Infrastructure Construction 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 › INFRASTRUCTURE CONSTRUCTION

Buyers Reach for Contracted Volume While the Trading Set Marks Time

This update covers Infrastructure Construction for the two-week period of September 14–28, 2026: the movers, the company news and the period's one agreed transaction.

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

Infrastructure Construction Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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

   INDUSTRIALS › CAPITAL GOODS › INFRASTRUCTURE CONSTRUCTION

   Cover slide introducing the Infrastructure Construction bi-weekly update for September 14–28, 2026.

   This report gives you the two-week readout on Infrastructure Construction: what moved, what happened, what was bought, and what it means for your next decision. We'll walk through market moves, company news and the period's one agreed deal, so you leave with a clear read on where the sector stands.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › INFRASTRUCTURE CONSTRUCTION Buyers Reach for Contracted Volume While the Trading Set Marks Time This update covers Infrastructure Construction for the two-week period of September 14–28, 2026: the movers, the company news and the period's one agreed transaction. 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 Infrastructure Construction Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Deals and Bolt-Ons Chase Revenue That Renews While the Trading Set Stays Flat

   Summarizes the two-week bottom line: trading flat, M&A active around contracted revenue.

   Five of the nine covered names fell and the group's median move was -0.1%, a flat two weeks against the S&P 500's +0.8% gain. Sterling Infrastructure led at +5.4% while Shimmick trailed at -9.9%, and the period's one agreed deal — Select Water Solutions' purchase of a contracted Delaware Basin water business — sits against a precedent set with a 9.1x median. Company news pointed to density and channel additions rather than new capacity, and the standing valuation spread between the Core and Premium tiers held. So what: the period rewarded revenue that renews, not revenue that must be rebid.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Deals and Bolt-Ons Chase Revenue That Renews While the Trading Set Stays Flat 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. Infrastructure Construction Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 5 of 9 Covered Names Fell; The Median Move Was -0.1% The set finished close to flat while the S&P 500 returned +0.8%. Sterling Infrastructure, Inc. (STRL) led at +5.4% and Shimmick Corp. (SHIM) trailed at -9.9%. 2 The Period's One Agreed Transaction Is a Contracted-Volume Story Select Water Solutions, Inc. (WTTR) agreed to acquire a private Delaware Basin water midstream business carrying minimum volume commitments and long-term acreage dedications. The trailing record of 18 precedent transactions carries a median of 9.1x EV/EBITDA. 3 Company News Was About Density and Channel, Not New Capacity Construction Partners, Inc. (ROAD) completed an acquisition in the Florida Panhandle and L.B. Foster Company (FSTR) widened its European distribution. Both add reach inside positions these companies already hold. 4 The Window Is Consistent with the Standing View of the Set NeuraCap's sector study puts the CY2027E EV/EBITDA median at 7.6x, with the Core tier at 7.6x and the Premium tier at 12.3x. Nothing in this two-week period challenged that spread between the middle of the set and its top end. +5.4% Best mover — STRL worst: SHIM -9.9% · 4 up / 5 down of 9 covered -0.1% 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

   One Premium-Tier Gainer, One Discount-Tier Decliner, Little in Between

   Shows the two-week close-to-close price moves across the covered set, one gainer and one decliner leading.

   Sterling Infrastructure was the period's standout gainer at +5.4%, while Shimmick was the discount-tier decliner at -9.9%, against a sector median of -0.1% and a materiality bar of 8.1%. Every other name in the set moved inside that bar, so this reads as a two-name story rather than a sector-wide re-rating. We link each move to the filings and headlines recorded in the window, and where no driver is on record, we say so plainly. So what: investor attention this period concentrated narrowly rather than lifting the group.

   Everything on this page

   PUBLIC MARKET MOVERS One Premium-Tier Gainer, One Discount-Tier Decliner, Little in Between Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -0.1% · S&P 500 +0.8% · materiality bar ±8.1% (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. Infrastructure Construction 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 -0.1% Shimmick Corp. (SHIM) -9.9% No notable in-window news was identified that clearly explains the move. The -9.9% return sits well below the set's median move of -0.1%. Our read: for Discount-tier names the story stays with funded backlog and the claims tail. UNEXPLAINED Sterling Infrastructure, Inc. (STRL) +5.4% The move appears to reflect in-window attention to Sterling's E-Infrastructure, data-center and semiconductor-related work, alongside a Sep 15 investor conference presentation. The biggest day was Sep 16 at +5.2%. Backlog tied to data-center and chip-plant work is what this set is currently paying attention to. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Operators Buy Density, Widen Channels and Sharpen Execution

   Covers the two-week period's highest-impact company news items and why they matter.

