Online Marketplaces Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › ONLINE MARKETPLACES

Online Marketplaces: The Premium Sits with Growth

This report shows how business model, growth and marketplace economics shape standing across the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › ONLINE MARKETPLACES

   This is the cover page for the Online Marketplaces sector outlook, dated September 2026.

   We open with the Online Marketplaces sector outlook as of September 2026, framed on an EV/EBITDA (CY2027E) valuation basis. The pages that follow show where premium and discount valuations sit and what separates them.

   Everything on this page

   CONSUMER DISCRETIONARY › CONSUMER DISCRETIONARY DISTRIBUTION AND RETAIL › ONLINE MARKETPLACES Online Marketplaces: The Premium Sits with Growth This report shows how business model, growth and marketplace economics shape standing across the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five sections and appendix the report covers.

   We lay out the report in five sections plus an appendix: the bottom line, the landscape, valuation and situations, precedent transactions and strategic implications. The bottom line comes first, so a reader who stops there still leaves with the full story.

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   CONTENTS What This Report Covers 01 The Bottom Line The Market Separates Growth, Earnings Durability and Business Model 02 The Landscape Business Model Matters as Much as the Sector Label 03 Valuation & Situations The Premium End Carries Higher Expectations for Durable Earnings 04 Precedent Transactions Precedent Transactions Show Buyers Paying for Strategic Fit 05 Strategic Implications Value Strengthens When Growth Rests on Repeatable Marketplace Economics 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Online Marketplaces Split Across Vertical Retail, Listings, Travel and Business-to-Business Models

   This page summarises how Online Marketplaces splits across vertical retail, listings, travel and business-to-business models on EV/EBITDA (CY2027E).

   The sector splits across vertical retail, listings, travel and business-to-business models, each carrying a different valuation profile. The premium end sits at 15.5x EV/EBITDA versus 3.4x at the discount end, a spread that points to investors expecting more durable earnings from the higher-valued names. Faster-growing names sit at 12.4x against 7.0x for slower growers, and vertical retail marketplaces trade at 11.5x compared with 4.6x for listings and classifieds. So the practical takeaway is that business model and growth, not sector label alone, set the valuation ceiling.

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   01 · THE BOTTOM LINE Online Marketplaces Split Across Vertical Retail, Listings, Travel and Business-to-Business Models 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 (35 of 42 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Carries a Higher Delivery Bar The premium end sits at 15.5x EV / EBITDA, against 3.4x at the discount end. Because the multiple is forward, the spread suggests investors expect more durable earnings from the higher-valued names. 2 Faster-Growing Names Sit Higher in the Range Names above the growth split sit at 12.4x, while those below it sit at 7.0x. Owners still need to show that growth rests on retention, organic demand and sound contribution economics. 3 Marketplace Design Changes the Valuation Context Vertical retail marketplaces sit at 11.5x, compared with 4.6x for listings and classifieds platforms. Supply density, purchase frequency and owned-inventory exposure shape how an owner should frame the business. 4 Growth and Margin Need Different Operating Proof Among nine growth-only names, the middle of the range is 13.8x, alongside 7.1x for the nine margin-only names. The contrast is associated with greater value placed on growth, with margin quality still central to durability. 9.1x Sector median EV/EBITDA CY2027E consensus · 35 rated of 42 companies 15.5x Premium end EV/EBITDA vs 3.4x at the discount end top quartile (n=9) against bottom quartile (n=9) on EV/EBITDA — the spread the report explains 24 Transactions with disclosed terms 85 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider opens Section 02 on how business model shapes valuation.

   Business model matters as much as the sector label: inventory exposure, transaction frequency and supply ownership create distinct valuation profiles. The next pages map those models across the approved universe.

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   SECTION 02 02 THE LANDSCAPE Business Model Matters as Much as the Sector Label Inventory exposure, transaction frequency and supply ownership create distinct valuation profiles. 02 of 06 Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   The Sector Contains Distinct Models with Different Economic Trade-Offs

   This page groups the 42 approved companies by business segment and shows median EV/EBITDA (CY2027E) per group.

