Pumps, Compressors and Fluid Handling Sector Outlook — September 2026

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INDUSTRIALS › CAPITAL GOODS › PUMPS, COMPRESSORS AND FLUID HANDLING

Fluid Handling: The Premium Sits with Recurring Work

How the market prices pumps, compressors and fluid handling businesses today, and where the gap between the top and the bottom of the range shows up.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › CAPITAL GOODS › PUMPS, COMPRESSORS AND FLUID HANDLING

   Cover slide introducing the Pumps, Compressors and Fluid Handling sector outlook as of September 2026.

   We open with the sector's pricing story: valuations split into three distinct bands, and diversified flow machinery holds the top one. That split is the throughline for everything we walk through next.

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   INDUSTRIALS › CAPITAL GOODS › PUMPS, COMPRESSORS AND FLUID HANDLING Fluid Handling: The Premium Sits with Recurring Work How the market prices pumps, compressors and fluid handling businesses today, and where the gap between the top and the bottom of the range shows up. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Contents page listing the five numbered sections plus the appendix that make up the report.

   We've built this report so the bottom line comes first — if you only have time for one page, section 01 carries the whole argument. From there we move through the market map, valuation, precedent deals and the strategic implications, so you can go as deep as you need.

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   CONTENTS What This Report Covers 01 The Bottom Line The Whole Argument on One Page 02 The Landscape Diversified Flow Machinery Carries Most of the Set 03 Valuation & Situations The Price Range Is Wider than the Operating Range 04 Precedent Transactions Sponsors and Industrial Buyers Have Been Chasing the Same Assets 05 Strategic Implications Where Owners Can Shift the Evidence Buyers Weigh 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Pumps, Compressors and Fluid Handling Prices in Three Bands, and Diversified Flow Machinery Holds the Top

   Summarizes the bottom line: pricing bands, growth premium, segment mix and precedent deal multiples.

   The top five names in this set trade at 18.9x forward EV/EBITDA against 9.3x for the bottom five — roughly a two-times spread on a basis that already credits the growth analysts expect. Diversified flow machinery makes up 74% of the universe and prices at 14.8x, ahead of the adjacent component group at 9.8x, and the faster-growing half of the set sits at 15.4x against 12.0x for the slower half. Recorded transactions cluster in a low-teens EBITDA range, which lines up with where the public market prices the premium names. So what: if you're weighing where to put capital or how to position a business, the segment and the mix inside it matter as much as growth alone.

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   01 · THE BOTTOM LINE Pumps, Compressors and Fluid Handling Prices in Three Bands, and Diversified Flow Machinery Holds the Top 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 (18 of 23 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Top of the Range Earns Roughly Twice the Bottom The five names at the premium end carry 18.9x forward EV / EBITDA on CY2027E; the five at the discount end sit at 9.3x. A forward multiple already credits the growth analysts forecast, so a premium that survives that test points to earnings buyers expect to hold. 2 The Faster Growers Sit at the Higher Multiples, and the Gap Is Modest Of the 18 names with a forward estimate, the 9 growing faster than 7% sit at 15.4x and the 9 below sit at 12.0x. The ordering is associated with growth, but the gap is narrow enough that portfolio mix and aftermarket density get read alongside it. 3 Recurring Parts and Service Travel with the Higher-Priced Segment Diversified fluid-handling machinery is 74% of the 23 companies in the set and prices at 14.8x; the adjacent engineered industrial component names sit at 9.8x. Installed base, specification position and seal and wear-part replacement are the operating differences practitioners weigh between them. 4 What Buyers Agreed to Pay Clusters in the Low Teens Across the 9 recorded transactions, five of the seven disclosed EBITDA multiples sit between 12.1x and 14.2x. Financial sponsors and industrial buyers both appear on the acquiring side, including KKR & Co. Inc. for CIRCOR International and Danfoss for Eaton’s Hydraulics Business. 12.4x Sector median EV/EBITDA CY2027E consensus · 18 rated of 23 companies 18.9x Premium end EV/EBITDA vs 9.3x at the discount end top quartile (n=5) against bottom quartile (n=5) on EV/EBITDA — the spread the report explains 23 Transactions with disclosed terms 68 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing section 02 on the market map and segment landscape.

