Materials Distribution and Sourcing Sector Outlook — September 2026

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MATERIALS › MATERIALS › MATERIALS DISTRIBUTION AND SOURCING

Materials Distribution: Value Sits in Earnings Quality

This report shows how public pricing, business models and what buyers agreed to pay frame value.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   MATERIALS › MATERIALS › MATERIALS DISTRIBUTION AND SOURCING

   Materials Distribution: Value Sits in Earnings Quality

   Cover slide introducing the Materials Distribution and Sourcing sector outlook, dated September 28, 2026.

   This report examines the Materials Distribution and Sourcing sector as of September 28, 2026, using EV/EBITDA on CY2027E consensus as the primary lens. Earnings quality, not headline revenue, is what separates how the market prices each of the sector's five operating models.

   Everything on this page

   MATERIALS › MATERIALS › MATERIALS DISTRIBUTION AND SOURCING Materials Distribution: Value Sits in Earnings Quality This report shows how public pricing, business models and what buyers agreed to pay frame value. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Table of contents listing the report's five sections and appendix.

   This report runs five numbered sections plus an appendix: the bottom line, the market landscape, valuation and situations, precedent transactions, and strategic implications. We lead with the bottom line so a reader who only has a few minutes still gets the full argument. Everything after builds the evidence behind it.

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   CONTENTS What This Report Covers 01 The Bottom Line Five Business Models Carry Different Value Signals 02 The Landscape Steel Supply and MRO Sit at the Higher-Priced End 03 Valuation & Situations Forward Pricing Separates Expected Earnings Durability 04 Precedent Transactions What Buyers Agreed to Pay Varied Widely by Transaction 05 Strategic Implications Strengthen the Earnings That Hold Through the Cycle 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Materials Distribution and Sourcing Spans Five Models, Led in Pricing by Steel Supply and MRO

   The bottom line summarizing pricing differences across the sector's five business models, led by steel supply and MRO.

   Materials Distribution and Sourcing spans five business models, and buyers price them differently: steel supply and mill-direct supply command a median 9.2x forward EV/EBITDA, while industrial materials and MRO distribution sits at 8.5x. Five of six companies carry a rated forward multiple, with a 6.5x sector median, and the range runs from a 10.2x premium end down to a 2.3x discount end. Precedent transactions show agreed multiples as wide as 8.8x and as tight as 5.4x, keeping normalized earnings and strategic fit central to any deal read. So the pricing spread is best explained by earnings durability and business model, not by size alone.

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   01 · THE BOTTOM LINE Materials Distribution and Sourcing Spans Five Models, Led in Pricing by Steel Supply and MRO 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 (5 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Operating Earnings Give a Steadier Valuation View than Revenue Five of six companies carry a forward EV / EBITDA estimate, and the middle of the range is 6.5x. That lens fits a sector where pass-through commodity revenue can obscure the earnings from processing, availability and delivery. 2 Five Models Carry Different Operating Economics Integrated steel mill production and mill-direct supply sits at 9.2x, while industrial materials and MRO distribution sits at 8.5x. The five models carry different exposure to processing mix, inventory turns and delivery radius. 3 The Premium Sits with Expected Earnings Durability The premium end is 10.2x and the discount end is 2.3x. Because the lens is forward, the spread remains after forecast earnings are already credited, pointing to different expectations for durability. 4 Buyers Agreed to a Wide Range of Earnings Multiples Agreed EBITDA multiples include 8.8x for one announced transaction and 5.4x for another. This range keeps normalized earnings, working capital and strategic fit central to the transaction read. 6.5x Sector median EV/EBITDA CY2027E consensus · 5 rated of 6 companies 10.2x Premium end EV/EBITDA vs 2.3x at the discount end top quartile (n=2) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 16 Transactions with disclosed terms 33 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 market-map section on how business model shapes public pricing.

   Section two turns to the market map: which of the five operating models the market prices highest, and why. Business model matters because commodity pass-through revenue can mask the earnings actually being added underneath it.