   We group the 42 approved companies into segments to see how business model shapes valuation. Each segment carries its own median EV/EBITDA (CY2027E), reflecting different trade-offs in inventory exposure and transaction frequency. This grouping sets up the segment-level comparison on the next page, and it is the lens an owner should use before comparing multiples across segments.

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   02 · MARKET MAP The Sector Contains Distinct Models with Different Economic Trade-Offs 42 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. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 VERTICAL RETAIL MARKETPLACES WITH OWNED INVENTORY ALONGSIDE SELLER SUPPLY 14 cos median 11.5x BABA MELI SE EBAY CPNG W ETSY VIPS LQDT RERE RVLV JMIA +2 more These platforms combine marketplace liquidity with inventory risk, making mix and working-capital discipline central. LISTINGS AND CLASSIFIEDS PLATFORMS 8 cos median 4.6x DASH BZ STUB CARS GRPN NRDS EVER FVRR These businesses depend on listings depth, organic traffic and repeat engagement to sustain monetisation. TRAVEL SUPPLY AGGREGATION AND BOOKING MARKETPLACES 4 cos median 10.6x BKNG ABNB TCOM YTRA These platforms bring together fragmented supply and demand while navigating local regulation and booking cycles. BUSINESS-TO-BUSINESS SERVICES MARKETPLACES 3 cos median 11.1x CPRT RBA CMPR These marketplaces organise specialised supply where data, workflow and buyer trust can deepen repeat activity. GAME AND DIGITAL CONTENT MARKETPLACES 2 cos 20.3x · 1 rated RBLX GCL These platforms monetise digital participation and content, with engagement and creator economics central to the model. ADJACENT MODELS 11 cos median 7.1x CART XMTR SABR ACVA GDRX REAL UPWK ZIP SY POWW SOGP These businesses extend marketplace mechanics into infrastructure, talent, pricing and specialised transaction flows.

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   02 · LANDSCAPE

   Inventory Exposure and Marketplace Liquidity Separate the Business Models

   This page compares business-model segments on inventory exposure, liquidity and EV/EBITDA (CY2027E) medians.

   Inventory exposure and marketplace liquidity separate the business models in the approved universe. Vertical retail marketplaces sit at 11.5x EV/EBITDA versus 4.6x for listings and classifieds, a gap associated with differences in supply density and purchase frequency. Full company-level detail sits in the appendix. So the segment a business sits in shapes the valuation conversation before growth or margin even enter it.

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   02 · LANDSCAPE Inventory Exposure and Marketplace Liquidity Separate the Business Models 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. Online Marketplaces 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 Vertical retail marketplaces with owned inventory alongside seller supply 14 33% 11.5x Alibaba Group Holding Limited (BABA) · MercadoLibre, Inc. (MELI) · +12 more Liquidity meets inventory risk. Across 11 names with an estimate, the middle is 11.5x. The valuation context reflects marketplace reach alongside the margin and working-capital demands of owned inventory. Listings and classifieds platforms 8 19% 4.6x DoorDash, Inc. (DASH) · Kanzhun Limited (BZ) · +6 more Depth supports repeat use. Across eight names with an estimate, the middle is 4.6x. Listings depth, organic traffic mix and protection against disintermediation remain central to revenue quality. Travel supply aggregation and booking marketplaces 4 10% 10.6x Booking Holdings Inc. (BKNG) · Airbnb, Inc. (ABNB) · +2 more Supply breadth supports relevance. Across three names with an estimate, the middle is 10.6x. Gross bookings, repeat behaviour and exposure to local travel rules frame the operating story. Business-to-business services marketplaces 3 7% 11.1x Copart, Inc. (CPRT) · RB Global, Inc. (RBA) · +1 more Workflow deepens buyer utility. Across three names with an estimate, the middle is 11.1x. Specialised supply, transaction data and repeat commercial workflows can support durable marketplace use. Game and digital content marketplaces 2 5% 20.3x n=1 Roblox Corporation (RBLX) · GCL Global Holdings Ltd Ordinary Shares (GCL) Engagement shapes monetisation depth. One of the two names carries an estimate at 20.3x. The small base makes engagement quality and the creator monetisation model more useful than a broad segment comparison. Adjacent models 11 26% 7.1x Maplebear Inc. (CART) · Xometry, Inc. (XMTR) · +9 more Specialisation creates varied economics. Nine of the 11 names carry an estimate. Infrastructure, talent and specialised marketplaces require model-specific tests of retention, take rate and contribution profit.

