Personal Care Products Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › PERSONAL CARE PRODUCTS

Companies Redraw Their Perimeters While New Deals Stay on Hold

This update covers what moved, what companies announced and what the transaction record showed across September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

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

Personal Care Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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

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

   CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › PERSONAL CARE PRODUCTS

   Cover slide introducing the September 14–28, 2026 Personal Care Products bi-weekly update.

   This bi-weekly update covers what moved, what companies announced, and what the transaction record showed across Personal Care Products from September 14 to 28, 2026. We'll walk through the market movers, the catalysts behind them, and what it means for operators, acquirers and advisors.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE CONSUMER STAPLES › HOUSEHOLD AND PERSONAL PRODUCTS › PERSONAL CARE PRODUCTS Companies Redraw Their Perimeters While New Deals Stay on Hold This update covers what moved, what companies announced and what the transaction record showed across September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Personal Care Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Structure and Regulatory Steps, Not Consumer Demand News, Set the Tone

   This slide summarizes the two-week period's bottom line: structure and regulatory steps, not consumer demand, set the tone.

   Across the 14 names we track, 11 declined and the median move was -2.2%, well behind the S&P 500's +0.8% over the same window. The sharpest declines, Evommune's -19.6% and Waldencast's -10.2%, both traced to company-specific announcements rather than a category demand shift. Kimberly-Clark advanced its pending acquisition on two fronts, offering remedies to European regulators and launching exchange offers tied to the deal. The precedent transaction record held steady at 40 deals with a 13.6x median EV/EBITDA, so that reference continues to anchor how we think about value in this space.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Structure and Regulatory Steps, Not Consumer Demand News, Set the Tone The two-week period in one page · 14 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Personal Care Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 11 of 14 Covered Names Fell; The Median Move Was -2.2% The covered set drifted lower over the two-week period while the S&P 500 returned +0.8%. The weakness was concentrated in the names with their own announcements rather than spread evenly across the shelf-facing portfolios. 2 The Two Largest Declines Came from Clinical Data and a Delisting Decision Evommune, Inc. (EVMN) finished -19.6% and Waldencast plc (WALD) -10.2%. Both had specific, company-level announcements inside the window; neither move reads as a category demand signal. 3 Kimberly-Clark Moved Its Pending Acquisition Forward on Two Fronts Kimberly-Clark Corporation (KMB) offered remedies to European regulators and launched exchange offers and consent solicitations tied to the transaction it has already announced. Both are steps a buyer takes when it intends to reach closing. 4 The Transaction Record Stood Still and Kept Setting the Reference No new sector transactions landed in the window. The trailing record of 40 precedent transactions carries a median EV/EBITDA of 13.6x, against the standing study's CY2027E sector median of 9.8x for the listed set. +10.6% Best mover — Perrigo Company plc (PRGO) worst: EVMN -19.6% · 3 up / 11 down of 14 covered -2.2% Sector median two-week return vs S&P 500 +0.8% 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Company Structure and Clinical Data, Not Category Demand, Drove the Extremes

   This slide ranks the two-week period's largest share-price moves and attributes each to the recorded filing or announcement.

   The extremes this period came from company structure and clinical data, not from a shift in consumer demand. Evommune fell -19.6% after presenting Phase 2a data, and Waldencast fell -10.2% as it moved from a stated delisting intention to a filed Form 25. Against a sector median of -2.2% and a +0.8% S&P 500 return, these two moves account for most of the dispersion we're seeing on this page. We flag only the moves with a recorded driver, so the picture here is what we can actually attribute, not everything that happened.

   Everything on this page

   PUBLIC MARKET MOVERS Company Structure and Clinical Data, Not Category Demand, Drove the Extremes Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.2% · S&P 500 +0.8% · materiality bar ±6.8% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Personal Care Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.2% Evommune, Inc. (EVMN) -19.6% Shares moved following the Sep 23 late-breaker presentation of Phase 2a data for EVO301 in atopic dermatitis at the EADV congress; the -8.6% single-day move came the same day. A Sep 15 8-K furnished an updated pipeline presentation. Clinical-stage names sitting next to this sector carry data risk that branded shelf portfolios do not. COMPANY-SPECIFIC Perrigo Company plc (PRGO) +10.6% No notable in-window news was identified that clearly explains the move. At +10.6%, Perrigo Company plc (PRGO) finished well above the -2.2% median for the covered set. Strength in a Core-tier self-care name shows the group is not trading as one block. UNEXPLAINED Waldencast plc (WALD) -10.2% The move appears to reflect the delisting path set out on Sep 14, when the board approved voluntarily leaving Nasdaq and deregistering its shares, followed by the Form 25 filing on Sep 24 and first half 2026 results on Sep 28. A Premium-tier name leaving the public market thins the visible comparison set for prestige beauty. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Regulatory Clearance, Claims-Led Launches and One Company Leaving the Exchange

   This slide lists the highest-impact news events of the period, each linked to its source, with a read on why it matters.