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   SECTION 02 02 THE LANDSCAPE Steel Supply and MRO Sit at the Higher-Priced End Business model matters because commodity revenue can mask the value added beneath it. 02 of 06 Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Buyers Price the Five Materials-Supply Models Differently, and the Spread from Top to Bottom Is Wide

   Chart grouping six approved companies by business segment, showing median EV/EBITDA by group.

   We group the six approved companies in our universe by business segment and take the median forward EV/EBITDA for each group. The spread from the highest-priced segment to the lowest is wide, which tells us the market is not pricing this sector as one uniform group. That distinction matters when comparing any single company back to a segment benchmark rather than a sector-wide average.

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   02 · MARKET MAP Buyers Price the Five Materials-Supply Models Differently, and the Spread from Top to Bottom Is Wide 6 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. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ADJACENT: INTEGRATED STEEL MILL PRODUCTION AND MILL-DIRECT SUPPLY 2 cos median 9.2x RS CLF Mill-direct access and service-center economics combine scale with processing and supplier standing. SPECIALTY CHEMICAL AND INGREDIENT SUPPLY 1 cos 4.7x · 1 rated ALTO Specialty mix can reduce direct price shopping, while product and customer concentration still matter. LUMBER AND WOOD PRODUCTS WHOLESALE DISTRIBUTION 1 cos no rated names BCC Two-step distribution depends on local demand, inventory turns and delivery-radius economics. INDUSTRIAL MATERIALS AND MRO DISTRIBUTION 1 cos 8.5x · 1 rated BXC Branch density, fill rate and product breadth shape service value beyond commodity pass-through. CEMENT, READY-MIX AND HEAVY-SIDE MATERIALS SUPPLY 1 cos 2.3x · 1 rated CX Local supply positions and delivery constraints create economics distinct from national distribution.

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   02 · LANDSCAPE

   Steel Supply and MRO Carry the Higher Public Pricing in This Set

   Segment-level view showing steel supply and MRO carry the higher public pricing medians.

   Looking at the approved universe by segment, steel supply and mill-direct supply, alongside industrial materials and MRO distribution, carry the higher public pricing on a forward EV/EBITDA basis. The other segments in the set price lower, consistent with different exposure to processing mix and earnings visibility. Full company-level detail behind these medians sits in the appendix for anyone comparing individual names.

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   02 · LANDSCAPE Steel Supply and MRO Carry the Higher Public Pricing in This Set 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. Materials Distribution and Sourcing 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 Adjacent: integrated steel mill production and mill-direct supply 2 33% 9.2x Reliance Steel & Aluminum Co. (RS) · Cleveland-Cliffs Inc. (CLF) Scale meets processing depth. This group sits at 9.2x. Mill-direct supply, service-center reach and value-added processing make normalized earnings more informative than reported revenue. Specialty chemical and ingredient supply 1 17% 4.7x n=1 Alto Ingredients, Inc. (ALTO) Specialty mix supports differentiation. The single name with an estimate sits at 4.7x. Product mix and customer retention matter alongside inventory and input-price exposure. Lumber and wood products wholesale distribution 1 17% — Boise Cascade Company (BCC) Local cycles shape returns. The model combines two-step distribution with exposure to construction demand, branch economics and working-capital swings. Industrial materials and MRO distribution 1 17% 8.5x n=1 BlueLinx Holdings Inc. (BXC) Service density carries value. The single name with an estimate sits at 8.5x. Fill rate, product breadth and an efficient delivery radius can support a more durable service proposition. Cement, ready-mix and heavy-side materials supply 1 17% 2.3x n=1 CEMEX, S.A.B. de C.V. (CX) Local assets change economics. Permitting, transport distance and local demand shape returns differently from branch-led materials distribution.

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   SECTION 03

   03

   Divider introducing the public market valuation section on forward pricing and earnings durability.