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   SECTION 03

   03

   This divider opens Section 03 on public market valuation and growth.

   The premium end carries higher expectations for durable earnings, because a forward multiple already credits forecast growth. The next pages test that against growth, margin and situation.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Carries Higher Expectations for Durable Earnings A forward multiple already credits forecast growth, raising the bar for delivery. 03 of 06 Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Prices in More Durable Forward Earnings

   This page ranks the 12 highest and 12 lowest of 35 rated companies on EV/EBITDA (CY2027E) against a 9.1x sector median.

   We rank the 12 highest and 12 lowest of the 35 rated companies on EV/EBITDA (CY2027E), against a sector median of 9.1x. The premium end prices in more durable forward earnings, while the discount end trades well below the median. The 11 mid-cohort names cluster near that median, with the full set available in the appendix. So the spread itself is the evidence that the market is already pricing durability, not just growth.

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   03 · PUBLIC MARKET VALUATION The Premium End Prices in More Durable Forward Earnings EV / EBITDA (CY2027E) · the 12 highest and 12 lowest of 35 rated companies · sector median 9.1x · 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 (35 of 42 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). The 11 mid-cohort names cluster near the median; the full set is in the appendix and companion tables. 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. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM END — HIGHER FORWARD EXPECTATIONS · median 15.5x DISCOUNT END — MORE OPERATING PROOF REQUIRED · median 3.4x Sector median 9.1x WHAT SEPARATES THE TWO ENDS Premium names carry expectations. The premium end sits at 15.5x EV / EBITDA. A forward multiple already credits forecast growth, so holding this position requires durable earnings delivery. Discount names need proof. The discount end sits at 3.4x EV / EBITDA. Stronger retention, monetisation mix and contribution economics can improve the operating case. Coverage supports the ranking. The page shows 42 approved companies, with 35 companies carrying a forward EV / EBITDA estimate. The remaining names stay visible without entering the ranked comparison.

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   03 · VALUATION DRIVERS

   Faster Growth Is Associated with a Higher Forward Multiple

   This page compares median EV/EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort among rated names with estimates.

   Faster-growing names carry a higher median EV/EBITDA (CY2027E) than slower-growing names, at 12.4x versus 7.0x. Higher-margin names also trade above lower-margin names, though margin alone does not close the gap growth creates. These readings are associations in the data, not proof of cause. So growth remains the stronger single driver of valuation in this cohort split, but margin quality still supports the case for durability.

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   03 · VALUATION DRIVERS Faster Growth Is Associated with a Higher Forward Multiple 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=17; slower n=17; higher-margin n=18; lower-margin n=17). Driver readings are NeuraCap views on the supplied data — association, not causation. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 10% · EBITDA-margin split at 16% The Valuation Gap Sits Across the Growth Split The 17 names above 10% growth carry a 12.4x middle multiple, compared with 7.0x across the 17 names below the split. This is an observed association rather than evidence that growth alone sets valuation. Liquidity Quality Matters Beneath Reported Growth Supply density, active participation and repeat behaviour help distinguish a durable marketplace flywheel from volume supported by incentives or paid demand. Monetisation Mix Tests the Quality of Growth Take-rate headroom from advertising, payments, logistics and financing is more useful when seller economics, retention and contribution profit remain sound.