   Section two lays out the market map — who's in this universe and how the groups compare. Diversified flow machinery carries most of the set, and the adjacent groups run on different cycles.

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   SECTION 02 02 THE LANDSCAPE Diversified Flow Machinery Carries Most of the Set The adjacent groups sit lower and run on different cycles and different economics. 02 of 06 Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Three Quarters of the Names Are Diversified Flow Machinery, and That Group Prices Above the Rest

   Shows the 23 approved companies grouped by business segment with median EV/EBITDA (CY2027E) per group.

   Three out of every four names in this universe sit inside diversified flow machinery, and that group's median multiple, 14.8x, sits above the other groups. The adjacent segments are smaller slices of the set and price differently. So what: a report on this sector is really a report on one segment's economics, with two smaller groups attached.

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   02 · MARKET MAP Three Quarters of the Names Are Diversified Flow Machinery, and That Group Prices Above the Rest 23 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. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED FLUID-HANDLING MACHINERY 17 cos median 14.8x Parker-Hannifin (PH) Ingersoll Rand (IR) Xylem (XYL) ITT Nordson (NDSN) IDEX (IEX) Graco (GGG) Flowserve (FLS) Pentair (PNR) EnPro Industries (NPO) Franklin (FELE) Helios (HLIO) The Gorman-Rupp (GRC) Enerpac Tool Group (EPAC) Graham (GHM) Omega Flex (OFLX) Taylor Devices (TAYD) 17 of the 23 companies, 13 of them among the 18 names with a forward estimate: pumps, valves, compression and flow control sold into specified applications with replacement demand behind them. ADJACENT: ENGINEERED INDUSTRIAL COMPONENTS 2 cos median 9.8x MKS (MKSI) Vontier (VNT) Two names, MKS Inc. (MKSI) and Vontier Corporation (VNT), selling engineered components into industrial and electronics customers rather than into mission-critical flow loops. ADJACENT MODELS 4 cos median 10.1x Baker Hughes (BKR) Hayward Holdings (HAYW) Ichor Holdings (ICHR) Energy Recovery (ERII) Four names, including Baker Hughes Company (BKR), Hayward Holdings, Inc. (HAYW) and Energy Recovery, Inc. (ERII), whose end-market cycles differ from the core flow-machinery group.

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   02 · LANDSCAPE

   The Core Flow Group Prices Above Both Adjacent Groups

   Compares the core flow segment's median multiple against both adjacent groups.

   The core flow group prices above both adjacent groups on the same EV/EBITDA (CY2027E) basis. We treat what each group does — and why that shows up in the multiple — as a NeuraCap read on the disclosed numbers, not a mechanical rule. So what: the businesses next to core flow aren't cheaper by accident; they run on different operating models.

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   02 · LANDSCAPE The Core Flow Group Prices Above Both Adjacent Groups 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. Pumps, Compressors and Fluid Handling 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 Diversified fluid-handling machinery 17 74% 14.8x Parker-Hannifin Corporation (PH) · Ingersoll Rand Inc. (IR) · +15 more Installed base does the work. 74% of the set, priced at 14.8x on the forward lens. Parker-Hannifin Corporation (PH), Ingersoll Rand Inc. (IR), Xylem Inc. (XYL), ITT Inc. (ITT), Nordson Corporation (NDSN), IDEX Corporation (IEX), Graco Inc. (GGG) and Flowserve Corporation (FLS) span original equipment, projects and aftermarket parts, and the mix between those three varies widely inside the group. Adjacent: engineered industrial components 2 9% 9.8x MKS Inc. (MKSI) · Vontier Corporation (VNT) Component economics, a different cycle. Two names at 9.8x. MKS Inc. (MKSI) grows at 20% on a 28% margin while Vontier Corporation (VNT) grows at 1%; both price below the flow-machinery group, and the recurring parts pull-through practitioners look for is less visible in a component model. Adjacent models 4 17% 10.1x Baker Hughes Company (BKR) · Hayward Holdings, Inc. (HAYW) · +2 more Energy, pool and environmental exposure. Four names at 10.1x, three of them among the 18 names with a forward estimate. Baker Hughes Company (BKR) at 12% growth and Energy Recovery, Inc. (ERII) at 44% sit at opposite ends of the pricing range, which is what happens when one label covers several end-market cycles.