   Section three looks at forward pricing across the rated set, name by name. The question we're answering is whether the premium seen at the segment level holds up once we look at every rated company individually.

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   SECTION 03 03 VALUATION & SITUATIONS Forward Pricing Separates Expected Earnings Durability The premium remains visible after forecast earnings are already credited. 03 of 06 Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Carries More Expected Earnings Durability

   All five rated companies ranked by EV/EBITDA (CY2027E) against a 6.5x sector median, split into tier zones.

   Across the five rated companies with eligible forward multiples, the sector median sits at 6.5x, with the premium tier reaching 10.2x and the discount tier down at 2.3x. Because this is a forward-looking basis, the spread remains even after next year's forecast earnings are already priced in. That persistence points to the market pricing in different expectations for earnings durability, not just different growth forecasts. So the tier a company sits in says as much about perceived earnings quality as it does about current profitability.

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   03 · PUBLIC MARKET VALUATION The Premium End Carries More Expected Earnings Durability EV / EBITDA (CY2027E) · all 5 rated companies, sorted descending · sector median 6.5x · 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 (5 of 6 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. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 10.2x CORE · median 5.6x DISCOUNT · median 2.3x Sector median 6.5x WHAT SEPARATES THE TWO ENDS The ends price differently. The premium-end middle is 10.2x, compared with 2.3x at the discount end. Margins do not sort pricing. BlueLinx Holdings Inc. (BXC) reaches the premium end with a lower margin than CEMEX, S.A.B. de C.V. (CX) at the discount end. The forward lens raises expectations. A forward multiple already credits forecast earnings, so a premium that remains signals market expectations for greater durability.

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   03 · VALUATION DRIVERS

   Profitability Alone Does Not Separate Public Pricing

   Median EV/EBITDA compared across revenue-growth cohorts and EBITDA-margin cohorts among rated names.

   We compare median forward EV/EBITDA across revenue-growth cohorts and separately across EBITDA-margin cohorts among the rated names with sufficient estimates. Profitability and growth alone do not cleanly separate where a company prices — the pattern is associative, not causal. That tells us other factors, like business model and earnings durability, are doing more of the work than margin or growth in isolation.

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   03 · VALUATION DRIVERS Profitability Alone Does Not Separate Public Pricing 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=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Margin Clears No Single Valuation Path On the five names with both measures, the 10% margin line contains companies above and below the valuation midpoint. CEMEX, S.A.B. de C.V. (CX) carries a 20% margin while sitting below that midpoint. Similar Growth Can Carry Different Pricing On the five names with both measures, BlueLinx Holdings Inc. (BXC) and CEMEX, S.A.B. de C.V. (CX) both carry 4% growth but sit at different ends of the valuation range. Value-Added Processing Supports Durability Processing mix, gross profit per ton and price-cost spread provide a clearer operating test than pass-through revenue alone. Working Capital Changes the Risk Profile Inventory turns and countercyclical cash release are associated with a company's ability to protect the balance sheet through a downturn.

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    03 · SITUATION MAP

    The Operating Move That Fits Depends on Where Margin and Pricing Diverge

    Matrix cutting the rated set on EV/EBITDA versus the sector median and EBITDA margin versus the covered median.

    This matrix cuts the rated set two ways: EV/EBITDA against the 6.5x sector median, and EBITDA margin against the 10% covered median. Each quadrant describes a distinct operating situation rather than a recommendation to act. The read is directional, and it's most useful as a starting point for asking why a given company sits where it does.