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    03 · SITUATION MAP

    Higher Multiples Cluster with Above-Middle Growth

    This page maps rated names by EV/EBITDA versus the 9.1x sector median and revenue growth versus the 10% covered median.

    We cut the universe on EV/EBITDA against the 9.1x sector median and on revenue growth against the 10% covered median. Higher multiples cluster with above-middle growth, an observation rather than a recommendation. Names without a second growth measure are not mapped here. So the pattern gives owners a starting point for where their own growth and valuation sit relative to peers.

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    03 · SITUATION MAP Higher Multiples Cluster with Above-Middle Growth Cut on EV / EBITDA vs the sector median (9.1x) (rows) and revenue growth vs the covered median (10%) (columns) · 1 rated names without the second measure are not mapped · 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. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Growth Above-median multiple · above-median revenue growth 11 names MercadoLibre, Inc. (MELI) · Airbnb, Inc. (ABNB) · DoorDash, Inc. (DASH) · +8 more These names combine above-middle growth with above-middle valuation. The operating priority is to sustain retention, liquidity and contribution quality as expectations rise. Higher Multiple, Lower Growth Above-median multiple · below-median revenue growth 7 names Booking Holdings Inc. (BKNG) · Coupang, Inc. (CPNG) · Copart, Inc. (CPRT) · +4 more These names retain above-middle valuation despite lower growth. The key question is whether cash conversion, market position and monetisation can support that standing. Lower Multiple, Higher Growth Below-median multiple · above-median revenue growth 6 names Alibaba Group Holding Limited (BABA) · Trip.com Group Limited (TCOM) · Maplebear Inc. (CART) · +3 more These names show above-middle growth without an above-middle multiple. Better revenue quality, retention and margin progression may strengthen how that growth is valued. Lower Multiple, Lower Growth Below-median multiple · below-median revenue growth 10 names Sabre Corporation (SABR) · Cimpress plc (CMPR) · Vipshop Holdings Limited (VIPS) · +7 more These names sit below the middle on growth and valuation. The operating agenda starts with sharper focus on demand quality, cost structure and the marketplace segments that can earn better economics.

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    03 · GROWTH VS PROFITABILITY

    Faster Growth Travels with Higher Valuation than Margin Alone

    This page plots revenue growth (CY2026E) against EBITDA margin (CY2026E) for 34 companies with both estimates, cut at 10% growth and 16% margin.

    We plot the 34 companies with both a growth and a margin estimate, cutting the quadrants at 10% revenue growth and 16% EBITDA margin. Faster growth travels with higher valuation than margin alone across these quadrants. The balanced group sits apart from the margin-only and growth-only groups. So an owner chasing valuation should treat growth as the stronger lever, with margin as the supporting case for durability.

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    03 · GROWTH VS PROFITABILITY Faster Growth Travels with Higher Valuation than Margin Alone Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 34 companies with both estimates · cuts at the covered medians (10% growth, 16% margin) · median EV/EBITDA per quadrant · 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. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=8; margin-only n=9; growth-only n=9; neither n=8). Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 20% 40% 0% 10% 20% 30% 40% MARGIN ONLY median 7.1x BALANCED median 9.5x NEITHER median 7.0x GROWTH ONLY median 13.8x FVRR UPWK CPRT DIBS VIPS DASH XMTR RBLX MELI x: revenue growth (CY2026E) · y: EBITDA margin (CY2026E) HOW TO READ THIS Among the nine names above the growth bar but below the margin bar, the middle multiple is 13.8x. Among the nine names above the margin bar but below the growth bar, the middle is 7.1x. Eight names clear both bars. A further eight clear neither, placing greater weight on operating improvement. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 10 of 34 names clear it.

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    03 · THE AGENDA

    Choose the Operating Route That Builds More Durable Marketplace Value

    This page frames the strategic questions an owner or acquirer should resolve to build durable marketplace value.

