NEURACAP
Sector ReportSep 28, 2026 · 20 pages · Free to read

Office Services and Supplies Sector Outlook — September 2026

A sector outlook on Office Services and Supplies, covering five business models — from branded office products to contracted workplace service — benchmarked on EV/EBITDA (CY2027E), with landscape, valuation, precedent transactions and strategic implications for owners, acquirers and boards.

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Key figures

9.3x
Top CY2027E multiple (RTO)
EV/EBITDA, CY2027E consensus
4.9x
Bottom CY2027E multiple (XRX)
EV/EBITDA, CY2027E consensus
6.3x
Rated-set median multiple
EV/EBITDA, CY2027E consensus, rated names
12%
Covered EBITDA margin median
EBITDA margin, covered names

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INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › OFFICE SERVICES AND SUPPLIES

Office Services and Supplies: The Premium Sits with Service

How the market prices route-based workplace service, rental programmes and product supply under one sector label, and what separates the two ends of the range.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

On EV/EBITDA (CY2027E), the top of a narrow range sits with contracted, route-based workplace service near 9.3x, while product- and print-linked revenue sits near the bottom at 4.9x, and only 3 of 6 companies carry a rated estimate. Margin and multiple track together across that rated set, while growth varies widely across the wider group. The precedent transaction record is thin — seven deals — with disclosed multiples running from 5.0x to 8.8x EBITDA, concentrated on installed-base and route-delivered assets.

Key findings

  • Contracted workplace service holds the top of the CY2027E multiple range.
  • Print and product-linked revenue sits at the bottom of the range.
  • Only 3 of 6 companies carry a CY2027E EBITDA estimate—read narrowly.
  • Seven precedent deals cluster in a mid- to high-single-digit EBITDA range.

What each page shows

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

  1. 01

    INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › OFFICE SERVICES AND SUPPLIES

    Cover slide introducing the September 2026 Office Services and Supplies sector outlook.

    We open this sector outlook on Office Services and Supplies as of September 2026, built on EV/EBITDA (CY2027E) as the primary valuation basis. What follows shows why the top of the range sits with contracted workplace service and the bottom with print and product supply.

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    INDUSTRIALS › COMMERCIAL AND PROFESSIONAL SERVICES › OFFICE SERVICES AND SUPPLIES Office Services and Supplies: The Premium Sits with Service How the market prices route-based workplace service, rental programmes and product supply under one sector label, and what separates the two ends of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    Contents page listing the report's five sections plus the appendix.

    We've structured this report so section one alone carries the full argument, then each following section builds the evidence behind it. A reader who stops after the bottom line still leaves with the whole story; staying through section five gets the full case for where value sits in this sector.

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    CONTENTS What This Report Covers 01 The Bottom Line Office Services and Supplies Prices Contracted Service Above Product Volume 02 The Landscape Five Business Models Sit Under the Office Services and Supplies Label 03 Valuation & Situations The Top of the Range Belongs to Outsourced Workplace Service 04 Precedent Transactions A Thin Transaction Record, Clustered in Mid- to High-Single-Digit EBITDA Multiples 05 Strategic Implications Mix, Density and Retention Are Where the Range Is Won 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    In Office Services and Supplies, Route-Based Service Holds the Top of the Range and Print and Product the Bottom

    This slide states the report's central finding: route-based service tops the range, print and product sit at the bottom.

    The headline here is simple: on EV/EBITDA (CY2027E), Rentokil Initial plc (RTO) sits at 9.3x while Xerox Holdings Corporation (XRX) sits at 4.9x, and only 3 of 6 companies carry an estimate we can rate. That narrow base means this is a directional read, not a broad sector average, and it's the frame for every page that follows. For an owner or acquirer, the practical question is how much of a given business's revenue looks like the top of this range versus the bottom.