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   SECTION 03

   03

   Divider introducing section 03 on public market valuation and situations.

   Section three ranks every rated company on forward earnings and shows how wide that range really is. The gap between the top and bottom is bigger than the gap in growth or margins.

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   SECTION 03 03 VALUATION & SITUATIONS The Price Range Is Wider than the Operating Range Every approved company ranked on forward EV / EBITDA, with the two ends marked. 03 of 06 Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Ranked on Forward Earnings, Valuations Spread Wider than Growth Rates or Margins Do

   Ranks all 18 rated companies on EV/EBITDA (CY2027E) against a sector median of 12.4x.

   Across the 18 rated names, the sector median sits at 12.4x forward EV/EBITDA, and the tiers above and below it are cut at the set's own quartiles. Valuation spreads wider here than growth rates or margins do across the same names. So what: a multiple alone doesn't tell you which quartile a name sits in — the operating profile does.

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   03 · PUBLIC MARKET VALUATION Ranked on Forward Earnings, Valuations Spread Wider than Growth Rates or Margins Do EV / EBITDA (CY2027E) · all 18 rated companies, sorted descending · sector median 12.4x · 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 (18 of 23 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 18.9x CORE · median 12.4x DISCOUNT · median 9.3x Sector median 12.4x WHAT SEPARATES THE TWO ENDS The top end holds 18.9x. Five of the 18 names with a forward estimate clear the premium bar, among them IDEX Corporation (IEX) on 27% margins and Graham Corporation (GHM) growing 13%. They reach the same band from very different operating profiles, which is why mix is read case by case here. The bottom end sits at 9.3x. Vontier Corporation (VNT) at 1% growth and Flowserve Corporation (FLS) on 18% margins sit in the lower band. Project-weighted revenue and thinner aftermarket pull-through are the features buyers discount in this part of the range. Forward pricing already credits growth. The lens is CY2027E EV / EBITDA, so the forecast is already inside the multiple. A premium that survives that test says more about the durability of earnings than about one good year of orders.

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   03 · VALUATION DRIVERS

   The Faster Half of the Set Holds the Higher Multiples

   Splits the rated set by revenue growth and by EBITDA margin cohort and compares median multiples.

   The faster-growing half of the covered set, nine names above the 7% growth median, holds a higher median multiple than the slower half. The same pattern shows up when we split on margin. This is an association we observe in the data, not a claim that growth causes the premium. So what: growth and margin both track with price, but neither one alone explains the full spread.

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   03 · VALUATION DRIVERS The Faster Half of the Set Holds the Higher Multiples 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=9; slower n=9; higher-margin n=8; lower-margin n=8). Driver readings are NeuraCap views on the supplied data — association, not causation. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 24% The Faster Half Sits at 15.4x Split at 7% revenue growth, the 9 faster names sit at 15.4x and the 9 slower names at 12.0x on the forward lens. The difference is real but modest, and on this evidence it is an association in the set rather than a mechanism an owner can lean on. Margin Does Not Order the Set the Same Way Graham Corporation (GHM) holds the top of the range at 21.0x on a 9% margin, while Nordson Corporation (NDSN) and Graco Inc. (GGG) post 32% margins and are not among the 18 names with a forward estimate. Profitability registers against revenue-based value, yet it does not line up cleanly across the three price bands. Recurring Work Is the Qualitative Divider Across the 23 companies in the set, the profiles carrying higher multiples tend to pair specified, mission-critical flow content with parts and service revenue behind an installed base. That is a qualitative read from segment mix and buyer behaviour, not something these figures measure directly. Coverage Is Deep Enough to Rank on Profit Of the 23 companies in the set, the 18 names with a forward estimate carry the ranking, so the profit multiple leads. EV / Revenue and P / E are held as a cross-check rather than as the lead convention.