    We frame the agenda as questions an owner or acquirer needs to resolve, from liquidity to monetisation discipline. These are observations grounded in the cohort data shown earlier, not recommendations. So the choice of operating route should follow from where a business already sits on growth, margin and business model.

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    03 · THE AGENDA Choose the Operating Route That Builds More Durable Marketplace Value 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. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Marketplace Liquidity Concentrate investment where listings depth, supply density and repeat activity can improve match rates and reduce leakage. What changes the answer: Retention, sell-through or time-to-sale improves in the priority categories and geographies. Expand Monetisation with Discipline Shift the mix toward advertising, payments, logistics or financing where seller economics and buyer activity can support higher take rate. What changes the answer: Attach grows while contribution profit and repeat activity remain sound. Focus the Portfolio on Advantaged Segments Direct capital toward categories where specialised supply, transaction data and organic demand create a more defensible marketplace position. What changes the answer: Priority segments show better retention, purchase frequency and unit economics than the wider portfolio. Use Build-Versus-Buy Selectively Assess whether adjacent supply, workflow technology or monetisation capabilities are faster to build internally or access through a transaction. What changes the answer: The capability gap begins to limit liquidity, take rate or entry into a priority category.

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    SECTION 04

    04

    This divider opens Section 04 on precedent transactions.

    Precedent transactions show buyers paying for strategic fit, spanning platform combinations, supply access and marketplace capabilities. The next pages walk through the case studies and the full transaction list.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Show Buyers Paying for Strategic Fit The transaction record spans platform combinations, supply access and marketplace capabilities. 04 of 06 Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Favour Clear Strategic Fit and Marketplace Relevance

    This page walks through 2 of 24 disclosed-terms transactions as case studies on strategic fit.

    We walk through 2 of the 24 disclosed-terms transactions as case studies, with deal multiples on LTM financials at announcement where disclosed. 106 precedent records carry data-quality flags and are shown as recorded in the filing, while 61 recorded transactions without a disclosed value or multiple sit in the companion workbook. These deal multiples are not directly comparable to the CY2027E public basis, and no spread is claimed. So the case studies illustrate why buyers paid, without overstating precision on the numbers themselves.

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    04 · DEAL CASE STUDIES Precedent Transactions Favour Clear Strategic Fit and Marketplace Relevance 2 of 24 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. 106 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. 61 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. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2020 $1.2B Lianluo Smart Ltd acquires Newegg Inc. EV / LTM revenue 0.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Its inclusion suggests that marketplace capability and strategic fit were relevant to the transaction. HOW THE TARGET WAS VALUED The valuation read is qualitative and broadens the precedent set used to assess buyer behaviour. Sep-2021 $1.5B Forge Global Holdings, Inc. Forge Global Holdings, Inc. and Motive Capital Corp paired platform ambition with transaction scale. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The combination suggests a strategic fit around expanding a marketplace platform through a larger corporate structure. HOW THE TARGET WAS VALUED The transaction valued Motive Capital Corp at $1.5B. It provides a scale reference rather than a disclosed operating-multiple benchmark.

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    SECTION 05

    05

    This divider opens Section 05 on strategic implications for operators.

    Value strengthens when growth rests on repeatable marketplace economics: liquidity, retention, monetisation mix and disciplined contribution economics. The next page sets out what that means for owners, management and boards.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Value Strengthens When Growth Rests on Repeatable Marketplace Economics The operating agenda is liquidity, retention, monetisation mix and disciplined contribution economics. 05 of 06 Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Value Starts with Liquidity, Retention and Monetisation Quality

    This page sets out the strategic questions this data raises for owners, management and boards over the next twelve months.

    Durable value starts with liquidity, retention and monetisation quality, and this page puts the resulting questions on the table for the next twelve months. The views here are directional, drawn from the analysis in this report, and are observations rather than recommendations. So the agenda gives owners, management and boards a shared starting point for where to focus attention next.

