Logistics and Supply Chain Services Bi-Weekly Industry Events & M&A Update — August 28 – September 11, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › TRANSPORTATION › LOGISTICS AND SUPPLY CHAIN SERVICES

Carriers Post Yield Gains While the Market Marks the Group Down

This update covers the movers, filings, catalysts and transaction record in Logistics and Supply Chain Services for August 28 – September 11, 2026.

August 28 – September 11, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-11 · events and transactions from the two-week period 2026-08-28 → 2026-09-11

Logistics and Supply Chain Services Bi-Weekly Update | August 28 – September 11, 2026 | Confidential

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

   INDUSTRIALS › TRANSPORTATION › LOGISTICS AND SUPPLY CHAIN SERVICES

   This is the cover page for the Logistics and Supply Chain Services bi-weekly industry events and M&A update for August 28 – September 11, 2026.

   We open with the two-week scorecard for Logistics and Supply Chain Services, covering what changed, who moved, what transacted and what it means. This sets up the read that follows.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › TRANSPORTATION › LOGISTICS AND SUPPLY CHAIN SERVICES Carriers Post Yield Gains While the Market Marks the Group Down This update covers the movers, filings, catalysts and transaction record in Logistics and Supply Chain Services for August 28 – September 11, 2026. August 28 – September 11, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-11 · events and transactions from the two-week period 2026-08-28 → 2026-09-11 Logistics and Supply Chain Services Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Operating Data Held up While the Tape Marked the Sector Down

   This slide gives the bi-weekly bottom line across 21 covered names, close-to-close, for August 28 – September 11, 2026.

   We start with the headline: operating data held up while the tape marked the sector down. Across 21 covered names, the median move was -3.0% against the S&P 500's -0.7%, a broad-based decline rather than a few outliers. That gap between firm pricing and a falling tape is the tension this update resolves. So what: it tells us the market is repricing volume risk, not questioning pricing power.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Operating Data Held up While the Tape Marked the Sector Down The two-week period in one page · 21 covered names, close-to-close · August 28 – September 11, 2026 Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Logistics and Supply Chain Services Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 2 1 The Selling Was Broad, Not Selective Of 21 covered names, 17 fell and 4 rose, with a median return of -3.0% against the S&P 500 at -0.7%. The spread inside the group was wide, from +11.1% at the top to -13.4% at the bottom. 2 Price Is Carrying Revenue; Freight Volume Is Not Old Dominion Freight Line, Inc. (ODFL) reported August LTL revenue per day up 12.4% year over year with tons per day down 0.9% and shipments per day down 2.4%. Saia, Inc. (SAIA) showed shipments per workday up only 1.1% in August while tonnage per workday rose 8.7%. 3 Shipment Count and Shipment Weight Are Moving in Opposite Directions XPO Logistics, Inc. (XPO) reported North American LTL tonnage per day up 5.8% in July and a preliminary 3.7% in August, with shipments per day up 5.9% and 5.7% and weight per shipment down. ODFL's weight per shipment rose 1.7%. 4 Balance Sheets, Not Deal Announcements, Were the Capital Story COLD disclosed a joint venture that generated $1.15 billion of net proceeds applied to debt reduction, and guided FY-2026 total company NOI to $810-$850 million and warehouse same-store revenue to $2.25-$2.32 billion. THE RATE TAPE 3-month T-bill: 4.37% → 4.37% (unchanged) · 2-year Treasury: 4.25% → 4.25% (unchanged) · 10-year Treasury: 4.58% → 4.58% (unchanged) · 30-year Treasury: 4.78% → 4.78% (unchanged) +11.1% Best mover — Pamt Corp. (PAMT) worst: LYFT -13.4% · 4 up / 17 down of 21 covered -3.0% Sector median two-week return vs S&P 500 -0.7% unchanged 10-year Treasury over the two-week period 4.58% → 4.58% 9 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Volume Prints, Litigation Notices and One Gain Nobody Can Source

   This slide shows individual stock moves for the two-week period, from +11.1% to -13.4%, benchmarked against the S&P 500's -0.7%.