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    03 · SITUATION MAP

    The 18 Names with a Forward Estimate Do Not Price as One Group — Price and Pace Spread Wide

    Maps the 18 rated names on EV/EBITDA versus revenue growth against the sector median cuts.

    Cutting the 18 rated names on the 12.4x sector median and the 7% growth median splits the set into four situations rather than one uniform group. We frame this as observation, not a buy or sell call on any name. So what: where a company sits on this map is a starting point for a conversation, not a verdict.

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    03 · SITUATION MAP The 18 Names with a Forward Estimate Do Not Price as One Group — Price and Pace Spread Wide Cut on EV / EBITDA vs the sector median (12.4x) (rows) and revenue growth vs the covered median (7%) (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. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid for Pace Above-median multiple · above-median revenue growth 5 names Parker-Hannifin Corporation (PH) · ITT Inc. (ITT) · EnPro Industries, Inc. (NPO) · +2 more Parker-Hannifin Corporation (PH), ITT Inc. (ITT), EnPro Industries, Inc. (NPO), Graham Corporation (GHM) and Energy Recovery, Inc. (ERII) sit above the middle on both the forward multiple and revenue growth. On a forward lens the growth is already inside the number, so holding this position rests on backlog conversion and price-cost realisation. Paid for Durability Above-median multiple · below-median revenue growth 4 names Ingersoll Rand Inc. (IR) · IDEX Corporation (IEX) · Helios Technologies, Inc. (HLIO) · +1 more Ingersoll Rand Inc. (IR), IDEX Corporation (IEX), Helios Technologies, Inc. (HLIO) and The Gorman-Rupp Company (GRC) hold above-middle multiples on below-middle growth. On these 4 names the pricing is associated with aftermarket density and specification position rather than with pace. Pace Without the Price Below-median multiple · above-median revenue growth 4 names Baker Hughes Company (BKR) · MKS Inc. (MKSI) · Flowserve Corporation (FLS) · +1 more Baker Hughes Company (BKR), MKS Inc. (MKSI), Flowserve Corporation (FLS) and Pentair plc (PNR) grow above the middle but price below it. On these 4 names, cyclical end markets and project weighting are the usual explanations practitioners give, and evidence on recurring revenue is what would test them. Work to Do on Both Below-median multiple · below-median revenue growth 5 names Xylem Inc. (XYL) · Vontier Corporation (VNT) · Franklin Electric Co., Inc. (FELE) · +2 more Xylem Inc. (XYL), Vontier Corporation (VNT), Franklin Electric Co., Inc. (FELE), Hayward Holdings, Inc. (HAYW) and Enerpac Tool Group Corp. (EPAC) sit below the middle on both measures. For owners of similar businesses the near-term work sits in mix and price realisation rather than in the growth headline.

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    03 · GROWTH VS PROFITABILITY

    Names Clearing Both the Growth Bar and the Margin Bar Price Above Those Missing One or Both

    Plots 16 companies with both growth and margin estimates and shows median EV/EBITDA by quadrant.

    Names clearing both the 7% growth bar and the 24% margin bar carry the highest median multiple of the four quadrants; names missing one or both sit lower. So what: hitting both bars together is what the market appears to reward, not either one in isolation.

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    03 · GROWTH VS PROFITABILITY Names Clearing Both the Growth Bar and the Margin Bar Price Above Those Missing One or Both Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 16 companies with both estimates · cuts at the covered medians (7% growth, 24% 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=4; margin-only n=4; growth-only n=4; neither n=4). MKSI plotted at the chart edge. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5% 10% 15% 10% 15% 20% 25% MARGIN ONLY median 13.1x BALANCED median 15.3x NEITHER median 12.4x GROWTH ONLY median 13.2x XYL IR EPAC HAYW GRC HLIO IEX FELE FLS NPO PNR ITT PH BKR GHM MKSI x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The vertical split is a 24% EBITDA margin; the horizontal split is revenue growth at the middle of the set. On the 4 names clearing both bars — EnPro Industries, Inc. (NPO), Pentair plc (PNR), Parker-Hannifin Corporation (PH) and MKS Inc. (MKSI) — the middle reading is 15.3x. The 4 clearing margin only sit at 13.1x, the 4 clearing growth only at 13.2x and the 4 clearing neither at 12.4x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 1 of 16 names clear it (MKSI).