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    03 · SITUATION MAP The Operating Move That Fits Depends on Where Margin and Pricing Diverge Cut on EV / EBITDA vs the sector median (6.5x) (rows) and EBITDA margin vs the covered median (10%) (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. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Pricing, Higher Margin Above-median multiple · above-median EBITDA margin 2 names Reliance Steel & Aluminum Co. (RS) · Cleveland-Cliffs Inc. (CLF) Within the five names with both measures, two sit above both dividing lines. Protect processing mix, price-cost spread and inventory discipline that support through-cycle earnings. Higher Pricing, Lower Margin Above-median multiple · below-median EBITDA margin 1 names BlueLinx Holdings Inc. (BXC) Within the five names with both measures, one sits above the valuation line with a lower margin. The operating question is whether service density, mix or expected improvement supports that pricing. Lower Pricing, Higher Margin Below-median multiple · above-median EBITDA margin 1 names CEMEX, S.A.B. de C.V. (CX) Within the five names with both measures, one combines a higher margin with lower pricing. Test earnings durability, capital intensity and cycle exposure before treating margin as sufficient evidence. Lower Pricing, Lower Margin Below-median multiple · below-median EBITDA margin 1 names Alto Ingredients, Inc. (ALTO) Within the five names with both measures, one sits below both dividing lines. The practical agenda is to improve mix, branch economics and working-capital efficiency together.

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    03 · THE AGENDA

    Build Value Around Durable Gross Profit and Disciplined Capital

    A set of framing questions on building value around durable gross profit and disciplined capital.

    Building on the cohort data, we frame the practical agenda as questions an owner or acquirer should resolve: where processing mix adds durable gross profit, and where capital discipline protects it through the cycle. These are observations grounded in the data shown earlier, not investment recommendations. The goal is to give management and boards a structured starting point for their own capital-allocation conversations.

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    03 · THE AGENDA Build Value Around Durable Gross Profit and Disciplined Capital 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. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Increase Value-Added Processing Mix Direct capital toward processing capabilities that lift gross profit per ton and reduce pure pass-through exposure. What changes the answer: Customer demand supports processing economics within the existing delivery radius. Deepen Profitable Branch Density Add reach where supplier standing, fill rate and delivery economics reinforce the existing network. What changes the answer: Incremental density improves service without stretching freight and working capital. Tighten Inventory and Spread Discipline Manage turns, aging and price-cost spread as one operating system through the cycle. What changes the answer: Volume growth begins consuming cash without a matching improvement in gross profit. Choose Build Versus Buy Deliberately Compare organic investment with tuck-in opportunities that add processing, supplier access or local density. What changes the answer: A target offers capabilities or territory that would take longer to build internally.

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    SECTION 04

    04

    Divider introducing the precedent transactions section on what buyers agreed to pay.

    Section four turns to the transaction record: what buyers have actually agreed to pay across recent deals. Normalized earnings and strategic fit remain the two factors that matter most in reading that record.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay Varied Widely by Transaction Normalized earnings and strategic fit remain central to reading the transaction record. 04 of 06 Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Agreed Transaction Multiples Span Strategic and Sponsor-Led Deals

    Three case-study transactions with disclosed terms illustrating the range of agreed EBITDA multiples.

    We walk through three of the sixteen disclosed-terms transactions in this set as case studies, with multiples read on LTM financials at announcement. Agreed multiples include 8.8x for one deal and 5.4x for another, spanning both strategic and sponsor-led buyers. These are announcement-time multiples on a different basis from the forward public multiples shown earlier, so no direct spread between the two is implied. The takeaway is that normalized earnings and strategic fit, not a single benchmark multiple, explain why each deal happened.

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    04 · DEAL CASE STUDIES Agreed Transaction Multiples Span Strategic and Sponsor-Led Deals 3 of 16 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. 53 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. 17 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. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 May-2015 $800M Quality Distribution, Inc. acquires Apax Partners LLP EV / LTM revenue n/a EV / LTM EBITDA 9.1x WHY THE DEAL HAPPENED The transaction is most useful for testing fit through branch density, supplier standing and processing capability. HOW THE TARGET WAS VALUED Use normalized EBITDA and working-capital requirements to compare its economics with the broader transaction set. Feb-2022 $470M Column Capital Corp. acquires Largo Physical Vanadium Corp. EV / LTM revenue 2.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The owner lens is whether the combination adds delivery reach, product depth or processing capacity. HOW THE TARGET WAS VALUED Read the transaction against mid-cycle earnings and the capital required to carry inventory. Aug-2025 $13M ASP Isotopes Inc. acquires Skyline Builders Group Holding Limited EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests a buyer-specific strategic rationale rather than direct consolidation within the public peer set. HOW THE TARGET WAS VALUED The transaction carries a recorded value of $13M. Its clearest use is as a size reference rather than an earnings-multiple benchmark.