   We walk through the winners and losers name by name, close to close, over the two-week window. The spread ran from +11.1% at the top to -13.4% at the bottom, wider than the sector median of -3.0% would suggest. Each move is linked only to the filings and headlines recorded in the window, and where nothing is recorded we say so. So what: dispersion this wide means single-name diligence matters more than sector calls right now.

   Everything on this page

   PUBLIC MARKET MOVERS Volume Prints, Litigation Notices and One Gain Nobody Can Source Bi-Weekly moves, close-to-close · August 28 – September 11, 2026 · sector median -3.0% · S&P 500 -0.7% · materiality bar ±5.0% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. 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. Logistics and Supply Chain Services Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.0% Lyft, Inc. (LYFT) -13.4% Shares moved following a Sep 9 8-K naming a new chief financial officer, which also reaffirmed third-quarter 2026 Gross Bookings guidance. A finance leadership change lands harder when the guidance beside it is reaffirmed rather than raised. COMPANY-SPECIFIC Strata Critical Medical, Inc. (SRTA) -12.9% No notable in-window news was identified that clearly explains the move. At -12.9%, the decline ran well below the sector median of -3.0%. Validated, time-critical medical handling is a durable capability, but small listings still move hard. UNEXPLAINED Old Dominion Freight Line, Inc. (ODFL) -9.5% The Sep 3 Reg FD update showed LTL revenue per day up 12.4% year over year in August, with tons per day down 0.9% and shipments per day down 2.4%. The worst single day, -6.5%, came on Sep 1, ahead of that disclosure. Yield is still holding in less-than-truckload; freight volume is what the market is pricing now. COMPANY-SPECIFIC Pamt Corp. (PAMT) +11.1% No notable in-window news was identified that clearly explains the move. The +11.1% gain stood apart from the sector median of -3.0%. In a broadly down window, smaller truckload names can trade on their own clock. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   August Volume Data Splits the Group While Balance Sheets Move

   This slide lists the two-week period's highest-impact events and filings, each linked to its source.

   We bring together the filings and headlines that moved the group, including the monthly volume data that split the sector. Every 'why it matters' line is a NeuraCap read tied to a specific filing or article in the window. So what: the August prints show pricing holding even as shipment counts diverge, which is the fact set the market is trading on.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS August Volume Data Splits the Group While Balance Sheets Move The two-week period's highest-impact events · titles link to the underlying filing or article · August 28 – September 11, 2026 Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. "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. Logistics and Supply Chain Services Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 4 Sep 9 · 8-K · SEC EDGAR COLD — Financial Guidance & Outlook A disclosed joint venture generated $1.15 billion of net proceeds used to reduce debt, and FY-2026 guidance set warehouse same-store revenue at $2.25-$2.32 billion Real-asset capital will fund a cold-storage estate directly, and that changes a platform's leverage math. Sep 9 · 8-K · SEC EDGAR Lyft, Inc. — Executive, Officer & Director Appointment / Departure The 8-K set a $650,000 base salary and a 50% cash bonus target with RSU grants including one valued at approximately $775,000, and reaffirmed third-quarter 2026 Gross Bookings guidance rather than raising it. New finance leadership inherits the guidance it reaffirms, and the market prices that handover. Sep 8 · 8-K · SEC EDGAR ArcBest Corporation — Investor Communication, Presentation & Reg FD Disclosure ArcBest Corporation (ARCB) guided third-quarter Asset-Light GAAP operating income to $8 million-$10 million and non-GAAP to $10 million-$12 million, alongside revenue-per-day growth in both segments. Asset-light revenue growth is not yet translating into large operating dollars at a Core-tier platform. Sep 3 · 8-K · SEC EDGAR Old Dominion Freight Line, Inc. — Investor Communication, Presentation & Reg FD Disclosure August LTL revenue per day rose 12.4% year over year while tons per day fell 0.9% and shipments per day fell 2.4%, with weight per shipment up 1.7%. Watch weight per shipment: heavier freight can mask a falling shipment count across an LTL network. Sep 3 · 8-K · SEC EDGAR Saia, Inc. — Clinical, Product, Operational & Strategic Update Shipments per workday rose 0.8% in July and 1.1% in August, while tonnage per workday rose 7.8% and 8.7% and weight per shipment rose 7.0% and 7.5%. Tonnage growth from heavier shipments loads a cross-dock network differently than growth from more shipments. Sep 3 · 8-K · SEC EDGAR XPO Logistics, Inc. — Clinical, Product, Operational & Strategic Update North American LTL tonnage per day rose 5.8% in July and a preliminary 3.7% in August, with shipments per day up 5.9% and 5.7% and weight per shipment down. This is shipment-count growth with lighter freight behind it. Two LTL networks can grow tonnage from opposite mixes, and each mix prices door capacity differently.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Two Weeks for Deals, an Active One for Capital Structure