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    03 · THE AGENDA

    Aftermarket, Specification and Adjacency: Three Mix Moves That Track the Higher-Priced End

    Frames aftermarket, specification and adjacency as three mix questions that track the higher-priced end of the set.

    We frame this page as the questions an owner or acquirer should be resolving, not as recommendations. Aftermarket share, specification position and adjacency are the three mix moves that show up alongside the higher-priced names in this set. So what: these are operating questions a management team can act on directly, ahead of the next valuation conversation.

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    03 · THE AGENDA Aftermarket, Specification and Adjacency: Three Mix Moves That Track the Higher-Priced End 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. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Lift the Aftermarket Share of Revenue Parts, service and seal and wear-part replacement carry the earnings associated with the upper band in this set, and they cushion order swings when capital spending turns. Moving mix toward installed-base revenue is the lever most available without changing end markets. What changes the answer: Aftermarket mix and service attachment rising across four consecutive quarters. Defend Specification Position in the Niches You Lead Qualification cycles and safety requirements make a specified product hard to displace, and that is where pricing power in mission-critical flow control tends to sit. Application engineering capacity and re-specification wins are the operating evidence behind it. What changes the answer: Price-cost realisation holding through a full input-cost cycle. Rebalance Project Exposure Toward Recurring Applications Project-heavy revenue with weak aftermarket pull-through is the profile most associated with the lower band in this set. Shifting the order book toward repeatable, specified applications changes what the next downturn looks like on the income statement. What changes the answer: Book-to-bill and backlog conversion holding while project share of revenue falls. Test Build-Versus-Buy Against the Transaction Record Sponsors and industrial buyers have both agreed low-teens earnings multiples for niche flow assets with replacement demand. That is a fair benchmark to hold internal expansion programmes against before committing capital. What changes the answer: An internal programme that cannot match the economics of a comparable add-on.

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    SECTION 04

    04

    Divider introducing section 04 on precedent transactions.

    Section four turns to what buyers have actually agreed to pay — nine recorded transactions, announced and completed. We use these as case studies for the working benchmark in this sector.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Sponsors and Industrial Buyers Have Been Chasing the Same Assets What buyers agreed to pay across nine recorded transactions, announced and completed. 04 of 06 Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Low-Teens Earnings Multiples Have Been the Working Benchmark for Flow Assets

    Walks through disclosed transactions as case studies for the sector's deal multiples.

    Where terms were disclosed, five of the seven disclosed EBITDA multiples land between 12.1x and 14.2x — a low-teens working benchmark for flow assets. Both financial sponsors and industrial buyers appear on the acquiring side in this set. These multiples sit on a different basis than the public CY2027E figures, so we don't draw a spread between them. So what: the low-teens level is a real reference point for what's been paid for niche flow assets with replacement demand.