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    05 · STRATEGIC IMPLICATIONS Durable Value Starts with Liquidity, Retention and Monetisation Quality 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. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Back the Marketplace Segments with Repeatable Economics Allocate capital toward categories where supply density, retention and organic demand support durable activity. Reduce exposure to growth that depends on incentives or owned inventory without adequate returns. FOR MANAGEMENT Turn Growth into Durable Contribution Profit Tighten the link between acquisition, repeat behaviour, take rate and contribution profit. Use pricing and attach to improve monetisation without weakening seller participation. FOR BOARDS Set Clear Build-Versus-Buy Priorities Test whether technology, supply access and adjacent demand pools are better developed internally or reached through a transaction. Keep capital focused on capabilities that deepen the marketplace flywheel.

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    SECTION 06

    06

    This divider opens Section 06 covering the full comparables universe, methodology and sources.

    Section 06 carries the full universe, the valuation methodology and where each underlying disclosure lives. The following pages give the comparables detail behind every figure in the body.

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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 Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists public comparables on EV/EBITDA (CY2027E), grouped by valuation tier against the 9.1x sector median, showing the first of 30 of 35 rated companies.

    We group the public comparables by valuation tier, shading each name above or below the 9.1x sector median. Of the 42 companies covered, 35 are rated and 7 are not rated for lack of an eligible multiple; 30 of the 35 rated names appear across these two pages, with the remaining rows in the companion workbook. Tickers link to the underlying source for anyone who wants to trace a figure. So this page is the reference point for where any single name sits against the broader tier structure.

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    06 · PUBLIC COMPARABLES (1 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.1x); amber marks below · 35 rated companies; 7 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. 30 of 35 rated names shown here; the remaining 5 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥14.2x · median 15.5x · 9 companies Xometry, Inc. XMTR Industrial and surplus asset marketplaces $5.5B 54.0x 33% 7% 31 1stdibs.com, Inc. DIBS Vertical retail marketplaces with owned inventory… $73M 48.9x 2% 4% 3 Roblox Corporation RBLX Game and digital content marketplaces $28.5B 20.3x 43% 17% 31 MercadoLibre, Inc. MELI Vertical retail marketplaces with owned inventory… $93.6B 16.4x 44% 10% 39 DoorDash, Inc. DASH Listings and classifieds platforms $75.5B 15.5x 30% 21% 43 ACV Auctions Inc. ACVA Wholesale vehicle auction and dealer-to-dealer… $1.7B 15.5x 12% 9% 23 Wayfair Inc. W Vertical retail marketplaces with owned inventory… $15.6B 15.2x 8% 6% 15 Airbnb, Inc. ABNB Travel supply aggregation and booking marketplaces $84.6B 14.8x 16% 36% 48 The RealReal, Inc. REAL Authenticated luxury resale marketplaces $1.4B 14.6x 15% 9% 22 CORE — 6.2x–14.2x · median 9.1x · 17 companies ThredUp Inc. TDUP Vertical retail marketplaces with owned inventory… $287M 13.8x 12% 5% 16 eBay Inc. EBAY Vertical retail marketplaces with owned inventory… $51.1B 12.4x 13% 30% 38 RB Global, Inc. RBA Business-to-business services marketplaces $19.1B 11.6x 9% 30% 37 Coupang, Inc. CPNG Vertical retail marketplaces with owned inventory… $23.8B 11.5x 7% 2% 19 Copart, Inc. CPRT Business-to-business services marketplaces $22.0B 11.1x 2% 40% 45 Booking Holdings Inc. BKNG Travel supply aggregation and booking marketplaces $130B 10.6x 9% 37% 48

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    06 · PUBLIC COMPARABLES (2 OF 2)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page continues the public comparables list on EV/EBITDA (CY2027E), grouped by valuation tier.

    This page continues the comparables list, still shaded against the 9.1x sector median. It carries the rest of the 30 of 35 rated names shown across these two pages, with tickers linking to the underlying source. So together the two pages give the full rated set at a glance, tier by tier.