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    01 · THE BOTTOM LINE In Office Services and Supplies, Route-Based Service Holds the Top of the Range and Print and Product the Bottom 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 (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Contracted Workplace Service Trades at the Top of the Range Rentokil Initial plc (RTO) sits at the top of the range at 9.3x CY2027E EBITDA, against 4.9x for Xerox Holdings Corporation (XRX) at the bottom. Only 3 of the 6 companies carry a CY2027E EBITDA estimate, so this is a narrow read on a small set. 2 Margin and Multiple Track Together Across the Three Names with a CY2027E EBITDA Estimate The middle of the three names with a CY2027E EBITDA estimate is 6.3x, and the middle EBITDA margin across the names with a reported margin is 12%. One of those three names sits above both marks, and one sits below both. 3 Growth Runs Wide Across the Six Names Brady Corporation (BRC) at 35% and Vestis Corporation (VSTS) at 11% sit far above Xerox Holdings Corporation (XRX) at -2% and HP Inc. (HPQ) at 1%. The middle of the six is 2%, so the fast end rests on a small number of names. 4 The Transaction Record Is Thin and Points at Contract Books Seven transactions sit in the record, from Feb-2004 to Jun-2022, and most are recorded as announced rather than completed. Where a multiple is disclosed, what buyers agreed to pay runs from 5.0x to 8.8x EBITDA, with the higher marks on installed-base and route-delivered assets. 6.3x Sector median EV/EBITDA CY2027E consensus · 3 rated of 6 companies 9.3x Premium end EV/EBITDA vs 4.9x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 7 Transactions with disclosed terms 10 recorded in this tier · 0 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

    02

    Divider introducing section two, which maps the five business models in the sector.

    Section two lays out the five business models sitting under one sector label, from product supply to contracted workplace service. Product supply is the crowded corner, while each service model here is represented by a single name, and that concentration matters for how confidently we generalize from any one of them.

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    SECTION 02 02 THE LANDSCAPE Five Business Models Sit Under the Office Services and Supplies Label Product supply is the crowded corner; the service models are one name each. 02 of 06 Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    One Sector Label, Five Ways of Earning from the Workplace

    This slide groups the six approved companies by business segment and shows median EV/EBITDA (CY2027E) per group.

    We group the sector's six approved companies into five business models and show the median CY2027E multiple for each group. This lets a client see at a glance where the market is paying up and where it isn't, segment by segment rather than name by name. The takeaway: business model, not revenue size, is what separates these multiples.

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    02 · MARKET MAP One Sector Label, Five Ways of Earning from the Workplace 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. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 BRANDED OFFICE PRODUCTS AND WORKSPACE ACCESSORIES 2 cos median 5.6x XRX ACCO The largest group at 33% of the set, both names carrying a CY2027E EBITDA estimate and a middle of 5.6x — product supply is read closest to the bottom of the range. WORKPLACE SAFETY AND FACILITY PROTECTION SERVICES 1 cos no rated names BRC Identification, labelling and safety consumables earn from the workplace existing at all; demand attaches to sites, compliance cycles and headcount rather than to page volumes. WORKPLACE PRINT AND IMAGING HARDWARE 1 cos no rated names HPQ Placements, supplies attach and click charge carry this model, and the annuity on a defended installed base is what buyers underwrite in it. OUTSOURCED WORKPLACE AND FACILITY SUPPORT SERVICES 1 cos 9.3x · 1 rated RTO Contracted route-based service, 17% of the set and one name, marked at the top of the CY2027E EBITDA range. UNIFORM AND WORKPLACE EQUIPMENT RENTAL PROGRAMMES 1 cos no rated names VSTS Wearer counts, garment turns and fleet replacement capital define this model, so cash conversion is argued separately from the margin line.

  6. 06
    02 · LANDSCAPE

    Product Supply Is the Crowded Corner; The Service Models Are One Name Each

    This slide describes what each business model does and why the segment split matters for valuation.

    Here we walk through what each of the five business models actually does for a workplace customer, and why product supply is crowded while the service models each carry a single representative name. That concentration is a reason to treat any one service name's multiple as indicative, not definitive, of the whole model. The appendix carries the full company-level detail behind this view.