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    04 · DEAL CASE STUDIES Low-Teens Earnings Multiples Have Been the Working Benchmark for Flow Assets 3 of 23 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. 45 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. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Dec-2021 $3.8B Affiliates of Lone Star Fund XI, L.P. Lone Star takes SPX FLOW private in a $3.8B deal. EV / LTM revenue 0.7x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED Affiliates of Lone Star Fund XI, L.P. took a listed flow-handling manufacturer into private ownership in Dec-2021, the classic sponsor target of a niche flow platform with replacement demand behind it. The transaction suggests a buyer willing to fund mix work and add-ons away from quarterly reporting pressure. HOW THE TARGET WAS VALUED Recorded at $3.8B, 0.7x revenue and 8.8x EBITDA. That earnings multiple sits below the low-teens band most disclosed flow transactions in this record fall within. Dec-2025 $1.3B ITT Inc. ITT brings SPX FLOW back under an industrial owner at $1.3B. EV / LTM revenue 0.6x EV / LTM EBITDA 2.7x WHY THE DEAL HAPPENED ITT Inc. (ITT), a listed flow-control platform in the core segment of this set, is recorded acquiring the same asset a sponsor had taken private, completed in Dec-2025. Buying flow-handling capability into a flow-control platform points to shared specification positions, channels and aftermarket density rather than diversification. HOW THE TARGET WAS VALUED Recorded in the filing at $1.3B, 0.6x revenue and 2.7x EBITDA. Read against the revenue multiple, the recorded earnings figure sits well below the other disclosed transactions in this record. Mar-2025 $110M May River Capital May River Capital picks up a fluid handling carve-out at $110M. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A specialist lower-middle-market sponsor announced the purchase of a fluid handling business in Mar-2025. Carve-outs of this type usually come with a defined application niche and replacement demand, and the sponsor model here suggests a platform intended to take on add-ons. HOW THE TARGET WAS VALUED The recorded value is $110M, announced in Mar-2025. At that size it sits at the small end of this record, consistent with a niche carve-out rather than a full platform.

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    SECTION 05

    05

    Divider introducing section 05 on strategic implications for owners and management teams.

    Section five turns the pricing pattern into a set of operating questions. These are moves associated with the upper band in this set, not guaranteed outcomes.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where Owners Can Shift the Evidence Buyers Weigh Operating moves associated with the upper band in this set, not one-off events. 05 of 06 Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Mix, Pricing and Retention Are Where the Pricing Pattern Lands in How You Run the Business

    Lays out where the pricing pattern lands for owners, management teams and boards over the next twelve months.

    We read this pattern back into three operating levers: mix toward recurring parts and service, holding specification position, and testing capital allocation against the deal record. Each is framed as a question for the next twelve months, not a forecast. So what: the businesses that move on these levers are the ones that show up in the upper band of this set.

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    05 · STRATEGIC IMPLICATIONS Mix, Pricing and Retention Are Where the Pricing Pattern Lands in How You Run the Business 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. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Revenue Quality Is the Lever You Control The set spreads widely on the forward earnings lens while the operating numbers sit in a narrower band, so the argument about value here runs through revenue quality: recurring parts and service, specified applications and price-cost realisation. Those are quarter-by-quarter operating choices, not market conditions. FOR MANAGEMENT TEAMS Pace and Profitability Both Need an Operating Story The names clearing both the growth and margin bars price above the other three groups, and the ones clearing only one sit close together. That pattern suggests effort spread across both, rather than pushing growth at the cost of incremental margin. FOR BOARDS Hold Capital Allocation to the Outside Benchmark The transaction record shows what buyers agreed to pay for niche flow assets with replacement demand, mostly in a low-teens earnings band. Internal projects, add-ons and capacity investment can be tested against that same standard before capital is committed.

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    SECTION 06

    06

    Divider introducing section 06, the full comparables universe, methodology and sources.

    The final section carries the full universe and the methodology behind every figure in this deck. Use it to trace any number back to its source.

    Everything on this page

    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 Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

18. 18
    06 · PUBLIC COMPARABLES (1 OF 2)

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

    Lists public comparables on EV/EBITDA (CY2027E), grouped by valuation tier, part one of two.

    Eighteen rated companies carry an eligible EV/EBITDA multiple; five names in the universe don't and are listed separately. Teal and amber shading marks names above and below the 12.4x sector median. So what: this table is the primary-source backup for every multiple used earlier in the deck.