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    SECTION 05

    05

    Divider introducing the strategic implications section on protecting through-cycle earnings.

    Section five turns the evidence into strategic implications: how to strengthen the earnings that hold up through the cycle. Processing mix, inventory discipline and branch economics are the practical levers we focus on.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings That Hold Through the Cycle Processing mix, inventory discipline and branch economics are the practical levers. 05 of 06 Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Protect Through-Cycle Earnings Before Chasing More Volume

    Framed questions for owners, management teams and boards on protecting through-cycle earnings before pursuing volume growth.

    Based on the pricing and transaction evidence, we frame the next twelve months around protecting through-cycle earnings before chasing more volume. For owners, that means prioritizing mix that earns its capital; for management teams, running branches on cash economics; for boards, setting a clear build-versus-buy test. These are directional views grounded in the analysis, not investment recommendations, but they give a concrete starting point for near-term capital decisions.

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    05 · STRATEGIC IMPLICATIONS Protect Through-Cycle Earnings Before Chasing More Volume 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. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Make Mix Earn the Capital Prioritize products, customers and processing services that improve gross profit per ton without weakening inventory turns. FOR MANAGEMENT TEAMS Run Branches on Cash Economics Link delivery radius, fill rate, working capital and branch overhead to decisions on growth and footprint. FOR BOARDS Set a Clear Build-Versus-Buy Test Use processing capability, supplier standing and local density to judge where acquisitions can add more than organic expansion.

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    SECTION 06

    06

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

    The final section holds the full comparable universe, the valuation methodology, and the source for every figure used in the body of this report. It's there for anyone who wants to trace a specific number back to where it came from.

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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 Materials Distribution and Sourcing 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

    Full list of the six-company universe on EV/EBITDA (CY2027E), grouped by valuation tier, with one company not rated.

    This appendix lists all five rated companies against the 6.5x sector median, with tiers shaded to show which sit above or below it; one company in the universe carries no eligible forward multiple. Every row here links back to its underlying source for direct verification. It's the full detail behind the segment and tier views shown earlier in the report.

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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 (6.5x); amber marks below · 5 rated companies; 1 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 5 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. Materials Distribution and Sourcing 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 — ≥8.5x · median 10.2x · 2 companies Reliance Steel & Aluminum Co. RS Adjacent: integrated steel mill production and… $21.6B 11.8x -1% 10% 9 BlueLinx Holdings Inc. BXC Industrial materials and MRO distribution $1.0B 8.5x 4% 4% 8 CORE — 4.7x–8.5x · median 5.6x · 2 companies Cleveland-Cliffs Inc. CLF Adjacent: integrated steel mill production and… $14.9B 6.5x 3% 10% 13 Alto Ingredients, Inc. ALTO Specialty chemical and ingredient supply $362M 4.7x 0% 8% 8 DISCOUNT — <4.7x · median 2.3x · 1 companies CEMEX, S.A.B. de C.V. CX Cement, ready-mix and heavy-side materials supply $8.5B 2.3x 4% 20% 24

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First page of the full list of sixteen disclosed-terms precedent transactions, newest first.