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    02 · LANDSCAPE Product Supply Is the Crowded Corner; The Service Models Are One Name Each 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. Office Services and Supplies 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 Branded office products and workspace accessories 2 33% 5.6x Xerox Holdings Corporation (XRX) · ACCO Brands Corporation (ACCO) Two names, one product basket. Xerox Holdings Corporation (XRX) and ACCO Brands Corporation (ACCO) make up 33% of the set, and both carry a CY2027E EBITDA estimate. Own-brand mix, reorder capture and drop size are where margin in this group is defended. Workplace safety and facility protection services 1 17% — Brady Corporation (BRC) Safety and identification consumables. Brady Corporation (BRC) is the one name in this group, growing at 35%, the top of the range on growth across the six. Demand attaches to sites, compliance cycles and headcount rather than to the paper a workplace consumes. Workplace print and imaging hardware 1 17% — HP Inc. (HPQ) Placements, supplies attach, click charge. HP Inc. (HPQ) is the one name here, with growth of 1% and an EBITDA margin of 7%. What buyers underwrite in this model is the consumables annuity attached to the installed base rather than hardware units shipped. Outsourced workplace and facility support services 1 17% 9.3x n=1 Rentokil Initial plc (RTO) Contracted service on a route. Rentokil Initial plc (RTO) is the one name here, at 17% of the set, and its 27% EBITDA margin sits at the top of the range across the six. Indexed contracts and geographic density in the served territory are what this model sells. Uniform and workplace equipment rental programmes 1 17% — Vestis Corporation (VSTS) Wearers, garment turns, fleets. Vestis Corporation (VSTS) is the one name here. Wearer count, garment turns and fleet replacement capital govern how much EBITDA reaches cash, which is why buyers in rental models look past the margin line.

  7. 07
    SECTION 03

    03

    Divider introducing section three, which covers public market valuation across the sector.

    Section three turns to how the public market actually prices these five models, starting with the top and bottom of the CY2027E range. A CY2027E basis already credits forecast growth, which is worth keeping in mind as we read the spread between names.

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    SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Belongs to Outsourced Workplace Service A CY2027E EBITDA mark already credits forecast growth, which matters when reading the spread. 03 of 06 Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Top of the CY2027E Range Belongs to Contracted Service, the Bottom to Print and Product

    This slide ranks every approved company on EV/EBITDA (CY2027E), marking names without an eligible multiple as n/a.

    On CY2027E EV/EBITDA, the top of the range belongs to contracted service and the bottom to print and product, with the rated set's median sitting at 6.3x. Only 3 of 6 companies clear the platform's plausibility gates for this multiple, so the remaining names are marked n/a rather than estimated. For a client benchmarking a specific business, the read is which end of this range its own revenue mix resembles.

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    03 · PUBLIC MARKET VALUATION The Top of the CY2027E Range Belongs to Contracted Service, the Bottom to Print and Product EV / EBITDA (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · 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 (3 of 6 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 6.3x median of the rated set. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Company Ticker EV EV/EBITDA (CY2027E) Rev growth EBITDA margin What sets the price ACCO Brands Corporation ACCO $1.3B 6.3x 2% 12% Branded office products, sitting in the middle of the CY2027E range with EBITDA margin above the middle of the names that report one. Brady Corporation BRC $3.9B n/a 35% n/a Safety and identification consumables, at the top of the range on revenue growth, with no CY2027E EBITDA estimate in this data. HP Inc. HPQ $35.0B n/a 1% 7% Workplace print and imaging hardware, with growth near flat and margin at the low end of the six; the annuity sits in supplies attach on the installed base. Rentokil Initial plc RTO $14.2B 9.3x 4% 27% The top of the CY2027E range in this set: contracted, route-based workplace service with margin at the top of the six. Vestis Corporation VSTS $3.1B n/a 11% 12% Uniform and workplace equipment rental, where wearer count, garment turns and fleet capital govern how EBITDA reaches cash. Xerox Holdings Corporation XRX $4.5B 4.9x -2% 11% The bottom of the CY2027E range, with product-weighted revenue and exposure to paper-linked volumes in structural decline.

  9. 09
    03 · VALUATION DRIVERS

    Contracted Routes Hold the Higher Margin, Hardware Sits at the Lower End

    This slide splits the rated companies into growth and margin cohorts and compares median multiples across each.

    We cut the rated names by revenue growth and by EBITDA margin, split at each cohort's own covered median, to see which driver tracks with a higher multiple. Contracted routes hold the higher margin in this set, and hardware sits at the lower end, an association we read directionally rather than as proof of cause. With so few rated names in each cohort, we treat this as a signal to investigate further rather than a settled rule.