    Everything on this page

    06 · PUBLIC COMPARABLES (2 OF 2) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (9.1x); amber marks below · 35 rated companies; 7 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. 30 of 35 rated names shown here; the remaining 5 rows are in the companion workbook beside this deck. Names without an eligible multiple are listed in the companion workbook. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 CORE — CONTINUED — 6.2x–14.2x · median 9.1x · 17 companies Revolve Group, Inc. RVLV Vertical retail marketplaces with owned inventory… $1.2B 10.3x 14% 7% 17 Sea Limited SE Vertical retail marketplaces with owned inventory… $51.4B 9.7x 38% 12% 36 Etsy, Inc. ETSY Vertical retail marketplaces with owned inventory… $8.2B 9.1x -1% 30% 35 Outdoor Holding Company POWW Adjacent: aerospace and defence components supply $208M 8.0x n/a 48% 48 Alibaba Group Holding Limited BABA Vertical retail marketplaces with owned inventory… $247B 7.7x 14% 13% 32 Sabre Corporation SABR Marketplace and payments infrastructure platforms $4.5B 7.1x 4% 21% 25 Groupon, Inc. GRPN Listings and classifieds platforms $852M 7.0x 4% 15% 30 ZipRecruiter, Inc. ZIP Talent and staffing marketplaces $448M 6.9x 3% 13% 18 Maplebear Inc. CART Managed marketplace operations platforms $9.8B 6.6x 14% 30% 42 Trip.com Group Limited TCOM Travel supply aggregation and booking marketplaces $19.0B 6.6x 13% 23% 35 Cimpress plc CMPR Business-to-business services marketplaces $3.6B 6.4x 9% 12% 20 DISCOUNT — <6.2x · median 3.4x · 9 companies Kanzhun Limited BZ Listings and classifieds platforms $4.6B 6.1x 19% 40% 61 GoodRx Holdings, Inc. GDRX Healthcare price transparency marketplaces $1.4B 5.5x 0% 31% 36 StubHub Holdings, Inc. STUB Listings and classifieds platforms $2.4B 4.8x 16% 20% 33 Cars.com Inc. CARS Listings and classifieds platforms $983M 4.5x 1% 29% 32

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, showing 18 of 24 disclosed-terms deals out of 85 recorded.

    We list the transactions with disclosed terms, newest first: 24 of the 85 recorded transactions carry disclosed terms, and 18 of those 24 appear across these two pages, with deal values linking to the underlying filing. 106 precedent records carry data-quality flags and are shown as recorded, while 61 recorded transactions without a disclosed value or multiple sit in the companion workbook. Deal multiples are LTM at announcement and are not directly comparable to the CY2027E public basis. So this list is the primary evidence base behind the case studies shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 24 transactions with disclosed terms in this tier (85 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. 106 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. 61 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. 18 of 24 transactions shown; the rest are in the companion workbook. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2026 GameStop Corp → eBay Inc. $61.0B 2.8x 17.4x GameStop Corp agreed to acquire eBay Inc. (EBAY) at $61.0B, equivalent to 17.4x EV / EBITDA and 2.8x EV / Revenue. The transaction suggests conviction around a marketplace with established demand and supply. Dec-2025 Lanxess AG → JINGDONG Industrials, Inc. n/a n/a 13.0x Lanxess AG agreed to acquire JINGDONG Industrials, Inc. at 13.0x EV / EBITDA. The pairing suggests strategic interest in specialised business-to-business marketplace access. Jun-2025 n/a → WM Technology, Inc. $46M n/a n/a WM Technology, Inc. was the target of an announced transaction valued at $46M. The deal shows that strategic activity extends below the largest marketplace platforms. May-2025 DoorDash, Inc. → Deliveroo plc n/a 1.0x n/a DoorDash, Inc. (DASH) agreed to acquire Deliveroo plc at 1.0x EV / Revenue. The pairing suggests strategic value in combining demand, merchant supply and delivery capabilities. Jan-2025 n/a → Unusual Machines, Inc. n/a 24.4x 13.8x Unusual Machines, Inc. was valued at 24.4x EV / Revenue in the announced transaction. The valuation points to a deal-specific assessment of specialised capability. Sep-2021 Forge Global Holdings, Inc. → Motive Capital Corp $1.5B n/a n/a Forge Global Holdings, Inc. and Motive Capital Corp entered an announced transaction. The pairing suggests a strategic route to greater platform scale. Aug-2021 HIG → Remix n/a n/a 10.0x HIG agreed to acquire Remix at 10.0x EV / EBITDA. The transaction suggests financial-buyer interest where technology supports a defined marketplace workflow. Aug-2021 RBA → Euro Auctions (Terminated) n/a 18.8x 18.8x RB Global, Inc. (RBA) agreed to acquire Euro Auctions (Terminated) at 18.8x EV / EBITDA. The pairing suggests strategic interest in auction supply and category reach. Feb-2021 AMMO, Inc. → Gunbroker.com business n/a n/a 6.0x AMMO, Inc. agreed to acquire Gunbroker.com business at 6.0x EV / EBITDA. The pairing suggests value in connecting specialised supply with an established transaction venue.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the list of precedent transactions with disclosed terms, newest first.