   The period's news centered on regulatory clearance steps, a claims-led product launch, and one company leaving the exchange entirely. Kimberly-Clark's remedies offer to European regulators and its exchange offers both signal a buyer working toward closing on an already-announced deal. Waldencast's move from an intention to delist to a filed Form 25 removes it from the public float we track. Each of these is a structural or regulatory event, which is why we're calling this a perimeter-redrawing period rather than a demand story.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Regulatory Clearance, Claims-Led Launches and One Company Leaving the Exchange The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Personal Care Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · PRNewsWire Kimberly-Clark launches exchange offers and consent solicitations tied to its pending acquisition Kimberly-Clark Corporation (KMB) is working through the debt mechanics behind a transaction it has already announced. Large-portfolio buyers are still building, and the financing plumbing shows up before the closing does. Sep 23 · NEWS · PRNewsWire Colgate-Palmolive's Tom's of Maine launches a fluoride-free hydroxyapatite toothpaste Colgate-Palmolive Company (CL), a Premium-tier name, is adding a claims-led item in oral care aimed at whitening and sensitivity. Innovation vitality of this kind is how planogram position gets defended at a line review. In oral care the argument for shelf space is being made with substantiated claims, not with price. Sep 23 · NEWS · Reuters Kimberly-Clark offers concessions to European regulators to clear its pending acquisition A filing on the European Commission website showed remedies on the table. Where two portfolios meet on the same shelf, the regulatory negotiation is the gating item, not the commercial logic. Overlapping category captaincy is where big consumer deals get renegotiated with regulators. Sep 17 · NEWS · Business Wire Niagen Bioscience hires pharmaceutical and biotech executives to run its drug development program Niagen Bioscience Inc (NAGE) is adding regulated development capability to an ingestible wellness business through its drug subsidiary. Self-care migration is visible in hiring, not only in transactions. Sep 14 · NEWS · GlobeNewsWire Waldencast's board approves voluntarily leaving Nasdaq and deregistering its shares The board also moved to recommend renaming the company after its single prestige brand. Taken together, the announcement points to a narrower, single-brand operating identity outside public reporting. Prestige beauty is losing a listed reference point that acquirers used to price the category. Sep 14 · NEWS · Reuters Kimberly-Clark readies remedies ahead of the European review of its pending acquisition Reuters reported the buyer preparing concessions after a preliminary review, nine days before remedies were formally on file. The sequence shows how early clearance work starts on a deal of this size. Timelines on portfolio-scale acquisitions are set by the regulator's calendar as much as by the parties.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions Landed; The Standing Record Keeps Setting the Reference

   This slide shows that no new transactions were announced in the window, so the standing 40-deal precedent record remains the reference.

   No new transactions landed in this two-week period, so the standing record of 40 precedent deals keeps setting the reference point. That record carries a median EV/LTM EBITDA of 13.6x, well above the listed sector's CY2027E median of 9.8x, a gap worth watching as new deals emerge. We don't re-present old transactions as news, so this page stays quiet until a new deal actually closes. For now, 13.6x is the number to anchor any new conversation against.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transactions Landed; The Standing Record Keeps Setting the Reference September 14–28, 2026 · precedent transactions: 40 recorded deals · median 13.6x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Personal Care Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The observable reference remains the 40 trailing precedent transactions, whose median EV/EBITDA is 13.6x. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 13.6x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Operators, Buyers and Advisors

   This slide translates the two-week period's events into observations for operators, acquirers and advisors.

   For operators, the clearest signal was a claims-backed launch from a Premium-tier portfolio, which speaks to innovation vitality rather than price competition. For acquirers, the listed reference set didn't grow this period, so the trailing 13.6x median EV/EBITDA still anchors pricing conversations. For advisors, the dominant theme was companies actively managing their own regulatory and public-market position. These are observations drawn from the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Operators, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Personal Care Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.8x 15 companies in the study 3 valuation tiers Standing thesis: Personal Care Products Trades as Three Markets: Brand Portfolios, Private-Label Self-Care and Nutrition Sellers FOR OWNERS & OPERATORS The Launches That Moved Were Claims-Led, Not Price-Led The clearest operating signal of the two-week period was a claims-backed oral care launch from a Premium-tier portfolio. That is innovation vitality doing the work at a line review. FOR ACQUIRERS The Listed Reference Set Is Getting Shorter No new precedent transactions were added, so the trailing record and its 13.6x median EV/EBITDA still anchor the pricing conversation. FOR ADVISORS Lead with Regulatory Position and Claims Substantiation The period's dominant theme was companies changing their own perimeter: remedies filed to clear a pending acquisition, a voluntary delisting executed, and pharmaceutical capability hired into an ingestible wellness business.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

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

   Every figure in this update links back to the filing, price record or article it was taken from. Our driver attributions use calibrated language because they are our reads of recorded evidence, not asserted cause and effect. We rely on a fixed source hierarchy, SEC filings first, then press releases, then established outlets, and we never draw on video or social platforms. That discipline is what lets you trust the two-week read we've just walked through.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Personal Care Products Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T150423Z_516_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · reuters.com · businesswire.com · globenewswire.com

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