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    03 · VALUATION DRIVERS Contracted Routes Hold the Higher Margin, Hardware Sits at the Lower End 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. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Contracted Service Carries the Margin in This Set Rentokil Initial plc (RTO) reports a 27% EBITDA margin against 7% at HP Inc. (HPQ), with ACCO Brands Corporation (ACCO) and Vestis Corporation (VSTS) in between. Across the six names, the higher margins are associated with contracted and consumable revenue rather than with hardware placement. Growth Sits with Safety Consumables and Rental, Not with the Top Mark Brady Corporation (BRC) and Vestis Corporation (VSTS) are at the fast end of the six on revenue growth, while Rentokil Initial plc (RTO) grows at 4% and HP Inc. (HPQ) and Xerox Holdings Corporation (XRX) sit at the slow end. Growth and the CY2027E mark do not line up name for name here. Cash Conversion Is the Argument in Fleet-Based Models Garment, washroom and device fleets absorb replacement capital every year, so two businesses printing the same EBITDA can convert very differently. In rental and placement models buyers underwrite EBITDA less the capital the fleet needs, alongside the annuity on the installed base. Contract Quality Is What Diligence Actually Tests Tenure, assignment and change-of-control terms, indexation mechanics and the timing of the next tender on the largest accounts are where buyer attention concentrates. Retention through a rebid cycle is what buyers look for before they underwrite the top of the range in route-based models.

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    03 · SITUATION MAP

    The Higher Valuation Marks Cluster Where Margins Are Higher and Revenue Is Contracted

    This slide places companies on a grid of valuation versus margin, split at the sector's median.

    We map each rated company against the 6.3x sector median multiple and the 12% covered margin median, which sorts the set into four situations. The higher marks cluster where margin is above the median and revenue is contracted, an observation rather than a recommendation. This grid is a starting point for asking which situation a specific business actually sits in today.

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    03 · SITUATION MAP The Higher Valuation Marks Cluster Where Margins Are Higher and Revenue Is Contracted Cut on EV / EBITDA vs the sector median (6.3x) (rows) and EBITDA margin vs the covered median (12%) (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. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Margin Recognised in the Mark Above-median multiple · above-median EBITDA margin 2 names Rentokil Initial plc (RTO) · ACCO Brands Corporation (ACCO) Rentokil Initial plc (RTO) and ACCO Brands Corporation (ACCO) sit above 6.3x on the CY2027E lens and above 12% on EBITDA margin. For an owner in this position the work is holding retention and indexation through the next rebid cycle, because a forward mark already assumes it. Mark Ahead of Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Margin Ahead of the Mark Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Below the Middle on Both Below-median multiple · below-median EBITDA margin 1 names Xerox Holdings Corporation (XRX) Xerox Holdings Corporation (XRX) sits below both marks, with revenue growth of -2%. The lever is mix: moving revenue toward contracted service and consumables attached to the installed base is what the rated names at the top of the range earn from.

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    03 · THE AGENDA

    Where the Next Planning Cycle Should Push: Mix, Density, Retention and Capital

    This slide frames four questions the next planning cycle should resolve: mix, density, retention and capital.

    Based on the cohort data, we frame the open questions for the next planning cycle around contract mix, route density, retention and capital allocation. These are the levers this data points to, not a fixed recommendation, and they carry into the strategic-implications section later in the deck. For an owner or acquirer, they're a useful checklist for diligence on any name in this space.

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    03 · THE AGENDA Where the Next Planning Cycle Should Push: Mix, Density, Retention and 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. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Move the Basket Under Contract In this set the marks at the top of the CY2027E range sit with contracted, route-based revenue, and the bottom of the range with product and paper-linked volume. The open question for an owner is how much of the basket can be moved under contract with indexation, and at what price concession. What changes the answer: A renewal cohort that reprices with indexation intact, or one that does not. Buy Density Before You Buy Size Route-based models earn on stops per route, drop size and revenue per stop, so a tuck-in folded onto existing routes carries different economics from the same business standing alone. Test build-versus-buy on overlap on the map rather than on revenue added. What changes the answer: Overlap analysis showing whether a target's stops fall inside territory you already serve. Underwrite Cash, Not Only Margin Garment, washroom and device fleets absorb replacement capital each year, so the same EBITDA converts differently across these models. Run capital allocation on EBITDA less the capital the fleet actually needs, and separate genuinely asset-light distribution from placement-heavy lines. What changes the answer: A fleet replacement schedule that has been deferred into reported margin. Treat the Transaction Record as Thin Evidence The record holds 7 transactions spanning Feb-2004 to Jun-2022, and most are recorded as announced rather than completed. The EBITDA multiples in it span a mid- to high-single-digit range, wide enough that one transaction carries real weight, so weigh each against its own segment and vintage. What changes the answer: A fresh transaction in workplace service or rental that narrows the span.

