwell Automation, Inc.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update's figures and calibrated-language claims.

   Every figure in this update links back to the record it was taken from — filings, publisher-sourced news, and market prices through September 28, 2026. Driver attributions and 'why it matters' reads are calibrated interpretations of that recorded evidence, not asserted causation. So what: readers can verify every number and every claim back to its source before acting on it.

   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 Robotics and Automation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T054228Z_375_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 · barrons.com · businesswire.com

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