    This page continues the disclosed-terms transaction list, completing the 18 of 24 shown across these two pages. The remaining transactions sit in the companion workbook alongside the full data-quality detail. So the complete disclosed-terms record is available here for any deal a client wants to trace.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 24 transactions with disclosed terms in this tier (85 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. 106 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. 61 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. 18 of 24 transactions shown; the rest are in the companion workbook. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2020 J2 Global, Inc. → RetailMeNot, Inc. n/a 2.3x n/a Oct-2020 Lianluo Smart Ltd → Newegg Inc. $1.2B 0.7x n/a Value shown as recorded in the filing; deal value unit unresolved. Jun-2020 Just Eat Takeaway.com N.V. → Grubhub Inc. n/a 5.5x 47.4x Dec-2019 IAC/InterActiveCorp → Care.com, Inc. n/a 2.4x 17.9x Dec-2019 IAC, Inc. → Care.Com, Inc. n/a 2.2x 23.3x Nov-2019 Viagogo → business (unit of StubHub) n/a n/a 25.0x Value shown as recorded in the filing; deal value unit unresolved, divestiture roles reassigned. Jul-2019 Takeaway.com N.V. → Just Eat Ltd. n/a 6.4x n/a Jun-2019 TDR Capital → BCA Marketplace plc n/a 12.5x 12.5x Value shown as recorded in the filing; deal value unit unresolved. Oct-2018 Redbubble Limited → TP Apparel LLC / TP Apparel Europe Ltd (TeePublic) n/a 1.6x 12.4x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the sources, assumptions and data-quality treatment behind every figure in the report.

    Every figure in this report links back to the record it was taken from, with the valuation basis and exclusions stated plainly. Where a figure has no link, the appendix names its source and the basis on which it was read. So a client can trace any number in this deck back to its origin without needing to ask us directly.

    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. Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (35 of 42 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 Online Marketplaces and it clears the coverage gate with 35 of 42 companies (83%). EV / Revenue, P / E are carried as a cross-check. The set earns: 35 of the 35 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 34 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 1506 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 (1505) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    Higher-Valued Names Sit Alongside Faster Growth and More Durable Marketplace Economics.

    This is the closing page restating that higher-valued names sit alongside faster growth and more durable marketplace economics.

    Higher-valued names sit alongside faster growth and more durable marketplace economics. The companion tables carry the full universe, the exclusion ledger and the source index for any figure a client wants to trace.

    Everything on this page

    Higher-Valued Names Sit Alongside Faster Growth and More Durable Marketplace Economics. NeuraCap AI — Online Marketplaces Coverage September 2026 · Prepared by NeuraCap AI · Confidential Online Marketplaces Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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