Logistics and Supply Chain Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › TRANSPORTATION › LOGISTICS AND SUPPLY CHAIN SERVICES

Regulated Freight Holds as Truckload and Intermodal Give Ground

This update covers what moved, what companies did and what changed in the transaction record across Logistics and Supply Chain Services from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Logistics and Supply Chain Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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

   INDUSTRIALS › TRANSPORTATION › LOGISTICS AND SUPPLY CHAIN SERVICES

   Cover page introducing the September 14–28, 2026 bi-weekly update on Logistics and Supply Chain Services.

   We open with a two-week read on Logistics and Supply Chain Services, covering what moved, what companies did and what changed in the transaction record from September 14–28, 2026. Regulated freight held while truckload and intermodal names gave ground, and this deck walks through why.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › TRANSPORTATION › LOGISTICS AND SUPPLY CHAIN SERVICES Regulated Freight Holds as Truckload and Intermodal Give Ground This update covers what moved, what companies did and what changed in the transaction record across Logistics and Supply Chain Services from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Logistics and Supply Chain Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   The Selling Was Broad, but It Was Not Evenly Spread

   This page summarizes the two-week move across 21 covered names, showing the sector-wide sell-off and its exceptions.

   Nineteen of the 21 names we cover fell over the two weeks, with a median move of -5.9% against a +0.8% gain for the S&P 500. Hub Group (HUBG) marked the low at -14.3% following its preliminary results and restatement update, while Cryoport (CYRX) was the standout gainer at +8.9%. The dispersion tells us this was a sector-wide repricing rather than a market move, and it was uneven within the sector itself. So what: names tied to regulated, contracted freight held up while truckload and intermodal carriers absorbed the selling.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE The Selling Was Broad, but It Was Not Evenly Spread The two-week period in one page · 21 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. Logistics and Supply Chain Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 19 of 21 Covered Names Fell; The Median Move Was -5.9% This was a sector move rather than a market one: the S&P 500 returned +0.8% over the same window. Only two covered names finished higher. 2 Hub Group's Preliminary Numbers and Restatement Update Marked the Low Hub Group, Inc. (HUBG) finished -14.3%, with its worst single day of -5.1% on Sep 15. The Sep 15 filing set first-half revenue of $1.70–$1.80 billion, full-year revenue guidance of $3.6–$3.8 billion, cash of $132 million and debt of $198 million. 3 Life-Sciences Logistics Was Where the Bid Held Cryoport, Inc. (CYRX) gained +8.9%, its best day +3.5% on Sep 21. A Sep 25 Seeking Alpha piece tied the name's 82% year-to-date run to cell and gene therapy commercialisation. 4 No New Precedents Landed to Reprice the Reference Set Nothing printed in the window, so the trailing record of 40 precedent transactions at a median 8.6x EV/EBITDA remains the anchor. NeuraCap's standing sector study carries a CY2027E median of 7.7x across the covered universe. +8.9% Best mover — Cryoport, Inc. (CYRX) worst: HUBG -14.3% · 2 up / 19 down of 21 covered -5.9% Sector median two-week return vs S&P 500 +0.8% 2 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Where the Selling Landed, and Where It Did Not

   This page ranks each covered name's close-to-close move against a sector median and market-relative materiality bar.

   Across the covered set, the sector median move was -5.9% against a +0.8% S&P 500 return, with a materiality bar of 9.5% used to flag sector-relative moves worth a closer look. Hub Group (HUBG) fell -14.3%, the sharpest move in the set, while Cryoport (CYRX) gained +8.9%, the clearest outperformer. We attribute each move only to filings and headlines recorded in the window, and where no driver is recorded we say so plainly. So what: the map of winners and losers points buyers and operators toward where the market has already repriced risk, and where it has not.

   Everything on this page

   PUBLIC MARKET MOVERS Where the Selling Landed, and Where It Did Not Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -5.9% · S&P 500 +0.8% · materiality bar ±9.5% (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. Logistics and Supply Chain Services 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 -5.9% Hub Group, Inc. (HUBG) -14.3% Shares moved following the Sep 14 preliminary first-half results and restatement update, and a Sep 15 filing guiding full-year revenue to $3.6–$3.8 billion. The leadership change announced the same day is consistent with the reaction. Reported-numbers risk gets priced faster than freight-cycle risk in a Core-tier name. COMPANY-SPECIFIC Werner Enterprises, Inc. (WERN) -10.8% No notable in-window news was identified that clearly explains the move. At -10.8%, Werner Enterprises, Inc. (WERN) fell further than the -5.9% median across the covered set. NeuraCap read: Discount-tier truckload absorbs the most when the whole set sells off. UNEXPLAINED Cryoport, Inc. (CYRX) +8.9% The biggest single day was +3.5% on Sep 21. A Sep 25 Seeking Alpha piece tied the name's 82% year-to-date run to cell and gene therapy commercialisation; the move looks consistent with regulated-handling demand rather than freight rates. Qualification-gated, temperature-controlled work trades on its own demand curve. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did While the Set Sold Off

   This page lists the two-week period's highest-impact company events with sourced context on why each matters.