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    SECTION 04

    04

    Divider introducing section four, which covers the sector's precedent transaction record.

    Section four turns to the deal record itself: a thin set of transactions clustered in a mid- to high-single-digit EBITDA multiple range. Route books, installed bases and product distribution have been underwritten differently, and that's the distinction this section unpacks.

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    SECTION 04 04 PRECEDENT TRANSACTIONS A Thin Transaction Record, Clustered in Mid- to High-Single-Digit EBITDA Multiples Route books, installed bases and product distribution have been underwritten very differently. 04 of 06 Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

  13. 13
    04 · DEAL CASE STUDIES

    Across Seven Recorded Transactions, Buyers Agreed to Pay Mid- to High-Single-Digit EBITDA Multiples

    This slide walks through three of seven recorded transactions with disclosed terms as case studies.

    Of seven recorded transactions, three carry disclosed terms we can walk through as case studies, with multiples read on LTM financials at announcement. Where disclosed, what buyers agreed to pay ran from 5.0x to 8.8x EBITDA, and several records carry data-quality flags that we've noted rather than smoothed over. Because this basis is LTM at announcement rather than CY2027E, we don't draw a direct spread between the deal record and the public multiples in section three. The practical takeaway: treat any single precedent as a data point, not a benchmark.

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    04 · DEAL CASE STUDIES Across Seven Recorded Transactions, Buyers Agreed to Pay Mid- to High-Single-Digit EBITDA Multiples 3 of 7 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. 13 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 3 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. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jun-2016 n/a Cott Corporation acquires Eden Springs EV / LTM revenue 0.7x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED Cott Corporation moved for Eden Springs in Jun-2016; the record shows it as completed. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Apr-2013 n/a Birch Hill Equity Partners acquires Softchoice Corp. EV / LTM revenue n/a EV / LTM EBITDA 6.4x WHY THE DEAL HAPPENED Birch Hill Equity Partners moved for Softchoice Corp. in Apr-2013; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Nov-2009 n/a Canon Inc. acquires Océ N.V. EV / LTM revenue n/a EV / LTM EBITDA 7.7x WHY THE DEAL HAPPENED Canon Inc. moved for Océ N.V. in Nov-2009; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    Divider introducing section five, which sets out the strategic implications of the valuation split.

    Section five turns the valuation and deal evidence into strategic questions: where mix, density and retention actually win the range. These are the operating moves that change how a workplace services business gets read by the market.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Mix, Density and Retention Are Where the Range Is Won Operating moves that change how a workplace services business is read. 05 of 06 Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Where the Higher Marks Sit: Contract Mix, Density and Retention

    This slide sets out where the higher valuation marks sit and what that implies for owners, operating teams and boards.

    We lay out where the higher marks sit in this data — contract mix, route density and retention — and frame what each audience in the room should take from it. These are directional views drawn from the analysis in this report, not recommendations on any specific security. The value for a client is a shared vocabulary for where to focus attention over the next twelve months.

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    05 · STRATEGIC IMPLICATIONS Where the Higher Marks Sit: Contract Mix, Density and Retention 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. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Position on Contract Mix Rather than on Size Across the three names with a CY2027E EBITDA estimate, the top of the range sits with contracted workplace service and the bottom with product-weighted revenue. The move that matters is raising the share of revenue under contract with indexation, and defending supplies attach on the installed base you already serve. FOR OPERATING TEAMS Density and Retention Are the Levers You Control Stops per route, drop size and revenue per stop are what turn contracted revenue into margin, and low attrition through a rebid cycle is what keeps it. Rebid and renewal win rate on national accounts is the number that moves both at once. FOR BOARDS Underwrite Acquisitions on Overlap and on Cash In this record, what buyers agreed to pay clusters in a mid- to high-single-digit EBITDA range across four decades, with the higher marks on installed-base and route-delivered assets. Test an opportunity on route overlap, contract tenure and fleet replacement capital rather than on the headline multiple.