   This slide covers the two-week deal record against a trailing tape of 40 recorded deals, plus the period's capital-structure activity.

   We show that the two weeks were quiet on new transactions but active on capital structure, against a trailing record of 40 recorded deals. COLD's joint venture generated $1.15 billion of net proceeds applied to debt reduction, alongside guidance for FY-2026 NOI of $810-$850 million. So what: with deal volume paused, balance-sheet moves are the signal to watch for capital allocation intent.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Two Weeks for Deals, an Active One for Capital Structure August 28 – September 11, 2026 · trailing tape: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. 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. Logistics and Supply Chain Services Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The one capital event on the record inside the window was COLD's joint venture, which delivered $1.15 billion of net proceeds applied to debt reduction. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through the tape’s silence. The trailing tape below still frames what buyers have paid. 40 Recorded deals on the trailing tape the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What a Down Tape and Firm Yields Ask of You Now

   This slide translates the two-week period's data into implications for owners and operators, acquirers and advisors.

   We close by translating the read into three lenses: hold the yield and work the shipment count, underwrite volume rather than the last print, and treat capital structure as the live conversation. These are observations drawn from the recorded evidence, not recommendations. So what: each audience gets a specific, actionable read rather than a generic sector comment.

   Everything on this page

   WHAT IT MEANS What a Down Tape and Firm Yields Ask of You Now The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, deal tape); publisher-sourced news where linked; market data through 2026-09-11. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Logistics and Supply Chain Services Bi-Weekly Update | August 28 – September 11, 2026 | Confidential Sources & methodology 6 Sector study 2026-09-15 EV / EBITDA (CY2027E) median 8.2x 22 companies in the study 3 valuation tiers Standing thesis: Adjacent models sit above trucking and integrated freight on forward valuation FOR OWNERS & OPERATORS Hold the Yield, Then Work the Shipment Count The August prints split cleanly: ODFL revenue per day up 12.4% with shipments per day down 2.4%, SAIA shipments per workday up 1.1% on tonnage up 8.7%, XPO shipments per day up 5.7% on lighter freight. Pricing and mix are doing the work. FOR ACQUIRERS Underwrite the Volume Line, Not the Last Yield Print The group repriced without the curve moving: 17 of 21 names down, median -3.0%, while the 10-year Treasury held at 4.58%. FOR ADVISORS Capital Structure Was This Period's Live Conversation With no transactions announced, the agenda was balance sheet and segment earnings quality: COLD applied $1.15 billion of joint-venture proceeds to debt and guided total company NOI to $810-$850 million

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update and states the report's limits.

   We close with the sources and methods behind this update: NeuraCap's analytics platform for the universe, prices, filings and deal tape, plus publisher-sourced news where linked, with market data current through 2026-09-11. Deal multiples are LTM at announcement where disclosed, and every 'why it matters' or 'why the deal happened' line is a NeuraCap read of the recorded evidence, not asserted causation. So what: this transparency lets you weigh each claim by its source and treat interpretive lines as judgment, not fact.

   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 · August 28 – September 11, 2026 · market data through 2026-09-11 Typeface note: NeuraCap brand face is Kallisto Medium; this build renders in a standard sans (Arial). Logistics and Supply Chain Services Bi-Weekly Update | August 28 – September 11, 2026 | Confidential 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 tape (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates are the platform’s rate tape. 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). 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_20260916T015841Z_424_prod (market data as of 2026-09-15) — 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: sec.gov

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