    This page lists disclosed-terms transactions from the recorded set, newest first, with multiples read on LTM financials at announcement. Deal values link back to their underlying filings for anyone who wants to check the source directly. These are the transactions underlying the case studies shown earlier in the report.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (33 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. 53 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. 17 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. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2025 Russel Metals Inc. → Klöckner & Co SE n/a 0.7x 8.8x The announced transaction carries 0.7x revenue and 8.8x EBITDA, providing both a pass-through sales view and an earnings view. Aug-2025 ASP Isotopes Inc. → Skyline Builders Group Holding Limited $13M n/a n/a The announced transaction carries a recorded value of $13M, making size its clearest reference point. May-2025 SunCoke Energy, Inc. → Phoenix Global n/a n/a 5.4x The announced transaction carries 5.4x EBITDA and offers a lower earnings-multiple reference within the transaction set. Dec-2023 Russel Metals Inc. → Samuel, Son & Co., Limited n/a n/a 7.4x The completed transaction carries 7.4x EBITDA and adds a strategic materials-supply benchmark. Mar-2023 Apollo → Univar n/a n/a 7.7x The announced transaction carries 7.7x EBITDA and shows sponsor participation alongside strategic buyers. Aug-2022 HIG Capital LLC → Avient Corporation’s Distribution business segment n/a n/a 10.0x The announced transaction carries 10.0x EBITDA, placing it toward the higher end of the recorded earnings multiples. Aug-2022 HIG → AvientDistr. n/a n/a 10.0x The announced transaction also carries 10.0x EBITDA as a separate recorded reference. Apr-2022 AMMO, Inc. → Column Capital Corp. n/a n/a 6.0x The announced transaction carries 6.0x EBITDA and adds another earnings-based reference. Feb-2022 KKR & Co. → Largo Physical Vanadium Corp n/a 11.9x 11.9x The announced transaction carries both revenue and EBITDA at 11.9x, an unusual alignment within this set.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second page continuing the full list of disclosed-terms precedent transactions, newest first.

    This page continues the same transaction list, ordered the same way, with the same LTM-at-announcement basis. Together the two pages give the complete disclosed-terms record behind the deal case studies and the transaction commentary earlier in this report.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (33 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. 53 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. 17 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. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2022 Column Capital Corp. → Largo Physical Vanadium Corp. $470M 2.4x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2016 WL Ross Holding Corp. → Nexeo Solutions Holdings, LLC n/a n/a 8.9x May-2015 Quality Distribution, Inc. → Apax Partners LLP $800M n/a 9.1x Value shown as recorded in the filing; deal value unit unresolved. Feb-2013 Reliance Steel & Aluminum Co. → Metals USA $1.2B 0.6x n/a Value shown as recorded in the filing; deal value unit unresolved. Feb-2013 Reliance Steel → Metals USA n/a n/a 8.5x Jul-2010 Brenntag AG → EAC Industrial Ingredients Ltd. n/a n/a 8.8x Jul-2007 Platinum Equity → Ryerson n/a n/a 8.9x

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explanation of the report's sources, valuation basis, and how data-quality exclusions were handled.

    This page sets out how the analysis was built: the sources behind every figure, the forward EV/EBITDA basis used throughout, and the criteria that determined which multiples were included or excluded. Where a number doesn't carry a direct link, this page names where it came from and how it was read. That transparency is what lets every figure in this report be checked against its original 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. Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (5 of 6 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 Materials Distribution and Sourcing and it clears the coverage gate with 5 of 6 companies (83%). EV / Revenue, P / E are carried as a cross-check. The set earns: 5 of the 5 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 4 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 193 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 (192) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Observed Premium Sits with Earnings Durability and Strategic Fit.

    Closing statement tying the sector's observed pricing premium to earnings durability and strategic fit.

    The observed premium in this sector sits with earnings durability and strategic fit, not simply with size or growth. Complete comparable detail and the full transaction record are available in the companion materials for anyone tracing a specific figure further.

    Everything on this page

    The Observed Premium Sits with Earnings Durability and Strategic Fit. NeuraCap AI — Materials Distribution and Sourcing Coverage September 2026 · Prepared by NeuraCap AI · Confidential Materials Distribution and Sourcing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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