    Everything on this page

    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 (12.4x); amber marks below · 18 rated companies; 5 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 18 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. Pumps, Compressors and Fluid Handling 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 — ≥15.5x · median 18.9x · 5 companies Graham Corporation GHM Diversified fluid-handling machinery $980M 21.0x 13% 9% 28 Parker-Hannifin Corporation PH Diversified fluid-handling machinery $133B 19.1x 10% 28% 39 EnPro Industries, Inc. NPO Diversified fluid-handling machinery $7.0B 18.9x 8% 26% 34 IDEX Corporation IEX Diversified fluid-handling machinery $18.4B 17.1x 6% 27% 34 Energy Recovery, Inc. ERII Emissions and environmental flow-control equipment $273M 15.5x 44% n/a 61 CORE — 11.0x–15.5x · median 12.4x · 8 companies ITT Inc. ITT Diversified fluid-handling machinery $21.9B 15.4x 9% 23% 33 The Gorman-Rupp Company GRC Diversified fluid-handling machinery $2.3B 15.2x 6% 19% 25 Ingersoll Rand Inc. IR Diversified fluid-handling machinery $33.5B 14.8x 5% 26% 32 Helios Technologies, Inc. HLIO Diversified fluid-handling machinery $2.6B 12.8x 6% 21% 27 Franklin Electric Co., Inc. FELE Diversified fluid-handling machinery $4.5B 12.0x 7% 15% 22 MKS Inc. MKSI Adjacent: engineered industrial components $20.9B 11.7x 20% 28% 49 Enerpac Tool Group Corp. EPAC Diversified fluid-handling machinery $1.9B 11.4x 5% 25% 30 Xylem Inc. XYL Diversified fluid-handling machinery $25.5B 11.2x 5% 23% 28 DISCOUNT — <11.0x · median 9.3x · 5 companies Flowserve Corporation FLS Diversified fluid-handling machinery $10.6B 10.9x 7% 18% 26

19. 19
    06 · PUBLIC COMPARABLES (2 OF 2)

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

    Continues the public comparables table on EV/EBITDA (CY2027E), grouped by valuation tier.

    The same 18 rated names continue here, still split against the 12.4x sector median. So what: together with the previous page, this is the complete rated universe behind the report's charts.

    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 (12.4x); amber marks below · 18 rated companies; 5 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 18 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. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 DISCOUNT — CONTINUED — <11.0x · median 9.3x · 5 companies Hayward Holdings, Inc. HAYW Electrified pumps and fluid-control components $3.5B 10.1x 6% 27% 34 Baker Hughes Company BKR Energy compression and production equipment $58.2B 9.3x 12% 19% 32 Pentair plc PNR Diversified fluid-handling machinery $10.5B 9.2x 9% 26% 36 Vontier Corporation VNT Adjacent: engineered industrial components $6.1B 7.9x 1% n/a 26

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, part one of two.