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    SECTION 06

    06

    Divider introducing section six, which carries the full comparables universe, methodology and sources.

    Section six is the reference section: the full comparables universe behind every figure in the body, the valuation basis, and where each underlying disclosure lives. This is where a client's own team can trace any number back to its source.

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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 Office Services and Supplies 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

    This appendix lists all approved public comparables on EV/EBITDA (CY2027E), grouped by valuation tier.

    This appendix carries all six approved comparables, with the three rated names shown against the 6.3x sector median and the three unrated names flagged as such. It's the detail layer behind the multiples cited throughout the report. A client's own analyst can start diligence here, at the individual company level.

    Everything on this page

    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 (6.3x); amber marks below · 3 rated companies; 3 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 3 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. Office Services and Supplies 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 — ≥7.8x · median 9.3x · 1 companies Rentokil Initial plc RTO Outsourced workplace and facility support services $14.2B 9.3x 4% 27% 31 CORE — 5.6x–7.8x · median 6.3x · 1 companies ACCO Brands Corporation ACCO Branded office products and workspace accessories $1.3B 6.3x 2% 12% 14 DISCOUNT — <5.6x · median 4.9x · 1 companies Xerox Holdings Corporation XRX Branded office products and workspace accessories $4.5B 4.9x -2% 11% 11

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix lists all seven precedent transactions with disclosed terms, newest first.

    Here we list all seven transactions with disclosed terms out of the ten recorded in this tier, ordered newest first, with multiples read on LTM financials at announcement. Several records carry data-quality flags that are called out rather than resolved, and this LTM basis isn't directly comparable to the CY2027E public multiples used elsewhere in the deck. This is the full evidentiary base behind the deal commentary in section four.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (10 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. 13 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate precedent id; no evidence record); figures are shown as recorded in the filing. 3 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. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jun-2022 The Sterling Group, L.P. → Ergotron, Inc. n/a n/a 8.4x The Sterling Group, L.P. agreed to acquire Ergotron, Inc. in Jun-2022 at 8.4x EBITDA, recorded as announced. A sponsor at that level for a workspace equipment maker suggests confidence in a defended product position and in cash conversion. Sep-2017 Sycamore Partners → Staples, Inc. n/a n/a 5.0x Sycamore Partners agreed to acquire Staples, Inc. in Sep-2017 at 5.0x EBITDA, recorded as announced, the low end of the EBITDA multiples in this record. Large-scale office product distribution was underwritten on cash and working capital rather than on growth. Jun-2016 Cott Corporation → Eden Springs n/a 0.7x 8.8x Cott Corporation completed its acquisition of Eden Springs in Jun-2016 at 0.7x revenue. A beverage group buying a workplace water delivery business is buying route density and a recurring delivery relationship with the site. Apr-2013 Birch Hill Equity Partners → Softchoice Corp. n/a n/a 6.4x Birch Hill Equity Partners agreed to acquire Softchoice Corp. in Apr-2013 at 6.4x EBITDA, recorded as announced. The mark sits near the middle of this record, which fits a model whose value rests on renewal and attach economics rather than on product margin. Nov-2009 Canon Inc. → Océ N.V. n/a n/a 7.7x Canon Inc. agreed to acquire Océ N.V. in Nov-2009 at 7.7x EBITDA, recorded as announced. A hardware manufacturer buying a production printing business is buying installed base, supplies attach and service coverage. Aug-2008 Ricoh Company, Ltd. → Ikon Office Solutions n/a n/a 8.8x Ricoh Company, Ltd. agreed to acquire Ikon Office Solutions in Aug-2008 at 8.8x EBITDA, recorded as announced, the high end of the EBITDA multiples in this record. A manufacturer paying up for a dealer and managed print services channel is paying for placements and… Feb-2004 Jarden → USPC n/a 7.0x n/a Jarden agreed to acquire USPC in Feb-2004 at 7.0x revenue, recorded as announced. It is a branded consumer product line rather than a workplace service route, so it sits apart from the EBITDA marks elsewhere in this record.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide sets out the report's sources, assumptions and data-quality notes.