   We track the highest-impact events of the two weeks, each linked to its underlying filing or article. Hub Group's Sep 14 preliminary first-half results and restatement update, followed by a Sep 15 filing guiding full-year revenue to $3.6–$3.8 billion, was the catalyst behind its steepest single-day move. Cryoport's Sep 25 coverage tied its 82% year-to-date run to cell and gene therapy commercialisation. So what: these are the disclosures the market has already traded on, and they set the baseline for what comes next.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did While the Set Sold Off 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. Logistics and Supply Chain Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 17 · NEWS · GlobeNewsWire GXO deployed an automated fulfilment system for a fashion customer's Netherlands operation Throughput per site is how contract logistics earns its contract. Automation installed inside an embedded customer operation raises switching cost and supports the density argument for a Core-tier name. Contract logistics keeps winning on integration depth, not on price. Sep 17 · NEWS · Accesswire A third-party healthcare technology launch carried Ryder System's ticker, not a Ryder announcement No operating development at Ryder System, Inc. (R) sits behind this item. Check the symbol tag before reading a name's news flow as company news. Sep 16 · NEWS · Business Wire Lyft signed a multi-year deal naming it the official rideshare partner of a Las Vegas venue Venue partnerships buy demand density at known times and known places, which is the rideshare version of a balanced headhaul. Contracted demand is the part of the book buyers underwrite most readily. Scheduled, contracted demand prices differently from open-market volume. Sep 16 · NEWS · Accesswire An awards-list release surfaced under Ryder System's ticker without a company development attached Nothing in this item changes Ryder's operating position. NeuraCap read: the period's flow under this symbol carried no disclosed change to network, contracts or capacity. Quiet periods at large fleets still show up as heavy headline counts. Sep 16 · NEWS · PRNewsWire Norfolk Southern published broad shipper support for its proposed rail combination Customer backing is material filed into a merger review the Surface Transportation Board oversees. For shippers, the outcome shapes lane options and intermodal service across the North American network. Rail consolidation review is the largest structural question in the covered set. Sep 15 · NEWS · Newsfile Corp A battery-materials fireside chat notice surfaced under Ryder System's ticker, not a Ryder event Again a tagging artefact rather than a development at Ryder System, Inc. (R). For the sector, the useful signal this period sat with the operators that disclosed numbers or contracts. Headline volume and disclosed substance are not the same thing.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Window Leaves the Existing Record as the Anchor

   This page shows that no new precedent transactions printed in the window, leaving the trailing record of 40 deals as the reference.

   No new transactions printed during September 14–28, 2026, so the existing record of 40 precedent deals at a median 8.6x EV/LTM EBITDA remains the reference point for pricing. We do not re-present old transactions as news; we simply note that the anchor held steady while public comparables moved. NeuraCap's standing sector study carries a CY2027E median of 7.7x across the covered universe, a useful cross-check against the trailing multiple. So what: acquirers and advisers can still lean on this multiple while public trading levels reset around it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Window Leaves the Existing Record as the Anchor September 14–28, 2026 · precedent transactions: 40 recorded deals · median 8.6x 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. Logistics and Supply Chain Services 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 trailing record stands at 40 precedent transactions with a median EV/EBITDA of 8.6x. 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 8.6x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   Reading the Drawdown: What Changes for Operators, Buyers and Advisers

   This page translates the two-week move into implications for operators, acquirers and advisers.

   For owners and operators, the message is to defend the operating ratio: with 19 of the 21 covered names lower and a median move of -5.9%, this looks like a cycle-wide repricing rather than a verdict on any one operator's execution. For acquirers, the public comparables moved but the transaction anchor did not, so the trailing median of 8.6x still frames pricing conversations. For advisers, the clearest gainer was a regulated life-sciences logistics name at +8.9%, while Hub Group fell -14.3% and Werner Enterprises fell -10.8%, arguing for leading with duration and qualification rather than the cycle. So what: each audience has a distinct action, and none of them requires waiting for the next print.

   Everything on this page

   WHAT IT MEANS Reading the Drawdown: What Changes for Operators, Buyers and Advisers 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. Logistics and Supply Chain Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.7x 22 companies in the study 3 valuation tiers Standing thesis: Truckload Carriage, Carrier Networks and Adjacent Models Are Priced Apart in Logistics and Supply Chain Services FOR OWNERS & OPERATORS Defend the Operating Ratio Before Chasing Loads With 19 of 21 covered names lower and a median move of -5.9%, the market repriced the cycle rather than any one operator's execution. FOR ACQUIRERS Public Comparables Moved; The Transaction Anchor Did Not No transactions printed in the window, so the trailing record of 40 deals at a median 8.6x EV/EBITDA still frames pricing while listed comparables reset. FOR ADVISORS Lead with Duration and Qualification, Not with the Cycle The clearest gainer was a regulated life-sciences logistics name at +8.9%, while intermodal and truckload gave ground, with Hub Group at -14.3% and Werner at -10.8%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind the update's figures and attributions.

   Every figure in this update links back to the record it was taken from, spanning SEC filings, company press releases and established news outlets in a fixed reliability order. We do not draw on video or social platforms, and driver attributions use calibrated language reflecting our read of the recorded evidence rather than asserted causation. This methodology is what lets us stand behind each number in the deck and defend it should a read be challenged. So what: readers can trust that every claim here traces to a document they can open themselves.

   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. Logistics and Supply Chain Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T090819Z_424_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: globenewswire.com · accessnewswire.com · businesswire.com · prnewswire.com · newsfilecorp.com

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