   Construction Partners completed an acquisition in the Florida Panhandle and L.B. Foster widened its European distribution — both moves add reach inside markets these companies already hold rather than opening new ones. Sterling Infrastructure also drew attention around its data-center and semiconductor-related work and a Sep 15 investor conference presentation. Each item links back to its source filing or article. So what: the operating record this period was about sharpening existing positions, not chasing new capacity.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Operators Buy Density, Widen Channels and Sharpen Execution 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. Infrastructure Construction Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · PRNewsWire Select Water Solutions agreed to buy a private Delaware Basin water midstream business The target's contracted portfolio carries minimum volume commitments and long-term acreage dedications. Revenue that renews under contract keeps pulling buyers ahead of work that is rebid each cycle. Sep 21 · NEWS · PRNewsWire Construction Partners completed an acquisition expanding its Florida Panhandle operations The deal adds local density to a corridor the company already serves. For a vertically integrated civil business Bolt-ons inside existing markets remain the main route to added self-perform volume in this tier. Sep 17 · NEWS · Business Wire Granite joined a Silicon Valley construction technology program to source new field tools Granite Construction Incorporated (GVA) is directing effort at how work gets executed rather than at how much work it books. Technology attention in heavy civil is aimed at execution risk, which is where margin is held or lost. Sep 15 · NEWS · GlobeNewsWire Orion raised its FY27 revenue outlook to $100M - $102M on an added retailer commitment A raised outlook tied to an identified customer commitment is a visibility story rather than a pricing one. Orion Group Holdings, Inc. (ORN) sits in the Core tier of the standing sector view. Named customer commitments carry more weight with this set than a larger headline order book. Sep 14 · NEWS · GlobeNewsWire L.B. Foster expanded European distribution through a strengthened logistics partnership L.B. Foster Company (FSTR) is widening its route to market instead of adding capacity. Distribution reach supports the parts and aftermarket content that buyers underwrite in equipment and materials businesses. Channel depth, not new capacity, is the lever the adjacent suppliers pulled this period. Sep 14 · NEWS · Business Wire Orion Expands Anthropic Collaboration as Launch Partner for Claude for Financial Advisors OMAHA, Neb.--(BUSINESS WIRE)--At Future Proof Festival, Orion today expanded its collaboration with Anthropic, launching Orion's MCP connector for Claude for Financial Advisors. Using Orion's connector within the Claude for Financial Advisors plugin, advisors

5. 05
   M&A & STRATEGIC ACTIVITY

   Select Water Agrees to Buy Contracted Delaware Basin Water Midstream

   Details the period's one agreed transaction, Select Water Solutions' acquisition of a contracted Delaware Basin water midstream business.

   Select Water Solutions agreed to acquire a private Delaware Basin water midstream business carrying minimum volume commitments and long-term acreage dedications. The trailing record of 18 precedent transactions carries a median of 9.1x EV/LTM EBITDA, giving this deal a clear reference point. This is the period's only agreed transaction, and it reads as a contracted-revenue story rather than a spot-market one. So what: buyers are paying for volume certainty, and that reference point now sits in the record for the next comparable deal.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Select Water Agrees to Buy Contracted Delaware Basin Water Midstream September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 18 recorded deals · median 9.1x 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. Infrastructure Construction Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 24 · Select Water Solutions, Inc. (WTTR) Select Water Solutions, Inc. (WTTR) agreed to acquire a private Delaware Basin water midstream company The contracted portfolio — minimum volume commitments and long-term acreage dedications — is recurring revenue, which the standing sector view links to higher pricing than hard-bid work. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 18 Recorded precedent transactions the reference set buyers and sellers price against 9.1x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Flat Two Weeks and One Agreed Deal Change

   Translates the two-week evidence into implications for owners, acquirers and advisors.

   For owners and operators, the period rewarded funded backlog, self-perform content and geographic density over headline growth. For acquirers, the reference set now carries a fresh contracted-revenue data point at a 9.1x median across 18 precedent deals. For advisors, the evidence lines up behind one message: durability of revenue mattered more than the size of the order book this period. So what: the period paid for revenue that renews, not for revenue that must be rebid.

   Everything on this page

   WHAT IT MEANS What a Flat Two Weeks and One Agreed Deal Change 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. Infrastructure Construction Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.6x 9 companies in the study 3 valuation tiers Standing thesis: Infrastructure Construction: Heavy Civil Delivery and the Adjacent Names Price Close, the Two Ends of the Set Far Apart FOR OWNERS & OPERATORS Contracted Volume and Local Density Are What the Period Rewarded Companies in the space traded close to flat, with the median move at -0.1%. The operating record this period pointed at funded backlog, book-to-bill, self-perform content and geographic density FOR ACQUIRERS The Reference Set Gains a Contracted-Revenue Data Point The trailing record carries 18 precedent transactions at a median of 9.1x EV/EBITDA. The period's agreed transaction is a contracted-volume water business FOR ADVISORS Lead with the Durability of Revenue, Not the Size of the Order Book The period's evidence lines up: Select Water Solutions, Inc. (WTTR) agreed to buy contracted water volumes, Construction Partners, Inc. (ROAD) closed a bolt-on inside an existing market, and the set finished with a median move of -0.1%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind every figure and claim in this update.

   Every figure in this update links back to the SEC filing, press release or market data point it was taken from, and driver attributions use calibrated language rather than asserted causation. We hold events to a fixed source order — filings first, then press releases, then established outlets — and we never draw on video or social platforms. This page is where you can check any number before you act on it. So what: you can trust every figure here enough to build 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. Infrastructure Construction 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_20260928T113245Z_362_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 · globenewswire.com

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