    This page sets out how the report was built: the valuation basis, what was excluded and why, and the basis on which each remaining figure was read. We built in an exclusion ledger specifically so a client can see what didn't make the cut, not just what did.

    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. Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (3 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 Office Services and Supplies and it clears the coverage gate with 3 of 6 companies (50%). EV / Revenue, P / E are carried as a cross-check. The set earns: 3 of the 3 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 3 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 290 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 (289) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

  20. 20

    In This Set, the Top of the Range Sits with Contracted Workplace Service.

    Closing slide restating that the top of the range sits with contracted workplace service.

    We close where we started: in this set, the top of the range sits with contracted workplace service, and the bottom with print and product supply. The companion tables carry the full universe and source index for any figure a client wants to trace further.

    Everything on this page

    In This Set, the Top of the Range Sits with Contracted Workplace Service. NeuraCap AI — Office Services and Supplies Coverage September 2026 · Prepared by NeuraCap AI · Confidential Office Services and Supplies Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

Sources and methodology

This report covers Office Services and Supplies (Industrials › Commercial and Professional Services › Office Services and Supplies) with market data and consensus estimates as of September 28, 2026. The company universe is the 6 listed companies whose core business is Office Services and Supplies according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: ACCO Brands Corporation (ACCO), Brady Corporation (BRC), HP Inc. (HPQ), Rentokil Initial plc (RTO), Vestis Corporation (VSTS), Xerox Holdings Corporation (XRX). The market map groups them by business vertical — Branded office products and workspace accessories: 2 companies (XRX, ACCO); Workplace safety and facility protection services: 1 company (BRC); Workplace print and imaging hardware: 1 company (HPQ); Outsourced workplace and facility support services: 1 company (RTO); Uniform and workplace equipment rental programmes: 1 company (VSTS). 3 of the 6 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Office Services and Supplies (Industrials › Commercial and Professional Services › Office Services and Supplies) with market data and consensus estimates as of September 28, 2026. The company universe is the 6 listed companies whose core business is Office Services and Supplies according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: ACCO Brands Corporation (ACCO), Brady Corporation (BRC), HP Inc. (HPQ), Rentokil Initial plc (RTO), Vestis Corporation (VSTS), Xerox Holdings Corporation (XRX). The market map groups them by business vertical — Branded office products and workspace accessories: 2 companies (XRX, ACCO); Workplace safety and facility protection services: 1 company (BRC); Workplace print and imaging hardware: 1 company (HPQ); Outsourced workplace and facility support services: 1 company (RTO); Uniform and workplace equipment rental programmes: 1 company (VSTS). 3 of the 6 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

3 records failed a validation gate and never feed a statistic in this report (3 excluded from aggregate). Each exclusion, with its reason: VSTS — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · XRX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate) · XRX — Non-positive EPS; P/E is n/m (effect: excluded from aggregate)

Primary valuation basis and how it was chosen

Primary valuation basis: EV / EBITDA on CY2027E consensus (3 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 Office Services and Supplies and it clears the coverage gate with 3 of 6 companies (50%). EV / Revenue, P / E are carried as a cross-check. The set earns: 3 of the 3 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. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 3 of 6 companies; EV / rEVenue: 6 of 6 companies; P/E: 6 of 6 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥7.8x, Core 5.6x–7.8x, Discount <5.6x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 6.3x = median(ev_ebitda CY2027E) (3 rated companies) · 9.3x = median(ev_ebitda CY2027E) within Premium tier (n=1) · 6.3x = median(ev_ebitda CY2027E) within Core tier (n=1) · 4.9x = median(ev_ebitda CY2027E) within Discount tier (n=1) · 14% = median Rule of 40 score (revenue growth + EBITDA margin) (n=3)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Office Services and Supplies recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 10 transactions were recorded for this industry; 7 are shown. 3 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 8 × no evidence record; 4 × deal value unit unresolved; 1 × duplicate precedent id. Case studies lead with the 0 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 294 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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