    Of the 23 transactions with disclosed terms recorded in this tier, this page and the next carry 18 of them, sorted newest first. Multiples shown are LTM at announcement, on a different basis than the public CY2027E figures used elsewhere. So what: this is the transaction-level evidence behind the low-teens benchmark cited earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (68 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. 45 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 23 transactions shown; the rest are in the companion workbook. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Dec-2025 ITT Inc. → SPX FLOW, Inc. $1.3B 0.6x 2.7x ITT Inc. (ITT) is recorded acquiring SPX FLOW, Inc. in Dec-2025, status completed. A flow-control platform adding a flow-handling business points to installed base and application overlap rather than entry into a new end market. Mar-2025 May River Capital → Fluid Handling business $110M n/a n/a May River Capital announced the acquisition of the Fluid Handling business in Mar-2025. Lower-middle-market sponsors have been active buyers of niche flow assets with replacement demand and add-on potential. Oct-2023 KKR & Co. Inc. → CIRCOR International n/a 2.0x 12.1x KKR & Co. Inc. announced the acquisition of CIRCOR International in Oct-2023 at 12.1x EBITDA and 2.0x revenue. That sits inside the band most disclosed flow transactions in this record fall within. Feb-2023 Undisclosed buyer → Procon $75M n/a n/a Procon is recorded at $75M in Feb-2023 with the buyer undisclosed. The record carries small specialised pump assets alongside the larger platform transactions. Nov-2022 Howden → Granite Holdings entities (Howden) n/a n/a 12.9x Howden announced the acquisition of Granite Holdings entities (Howden) in Nov-2022 at 12.9x EBITDA. Compression and air-handling assets have priced in the same low-teens band as pump platforms in this record. Dec-2021 Affiliates of Lone Star Fund XI, L.P. → SPX FLOW, Inc. $3.8B 0.7x 8.8x Affiliates of Lone Star Fund XI, L.P. completed the purchase of SPX FLOW, Inc. in Dec-2021. The same asset appears twice in this record, sponsor-owned first and then recorded with an industrial buyer four years later. Feb-2021 Regal Beloit Corporation → Process & Motion Control segment (unit of Process & Motion Control segment) n/a n/a 14.2x Regal Beloit Corporation announced its combination with the Process & Motion Control segment in Feb-2021 at 14.2x EBITDA, the upper end of the disclosed range in this record. Jan-2020 Danfoss → Eaton’s Hydraulics Business n/a n/a 13.2x Danfoss announced the acquisition of Eaton’s Hydraulics Business in Jan-2020 at 13.2x EBITDA. Fluid power content with a broad installed base has drawn strategic buyers at low-teens earnings multiples. Dec-2019 V.F. Corporation → CIRCOR International, Inc. n/a 12.9x 12.9x V.F. Corporation is recorded as acquirer of CIRCOR International, Inc. in Dec-2019 at 12.9x EBITDA. The asset has been valued in a consistent band across the years it appears in this record.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the list of precedent transactions with disclosed terms, newest first.

    The transaction list continues here, completing the 18 of 23 disclosed-terms deals shown across both pages. So what: the full set, including names not shown, sits in the companion workbook for anyone who wants to trace a specific deal.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (68 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. 45 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 23 transactions shown; the rest are in the companion workbook. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2019 KPS Capital Partners, LP affiliates → Air & Gas Handling business (unit of Air & Gas Handling business of Colfax Corporation) $1.8B n/a n/a Value shown as recorded in the filing; divestiture roles reassigned. Feb-2019 First Reserve → Weir Flow Control n/a 0.7x 8.8x Jan-2019 Fluent, Inc. → Fluid Pressure & Controls (FP&C) division n/a 2.0x 2.0x Apr-2018 Nidec → Embraco (Whirlpool Compressor) n/a n/a 10.0x Mar-2018 Altra → Fortive Corporation’s Automation & Specialty Business n/a n/a 13.6x Apr-2017 Emerson → Valves & Controls business (unit of Pentair plc) n/a n/a 13.7x Value shown as recorded in the filing; divestiture roles reassigned. Feb-2014 Continental AG → Veyance Technologies, Inc. n/a n/a 6.9x Mar-2013 Affiliates of KKR & Co. Inc. → Gardner Denver, Inc. $3.9B 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. Nov-2012 ITT Corporation → Joh. Heinr. Bornemann GmbH n/a n/a 15.0x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explains the report's sources, valuation basis, exclusions and data-quality flags.

    Every figure in this report links back to the record it was taken from, and every exclusion is logged rather than silently dropped. So what: this page is where to check the basis behind any number before using it in your own work.

    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. Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice 22 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (18 of 23 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 Pumps, Compressors and Fluid Handling and it clears the coverage gate with 18 of 23 companies (78%). EV / Revenue, P / E are carried as a cross-check. The set earns: 18 of the 18 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 980 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 (979) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

23. 23

    In This Set, the Upper Band Sits with Recurring, Specified Flow Content.

    Closing slide restating that the upper band in this set sits with recurring, specified flow content.

    In this set, the upper band sits with recurring, specified flow content. The companion tables carry the full universe and source index for any figure you want to trace further.

    Everything on this page

    In This Set, the Upper Band Sits with Recurring, Specified Flow Content. NeuraCap AI — Pumps, Compressors and Fluid Handling Coverage September 2026 · Prepared by NeuraCap AI · Confidential Pumps, Compressors and Fluid Handling Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 23

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